# EDGAR Filing Document

**Accession Number:** 0001803498
**File Stem:** 0001193125-26-234403
**Filing Date:** 2026-5
**Character Count:** 1661894
**Document Hash:** b08df5729b3114bd0fc00b6c37962bb0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-234403.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001193125-26-234403

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Credit Fund
- **CENTRAL INDEX KEY:** 0001803498

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-278966
- **FILM NUMBER:** 261008381

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-503-2100

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

##### [**Table of Contents**](#toc)
**Filed pursuant to Rule 424(b)(3) <br>File No. 333-278966** 

**BLACKSTONE PRIVATE CREDIT FUND** 

**SUPPLEMENT NO. 1 DATED MAY 21, 2026** 

**TO THE PROSPECTUS DATED MAY 1, 2026** 

This prospectus supplement ("**Supplement**") is part of and should be read in conjunction with the prospectus of Blackstone Private Credit Fund ("**we**," "**our**" or the "**Fund**"), dated May 1, 2026 (as supplemented to date, the "**Prospectus**"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to update the Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to include our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2026.

**Updates to Prospectus** 

*The following replaces the seventh bullet of the "What potential strengths do the Advisers offer?" section of the Prospectus Summary, the twelfth paragraph under the "Investment Objectives and Strategies – Blackstone Credit & Insurance Strengths" section of the Prospectus and all similar disclosure in the Prospectus:* 

***Strong Investment Track Record.*** Blackstone Credit & Insurance's track record in private debt lending and investing in below investment grade credit dates back to the inception of Blackstone Credit & Insurance. Since 2005 through March 31, 2026, Blackstone Credit & Insurance has invested over $290 billion in capital in privately-originated transactions.<sup>1</sup> Specifically within the North America Direct Lending strategy, Blackstone Credit & Insurance has invested over $164 billion<sup>2</sup> in privately-originated or privately negotiated first lien and unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit &

<sup>1</sup> Includes invested and committed capital for privately originated and anchor investments across private credit strategies and vehicles since 2005, including Direct Lending, Sustainable Resources, Mezzanine, and Opportunistic. Excludes liquid credit strategy investments.

<sup>2</sup> As of March 31, 2026. The North America Direct Lending track record represents U.S. and Canada first lien and unitranche debt, or non-U.S. first lien and unitranche debt where >50% of the revenue is generated from the U.S. (which may be secured by the applicable borrower's assets and/or equity), transactions in companies that were originated or anchored by certain Blackstone Credit & Insurance managed, advised or sub-advised funds (including the Fund, Blackstone Credit & Insurance managed mezzanine funds and Blackstone Credit & Insurance sub-advised BDCs, as well as certain other Blackstone Credit & Insurance managed funds and accounts) and, with respect to certain transactions, investments allocated to affiliates of Blackstone Credit & Insurance, which may be sold to Blackstone Credit & Insurance managed funds or accounts in the future (the "North America Direct Lending track record"). The track record includes investments for periods prior to December 31, 2017, in BDCs that were sub-advised by Blackstone Credit & Insurance on a non-discretionary basis until April 9, 2018 (the "Sub-Advised Investments"). With respect to certain transactions, the North America Direct Lending track record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and unitranche debt may have been restructured subsequent to Blackstone Credit & Insurance's initial investment. The North America Direct Lending track record excludes (i) broadly syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and (ii) transactions where Blackstone Credit & Insurance's invested capital (net of transactions fees) was under $25 million. 

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##### [**Table of Contents**](#toc)
Insurance has an annualized loss rate of 0.06%.<sup>3</sup> We believe maintaining this consistent strategy in the North America Direct Lending strategy across market cycles, with a specific emphasis on combining current yield, downside protection, and inflation protection, will generate compelling investment outcomes for the Adviser. Blackstone Credit & Insurance believes that the depth and breadth of its team provides it with a competitive advantage in sourcing product on a global basis, structuring transactions and actively managing investments in the portfolio.

**Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2026** 

On May 14, 2026, we filed our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

<sup>3</sup> As of March 31, 2026. The annualized loss rate represents annualized net losses for substantially realized investments. Whether an investment is substantially realized is determined in the manager's discretion. Investments are included in the loss rate if (1) a payment was missed, (2) bankruptcy was declared, (3) there was a restructuring, or (4) it was realized with a total multiple on invested capital less than 1.0x. Net losses include all profits and losses associated with these investments, including interest payments received. Net losses are represented in the year the investment is substantially realized and excludes all losses associated with unrealized investments. The annualized net loss rate is the net losses divided by the average annual remaining invested capital within the platform. Investments sourced by Blackstone Credit & Insurance for the Sub-Advised Investments did, in certain cases, experience defaults and losses after Blackstone Credit & Insurance was no longer sub-adviser, and such defaults and losses are not included in the rates provided. Prior to December 31, 2022, the methodology used by the North America Direct Lending track record for calculating the platform's average annual loss rate was based on net loss of principal resulting only from payment defaults in the year of default which would exclude interest payments. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that any entity or account managed by or advised by Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives. 

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##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 10-Q** 

**(Mark One)** 

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

**For the quarterly period ended March 31, 2026** 

**OR** 

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

**For the transition period from<u> </u> to<u> </u>** 

**Commission File Number 814-01358** 

## Blackstone Private Credit Fund
**(Exact name of Registrant as specified in its Charter)** 

---

| | |
|:---|:---|
| **Delaware** | **84-7071531** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **345 Park Avenue**<br> **New York, New York** | **10154** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

**N/A** 

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

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **None** | **None** |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | 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 any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

The number of shares of Registrant's common shares of beneficial interest ("Common Shares"), $0.01 par value per share, outstanding as of May 11, 2026 was 1,291,315,024, 565,020,047 and 22,211,387 of Class I, Class S and Class D Common Shares, respectively. Common Shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

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##### [**Table of Contents**](#toc)
**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  **PART I** | **[FINANCIAL INFORMATION](#tx111128_1)** |  |
|  Item 1. | [Financial Statements](#tx111128_2) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025 (Unaudited)](#tx111128_3) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)](#tx111128_4) | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)](#tx111128_5) | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)](#tx111128_6) | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025 (Unaudited)](#tx111128_7) | 11 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Condensed Consolidated Financial Statements (Unaudited)](#tx111128_8) | 133 |
|  Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tx111128_9) | 297 |
|  Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#tx111128_10) | 314 |
|  Item 4. | [Controls and Procedures](#tx111128_11) | 314 |
|  **PART II** | **[OTHER INFORMATION](#tx111128_12)** |  |
|  Item 1. | [Legal Proceedings](#tx111128_13) | 316 |
|  Item 1A. | [Risk Factors](#tx111128_14) | 316 |
|  Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#tx111128_15) | 316 |
|  Item 3. | [Defaults Upon Senior Securities](#tx111128_16) | 316 |
|  Item 4. | [Mine Safety Disclosures](#tx111128_17) | 316 |
|  Item 5. | [Other Information](#tx111128_18) | 316 |
|  Item 6. | [Exhibits](#tx111128_19) | 317 |
|  [Signatures](#tx111128_20) |  |  |

---

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##### [**Table of Contents**](#toc)
**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general interest rate environment;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the demand for liquidity under our share repurchase program and the continued approval of
quarterly tender offers by the Board of Trustees (the **"Board"** or the **"Board of Trustees"**);

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of future acquisitions and divestitures;

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

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general price and volume fluctuations in the stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our qualification as a regulated investment company (**"RIC"**) and as a
business development company (**"BDC"**);

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

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

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

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled *"Risk Factors"* in Part I, Item 1A of our [Annual Report on Form 10-K for the year ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001803498/000180349826000014/bcred-20251231.htm) as updated by the Company's periodic filings with the United States Securities and Exchange Commission (the **"SEC"**). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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

**WEBSITE DISCLOSURE** 

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

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##### [**Table of Contents**](#toc)
**PART I - FINANCIAL INFORMATION** 

**Item 1. Financial Statements.** 

**Blackstone Private Credit Fund** 

**Condensed Consolidated Statements of Assets and Liabilities** 

**(in thousands, except share and per share amounts)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  **ASSETS** |  |  |
|  Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments (cost of $78,449,204 and $78,459,980, respectively) | $76996772 | $77980254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/affiliated investments (cost of $41,585 and $1,119,164, respectively) | 41175 | 1122254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled/affiliated investments (cost of $3,862,464 and $3,337,097, respectively) | 3431434 | 3096838 |
|  Total investments at fair value (cost of $82,353,253 and $82,916,241, respectively) | 80469381 | 82199346 |
|  Cash and cash equivalents (restricted cash of $740,776 and $802,910, respectively) | 2787409 | 2348711 |
|  Interest receivable from non-controlled/non-affiliated investments | 681048 | 689549 |
|  Interest receivable from non-controlled/affiliated investments | 11 | 12 |
|  Interest receivable from controlled/affiliated investments | 3861 | 70 |
|  Non-cash dividend receivable from non-controlled/affiliated investments |  | 13834 |
|  Dividend receivable from controlled/affiliated investments | 59176 | 66865 |
|  Receivable from broker | 221098 | 277152 |
|  Deferred financing costs | 181785 | 141334 |
|  Deferred offering costs | 1119 | 1616 |
|  Receivable for investments | 322063 | 150494 |
|  Derivative assets at fair value (Note 6) | 101348 | 102539 |
|  Other assets |  | 640 |
|  **Total assets** | $84828299 | $85992162 |
|  **LIABILITIES** |  |  |
|  Debt (net of unamortized debt issuance costs of $164,307 and $153,023, respectively) | $35167792 | $35002485 |
|  Payable for investments | 93804 | 25388 |
|  Management fees payable (Note 3) | 152013 | 153070 |
|  Income based incentive fees payable (Note 3) | 151179 | 162518 |
|  Capital gains based incentive fees payable (Note 3) |  |  |
|  Interest payable | 511831 | 428101 |
|  Derivative liabilities at fair value (Note 6) | 44958 | 36496 |
|  Due to affiliates | 19362 | 15078 |
|  Distribution payable (Note 9) | 388652 | 390243 |
|  Payable for share repurchases (Note 9) | 3233702 | 2107223 |
|  Board of Trustees' fees payable | 239 | 234 |
|  Accrued expenses and other liabilities | 29331 | 59240 |
|  **Total liabilities** | 39792863 | 38380076 |
|  Commitments and contingencies (Note 8) |  |  |
|  **NET ASSETS** |  |  |
|  Common Shares, $0.01 par value (1,862,005,513 and 1,920,268,571 shares issued and outstanding, respectively) | 18620 | 19203 |
|  Additional paid in capital | 47502760 | 48874899 |
|  Distributable earnings (loss) | (2485944) | (1282016) |
|  **Total net assets** | 45035436 | 47612086 |
|  **Total liabilities and net assets** | $84828299 | $85992162 |

---

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

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##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Statements of Assets and Liabilities** 

**(in thousands, except share and per share amounts)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,<br>2025** |
|  **NET ASSET VALUE PER SHARE** |  |  |
|  **Class I Shares:** |  |  |
|  Net assets | $30917292 | $32516796 |
|  Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 1278288287 | 1311451768 |
|  Net asset value per share | $24.19 | $24.79 |
|  **Class S Shares:** |  |  |
|  Net assets | $13586401 | $14498062 |
|  Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 561732016 | 584729784 |
|  Net asset value per share | $24.19 | $24.79 |
|  **Class D Shares:** |  |  |
|  Net assets | $531743 | $597228 |
|  Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 21985210 | 24087019 |
|  Net asset value per share | $24.19 | $24.79 |

---

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

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##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Statements of Operations** 

**(in thousands)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Investment income:** |  |  |
|  From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1676286 | $1653532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest income | 104906 | 91935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 2311 | 8107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividend income | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 7834 | 7489 |
|  From non-controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 78 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest income | 801 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividend income | 18480 |  |
|  From controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2300 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest income | 7553 | 5931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 71513 | 73902 |
|  **Total investment income** | 1892102 | 1841434 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 511768 | 479635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 3) | 152013 | 129106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income based incentive fees (Note 3) | 151179 | 151776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gains based incentive fees (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and shareholder servicing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S | 31093 | 28088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 370 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3706 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 239 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service expenses (Note 3) | 4145 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | 9788 | 5823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of continuous offering costs | 1000 | 1123 |
|  **Total expenses before tax expense** | 865301 | 799689 |
|  **Net investment income before tax expense** | 1026801 | 1041745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excise and other tax expense | 11 | 7783 |
|  **Net investment income after tax expense** | 1026790 | 1033962 |
|  **Realized and unrealized gain (loss):** |  |  |
|  Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | (882176) | (125001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/affiliated investments | (3499) | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled/affiliated investments | (190770) | (66854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments (Note 6) | 44772 | (12789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency and other transactions | (5695) | (1082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax (provision) benefit | (934) | (1334) |
|  **Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit** | (1038302) | (207434) |
|  Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | (35068) | (59178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/affiliated investments | 161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments (Note 6) | 19604 | (19413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency and other transactions | (22695) | 12615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extinguishment of debt | (391) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax expense on realized gains |  | (1243) |
|  **Net realized gain (loss), net of tax expense** | (38389) | (67219) |
|  **Net realized and change in unrealized gain (loss)** | (1076691) | (274653) |
|  **Net increase (decrease) in net assets resulting from operations** | $(49901) | $759309 |

---

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

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Statements of Changes in Net Assets** 

**(in thousands)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income after tax expense | $1026790 | $1033962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit | (1038302) | (207434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss), net of tax expense | (38389) | (67219) |
|  Net increase (decrease) in net assets resulting from operations | (49901) | 759309 |
|  **Distributions to common shareholders from net investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (814086) | (713781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S | (325810) | (315435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | (14132) | (15847) |
|  Net decrease in net assets resulting from distributions | (1154028) | (1045063) |
|  **Share transactions:** |  |  |
|  **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1031927 | 2431752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share transfers between classes | 111799 | 43221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 361385 | 328177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchased shares, net of early repurchase deduction | (2277603) | (462595) |
|  Net increase (decrease) from share transactions | (772492) | 2340555 |
|  **Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 289132 | 833417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share transfers between classes | (108669) | (40966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 170055 | 159217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchased shares, net of early repurchase deduction | (899965) | (116573) |
|  Net increase (decrease) from share transactions | (549447) | 835095 |
|  **Class D:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 4803 | 60771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share transfers between classes | (3130) | (2255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 1788 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchased shares, net of early repurchase deduction | (54243) | (1592) |
|  Net increase (decrease) from share transactions | (50782) | 60060 |
|  Total increase (decrease) in net assets | (2576650) | 2949956 |
|  Net assets, beginning of period | 47612086 | 38855763 |
|  **Net assets, end of period** | $45035436 | $41805719 |

---

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

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Statements of Cash Flows** 

**(in thousands)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Cash flows from operating activities:** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $(49901) | $759309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments | 1076445 | 192229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on derivative instruments | (44772) | 12789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on foreign currency and other transactions | 5695 | (714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | 34907 | 59178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on foreign currency and other transactions | 22695 | (12615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on extinguishment of debt | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change due to hedging activity | (30) | (1917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest capitalized | (113323) | (105430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion of discount and amortization of premium | (68104) | (76692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 13970 | 8498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 10084 | 9420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of offering costs | 1000 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (4291332) | (5009226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of investments and principal repayments | 5000841 | 4333690 |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 4711 | 35470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 21523 | (3457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from broker | 56054 | 20031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments | (171569) | (68930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments | 68416 | 46816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees payable | (1057) | 9003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income based incentive fees payable | (11339) | 7052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 83730 | (6596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates | 4284 | (3268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (29904) | (25880) |
|  **Net cash provided by (used in) operating activities** | 1624055 | 179883 |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings on debt | 6502384 | 5481852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments on debt | (6208958) | (6274581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs paid | (54582) | (9162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt issuance costs paid | (6967) | (17564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs paid | (503) | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of Common Shares | 1325862 | 3325940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchased shares, net of early repurchase deduction paid | (2106685) | (530648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid in cash | (622393) | (526688) |
|  **Net cash provided by (used in) financing activities** | (1171842) | 1448325 |
|  **Net increase (decrease) in cash and cash equivalents** | 452213 | 1628208 |
|  Effect of foreign exchange rate changes on cash and cash equivalents | (13515) | (5044) |
|  Cash and cash equivalents (including restricted cash), beginning of period | 2348711 | 1650679 |
|  **Cash and cash equivalents (including restricted cash), end of period** | $2787409 | $3273843 |

---

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

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Statements of Cash Flows** 

**(in thousands)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Supplemental information and non-cash activities:** |  |  |
|  Interest paid during the period | $553029 | $589353 |
|  Distribution payable | 388652 | 359606 |
|  Reinvestment of dividends during the period | 533228 | 490530 |
|  Accrued but unpaid deferred financing costs | 2489 | 12 |
|  Accrued but unpaid debt issuance costs | 3924 | 3336 |
|  Accrued but unpaid offering costs |  | 616 |
|  Share repurchases accrued but not yet paid | 3233702 | 581365 |
|  Excise and other taxes paid | 17342 | 34703 |

---

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

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt** |  | | | | | | | | |
| **First Lien Debt—non-controlled/non-affiliated** | **First Lien Debt—non-controlled/non-affiliated** | **First Lien Debt—non-controlled/non-affiliated** | **First Lien Debt—non-controlled/non-affiliated** | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.22% | 7/25/2025 | 5/25/2029 | $41906 | $29763 | $8882 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.18% | 7/25/2025 | 5/25/2029 | 6096 | 4373 | 1292 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (4)(10)(17) | SOFR + 4.25% | 8.18% | 7/25/2025 | 5/25/2029 | 37217 | 24850 | 6792 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (4)(5)(7)(10) | SOFR + 4.00% | 7.93% | 7/25/2025 | 5/25/2029 | 18518 | 13604 | 18193 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corfin Holdings, Inc. | (4)(10) | SOFR + 5.25% | 9.02% | 1/7/2021 | 12/27/2027 | 32050 | 32034 | 32050 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corfin Holdings, Inc. | (4)(10) | SOFR + 5.25% | 9.02% | 1/10/2025 | 12/27/2027 | 137970 | &nbsp;&nbsp;&nbsp;&nbsp;137155 | &nbsp;&nbsp;&nbsp;&nbsp;137970 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | (4)(10) | SOFR + 4.75% | 8.45% | 10/31/2024 | 11/4/2031 | 173256 | 171871 | 173256 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | (4)(7)(10) | SOFR + 4.75% | 8.45% | 10/31/2024 | 11/4/2031 | 26113 | 25737 | 26113 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontgrade Technologies Holdings, Inc. | (4)(7)(10) | SOFR + 5.25% | 8.90% | 1/9/2023 | 1/9/2030 | 2386 | 2345 | 2336 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontgrade Technologies Holdings, Inc. | (4)(5)(10) | SOFR + 5.25% | 8.91% | 3/18/2025 | 1/9/2030 | 354 | 351 | 348 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontgrade Technologies Holdings, Inc. | (4)(5)(10) | SOFR + 5.00% | 8.65% | 7/7/2025 | 1/9/2030 | 92 | 91 | 90 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer, LLC | (4)(7)(10) | SOFR + 4.75% | 8.45% | 3/28/2025 | 3/29/2032 | 67151 | 66342 | 66603 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer, LLC | (4)(10) | SOFR + 4.75% | 8.45% | 10/25/2025 | 3/29/2032 | 80000 | 79625 | 79600 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer, LLC | (4)(5)(10) | SOFR + 4.75% | 8.45% | 3/28/2025 | 3/29/2032 | 11659 | 11560 | 11601 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc. | (6)(8) | SOFR + 2.75% | 6.46% | 2/2/2026 | 4/1/2032 | 11947 | 11844 | 11969 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loar Group, Inc. | (4)(6)(11) | SOFR + 4.25% | 7.92% | 7/28/2022 | 5/10/2030 | 280968 | 278593 | 280968 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loar Group, Inc. | (4)(6)(11) | SOFR + 4.25% | 7.92% | 12/23/2025 | 5/10/2030 | 443888 | 435563 | 443888 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loar Group, Inc. | (4)(5)(6)(7)(11) | SOFR + 4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92% | 7/28/2022 | 5/10/2030 | 239400 | 234873 | 239400 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components BuyCo, LLC | (4)(7)(10) | SOFR + 6.00% | 9.70% | 12/5/2023 | 12/5/2030 | 54661 | 53633 | 54184 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 3.75% | 7.52% | 2/1/2021 | 2/1/2028 | 8744 | 8756 | 7483 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (6)(8) | SOFR + 2.50% | 6.17% | 11/28/2023 | 2/28/2031 | 8845 | 8865 | 8856 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (6)(8) | SOFR + 2.50% | 6.17% | 8/22/2025 | 8/19/2032 | 2985 | 2988 | 2988 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Aerospace Services, LLC | (6)(10) | SOFR + 2.25% | 5.92% | 12/6/2021 | 12/6/2030 | 11267 | 11238 | 11291 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | (4)(10) | SOFR + 4.50% | 8.17% | 5/20/2025 | 5/20/2032 | 153651 | 152641 | 153651 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 5/20/2025 | 5/20/2032 | 2160 | 2018 | 2160 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 5/20/2025 | 5/20/2032 | 24737 | 24550 | 24737 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith AcquisitionCo, LLC | (4)(9) | SOFR + 4.50% | 8.15% | 1/13/2026 | 1/13/2033 | 90465 | 90026 | 90012 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith AcquisitionCo, LLC | (4)(5)(7)(9) | SOFR + 4.50% | 8.17% | 1/13/2026 | 1/13/2033 | 2100 | 1903 | 1897 | 0.00 |
|  |  |  |  |  |  |  | 1917192 | 1898610 | 4.23 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENV Bidco, AB | (4)(6)(7)(8) | E + 5.00% | 7.13% | 12/12/2024 | 7/27/2029 | 114257 | 114546 | 131008 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENV Bidco, AB | (4)(6)(10) | SOFR + 5.00% | 8.70% | 12/12/2024 | 7/27/2029 | 114097 | 112848 | 113527 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Phoenix Holdco, LLC | (7)(8) | SOFR + 4.50% | 8.16% | 3/25/2026 | 3/25/2033 | 45000 | 42695 | 44310 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Purchaser, Inc. | (4)(11) | SOFR + 6.25% | 10.04% | 1/7/2021 | 12/9/2027 | 27119 | 26951 | 24271 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Purchaser, Inc. | (4)(11) | SOFR + 6.25% | 10.04% | 2/4/2022 | 12/9/2027 | 134638 | 133542 | 120501 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings, LLC | (4)(5)(7)(11) | SOFR + 6.75% | 10.45% | 12/30/2022 | 12/29/2028 | 1318 | 1300 | 1250 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWL Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.60% | 12/13/2021 | 12/31/2028 | 266680 | 264598 | 253346 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWL Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.56% | 2/20/2026 | 12/31/2028 | 12262 | 12144 | 11649 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + 10.00% | 13.67%<br>PIK | 11/27/2024 | 11/27/2029 | 10687 | 10564 | 10687 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + 7.00% | 10.67%<br>PIK | 11/27/2024 | 5/27/2030 | 31925 | 31925 | 31925 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(5)(7)(11) | SOFR + 10.50% | 14.17%<br>(incl. 9.50%<br>PIK) | 11/10/2025 | 11/27/2029 | 2469 | 2463 | 2469 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Kenan Advantage Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 8/6/2024 | 1/25/2029 | 7451 | 7451 | 7375 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (10) | SOFR + 4.00% | 7.70% | 11/8/2024 | 7/26/2028 | 19391 | 19350 | 19431 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (4)(10) | SOFR + 4.75% | 8.45% | 3/21/2025 | 7/26/2028 | 83671 | 82653 | 84089 | 0.19 |
|  |  |  |  |  |  |  | 863030 | 855838 | 1.90 |
| **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada | (6)(8) | SOFR + 1.75% | 5.42% | 3/21/2024 | 3/21/2031 | 6212 | 6201 | 6174 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (6)(8) | SOFR + 2.25% | 5.92% | 4/4/2025 | 4/20/2028 | 8436 | 8275 | 8373 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (6)(8) | SOFR + 2.75% | 6.42% | 3/5/2026 | 5/28/2032 | 1000 | 1003 | 993 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Management Holding, Inc. | (6)(8) | SOFR + 3.75% | 7.41% | 4/1/2025 | 4/1/2031 | 13629 | 13543 | 13512 | 0.03 |
|  |  |  |  |  |  |  | 29022 | 29052 | 0.06 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Automobile Components** | **Automobile Components** | **Automobile Components** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (6)(8) | SOFR + 2.50% | 6.17% | 7/16/2024 | 5/6/2030 | $4821 | $4795 | $4812 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (6)(8) | SOFR + 2.75% | 6.42% | 4/10/2025 | 1/28/2032 | 8593 | 8399 | 8582 | 0.02 |
|  |  |  |  |  |  |  | 13194 | 13394 | 0.03 |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. | (4)(6)(10) | SOFR + 4.75% | 8.45% | 5/6/2025 | 5/8/2030 | 60260 | 59766 | 60260 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. | (4)(5)(6)(7)(10) | SOFR + 4.00% | 7.70% | 5/6/2025 | 5/8/2030 | 35152 | 35008 | 35152 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. | (4)(6)(22) | SOFR + 4.50% | 8.20% | 1/23/2026 | 1/23/2031 | 108539 | 108017 | 107996 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. | (8) | SOFR + 2.00% | 5.77% | 1/7/2021 | 11/15/2027 | 37 | 37 | 37 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp. | (4)(6)(7)(14) | SOFR + 4.75% | 8.42% | 8/6/2025 | 8/6/2030 | 88776 | 87425 | 87593 | 0.19 |
|  |  |  |  |  |  |  | 290253 | 291038 | 0.64 |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (6)(8) | SOFR + 2.50% | 6.20% | 6/26/2024 | 7/1/2031 | 6913 | 6913 | 6907 | 0.02 |
| **Building Products** | **Building Products** | **Building Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ES Group Holdings III, Ltd. | (4)(6)(8)(17) | E + 5.75% | 7.77% | 11/22/2021 | 4/23/2028 | 30879 | 33836 | 28554 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ES Group Holdings III, Ltd. | (4)(6)(10)(17) | SOFR + 5.75% | 9.65% | 11/22/2021 | 4/23/2028 | 64562 | 63955 | 51649 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77% | 2/26/2021 | 2/26/2029 | 112275 | 111917 | 108064 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Day Improvements, LLC | (4)(13) | SOFR + 5.50% | 9.28% | 6/13/2024 | 6/13/2030 | 35692 | 35192 | 34264 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Day Improvements, LLC | (4)(5)(7)(13) | SOFR + 5.50% | 9.28% | 6/13/2024 | 6/13/2030 | 2661 | 2578 | 2425 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | (6)(8) | SOFR + 2.00% | 5.67% | 6/16/2025 | 1/24/2029 | 911 | 913 | 915 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacuzzi Brands, LLC | (4)(10) | SOFR + 6.25% | 9.92% | 1/7/2021 | 5/25/2028 | 43474 | 43328 | 41301 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacuzzi Brands, LLC | (4)(10) | SOFR + 6.25% | 9.92% | 4/20/2022 | 5/25/2028 | 187540 | 187065 | 178163 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacuzzi Brands, LLC | (4)(10) | SOFR + 6.25% | 9.92% | 1/7/2021 | 5/25/2028 | 6319 | 6296 | 6003 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L&S Mechanical Acquisition, LLC | (4)(10) | SOFR + 6.25% | 9.93% | 9/1/2021 | 9/1/2027 | 133762 | 132975 | 127074 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition, LLC | (10) | SOFR + 3.75% | 7.52% | 6/6/2024 | 6/6/2031 | 8008 | 7921 | 6463 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II, LLC | (8) | SOFR + 2.75% | 6.42% | 3/28/2024 | 3/28/2031 | 2809 | 2821 | 2598 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + 6.50% | 10.35% | 1/7/2021 | 12/29/2026 | 59362 | 59225 | 46303 | 0.10 |
|  |  |  |  |  |  |  | 688022 | 633776 | 1.40 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury, LLC | (6)(8) | SOFR + 3.50% | 7.17% | 2/27/2025 | 2/27/2032 | 87028 | 86886 | 79558 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc. | (6)(8) | SOFR + 3.00% | 6.67% | 11/20/2025 | 8/9/2030 | 11245 | 11234 | 11119 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FFML Holdco, Ltd. | (4)(6)(10) | B + 4.50% | 7.04% | 11/11/2022 | 11/30/2028 | 36150 | 21957 | 20721 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC | (8) | SOFR + 2.50% | 6.17% | 1/31/2025 | 9/15/2031 | 16777 | 16747 | 16273 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower, LLC | (6)(7)(8) | SOFR + 2.50% | 6.20% | 2/3/2026 | 9/5/2031 | 16204 | 15957 | 15999 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC | (6)(8) | SOFR + 2.00% | 5.67% | 5/29/2025 | 12/15/2031 | 990 | 979 | 973 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jump Financial, LLC | (6)(8) | SOFR + 3.50% | 7.20% | 2/18/2026 | 2/26/2032 | 2244 | 2250 | 2247 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June Purchaser, LLC | (7)(8) | SOFR + 2.75% | 6.45% | 2/18/2026 | 11/28/2031 | 3416 | 3422 | 3414 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc. | (6)(8) | SOFR + 2.50% | 6.20% | 2/2/2026 | 7/30/2032 | 6000 | 6000 | 5899 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. | (5)(11) | SOFR + 6.50% | 10.46% | 12/29/2023 | 10/30/2028 | 3873 | 3842 | 3108 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Situs-AMC Holdings Corporation | (4)(10) | SOFR + 5.50% | 9.20% | 5/14/2025 | 5/14/2031 | 43861 | 43726 | 43861 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superannuation & Investments US, LLC | (6)(9) | SOFR + 2.50% | 6.17% | 1/30/2026 | 12/1/2028 | 12589 | 12556 | 12603 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Edelman Financial Engines Center, LLC | (6)(8) | SOFR + 3.00% | 6.67% | 6/5/2024 | 4/7/2028 | 19629 | 19633 | 19633 | 0.04 |
|  |  |  |  |  |  |  | 245189 | 235408 | 0.53 |
| **Chemicals** | **Chemicals** | **Chemicals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Next Generation, Inc. | (8) | SOFR + 2.50% | 6.17% | 11/5/2025 | 11/29/2030 | 6881 | 6895 | 6848 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Maroon Holdings, LLC | (6)(8) | SOFR + 3.25% | 7.05% | 8/22/2025 | 3/3/2031 | 2978 | 2978 | 2893 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | (4)(7)(10) | SOFR + 5.00% | 8.70% | 6/13/2024 | 6/13/2031 | 236778 | 234790 | 233940 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derby Buyer, LLC | (6)(9) | SOFR + 3.00% | 6.68% | 12/13/2024 | 11/1/2030 | 6370 | 6370 | 6374 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nouryon USA, LLC | (6)(8) | SOFR + 3.25% | 7.04% | 10/30/2025 | 4/3/2028 | 3482 | 3486 | 3421 | 0.01 |
|  |  |  |  |  |  |  | 254519 | 253476 | 0.57 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access CIG, LLC | (9) | SOFR + 4.00% | 7.70% | 8/15/2025 | 8/19/2030 | 42868 | 42566 | 38974 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco, LLC | (8) | SOFR + 3.25% | 6.92% | 2/3/2026 | 8/20/2032 | 3990 | 4000 | 3995 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticimex, Inc. | (6)(8) | SOFR + 2.90% | 6.56% | 11/21/2025 | 11/17/2031 | $5557 | $5558 | $5572 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armor Holdco, Inc. | (6)(9) | SOFR + 3.75% | 7.55% | 11/20/2025 | 12/10/2031 | 6284 | 6284 | 6259 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra Service Partners, LLC | (4)(10) | SOFR + 4.50% | 8.20% | 11/26/2025 | 11/26/2032 | 164406 | 163233 | 163789 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra Service Partners, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.22% | 11/26/2025 | 11/26/2032 | 10816 | 10585 | 10613 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bazaarvoice, Inc. | (4)(7)(8) | SOFR + 4.50% | 8.09% | 5/7/2021 | 5/7/2029 | 403329 | 403329 | 401008 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Sky Buyer, LLC | (4)(10) | SOFR + 4.50% | 8.17% | 2/27/2026 | 2/28/2033 | 208812 | 207781 | 207767 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Sky Buyer, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.16% | 2/27/2026 | 2/28/2033 | 14285 | 14109 | 14107 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | (4)(11) | SOFR + 5.00% | 8.67% | 12/20/2024 | 10/2/2030 | 217337 | 214543 | 217337 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.67% | 10/2/2023 | 10/2/2029 | 19132 | 18758 | 19132 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservice Midco, LLC | (4)(7)(10) | SOFR + 4.50% | 8.20% | 2/25/2026 | 2/25/2033 | 82772 | 82308 | 82252 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crimson FLS Acquisition, Inc. | (4)(10) | SOFR + 4.50% | 8.20% | 2/18/2026 | 2/18/2033 | 204391 | &nbsp;&nbsp;&nbsp;&nbsp;203386 | &nbsp;&nbsp;&nbsp;&nbsp;204391 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crimson FLS Acquisition, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.16% | 2/18/2026 | 2/18/2033 | 6669 | 6519 | 6669 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crimson FLS Acquisition, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.16% | 2/18/2026 | 2/18/2033 | 1983 | 1832 | 1983 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + 3.25% | 6.92% | 7/2/2025 | 7/9/2032 | 10219 | 10167 | 10226 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divisions Holding Corp. | (4)(7)(10) | SOFR + 4.50% | 8.20% | 4/17/2025 | 4/17/2032 | 92527 | 91658 | 92446 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EAB Global, Inc. | (9) | SOFR + 3.00% | 6.70% | 8/16/2021 | 8/16/2030 | 13172 | 13158 | 11773 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ELK Bidco, Inc. | (4)(7)(9) | SOFR + 4.50% | 8.20% | 6/13/2025 | 6/14/2032 | 71485 | 71075 | 71380 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.20% | 3/13/2025 | 3/12/2032 | 68026 | 66837 | 67504 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | (4)(10) | SOFR + 4.50% | 8.17% | 3/13/2025 | 3/12/2032 | 147419 | 146167 | 147419 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 3/13/2025 | 3/12/2032 | 6103 | 5947 | 6103 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundational Education Group, Inc. | (9) | SOFR + 3.75% | 7.68% | 8/31/2021 | 8/31/2028 | 5956 | 5936 | 5480 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FusionSite Midco, LLC | (4)(11) | SOFR + 5.25% | 9.21% | 4/30/2025 | 11/17/2029 | 100435 | 99482 | 99431 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FusionSite Midco, LLC | (4)(5)(7)(11) | SOFR + 5.25% | 9.16% | 4/30/2025 | 11/17/2029 | 32628 | 32185 | 32214 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FusionSite Midco, LLC | (4)(5)(7)(11) | SOFR + 5.25% | 9.17% | 4/30/2025 | 11/17/2029 | 5108 | 4957 | 4986 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gatekeeper Systems, Inc. | (4)(10) | SOFR + 5.00% | 8.67% | 8/27/2024 | 8/28/2030 | 248875 | 246132 | 240165 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gatekeeper Systems, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 8/27/2024 | 8/28/2030 | 19421 | 18554 | 16622 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental Services USA, Inc. | (6)(8) | SOFR + 2.50% | 6.17% | 4/11/2025 | 3/3/2032 | 2181 | 2160 | 2184 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gorilla Investor, LLC | (4)(10) | SOFR + 5.00% | 8.70% | 9/26/2024 | 9/30/2031 | 163828 | 161254 | 162190 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | (4)(10) | SOFR + 4.50% | 8.20% | 1/2/2025 | 1/2/2032 | 119948 | 118961 | 119948 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.20% | 1/2/2025 | 1/2/2032 | 3545 | 3335 | 3545 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(11) | SOFR + 5.25% | 8.92% | 10/2/2023 | 10/2/2030 | 53851 | 52898 | 53851 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(5)(11) | SOFR + 5.25% | 8.95% | 10/2/2023 | 10/2/2030 | 5078 | 5003 | 5078 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(5)(7)(11) | SOFR + 5.25% | 8.95% | 2/4/2025 | 10/2/2030 | 7824 | 7586 | 7824 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(5)(11) | SOFR + 5.25% | 8.95% | 7/16/2025 | 10/2/2030 | 2179 | 2160 | 2179 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISQ Hawkeye Holdco, Inc. | (4)(10) | SOFR + 4.00% | 7.69% | 1/30/2026 | 8/20/2031 | 8936 | 8786 | 8936 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISQ Hawkeye Holdco, Inc. | (4)(5)(7)(10) | SOFR + 4.00% | 7.69% | 1/30/2026 | 8/20/2030 | 331 | 312 | 320 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(10) | SOFR + 4.75% | 8.45% | 2/6/2026 | 12/15/2030 | 329092 | 325921 | 329092 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 2/6/2026 | 12/15/2030 | 27973 | 27186 | 27973 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 2/6/2026 | 12/15/2030 | 7109 | 6504 | 7109 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Fish Hatcheries & Distributors, LLC | (4)(7)(10) | SOFR + 4.25% | 7.90% | 11/19/2025 | 11/19/2032 | 16464 | 16269 | 16310 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Fish Hatcheries & Distributors, LLC | (4)(5)(7)(10) | SOFR + 4.25% | 7.90% | 11/19/2025 | 11/19/2032 | 248 | 169 | 125 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSG II, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.17% | 9/30/2025 | 9/30/2032 | 352852 | 350792 | 351515 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.71%<br>(incl. 2.75%<br>PIK) | 12/29/2021 | 11/8/2031 | 246068 | 244516 | 246068 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.71%<br>(incl. 2.75%<br>PIK) | 1/7/2021 | 11/8/2031 | 47106 | 46761 | 47106 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.70%<br>(incl. 2.75%<br>PIK) | 11/8/2024 | 11/8/2031 | 588289 | 583097 | 587604 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowledge Pro Buyer, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.35% | 12/10/2021 | 12/10/2029 | 113454 | 112860 | 113408 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowledge Pro Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.35% | 12/10/2021 | 12/10/2029 | 8421 | 8338 | 8421 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + 5.50% | 9.27% | 10/19/2021 | 10/19/2028 | 45880 | 45546 | 40490 | 0.09 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + 5.50% | 9.25% | 10/19/2021 | 10/19/2028 | $20470 | $20321 | $18065 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lsf12 Crown US Commercial Bidco, LLC | (7)(8) | SOFR + 3.00% | 6.67% | 1/20/2026 | 12/2/2031 | 47542 | 45881 | 47503 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 4.25% | 7.98% | 7/29/2025 | 11/7/2030 | 46904 | 61096 | 61213 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (8) | SOFR + 2.75% | 6.43% | 1/26/2024 | 12/31/2032 | 7913 | 7952 | 7916 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex Baltimore Buyer, Inc. | (4)(10)(18) | SOFR + 5.27% | 8.94% | 12/1/2021 | 12/1/2027 | 187232 | 186181 | 187232 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex Baltimore Buyer, Inc. | (4)(10)(18) | SOFR + 4.75% | 8.42% | 12/1/2021 | 12/1/2027 | 253518 | 252149 | 253518 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding, Co. | (4)(10) | SOFR + 5.00% | 8.70% | 11/24/2025 | 11/24/2032 | 15922 | 15811 | 15922 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding, Co. | (4)(5)(7)(10) | SOFR + 5.00% | 8.70% | 11/24/2025 | 11/24/2032 | 5431 | 5350 | 5386 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (6)(8) | SOFR + 2.00% | 5.66% | 11/20/2024 | 10/13/2030 | 1327 | 1327 | 1323 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (6)(8) | SOFR + 1.75% | 5.41% | 4/4/2025 | 3/7/2032 | 6435 | 6329 | 6357 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RailPros Parent, LLC | (4)(7)(10) | SOFR + 4.25% | 7.91% | 5/22/2025 | 5/24/2032 | 23210 | 22975 | 23174 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RailPros Parent, LLC | (4)(5)(7)(10) | SOFR + 4.25% | 7.91% | 5/22/2025 | 5/24/2032 | 2153 | 2112 | 2153 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Buyer, LLC | (4)(10) | SOFR + 4.50% | 8.15% | 2/19/2026 | 2/18/2033 | 102980 | 102220 | 102207 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Buyer, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.16% | 2/19/2026 | 2/18/2033 | 4357 | 4181 | 4179 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Buyer, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.21% | 2/19/2026 | 2/18/2033 | 990 | 767 | 764 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saber Parent Holdings Corp. | (4)(8) | SOFR + 4.75% | 8.42%<br>(incl. 2.25%<br>PIK) | 12/16/2025 | 12/16/2032 | 504545 | 502140 | 502022 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saber Parent Holdings Corp. | (4)(5)(7)(8) | P + 3.50% | 10.25% | 12/16/2025 | 12/16/2032 | 20300 | 19636 | 19608 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIQ Holdings III Corp. | (4)(10) | SOFR + 4.75% | 8.44% | 12/19/2025 | 12/19/2032 | 128931 | 127693 | 127641 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIQ Holdings III Corp. | (4)(5)(7)(10) | SOFR + 4.75% | 8.43% | 12/19/2025 | 12/19/2030 | 1953 | 1678 | 1666 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIQ Holdings III Corp. | (4)(5)(7)(10) | P + 3.75% | 10.50% | 12/19/2025 | 12/19/2032 | 25786 | 25387 | 25212 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEI Intermediate, LLC | (4)(10) | SOFR + 5.25% | 8.85%<br>(incl. 2.88%<br>PIK) | 12/13/2024 | 12/15/2031 | 148426 | 147235 | 148426 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEI Intermediate, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 12/13/2024 | 12/15/2031 | 37328 | 36834 | 37328 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaco Holdings, Inc. | (10) | SOFR + 5.00% | 8.85% | 1/21/2022 | 1/22/2029 | 8825 | 8807 | 5789 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veregy Consolidated, Inc. | (4)(7)(10) | SOFR + 4.25% | 7.92% | 4/16/2025 | 4/16/2031 | 140275 | 139164 | 140051 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition, LLC | (4)(10) | SOFR + 5.25% | 8.92% | 7/31/2024 | 7/31/2031 | 194203 | 192754 | 194203 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 8.92% | 7/31/2024 | 7/31/2031 | 24463 | 24410 | 24463 | 0.05 |
|  |  |  |  |  |  |  | 6287850 | 6294194 | 13.92 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. | (6)(8) | SOFR + 2.00% | 5.67% | 4/4/2025 | 9/29/2031 | 7190 | 7006 | 7200 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampirical Solutions, LLC | (4)(7)(10) | SOFR + 4.25% | 7.95% | 9/30/2025 | 9/30/2032 | 29328 | 28851 | 28844 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azuria Water Solutions, Inc. | (10) | SOFR + 3.00% | 6.67% | 1/27/2025 | 5/17/2028 | 34042 | 34042 | 33800 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield WEC Holdings, Inc. | (8) | SOFR + 2.00% | 5.67% | 1/25/2024 | 1/27/2031 | 6414 | 6378 | 6410 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | (4)(7)(10) | SOFR + 4.50% | 8.20% | 5/10/2024 | 5/10/2031 | 69152 | 68553 | 69104 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFT Infrastructure, Inc. | (4)(10) | SOFR + 4.25% | 7.90% | 8/5/2024 | 8/5/2030 | 372864 | 368860 | 371000 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFT Infrastructure, Inc. | (4)(5)(7)(10) | SOFR + 4.25% | 7.97% | 8/5/2024 | 8/5/2030 | 14930 | 14524 | 14743 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Infrastructure Partners US, LLC | (6)(8) | SOFR + 2.75% | 6.45% | 1/12/2026 | 9/24/2032 | 5000 | 5026 | 5000 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service TopCo IV, Inc. | (4)(7)(11) | SOFR + 4.50% | 8.10% | 6/9/2023 | 12/31/2027 | 206309 | 204530 | 206096 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service TopCo IV, Inc. | (4)(5)(11) | SOFR + 4.50% | 8.10% | 2/28/2025 | 12/31/2027 | 16149 | 16064 | 16149 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service TopCo IV, Inc. | (4)(11) | SOFR + 4.50% | 8.13% | 11/19/2025 | 12/31/2027 | 38470 | 38296 | 38277 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service TopCo IV, Inc. | (4)(5)(11) | SOFR + 4.50% | 8.17% | 2/6/2026 | 12/31/2027 | 17045 | 17005 | 17045 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEI, Inc. | (4)(7)(9) | SOFR + 4.50% | 8.20% | 12/29/2025 | 12/29/2032 | 43389 | 42948 | 42931 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | (4)(10) | SOFR + 5.25% | 8.95%<br>(incl. 2.88%<br>PIK) | 8/29/2025 | 8/27/2032 | 78681 | 77972 | 78681 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.45% | 8/29/2025 | 8/27/2032 | 7166 | 6954 | 7166 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 8.90%<br>(incl. 2.88%<br>PIK) | 8/29/2025 | 8/27/2032 | 7996 | 7863 | 7996 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peak Utility Services Group, Inc. | (4)(11) | SOFR + 4.50% | 8.32% | 3/2/2021 | 3/2/2028 | 15170 | 15129 | 15095 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peak Utility Services Group, Inc. | (4)(5)(11) | SOFR + 4.50% | 8.32% | 3/2/2021 | 3/2/2028 | 2023 | 2019 | 2013 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pike Electric Corp. | (4)(7)(10) | SOFR + 4.50% | 8.18% | 12/19/2025 | 12/19/2032 | 275960 | 274300 | 274230 | 0.61 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saber Power Services, LLC | (4)(7)(10) | SOFR + 5.00% | 8.80% | 10/21/2025 | 10/21/2031 | $289275 | $288873 | $289275 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAFEbuilt, LLC | (4)(7)(10) | SOFR + 5.00% | 8.67% | 1/8/2026 | 1/8/2032 | 129045 | 128216 | 127567 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecta America Corp. | (8) | SOFR + 2.75% | 6.42% | 1/14/2026 | 2/18/2032 | 2992 | 3017 | 2985 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc. | (7)(10) | SOFR + 4.25% | 7.95% | 6/20/2024 | 8/31/2028 | 9825 | 9760 | 9227 | 0.02 |
|  |  |  |  |  |  |  | 1666186 | 1670834 | 3.70 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. | (8) | SOFR + 2.25% | 5.92% | 2/18/2025 | 2/10/2032 | 14762 | 14678 | 14753 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamko Building Products, LLC | (8) | SOFR + 2.75% | 6.42% | 10/23/2024 | 9/20/2030 | 2948 | 2948 | 2940 | 0.01 |
|  |  |  |  |  |  |  | 17626 | 17693 | 0.04 |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crumbl Enterprises, LLC | (4)(7)(10) | SOFR + 4.50% | 8.20% | 4/30/2025 | 5/5/2032 | 85364 | 84562 | 84442 | 0.19 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(10) | SOFR + 5.25% | 8.95% | 10/18/2022 | 9/30/2028 | 11155 | 11014 | 11155 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(5)(10) | SOFR + 5.25% | 8.95% | 3/20/2025 | 9/30/2028 | 1357 | 1347 | 1357 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 8.95% | 9/30/2021 | 9/30/2028 | 1212 | 1150 | 1212 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging, LLC | (8) | SOFR + 3.25% | 6.91% | 7/25/2025 | 6/7/2031 | 18673 | 18699 | 18045 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.18% | 6.84% | 4/13/2022 | 4/13/2029 | 8213 | 8113 | 7855 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.25% | 6.92% | 4/1/2025 | 4/1/2032 | 9766 | 9679 | 9147 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower, LLC | (8) | SOFR + 4.00% | 7.78% | 3/6/2026 | 3/7/2033 | 9995 | 9913 | 9677 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Container Technologies Group, LLC | (9) | SOFR + 2.50% | 6.17% | 10/30/2025 | 9/15/2032 | 3483 | 3492 | 3455 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TricorBraun Holdings, Inc. | (9) | SOFR + 3.25% | 6.92% | 3/3/2021 | 3/3/2031 | 11904 | 11798 | 11345 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc. | (9) | SOFR + 3.75% | 7.45% | 10/18/2024 | 9/15/2028 | 7664 | 7664 | 7277 | 0.02 |
|  |  |  |  |  |  |  | 82869 | 80525 | 0.18 |
| **Distributors** | **Distributors** | **Distributors** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Purchaser, LLC | (4)(5)(10) | SOFR + 7.50% | 11.44%<br>(incl. 1.00%<br>PIK) | 12/10/2021 | 12/11/2028 | 8131 | 8072 | 6240 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Cable Group, LLC | (4)(10) | SOFR + 5.25% | 9.02% | 11/1/2021 | 5/3/2027 | 29271 | 29132 | 29052 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + 7.25% | 11.06%<br>(incl. 3.25%<br>PIK) | 11/1/2022 | 6/23/2028 | 16183 | 15998 | 14565 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + 7.00% | 10.81%<br>(incl. 3.25%<br>PIK) | 12/31/2021 | 6/23/2028 | 27282 | 27116 | 24418 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDC Acquisition Corp. | (4)(11) | SOFR + 5.00% | 8.67% | 3/9/2021 | 3/9/2028 | 21375 | 21264 | 21375 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDC Acquisition Corp. | (4)(5)(7)(11) | SOFR + 5.00% | 8.67% | 3/9/2021 | 3/9/2028 | 1370 | 1344 | 1370 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Intermediate Holdings III, LLC | (4)(7)(10) | SOFR + 4.75% | 8.45% | 4/9/2024 | 4/9/2030 | 175744 | 175429 | 175744 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings, LLC | (9) | SOFR + 5.00% | 8.78% | 3/11/2021 | 3/11/2028 | 5906 | 5913 | 5603 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings, LLC | (9) | SOFR + 5.00% | 8.68% | 4/3/2025 | 10/1/2031 | 3920 | 3776 | 3705 | 0.01 |
|  |  |  |  |  |  |  | 288044 | 282072 | 0.61 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(11) | SOFR + 5.00% | 8.80% | 7/19/2024 | 7/24/2030 | 27129 | 26739 | 26857 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(11) | SOFR + 5.00% | 8.80% | 7/19/2024 | 7/24/2030 | 8095 | 7979 | 8014 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(11) | SOFR + 5.00% | 8.81% | 7/19/2024 | 7/24/2030 | 10410 | 10275 | 10306 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(11) | SOFR + 5.00% | 8.80% | 7/19/2024 | 7/24/2030 | 20925 | 20624 | 20716 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.80% | 2/19/2025 | 7/24/2030 | 22679 | 22394 | 22188 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(11) | SOFR + 5.00% | 8.80% | 10/15/2025 | 7/24/2030 | 3504 | 3472 | 3469 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning, LLC | (9) | SOFR + 3.00% | 6.67% | 10/15/2025 | 12/11/2028 | 7477 | 7479 | 7317 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbri Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.44% | 12/20/2024 | 4/30/2030 | 173202 | 172024 | 171903 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.27% | 7/20/2021 | 7/20/2028 | 926875 | 923827 | 899069 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (6)(11) | SOFR + 3.00% | 6.67% | 1/22/2026 | 3/24/2031 | 10406 | 10374 | 10215 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charger Debt Merger Sub, LLC | (4)(10) | SOFR + 5.00% | 8.70% | 5/31/2024 | 5/31/2031 | 54182 | 53782 | 53911 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charger Debt Merger Sub, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 5/31/2024 | 5/31/2031 | 27434 | 27158 | 27209 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charger Debt Merger Sub, LLC | (4)(5)(7)(10) | P + 4.00% | 10.75% | 5/31/2024 | 5/31/2030 | 1700 | 1651 | 1665 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA Intermediate II, Ltd. | (4)(11) | SOFR + 5.50% | 9.20% | 3/27/2024 | 3/27/2030 | $51066 | $50387 | $51066 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA Intermediate II, Ltd. | (4)(7)(11) | SOFR + 5.50% | 9.15% | 3/27/2024 | 3/27/2030 | 12893 | 12577 | 12893 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA Intermediate II, Ltd. | (4)(5)(11) | S + 5.50% | 9.23% | 9/18/2025 | 3/27/2030 | 20641 | 27471 | 27320 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc. | (6)(9) | SOFR + 3.50% | 7.20% | 6/24/2022 | 7/6/2029 | 7291 | 7253 | 7323 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavor Schools Holdings, LLC | (4)(11) | SOFR + 6.25% | 9.92% | 7/18/2023 | 7/18/2029 | 46347 | 45710 | 42639 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavor Schools Holdings, LLC | (4)(5)(7)(11) | SOFR + 6.25% | 9.92% | 7/18/2023 | 7/18/2029 | 8531 | 8432 | 7848 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corp. | (4)(10) | SOFR + 5.50% | 9.17%<br>(incl. 2.75%<br>PIK) | 6/17/2024 | 6/17/2031 | 69595 | 69077 | 68029 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corp. | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 6/17/2024 | 6/17/2030 | 3622 | 3505 | 3346 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBT US III, LLC | (6)(8) | SOFR + 2.00% | 5.67% | 1/21/2026 | 7/25/2031 | 3950 | 3950 | 3877 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Car Wash Management Corp. | (4)(11) | SOFR + 5.75% | 9.52% | 10/12/2021 | 6/30/2028 | 87945 | 87543 | 85746 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Learning, LLC | (9) | SOFR + 3.50% | 7.17% | 2/1/2024 | 12/21/2029 | 60904 | 60711 | 56641 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 8.82% | 3/10/2022 | 3/12/2029 | 9621 | 9580 | 8408 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 8.67% | 11/20/2023 | 3/12/2029 | 21355 | 21057 | 18663 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrodora S.L. | (4)(5)(6)(8) | E + 4.25% | 6.39% | 8/7/2025 | 7/15/2032 | 1367 | 1579 | 1565 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrodora S.L. | (4)(5)(6)(8) | E + 4.25% | 6.39% | 8/7/2025 | 7/15/2032 | 558 | 645 | 639 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc. | (9) | SOFR + 3.25% | 6.92% | 12/15/2021 | 12/15/2028 | 15547 | 15501 | 13537 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientian 2 Spain, S.L. | (4)(5)(6)(8) | E + 4.25% | 6.39% | 8/7/2025 | 7/15/2032 | 1599 | 1847 | 1830 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientian France, SAS | (4)(5)(6)(8) | E + 4.25% | 6.39% | 8/7/2025 | 7/15/2032 | 3525 | 4071 | 4034 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | (4)(7)(11) | SOFR + 4.75% | 8.44% | 12/19/2024 | 12/19/2031 | 295759 | 293527 | 293942 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | (4)(5)(7)(11) | SOFR + 4.75% | 8.45% | 12/19/2024 | 12/19/2030 | 3916 | 3755 | 3804 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Education Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 9/29/2023 | 10/4/2030 | 13475 | 13366 | 13388 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Cadence Holdco, LLC | (4)(10) | SOFR + 5.00% | 8.65% | 5/1/2024 | 5/1/2031 | 197000 | 195569 | 195030 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Cadence Holdco, LLC | (4)(7)(10) | SOFR + 5.00% | 8.65% | 5/1/2024 | 5/1/2031 | 51666 | 51072 | 50829 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Support Services, LLC | (9) | SOFR + 2.75% | 6.42% | 2/10/2022 | 2/10/2029 | 8973 | 8932 | 8819 | 0.02 |
|  |  |  |  |  |  |  | 2284895 | 2244055 | 4.98 |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information Management, LLC | (8) | SOFR + 2.00% | 5.67% | 12/28/2023 | 1/31/2031 | 7376 | 7397 | 7346 | 0.02 |
| **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco, LLC | (10) | SOFR + 5.00% | 8.78%<br>(incl. 1.50%<br>PIK) | 6/30/2025 | 9/25/2029 | 15658 | 15660 | 13981 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zacapa, LLC | (6)(9) | SOFR + 3.75% | 7.45% | 10/29/2024 | 3/22/2029 | 10309 | 10309 | 10295 | 0.02 |
|  |  |  |  |  |  |  | 25969 | 24276 | 0.05 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I, LLC | (8) | SOFR + 2.25% | 5.92% | 8/7/2025 | 2/26/2032 | 2083 | 2089 | 2087 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Alliance Partners, LLC | (4)(7)(10) | SOFR + 4.75% | 8.45% | 7/1/2025 | 7/1/2032 | 98963 | 98063 | 98193 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Alliance Partners, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 7/1/2025 | 7/1/2030 | 1213 | 1084 | 1099 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(11) | SOFR + 4.25% | 7.92% | 3/26/2021 | 3/27/2028 | 60248 | 59958 | 60248 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(11) | SOFR + 4.25% | 7.92% | 7/27/2023 | 3/27/2028 | 53307 | 52919 | 53307 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(11) | SOFR + 4.25% | 7.92% | 5/9/2024 | 3/27/2028 | 86100 | 85206 | 86100 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(5)(11) | SOFR + 4.25% | 7.92% | 10/10/2025 | 3/27/2028 | 27423 | 27296 | 27423 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(5)(7)(11) | SOFR + 4.25% | 7.92% | 10/10/2025 | 3/27/2028 | 16289 | 16059 | 16139 | 0.04 |
|  |  |  |  |  |  |  | 342674 | 344596 | 0.76 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency Power Holdings, LLC | (4)(7)(11) | SOFR + 4.75% | 8.42% | 8/17/2021 | 8/17/2031 | 252581 | 251238 | 252564 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Bidco, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.70% | 7/31/2025 | 7/31/2031 | 119706 | 118351 | 119379 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEM New Sub 2, LLC | (4)(7)(9) | SOFR + 4.75% | 8.37% | 12/3/2025 | 12/3/2031 | 644873 | 638990 | 640921 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.50% | 6.13% | 6/21/2021 | 6/21/2028 | 23227 | 23158 | 23249 | 0.05 |
|  |  |  |  |  |  |  | 1031737 | 1036113 | 2.30 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(11) | SOFR + 5.75% | 9.51% | 2/5/2026 | 12/23/2029 | $24669 | $24604 | $24669 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(5)(7)(11) | SOFR + 5.75% | 9.51% | 2/5/2026 | 12/23/2029 | 9305 | 9212 | 9224 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | (4)(7)(10) | SOFR + 4.50% | 8.20% | 11/15/2024 | 11/17/2031 | 160173 | 158469 | 160000 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | (4)(10) | SOFR + 4.75% | 8.45% | 11/15/2024 | 7/20/2029 | 46097 | 45770 | 46097 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.45% | 11/15/2024 | 7/30/2029 | 3235 | 3184 | 3235 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | (4)(5)(10) | SOFR + 4.75% | 8.45% | 11/15/2024 | 7/30/2029 | 6032 | 5989 | 6032 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electro Switch Business Trust, LLC | (4)(7)(10) | SOFR + 4.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45% | 9/2/2025 | 9/2/2032 | 169440 | 168059 | 167512 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Bidco, Inc. | (4)(5)(7)(8) | SOFR + 5.50% | 9.12% | 9/2/2025 | 8/30/2032 | 28965 | 28682 | 28637 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco, LLC | (9) | SOFR + 3.75% | 7.68% | 3/2/2021 | 3/2/2028 | 7935 | 7919 | 7555 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer, LLC | (8) | SOFR + 4.25% | 7.92% | 7/1/2024 | 7/1/2031 | 25003 | 24624 | 22527 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix 1 Buyer Corp. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 11/20/2023 | 11/20/2030 | 42369 | 42036 | 42369 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | (4)(5)(6)(9) | E + 4.50% | 6.68% | 7/1/2024 | 7/1/2030 | 7779 | 8340 | 8992 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | (4)(6)(9) | E + 4.50% | 6.63% | 7/1/2024 | 7/1/2031 | 63476 | 67411 | 73369 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | (4)(6)(7)(9) | SOFR + 4.50% | 8.20% | 7/1/2024 | 7/1/2031 | 297343 | 293294 | 297343 | 0.66 |
|  |  |  |  |  |  |  | 887593 | 897561 | 1.98 |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPW Group Holdings, Inc. | (4)(7)(11) | SOFR + 6.00% | 9.77% | 3/15/2024 | 3/15/2031 | 32258 | 31579 | 32258 | 0.07 |
| **Entertainment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOC Borrower, LLC | (8) | SOFR + 2.75% | 6.42% | 2/3/2026 | 3/24/2032 | 3990 | 3985 | 3986 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEG Borrower, LLC | (8) | SOFR + 3.50% | 7.19% | 4/22/2025 | 6/30/2031 | 8088 | 7989 | 8132 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Holdings Corp. | (9) | SOFR + 4.00% | 7.67% | 12/6/2024 | 4/5/2030 | 966 | 966 | 695 | 0.00 |
|  |  |  |  |  |  |  | 12940 | 12813 | 0.03 |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Securitized Products Funding 2, LP | (4)(5)(6)(8) | SOFR + 1.50% | 5.42% | 3/28/2024 | 5/25/2063 | 150000 | 146340 | 149925 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr Riggs & Ingram Capital, LLC | (4)(9) | SOFR + 4.25% | 7.95% | 11/18/2024 | 11/18/2031 | 42953 | 42607 | 42953 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr Riggs & Ingram Capital, LLC | (4)(5)(7)(9) | SOFR + 4.25% | 7.92% | 11/18/2024 | 11/18/2031 | 14153 | 13968 | 14153 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | (8) | SOFR + 3.00% | 6.70% | 8/22/2025 | 4/1/2032 | 4478 | 4485 | 4315 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DM Intermediate Parent, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 9/30/2024 | 9/30/2030 | 103526 | 102361 | 103526 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DM Intermediate Parent, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 9/30/2024 | 9/30/2030 | 45345 | 45174 | 45345 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DM Intermediate Parent, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 9/30/2024 | 9/30/2030 | 2477 | 2129 | 2477 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DM Intermediate Parent, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 12/19/2025 | 9/30/2030 | 31631 | 31116 | 31631 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harp Finco, Ltd. | (4)(6)(8) | S + 5.00% | 8.73% | 3/27/2025 | 3/27/2032 | 84561 | 107641 | 111925 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.00% | 6.67% | 1/22/2026 | 6/17/2031 | 41861 | 41705 | 40058 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II, LLC | (4)(7)(10) | SOFR + 4.50% | 7.99% | 9/3/2025 | 9/1/2030 | 92865 | 92563 | 92837 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexus Buyer, LLC | (8) | SOFR + 3.50% | 7.17% | 11/4/2025 | 7/31/2031 | 4381 | 4367 | 4224 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PKF O'Connor Davies Advisory, LLC | (4)(7)(10) | SOFR + 4.50% | 8.17% | 11/15/2024 | 11/18/2031 | 94833 | 93982 | 94833 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oak Funding, LLC | (4)(7)(9) | SOFR + 4.50% | 8.17% | 12/2/2025 | 12/2/2032 | 141180 | 139769 | 139699 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet US Buyer, LLC | (6)(8) | SOFR + 3.00% | 6.67% | 3/5/2026 | 2/7/2031 | 3990 | 4000 | 3996 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solera, LLC | (9)(18) | SOFR + 3.75% | 7.68% | 6/4/2021 | 6/2/2028 | 1765 | 1762 | 1558 | 0.00 |
|  |  |  |  |  |  |  | 873969 | 883455 | 1.97 |
| **Food Products** | **Food Products** | **Food Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyers Grand Ice Cream, Inc. | (6)(8) | SOFR + 2.25% | 5.88% | 4/4/2025 | 9/30/2031 | 3956 | 3892 | 3883 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri US, Inc. | (6)(8) | SOFR + 2.25% | 5.88% | 8/22/2025 | 9/30/2032 | 2992 | 2992 | 2940 | 0.01 |
|  |  |  |  |  |  |  | 6884 | 6823 | 0.02 |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Channelside AcquisitionCo, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 5/15/2024 | 6/30/2028 | 154483 | 154132 | 151885 | 0.34 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEC Parent Holdings, Inc. | (5)(9)(17) | SOFR + 5.75% | 9.60% | 6/13/2022 | 6/13/2029 | 24492 | 21657 | 15727 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(7)(11) | SOFR + 5.00% | 8.67% | 9/29/2023 | 9/30/2030 | 48446 | 47671 | 47961 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(11) | E + 5.00% | 7.03% | 9/29/2023 | 9/30/2030 | 74942 | 78383 | 85755 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(5)(11) | SOFR + 5.00% | 8.67% | 11/20/2024 | 9/30/2030 | 5459 | 5366 | 5404 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(5)(11) | SOFR + 5.00% | 8.67% | 11/20/2024 | 9/30/2030 | $12824 | $12775 | $12696 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSHC Buyerco, LLC | (4)(5)(11) | SOFR + 4.75% | 8.52% | 7/30/2025 | 9/8/2026 | 1687 | 1681 | 1683 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ergotron Acquisition, LLC | (4)(10) | SOFR + 5.25% | 8.92% | 7/6/2022 | 7/6/2028 | 61836 | 61383 | 61682 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCX Corporation Buyer, LLC | (4)(10) | SOFR + 5.50% | 9.35% | 9/13/2021 | 9/13/2027 | 189090 | 188170 | 185308 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCX Corporation Buyer, LLC | (4)(10) | SOFR + 5.50% | 9.32% | 9/13/2021 | 9/13/2027 | 47891 | 47683 | 46933 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natus Medical, Inc. | (4)(9) | SOFR + 5.25% | 9.10% | 7/21/2022 | 7/20/2029 | 29210 | 28235 | 29210 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natus Medical, Inc. | (4)(5)(7)(9) | SOFR + 4.25% | 8.03% | 7/21/2022 | 7/21/2027 | 1000 | 963 | 943 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS Audiology A/S | (6)(8) | SOFR + 3.25% | 6.95% | 2/13/2026 | 2/28/2029 | 11723 | 11723 | 11738 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus, LLC | (4)(10) | SOFR + 5.50% | 9.20% | 2/28/2024 | 2/28/2031 | 48989 | 48482 | 45927 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus, LLC | (4)(5)(10) | SOFR + 5.50% | 9.20% | 2/28/2024 | 2/28/2031 | 4529 | 4493 | 4246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus, LLC | (4)(5)(7)(10) | SOFR + 5.50% | 9.21% | 2/28/2024 | 2/28/2030 | 914 | 847 | 485 | 0.00 |
|  |  |  |  |  |  |  | 559512 | 555698 | 1.22 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | (4)(6)(10) | CA + 5.00% | 7.28% | 8/10/2022 | 8/10/2029 | 257763 | 198878 | 185294 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | (4)(5)(6)(10) | CA + 5.00% | 7.28% | 8/9/2024 | 8/10/2029 | 34595 | 25074 | 24869 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | (4)(5)(7)(10)(17) | SOFR + 5.50% | 9.21% | 8/2/2021 | 8/2/2027 | 21267 | 21171 | 14769 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | (4)(10)(17) | SOFR + 6.00% | 9.80%<br>(incl. 3.25%<br>PIK) | 7/7/2023 | 8/2/2028 | 138413 | 136982 | 96543 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 10.05% | 5/7/2021 | 5/7/2027 | 10273 | 10235 | 9246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 9.95% | 5/7/2021 | 5/7/2027 | 8449 | 8422 | 7604 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + 6.25% | 9.96% | 5/7/2021 | 5/7/2026 | 1561 | 1559 | 1170 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(5)(11) | SOFR + 6.25% | 10.05% | 4/14/2022 | 5/7/2027 | 247 | 246 | 222 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.35% | 2/25/2022 | 2/25/2028 | 20731 | 20473 | 19332 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aryeh Bidco Investment, Ltd. | (4)(6)(10) | CA + 5.00% | 7.31% | 1/14/2026 | 1/14/2033 | 42679 | 30441 | 30374 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aryeh Bidco Investment, Ltd. | (4)(5)(6)(7)(10) | CA + 5.00% | 7.27% | 1/14/2026 | 1/14/2033 | 1135 | 757 | 743 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotouch Global Solutions, Inc. | (4)(7)(11) | SOFR + 5.50% | 9.17% | 8/27/2025 | 8/27/2032 | 129552 | 127569 | 127388 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotouch Global Solutions, Inc. | (4)(5)(7)(11) | SOFR + 5.50% | 9.16% | 8/27/2025 | 8/27/2032 | 4130 | 4009 | 3998 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(6)(11) | CA + 4.50% | 7.12% | 4/15/2021 | 4/14/2028 | 14482 | 11518 | 10411 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(6)(7)(10) | CA + 4.50% | 7.12% | 4/15/2021 | 4/15/2027 | 2700 | 1724 | 1941 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(6)(8) | S + 6.00% | 9.97% | 2/11/2022 | 2/24/2029 | 60000 | 79240 | 66114 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(5)(6)(8) | S + 6.00% | 9.73% | 2/24/2022 | 2/24/2029 | 2265 | 3024 | 2496 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(6)(8) | E + 6.00% | 8.12% | 2/24/2022 | 2/24/2029 | 14000 | 15605 | 13471 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(6)(8) | SOFR + 6.00% | 9.91% | 2/24/2022 | 2/24/2029 | 6125 | 6294 | 5114 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCBlue Bidco, Inc. | (4)(5)(10) | SOFR + 6.50% | 10.30%<br>(incl. 4.00%<br>PIK) | 12/21/2021 | 12/21/2028 | 601588 | 597912 | 493302 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc. | (9) | SOFR + 2.75% | 6.42% | 3/5/2026 | 9/29/2028 | 3990 | 4000 | 3998 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNT Holdings I Corp. | (10) | SOFR + 2.50% | 6.17% | 4/3/2025 | 11/8/2032 | 5445 | 5385 | 5449 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commander Buyer, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.17% | 6/26/2025 | 6/26/2032 | 161029 | 159006 | 160514 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compsych Investments Corp. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 7/22/2024 | 7/22/2031 | 69784 | 69481 | 68874 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Mkg Topco, LLC | (4)(10) | SOFR + 5.50% | 9.27% | 2/1/2022 | 2/1/2029 | 158359 | 157074 | 158359 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Mkg Topco, LLC | (4)(10) | SOFR + 5.50% | 9.28% | 8/1/2022 | 2/1/2029 | 21194 | 20893 | 21194 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(5)(10)(17) | SOFR + 6.41% | 12.10% | 3/12/2021 | 4/3/2028 | 12855 | 12803 | 10605 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(5)(10)(17) | SOFR + 6.50% | 10.17% | 12/28/2022 | 4/3/2028 | 9795 | 9664 | 8081 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(10)(17) | SOFR + 6.41% | 12.10% | 2/25/2022 | 4/3/2028 | 12021 | 11999 | 9917 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensemble RCM, LLC | (8) | SOFR + 3.00% | 6.66% | 2/9/2026 | 2/9/2033 | 4000 | 3980 | 3962 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc. | (8) | SOFR + 3.50% | 7.17% | 10/14/2025 | 10/1/2032 | 4489 | 4486 | 4480 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental, LLC | (8) | SOFR + 3.75% | 7.42% | 8/7/2025 | 8/25/2032 | 5881 | 5885 | 5876 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360, LLC | (4)(7)(10) | SOFR + 4.75% | 8.45% | 9/18/2024 | 9/30/2028 | 96054 | 95362 | 95900 | 0.21 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inception Fertility Ventures, LLC | (4)(7)(10) | SOFR + 5.50% | 9.17% | 4/29/2024 | 4/29/2030 | $281680 | $281314 | $278978 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(11) | SOFR + 5.25% | 9.02% | 5/26/2021 | 4/15/2028 | 223779 | 222493 | 218185 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwol Acquisition, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.70% | 12/8/2023 | 12/6/2029 | 10272 | 10120 | 10272 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwol Acquisition, Inc. | (4)(5)(10) | SOFR + 5.00% | 8.70% | 2/17/2026 | 12/12/2029 | 3586 | 3560 | 3586 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(10) | SOFR + 5.50% | 9.17% | 2/13/2024 | 2/13/2031 | 37081 | 36821 | 37081 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(5)(10) | SOFR + 5.50% | 9.17% | 2/13/2024 | 2/13/2031 | 7818 | 7818 | 7818 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(5)(10) | SOFR + 5.50% | 9.17% | 2/13/2024 | 2/13/2031 | 5485 | 5453 | 5485 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(5)(7)(10) | SOFR + 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17% | 2/13/2024 | 2/13/2031 | 90 | 74 | 90 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MED ParentCo, LP | (8) | SOFR + 3.00% | 6.67% | 2/3/2026 | 4/15/2031 | 5985 | 5990 | 5990 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + 5.50% | 9.27%<br>(incl. 4.00%<br>PIK) | 7/16/2021 | 7/16/2030 | 543665 | 542370 | 433337 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex TSG Intermediate Corp. | (6)(8) | SOFR + 3.25% | 6.95% | 2/9/2026 | 8/6/2032 | 4500 | 4480 | 4530 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONS MSO, LLC | (4)(5)(11) | SOFR + 5.75% | 9.42% | 12/13/2023 | 7/8/2028 | 68414 | 68403 | 66020 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONS MSO, LLC | (4)(5)(7)(11) | SOFR + 6.25% | 9.90% | 12/13/2023 | 7/8/2028 | 5917 | 5865 | 5689 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONS MSO, LLC | (4)(11) | SOFR + 5.75% | 9.42% | 4/26/2024 | 7/8/2028 | 9825 | 9774 | 9481 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outcomes Group Holdings, Inc. | (8) | SOFR + 3.00% | 6.67% | 3/5/2026 | 5/6/2031 | 4093 | 4103 | 4099 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dental Services, Inc. | (8) | SOFR + 2.50% | 6.18% | 4/3/2025 | 3/15/2031 | 4901 | 4865 | 4910 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plasma Buyer, LLC | (4)(10)(17) | SOFR + 5.75% | 9.45% PIK | 5/12/2022 | 5/12/2029 | 95634 | 88367 | 56902 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plasma Buyer, LLC | (4)(5)(10)(17) | SOFR + 6.25% | 9.95% PIK | 5/12/2022 | 5/12/2029 | 3548 | 3333 | 2111 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plasma Buyer, LLC | (4)(5)(7)(10)(17) | SOFR + 5.75% | 9.44% PIK | 5/12/2022 | 5/12/2028 | 15493 | 14347 | 9219 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plasma Buyer, LLC | (4)(5)(7)(10)(17) | SOFR + 5.75% | 9.46% PIK | 3/24/2026 | 3/31/2027 | 2122 | 2122 | 2228 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.42% | 8/31/2022 | 8/31/2029 | 124705 | 123543 | 124705 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.25% | 8.92% | 9/6/2023 | 8/31/2029 | 12589 | 12452 | 12393 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.75% | 9.41% | 8/31/2022 | 8/31/2029 | 3716 | 3620 | 3716 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW Intermediate, LLC | (4)(11) | SOFR + 5.50% | 9.27% | 12/11/2024 | 3/9/2028 | 11920 | 11920 | 11830 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings, LLC | (6)(7)(8) | SOFR + 3.00% | 6.67% | 4/10/2025 | 11/19/2031 | 2772 | 2707 | 2719 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | (4)(10) | SOFR + 5.90% | 9.63% | 6/9/2023 | 12/23/2028 | 511534 | 507420 | 496188 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | (4)(7)(10) | SOFR + 5.90% | 9.63% | 6/9/2023 | 12/23/2028 | 122224 | 119946 | 116739 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snoopy Bidco, Inc. | (4)(10) | SOFR + 6.50% | 10.43%<br>(incl. 5.50%<br>PIK) | 6/1/2021 | 6/1/2028 | 737298 | 733661 | 693060 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC | (8) | SOFR + 2.50% | 6.18% | 7/22/2025 | 12/4/2031 | 10134 | 10175 | 10060 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | (4)(11) | SOFR + 5.00% | 8.66% | 8/26/2025 | 12/18/2029 | 69332 | 68618 | 68639 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | (4)(5)(7)(11) | SOFR + 5.00% | 8.67% | 8/26/2025 | 12/18/2029 | 629 | 591 | 545 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | (4)(7)(10) | SOFR + 4.75% | 8.45% | 1/5/2026 | 1/5/2033 | 205213 | 202569 | 204486 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fertility Partners, Inc. | (4)(6)(7)(10) | CA + 5.75% | 8.32% | 3/16/2022 | 3/16/2028 | 133791 | 103641 | 92052 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fertility Partners, Inc. | (4)(6)(10) | SOFR + 5.75% | 9.53% | 3/16/2022 | 3/16/2028 | 44970 | 44615 | 43171 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMP Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.42% | 7/15/2022 | 7/15/2028 | 9378 | 9307 | 9097 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMP Holdings, LLC | (4)(5)(10) | SOFR + 5.75% | 9.42% | 7/15/2022 | 7/15/2028 | 12866 | 12828 | 12480 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(9) | SOFR + 5.00% | 8.70% | 6/16/2022 | 6/18/2029 | 867199 | 867199 | 867199 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(5)(9) | SOFR + 5.00% | 8.70% | 3/22/2024 | 6/18/2029 | 4928 | 4906 | 4928 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(5)(7)(9) | SOFR + 5.00% | 8.68% | 3/22/2024 | 6/18/2029 | 3965 | 3944 | 3965 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(7)(9) | SOFR + 5.00% | 8.70% | 9/22/2025 | 6/18/2029 | 40592 | 40264 | 40592 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + 5.25% | 9.02% | 11/18/2021 | 11/20/2028 | 153992 | 153206 | 153992 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + 5.25% | 9.00% | 11/18/2021 | 11/20/2028 | 64821 | 64523 | 64821 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(5)(10) | SOFR + 5.25% | 9.02% | 8/16/2023 | 11/20/2028 | 6191 | 6137 | 6191 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(5)(10) | SOFR + 5.25% | 9.02% | 12/5/2022 | 11/20/2028 | 107 | 107 | 107 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 9.02% | 8/16/2023 | 11/20/2028 | 23736 | 23392 | 23736 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veonet Lense, GmbH | (6)(8) | S + 4.75% | 8.48% | 2/26/2025 | 3/14/2029 | 253448 | 322678 | 288499 | 0.64 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(5)(7)(10) | SOFR + 6.50% | 10.20%<br>(incl. 5.10%<br>PIK) | 8/2/2024 | 6/30/2029 | $49107 | $49107 | $49107 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(5)(10)(17) | 10.00% | 10.00% PIK | 8/2/2024 | 6/30/2030 | 42108 | 14654 | 19369 | 0.04 |
|  |  |  |  |  |  |  | 6700553 | 6262007 | 13.87 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuity Delivery Systems, LLC | (4)(7)(9) | SOFR + 4.75% | 8.42% | 5/29/2025 | 5/29/2031 | 166941 | 165964 | 166350 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth, Inc. | (9) | SOFR + 2.75% | 6.42% | 2/15/2022 | 2/15/2029 | 20238 | 20183 | 19896 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brilliance Technologies, Inc. | (4)(7)(9) | SOFR + 5.00% | 8.67%<br>(incl. 2.75%<br>PIK) | 3/11/2025 | 3/11/2032 | 88658 | 87820 | 87882 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brilliance Technologies, Inc. | (4)(5)(9) | SOFR + 5.00% | 8.67%<br>(incl. 2.75%<br>PIK) | 3/11/2025 | 3/11/2032 | 141853 | 141253 | 141143 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brilliance Technologies, Inc. | (4)(9) | SOFR + 5.00% | 8.67%<br>(incl. 2.75%<br>PIK) | 5/16/2025 | 3/11/2032 | 194887 | 194042 | 193913 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.70% | 5/25/2022 | 5/25/2029 | 436693 | 432763 | 436693 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(5)(6)(7)(10) | SOFR + 5.00% | 8.67% | 5/25/2022 | 5/25/2029 | 53781 | 53322 | 53781 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.70% | 10/28/2022 | 5/25/2029 | 35661 | 35486 | 35661 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.70% | 10/28/2022 | 5/25/2029 | 243675 | 242874 | 243675 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.70% | 3/27/2024 | 5/25/2029 | 68944 | 68944 | 68944 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Color Intermediate, LLC | (4)(10) | SOFR + 4.75% | 8.55% | 7/2/2024 | 10/4/2029 | 360570 | 356078 | 360570 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 2/14/2025 | 4/2/2031 | 58164 | 57560 | 58096 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | (4)(5)(10) | SOFR + 4.50% | 8.17% | 10/21/2025 | 4/2/2031 | 34476 | 34318 | 34476 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc. | (8) | SOFR + 2.75% | 6.42% | 5/1/2024 | 5/1/2031 | 17169 | 17106 | 15860 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cronos Crimson Holdings, Inc. | (4)(10) | SOFR + 6.09% | 9.89% | 3/1/2021 | 3/1/2028 | 71173 | 70589 | 70462 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cronos Crimson Holdings, Inc. | (4)(10) | SOFR + 6.09% | 9.87% | 3/1/2021 | 3/1/2028 | 14758 | 14688 | 14610 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 8/30/2024 | 8/30/2031 | 161327 | 159812 | 160983 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.42% | 8/5/2025 | 8/30/2031 | 160322 | 158891 | 160322 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.42% | 7/10/2025 | 8/30/2031 | 68679 | 68073 | 68679 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 7/10/2025 | 8/30/2031 | 30243 | 29932 | 30243 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GI Ranger Intermediate, LLC | (4)(7)(10) | SOFR + 6.00% | 9.85% | 10/29/2021 | 10/30/2028 | 105816 | 105103 | 99640 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcomp Holding Company, LLC | (4)(10) | SOFR + 5.75% | 9.42% | 11/8/2023 | 11/8/2029 | 187971 | 186910 | 176693 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imprivata, Inc. | (8) | SOFR + 3.00% | 6.70% | 6/20/2025 | 12/1/2027 | 1982 | 1982 | 1969 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kona Buyer, LLC | (4)(7)(10) | SOFR + 4.50% | 8.17% | 7/23/2024 | 7/23/2031 | 212940 | 210645 | 211249 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kona Buyer, LLC | (4)(5)(10) | SOFR + 4.50% | 8.16% | 7/23/2024 | 7/23/2031 | 53588 | 53353 | 53320 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kona Buyer, LLC | (4)(5)(10) | SOFR + 4.50% | 8.16% | 7/23/2024 | 7/23/2031 | 60173 | 59909 | 59872 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kona Buyer, LLC | (4)(5)(10) | SOFR + 4.50% | 8.17% | 7/23/2024 | 7/23/2031 | 16012 | 16221 | 15931 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Bidco, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.42% | 7/1/2024 | 7/1/2030 | 7469 | 7322 | 6971 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Bidco, Inc. | (4)(10) | SOFR + 5.75% | 9.42% | 7/1/2024 | 7/1/2030 | 57240 | 56345 | 53806 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Bidco, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.42% | 7/1/2024 | 7/1/2030 | 2839 | 2807 | 1788 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEDX AMCP Holdings, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 7/21/2025 | 7/21/2032 | 22377 | 22098 | 22021 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modernizing Medicine, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.45%<br>(incl. 2.25%<br>PIK) | 4/30/2025 | 4/30/2032 | 45921 | 45495 | 45879 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune Holdings, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.20% | 12/12/2024 | 8/31/2030 | 14663 | 14403 | 14613 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | (4)(7)(10) | SOFR + 5.20% | 8.87%<br>(incl. 2.70%<br>PIK) | 8/23/2024 | 8/23/2031 | 138568 | 137268 | 136823 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Purchaser, Inc. | (4)(7)(9) | SOFR + 4.25% | 7.92% | 5/19/2025 | 5/19/2032 | 167453 | 166565 | 166439 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp. | (8) | SOFR + 2.75% | 6.53% | 7/18/2025 | 3/10/2028 | 9020 | 9020 | 8990 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | (4)(7)(9) | SOFR + 4.50% | 8.20% | 12/29/2025 | 12/15/2032 | 116279 | 115586 | 115560 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky MRA Acquisition Corp. | (4)(9) | SOFR + 5.00% | 8.75% | 4/1/2022 | 4/2/2029 | 165284 | 164284 | 165284 | 0.37 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signant Finance One, Ltd. | (4)(7)(10) | SOFR + 4.75% | 8.45% | 10/16/2025 | 10/16/2031 | $412709 | $408089 | $410006 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vizient, Inc. | (9) | SOFR + 1.75% | 5.42% | 8/1/2024 | 8/1/2031 | 4293 | 4318 | 4297 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc. | (8) | SOFR + 2.00% | 5.67% | 8/6/2025 | 10/22/2029 | 6322 | 6322 | 6314 | 0.01 |
|  |  |  |  |  |  |  | 4203743 | 4199704 | 9.33 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR + 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17% | 7/23/2025 | 8/17/2028 | 7276 | 7276 | 7283 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulldog Purchaser, Inc. | (9) | SOFR + 3.25% | 6.91% | 2/5/2026 | 2/4/2033 | 3500 | 3509 | 3499 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (6)(9) | SOFR + 2.25% | 5.92% | 2/6/2023 | 2/6/2030 | 5877 | 5889 | 5722 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (6)(9) | SOFR + 2.25% | 5.92% | 6/16/2025 | 2/6/2031 | 3690 | 3688 | 3594 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Casinos, Inc. | (6)(10) | SOFR + 6.00% | 9.78% | 4/1/2022 | 4/2/2029 | 30722 | 30456 | 21506 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DK Crown Holdings, Inc. | (6)(8) | SOFR + 1.75% | 5.42% | 6/16/2025 | 3/4/2032 | 1398 | 1397 | 1399 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FanDuel Group Financing, LLC | (6)(9) | SOFR + 1.75% | 5.45% | 4/3/2025 | 11/30/2030 | 5224 | 5157 | 5180 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment, LLC | (9) | SOFR + 3.25% | 6.92% | 1/27/2022 | 1/27/2029 | 15000 | 14929 | 14738 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flynn Restaurant Group, LP | (8) | SOFR + 3.75% | 7.42% | 4/3/2025 | 1/28/2032 | 7446 | 7371 | 7331 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp. | (9) | SOFR + 2.50% | 6.18% | 11/17/2025 | 12/15/2030 | 13716 | 13710 | 13699 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc. | (8) | SOFR + 2.00% | 5.67% | 8/14/2025 | 11/5/2031 | 2331 | 2337 | 2334 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc. | (6)(9) | SOFR + 2.00% | 5.67% | 1/22/2026 | 4/16/2029 | 641 | 644 | 642 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mic Glen, LLC | (9) | SOFR + 3.25% | 6.92% | 7/29/2025 | 7/21/2028 | 12566 | 12566 | 12617 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Red Finance, Inc. | (6)(8) | SOFR + 1.75% | 5.42% | 6/16/2024 | 9/20/2030 | 12911 | 12789 | 12898 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. | (6)(9) | SOFR + 2.50% | 6.17% | 6/16/2025 | 5/3/2029 | 3746 | 3749 | 3761 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings, LP | (9) | SOFR + 3.00% | 6.65% | 6/11/2024 | 4/4/2029 | 19481 | 19507 | 19219 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacala Investment Corp. | (10) | SOFR + 3.00% | 6.67% | 9/16/2025 | 1/31/2031 | 2940 | 2948 | 2944 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent, LLC | (6)(8) | SOFR + 4.25% | 7.95% | 7/18/2025 | 7/1/2032 | 3980 | 3838 | 3958 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatabrands, LLC | (9) | SOFR + 2.50% | 6.17% | 12/11/2024 | 8/3/2028 | 12153 | 12114 | 12147 | 0.03 |
|  |  |  |  |  |  |  | 163874 | 154471 | 0.36 |
| **Household Durables** | **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc. | (9) | SOFR + 2.75% | 6.41% | 2/4/2026 | 7/30/2028 | 22044 | 22044 | 22020 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Safety & Flow, LLC | (8) | SOFR + 2.50% | 6.18% | 9/25/2025 | 9/26/2031 | 5371 | 5371 | 5380 | 0.01 |
|  |  |  |  |  |  |  | 27415 | 27400 | 0.06 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bettcher Industries, Inc. | (9) | SOFR + 4.00% | 7.67% | 12/14/2021 | 12/14/2028 | 6847 | 6821 | 6863 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEP V Investment 11 S.à r.l. | (4)(6)(7)(10) | SA + 6.52% | 7.20% | 5/6/2022 | 2/11/2028 | 47449 | 48119 | 56621 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEP V Investment 11 S.à r.l. | (4)(6)(10) | E + 6.45% | 8.59% | 3/31/2023 | 2/23/2028 | 66051 | 64350 | 73192 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc. | (8) | SOFR + 3.25% | 6.95% | 11/26/2025 | 11/26/2032 | 7696 | 7696 | 7738 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp. | (4)(8) | E + 5.25% | 7.16% | 8/12/2022 | 8/13/2029 | 24500 | 24924 | 27965 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp. | (4)(7)(10) | SOFR + 5.25% | 8.92% | 8/12/2022 | 8/13/2029 | 33241 | 32834 | 32641 | 0.07 |
|  |  |  |  |  |  |  | 184744 | 205020 | 0.46 |
| **Insurance** | **Insurance** | **Insurance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc. | (9) | SOFR + 2.75% | 6.42% | 1/23/2026 | 5/30/2032 | 15737 | 15668 | 15296 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC | (8) | SOFR + 2.50% | 6.17% | 7/31/2025 | 9/19/2031 | 6083 | 6036 | 6043 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerilife Holdings, LLC | (4)(7)(10) | SOFR + 5.00% | 8.67% | 6/17/2024 | 8/31/2029 | 680370 | 674861 | 676943 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerilife Holdings, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 6/17/2024 | 8/31/2028 | 11554 | 11091 | 11105 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc. | (10) | SOFR + 2.00% | 5.67% | 1/14/2026 | 1/30/2032 | 2972 | 2946 | 2956 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings, LLC | (6)(8) | SOFR + 2.50% | 6.18% | 9/12/2025 | 5/26/2031 | 11781 | 11775 | 11609 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Dc, Ltd. | (4)(6)(10) | SOFR + 4.75% | 8.45% | 12/4/2025 | 12/4/2032 | 5000 | 4929 | 4925 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Dc, Ltd. | (4)(5)(6)(7)(10) | SOFR + 4.75% | 8.45% | 12/4/2025 | 12/4/2032 | 105 | 95 | 87 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. | (8) | SOFR + 2.50% | 6.17% | 6/14/2024 | 6/13/2031 | 16244 | 16238 | 15871 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group, LLC | (8) | SOFR + 2.75% | 6.45% | 12/6/2024 | 5/6/2031 | 15385 | 15372 | 15207 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group, LLC | (4)(5)(7)(8) | SOFR + 3.25% | 6.92% | 12/6/2024 | 5/6/2029 | 9651 | 9374 | 9258 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.45% | 10/29/2021 | 10/29/2030 | 31671 | 31445 | 31671 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(10) | SOFR + 4.75% | 8.45% | 11/17/2023 | 10/29/2030 | 26612 | 26349 | 26612 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.45% | 4/14/2022 | 10/29/2030 | 34086 | 33823 | 34086 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(7)(10) | SOFR + 4.75% | 8.45% | 10/21/2024 | 10/29/2030 | 36066 | 35849 | 36066 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.45% | 9/24/2025 | 10/29/2030 | 6763 | 6763 | 6763 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(10) | SOFR + 4.75% | 8.45% | 9/24/2025 | 10/29/2030 | $3161 | $&nbsp;&nbsp;&nbsp;&nbsp;3161 | $&nbsp;&nbsp;&nbsp;&nbsp;3161 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(7)(10) | SOFR + 4.75% | 8.45% | 10/29/2021 | 10/29/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3050 | 2942 | 3050 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | (4)(10) | SOFR + 4.50% | 8.20% | 9/30/2021 | 9/29/2028 | 238458 | 237151 | 238458 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | (4)(5)(10) | SOFR + 4.50% | 8.20% | 9/30/2021 | 9/29/2028 | 757 | 755 | 757 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.21% | 4/28/2023 | 9/29/2028 | 7740 | 7570 | 7713 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gimlet Bidco, GmbH | (4)(6)(8) | E + 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78% | 4/15/2024 | 4/23/2031 | 110003 | 115100 | 127147 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gimlet Bidco, GmbH | (4)(6)(8) | E + 5.75% | 7.79% | 4/15/2024 | 4/23/2031 | 44816 | 46912 | 51801 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | (4)(6)(7)(11) | SOFR + 4.50% | 8.17% | 12/11/2025 | 6/11/2031 | 98332 | 98177 | 98227 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(10) | SOFR + 4.50% | 8.20% | 4/16/2021 | 4/14/2028 | 18941 | 18869 | 18941 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.20% | 4/16/2021 | 4/14/2028 | 81256 | 80706 | 81172 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(5)(10) | SOFR + 4.50% | 8.20% | 1/2/2025 | 4/14/2028 | 43768 | 43332 | 43768 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(10) | SOFR + 4.50% | 8.20% | 4/16/2021 | 4/14/2028 | 76072 | 75618 | 76072 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.20% | 7/18/2025 | 4/14/2028 | 9255 | 9058 | 9255 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International, Ltd. | (8) | SOFR + 2.25% | 5.92% | 4/4/2025 | 6/20/2030 | 846 | 832 | 845 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (6)(9) | SOFR + 2.75% | 6.42% | 8/4/2025 | 2/15/2031 | 14823 | 14695 | 14394 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | (4)(7)(10) | SOFR + 5.00% | 8.67% | 8/27/2024 | 8/25/2028 | 265600 | 264373 | 265600 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knight Acquireco, LLC | (4)(7)(9) | SOFR + 4.50% | 8.16% | 11/7/2025 | 11/7/2032 | 70640 | 70252 | 70405 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koala Investment Holdings, Inc. | (4)(7)(10) | SOFR + 4.25% | 7.95% | 8/29/2025 | 8/29/2032 | 88402 | 87445 | 88241 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRH Trowe Beteiligungsgesellschaft mbH | (4)(6)(7)(8) | E + 5.00% | 7.16% | 5/15/2025 | 5/17/2032 | 417 | 462 | 469 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower, LLC | (9) | SOFR + 3.00% | 6.67% | 1/28/2025 | 7/2/2031 | 9825 | 9825 | 9524 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 5.50% | 9.25%<br>(incl. 2.00%<br>PIK) | 4/17/2024 | 5/7/2031 | 15063 | 18710 | 18683 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + 5.50% | 7.53%<br> (incl. 2.00%<br> PIK) | 4/17/2024 | 5/7/2031 | 7988 | 8510 | 8655 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + 5.50% | 7.53%<br> (incl. 2.00%<br> PIK) | 4/17/2024 | 5/7/2031 | 7045 | 7283 | 7634 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + 5.50% | 7.53%<br> (incl. 2.00%<br> PIK) | 7/31/2025 | 5/7/2031 | 6831 | 7814 | 7403 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | (4)(10) | SOFR + 5.00% | 8.85% | 10/14/2021 | 10/16/2028 | 23666 | 23543 | 23666 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.70% | 11/17/2023 | 10/16/2028 | 26416 | 26217 | 25962 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riser Merger Sub, Inc. | (4)(10) | SOFR + 4.75% | 8.45% | 4/15/2025 | 10/31/2029 | 19892 | 19892 | 19892 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riser Merger Sub, Inc. | (4)(10) | S + 4.75% | 8.48% | 4/15/2025 | 10/31/2029 | 33441 | 43805 | 44262 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riser Merger Sub, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.45% | 4/15/2025 | 10/31/2029 | 3667 | 3276 | 3515 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.40% | 4/3/2024 | 4/3/2030 | 201591 | 200370 | 201591 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelf Bidco, Ltd. | (4)(6)(10)(18) | SOFR + 5.18% | 8.85% | 10/17/2024 | 10/17/2031 | 931287 | 927597 | 931287 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | (4)(6)(7)(10) | SOFR + 4.75% | 8.45% | 12/31/2024 | 12/31/2031 | 54993 | 54505 | 54933 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparta UK Bidco, Ltd. | (4)(5)(6)(8) | S + 6.00% | 9.73% | 9/25/2024 | 9/25/2031 | 44570 | 58872 | 58992 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparta UK Bidco, Ltd. | (4)(5)(6)(8) | E + 5.25% | 7.72% | 9/25/2024 | 9/25/2031 | 1177 | 1318 | 1361 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SQ ABS Issuer, LLC | (4)(6)(8) | 7.80% | 7.80% | 10/11/2024 | 10/20/2039 | 16251 | 16151 | 16210 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | E + 5.50% | 7.37%<br> (incl. 2.00%<br> PIK) | 7/1/2024 | 7/1/2031 | 4654 | 5763 | 5380 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(6)(8) | S + 5.50% | 8.97%<br> (incl. 2.00%<br> PIK) | 7/1/2024 | 7/1/2031 | 153814 | 206573 | 203588 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | S + 5.50% | 8.97%<br> (incl. 2.00%<br> PIK) | 7/1/2024 | 7/1/2031 | 18249 | 22975 | 24154 | 0.05 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(6)(8) | SOFR + 5.50% | 8.83%<br> (incl. 2.00%<br> PIK) | 7/1/2024 | 7/1/2031 | $561732 | $551034 | $561732 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | SOFR + 5.50% | 8.83%<br> (incl. 2.00%<br> PIK) | 7/1/2024 | 7/1/2031 | 103637 | 103063 | 103637 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | E + 5.50% | 7.37%<br> (incl. 2.00%<br> PIK) | 7/1/2024 | 7/1/2031 | 49365 | 56735 | 57059 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(7)(8) | S + 5.25% | 9.47% | 5/9/2025 | 7/1/2031 | 1951 | 3211 | 2583 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | SOFR + 5.25% | 8.85% | 5/9/2025 | 7/1/2031 | 34119 | 33955 | 34119 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | E + 5.25% | 7.30% | 5/9/2025 | 7/1/2031 | 18309 | 21445 | 21163 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 10/31/2024 | 10/31/2031 | 66310 | 65781 | 66310 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 10/31/2024 | 10/31/2031 | 1834 | 1775 | 1834 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 10/31/2024 | 10/31/2031 | 5695 | 5613 | 5695 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.95% | 12/23/2024 | 11/21/2029 | 6777 | 6777 | 6770 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.95% | 12/23/2024 | 9/29/2030 | 7390 | 7310 | 7379 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | (4)(7)(11) | SOFR + 5.00% | 8.70% | 2/14/2025 | 4/3/2030 | 108488 | 107347 | 108413 | 0.24 |
|  |  |  |  |  |  |  | 4707069 | 4747360 | 10.58 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(11) | SOFR + 5.25% | 9.05% | 8/28/2024 | 10/29/2027 | 12469 | 12377 | 12033 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.05% | 8/28/2024 | 10/29/2027 | 7310 | 7256 | 7054 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.00% | 8/28/2024 | 10/29/2027 | 3074 | 3051 | 2967 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(7)(11) | SOFR + 5.25% | 8.99% | 8/28/2024 | 10/29/2027 | 6268 | 6113 | 5211 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.05% | 8/28/2024 | 10/29/2027 | 3614 | 3587 | 3487 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(11) | SOFR + 5.25% | 9.02% | 8/28/2024 | 10/29/2027 | 22012 | 21847 | 21241 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(7)(11) | SOFR + 5.25% | 9.02% | 8/28/2024 | 10/29/2027 | 15522 | 15395 | 14925 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser, LLC | (8) | SOFR + 2.75% | 6.45% | 7/16/2024 | 7/16/2031 | 23929 | 23862 | 23116 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Acquisitionco New Zealand, Ltd. | (4)(6)(7)(9) | B + 4.00% | 6.54% | 5/29/2025 | 4/17/2031 | 128915 | 79669 | 71618 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Borrower, LLC | (9) | SOFR + 4.50% | 8.16% | 2/20/2025 | 2/20/2032 | 21524 | 21433 | 21566 | 0.05 |
|  |  |  |  |  |  |  | 194590 | 183218 | 0.42 |
| **IT Services** | **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Altius Luxembourg S.à r.l. | (4)(5)(8) | 9.75% | 9.75% | 12/21/2021 | 12/21/2029 | 31233 | 30937 | 31233 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Altius US Bidco, Inc. | (4)(10) | SOFR + 4.75% | 8.36% | 5/21/2024 | 12/21/2028 | 245269 | 243584 | 245269 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allium Buyer, LLC | (4)(7)(11) | SOFR + 5.00% | 8.67% | 5/2/2023 | 5/2/2030 | 1560 | 1529 | 1553 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anthracite Buyer Inc | (4)(7)(10) | SOFR + 4.50% | 8.15% | 12/3/2025 | 12/3/2032 | 79838 | 79362 | 79339 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackhawk Network Holdings, Inc. | (11) | SOFR + 3.50% | 7.17% | 2/6/2026 | 3/12/2029 | 2494 | 2497 | 2465 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cassipoee, SASU | (4)(5)(6)(8) | E + 4.50% | 6.63% | 2/26/2025 | 2/26/2032 | 160 | 165 | 181 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali TopCo, LLC | (4)(7)(10) | SOFR + 4.75% | 8.42% | 8/26/2025 | 8/26/2032 | 91906 | 91032 | 91246 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fern Bidco, Ltd. | (4)(6)(8) | S + 5.25% | 8.98% | 7/1/2024 | 7/1/2031 | 40356 | 50269 | 52748 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fern Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 5.25% | 8.98% | 7/1/2024 | 7/1/2031 | 4414 | 5496 | 5508 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idemia America Corp. | (6)(10) | SOFR + 4.25% | 7.95% | 2/2/2024 | 9/30/2028 | 982 | 986 | 976 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infostretch Corporation | (4)(10) | SOFR + 5.75% | 9.60% | 4/1/2022 | 4/1/2028 | 176153 | 174978 | 155896 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovalon Holdings, Inc. | (4)(10) | SOFR + 5.50% | 9.43%<br>(incl. 2.75%<br>PIK) | 4/11/2025 | 11/24/2028 | 1118673 | 1109071 | 1073926 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KEN Bidco, Ltd. | (4)(5)(6)(10) | S + 6.00% | 10.00%<br>(incl. 2.50%<br>PIK) | 5/3/2024 | 10/14/2028 | 14468 | 17913 | 15176 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(8) | CI + 6.00% | 8.01% | 9/28/2022 | 9/28/2029 | 560750 | 73022 | 84565 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(9) | N + 6.00% | 10.14% | 9/28/2022 | 9/28/2029 | 599094 | 55113 | 60325 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(8) | ST + 6.00% | 7.96% | 9/28/2022 | 9/28/2029 | 243186 | 21476 | 25046 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(8) | E + 6.00% | 8.03% | 9/28/2022 | 9/28/2029 | 110819 | 107188 | 124888 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nephele III, BV | (4)(5)(6)(7)(8) | E + 4.35% | 6.48% | 3/31/2025 | 1/14/2032 | 267 | 285 | 304 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.27% | 12/8/2025 | 4/30/2029 | 30914 | 30223 | 22788 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10)(17) | SOFR + 3.50% | 7.27% | 12/8/2025 | 4/30/2029 | 6360 | 6200 | 2099 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (4)(10) | SOFR + 5.75% | 9.42% | 12/8/2025 | 4/30/2029 | $424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Razor Holdco, LLC | (4)(10) | SOFR + 5.75% | 9.52% | 10/25/2021 | 10/25/2027 | 95717 | 95217 | 94760 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red River Technology, LLC | (4)(5)(11) | SOFR + 6.00% | 9.82% | 5/26/2021 | 11/26/2028 | 144396 | 143912 | 130317 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red River Technology, LLC | (4)(5)(11) | SOFR + 6.00% | 9.82% | 12/1/2025 | 11/26/2028 | 16180 | 15932 | 14602 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | (4)(10) | SOFR + 5.00% | 8.70% | 1/3/2025 | 6/15/2029 | 147706 | 146435 | 147706 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.70% | 2/5/2024 | 6/15/2029 | 30054 | 29612 | 29816 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartronix, LLC | (8) | SOFR + 4.50% | 8.17% | 2/7/2025 | 2/6/2032 | 338859 | 331741 | 334905 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartronix, LLC | (4)(5)(7)(8) | SOFR + 3.50% | 7.17% | 2/7/2025 | 2/7/2030 | 1368 | 1131 | 1097 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | E + 6.00% | 8.15%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | 17743 | 20274 | 16253 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | E + 6.00% | 8.13%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | 6608 | 7539 | 6053 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | SOFR + 6.00% | 9.80%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | 6839 | 7044 | 5420 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | SOFR + 6.00% | 9.73%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | 13755 | 13619 | 10901 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(5)(6)(10) | S + 6.00% | 9.85%<br>(incl. 2.50%<br>PIK) | 5/3/2024 | 10/14/2028 | 24293 | 30074 | 25482 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(5)(6)(10) | SOFR + 6.00% | 9.72%<br>(incl. 2.50%<br>PIK) | 5/3/2024 | 10/14/2028 | 32339 | 31822 | 25629 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | (4)(7)(9) | SOFR + 4.50% | 8.20% | 12/9/2025 | 12/23/2032 | 577449 | 575547 | 575470 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp. | (10) | SOFR + 3.25% | 6.92% | 6/21/2024 | 2/15/2029 | 14676 | 14688 | 13291 | 0.03 |
|  |  |  |  |  |  |  | 3566316 | 3507555 | 7.78 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidco Jupiter, Ltd. | (4)(5)(6)(9) | E + 6.25% | 8.75% | 8/5/2022 | 8/27/2029 | 6024 | 5994 | 5501 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidco Jupiter, Ltd. | (4)(6)(10) | SOFR + 6.25% | 9.99% | 8/5/2022 | 8/27/2029 | 91212 | 89925 | 72285 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corp. | (4)(10) | SOFR + 4.50% | 8.17% | 3/5/2025 | 3/5/2032 | 114387 | 113418 | 113243 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corp. | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 3/5/2025 | 3/5/2032 | 3432 | 3305 | 3282 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corp. | (4)(5)(10) | SOFR + 4.50% | 8.17% | 3/5/2025 | 3/5/2032 | 17073 | 16928 | 16902 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 12/17/2024 | 12/18/2031 | 132017 | 129856 | 130692 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falcon Parent Holdings, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.17%<br>(incl. 2.75%<br>PIK) | 11/6/2024 | 11/6/2031 | 161917 | 160513 | 160609 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falcon Parent Holdings, Inc. | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 11/6/2024 | 11/6/2031 | 3643 | 3459 | 3528 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc. | (9) | SOFR + 2.75% | 6.42% | 12/12/2025 | 12/12/2031 | 5849 | 5852 | 5837 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.17% | 8/18/2025 | 8/18/2032 | 27274 | 26664 | 26874 | 0.06 |
|  |  |  |  |  |  |  | 555914 | 538753 | 1.20 |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidco 76 S.p.A. | (4)(6)(8) | E + 4.75% | 6.87% | 12/11/2024 | 12/10/2031 | 138245 | 143180 | 159790 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc. | (6)(9) | SOFR + 2.50% | 6.16% | 7/2/2024 | 3/15/2030 | 4713 | 4713 | 4716 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | S + 4.75% | 8.48% | 6/30/2025 | 3/31/2032 | 241 | 328 | 319 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | E + 4.75% | 6.64% | 6/30/2025 | 3/31/2032 | 86 | 101 | 100 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | SOFR + 4.75% | 8.38% | 6/30/2025 | 3/31/2032 | 1238 | 1227 | 1238 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | SOFR + 4.75% | 8.42% | 6/30/2025 | 3/31/2032 | 595 | 589 | 595 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(7)(8) | E + 4.75% | 6.72% | 6/30/2025 | 3/31/2032 | 26 | 30 | 30 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(7)(8) | SOFR + 4.75% | 8.46% | 6/30/2025 | 3/31/2032 | 168 | 162 | 168 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hobbs & Associates, LLC | (8) | SOFR + 2.75% | 6.42% | 10/30/2025 | 7/23/2031 | 2487 | 2490 | 2473 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF11 Trinity Bidco, Inc. | (8) | SOFR + 2.50% | 6.18% | 9/11/2025 | 6/14/2030 | 1047 | 1047 | 1047 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MHE Intermediate Holdings, LLC | (4)(7)(11) | SOFR + 6.00% | 9.82% | 7/21/2021 | 7/21/2027 | 5885 | 5069 | 4996 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + 6.50% | 10.32% | 12/20/2022 | 7/21/2027 | 229 | 228 | 226 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Machinery (continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + 6.25% | 10.07% | 8/30/2022 | 7/21/2027 | $228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc. | (8) | SOFR + 2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42% | 10/16/2025 | 10/16/2032 | 5985 | 6004 | 5982 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc. | (6)(9) | SOFR + 2.75% | 6.38% | 3/14/2024 | 4/30/2030 | 17277 | 17277 | 17334 | 0.04 |
|  |  |  |  |  |  |  | 182672 | 199240 | 0.43 |
| **Marine Transportation** | **Marine Transportation** | **Marine Transportation** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | (4)(5)(7)(10) | SOFR + 5.25% | 8.92% | 10/29/2021 | 10/29/2030 | 11194 | 11004 | 11194 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | (4)(10) | SOFR + 5.25% | 8.92% | 6/9/2025 | 10/29/2030 | 226370 | 224865 | 226369 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kattegat Project Bidco, AB | (4)(6)(7)(8) | E + 5.50% | 7.63% | 3/20/2024 | 4/7/2031 | 51768 | 55073 | 59673 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kattegat Project Bidco, AB | (4)(5)(6)(8) | SOFR + 5.50% | 9.20% | 3/20/2024 | 4/7/2031 | 4522 | 4441 | 4522 | 0.01 |
|  |  |  |  |  |  |  | 295383 | 301758 | 0.66 |
| **Media** | **Media** | **Media** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2, LLC | (8) | SOFR + 2.25% | 5.92% | 4/4/2025 | 2/13/2032 | 5198 | 5078 | 5180 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bimini Group Purchaser, Inc. | (4)(10) | SOFR + 4.75% | 8.42% | 4/26/2024 | 4/26/2031 | 280746 | 278589 | 280745 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bimini Group Purchaser, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 4/26/2024 | 4/26/2031 | 18039 | 17656 | 18039 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bimini Group Purchaser, Inc. | (4)(10) | SOFR + 4.75% | 8.41% | 4/26/2024 | 4/26/2031 | 34732 | 34583 | 34732 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HMH Education, Inc. | (4)(5)(7)(8) | SOFR + 4.50% | 8.27% | 4/7/2022 | 4/7/2027 | 7050 | 6964 | 4310 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. | (9) | SOFR + 2.75% | 6.42% | 9/4/2025 | 8/6/2031 | 5330 | 5318 | 5330 | 0.01 |
|  |  |  |  |  |  |  | 348188 | 348336 | 0.77 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc. | (10) | SOFR + 2.75% | 6.35% | 12/4/2025 | 1/31/2029 | 15590 | 15576 | 15570 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Salt Investors, LLC | (4)(7)(10) | SOFR + 4.25% | 7.92% | 2/26/2026 | 2/26/2033 | 61912 | 61231 | 61221 | 0.14 |
|  |  |  |  |  |  |  | 76807 | 76791 | 0.17 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Midstream Canada Finance, Inc. | (4)(6)(10) | SOFR + 5.25% | 8.91% | 8/30/2024 | 8/15/2028 | 28676 | 28549 | 28676 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport LNG Investments, LLLP | (8) | SOFR + 3.25% | 6.89% | 1/29/2026 | 2/11/2033 | 4000 | 3985 | 4007 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Alberta Midstream Finance, Inc. | (4)(6)(10) | SOFR + 5.25% | 8.91% | 8/30/2024 | 8/15/2028 | 15599 | 15510 | 15599 | 0.03 |
|  |  |  |  |  |  |  | 48044 | 48282 | 0.10 |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profile Products, LLC | (4)(10) | SOFR + 5.50% | 9.27% | 11/12/2021 | 11/12/2027 | 61803 | 61511 | 61339 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profile Products, LLC | (4)(5)(7)(10) | P + 4.50% | 11.25% | 11/12/2021 | 11/12/2027 | 6269 | 6217 | 6195 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profile Products, LLC | (4)(5)(7)(10) | P + 4.50% | 11.25% | 11/12/2021 | 11/12/2027 | 3154 | 3126 | 3101 | 0.01 |
|  |  |  |  |  |  |  | 70854 | 70635 | 0.16 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Animal Wellness Investments S.p.A | (4)(6)(7)(8) | E + 5.25% | 7.28% | 1/15/2026 | 1/15/2033 | 67805 | 77031 | 76678 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dechra Finance US, LLC | (6)(8) | SOFR + 2.75% | 6.39% | 2/6/2026 | 1/27/2032 | 4963 | 5000 | 4966 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eden Acquisitionco, Ltd. | (4)(6)(7)(10) | SOFR + 5.00% | 8.60% | 11/2/2023 | 11/18/2030 | 110539 | 108601 | 110510 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eden Acquisitionco, Ltd. | (4)(5)(6)(8) | E + 5.00% | 7.12% | 9/23/2025 | 11/18/2030 | 746 | 800 | 863 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. | (6)(8) | SOFR + 1.75% | 5.42% | 1/30/2025 | 10/31/2032 | 719 | 720 | 720 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Pharma Bidco S.p.A | (4)(5)(6)(8) | E + 5.00% | 7.03% | 10/7/2025 | 10/7/2032 | 17886 | 20452 | 20260 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gusto Sing Bidco Pte, Ltd. | (4)(5)(6)(7)(10) | BB + 4.75% | 8.54% | 11/15/2024 | 11/15/2031 | 1000 | 646 | 687 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco, SAS | (6)(8) | SOFR + 3.00% | 6.70% | 10/29/2025 | 4/28/2032 | 31829 | 31687 | 31849 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhea Parent, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.71% | 12/20/2024 | 12/20/2030 | 264189 | 261972 | 262578 | 0.58 |
|  |  |  |  |  |  |  | 506909 | 509111 | 1.12 |
| **Professional Services** | **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners, LLC | (4)(7)(10) | SOFR + 5.00% | 8.68% | 12/17/2025 | 11/15/2031 | 54923 | 54747 | 54738 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.70% | 12/17/2025 | 11/15/2031 | 10784 | 10651 | 10558 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Group Holdings, Inc. | (9) | SOFR + 4.25% | 7.92% | 12/29/2021 | 12/29/2028 | 5581 | 5568 | 5067 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU, LLC | (4)(10) | SOFR + 6.25% | 9.95% | 5/23/2023 | 5/23/2029 | 54219 | 53525 | 53677 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU, LLC | (4)(10) | SOFR + 5.50% | 9.20% | 2/21/2024 | 5/23/2029 | 4900 | 4841 | 4765 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Intel Intermediate 2, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 8/28/2024 | 12/16/2027 | 3153 | 3023 | 3153 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Intel Intermediate 2, LLC | (4)(10) | SOFR + 4.50% | 8.18% | 12/16/2021 | 12/16/2027 | 43885 | 43635 | 43885 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Intel Intermediate 2, LLC | (4)(10) | SOFR + 4.50% | 8.17% | 12/16/2021 | 12/16/2027 | 67493 | 67108 | 67493 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Companies, LLC | (4)(11) | SOFR + 5.00% | 8.68% | 1/31/2023 | 1/31/2030 | 1954 | 1925 | 1954 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Companies, LLC | (4)(11) | SOFR + 5.00% | 8.67% | 8/28/2024 | 1/31/2030 | 10813 | 10695 | 10813 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Companies, LLC | (4)(5)(11) | SOFR + 5.00% | 8.67% | 8/28/2024 | 1/31/2030 | $8254 | $&nbsp;&nbsp;&nbsp;&nbsp;7833 | $&nbsp;&nbsp;&nbsp;&nbsp;8254 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Companies, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.67% | 10/24/2025 | 1/31/2030 | 7736 | 7701 | 7736 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Acquisitionco, Ltd. | (4)(6)(8) | SOFR + 4.50% | 8.20% | 9/23/2024 | 9/30/2031 | 447361 | 440331 | 446242 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus Group Holdings, Inc. | (9) | SOFR + 3.00% | 6.67% | 12/13/2024 | 11/25/2032 | 13208 | 13193 | 13019 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | (4)(10) | SOFR + 4.75% | 8.42% | 6/3/2024 | 6/3/2031 | 200495 | 198275 | 200495 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | (4)(7)(10) | SOFR + 4.50% | 8.17% | 6/3/2024 | 6/3/2031 | 318940 | 315267 | 318387 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cast & Crew Payroll, LLC | (9)(17) | SOFR + 3.75% | 7.42% | 12/30/2021 | 12/29/2028 | 11422 | 11367 | 4589 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | (4)(7)(10) | SOFR + 4.25% | 7.92% | 11/2/2021 | 11/2/2029 | 17597 | 17390 | 17098 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(11) | SOFR + 4.75% | 8.42% | 5/26/2021 | 11/16/2029 | 250721 | 249196 | 250721 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(5)(7)(11) | SOFR + 4.75% | 8.42% | 11/18/2022 | 11/16/2029 | 1551 | 1266 | 1551 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(7)(11) | SOFR + 4.75% | 8.42% | 2/14/2025 | 11/16/2029 | 33154 | 32899 | 33154 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(11) | SOFR + 4.75% | 8.42% | 10/7/2025 | 11/16/2029 | 19326 | 19240 | 19326 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(11) | SOFR + 4.75% | 8.42% | 11/18/2022 | 11/16/2029 | 18991 | 18873 | 18991 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisive Holdings Corp. | (4)(7)(11) | SOFR + 5.75% | 9.45% | 12/8/2021 | 12/8/2030 | 33169 | 33067 | 31588 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearview Buyer, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.27% | 8/26/2021 | 8/31/2029 | 116585 | 116006 | 116585 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CohnReznick Advisory, LLC | (7)(8) | SOFR + 3.25% | 6.95% | 3/26/2025 | 3/31/2032 | 5642 | 5615 | 5487 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 8/27/2024 | 8/27/2031 | 63343 | 62704 | 63252 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Intermediate Holdings, Inc. | (4)(6)(7)(10) | SOFR + 5.50% | 9.18% | 8/26/2025 | 8/26/2032 | 49594 | 49095 | 49048 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTI Holdco, Inc. | (7)(10) | SOFR + 4.00% | 7.67% | 2/12/2025 | 4/26/2029 | 16774 | 16648 | 11723 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East River Bidco, GmbH | (4)(6)(7)(8) | E + 5.25% | 7.33% | 3/26/2025 | 3/26/2032 | 97 | 103 | 110 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eliassen Group, LLC | (4)(10) | SOFR + 5.75% | 9.45% | 4/14/2022 | 4/14/2028 | 66186 | 65856 | 64532 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 3.50% | 7.29% | 11/4/2021 | 11/6/2028 | 9328 | 9241 | 5925 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Advantage Holdings, LLC | (8) | SOFR + 2.75% | 6.45% | 7/24/2025 | 10/31/2031 | 5260 | 5279 | 5133 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G&A Partners Holding Company II, LLC | (4)(10) | SOFR + 5.00% | 8.67% | 3/1/2024 | 3/3/2031 | 66712 | 65812 | 66712 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G&A Partners Holding Company II, LLC | (4)(10) | SOFR + 5.00% | 8.67% | 5/6/2025 | 3/3/2031 | 41019 | 40846 | 41019 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G&A Partners Holding Company II, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 5/6/2025 | 3/3/2031 | 9432 | 9306 | 9300 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings, LLC | (8) | SOFR + 3.25% | 6.92% | 2/5/2025 | 9/27/2030 | 8858 | 8879 | 7646 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 2.75% | 6.42% | 8/22/2025 | 6/2/2031 | 11432 | 11428 | 10701 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidehouse, Inc. | (4)(10) | SOFR + 4.75% | 8.42% | 10/15/2021 | 12/16/2030 | 1251899 | 1245071 | 1251898 | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investments Holdings, LLC | (4)(7)(10) | SOFR + 5.00% | 8.67% | 11/1/2024 | 9/22/2028 | 575899 | 572423 | 575899 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmar, Inc. | (8) | SOFR + 4.50% | 8.17% | 6/26/2025 | 10/30/2031 | 24626 | 24660 | 23718 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Bidco S.P.E.C. | (4)(5)(6)(8) | E + 5.25% | 7.25% | 6/26/2025 | 6/26/2032 | 175 | 200 | 198 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Bidco S.P.E.C. | (4)(5)(6)(8) | E + 5.25% | 7.38% | 6/26/2025 | 6/26/2032 | 75 | 87 | 85 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KStone Buyer, Inc. | (4)(7)(10) | SOFR + 4.25% | 7.91% | 1/2/2026 | 1/2/2032 | 81607 | 80511 | 80465 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(5)(7)(11) | SOFR + 6.25% | 9.92%<br>(incl. 5.25%<br>PIK) | 2/28/2025 | 2/28/2030 | 2230 | 2163 | 2223 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lereta, LLC | (10) | SOFR + 5.25% | 9.03% | 7/30/2021 | 7/30/2028 | 28486 | 28391 | 26341 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mantech International, CP | (4)(7)(10) | SOFR + 4.50% | 8.17% | 12/1/2025 | 9/14/2029 | 883733 | 875235 | 883733 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mantech International, CP | (4)(5)(10) | SOFR + 4.50% | 8.17% | 12/1/2025 | 9/14/2029 | 12366 | 12250 | 12366 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco Globe, Limited | (4)(6)(8) | S + 6.00% | 9.73% | 1/18/2024 | 1/31/2031 | 92467 | 115846 | 122389 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco Globe, Limited | (4)(5)(6)(9) | SOFR + 6.00% | 9.67% | 1/30/2024 | 1/31/2031 | 7655 | 7215 | 7655 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc. | (8) | SOFR + 3.25% | 6.91% | 1/14/2026 | 7/3/2031 | 997 | 1001 | 979 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minotaur Acquisition, Inc. | (4)(7)(11) | SOFR + 5.00% | 8.67% | 5/10/2024 | 5/10/2030 | 112971 | 111262 | 112971 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minotaur Acquisition, Inc. | (4)(5)(11) | SOFR + 5.00% | 8.67% | 5/10/2024 | 5/10/2030 | 16516 | 16287 | 16516 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPG Parent Holdings, LLC | (4)(11) | SOFR + 5.00% | 8.66% | 1/8/2024 | 1/8/2030 | 17892 | 17666 | 17892 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPG Parent Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.66% | 1/8/2024 | 1/8/2030 | 5468 | 5351 | 5468 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDT Global Holding, Inc. | (4)(6)(7)(9) | SOFR + 4.50% | 8.17% | 6/3/2025 | 6/4/2032 | 54372 | 53842 | 54372 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDT Global Holding, Inc. | (4)(5)(6)(7)(9) | SOFR + 4.50% | 8.17% | 6/3/2025 | 6/4/2032 | 508 | 418 | 508 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources, Inc. | (4)(11) | SOFR + 6.00% | 9.78% | 8/17/2021 | 8/17/2027 | 91677 | 91256 | 91677 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources, Inc. | (4)(5)(7)(11) | SOFR + 6.00% | 9.70% | 8/17/2021 | 8/17/2027 | 8616 | 8545 | 8616 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources, Inc. | (4)(11) | SOFR + 6.00% | 10.21% | 6/6/2024 | 8/17/2027 | 9799 | 9715 | 9799 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavion Corp. | (4)(10) | SOFR + 6.00% | 9.67% | 10/30/2023 | 10/30/2030 | 114402 | 112920 | 114402 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavion Corp. | (4)(10) | SOFR + 5.75% | 9.42% | 10/30/2023 | 10/30/2030 | 24120 | 23832 | 24120 | 0.05 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | (4)(10) | SOFR + 4.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42% | 10/17/2022 | 10/17/2029 | $46259 | $45556 | $46259 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | (4)(10) | SOFR + 4.75% | 8.42% | 2/26/2025 | 10/17/2029 | 12159 | 12116 | 12159 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.40% | 2/26/2025 | 10/17/2029 | 1475 | 1397 | 1475 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plano HoldCo, Inc. | (8) | SOFR + 3.50% | 7.20% | 12/11/2024 | 10/1/2031 | 990 | 1005 | 802 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyconcept Investments, BV | (10) | SOFR + 5.50% | 9.20% | 5/20/2022 | 5/18/2029 | 3475 | 3444 | 3133 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan, LLC | (9) | SOFR + 3.50% | 7.17% | 1/29/2026 | 11/5/2032 | 7000 | 6980 | 6799 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (8) | SOFR + 2.50% | 6.17% | 2/24/2023 | 7/31/2031 | 9585 | 9559 | 9424 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STV Group, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 3/20/2024 | 3/20/2031 | 57650 | 56676 | 57650 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teneo Holdings, LLC | (4)(9) | SOFR + 4.75% | 8.42% | 7/31/2025 | 7/31/2032 | 635821 | 630069 | 635820 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teneo Holdings, LLC | (4)(5)(7)(9) | SOFR + 4.75% | 8.43% | 7/31/2025 | 7/31/2032 | 23554 | 23208 | 23554 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teneo Holdings, LLC | (4)(5)(7)(9) | SOFR + 4.75% | 8.42% | 7/31/2025 | 7/31/2030 | 8834 | 8273 | 8834 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The North Highland Co, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 12/20/2024 | 12/20/2031 | 91173 | 90432 | 89578 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The North Highland Co, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 12/20/2024 | 12/20/2030 | 4311 | 3967 | 3690 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thevelia US, LLC | (6)(9) | SOFR + 3.00% | 6.70% | 7/29/2024 | 6/18/2029 | 18102 | 18102 | 17807 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + 4.25% | 8.02% | 6/29/2021 | 6/29/2029 | 43134 | 42985 | 43134 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(7)(10) | SOFR + 4.25% | 8.02% | 6/29/2021 | 6/29/2029 | 77932 | 77050 | 77610 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + 4.25% | 8.02% | 10/17/2025 | 6/29/2029 | 189078 | 187417 | 189078 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Partners Holdings, LLC | (4)(7)(11)(18) | SOFR + 5.24% | 8.99% | 12/21/2021 | 12/31/2030 | 415947 | 412527 | 415947 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTF Lower Intermediate, LLC | (7)(8) | SOFR + 3.75% | 7.38% | 7/18/2024 | 7/18/2031 | 28070 | 26328 | 20603 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors CCC Buyer, LLC | (4)(7)(10) | SOFR + 4.50% | 8.17% | 6/1/2022 | 6/1/2029 | 149160 | 147622 | 149091 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors CCC Buyer, LLC | (4)(10) | SOFR + 4.50% | 8.17% | 3/2/2026 | 6/1/2029 | 40867 | 40468 | 40867 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors CCC Buyer, LLC | (4)(10) | SOFR + 4.50% | 8.16% | 2/2/2026 | 6/1/2029 | 16561 | 16403 | 16561 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 11/9/2021 | 11/8/2028 | 705886 | 700808 | 702357 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(7)(10) | SOFR + 4.75% | 8.42% | 12/18/2024 | 11/8/2028 | 24133 | 23572 | 22598 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(5)(10) | SOFR + 4.75% | 8.42% | 9/15/2025 | 11/8/2028 | 993 | 984 | 988 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | (4)(10) | SOFR + 5.00% | 8.85% | 10/1/2024 | 10/1/2031 | 43750 | 43454 | 43532 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.66% | 10/1/2024 | 10/1/2031 | 6206 | 6054 | 6066 | 0.01 |
|  |  |  |  |  |  |  | 8141037 | 8174133 | 18.13 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Management Borrower, LLC | (4)(7)(11) | SOFR + 5.50% | 9.20% | 11/3/2023 | 11/5/2029 | 32583 | 32104 | 32381 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Management Borrower, LLC | (4)(5)(7)(11) | SOFR + 5.50% | 9.14% | 11/3/2023 | 11/5/2029 | 1417 | 1367 | 1417 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | (4)(10) | SOFR + 4.75% | 8.41% | 11/1/2024 | 11/1/2031 | 54916 | 54258 | 54916 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 11/1/2024 | 11/1/2031 | 15266 | 14891 | 15266 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | (4)(5)(10) | SOFR + 5.00% | 8.71% | 7/8/2025 | 11/1/2031 | 31536 | 31254 | 31536 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (6)(9) | SOFR + 2.50% | 6.17% | 9/26/2025 | 1/31/2030 | 6315 | 6315 | 6354 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (4)(6)(9) | SOFR + 2.75% | 6.42% | 7/16/2025 | 1/31/2030 | 1359 | 1359 | 1366 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo, SAS | (4)(5)(6)(8) | E + 5.25% | 7.28% | 3/28/2024 | 4/1/2031 | 8395 | 8925 | 9704 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | ST + 5.25% | 7.21% | 10/31/2024 | 12/31/2030 | 573028 | 51783 | 60531 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | E + 5.25% | 7.36% | 10/31/2024 | 12/31/2030 | 1177 | 1228 | 1361 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | S + 5.25% | 9.22% | 10/31/2024 | 12/31/2030 | 26751 | 33760 | 35408 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(6)(8) | SOFR + 5.25% | 8.96% | 10/31/2024 | 12/31/2030 | 136798 | 136261 | 136797 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(6)(8) | E + 5.25% | 7.22% | 11/28/2024 | 12/31/2030 | 105092 | 109614 | 121470 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(6)(8) | SOFR + 5.25% | 8.96% | 6/30/2025 | 12/31/2030 | 61545 | 59476 | 61545 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | S + 5.25% | 8.98% | 9/12/2025 | 12/31/2030 | 22220 | 26911 | 29411 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Strategy S.à r.l. | (4)(6)(8) | S + 2.75% | 6.48% | 10/2/2024 | 10/2/2028 | 53099 | 69830 | 70282 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Strategy S.à r.l. | (4)(6)(8) | E + 2.75% | 4.76% | 10/2/2024 | 10/2/2028 | 50089 | 53797 | 57895 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Strategy S.à r.l. | (4)(6)(8) | E + 2.75% | 4.77% | 10/2/2024 | 10/2/2028 | 140261 | 153634 | 162120 | 0.36 |
|  |  |  |  |  |  |  | 846767 | 889760 | 1.96 |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altar Bidco, Inc. | (9) | SOFR + 3.10% | 6.61% | 4/7/2025 | 2/1/2029 | 11398 | 11273 | 11348 | 0.03 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | |  | | | | |
| **Software** |  |  |  | | |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abacus Holdco 2, Oy | (4)(5)(6)(7)(8) | E + 4.50% | 6.52% | 10/11/2024 | 10/10/2031 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumatica Holdings, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.45% | 7/28/2025 | 7/28/2032 |  | 63387 | 62719 | 62648 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Titan Parent, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.17% | 8/29/2024 | 8/29/2031 |  | 115237 | 114173 | 115099 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | (4)(7)(10) | SOFR + 4.25% | 7.92% | 4/4/2022 | 4/4/2030 |  | 20978 | 20756 | 20461 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | (4)(10) | SOFR + 4.25% | 7.92% | 12/17/2024 | 4/4/2030 |  | 11914 | 11847 | 11676 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaplan, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.17% | 5/20/2025 | 6/21/2029 |  | 625476 | 620237 | 624515 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | (4)(10) | SOFR + 4.75% | 8.45% | 1/29/2024 | 1/30/2031 |  | 71989 | 71683 | 71989 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 1/29/2024 | 1/30/2031 |  | 1073 | 1026 | 1073 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armstrong Bidco, Limited | (4)(6)(8) | S + 5.25% | 8.98% | 6/2/2022 | 6/28/2029 | GBP | 478945 | 577006 | 621252 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arnhem BidCo, GmbH | (4)(6)(7)(8) | E + 4.50% | 6.63% | 9/18/2024 | 9/30/2031 | EUR | 243252 | 267569 | 281163 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Articulate Global, LLC | (4)(7)(9) | SOFR + 4.25% | 7.92% | 10/24/2025 | 10/24/2032 |  | 52588 | 52314 | 52427 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auctane, Inc. | (4)(10) | SOFR + 5.75% | 9.58% | 10/5/2021 | 10/5/2028 |  | 834891 | 828896 | 834890 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auctane, Inc. | (4)(10) | SOFR + 5.75% | 9.58% | 12/14/2021 | 10/5/2028 |  | 9819 | 9747 | 9819 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | (4)(10) | SOFR + 4.50% | 8.20% | 7/12/2024 | 7/12/2031 |  | 80730 | 80121 | 80528 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | (4)(10) | SOFR + 4.50% | 8.20% | 7/12/2024 | 7/12/2031 |  | 38443 | 38153 | 38347 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.20% | 12/10/2025 | 7/12/2031 |  | 15377 | 15152 | 15300 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avalara, Inc. | (8) | SOFR + 2.75% | 6.45% | 9/12/2025 | 3/26/2032 |  | 1985 | 1985 | 1943 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc. | (4)(7)(10) | SOFR + 6.00% | 9.67% | 3/19/2024 | 3/19/2031 |  | 61560 | 60832 | 61532 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(11) | SOFR + 5.50% | 9.17% | 1/2/2025 | 1/2/2031 |  | 53582 | 53156 | 53448 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(5)(11) | SOFR + 5.50% | 9.17% | 1/2/2025 | 1/2/2031 |  | 28742 | 28514 | 28670 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.25% | 8.92% | 10/7/2025 | 1/2/2031 |  | 10860 | 10811 | 10528 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(5)(11) | SOFR + 5.50% | 9.17% | 1/2/2025 | 1/2/2031 |  | 10148 | 10063 | 10122 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.50% | 9.17% | 10/7/2025 | 1/2/2031 |  | 773 | 727 | 759 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayshore Intermediate #2, LP | (4)(10) | SOFR + 5.50% | 9.18%<br>(incl. 3.00%<br>PIK) | 9/19/2025 | 10/2/2028 |  | 328989 | 328717 | 328988 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayshore Intermediate #2, LP | (4)(5)(7)(10) | SOFR + 5.00% | 8.69% | 11/8/2024 | 10/1/2027 |  | 6730 | 6665 | 6730 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bending Spoons US, Inc. | (6)(11) | SOFR + 5.88% | 9.54% | 2/19/2025 | 3/7/2031 |  | 86913 | 85977 | 79851 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(10) | SOFR + 5.50% | 9.17% | 8/8/2022 | 8/8/2028 |  | 69638 | 69111 | 69638 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(10) | SOFR + 5.50% | 9.17% | 8/8/2022 | 8/8/2028 |  | 12291 | 12199 | 12291 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(10) | SOFR + 5.50% | 9.17% | 8/8/2022 | 8/8/2028 |  | 8452 | 8397 | 8452 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(10) | SOFR + 5.50% | 9.17% | 10/25/2024 | 8/8/2028 |  | 56545 | 56023 | 56545 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | (4)(7)(11) | SOFR + 4.25% | 7.92% | 9/12/2023 | 9/12/2029 |  | 90693 | 89791 | 90693 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 3.00% | 6.67% | 1/24/2025 | 7/30/2031 |  | 7142 | 7142 | 6642 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brave Parent Holdings, Inc. | (4)(7)(9) | SOFR + 4.25% | 7.92% | 10/17/2025 | 11/28/2030 |  | 493967 | 490314 | 493967 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brave Parent Holdings, Inc. | (4)(10) | SOFR + 4.25% | 7.92% | 10/17/2025 | 11/28/2030 |  | 262936 | 261738 | 262936 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Businessolver.com, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.20% | 12/3/2025 | 12/3/2032 |  | 28986 | 28571 | 28707 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caribou Bidco, Ltd. | (4)(6)(8) | S + 5.00% | 8.73% | 7/2/2024 | 2/1/2029 | GBP | 221441 | 281940 | 290168 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDK Global, Inc. | (5)(8) | SOFR + 3.25% | 6.95% | 5/16/2024 | 7/6/2029 |  | 2940 | 2940 | 2106 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 8/7/2025 | 3/21/2031 |  | 2978 | 2964 | 2736 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 3.75% | 7.52% | 10/8/2021 | 10/8/2028 |  | 21496 | 21423 | 19252 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(6)(8) | SOFR + 5.75% | 9.38% | 2/23/2022 | 2/23/2029 |  | 257960 | 254777 | 217331 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(6)(8) | SOFR + 5.75% | 9.38% | 3/11/2022 | 2/23/2029 |  | 6159 | 6080 | 5189 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluence Technologies, Inc. | (4)(5)(9) | SOFR + 5.00% | 8.65% | 2/14/2025 | 7/30/2028 |  | 19938 | 19520 | 19490 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conga Corp. | (10) | SOFR + 3.50% | 7.17% | 8/8/2024 | 5/8/2028 |  | 11336 | 11336 | 9740 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(10) | SOFR + 5.50% | 9.41% | 7/14/2021 | 7/14/2027 |  | 105355 | 104904 | 101668 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + 5.50% | 9.39% | 7/14/2021 | 7/14/2027 |  | 9125 | 9055 | 8554 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(5)(10) | SOFR + 5.50% | 9.41% | 10/9/2024 | 7/14/2027 |  | 5183 | 5134 | 5001 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + 5.50% | 9.41% | 10/9/2024 | 7/14/2027 |  | 3097 | 3087 | 2934 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (9) | SOFR + 3.75% | 7.53% | 10/15/2021 | 10/16/2028 |  | 17818 | 17785 | 13079 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (4)(11) | SOFR + 6.00% | 9.67% | 9/7/2023 | 10/16/2028 |  | 34038 | 33518 | 28421 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Software, Inc. | (4)(6)(7)(10) | SOFR + 5.25% | 8.92% | 2/27/2023 | 2/27/2030 |  | 1804 | 1776 | 1790 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | (4)(7)(11) | SOFR + 6.75% | 10.42% | 11/8/2023 | 11/8/2030 |  | 122658 | 120427 | 122658 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks, Inc. | (4)(7)(8) | SOFR + 4.50% | 8.17% | 1/3/2025 | 1/3/2031 |  | 525000 | 522890 | 523825 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dayforce Bidco, LLC | (8) | SOFR + 3.00% | 6.66% | 10/14/2025 | 2/4/2033 |  | 5000 | 4975 | 4743 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 2.75% | 6.42% | 5/1/2024 | 11/30/2029 |  | 35737 | 35733 | 34650 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 5.00% | 8.73% | 9/5/2025 | 9/5/2031 | GBP | 19440 | 24581 | 25470 | 0.06 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | |  | | | | |
| **Software (continued)** |  |  |  | | |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | (4)(5)(6)(8) | E + 5.00% | 7.13% | 9/5/2025 | 9/5/2031 | EUR | 21288 | $23843 | $24360 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corp. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 4/30/2024 | 8/2/2030 |  | 180793 | 179707 | 180043 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corp. | (4)(10) | SOFR + 5.00% | 8.67% | 4/30/2024 | 8/2/2030 |  | 29736 | 29621 | 29736 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Education, Inc. | (4)(10) | SOFR + 6.75% | 10.52%<br>(incl. 5.76%<br>PIK) | 4/7/2022 | 4/9/2029 |  | 620115 | 616166 | 492992 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Education, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.52% | 4/7/2022 | 4/9/2029 |  | 23351 | 22898 | 12580 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Education, Inc. | (4)(5)(10) | SOFR + 6.75% | 10.42%<br>(incl. 5.71%<br>PIK) | 10/3/2023 | 4/9/2029 |  | 69525 | 69049 | 55272 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doit International, Ltd. | (4)(7)(11) | SOFR + 4.50% | 8.17% | 11/25/2024 | 11/26/2029 |  | 66044 | 64679 | 65544 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. | (4)(6)(10)(18) | SOFR + 4.92% | 8.59% | 12/11/2024 | 12/11/2029 |  | 1161340 | 1152225 | 1149725 | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. | (4)(6)(10)(18) | SOFR + 4.92% | 8.60% | 9/9/2025 | 9/9/2030 |  | 454044 | 450861 | 449503 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagan Parent, Inc. | (4)(5)(7)(9) | SOFR + 4.25% | 7.92% | 9/6/2025 | 9/8/2032 |  | 21244 | 21121 | 21110 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI Macola Max Holding, LLC | (6)(10) | SOFR + 2.75% | 6.45% | 7/10/2025 | 5/9/2030 |  | 5355 | 5355 | 5248 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison Bidco, AS | (4)(5)(6)(7)(8) | E + 5.25% | 7.41% | 12/18/2024 | 12/5/2031 | EUR | 345 | 354 | 399 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(6)(8) | S + 5.50% | 9.23%<br>(incl. 2.50%<br>PIK) | 3/27/2024 | 4/29/2031 | GBP | 69684 | 86655 | 92234 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | SOFR + 5.25% | 8.92%<br>(incl. 2.25%<br>PIK) | 3/27/2024 | 4/29/2031 |  | 21752 | 21571 | 21752 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | SOFR + 5.00% | 8.67% | 4/30/2024 | 4/29/2031 |  | 17609 | 17533 | 17609 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | S + 5.25% | 8.98%<br>(incl. 2.25%<br>PIK) | 11/29/2024 | 4/29/2031 | GBP | 12814 | 15925 | 16960 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | S + 5.50% | 9.23%<br>(incl. 2.50%<br>PIK) | 3/27/2024 | 4/29/2031 | GBP | 31238 | 38845 | 41346 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epicor Software Corp. | (10) | SOFR + 2.50% | 6.17% | 5/30/2024 | 5/30/2031 |  | 5023 | 5012 | 4934 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | (4)(6)(10) | SOFR + 5.00% | 8.66% | 7/2/2024 | 7/2/2031 |  | 34380 | 34251 | 34380 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | (4)(5)(6)(7)(10) | SOFR + 5.00% | 8.66% | 7/2/2024 | 7/2/2031 |  | 3369 | 3334 | 3369 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experity, Inc. | (4)(10) | SOFR + 5.00% | 8.70%<br>(incl. 2.25%<br>PIK) | 7/21/2021 | 2/24/2030 |  | 110658 | 109761 | 109552 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experity, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.70%<br>(incl. 2.25%<br>PIK) | 2/24/2022 | 2/24/2030 |  | 35696 | 35059 | 34960 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | (6)(8) | SOFR + 4.00% | 7.67% | 7/31/2025 | 9/15/2032 |  | 11021 | 10919 | 10376 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (10) | SOFR + 3.50% | 7.16% | 6/11/2024 | 3/2/2028 |  | 42688 | 42689 | 34033 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexera Software, LLC | (4)(7)(9) | SOFR + 4.50% | 8.15% | 8/15/2025 | 8/16/2032 |  | 187380 | 186923 | 186878 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexera Software, LLC | (4)(9) | E + 4.50% | 6.45% | 8/15/2025 | 8/16/2032 | EUR | 56550 | 66021 | 65199 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(6)(8) | ST + 4.75% | 6.83% | 4/14/2022 | 7/9/2029 | SEK | 115366 | 10818 | 12187 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(6)(8) | SA + 4.75% | 5.43% | 4/14/2022 | 7/9/2029 | CHF | 10860 | 11058 | 13582 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(9) | SA + 4.75% | 4.75% | 7/28/2022 | 7/9/2029 | CHF | 3544 | 3592 | 4433 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(6)(8) | E + 4.75% | 6.86% | 4/14/2022 | 7/9/2029 | EUR | 32512 | 32739 | 37579 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(8) | E + 4.75% | 6.86% | 4/14/2022 | 7/9/2029 | EUR | 9018 | 9171 | 10423 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(10) | S + 4.75% | 8.47% | 7/28/2022 | 7/9/2029 | GBP | 12762 | 15249 | 16892 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(7)(8) | E + 4.75% | 6.86% | 2/27/2025 | 7/9/2029 | EUR | 26703 | 27659 | 30865 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (6)(9) | SOFR + 1.75% | 5.42% | 6/5/2024 | 9/12/2029 |  | 5072 | 5041 | 5030 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc. | (8) | SOFR + 2.50% | 6.17% | 4/3/2025 | 1/30/2032 |  | 2779 | 2731 | 2664 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigamon, Inc. | (4)(7)(10) | SOFR + 5.75% | 9.57% | 3/11/2022 | 3/9/2029 |  | 417297 | 413708 | 406219 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus, Inc. | (4)(10) | SOFR + 5.50% | 9.17%<br>(incl. 2.00%<br>PIK) | 1/17/2024 | 1/17/2031 |  | 31121 | 30920 | 31121 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus, Inc. | (4)(5)(7)(10) | SOFR + 5.00% | 8.67%<br>(incl. 2.00%<br>PIK) | 1/17/2024 | 1/17/2031 |  | 9126 | 9060 | 9119 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Software (continued)** |  |  |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | (4)(5)(11) | SOFR + 5.25% | 8.95% | 3/26/2024 | 5/25/2028 | $11838 | $11812 | $11690 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | (4)(5)(7)(10) | SOFR + 5.25% | 8.95% | 3/26/2024 | 5/25/2028 | 4554 | 4531 | 4462 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions, LLC | (4)(10) | SOFR + 5.25% | 8.92% | 6/14/2024 | 6/16/2031 | 80117 | 79540 | 79716 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions, LLC | (4)(10) | SOFR + 5.25% | 8.92% | 6/14/2024 | 6/16/2031 | 31288 | 31065 | 31132 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions, LLC | (4)(10) | SOFR + 5.25% | 8.92% | 9/26/2024 | 6/16/2031 | 37011 | 36735 | 36826 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Purchaser, LLC | (10) | SOFR + 6.00% | 9.76% | 6/23/2021 | 5/19/2029 | 396 | 377 | 342 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icefall Parent, Inc. | (4)(7)(11) | SOFR + 4.50% | 8.20% | 1/26/2024 | 1/25/2030 | 87841 | 86820 | 87841 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INK BC Bidco S.p.A. | (4)(6)(8) | E + 5.00% | 7.14% | 7/17/2025 | 7/16/2032 | 110134 | 125351 | 125389 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INK BC Bidco S.p.A. | (4)(6)(7)(8) | E + 5.00% | 6.98% | 7/17/2025 | 7/16/2032 | 7387 | 8338 | 8221 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | (4)(10) | SOFR + 5.75% | 9.45%<br>(incl. 3.13%<br>PIK) | 5/2/2022 | 5/2/2029 | 46505 | 46315 | 46505 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | (4)(5)(7)(10) | SOFR + 5.25% | 8.95% | 5/2/2022 | 5/2/2028 | 3233 | 3214 | 3233 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | (4)(5)(10) | SOFR + 5.75% | 9.45%<br>(incl. 3.13%<br>PIK) | 5/16/2025 | 5/2/2029 | 5771 | 5771 | 5771 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRI Group Holdings, Inc. | (4)(7)(10) | SOFR + 4.25% | 7.95% | 4/9/2025 | 12/1/2029 | 1588162 | 1571509 | 1588160 | 3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Javelin Buyer, Inc. | (6)(8) | SOFR + 2.75% | 6.42% | 7/24/2025 | 12/5/2031 | 1980 | 1990 | 1892 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeppesen Holdings, LLC | (4)(7)(9) | SOFR + 4.75% | 8.42% | 10/31/2025 | 11/1/2032 | 327865 | 325386 | 326098 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JS Parent, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 4/24/2024 | 4/24/2031 | 80200 | 79882 | 80161 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc. | (7)(8) | SOFR + 3.25% | 6.92% | 3/20/2025 | 3/22/2032 | 65459 | 64703 | 58957 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KnowBe4, Inc. | (8) | SOFR + 3.75% | 7.42% | 7/22/2025 | 7/23/2032 | 5486 | 5474 | 4919 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LD Lower Holdings, Inc. | (4)(5)(11) | SOFR + 7.50% | 11.90% | 2/8/2021 | 8/9/2027 | 105890 | 105890 | 92653 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lobos Parent, Inc. | (4)(5)(7)(9) | SOFR + 4.50% | 8.17% | 9/26/2025 | 9/26/2032 | 43101 | 42715 | 42726 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LogicMonitor, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.17% | 11/15/2024 | 11/19/2031 | 122899 | 121399 | 121429 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Security Holdings, LLC | (5)(10)(18) | SOFR + 6.75% | 10.68% | 8/14/2024 | 7/27/2028 | 25477 | 24729 | 18298 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium BorrowerCo, Inc. | (4)(10) | S + 4.50% | 8.23% | 5/19/2022 | 5/18/2029 | 99910 | 123480 | 132241 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + 4.50% | 8.17% | 5/19/2022 | 5/18/2029 | 1032394 | 1020579 | 1032394 | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + 4.50% | 8.17% | 3/21/2024 | 5/18/2029 | 28897 | 28681 | 28897 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + 3.75% | 7.60% | 7/30/2021 | 7/31/2028 | 74972 | 74596 | 65413 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + 6.25% | 10.10% | 6/9/2023 | 7/31/2028 | 61267 | 60425 | 56979 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(5)(7)(8) | SOFR + 3.75% | 7.45% | 2/14/2025 | 4/30/2028 | 2945 | 2926 | 2513 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maverick Bidco, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 12/2/2025 | 12/2/2031 | 339214 | 337931 | 337869 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallia, Inc. | (4)(10)(17) | SOFR + 6.00% | 9.70% | 10/28/2021 | 10/29/2028 | 897116 | 869610 | 540512 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallia, Inc. | (4)(10)(17) | SOFR + 6.00% | 9.70% | 8/16/2022 | 10/29/2028 | 221271 | 214239 | 133315 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitnick Purchaser, Inc. | (9)(17)(18) | SOFR + 4.75% | 8.52% | 5/2/2022 | 5/2/2029 | 11475 | 11450 | 5307 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ML Holdco, LLC | (4)(7)(11) | SOFR + 4.50% | 8.17% | 10/24/2025 | 10/24/2032 | 67867 | 67507 | 67653 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (11) | SOFR + 4.75% | 8.45% | 1/7/2021 | 2/10/2028 | 204063 | 203218 | 203298 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (4)(7)(11) | SOFR + 4.75% | 8.45% | 8/27/2024 | 2/10/2028 | 30559 | 30354 | 29393 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (11) | SOFR + 4.75% | 8.45% | 1/7/2021 | 2/10/2028 | 34275 | 34280 | 34147 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (4)(5)(7)(11) | SOFR + 4.75% | 8.47% | 10/2/2025 | 2/10/2028 | 5487 | 5449 | 5381 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAVEX TopCo, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.68% | 10/14/2025 | 10/14/2032 | 221611 | 219230 | 221255 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintex Topco, Limited | (4)(6)(10) | SOFR + 6.00% | 9.85% | 11/12/2021 | 11/13/2028 | 679479 | 674541 | 597942 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Midco 3, Ltd. | (4)(5)(6)(10) | SOFR + 4.75% | 8.45% | 6/10/2024 | 6/24/2031 | 39181 | 38890 | 39181 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Midco 3, Ltd. | (4)(5)(6)(7)(10) | SOFR + 4.75% | 8.42% | 6/10/2024 | 12/10/2030 | 1356 | 1279 | 1311 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection, LLC | (4)(7)(9) | SOFR + 4.50% | 8.17% | 12/23/2025 | 12/23/2032 | 31437 | 31218 | 31210 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMEGA II AB | (4)(5)(6)(7)(8) | ST + 4.25% | 6.27% | 6/11/2025 | 6/17/2032 | 635618 | 65655 | 66930 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onward Acquireco, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 3/31/2026 | 4/1/2033 | 131328 | 129956 | 129956 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America, Inc. | (4)(5)(10) | S + 5.50% | 9.23% | 10/30/2024 | 10/30/2031 | 2114 | 2720 | 2714 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America, Inc. | (4)(5)(10) | E + 5.25% | 7.16% | 10/30/2024 | 10/30/2031 | 7047 | 7592 | 7900 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America, Inc. | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 10/30/2024 | 10/30/2031 | 20083 | 19899 | 19450 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optus 1011, GmbH | (4)(5)(6)(8) | E + 4.50% | 6.64% | 3/7/2025 | 3/24/2032 | 89943 | 95591 | 102921 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optus 1011, GmbH | (4)(5)(6)(7)(8) | E + 4.50% | 6.64% | 10/24/2025 | 3/24/2032 | 13798 | 16084 | 14991 | 0.03 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Software (continued)** |  |  |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | (4)(10) | SOFR + 6.00% | 9.70%<br>(incl. 2.50%<br>PIK) | 2/1/2024 | 2/3/2031 | $86649 | $85865 | $85566 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | (4)(5)(7)(10) | SOFR + 5.50% | 9.17% | 2/1/2024 | 2/3/2031 | 6529 | 6457 | 6442 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Computer Enterprises, Ltd. | (4)(6)(10) | SOFR + 4.25% | 7.88% | 2/13/2026 | 2/13/2032 | 113254 | 112102 | 112080 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perforce Software, Inc. | (9) | SOFR + 4.75% | 8.42% | 3/22/2024 | 3/25/2031 | 19650 | 19580 | 13636 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perforce Software, Inc. | (8) | SOFR + 4.75% | 8.42% | 12/18/2024 | 7/2/2029 | 18196 | 17992 | 12308 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 3.25% | 6.95% | 5/14/2024 | 10/26/2030 | 62087 | 62087 | 47327 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | (9) | SOFR + 5.25% | 9.02% | 7/20/2022 | 7/20/2029 | 131531 | 127940 | 82733 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | (4)(5)(7)(8) | SOFR + 4.25% | 7.91% | 7/20/2022 | 7/20/2027 | 9717 | 9721 | 2989 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (9) | SOFR + 3.00% | 6.70% | 5/28/2024 | 8/31/2028 | 2544 | 2539 | 2467 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.20% | 6/3/2025 | 6/3/2032 | 77092 | 76726 | 77092 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quartz Acquireco, LLC | (8) | SOFR + 2.25% | 5.95% | 4/11/2025 | 6/28/2030 | 920 | 908 | 770 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | (4)(10) | SOFR + 6.25% | 9.92%<br>(incl. 3.50%<br>PIK) | 7/19/2022 | 7/19/2029 | 146504 | 145240 | 127458 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.40% | 7/19/2022 | 7/19/2029 | 9307 | 9140 | 7001 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (9) | SOFR + 3.75% | 7.42% | 10/5/2023 | 11/28/2028 | 10278 | 10208 | 9882 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio BidCo SAS | (4)(5)(6)(7)(8) | E + 5.75% | 7.88% | 4/3/2024 | 4/30/2031 | 37234 | 39717 | 42953 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Bidco, SASU | (4)(6)(7)(8) | E + 4.40% | 6.41% | 8/29/2025 | 8/27/2032 | 210485 | 244619 | 241863 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | (4)(7)(10) | SOFR + 4.75% | 8.42%<br>(incl. 2.25%<br>PIK) | 10/1/2024 | 10/1/2031 | 351517 | 348659 | 351517 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | (4)(7)(10) | SOFR + 4.50% | 8.18% | 10/1/2024 | 10/1/2031 | 11037 | 10712 | 11037 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skopima Consilio Parent, LLC | (9) | SOFR + 3.75% | 7.42% | 12/18/2024 | 5/12/2028 | 14619 | 14505 | 11508 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco, Ltd. | (4)(5)(6)(7)(8) | S + 4.50% | 8.23% | 11/25/2025 | 12/8/2032 | 12751 | 16990 | 16708 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco, Ltd. | (4)(5)(6)(8) | E + 4.50% | 6.54% | 11/25/2025 | 12/8/2032 | 5751 | 6694 | 6581 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco, Ltd. | (4)(5)(6)(8) | SOFR + 4.41% | 8.11% | 11/25/2025 | 12/8/2032 | 24898 | 24898 | 24649 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis Midco, SAS | (4)(5)(6)(7)(8) | E + 4.75% | 6.85% | 10/8/2025 | 10/8/2032 | 313 | 357 | 352 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sophos Holdings, LLC | (6)(8) | SOFR + 3.50% | 7.28% | 1/7/2021 | 3/5/2027 | 5151 | 5155 | 4918 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | (4)(7)(10)(18) | SOFR + 4.67% | 8.37% | 9/5/2025 | 10/17/2031 | 622871 | 622113 | 621914 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spitfire Parent, Inc. | (4)(11) | E + 5.50% | 7.39% | 3/8/2021 | 3/11/2027 | 18574 | 22350 | 21468 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spitfire Parent, Inc. | (4)(11) | SOFR + 5.50% | 9.27% | 3/9/2021 | 3/11/2027 | 84146 | 83867 | 84146 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spitfire Parent, Inc. | (4)(11) | SOFR + 5.50% | 9.27% | 3/9/2021 | 3/11/2027 | 31071 | 31063 | 31071 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starlight Parent, LLC | (8) | SOFR + 4.00% | 7.67% | 7/2/2025 | 4/16/2032 | 39789 | 39229 | 33920 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco, SAS | (4)(6)(8) | E + 5.25% | 7.27% | 10/17/2024 | 10/17/2031 | 69197 | 74087 | 79582 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco, SAS | (4)(5)(6)(7)(8) | E + 5.25% | 7.29% | 10/17/2024 | 10/17/2031 | 21764 | 23653 | 24960 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Themis Solutions, Inc. | (4)(6)(7)(10) | SOFR + 5.50% | 9.17%<br>(incl. 3.75%<br>PIK) | 10/29/2025 | 10/29/2032 | 131911 | 129731 | 129902 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three Rivers Buyer, Inc | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 10/31/2025 | 11/3/2031 | 15162 | 14932 | 14991 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TravelPerk, Inc. | (4)(6)(8) | 11.50% | 11.50%<br>PIK | 5/2/2024 | 5/2/2029 | 52252 | 50435 | 50684 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | (4)(7)(10) | SOFR + 6.00% | 9.64%<br>(incl. 3.25%<br>PIK) | 2/11/2025 | 2/11/2032 | 139095 | 137727 | 138102 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triple Lift, Inc. | (4)(7)(10) | SOFR + 5.75% | 9.59% | 5/6/2021 | 5/5/2028 | 42947 | 42605 | 37080 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triple Lift, Inc. | (4)(10) | SOFR + 5.75% | 9.59% | 3/18/2022 | 5/5/2028 | 25191 | 25019 | 22609 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varicent Parent Holdings Corp. | (4)(7)(10) | SOFR + 6.00% | 9.70%<br>(incl. 3.25%<br>PIK) | 8/23/2024 | 8/23/2031 | 106972 | 105728 | 105313 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 4.00% | 7.93% | 10/25/2021 | 4/24/2028 | 37766 | 37382 | 29363 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VS Buyer, LLC | (7)(8) | SOFR + 2.25% | 5.92% | 7/25/2025 | 4/12/2031 | 5405 | 4718 | 4404 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPEngine, Inc. | (4)(7)(10) | SOFR + 5.75% | 9.44% | 8/14/2023 | 8/14/2029 | 81400 | 79891 | 81156 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLOR T1, LLC | (8) | SOFR + 3.50% | 7.17% | 12/1/2025 | 12/1/2032 | 21365 | 21365 | 19923 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zendesk, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.71% | 7/23/2024 | 11/22/2028 | 1058573 | 1045343 | 1058572 | 2.36 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Software (continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zendesk, Inc. | (4)(5)(10) | SOFR + 5.00% | 8.69% | 11/21/2025 | 11/22/2028 | $71198 | $71198 | $71198 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zodiac Purchaser, LLC | (8) | SOFR + 3.50% | 7.17% | 4/3/2025 | 2/14/2032 | 3980 | 3915 | 3686 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zorro Bidco, Ltd. | (4)(6)(7)(8) | S + 4.65% | 8.62% | 8/13/2024 | 8/13/2031 | 73631 | 92603 | 96397 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zorro Bidco, Ltd. | (4)(5)(6)(8) | S + 4.65% | 8.62% | 1/30/2025 | 8/13/2031 | 7896 | 9742 | 10347 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zorro Bidco, Ltd. | (4)(5)(6)(8) | ST + 4.65% | 6.66% | 2/6/2025 | 8/13/2031 | 108262 | 9862 | 11322 | 0.03 |
|  |  |  |  |  |  |  | 21098302 | 20403052 | 45.38 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CustomInk, LLC | (4)(11)(18) | SOFR + 5.98% | 9.65% | 1/7/2021 | 5/3/2028 | 39625 | 39612 | 39625 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group, LLC | (10) | SOFR + 3.25% | 6.92% | 2/3/2026 | 1/23/2032 | 3990 | 4000 | 3988 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Midco, LLC | (6)(9)(17) | SOFR + 2.25% | 5.92% | 2/5/2025 | 2/3/2029 | 8690 | 8690 | 3498 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (10) | SOFR + 3.00% | 6.67% | 1/17/2025 | 5/4/2028 | 15169 | 15169 | 15174 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (4)(7)(10) | SOFR + 3.50% | 7.14% | 1/17/2025 | 5/4/2028 | 4613 | 4588 | 4542 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdco Sub, LLC | (8) | SOFR + 4.75% | 8.42% | 3/15/2024 | 3/15/2030 | 5882 | 5885 | 5806 | 0.01 |
|  |  |  |  |  |  |  | 77944 | 72633 | 0.16 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lytx, Inc. | (4)(11) | SOFR + 5.00% | 8.78% | 6/13/2024 | 2/28/2028 | 75139 | 75168 | 75139 | 0.17 |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (9) | SOFR + 3.50% | 7.17% | 3/12/2026 | 12/29/2032 | 8000 | 8006 | 7890 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (9) | SOFR + 3.25% | 6.92% | 2/18/2026 | 12/11/2030 | 3741 | 3730 | 3691 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCG Acquisitions, Inc. | (8) | SOFR + 3.25% | 6.92% | 3/5/2026 | 3/4/2033 | 9531 | 9507 | 9543 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Group, Inc. | (6)(9) | SOFR + 2.00% | 5.67% | 7/14/2021 | 7/14/2028 | 6316 | 6323 | 6328 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc. | (9) | SOFR + 3.25% | 6.95% | 12/22/2021 | 12/22/2031 | 8818 | 8815 | 8842 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Global Surfaces, Inc. | (4)(11)(17) | SOFR + 6.00% | 9.77%<br>(incl. 4.98%<br>PIK) | 4/30/2021 | 12/31/2028 | 83481 | 83071 | 54262 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Fox CD Acquisition Corp. | (4)(11) | SOFR + 6.00% | 9.70% | 3/4/2024 | 3/4/2030 | 106941 | 105322 | 106941 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Fox CD Acquisition Corp. | (4)(5)(7)(11) | SOFR + 6.00% | 9.71% | 5/31/2024 | 3/4/2030 | 24400 | 23733 | 24400 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer, LLC | (8) | SOFR + 3.25% | 6.92% | 6/13/2024 | 10/19/2029 | 12784 | 12763 | 12326 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III, LLC | (8) | SOFR + 2.75% | 6.42% | 3/21/2025 | 8/1/2030 | 13203 | 13139 | 13034 | 0.03 |
|  |  |  |  |  |  |  | 274409 | 247257 | 0.55 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Bidco, LLC | (8) | SOFR + 2.50% | 6.17% | 2/21/2025 | 9/23/2031 | 495 | 487 | 496 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Acquisition Holdings, Inc. | (4)(11) | SOFR + 4.50% | 8.27% | 8/29/2024 | 11/13/2029 | 94678 | 94320 | 94678 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Acquisition Holdings, Inc. | (4)(11) | SOFR + 4.50% | 8.27% | 8/29/2024 | 11/13/2029 | 8220 | 8173 | 8220 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstructure, LLC | (4)(7)(9) | SOFR + 4.50% | 8.18% | 8/15/2025 | 8/15/2032 | 452038 | 448340 | 451412 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(5)(7)(8) | SOFR + 4.75% | 8.42%<br>(incl. 2.00%<br>PIK) | 3/4/2025 | 3/4/2032 | 24385 | 23960 | 24194 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(8) | SOFR + 4.75% | 8.42%<br>(incl. 2.00%<br>PIK) | 3/4/2025 | 3/4/2032 | 83105 | 82419 | 82690 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(5)(8) | SOFR + 4.75% | 8.42%<br>(incl. 2.00%<br>PIK) | 5/15/2025 | 3/4/2032 | 25832 | 25719 | 25703 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(8) | SOFR + 4.75% | 8.42%<br>(incl. 2.00%<br>PIK) | 12/31/2025 | 3/4/2032 | 15299 | 15153 | 15222 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(5)(7)(8) | SOFR + 4.75% | 8.42%<br>(incl. 2.00%<br>PIK) | 9/26/2025 | 3/4/2032 | 14996 | 14927 | 14850 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(10) | SOFR + 5.00% | 8.70% | 8/4/2021 | 8/4/2030 | 99127 | 98258 | 98136 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(10) | SOFR + 5.00% | 8.70% | 8/4/2021 | 8/4/2030 | 116982 | 116111 | 115812 | 0.26 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | **First Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(10) | SOFR + 5.00% | 8.70% | 12/22/2023 | 8/4/2030 | $13587 | $13410 | $13451 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(5)(10) | SOFR + 5.00% | 8.67% | 12/14/2022 | 8/4/2030 | 5274 | 5264 | 5222 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.70% | 10/21/2025 | 8/4/2030 | 67350 | 66582 | 66332 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italian Motorway Holdings S.à r.l | (4)(6)(8) | E + 5.25% | 7.38% | 4/28/2022 | 4/28/2029 | 236429 | 245753 | 273276 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.63% | 4/19/2021 | 10/19/2027 | 70697 | 70315 | 70697 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.49% | 1/31/2022 | 10/19/2027 | 75355 | 75075 | 75355 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.65% | 4/19/2021 | 10/19/2027 | 54006 | 53959 | 54006 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(5)(11) | P + 4.75% | 11.50% | 9/11/2024 | 10/19/2027 | 4290 | 4247 | 4290 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings, LP | (4)(11) | SOFR + 4.75% | 8.42% | 12/19/2025 | 12/19/2032 | 68280 | 68013 | 68280 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings, LP | (4)(5)(7)(11) | P + 3.75% | 10.50% | 9/1/2021 | 12/19/2032 | 333 | 282 | 313 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.27% | 9/24/2021 | 9/24/2027 | 145169 | 144451 | 145168 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.27% | 9/19/2023 | 9/24/2027 | 62400 | 61939 | 62400 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.25% | 9/19/2023 | 9/24/2027 | 39294 | 39000 | 39294 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.25% | 9/24/2021 | 9/24/2027 | 45058 | 44849 | 45058 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(7)(11) | SOFR + 5.50% | 9.27% | 9/5/2024 | 9/24/2027 | 47517 | 47196 | 47517 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(5)(7)(11) | SOFR + 5.50% | 9.31% | 11/5/2025 | 9/24/2027 | 8778 | 8555 | 8778 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swissport Stratosphere USA, LLC | (6)(8) | SOFR + 2.75% | 6.41% | 1/14/2026 | 4/4/2031 | 3000 | 3022 | 2993 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRP Infrastructure Services, LLC | (4)(11) | SOFR + 5.50% | 9.32% | 7/9/2021 | 7/9/2028 | 70551 | 70241 | 70375 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRP Infrastructure Services, LLC | (4)(11) | SOFR + 5.50% | 9.32% | 12/2/2024 | 7/9/2028 | 44000 | 43815 | 43890 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRP Infrastructure Services, LLC | (4)(5)(7)(11) | SOFR + 5.50% | 9.31% | 9/9/2025 | 7/9/2028 | 37836 | 37468 | 37666 | 0.08 |
|  |  |  |  |  |  |  | 2031303 | 2065774 | 4.61 |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCI Buyer, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.70% | 5/13/2025 | 5/13/2032 | 115313 | 114246 | 114668 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CyrusOne Revolving Warehouse | (4)(6)(7)(8) | SOFR + 2.95% | 6.62% | 7/12/2024 | 7/2/2027 | 166829 | 166376 | 166829 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Senior Finance II, LLC | (6)(8) | SOFR + 1.75% | 5.42% | 6/16/2025 | 1/25/2031 | 2775 | 2781 | 2788 | 0.01 |
|  |  |  |  |  |  |  | 283403 | 284285 | 0.63 |
|  **Total First Lien Debt—non-controlled/non-affiliated** | **Total First Lien Debt—non-controlled/non-affiliated** | **Total First Lien Debt—non-controlled/non-affiliated** | **Total First Lien Debt—non-controlled/non-affiliated** | **Total First Lien Debt—non-controlled/non-affiliated** | **Total First Lien Debt—non-controlled/non-affiliated** | **Total First Lien Debt—non-controlled/non-affiliated** | 73626433 | 72447160 | 160.85 |
| **First Lien Debt—non-controlled/affiliated** | **First Lien Debt—non-controlled/affiliated** | **First Lien Debt—non-controlled/affiliated** | **First Lien Debt—non-controlled/affiliated** |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC | (4)(11)(16) | SOFR + 6.75% | 10.45% PIK | 7/3/2025 | 7/3/2030 | 23308 | 23309 | 23309 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC | (4)(5)(7)(11)(16) | SOFR + 6.75% | 10.45% PIK | 7/3/2025 | 7/3/2030 | 4751 | 4736 | 4751 | 0.01 |
|  |  |  |  |  |  |  | 28045 | 28060 | 0.07 |
| **Media** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMS Purchaser, LLC | (4)(5)(6)(14)(16) | SOFR + 7.50% | 11.17%<br>(incl. 6.50%<br>PIK) | 2/24/2025 | 2/28/2030 | 6554 | 6554 | 6554 | 0.01 |
|  **Total First Lien Debt—non-controlled/affiliated** | **Total First Lien Debt—non-controlled/affiliated** | **Total First Lien Debt—non-controlled/affiliated** | **Total First Lien Debt—non-controlled/affiliated** | **Total First Lien Debt—non-controlled/affiliated** | **Total First Lien Debt—non-controlled/affiliated** | **Total First Lien Debt—non-controlled/affiliated** | 34599 | 34614 | 0.08 |
| **First Lien Debt—controlled/affiliated** | **First Lien Debt—controlled/affiliated** | **First Lien Debt—controlled/affiliated** | **First Lien Debt—controlled/affiliated** |  |  |  |  |  |  |
| **Chemicals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(6)(14)(16)(17) | SOFR + 8.25% | 12.02% PIK | 4/14/2023 | 4/14/2029 | 27010 | 15191 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(6)(14)(16)(17) | SOFR + 8.25% | 12.02% PIK | 4/14/2023 | 4/14/2029 | 13189 | 11573 | 7097 | 0.02 |
|  |  |  |  |  |  |  | 26764 | 7097 | 0.02 |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFCo, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) | 0.00% | 0.00% | 9/11/2023 | 9/13/2038 | 86098 | 12571 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) | 10.00% | 10.00% PIK | 9/11/2023 | 9/12/2033 | 62075 | 49530 | 8492 | 0.02 |
|  |  |  |  |  |  |  | 62101 | 8492 | 0.02 |
| **Media** | **Media** | **Media** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(5)(10)(16) | SOFR + 5.25% | 9.04%<br>(incl. 3.25%<br>PIK) | 2/12/2026 | 12/31/2030 | 201554 | 201554 | 201553 | 0.45 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **First Lien Debt—controlled/affiliated (continued)** | **First Lien Debt—controlled/affiliated (continued)** | **First Lien Debt—controlled/affiliated (continued)** | **First Lien Debt—controlled/affiliated (continued)** | | | | | | |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(5)(10)(16) | SOFR + 5.75% | 9.54% PIK | 2/12/2026 | 12/31/2030 | $98607 | $&nbsp;&nbsp;&nbsp;&nbsp;98607 | $&nbsp;&nbsp;&nbsp;&nbsp;98607 | 0.22% |
|  |  |  |  |  |  |  | 300161 | 300160 | 0.67 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pibb Member, LLC | (4)(5)(6)(8)(16) | 6.41% | 6.41% | 11/22/2024 | 12/20/2049 | 2116 | 2116 | 2180 | 0.00 |
| **Professional Services** | **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | (4)(5)(10)(16) | SOFR + 6.00% | 9.80%<br>(incl. 6.04%<br>PIK) | 6/14/2024 | 8/19/2027 | 236872 | 235940 | 220290 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | (4)(5)(10)(16)(17) | SOFR + 6.00% | 9.80% PIK | 6/14/2024 | 8/19/2027 | 65347 | 57075 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | (4)(5)(7)(10)(16) | SOFR + 6.00% | 9.80% PIK | 6/14/2024 | 8/19/2027 | 13628 | 13613 | 13254 | 0.03 |
|  |  |  |  |  |  |  | 306628 | 233544 | 0.51 |
|  **Total First Lien Debt—controlled/affiliated** | **Total First Lien Debt—controlled/affiliated** | **Total First Lien Debt—controlled/affiliated** | **Total First Lien Debt—controlled/affiliated** | **Total First Lien Debt—controlled/affiliated** | **Total First Lien Debt—controlled/affiliated** | **Total First Lien Debt—controlled/affiliated** | 697770 | 551473 | 1.22 |
|  **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 74358802 | 73033247 | 162.15 |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |
| **Second Lien Debt—non-controlled/non-affiliated** | **Second Lien Debt—non-controlled/non-affiliated** | **Second Lien Debt—non-controlled/non-affiliated** | **Second Lien Debt—non-controlled/non-affiliated** |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 7.75% | 11.52% | 5/6/2021 | 2/1/2029 | 43259 | 43029 | 31363 | 0.07 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (4)(8) | SOFR + 5.50% | 9.17% | 7/23/2025 | 7/31/2033 | 22000 | 21899 | 21560 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (4)(8) | SOFR + 5.00% | 8.67% | 5/31/2024 | 5/31/2032 | 165000 | 164364 | 165000 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (4)(8) | SOFR + 5.00% | 8.67% | 10/29/2025 | 5/31/2032 | 87500 | 87295 | 87500 | 0.19 |
|  |  |  |  |  |  |  | 273558 | 274060 | 0.61 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc. | (4)(10) | SOFR + 7.25% | 11.07% | 8/31/2021 | 8/31/2029 | 32725 | 32516 | 31907 | 0.07 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(6)(8) | 8.75% | 8.75% | 4/15/2021 | 4/15/2029 | 3800 | 3010 | 2622 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter UK Bidco, Ltd. | (4)(6)(8) | S + 7.50% | 11.34% | 8/19/2021 | 8/19/2029 | 65340 | 88275 | 74809 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inizio Group, Ltd. | (4)(6)(8) | SOFR + 7.25% | 11.05% | 12/31/2021 | 8/19/2029 | 15000 | 14834 | 12863 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inizio Group, Ltd. | (4)(5)(6)(8) | SOFR + 7.25% | 11.05% | 3/31/2022 | 8/19/2029 | 10000 | 9885 | 8575 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(5)(11) | SOFR + 9.00% | 12.77% | 5/26/2021 | 7/16/2028 | 6537 | 6503 | 6193 | 0.01 |
|  |  |  |  |  |  |  | 122507 | 105062 | 0.24 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp. | (4)(10) | SOFR + 5.25% | 9.03% | 10/15/2024 | 3/10/2029 | 100934 | 100597 | 99925 | 0.22 |
| **Insurance** | **Insurance** | **Insurance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc. | (9) | SOFR + 5.50% | 9.18% | 5/21/2025 | 5/30/2033 | 91508 | 91096 | 88648 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SQ ABS Issuer, LLC | (4)(6)(8) | 9.65% | 9.65% | 10/11/2024 | 10/20/2039 | 10834 | 10707 | 10726 | 0.02 |
|  |  |  |  |  |  |  | 101803 | 99374 | 0.22 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedster Bidco, GmbH | (4)(6)(8) | CA + 5.50% | 7.81% | 12/10/2024 | 2/13/2032 | 681018 | 478488 | 467524 | 1.04 |
| **IT Services** | **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dcert Buyer, Inc. | (8) | SOFR + 7.00% | 10.67% | 2/19/2021 | 2/19/2029 | 60975 | 61062 | 47103 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovalon Holdings, Inc. | (4)(10) | SOFR + 8.50% | 12.43% PIK | 4/11/2025 | 11/24/2033 | 150168 | 148599 | 133650 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion US Finco, Inc. | (4)(6)(8) | SOFR + 5.50% | 9.15% | 10/10/2025 | 10/10/2033 | 4000 | 3962 | 3790 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OT Luxco 2 S.à r.l. | (4)(5)(6)(8) | E + 8.75% | 10.85% PIK | 10/10/2024 | 9/30/2029 | 23637 | 25680 | 26638 | 0.06 |
|  |  |  |  |  |  |  | 239303 | 211181 | 0.47 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curia Global, Inc. | (4)(10)(17) | SOFR + 10.50% | 14.43% PIK | 9/1/2021 | 3/7/2030 | 53166 | 52742 | 11696 | 0.03 |
| **Machinery** | **Machinery** | **Machinery** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (4)(8) | SOFR + 6.00% | 9.67% | 2/13/2026 | 2/13/2034 | 21379 | 21175 | 21379 | 0.05 |
| **Media** | **Media** | **Media** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HMH Education, Inc. | (4)(9) | SOFR + 8.50% | 12.17% | 4/7/2022 | 4/8/2030 | 80500 | 79676 | 65607 | 0.15 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Second Lien Debt—non-controlled/non-affiliated (continued)** | **Second Lien Debt—non-controlled/non-affiliated (continued)** | **Second Lien Debt—non-controlled/non-affiliated (continued)** | **Second Lien Debt—non-controlled/non-affiliated (continued)** | | | | | | | |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rossini, S.à r.l. | (4)(5)(6)(8) | E + 7.00% | 9.50% PIK | 4/6/2025 | 3/30/2030 | EUR | 27222 | $&nbsp;&nbsp;&nbsp;&nbsp;30971 | $&nbsp;&nbsp;&nbsp;&nbsp;31307 | 0.07% |
| **Professional Services** | **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc. | (9) | SOFR + 6.50% | 10.28% | 6/4/2021 | 6/4/2029 |  | 65488 | 65227 | 61232 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(5)(11) | SOFR + 8.00% | 11.67% PIK | 2/28/2025 | 2/28/2030 |  | 2336 | 2336 | 2336 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (4)(8) | SOFR + 5.00% | 8.67% | 7/31/2024 | 7/31/2031 |  | 230000 | 228180 | 230000 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thevelia US, LLC | (4)(6)(9) | SOFR + 5.00% | 8.70% | 6/17/2022 | 6/17/2032 |  | 182046 | 179139 | 182046 | 0.40 |
|  |  |  |  |  |  |  |  | 474882 | 475614 | 1.06 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progress Residential PM Holdings, LLC | (4)(8) | SOFR + 4.75% | 8.42% | 9/11/2025 | 9/11/2028 |  | 101340 | 100516 | 100327 | 0.22 |
| **Software** | **Software** | **Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 5.75% | 9.42% | 7/30/2024 | 7/30/2032 |  | 55594 | 55137 | 46838 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Nike Holdco, LLC | (4)(11) | SOFR + 7.35% | 11.02% PIK | 11/25/2024 | 11/26/2029 |  | 236535 | 233113 | 234169 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 6.00% | 9.77% | 10/8/2021 | 10/8/2029 |  | 66697 | 66452 | 51912 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 5.25% | 8.92% | 5/1/2024 | 12/1/2030 |  | 129605 | 128894 | 114484 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Holdco, Ltd. | (4)(5)(6)(8) | 9.80% | 9.80% PIK | 9/5/2025 | 9/5/2032 | EUR | 5266 | 6115 | 5995 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Holdco, Ltd. | (4)(5)(6)(8) | 11.20% | 11.20% PIK | 9/5/2025 | 9/5/2032 | GBP | 3055 | 4088 | 3983 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (8) | SOFR + 6.75% | 10.56% | 3/2/2021 | 3/2/2029 |  | 27051 | 26925 | 18919 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGT Holding II, AB | (4)(6)(8) | SOFR + 6.15% | 9.78% PIK | 8/13/2024 | 8/29/2033 |  | 142952 | 140944 | 142952 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INK BC Bidco S.p.A. | (4)(6)(8) | E + 8.25% | 10.39% PIK | 7/17/2025 | 7/16/2033 | EUR | 15049 | 17149 | 17134 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INK BC Bidco S.p.A. | (4)(6)(8) | E + 8.25% | 10.37% | 11/12/2025 | 7/17/2033 | EUR | 11234 | 12774 | 12790 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc. | (8) | SOFR + 5.00% | 8.67% | 3/20/2025 | 3/20/2033 |  | 125000 | 124021 | 100521 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + 6.50% | 10.30%<br>(incl. 6.50%<br>PIK) | 7/30/2021 | 7/30/2029 |  | 34126 | 33941 | 28666 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 5.00% | 8.70% | 11/21/2024 | 11/21/2032 |  | 49542 | 49322 | 30394 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (4)(5)(8) | E + 5.75% | 9.45% | 12/8/2025 | 12/8/2033 | EUR | 26552 | 30679 | 29309 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (4)(5)(8) | SOFR + 5.75% | 9.45% | 12/8/2025 | 12/8/2033 |  | 41706 | 41306 | 39829 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis Midco, SAS | (4)(5)(6)(8) | E + 7.75% | 9.85% PIK | 10/8/2025 | 10/8/2033 | EUR | 104 | 119 | 117 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teamsystem Holdco 3 S.p.A. | (4)(5)(6)(8) | E + 5.75% | 7.90% | 7/7/2025 | 7/7/2033 | EUR | 41546 | 48252 | 46460 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 7.25% | 11.18% | 4/23/2021 | 4/23/2029 |  | 41439 | 41317 | 29707 | 0.07 |
|  |  |  |  |  |  |  |  | 1060548 | 954179 | 2.12 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (4)(11) | SOFR + 5.25% | 8.92% | 4/4/2025 | 12/31/2031 |  | 72514 | 71586 | 71426 | 0.16 |
|  **Total Second Lien Debt—non-controlled/non-affiliated** | **Total Second Lien Debt—non-controlled/non-affiliated** | **Total Second Lien Debt—non-controlled/non-affiliated** | **Total Second Lien Debt—non-controlled/non-affiliated** | **Total Second Lien Debt—non-controlled/non-affiliated** | **Total Second Lien Debt—non-controlled/non-affiliated** | **Total Second Lien Debt—non-controlled/non-affiliated** | **Total Second Lien Debt—non-controlled/non-affiliated** | 3283897 | 3051931 | 6.80 |
|  **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | 3283897 | 3051931 | 6.80 |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |  |  |
| **Unsecured Debt—non-controlled/non-affiliated** | **Unsecured Debt—non-controlled/non-affiliated** | **Unsecured Debt—non-controlled/non-affiliated** | **Unsecured Debt—non-controlled/non-affiliated** |  |  |  |  |  |  |  |
| **Biotechnology** | **Biotechnology** | **Biotechnology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | (6)(8) | 4.80% | 4.80% | 9/10/2024 | 3/15/2029 |  | 1000 | 1021 | 1016 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | (6)(8) | 5.15% | 5.15% | 9/10/2024 | 3/2/2028 |  | 1000 | 1017 | 1015 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. | (5)(6)(8) | 2.25% | 2.25% | 9/10/2024 | 5/1/2030 |  | 1000 | 924 | 914 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | (5)(6)(8) | 1.65% | 1.65% | 9/10/2024 | 10/1/2030 |  | 1000 | 900 | 891 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | (5)(6)(8) | 1.75% | 1.75% | 9/10/2024 | 9/15/2030 |  | 1000 | 902 | 887 | 0.00 |
|  |  |  |  |  |  |  |  | 4764 | 4723 | 0.00 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | (5)(6)(8) | 1.40% | 1.40% | 9/10/2024 | 6/30/2030 |  | 1000 | 911 | 888 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon Finance Corp. | (5)(6)(8) | 2.60% | 2.60% | 9/10/2024 | 5/27/2030 |  | 1000 | 937 | 925 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | (5)(6)(8) | 2.65% | 2.65% | 9/10/2024 | 6/1/2030 |  | 1000 | 944 | 932 | 0.00 |
|  |  |  |  |  |  |  |  | 2792 | 2745 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Unsecured Debt—non-controlled/non-affiliated (continued)** | **Unsecured Debt—non-controlled/non-affiliated (continued)** | **Unsecured Debt—non-controlled/non-affiliated (continued)** | **Unsecured Debt—non-controlled/non-affiliated (continued)** | | | | | | |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcomp Holding Company, LLC | (4)(5)(8) | 13.75% | 13.75% PIK | 11/8/2023 | 11/7/2031 | $26012 | $25619 | $22891 | 0.05% |
| **IT Services** | **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group PIK Holdco, LLC | (4)(5)(8) | 12.75% | 12.75% PIK | 9/19/2025 | 4/5/2031 | 31283 | 30742 | 30814 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group PIK Holdco, LLC | (4)(5)(8) | 12.75% | 12.75% PIK | 9/19/2025 | 4/5/2031 | 6102 | 5995 | 6010 | 0.01 |
|  |  |  |  |  |  |  | 36737 | 36824 | 0.08 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | (6)(8) | 5.00% | 5.00% | 9/10/2024 | 1/31/2029 | 1000 | 1025 | 1020 | 0.00 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance, LLC | (6)(8) | 4.85% | 4.85% | 9/10/2024 | 2/26/2029 | 1000 | 1022 | 1017 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb, Co. | (6)(8) | 4.90% | 4.90% | 9/10/2024 | 2/22/2029 | 1000 | 1023 | 1021 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | (6)(8) | 4.20% | 4.20% | 9/10/2024 | 8/14/2029 | 1000 | 1008 | 1001 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital PLC | (6)(8) | 3.38% | 3.38% | 9/10/2024 | 6/1/2029 | 1000 | 982 | 974 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | (6)(8) | 4.80% | 4.80% | 9/10/2024 | 6/1/2029 | 1000 | 1030 | 1026 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co, Inc. | (6)(8) | 4.30% | 4.30% | 9/10/2024 | 5/17/2030 | 1000 | 1012 | 999 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp. | (5)(6)(8) | 2.20% | 2.20% | 9/10/2024 | 8/14/2030 | 1000 | 935 | 916 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk Finance Netherlands, BV | (6)(8) | 3.13% | 3.13% | 9/10/2024 | 1/21/2029 | 1000 | 1113 | 1153 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | (5)(6)(8) | 1.70% | 1.70% | 9/10/2024 | 5/28/2030 | 1000 | 915 | 899 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings, Inc. | (6)(8) | 4.20% | 4.20% | 9/10/2024 | 9/9/2029 | 1000 | 1006 | 999 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co, Ltd. | (6)(8) | 2.05% | 2.05% | 9/10/2024 | 3/31/2030 | 1000 | 921 | 909 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III, BV | (6)(8) | 3.15% | 3.15% | 9/10/2024 | 10/1/2026 | 1000 | 990 | 991 | 0.00 |
|  |  |  |  |  |  |  | 11957 | 11905 | 0.00 |
|  **Total Unsecured Debt—non-controlled/non-affiliated** | **Total Unsecured Debt—non-controlled/non-affiliated** | **Total Unsecured Debt—non-controlled/non-affiliated** | **Total Unsecured Debt—non-controlled/non-affiliated** | **Total Unsecured Debt—non-controlled/non-affiliated** | **Total Unsecured Debt—non-controlled/non-affiliated** | **Total Unsecured Debt—non-controlled/non-affiliated** | 82894 | 80108 | 0.13 |
|  **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | 82894 | 80108 | 0.13 |
| **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** |  |  |  |  |  |  |
| **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** |  |  |  |  |
| **Capital Markets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Bank PLC | (4)(6)(8) | S + 5.25% | 8.98% | 12/10/2025 | 2/18/2035 | 21849 | 29247 | 28726 | 0.06 |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1988 CLO 3, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.25% | 9.42% | 10/7/2025 | 10/15/2040 | 2000 | 2000 | 1958 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 Funding CLO 2020-6, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.50% | 10.43% | 11/9/2021 | 10/23/2034 | 3000 | 3000 | 2484 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro CLO VIII-S Ltd - Class E2 | (4)(6)(8) | SOFR + 8.00% | 11.91% | 10/3/2024 | 10/15/2037 | 2000 | 2000 | 2003 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro CLO XVIII Ltd - Class E2 | (4)(6)(8) | SOFR + 7.50% | 11.17% | 10/30/2024 | 1/25/2038 | 2225 | 2225 | 2172 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARES LI CLO Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.25% | 9.92% | 11/1/2024 | 10/15/2037 | 4000 | 4000 | 3878 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares LVI CLO Ltd - Class ER2 | (4)(6)(8) | SOFR + 5.35% | 9.02% | 12/27/2024 | 1/25/2038 | 7000 | 7000 | 6330 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares LX CLO Ltd - Class E | (4)(6)(8) | SOFR + 6.25% | 10.18% | 5/6/2021 | 7/18/2034 | 5000 | 4982 | 4718 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2022-6 Ltd - Class ER | (4)(6)(8) | SOFR + 6.25% | 9.92% | 10/25/2024 | 1/22/2038 | 2000 | 2000 | 1851 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2024-3 Ltd - Class E | (4)(6)(8) | SOFR + 6.25% | 9.92% | 5/16/2024 | 7/16/2037 | 2500 | 2500 | 2333 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2022-1, Ltd - Class ER | (4)(6)(8) | SOFR + 6.35% | 10.02% | 10/9/2025 | 10/18/2038 | 5000 | 5000 | 4551 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding 2021-2, Ltd. - Class E | (4)(6)(8) | SOFR + 6.60% | 10.53% | 10/20/2021 | 1/20/2035 | 7000 | 6953 | 6545 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding 2024-1 Ltd - Class E | (4)(6)(8) | SOFR + 6.25% | 9.92% | 5/17/2024 | 7/20/2037 | 2300 | 2300 | 2301 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2018-II - Class ER | (4)(6)(8) | SOFR + 6.90% | 10.57% | 8/9/2024 | 7/15/2036 | 4000 | 4000 | 3844 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2019-IV - Class ER | (4)(6)(8) | SOFR + 6.40% | 10.07% | 5/13/2024 | 7/15/2037 | 5000 | 5000 | 4821 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | | | | |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2021-III - Class E | (4)(6)(8) | SOFR + 6.65% | 10.58% | 11/17/2021 | 1/18/2035 | $7200 | $7200 | $5929 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2022-II - Class ER | (4)(6)(8) | SOFR + 6.90% | 10.57% | 7/2/2024 | 7/15/2039 | 5000 | 5000 | 4630 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVI Ltd - Class ER | (4)(6)(8) | SOFR + 6.00% | 9.67% | 7/3/2024 | 7/20/2037 | 3000 | 3000 | 2954 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO XXIX Ltd - Class ER | (4)(6)(8) | SOFR + 6.86% | 10.79% | 7/15/2021 | 7/25/2034 | 2750 | 2704 | 2495 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broad River Ltd 2020-1 - Class ER | (4)(6)(8) | SOFR + 6.50% | 10.43% | 5/17/2021 | 7/20/2034 | 7000 | 6962 | 6731 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2018-4, Ltd. - Class E1R | (4)(6)(8) | SOFR + 6.43% | 10.10% | 7/23/2024 | 10/17/2037 | 1000 | 974 | 934 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2018-4, Ltd. - Class E2R | (4)(6)(8) | SOFR + 7.86% | 11.53% | 7/23/2024 | 10/17/2037 | 5000 | 5022 | 5014 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2021-7, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.50% | 9.17% | 3/26/2025 | 4/15/2040 | 4650 | 4650 | 4217 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2022-4 Ltd - Class ER | (4)(6)(8) | SOFR + 6.75% | 10.42% | 7/12/2024 | 7/25/2036 | 4000 | 4000 | 3902 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2023-4, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.40% | 9.07% | 10/20/2025 | 10/25/2038 | 6500 | 6500 | 6278 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2025-1, Ltd. - Class E | (4)(6)(8) | SOFR + 5.70% | 9.37% | 4/1/2025 | 4/25/2038 | 4000 | 4000 | 3919 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO V-C, Ltd. - Class E | (4)(6)(8) | SOFR + 6.75% | 10.68% | 11/24/2021 | 10/15/2034 | 8000 | 7947 | 7493 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO VIII-C Ltd - Class E2R | (4)(6)(8) | SOFR + 7.60% | 11.27% | 9/13/2024 | 10/22/2037 | 2000 | 2000 | 1997 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO X-C Ltd - Class E | (4)(6)(8) | SOFR + 6.15% | 9.82% | 6/13/2024 | 7/20/2037 | 3000 | 3000 | 2944 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO XI C Ltd - Class E | (4)(6)(8) | SOFR + 6.35% | 10.02% | 8/14/2024 | 10/20/2037 | 3000 | 3000 | 2971 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBAM 2017-1 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.93% | 10.60% | 11/5/2024 | 1/20/2038 | 10000 | 9820 | 9873 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBAM 2018-8 Ltd - Class E1R | (4)(6)(8) | SOFR + 7.40% | 11.07% | 5/10/2024 | 7/15/2037 | 4000 | 4000 | 3970 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBAM 2018-8 Ltd - Class E2R | (4)(6)(8) | SOFR + 6.37% | 10.04% | 5/10/2024 | 7/15/2037 | 1000 | 966 | 942 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 78 CLO Ltd - Class E1R | (4)(6)(8) | SOFR + 7.70% | 11.37% | 4/4/2024 | 4/17/2037 | 4000 | 4000 | 3952 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 78 CLO Ltd - Class E2R | (4)(6)(8) | SOFR + 6.63% | 10.30% | 4/4/2024 | 4/17/2037 | 1000 | 980 | 929 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 95 CLO, Ltd. - Class E | (4)(6)(8) | SOFR + 6.15% | 10.30% | 7/29/2021 | 8/20/2034 | 7000 | 7000 | 6468 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance CLO 2019-1 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.40% | 10.07% | 5/9/2024 | 7/15/2037 | 5000 | 5000 | 4580 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 30 Ltd - Class F | (4)(6)(8) | SOFR + 7.25% | 10.92% | 5/22/2024 | 7/17/2037 | 4500 | 4502 | 4149 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO XII, Ltd. - Class FR | (4)(6)(8) | SOFR + 8.75% | 12.42% | 11/18/2025 | 10/15/2037 | 5000 | 4692 | 4267 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Washington CLO 2021-2, Ltd. - Class E | (4)(6)(8) | SOFR + 6.61% | 10.54% | 8/4/2021 | 10/20/2034 | 13000 | 12899 | 12322 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 30 CLO Ltd - Class ER | (4)(6)(8) | SOFR + 5.90% | 9.57% | 12/9/2024 | 1/15/2038 | 5000 | 5000 | 4821 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 35 CLO, Ltd. - Class E | (4)(6)(8) | SOFR + 5.00% | 8.67% | 3/11/2025 | 4/20/2038 | 6001 | 6001 | 5871 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 36 CLO, Ltd. - Class E | (4)(6)(8) | SOFR + 4.90% | 8.68% | 10/27/2025 | 10/15/2038 | 6500 | 6500 | 6354 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 17, Ltd. - Class FR | (4)(6)(8) | SOFR + 8.00% | 11.67% | 6/27/2025 | 1/20/2039 | 2500 | 2456 | 2300 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO 23 Ltd - Class F | (4)(6)(8) | SOFR + 7.75% | 11.42% | 11/26/2024 | 1/20/2039 | 3500 | 3475 | 3224 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 26, Ltd. - Class F | (4)(6)(8) | SOFR + 7.83% | 11.50% | 7/9/2025 | 7/20/2038 | 3000 | 2972 | 2759 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 15, Ltd. - Class ER2 | (4)(6)(8) | SOFR + 5.00% | 8.67% | 10/14/2025 | 10/20/2038 | 7000 | 7000 | 6843 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halseypoint CLO 5, Ltd. - Class E | (4)(6)(8) | SOFR + 6.94% | 10.88% | 11/19/2021 | 1/30/2035 | 9500 | 9372 | 7542 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halseypoint CLO 7, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.59% | 10.26% | 6/6/2025 | 7/20/2038 | 6900 | 6835 | 6441 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest US CLO 2025-1, Ltd. - Class E | (4)(6)(8) | SOFR + 5.35% | 9.02% | 8/13/2025 | 4/18/2038 | 3000 | 3016 | 2938 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management 2024-20 Ltd - Class E | (4)(6)(8) | SOFR + 6.20% | 9.87% | 5/15/2024 | 7/25/2037 | 2921 | 2928 | 2867 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management 2025-24 Ltd - Class E | (4)(6)(8) | SOFR + 4.65% | 8.32% | 3/11/2025 | 4/25/2038 | 4000 | 4000 | 3913 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | | | | |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco CLO 2022-3 Ltd - Class ER | (4)(6)(8) | SOFR + 6.75% | 10.42% | 9/30/2024 | 10/22/2037 | $3500 | $3487 | $3239 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamestown CLO XV, Ltd. - Class ER | (4)(6)(8) | SOFR + 7.06% | 10.73% | 5/28/2024 | 7/15/2035 | 3000 | 2975 | 2765 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XI Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.00% | 9.67% | 11/25/2024 | 1/18/2036 | 2000 | 2000 | 1923 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER | (4)(6)(8) | SOFR + 6.10% | 9.77% | 10/16/2024 | 10/20/2037 | 2200 | 2200 | 1980 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO 2023-19, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.50% | 9.17% | 11/21/2025 | 7/15/2038 | 3000 | 2835 | 2769 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2 | (4)(6)(8) | SOFR + 5.15% | 8.82% | 12/23/2024 | 1/20/2039 | 3500 | 3500 | 3410 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 1 Ltd - Class ERR | (4)(6)(8) | SOFR + 5.25% | 8.92% | 2/7/2025 | 1/15/2038 | 2000 | 2000 | 1916 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwoods Capital XI-B Ltd - Class ER | (4)(6)(8) | SOFR + 7.35% | 11.02% | 7/3/2024 | 7/19/2037 | 3412 | 3361 | 3148 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree CLO 2019-3 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.75% | 10.42% | 10/24/2024 | 1/20/2038 | 5000 | 5000 | 4777 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree CLO 2022-2, Ltd. - Class ER2 | (4)(6)(8) | SOFR + 6.40% | 10.07% | 8/7/2025 | 10/15/2037 | 2500 | 2534 | 2462 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2021-22, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.75% | 9.42% | 10/18/2024 | 10/20/2037 | 2000 | 2000 | 1982 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2020-18 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.25% | 9.92% | 7/30/2024 | 7/20/2037 | 1000 | 1000 | 981 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2017-13 Ltd - Class ER2 | (4)(6)(8) | SOFR + 5.90% | 9.57% | 11/5/2024 | 11/26/2037 | 5000 | 5000 | 4951 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 41, Ltd. - Class ER | (4)(6)(8) | SOFR + 7.13% | 11.06% | 9/24/2021 | 10/15/2033 | 2500 | 2492 | 2028 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion CLO 2024-4 LTD - Class E | (4)(6)(8) | SOFR + 6.00% | 9.67% | 10/25/2024 | 10/20/2037 | 5000 | 5000 | 4846 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parallel 2020-1 Ltd - Class DR | (4)(6)(8) | SOFR + 6.50% | 10.43% | 6/14/2021 | 7/20/2034 | 3500 | 3447 | 3342 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D | (4)(6)(8) | SOFR + 7.29% | 10.96% | 2/11/2022 | 4/20/2035 | 6000 | 5876 | 5854 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 10 - Class ER | (4)(6)(8) | SOFR + 5.90% | 9.57% | 11/22/2024 | 1/22/2038 | 5000 | 5000 | 4648 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 17 Ltd - Class E | (4)(6)(8) | SOFR + 5.75% | 9.42% | 11/1/2024 | 1/15/2038 | 4000 | 4000 | 3921 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 3 - Class ERR | (4)(6)(8) | SOFR + 6.61% | 10.54% | 8/13/2021 | 10/25/2034 | 3000 | 3009 | 2736 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 8 - Class ER | (4)(6)(8) | SOFR + 5.75% | 9.42% | 12/19/2024 | 1/20/2038 | 1000 | 1000 | 926 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 15 2023, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.75% | 9.42% | 10/10/2025 | 10/20/2038 | 5000 | 5000 | 4832 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post CLO 2022-1, Ltd. - Class E | (4)(6)(8) | SOFR + 6.75% | 10.42% | 2/15/2022 | 4/20/2035 | 5000 | 4983 | 4664 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post CLO 2024-1, Ltd. - Class E | (4)(6)(8) | SOFR + 6.80% | 10.47% | 2/6/2024 | 4/20/2037 | 2500 | 2500 | 2496 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post CLO VII, Ltd. - Class E | (4)(6)(8) | SOFR + 5.40% | 9.11% | 10/30/2025 | 1/20/2039 | 4000 | 4000 | 3998 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPM CLO 5, Ltd. - Class E | (4)(6)(8) | SOFR + 6.50% | 10.43% | 9/17/2021 | 10/18/2034 | 4800 | 4800 | 3481 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 14, Ltd. - Class E | (4)(6)(8) | SOFR + 6.50% | 10.67% | 11/2/2021 | 1/15/2035 | 6750 | 6750 | 5832 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 16 Ltd - Class ER | (4)(6)(8) | SOFR + 6.50% | 10.17% | 5/3/2024 | 7/15/2037 | 5000 | 5000 | 4494 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 17 Ltd - Class ER | (4)(6)(8) | SOFR + 6.25% | 9.92% | 11/5/2024 | 1/20/2038 | 5000 | 5000 | 4617 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 25 Ltd - Class E | (4)(6)(8) | SOFR + 6.00% | 9.67% | 5/16/2024 | 7/20/2037 | 3000 | 3000 | 2778 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 3 Ltd - Class E1R2 | (4)(6)(8) | SOFR + 5.88% | 9.55% | 6/18/2024 | 7/15/2037 | 2715 | 2668 | 2335 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 3 Ltd - Class E2R2 | (4)(6)(8) | SOFR + 7.00% | 9.55% | 6/18/2024 | 7/15/2037 | 2715 | 2715 | 2498 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 9 Ltd - Class ER | (4)(6)(8) | SOFR + 5.75% | 9.42% | 12/19/2024 | 1/15/2038 | 3000 | 3000 | 2769 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 27 Ltd - Class E | (4)(6)(8) | SOFR + 5.30% | 8.97% | 1/22/2025 | 1/15/2038 | 10000 | 10000 | 9435 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta IX Funding Ltd. - Class ER | (4)(6)(8) | SOFR + 6.83% | 10.50% | 4/10/2024 | 4/17/2037 | 3820 | 3896 | 3590 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta XXI Funding Ltd - Class ER | (4)(6)(8) | SOFR + 6.25% | 9.92% | 11/5/2024 | 10/15/2037 | 4000 | 4000 | 3782 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagard-Halseypoint Clo 9, Ltd. - Class E | (4)(6)(8) | SOFR + 5.85% | 9.52% | 3/31/2025 | 4/20/2038 | 5250 | 5201 | 4967 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXVII, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.56% | 10.49% | 10/1/2021 | 10/25/2034 | 5000 | 4934 | 3819 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 44 Ltd - Class E | (4)(6)(8) | SOFR + 6.15% | 9.82% | 5/20/2024 | 7/14/2037 | 2500 | 2500 | 2454 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tikehau US CLO VII, Ltd. - Class E | (4)(6)(8) | SOFR + 5.50% | 9.17% | 8/13/2025 | 2/25/2038 | 3000 | 3016 | 2939 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)** | | | | | |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XVI Ltd - Class E | (4)(6)(8) | SOFR + 7.00% | 10.93% | 6/14/2021 | 7/20/2034 |  | $&nbsp;&nbsp;&nbsp;&nbsp;5000 | $&nbsp;&nbsp;&nbsp;&nbsp;4857 | $&nbsp;&nbsp;&nbsp;&nbsp;4270 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO IV-R Ltd - Class E | (4)(6)(8) | SOFR + 7.90% | 11.57% | 9/19/2024 | 10/20/2037 |  | 1000 | 973 | 925 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XIII, Ltd - Class ER | (4)(6)(8) | SOFR + 7.59% | 11.26% | 11/1/2024 | 1/15/2038 |  | 3250 | 3221 | 2957 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2019-4, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.71% | 10.63% | 12/14/2021 | 1/15/2035 |  | 8250 | 8139 | 7742 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warwick Capital CLO 7, Ltd. - Class E | (4)(6)(8) | SOFR + 5.25% | 9.20% | 8/15/2025 | 10/21/2038 |  | 5000 | 5000 | 4888 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellington Management CLO 1, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.50% | 9.17% | 10/17/2025 | 10/20/2038 |  | 3000 | 3000 | 2934 | 0.01 |
|  |  |  |  |  |  |  |  | 408202 | 383622 | 0.90 |
|  **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated** | 437449 | 412348 | 0.96 |
| **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** |  |  |  |  |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aimco CLO 20, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.89% | 11/7/2025 | 10/16/2038 |  | 5659 | 5084 | 4502 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ballyrock CLO 20, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.69% | 2/24/2025 | 10/15/2036 |  | 6000 | 4122 | 2935 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ballyrock CLO 23, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.85% | 6/26/2025 | 4/25/2038 |  | 5000 | 3297 | 2543 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ballyrock CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.27% | 5/28/2025 | 10/25/2037 |  | 12500 | 8886 | 6814 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO, Ltd. Tango - Units | (4)(6)(7) |  |  | 11/21/2025 | 11/21/2026 |  | 713 | 713 | 755 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birch Grove CLO 11, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 5.71% | 11/15/2024 | 1/22/2038 |  | 11000 | 10846 | 7989 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Euro CLO 2022-5 DAC - Subordinated Notes | (4)(6) | Estimated Yield: | 11.54% | 5/16/2025 | 4/25/2037 |  | 3736 | 2355 | 2064 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies Euro CLO 2014-1 DAC - Subordinated Notes | (4)(6) | Estimated Yield: | 11.60% | 5/2/2025 | 4/15/2038 |  | 11473 | 8204 | 7311 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO XIII-C Ltd - Units | (4)(6)(7) |  |  | 7/22/2025 | 6/24/2027 |  | 4594 | 4594 | 5077 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Cordatus Loan Fund XXXIV DAC - Subordinated Notes | (4)(6) | Estimated Yield: | 8.81% | 2/14/2025 | 4/20/2038 |  | 3250 | 3077 | 2962 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 14, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 14.25% | 9/10/2025 | 4/20/2035 |  | 17381 | 8458 | 6537 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 18, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 5.81% | 3/4/2025 | 7/17/2037 |  | 4000 | 1995 | 1234 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO II, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 3.92% | 11/21/2024 | 4/20/2034 |  | 8650 | 5479 | 2862 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 21, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.25% | 5/5/2025 | 7/19/2034 |  | 3000 | 1904 | 1218 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 34, Ltd. - Units | (4)(6)(7) |  |  | 10/23/2025 | 10/8/2026 |  | 700 | 700 | 772 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatiron RR CLO 30, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.81% | 3/24/2025 | 4/15/2038 |  | 7000 | 5651 | 5111 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 34 CLO, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 8.89% | 9/26/2024 | 10/20/2037 |  | 20000 | 16685 | 10872 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 35 CLO, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.33% | 3/11/2025 | 4/20/2038 |  | 17490 | 15475 | 11091 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy CLO Warehouse 2025-1, Ltd. - Units | (4)(6)(7) |  |  | 7/11/2025 | 10/8/2026 |  | 13875 | 13875 | 15038 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Freshwater Warehouse Parent, Ltd. - Units | (4)(6)(7) |  |  | 8/8/2025 | 10/8/2026 |  | 6298 | 6298 | 6948 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management 2025-24, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.70% | 3/11/2025 | 4/25/2038 |  | 10000 | 8388 | 6445 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 7, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.27% | 1/31/2025 | 4/22/2037 |  | 10000 | 4958 | 2423 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 15, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.17% | 5/20/2025 | 7/20/2037 |  | 6000 | 3652 | 2501 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)** | **Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)** | | | | |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XIX - Subordinated Notes | (4)(6) | Estimated Yield: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91% | 6/24/2025 | 7/20/2036 |  | $9000 | $&nbsp;&nbsp;&nbsp;&nbsp;6693 | $&nbsp;&nbsp;&nbsp;&nbsp;4975 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XV, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 7.90% | 5/10/2024 | 7/21/2037 |  | 5000 | 3328 | 2242 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 6, Ltd. - Class M | (4)(6) |  |  | 8/23/2024 | 10/15/2037 |  | 1875 | 0 | 207 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 6, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 8.12% | 8/23/2024 | 10/15/2037 |  | 18750 | 14958 | 11105 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 7, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.52% | 8/23/2024 | 3/31/2038 |  | 19368 | 16090 | 12499 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 8, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.33% | 10/29/2025 | 10/20/2038 |  | 5000 | 4134 | 3535 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 8, Ltd. - Class M | (4)(6) |  |  | 10/29/2025 | 10/20/2038 |  | 500 | 0 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2022-25, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.38% | 9/11/2025 | 7/20/2037 |  | 10 | 5457 | 5036 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2020-8R, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.38% | 11/3/2025 | 10/17/2038 |  | 11360 | 3840 | 3605 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penta CLO Beacon DAC - Units | (4)(6)(7) |  |  | 1/8/2026 | 1/8/2027 |  | 1250 | 1461 | 1388 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak Bravo - Units | (4)(6)(7) |  |  | 9/15/2025 | 9/5/2027 |  | 4960 | 4960 | 5143 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 10 - Subordinated Notes | (4)(6) | Estimated Yield: | 9.53% | 12/10/2024 | 1/22/2038 |  | 5200 | 3085 | 2059 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 25, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 4.43% | 5/16/2024 | 7/20/2037 |  | 5000 | 3862 | 2213 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 26, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 8.10% | 8/7/2024 | 10/20/2037 |  | 7180 | 5788 | 3872 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 8.14% | 12/11/2024 | 1/15/2038 |  | 29325 | 25445 | 14487 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta Kilo - Units | (4)(6)(7) |  |  | 6/13/2025 | 12/27/2026 |  | 7077 | 7077 | 7709 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta XXIX Funding, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.25% | 7/28/2025 | 9/6/2037 |  | 7500 | 5992 | 4609 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 11, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.47% | 6/5/2024 | 7/18/2037 |  | 5000 | 4064 | 3534 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 14, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.00% | 12/20/2024 | 1/22/2038 |  | 26000 | 19500 | 16114 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 8.65% | 11/1/2024 | 1/17/2038 |  | 16500 | 13018 | 9914 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO XXI, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.42% | 9/12/2024 | 10/21/2037 |  | 8000 | 5433 | 3739 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO XXII, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.16% | 8/1/2025 | 4/22/2125 |  | 6500 | 4482 | 3496 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XVI, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.61% | 7/26/2024 | 7/15/2036 |  | 12000 | 8033 | 4853 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitebox CLO V, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 7.63% | 4/3/2025 | 7/20/2038 |  | 20500 | 17632 | 13799 | 0.03 |
|  |  |  |  |  |  |  |  | 329028 | 256137 | 0.56 |
|  **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | **Total Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated** | 329028 | 256137 | 0.56 |
|  **Total Structured Finance Obligations—non-controlled/non-affiliated** | **Total Structured Finance Obligations—non-controlled/non-affiliated** | **Total Structured Finance Obligations—non-controlled/non-affiliated** | **Total Structured Finance Obligations—non-controlled/non-affiliated** | **Total Structured Finance Obligations—non-controlled/non-affiliated** | **Total Structured Finance Obligations—non-controlled/non-affiliated** | **Total Structured Finance Obligations—non-controlled/non-affiliated** | **Total Structured Finance Obligations—non-controlled/non-affiliated** | 766477 | 668485 | 1.52 |
|  **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | 766477 | 668485 | 1.52 |
| **Equity and other** |  |  |  |  |  |  |  |  |  |  |
| **Equity and other—non-controlled/non-affiliated** | **Equity and other—non-controlled/non-affiliated** | **Equity and other—non-controlled/non-affiliated** | **Equity and other—non-controlled/non-affiliated** |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micross Topco, Inc. - Common Equity | (4) |  |  | 3/28/2022 |  |  | 116 | 125 | 192 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | | | | | | |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/7/2021 |  | 1076923 | $&nbsp;&nbsp;&nbsp;&nbsp;1077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 13857 | 58837 | 13382 | 0.04 |
|  |  |  |  |  |  |  | 59914 | 13500 | 0.04 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. - Common Stock | (6) |  |  | 5/6/2025 |  | 12303 | 1318 | 2079 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc. - Common Stock | (6) |  |  | 9/12/2024 |  | 12613 | 983 | 641 | 0.00 |
|  |  |  |  |  |  |  | 2301 | 2720 | 0.00 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. - Common Equity |  |  |  | 12/29/2023 |  | 48476 | 1212 | 82 | 0.00 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Neptune Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | 159782 | 160 | 160 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Neptune Blocker, LLC - Blocker Units | (4) |  |  | 12/2/2024 |  | 3982 | 6272 | 7338 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Neptune Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 1041 | 1480 | 1751 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Investors, LP - Class A-1 Common Units | (4) |  |  | 9/29/2023 |  | 893584 | 894 | 1226 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR/Jupiter Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | 115036 | 115 | 115 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR/Jupiter Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 749 | 1065 | 1260 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Ultimate Holdings, LLC - Class A Common Units | (4) |  |  | 11/8/2024 |  | 3 | 2 | 2 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Ultimate Holdings, LLC - Class B Common Units | (4) |  |  | 11/8/2024 |  | 5082 | 3978 | 4230 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Ultimate Holdings, LLC - Class C Common Units | (4) |  |  | 11/8/2024 |  | 5084731 | 4035 | 5288 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RC VI Buckeye Holdings, LLC - LLC Units | (4) |  |  | 1/2/2025 |  | 6589068 | 6589 | 7643 | 0.02 |
|  |  |  |  |  |  |  | 24590 | 29013 | 0.06 |
| **Distributors** | **Distributors** | **Distributors** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units | (4) |  |  | 12/10/2021 |  | 3 | 3308 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 390 | 0 | 0.00 |
|  |  |  |  |  |  |  | 3698 | 0 | 0.00 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 8/3/2021 |  | 29194330 | 28734 | 37490 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA, LP - Class A Common Units | (4) |  |  | 3/25/2024 |  | 3028272 | 3284 | 4891 | 0.01 |
|  |  |  |  |  |  |  | 32018 | 42381 | 0.11 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class A Common Units | (4) |  |  | 10/1/2021 |  | 12870 | 10915 | 14221 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class B Common Units | (4) |  |  | 10/1/2021 |  | 685760 | 1955 | 2009 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | | | | | | |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class Additional A Common Units | (4) |  |  | 3/24/2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;2766 | $&nbsp;&nbsp;&nbsp;&nbsp;2346 | $&nbsp;&nbsp;&nbsp;&nbsp;3056 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class Additional B Common Units | (4) |  |  | 3/24/2022 |  | 147380 | 420 | 432 | 0.00 |
|  |  |  |  |  |  |  | 15636 | 19718 | 0.04 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Aggregator, Ltd. - LP Interest | (4) |  |  | 7/31/2025 |  | 3272887 | 3273 | 3698 | 0.01 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NSI Parent, LP - Class A Common Units | (4) |  |  | 12/23/2024 |  | 3272884 | 2634 | 3109 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC - Common Equity | (4)(6) |  |  | 7/1/2024 |  | 22774695 | 22775 | 26646 | 0.06 |
|  |  |  |  |  |  |  | 25409 | 29755 | 0.07 |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muzinich Enhanced Loan Origination Fund I, LP - LP Interest | (4)(6)(7)(21) |  |  | 12/8/2025 |  | 17239782 | 20203 | 20745 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THL Fund IX Investors (Plymouth II), LP - LP Interest | (4) |  |  | 8/31/2023 |  | 530344 | 530 | 947 | 0.00 |
|  |  |  |  |  |  |  | 20733 | 21692 | 0.05 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCX Corporation Group Holdings, L.P. - Class A-2 Units | (4) |  |  | 9/10/2021 |  | 4853 | 4853 | 1820 | 0.00 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVE Holdings I Corp. - Series A-1 Preferred Shares | (4) |  | 11.50% | 2/25/2022 |  | 12237213 | 11870 | 5201 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD&R Artemis Holdco 2, Limited - Preferred Shares | (4)(6) |  | 10.00% | 8/19/2021 |  | 33000000 | 43662 | 52768 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD&R Ulysses Equity Holdings, LP - Common Shares | (4)(6) |  |  | 8/19/2021 |  | 5317524 | 5438 | 2659 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 5/26/2021 |  | 12472 | 2220 | 299 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 5/26/2021 |  | 6716 | 1195 | 161 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maia Aggregator, LP - Class A Units | (4) |  |  | 2/1/2022 |  | 19700000 | 19700 | 19700 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NC Eve, LP - LP Interest | (4)(6) |  |  | 2/22/2022 |  | 2500000 | 3398 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 10966377 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 87483 | 80788 | 0.18 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azalea Parent Corp. - Series A-1 Preferred Shares | (4) |  | 12.75% | 4/30/2024 |  | 91500 | 89213 | 119866 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus Midco 2 S.à r.l. - Additional Vehicle Units | (4)(6) |  |  | 10/28/2022 |  | 988290 | 988 | 89 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus Midco 2 S.à r.l. - Vehicle Units | (4)(6) |  |  | 5/25/2022 |  | 4941452 | 4941 | 3953 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcomp Holding Company, LLC - Preferred Interest | (4) |  | 6.00% | 11/8/2023 |  | 18035 | 1804 | 72 | 0.00 |
|  |  |  |  |  |  |  | 96946 | 123980 | 0.29 |
| **Insurance** | **Insurance** | **Insurance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon HC, Ltd. - Class A Shares | (4)(6) |  |  | 12/4/2025 |  | 750 | 47 | 47 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon HC, Ltd. - Class C Shares | (4)(6) |  |  | 12/4/2025 |  | 42 | 3 | 3 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | **Equity and other—non-controlled/non-affiliated (continued)** | | | | | | |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SelectQuote, Inc. - Warrants | (4)(6) |  |  | 10/11/2024 |  | 2204746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelf Holdco, Ltd. - Common Equity | (4)(6) |  |  | 12/30/2022 |  | 1300000 | 1300 | 4940 | 0.01 |
|  |  |  |  |  |  |  | 1350 | 5387 | 0.01 |
| **IT Services** | **IT Services** | **IT Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NC Ocala Co-Invest Beta, LP - LP Interest | (4) |  |  | 11/12/2021 |  | 25687196 | 25687 | 12587 | 0.03 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falcon Top Parent, LLC - Class A Common Units | (4) |  |  | 11/6/2024 |  | 4440995 | 4441 | 4441 | 0.01 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. - Royalty Equity | (4)(6) |  |  | 5/5/2025 |  | 75000000 | 70284 | 91391 | 0.20 |
| **Professional Services** | **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Class A Common Shares | (4) |  |  | 2/28/2025 |  | 1289 | 1175 | 225 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Preferred Equity | (4) |  |  | 2/28/2025 |  | 1378 | 1378 | 1559 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OHCP V TC COI, LP - LP Interest | (4) |  |  | 6/29/2021 |  | 6500000 | 6503 | 19630 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricor Horizon - LP Interest | (4)(6) |  |  | 6/13/2022 |  | 15009079 | 15009 | 15309 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. - Common Units | (4) |  |  | 6/12/2024 |  | 4797 | 5 | 14 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors CCC Topco, LP - Common Equity | (4) |  |  | 6/1/2022 |  | 9600000 | 9600 | 17088 | 0.04 |
|  |  |  |  |  |  |  | 33670 | 53825 | 0.11 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Parent, LP - Series A Preferred Units | (4) |  | 8.00% | 11/1/2024 |  | 1783823 | 1784 | 1998 | 0.00 |
| **Software** | **Software** | **Software** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Titan Group Holdings, LP - Class A-2 Common Units | (4) |  |  | 8/28/2024 |  | 1103 | 1103 | 1177 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Parent, LLC - Class L Common Units | (4) |  |  | 7/14/2021 |  | 126136 | 1388 | 226 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Holdings, Inc. - Class A Common Stock | (4) |  |  | 10/9/2023 |  | 93758 | 4060 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedition Holdco, LLC - Common Units | (4) |  |  | 2/24/2022 |  | 810810 | 810 | 591 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock | (4) | SOFR + 10.75% | 14.43% | 6/23/2022 |  | 26899 | 26226 | 41588 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Holdings, Inc. - Series A Preferred Shares | (4) |  | 10.50% | 7/30/2021 |  | 31950000 | 30992 | 36242 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mimecast Limited—LP Interest | (4) |  |  | 5/3/2022 |  | 75088584 | 75089 | 82598 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Aggregator GP, LLC - GP Units | (4) |  |  | 10/14/2025 |  | 1732 | 0 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Aggregator, LP - Common Equity Class A Units | (4) |  |  | 10/14/2025 |  | 1732 | 1732 | 1703 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG IX Newark CI, LP - LP Interest | (4) |  |  | 10/26/2023 |  | 3891673 | 3892 | 3721 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TravelPerk, Inc. - Warrants | (4)(6) |  |  | 5/2/2024 |  | 244818 | 2101 | 5026 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoro - Common Equity | (4) |  |  | 11/22/2022 |  | 1195880 | 11959 | 13848 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoro - Series A Preferred Shares | (4) | SOFR + 9.50% | 13.18% | 11/22/2022 |  | 10720 | 10345 | 16562 | 0.04 |
|  |  |  |  |  |  |  | 169697 | 203282 | 0.46 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstructure, LLC - Series A-1 Units | (4) |  |  | 9/27/2022 |  | 6948125 | 2153 | 3960 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstructure, LLC - Preferred Equity | (4) | SOFR + 7.00% | 10.66%<br>PIK | 8/15/2025 |  | 1388248 | 1369 | 1378 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ncp Helix Holdings, LLC - Preferred Shares | (4) |  | 8.00% | 8/3/2021 |  | 1128694 | 877 | 1500 | 0.00 |
|  |  |  |  |  |  |  | 4399 | 6838 | 0.01 |
|  **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** |  |  |  | 689503 | 749088 | 1.68 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Equity and other—non-controlled/affiliated** | **Equity and other—non-controlled/affiliated** | **Equity and other—non-controlled/affiliated** | **Equity and other—non-controlled/affiliated** | | | | | | |
| **Aerospace & Defense** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC - Class A-3 Units | (4)(16) |  |  | 7/3/2025 |  | 11137 | $996 | $1767 | 0.00% |
| **Distributors** | **Distributors** | **Distributors** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4)(6)(16) |  |  | 11/1/2021 |  | 265556 | 558 | 898 | 0.00 |
| **Media** | **Media** | **Media** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMS Topco, LLC - Class A Common Units | (4)(6)(16) |  |  | 3/11/2025 |  | 133433 | 5432 | 3896 | 0.01 |
|  **Total Equity and other—non-controlled/affiliated** | **Total Equity and other—non-controlled/affiliated** | **Total Equity and other—non-controlled/affiliated** | **Total Equity and other—non-controlled/affiliated** | **Total Equity and other—non-controlled/affiliated** | **Total Equity and other—non-controlled/affiliated** | **Total Equity and other—non-controlled/affiliated** | 6986 | 6561 | 0.01 |
| **Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** |  |  |  |  |
| **Chemicals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Holdings, LP - LP Interest | (4)(6)(16) |  |  | 4/14/2023 |  | 3943 | 0 | 0 | 0.00 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Real Estate Credit and Income Fund - Common Shares | (4)(6)(16)(21) |  |  | 6/1/2025 |  | 18628295 | 477500 | 487316 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Lending Company, LLC - LLC Interest | (4)(6)(16) |  |  | 10/19/2021 |  | 387279000 | 387279 | 396535 | 0.88 |
|  |  |  |  |  |  |  | 864779 | 883851 | 1.96 |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units | (4)(16) |  |  | 9/28/2023 |  | 134166603 | 0 | 0 | 0.00 |
| **Media** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC - Class A Units | (4)(16) |  |  | 2/12/2026 |  | 76634 | 129944 | 129944 | 0.29 |
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pibb Member Holdings, LLC - LP Interest | (4)(6)(16) |  |  | 11/22/2024 |  | 225000000 | 214844 | 227678 | 0.51 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class C Units | (4)(16) |  |  | 6/14/2024 |  | 63589 | 0 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class A Preferred Units | (4)(16) |  |  | 3/6/2026 |  | 52 | 0 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class A Units | (4)(16) |  |  | 3/6/2026 |  | 233 | 0 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class B Preferred Units | (4)(16) |  |  | 3/6/2026 |  | 34 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 0 | 0 | 0.00 |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4)(6)(16) |  |  | 1/7/2021 |  | 1500000 | 1421 | 1662 | 0.00 |
|  **Total Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other—controlled/affiliated (excluding Investments in Joint Ventures)** | 1210988 | 1243135 | 2.76 |
|  **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | 1907477 | 1998784 | 4.45 |
| **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRED Emerald JV LP - LP Interest | (6)(16) |  |  | 1/19/2022 |  |  | 1836000 | 1539677 | 3.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRED Verdelite JV LP - LP Interest | (6)(16) |  |  | 10/21/2022 |  |  | 117706 | 97149 | 0.22 |
|  |  |  |  |  |  |  | 1953706 | 1636826 | 3.63 |
|  **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | 1953706 | 1636826 | 3.63 |
|  **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** | 78449204 | 76996772 | 170.98 |
|  **Total Investments—non-controlled/affiliated** | **Total Investments—non-controlled/affiliated** | **Total Investments—non-controlled/affiliated** | **Total Investments—non-controlled/affiliated** | **Total Investments—non-controlled/affiliated** | **Total Investments—non-controlled/affiliated** | **Total Investments—non-controlled/affiliated** | 41585 | 41175 | 0.09 |
|  **Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)** | 1908758 | 1794608 | 3.98 |
|  **Total Investments—Investments in Joint Ventures** | **Total Investments—Investments in Joint Ventures** | **Total Investments—Investments in Joint Ventures** | **Total Investments—Investments in Joint Ventures** | **Total Investments—Investments in Joint Ventures** | **Total Investments—Investments in Joint Ventures** | **Total Investments—Investments in Joint Ventures** | 1953706 | 1636826 | 3.63 |
|  **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 82353253 | 80469381 | 178.68 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footnotes**  | **Reference Rate**<br>**and Spread <sup>(2)</sup>** | **Interest**<br>**Rate <sup>(2)(15)</sup>** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |  | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 3.55% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;6563 | $&nbsp;&nbsp;&nbsp;&nbsp;6563 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund - Investor Class |  |  | 3.52% |  |  |  | 10440 | 10440 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund - Premier Class |  |  | 3.60% |  |  |  | 636726 | 636726 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Cash and Cash Equivalents |  |  |  |  |  |  | 2133680 | 2133680 | 4.74 |
|  **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** |  |  |  | 2787409 | 2787409 | 6.18 |
|  **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** |  |  |  | $85140662 | $83256790 | 184.86% |

---

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term
"Company" shall include the Company's consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. Dollars. As of March 31, 2026, the Company had investments
denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income
producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total
par amount (in thousands) is presented for debt investments and structured finance obligations, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as
collateral, under one or more of its credit facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either
Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate
("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or
"SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or "BB"), Canadian Overnight Repo Rate Average ("CORRA" or
"CA"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used
and provided the spread and the interest rate in effect as of March 31, 2026. Variable rate loans typically include an interest reference rate floor feature.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on
debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("GAAP").

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value
was determined in good faith by or under the direction of the Board of Trustees (see Note 2 and Note 5), pursuant to the Company's valuation policy.

(5) These debt investments are not pledged as collateral under any of the Company's credit facilities. For
other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are
pledged to financing facilities, CLOs and short-term borrowings and are not available to satisfy the creditors of the Company.

(6) The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as
amended (together with the rules and regulations promulgated thereunder, the "1940 Act"). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets
represent at least 70.0% of the Company's total assets. As of March 31, 2026, non-qualifying assets represented 25.4% of total assets as calculated in accordance with regulatory requirements.

(7) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion,
although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that
may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
|  Abacus Holdco 2, Oy | Delayed Draw Term Loan | 8/13/2027 | $181 | $— |
|  Accordion Partners, LLC | Delayed Draw Term Loan | 12/17/2027 | 34528 |  |
|  Accordion Partners, LLC | Revolver | 11/15/2031 | 9612 | (48) |
|  Accuity Delivery Systems, LLC | Delayed Draw Term Loan | 5/29/2026 | 88690 | (443) |
|  Accuity Delivery Systems, LLC | Revolver | 5/29/2031 | 29497 | (147) |
|  ACI Group Holdings, Inc. | Revolver | 8/2/2027 | 215 |  |
|  Acumatica Holdings, Inc. | Revolver | 7/28/2032 | 10565 | (106) |
|  ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | 2341 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  AI Titan Parent, Inc. | Delayed Draw Term Loan | 9/30/2026 | $17093 | $— |
|  AI Titan Parent, Inc. | Revolver | 8/29/2031 | 13784 | (138) |
|  Albireo Energy, LLC | Delayed Draw Term Loan | 8/5/2027 | 8128 |  |
|  Align Precision Group, LLC | Delayed Draw Term Loan | 4/3/2030 | 350 |  |
|  Allium Buyer, LLC | Revolver | 5/2/2029 | 249 | (7) |
|  Alpine Intel Intermediate 2, LLC | Delayed Draw Term Loan | 12/20/2026 | 39281 |  |
|  American Restoration Holdings, LLC | Delayed Draw Term Loan | 2/19/2027 | 26416 |  |
|  Amerilife Holdings, LLC | Revolver | 8/31/2028 | 57772 |  |
|  Amerilife Holdings, LLC | Delayed Draw Term Loan | 6/17/2026 | 5009 |  |
|  Amerilife Holdings, LLC | Delayed Draw Term Loan | 2/28/2027 | 41321 | (103) |
|  Amerivet Partners Management, Inc. | Revolver | 2/25/2028 | 11511 |  |
|  Ampirical Solutions, LLC | Delayed Draw Term Loan | 9/30/2027 | 43992 | (220) |
|  Ampirical Solutions, LLC | Revolver | 9/30/2032 | 11731 | (117) |
|  Analytic Partners, LP | Revolver | 4/4/2030 | 4891 | (98) |
|  Anaplan, Inc. | Revolver | 6/21/2028 | 47983 | (960) |
|  Animal Wellness Investments S.p.A | Delayed Draw Term Loan | 1/15/2029 | 12690 |  |
|  Anthracite Buyer Inc | Revolver | 12/3/2032 | 19960 | (100) |
|  Apex Companies, LLC | Delayed Draw Term Loan | 10/24/2027 | 20497 |  |
|  Aptean, Inc. | Revolver | 1/29/2031 | 3622 |  |
|  Aptean, Inc. | Delayed Draw Term Loan | 2/14/2027 | 8428 |  |
|  Armada Parent, Inc. | Revolver | 10/29/2030 | 27000 |  |
|  Arnhem BidCo, GmbH | Delayed Draw Term Loan | 10/1/2027 | 42221 |  |
|  Articulate Global, LLC | Revolver | 10/24/2032 | 5997 | (30) |
|  Aryeh Bidco Investment, Ltd. | Revolver | 1/14/2033 | 4088 | (41) |
|  Aryeh Bidco Investment, Ltd. | Delayed Draw Term Loan | 1/14/2028 | 4905 |  |
|  Ascend Buyer, LLC | Revolver | 9/30/2028 | 7443 |  |
|  Astra Service Partners, LLC | Delayed Draw Term Loan | 11/26/2027 | 43265 |  |
|  Atlas CC Acquisition Corp. | Letter of Credit | 5/25/2029 | 14403 | (324) |
|  AuditBoard, Inc. | Revolver | 7/12/2031 | 15377 | (38) |
|  Axsome Therapeutics, Inc. | Delayed Draw Term Loan | 5/31/2026 | 45195 |  |
|  Axsome Therapeutics, Inc. | Delayed Draw Term Loan | 5/31/2027 | 45195 |  |
|  Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 6840 | (28) |
|  Baker Tilly Advisory Group, LP | Delayed Draw Term Loan | 6/3/2027 | 55251 | (553) |
|  Baker Tilly Advisory Group, LP | Revolver | 6/3/2030 | 74077 |  |
|  Bamboo US BidCo, LLC | Revolver | 9/29/2029 | 6470 |  |
|  Banyan Software Holdings, LLC | Revolver | 1/2/2031 | 5026 |  |
|  Banyan Software Holdings, LLC | Delayed Draw Term Loan | 10/8/2027 | 55593 |  |
|  Barings CLO, Ltd. Tango | Structured Finance Obligations - Equity Instruments | 11/21/2026 | 3088 |  |
|  Bayshore Intermediate #2, LP | Revolver | 10/1/2027 | 20406 |  |
|  Bazaarvoice, Inc. | Revolver | 5/7/2029 | 60787 | (304) |
|  Beacon Dc, Ltd. | Delayed Draw Term Loan | 12/4/2027 | 1000 | (6) |
|  Beacon Dc, Ltd. | Revolver | 12/4/2032 | 680 |  |
|  Bimini Group Purchaser, Inc. | Revolver | 4/26/2031 | 29847 |  |
|  Biotouch Global Solutions, Inc. | Revolver | 8/27/2032 | 4721 |  |
|  Biotouch Global Solutions, Inc. | Delayed Draw Term Loan | 8/27/2027 | 29503 | (221) |
|  Blue Sky Buyer, LLC | Revolver | 2/28/2033 | 21308 |  |
|  Bluefin Holding, LLC | Revolver | 9/12/2029 | 7533 |  |
|  Brave Parent Holdings, Inc. | Revolver | 11/28/2030 | 57580 |  |
|  Brilliance Technologies, Inc. | Revolver | 3/11/2032 | 52952 | (265) |
|  Brilliance Technologies, Inc. | Delayed Draw Term Loan | 9/11/2027 | 109294 | (68) |
|  Businessolver.com, Inc. | Revolver | 12/3/2032 | 12611 | (63) |
|  Businessolver.com, Inc. | Delayed Draw Term Loan | 12/3/2027 | 28315 | (71) |
|  Caerus US 1, Inc. | Revolver | 5/25/2029 | 13975 |  |
|  Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 101715 |  |
|  Cambrex Corp. | Revolver | 3/5/2032 | 11582 |  |
|  Canadian Hospital Specialties, Ltd. | Revolver | 4/15/2027 | 2570 |  |
|  Carr Riggs & Ingram Capital, LLC | Revolver | 11/18/2031 | 3484 |  |
|  Carr Riggs & Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 15232 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Carval CLO XIII-C, Ltd. | Structured Finance Obligations - Equity Instruments | 6/24/2027 | $4781 | $— |
|  Castle Management Borrower, LLC | Revolver | 11/3/2029 | 2750 |  |
|  Castle Management Borrower, LLC | Delayed Draw Term Loan | 12/9/2027 | 20234 |  |
|  CCI Buyer, Inc. | Revolver | 5/13/2032 | 6767 | (68) |
|  CEP V Investment 11 S.à r.l. | Delayed Draw Term Loan | 9/1/2026 | 43967 | (495) |
|  CFGI Holdings, LLC | Revolver | 11/2/2029 | 19950 | (499) |
|  CFS Brands, LLC | Revolver | 10/2/2029 | 11726 |  |
|  Channelside AcquisitionCo, Inc. | Revolver | 3/31/2028 | 18758 | (281) |
|  Charger Debt Merger Sub, LLC | Delayed Draw Term Loan | 5/9/2027 | 30287 | (76) |
|  Charger Debt Merger Sub, LLC | Revolver | 5/31/2030 | 5300 |  |
|  Charger Debt Merger Sub, LLC | Delayed Draw Term Loan | 5/31/2026 | 2270 |  |
|  Chartwell Cumming Holding, Corp. | Revolver | 11/16/2029 | 44716 |  |
|  Chartwell Cumming Holding, Corp. | Delayed Draw Term Loan | 2/23/2028 | 30280 |  |
|  Cielo Bidco, Ltd. | Delayed Draw Term Loan | 3/31/2030 | 532 |  |
|  Cielo Bidco, Ltd. | Delayed Draw Term Loan | 3/31/2030 | 28 |  |
|  Cisive Holdings Corp. | Revolver | 12/7/2029 | 4445 | (89) |
|  Clearview Buyer, Inc. | Revolver | 2/26/2029 | 11857 |  |
|  CohnReznick Advisory, LLC | Delayed Draw Term Loan | 3/31/2027 | 318 | (7) |
|  Commander Buyer, Inc. | Revolver | 6/26/2032 | 29425 | (294) |
|  Commander Buyer, Inc. | Delayed Draw Term Loan | 6/26/2027 | 44138 | (221) |
|  Community Management Holdings Midco 2, LLC | Revolver | 11/1/2031 | 4992 |  |
|  Community Management Holdings Midco 2, LLC | Delayed Draw Term Loan | 7/8/2027 | 26042 |  |
|  Compsych Investments Corp. | Delayed Draw Term Loan | 7/22/2027 | 20230 | (910) |
|  Connatix Buyer, Inc. | Revolver | 7/14/2027 | 7169 |  |
|  Connatix Buyer, Inc. | Delayed Draw Term Loan | 4/9/2026 | 1565 |  |
|  Conservice Midco, LLC | Revolver | 2/25/2033 | 11272 | (107) |
|  Consor Intermediate II, LLC | Delayed Draw Term Loan | 5/10/2026 | 26219 | (48) |
|  Consor Intermediate II, LLC | Revolver | 5/10/2031 | 8888 |  |
|  Continental Buyer, Inc. | Revolver | 4/2/2031 | 4282 |  |
|  Continental Buyer, Inc. | Revolver | 4/2/2031 | 6862 | (34) |
|  Continental Buyer, Inc. | Delayed Draw Term Loan | 4/21/2028 | 6567 | (16) |
|  Continental Buyer, Inc. | Revolver | 4/2/2031 | 3283 | (16) |
|  Coupa Software, Inc. | Delayed Draw Term Loan | 6/3/2027 | 164 | (6) |
|  Coupa Software, Inc. | Revolver | 2/27/2029 | 126 | (8) |
|  CRC Insurance Group, LLC | Revolver | 5/6/2029 | 10243 |  |
|  CRCI Longhorn Holdings, Inc. | Revolver | 8/27/2031 | 11110 | (91) |
|  CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 8/27/2026 | 16678 |  |
|  Creek Parent, Inc. | Revolver | 12/18/2031 | 19175 | (336) |
|  Crewline Buyer, Inc. | Revolver | 11/8/2030 | 12745 |  |
|  Crimson FLS Acquisition, Inc. | Delayed Draw Term Loan | 2/18/2028 | 47403 |  |
|  Crimson FLS Acquisition, Inc. | Revolver | 2/18/2033 | 28658 |  |
|  Crumbl Enterprises, LLC | Revolver | 4/30/2032 | 6881 | (69) |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/30/2026 | 11634 |  |
|  CT Technologies Intermediate Holdings, Inc. | Revolver | 8/30/2031 | 34417 | (344) |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 5/23/2027 | 10132 |  |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/5/2027 | 10080 |  |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 5/23/2027 | 6774 |  |
|  CyrusOne Revolving Warehouse | Revolver | 7/2/2027 | 101171 |  |
|  Databricks, Inc. | Delayed Draw Term Loan | 1/5/2028 | 235000 | (1175) |
|  DCG Acquisition Corp. | Revolver | 6/13/2031 | 36470 | (365) |
|  DCG Acquisition Corp. | Delayed Draw Term Loan | 6/13/2026 | 10587 |  |
|  Denali Bidco, Ltd. | Delayed Draw Term Loan | 9/5/2027 | 300 | (3) |
|  Denali Intermediate Holdings, Inc. | Revolver | 8/26/2032 | 4972 | (50) |
|  Denali TopCo, LLC | Delayed Draw Term Loan | 8/26/2028 | 27099 | (135) |
|  Denali TopCo, LLC | Revolver | 8/26/2032 | 13007 | (65) |
|  Diligent Corp. | Delayed Draw Term Loan | 4/30/2026 | 50000 | (750) |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Diligent Corp. | Revolver | 8/2/2030 | $26000 | $— |
|  Discovery Education, Inc. | Revolver | 4/9/2029 | 29189 |  |
|  Divisions Holding Corp. | Revolver | 4/17/2032 | 8086 | (81) |
|  DM Intermediate Parent, LLC | Revolver | 9/30/2030 | 28484 |  |
|  DM Intermediate Parent, LLC | Delayed Draw Term Loan | 9/30/2026 | 1115 |  |
|  DM Intermediate Parent, LLC | Delayed Draw Term Loan | 12/19/2027 | 46086 |  |
|  Doit International, Ltd. | Delayed Draw Term Loan | 11/25/2026 | 66711 | (500) |
|  Doit International, Ltd. | Revolver | 11/26/2029 | 33356 |  |
|  DTA Intermediate II, Ltd. | Revolver | 3/27/2030 | 12961 |  |
|  DTI Holdco, Inc. | Revolver | 1/25/2029 | 16000 | (2801) |
|  Duro Dyne National Corp. | Delayed Draw Term Loan | 11/15/2026 | 34499 | (172) |
|  Duro Dyne National Corp. | Revolver | 11/15/2031 | 34499 |  |
|  Dwyer Instruments, LLC | Revolver | 7/20/2029 | 4040 |  |
|  Eagan Parent, Inc. | Delayed Draw Term Loan | 9/8/2027 | 5311 | (13) |
|  Eagan Parent, Inc. | Revolver | 9/8/2032 | 2833 | (14) |
|  East River Bidco, GmbH | Delayed Draw Term Loan | 3/26/2028 | 31 |  |
|  Eden Acquisitionco, Ltd. | Delayed Draw Term Loan | 11/17/2026 | 2146 | (29) |
|  Edison Bidco, AS | Delayed Draw Term Loan | 12/18/2026 | 679 |  |
|  Electro Switch Business Trust, LLC | Revolver | 9/2/2032 | 23430 | (234) |
|  ELK Bidco, Inc. | Delayed Draw Term Loan | 12/13/2027 | 14968 | (37) |
|  ELK Bidco, Inc. | Revolver | 6/13/2032 | 13471 | (67) |
|  EMB Purchaser, Inc. | Delayed Draw Term Loan | 2/12/2029 | 139253 |  |
|  EMB Purchaser, Inc. | Delayed Draw Term Loan | 3/13/2028 | 23285 |  |
|  EMB Purchaser, Inc. | Revolver | 3/12/2032 | 12206 |  |
|  Emergency Power Holdings, LLC | Delayed Draw Term Loan | 8/17/2027 | 12036 | (17) |
|  Endeavor Schools Holdings, LLC | Delayed Draw Term Loan | 1/3/2027 | 20926 |  |
|  Enstructure, LLC | Delayed Draw Term Loan | 6/10/2026 | 83228 | (624) |
|  ENV Bidco, AB | Delayed Draw Term Loan | 7/29/2026 | 31622 | (396) |
|  Essential Services Holding Corp. | Delayed Draw Term Loan | 6/17/2026 | 14519 | (73) |
|  Essential Services Holding Corp. | Revolver | 6/17/2030 | 5434 |  |
|  Everbridge Holdings, LLC | Delayed Draw Term Loan | 7/2/2026 | 5292 |  |
|  Everbridge Holdings, LLC | Revolver | 7/2/2031 | 3481 |  |
|  Excelitas Technologies Corp. | Revolver | 8/12/2028 | 14780 | (185) |
|  Experity, Inc. | Delayed Draw Term Loan | 9/13/2026 | 40111 | (201) |
|  Experity, Inc. | Revolver | 2/22/2030 | 17835 | (178) |
|  Falcon Parent Holdings, Inc. | Delayed Draw Term Loan | 8/15/2027 | 12467 | (94) |
|  Falcon Parent Holdings, Inc. | Revolver | 11/6/2031 | 11696 |  |
|  Fastener Distribution Holdings, LLC | Delayed Draw Term Loan | 10/31/2026 | 41834 |  |
|  Fern Bidco, Ltd. | Delayed Draw Term Loan | 7/3/2027 | 19787 |  |
|  Fern Bidco, Ltd. | Delayed Draw Term Loan | 3/15/2027 | 424917 |  |
|  Flatiron CLO 34, Ltd. | Structured Finance Obligations - Equity Instruments | 10/8/2026 | 3300 |  |
|  Flexera Software, LLC | Revolver | 8/15/2032 | 13582 | (34) |
|  Forterro Group, AB | Delayed Draw Term Loan | 6/28/2027 | 5415 |  |
|  Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 13219 |  |
|  Foundation Risk Partners Corp. | Delayed Draw Term Loan | 2/26/2027 | 7854 |  |
|  Frontgrade Technologies Holdings, Inc. | Revolver | 1/9/2028 | 464 |  |
|  Frontline Road Safety, LLC | Revolver | 3/4/2032 | 13878 | (69) |
|  Frontline Road Safety, LLC | Delayed Draw Term Loan | 3/4/2028 | 14243 |  |
|  FusionSite Midco, LLC | Revolver | 11/17/2029 | 7152 |  |
|  FusionSite Midco, LLC | Delayed Draw Term Loan | 4/30/2026 | 8810 |  |
|  G&A Partners Holding Company II, LLC | Revolver | 3/1/2030 | 6575 | (132) |
|  Galaxy CLO Warehouse 2025-1, Ltd. | Structured Finance Obligations - Equity Instruments | 10/8/2026 | 13875 |  |
|  Galway Borrower, LLC | Revolver | 9/29/2028 | 12616 |  |
|  Galway Borrower, LLC | Delayed Draw Term Loan | 2/7/2028 | 10913 | (27) |
|  Gatekeeper Systems, Inc. | Delayed Draw Term Loan | 8/27/2026 | 42075 |  |
|  Gatekeeper Systems, Inc. | Revolver | 8/28/2030 | 18477 | (647) |
|  GFT Infrastructure, Inc. | Revolver | 8/5/2030 | 22394 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  GGG Midco, LLC | Delayed Draw Term Loan | 4/1/2028 | $23360 | $— |
|  GGG Midco, LLC | Term Loan | 4/1/2033 | 56798 |  |
|  GGG Midco, LLC | Revolver | 4/1/2033 | 11451 |  |
|  GI Ranger Intermediate, LLC | Revolver | 10/29/2027 | 6480 |  |
|  Gigamon, Inc. | Revolver | 3/10/2028 | 25774 | (644) |
|  Granicus, Inc. | Revolver | 1/17/2031 | 4284 |  |
|  Granicus, Inc. | Delayed Draw Term Loan | 7/31/2026 | 679 | (7) |
|  Great Day Improvements, LLC | Revolver | 6/13/2030 | 3253 |  |
|  Grid Alliance Partners, LLC | Delayed Draw Term Loan | 7/1/2027 | 3688 | (28) |
|  Grid Alliance Partners, LLC | Revolver | 7/1/2030 | 13949 |  |
|  Griffon Bidco, Inc. | Delayed Draw Term Loan | 9/30/2027 | 21819 | (109) |
|  Griffon Bidco, Inc. | Revolver | 7/31/2031 | 21819 | (218) |
|  Ground Penetrating Radar Systems, LLC | Revolver | 1/2/2032 | 11776 |  |
|  Ground Penetrating Radar Systems, LLC | Delayed Draw Term Loan | 7/2/2027 | 20297 |  |
|  GS Acquisitionco, Inc. | Revolver | 5/25/2028 | 2140 |  |
|  GS Acquisitionco, Inc. | Delayed Draw Term Loan | 5/16/2027 | 3214 | (8) |
|  GTCR Everest Borrower, LLC | Revolver | 9/5/2029 | 3125 | (108) |
|  Guardian Bidco, Inc. | Delayed Draw Term Loan | 8/14/2028 | 3881 | (39) |
|  Gusto Sing Bidco Pte, Ltd. | Delayed Draw Term Loan | 11/15/2027 | 102 |  |
|  Helix TS, LLC | Delayed Draw Term Loan | 10/22/2027 | 34503 |  |
|  Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 12/11/2027 | 41940 | (105) |
|  High Street Buyer, Inc. | Revolver | 4/16/2027 | 4186 | (84) |
|  High Street Buyer, Inc. | Delayed Draw Term Loan | 7/18/2027 | 52310 |  |
|  HMH Education, Inc. | Revolver | 4/7/2027 | 11700 |  |
|  Home Service TopCo IV, Inc. | Revolver | 12/30/2027 | 19964 | (214) |
|  Horizon CTS Buyer, LLC | Revolver | 3/28/2032 | 25803 |  |
|  Horizon CTS Buyer, LLC | Delayed Draw Term Loan | 10/25/2027 | 33333 | (83) |
|  HPS Freshwater Warehouse Parent, Ltd. | Structured Finance Obligations - Equity Instruments | 10/8/2026 | 4703 |  |
|  Icefall Parent, Inc. | Revolver | 1/25/2030 | 8637 |  |
|  IEM New Sub 2, LLC | Delayed Draw Term Loan | 12/3/2027 | 62860 | (157) |
|  IEM New Sub 2, LLC | Delayed Draw Term Loan | 12/3/2027 | 76076 | (571) |
|  IG Investments Holdings, LLC | Revolver | 9/22/2028 | 55717 |  |
|  Imagine 360, LLC | Delayed Draw Term Loan | 9/18/2026 | 13684 | (68) |
|  Imagine 360, LLC | Revolver | 9/30/2028 | 8582 | (86) |
|  Inception Fertility Ventures, LLC | Delayed Draw Term Loan | 4/29/2026 | 61644 |  |
|  INK BC Bidco S.p.A. | Delayed Draw Term Loan | 7/16/2028 | 12638 |  |
|  Integrity Marketing Acquisition, LLC | Revolver | 8/25/2028 | 2861 |  |
|  Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan | 8/27/2026 | 8074 |  |
|  IQN Holding Corp. | Revolver | 5/2/2028 | 2309 |  |
|  IRI Group Holdings, Inc. | Revolver | 12/1/2028 | 110034 |  |
|  Iris Buyer, LLC | Revolver | 10/2/2029 | 7870 |  |
|  Iris Buyer, LLC | Delayed Draw Term Loan | 8/4/2026 | 3617 |  |
|  ISQ Hawkeye Holdco, Inc. | Delayed Draw Term Loan | 8/20/2026 | 1355 | (10) |
|  ISQ Hawkeye Holdco, Inc. | Revolver | 8/20/2030 | 476 |  |
|  Java Buyer, Inc. | Delayed Draw Term Loan | 2/6/2028 | 115453 |  |
|  Java Buyer, Inc. | Revolver | 12/15/2030 | 56623 |  |
|  Java Buyer, Inc. | Delayed Draw Term Loan | 2/6/2028 | 29343 |  |
|  Jeppesen Holdings, LLC | Revolver | 11/1/2032 | 17000 | (128) |
|  Jones Fish Hatcheries & Distributors, LLC | Revolver | 11/19/2032 | 4116 | (31) |
|  Jones Fish Hatcheries & Distributors, LLC | Delayed Draw Term Loan | 11/19/2027 | 16216 |  |
|  JS Parent, Inc. | Revolver | 4/24/2031 | 7880 | (39) |
|  JSG II, Inc. | Delayed Draw Term Loan | 9/30/2027 | 97949 | (245) |
|  JSG II, Inc. | Revolver | 9/30/2032 | 41978 | (210) |
|  JSS Holdings, Inc. | Delayed Draw Term Loan | 11/8/2026 | 136995 | (685) |
|  June Purchaser, LLC | Delayed Draw Term Loan | 11/29/2026 | 576 | (1) |
|  Kaseya, Inc. | Revolver | 3/20/2030 | 25000 | (2363) |
|  Kattegat Project Bidco, AB | Delayed Draw Term Loan | 10/5/2026 | 12225 | (163) |
|  Knight Acquireco, LLC | Delayed Draw Term Loan | 11/6/2027 | 23547 | (59) |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Knowledge Pro Buyer, Inc. | Delayed Draw Term Loan | 6/11/2027 | $4938 | $— |
|  Knowledge Pro Buyer, Inc. | Revolver | 12/10/2029 | 2497 |  |
|  Knowledge Pro Buyer, Inc. | Revolver | 12/10/2027 | 4594 | (46) |
|  Koala Investment Holdings, Inc. | Revolver | 8/29/2032 | 7575 | (76) |
|  Koala Investment Holdings, Inc. | Delayed Draw Term Loan | 2/29/2028 | 17044 | (85) |
|  Kona Buyer, LLC | Revolver | 7/23/2031 | 34452 | (172) |
|  Kona Buyer, LLC | Delayed Draw Term Loan | 6/27/2027 | 90826 | (454) |
|  KStone Buyer, Inc. | Revolver | 1/2/2032 | 20985 | (210) |
|  KStone Buyer, Inc. | Delayed Draw Term Loan | 1/2/2028 | 23316 |  |
|  Kwol Acquisition, Inc. | Revolver | 12/6/2029 | 1659 |  |
|  Kwor Acquisition, Inc. | Revolver | 2/28/2030 | 1093 |  |
|  Kwor Acquisition, Inc. | Delayed Draw Term Loan | 2/28/2027 | 1379 | (7) |
|  Loar Group, Inc. | Delayed Draw Term Loan | 9/30/2026 | 35000 |  |
|  Lobos Parent, Inc. | Delayed Draw Term Loan | 9/26/2028 | 9998 | (39) |
|  Lobos Parent, Inc. | Revolver | 9/26/2031 | 5180 | (39) |
|  Lobos Parent, Inc. | Revolver | 9/26/2031 | 2331 | (17) |
|  LogicMonitor, Inc. | Revolver | 11/19/2031 | 11450 | (143) |
|  LogicMonitor, Inc. | Delayed Draw Term Loan | 9/1/2027 | 15648 | (98) |
|  LPW Group Holdings, Inc. | Revolver | 3/15/2030 | 6566 |  |
|  Lsf12 Crown US Commercial Bidco, LLC | Revolver | 12/2/2029 | 24405 | (145) |
|  LSF12 Helix Parent, LLC | Revolver | 2/10/2031 | 36000 | (810) |
|  LSF12 Phoenix Holdco, LLC | Revolver | 3/25/2033 | 17500 | (297) |
|  Magic Bidco, Inc. | Delayed Draw Term Loan | 7/1/2026 | 14677 |  |
|  Magic Bidco, Inc. | Revolver | 7/1/2030 | 830 |  |
|  Magneto Components BuyCo, LLC | Revolver | 12/5/2029 | 8983 | (67) |
|  Mandolin Technology Intermediate Holdings, Inc. | Revolver | 4/30/2028 | 7855 |  |
|  MannKind Corp. | Delayed Draw Term Loan | 8/6/2027 | 29592 |  |
|  Mantech International, CP | Revolver | 9/14/2028 | 111612 |  |
|  Material Holdings, LLC | Revolver | 8/19/2027 | 3179 |  |
|  Material Holdings, LLC | Delayed Draw Term Loan | 8/19/2027 | 18165 |  |
|  Maverick Bidco, Inc. | Revolver | 12/2/2031 | 17099 | (64) |
|  Maverick Bidco, Inc. | Delayed Draw Term Loan | 12/2/2027 | 17351 |  |
|  Mavis Tire Express Services Topco, Corp. | Revolver | 5/4/2028 | 4388 |  |
|  MB2 Dental Solutions, LLC | Revolver | 2/13/2031 | 2151 |  |
|  Medline Borrower, LP | Revolver | 10/21/2026 | 17850 | (102) |
|  MEDX AMCP Holdings, LLC | Revolver | 7/21/2032 | 3952 | (40) |
|  MEDX AMCP Holdings, LLC | Delayed Draw Term Loan | 7/21/2027 | 9237 | (43) |
|  MHE Intermediate Holdings, LLC | Revolver | 7/21/2027 | 482 |  |
|  Minerva Bidco, Ltd. | Delayed Draw Term Loan | 12/2/2028 | 53627 | (404) |
|  Minotaur Acquisition, Inc. | Revolver | 5/10/2030 | 9910 |  |
|  ML Holdco, LLC | Delayed Draw Term Loan | 10/24/2027 | 17655 | (44) |
|  Modernizing Medicine, Inc. | Revolver | 4/30/2032 | 4208 | (42) |
|  More Cowbell II, LLC | Delayed Draw Term Loan | 9/3/2027 | 5872 | (27) |
|  More Cowbell II, LLC | Revolver | 9/1/2029 | 12971 |  |
|  MPG Parent Holdings, LLC | Revolver | 1/8/2030 | 2232 |  |
|  MPG Parent Holdings, LLC | Delayed Draw Term Loan | 1/8/2027 | 4065 |  |
|  MRH Trowe Beteiligungsgesellschaft mbH | Delayed Draw Term Loan | 5/15/2028 | 58 |  |
|  MRH Trowe Beteiligungsgesellschaft mbH | Revolver | 11/15/2031 | 35 |  |
|  MRI Software, LLC | Revolver | 2/10/2028 | 20436 |  |
|  MRI Software, LLC | Delayed Draw Term Loan | 10/2/2027 | 8711 |  |
|  Muzinich Enhanced Loan Origination Fund I, LP | Equity |  | 26571 |  |
|  Natus Medical, Inc. | Revolver | 7/21/2027 | 5250 |  |
|  NAVEX TopCo, Inc. | Delayed Draw Term Loan | 10/14/2027 | 57143 | (143) |
|  NAVEX TopCo, Inc. | Revolver | 10/14/2031 | 11668 | (213) |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 15767 |  |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 15767 |  |
|  NDC Acquisition Corp. | Revolver | 3/9/2028 | 2055 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  NDT Global Holding, Inc. | Revolver | 6/4/2032 | $9645 | $— |
|  NDT Global Holding, Inc. | Delayed Draw Term Loan | 6/4/2027 | 11371 |  |
|  Nephele III, BV | Delayed Draw Term Loan | 12/17/2027 | 28 |  |
|  Neptune Holdings, Inc. | Revolver | 8/31/2029 | 2000 | (50) |
|  Netsmart Technologies, Inc. | Delayed Draw Term Loan | 11/17/2027 | 18756 | (94) |
|  Netsmart Technologies, Inc. | Revolver | 8/23/2031 | 26555 | (266) |
|  Noble Midco 3, Ltd. | Delayed Draw Term Loan | 6/10/2027 | 9042 | (45) |
|  Noble Midco 3, Ltd. | Revolver | 12/10/2030 | 4672 |  |
|  North Haven Ushc Acquisition, Inc. | Revolver | 10/29/2027 | 1549 |  |
|  North Haven Ushc Acquisition, Inc. | Delayed Draw Term Loan | 8/28/2026 | 23938 |  |
|  Oak Funding, LLC | Delayed Draw Term Loan | 12/2/2027 | 13774 | (69) |
|  Octane Purchaser, Inc. | Revolver | 5/19/2032 | 35253 | (176) |
|  Octane Purchaser, Inc. | Delayed Draw Term Loan | 11/19/2027 | 88133 |  |
|  OEConnection, LLC | Revolver | 12/18/2032 | 4858 | (24) |
|  OEConnection, LLC | Delayed Draw Term Loan | 12/23/2028 | 18447 |  |
|  OEI, Inc. | Delayed Draw Term Loan | 12/29/2027 | 19722 | (74) |
|  OEI, Inc. | Revolver | 12/29/2031 | 7889 | (59) |
|  OMEGA II AB | Delayed Draw Term Loan | 6/17/2028 | 17930 | (45) |
|  ONS MSO, LLC | Revolver | 7/8/2028 | 1083 |  |
|  Onward Acquireco, Inc. | Revolver | 4/1/2033 | 23449 |  |
|  Onward Acquireco, Inc. | Delayed Draw Term Loan | 4/1/2028 | 56282 | (211) |
|  Optimizely North America, Inc. | Revolver | 10/30/2031 | 3007 | (30) |
|  Optus 1011, GmbH | Delayed Draw Term Loan | 11/30/2028 | 80234 | (797) |
|  Oxford Global Resources, Inc. | Revolver | 8/17/2027 | 9254 |  |
|  Paisley Bidco, Ltd. | Delayed Draw Term Loan | 5/7/2027 | 2102 | (8) |
|  PAS Parent, Inc. | Delayed Draw Term Loan | 8/18/2028 | 41432 | (207) |
|  PAS Parent, Inc. | Revolver | 8/18/2031 | 19250 | (192) |
|  Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 7135 | (143) |
|  Pave America Holding, LLC | Revolver | 8/27/2032 | 13115 |  |
|  Pave America Holding, LLC | Delayed Draw Term Loan | 8/29/2027 | 19064 |  |
|  PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 466 |  |
|  Penta CLO Beacon DAC | Structured Finance Obligations - Equity Instruments | 1/8/2027 | 10226 |  |
|  Petrus Buyer, Inc. | Revolver | 10/17/2029 | 3688 |  |
|  Phoenix 1 Buyer Corp. | Revolver | 11/20/2029 | 8349 |  |
|  Pike Electric Corp. | Revolver | 12/18/2032 | 39994 | (200) |
|  Pike Electric Corp. | Delayed Draw Term Loan | 12/19/2028 | 59991 | (150) |
|  Pikes Peak Bravo | Structured Finance Obligations - Equity Instruments | 9/5/2027 | 7540 |  |
|  PKF O'Connor Davies Advisory, LLC | Delayed Draw Term Loan | 11/18/2026 | 29837 |  |
|  PKF O'Connor Davies Advisory, LLC | Revolver | 11/15/2031 | 11413 |  |
|  Plasma Buyer, LLC | Delayed Draw Term Loan | 3/31/2027 | 4951 |  |
|  Polyphase Elevator Holding, Co. | Revolver | 11/24/2032 | 6000 | (45) |
|  Polyphase Elevator Holding, Co. | Delayed Draw Term Loan | 11/24/2027 | 1801 |  |
|  PPV Intermediate Holdings, LLC | Revolver | 8/31/2029 | 6194 |  |
|  PPV Intermediate Holdings, LLC | Delayed Draw Term Loan | 8/7/2026 | 11927 |  |
|  Profile Products, LLC | Revolver | 11/12/2027 | 3933 |  |
|  Profile Products, LLC | Revolver | 11/12/2027 | 3617 |  |
|  Project Leopard Holdings, Inc. | Revolver | 7/20/2027 | 8058 |  |
|  PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 4/9/2026 | 10213 |  |
|  QBS Parent, Inc. | Revolver | 6/3/2032 | 10967 |  |
|  QBS Parent, Inc. | Delayed Draw Term Loan | 6/3/2027 | 19959 |  |
|  QF Holdings, Inc. | Delayed Draw Term Loan | 12/29/2027 | 25096 | (63) |
|  QF Holdings, Inc. | Revolver | 12/15/2032 | 15058 | (75) |
|  Qualus Power Services Corp. | Delayed Draw Term Loan | 3/27/2028 | 11162 |  |
|  Qualus Power Services Corp. | Delayed Draw Term Loan | 3/27/2028 | 60000 | (150) |
|  R1 Holdings, LLC | Revolver | 12/29/2028 | 31 |  |
|  RailPros Parent, LLC | Delayed Draw Term Loan | 5/24/2027 | 5024 |  |
|  RailPros Parent, LLC | Revolver | 5/24/2032 | 3589 | (36) |

---

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##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair**<br>**Value** |
|  Rally Buyer, Inc. | Revolver | 7/19/2029 | $8438 | $— |
|  Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 200 | (4) |
|  Red Fox CD Acquisition Corp. | Delayed Draw Term Loan | 11/21/2026 | 16263 |  |
|  Redwood Services Group, LLC | Delayed Draw Term Loan | 1/3/2027 | 5467 |  |
|  Redwood Services Group, LLC | Delayed Draw Term Loan | 2/11/2028 | 95466 |  |
|  Regatta Kilo | Structured Finance Obligations - Equity Instruments | 12/27/2026 | 1673 |  |
|  Rhea Parent, Inc. | Revolver | 12/20/2030 | 28910 | (289) |
|  Riser Merger Sub, Inc. | Delayed Draw Term Loan | 6/4/2026 | 20947 |  |
|  Riser Merger Sub, Inc. | Revolver | 10/31/2029 | 18333 |  |
|  Riser Merger Sub, Inc. | Delayed Draw Term Loan | 4/15/2027 | 30262 | (151) |
|  Rocket Buyer, LLC | Delayed Draw Term Loan | 2/21/2028 | 58421 |  |
|  Rocket Buyer, LLC | Revolver | 2/18/2033 | 19408 |  |
|  Saber Parent Holdings Corp. | Revolver | 12/16/2032 | 48904 |  |
|  Saber Parent Holdings Corp. | Delayed Draw Term Loan | 12/16/2028 | 138406 | (346) |
|  Saber Parent Holdings Corp. | Letter of Credit | 3/16/2027 | 9053 |  |
|  Saber Power Services, LLC | Revolver | 10/21/2031 | 24892 |  |
|  SAFEbuilt, LLC | Delayed Draw Term Loan | 1/8/2028 | 21418 | (107) |
|  SAFEbuilt, LLC | Revolver | 1/8/2032 | 8032 | (80) |
|  Safety Borrower Holdings, LP | Revolver | 12/19/2032 | 5499 |  |
|  Safety Borrower Holdings, LP | Delayed Draw Term Loan | 12/19/2027 | 8254 | (21) |
|  Sam Holding Co, Inc. | Revolver | 3/24/2027 | 24000 |  |
|  Sam Holding Co, Inc. | Delayed Draw Term Loan | 11/5/2026 | 39200 |  |
|  Scorpio BidCo SAS | Delayed Draw Term Loan | 10/4/2026 | 7858 | (84) |
|  Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/19/2026 | 6989 |  |
|  Seahawk Bidco, LLC | Revolver | 12/19/2030 | 18461 |  |
|  Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/24/2027 | 121231 | (303) |
|  SEKO Global Logistics Network, LLC | Delayed Draw Term Loan | 5/10/2027 | 1350 |  |
|  Seven Bidco, SASU | Delayed Draw Term Loan | 8/29/2028 | 42456 | (210) |
|  Severin Acquisition, LLC | Delayed Draw Term Loan | 10/1/2027 | 52497 |  |
|  Severin Acquisition, LLC | Revolver | 10/1/2031 | 30353 |  |
|  SG Acquisition, Inc. | Revolver | 4/3/2030 | 13537 |  |
|  Signant Finance One, Ltd. | Revolver | 10/16/2031 | 39684 | (163) |
|  Signant Finance One, Ltd. | Delayed Draw Term Loan | 10/16/2027 | 95241 | (476) |
|  Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw Term Loan | 12/31/2026 | 1897 |  |
|  Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 12/31/2031 | 6041 | (60) |
|  SIQ Holdings III Corp. | Delayed Draw Term Loan | 12/19/2027 | 31595 |  |
|  SIQ Holdings III Corp. | Revolver | 12/19/2030 | 26770 |  |
|  Skylark UK Debtco, Ltd. | Delayed Draw Term Loan | 12/8/2028 | 5759 |  |
|  Smartronix, LLC | Revolver | 2/7/2030 | 12316 |  |
|  Smile Doctors, LLC | Revolver | 12/23/2027 | 51955 | (1818) |
|  Solis Midco, SAS | Delayed Draw Term Loan | 4/8/2029 | 145 |  |
|  Spaceship Purchaser, Inc. | Revolver | 10/17/2031 | 74961 | (598) |
|  Spaceship Purchaser, Inc. | Delayed Draw Term Loan | 10/17/2027 | 149081 | (359) |
|  SpecialtyCare, Inc. | Revolver | 12/18/2029 | 5935 | (59) |
|  SpecialtyCare, Inc. | Delayed Draw Term Loan | 8/26/2027 | 1794 |  |
|  Spectrum Safety Solutions Purchaser, LLC | Delayed Draw Term Loan | 7/1/2026 | 55574 |  |
|  Spectrum Safety Solutions Purchaser, LLC | Revolver | 7/1/2030 | 36325 |  |
|  Speedster Bidco, GmbH | Revolver | 6/10/2031 | 23253 | (2092) |
|  Stepping Stones Healthcare Services, LLC | Revolver | 1/5/2033 | 29560 | (607) |
|  Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 1/5/2028 | 48022 |  |
|  STV Group, Inc. | Revolver | 3/20/2030 | 11767 |  |
|  Sunshine Cadence Holdco, LLC | Revolver | 5/1/2030 | 32000 | (320) |
|  Tango Bidco, SAS | Delayed Draw Term Loan | 10/17/2027 | 5573 | (38) |
|  Tango Bidco, SAS | Delayed Draw Term Loan | 10/17/2027 | 5781 |  |
|  TEI Intermediate, LLC | Revolver | 12/13/2031 | 14888 |  |
|  TEI Intermediate, LLC | Delayed Draw Term Loan | 12/13/2026 | 16850 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair**<br>**Value** |
|  Teneo Holdings, LLC | Delayed Draw Term Loan | 7/31/2027 | $29443 | $— |
|  Teneo Holdings, LLC | Revolver | 7/31/2030 | 55951 |  |
|  Tennessee Bidco, Limited | Delayed Draw Term Loan | 7/1/2026 | 67244 |  |
|  The Fertility Partners, Inc. | Revolver | 9/16/2027 | 8300 | (278) |
|  The North Highland Co, LLC | Revolver | 12/20/2030 | 21049 |  |
|  The North Highland Co, LLC | Delayed Draw Term Loan | 12/20/2026 | 35521 | (178) |
|  Themis Solutions, Inc. | Revolver | 10/29/2032 | 46367 | (464) |
|  Themis Solutions, Inc. | Delayed Draw Term Loan | 10/29/2027 | 55641 | (556) |
|  Thermostat Purchaser III, Inc. | Revolver | 8/31/2028 | 8125 | (410) |
|  THG Acquisition, LLC | Delayed Draw Term Loan | 10/31/2026 | 9204 |  |
|  THG Acquisition, LLC | Revolver | 10/31/2031 | 5631 |  |
|  Three Rivers Buyer, Inc | Revolver | 11/3/2031 | 4560 | (57) |
|  Tricentis Operations Holdings, Inc. | Delayed Draw Term Loan | 2/11/2027 | 26482 | (132) |
|  Tricentis Operations Holdings, Inc. | Revolver | 2/11/2032 | 16551 | (166) |
|  Trinity Air Consultants Holdings Corp. | Delayed Draw Term Loan | 10/17/2027 | 42018 | (210) |
|  Trinity Air Consultants Holdings Corp. | Revolver | 6/29/2029 | 26249 | (112) |
|  Trinity Partners Holdings, LLC | Delayed Draw Term Loan | 6/30/2027 | 115743 |  |
|  Triple Lift, Inc. | Revolver | 5/5/2028 | 14295 | (1465) |
|  TRP Infrastructure Services, LLC | Delayed Draw Term Loan | 7/9/2027 | 30268 |  |
|  TTF Lower Intermediate, LLC | Revolver | 7/18/2029 | 20000 | (450) |
|  Unified Women's Healthcare, LP | Revolver | 6/18/2029 | 101845 |  |
|  Unified Women's Healthcare, LP | Delayed Draw Term Loan | 9/22/2027 | 12022 |  |
|  US Oral Surgery Management Holdco, LLC | Delayed Draw Term Loan | 12/13/2026 | 25538 |  |
|  US Oral Surgery Management Holdco, LLC | Revolver | 11/20/2028 | 15496 |  |
|  US Salt Investors, LLC | Revolver | 2/26/2033 | 7199 | (72) |
|  Varicent Parent Holdings Corp. | Delayed Draw Term Loan | 10/15/2027 | 9484 | (119) |
|  Varicent Parent Holdings Corp. | Revolver | 8/23/2031 | 12463 | (172) |
|  Varicent Parent Holdings Corp. | Delayed Draw Term Loan | 10/15/2027 | 6177 | (31) |
|  Veregy Consolidated, Inc. | Delayed Draw Term Loan | 4/16/2027 | 12398 |  |
|  Veregy Consolidated, Inc. | Revolver | 4/16/2031 | 29755 | (223) |
|  Victors CCC Buyer, LLC | Delayed Draw Term Loan | 9/2/2027 | 13656 |  |
|  Victors CCC Buyer, LLC | Revolver | 6/1/2029 | 29205 |  |
|  Victors Purchaser, LLC | Delayed Draw Term Loan | 12/23/2027 | 44586 | (111) |
|  Victors Purchaser, LLC | Revolver | 12/23/2032 | 84795 | (424) |
|  VS Buyer, LLC | Revolver | 10/12/2030 | 17045 | (888) |
|  Water Holdings Acquisition, LLC | Delayed Draw Term Loan | 7/31/2026 | 13067 |  |
|  West Monroe Partners, LLC | Revolver | 11/9/2027 | 70714 | (1414) |
|  West Star Aviation Acquisition, LLC | Revolver | 5/20/2032 | 19438 |  |
|  West Star Aviation Acquisition, LLC | Delayed Draw Term Loan | 5/20/2027 | 7559 |  |
|  WHCG Purchaser III, Inc. | Delayed Draw Term Loan | 8/2/2027 | 17234 |  |
|  World Insurance Associates, LLC | Delayed Draw Term Loan | 8/14/2026 | 17831 |  |
|  World Insurance Associates, LLC | Revolver | 4/3/2030 | 5073 | (75) |
|  WPEngine, Inc. | Revolver | 8/14/2029 | 8140 | (244) |
|  YA Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/1/2026 | 15548 |  |
|  YA Intermediate Holdings II, LLC | Revolver | 10/1/2031 | 6432 |  |
|  Zendesk, Inc. | Revolver | 11/22/2028 | 97650 |  |
|  Zenith AcquisitionCo, LLC | Revolver | 1/13/2033 | 16962 | (85) |
|  Zenith AcquisitionCo, LLC | Delayed Draw Term Loan | 1/12/2029 | 43314 |  |
|  Zeus, LLC | Revolver | 2/8/2030 | 5938 |  |
|  Zorro Bidco, Ltd. | Delayed Draw Term Loan | 8/13/2027 | 8243 |  |
|  **Total Unfunded Commitments** | **Total Unfunded Commitments** |  | $10828991 | $(47702) |

---

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

(9) The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(10) The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(11) The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(12) The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(13) The interest rate floor on these investments as of March 31, 2026 was 1.50%.

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

(14) The interest rate floor on these investments as of March 31, 2026 was 2.00%.

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

(16) Under the 1940 Act, the Company is generally deemed to "control" a portfolio company if the Company
owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an "affiliated person" of a
portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of March 31, 2026, the Company's controlled/affiliated and non-controlled/affiliated investments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31,<br>2025** | **Gross<br>Additions** | **Gross<br>Reductions** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Net Realized<br>Gain (Loss)** | **Fair Value as of<br>March 31, 2026** | **Total<br>Investment<br>Income** |
|  **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC | $22717 | $592 | $— | $— | $— | $23309 | $590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC | 3552 | 1209 | (10) |  |  | 4751 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC - Class A-3 Units | 4018 |  |  | (2251) |  | 1767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | 1218 |  |  | (320) |  | 898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMS Purchaser, LLC | 6449 | 105 |  |  |  | 6554 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMS Topco, LLC - Class A Common Units | 4844 |  |  | (948) |  | 3896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units | 1079456 | 148 | (1079785) | 20 | 161 |  | 18480 |
|  **Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | 7100 |  |  | (3) |  | 7097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Holdings, LP - LP Interest |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFCo, LLC (Benefytt Technologies, Inc.) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | 8285 |  |  | 207 |  | 8492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC |  | 201553 |  |  |  | 201553 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC |  | 98607 |  |  |  | 98607 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC - Class A Units |  | 129944 |  |  |  | 129944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pibb Member Holdings, LLC - LP Interest | 227678 |  |  |  |  | 227678 | 6188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pibb Member, LLC | 2193 |  | (34) | 21 |  | 2180 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | 237977 | 544 | (1536) | (16695) |  | 220290 | 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | 7895 | 4988 |  | 371 |  | 13254 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class C Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class A Preferred Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class A Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class B Preferred Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Real Estate Credit and Income Fund - Common Shares | 430975 | 55000 |  | 1341 |  | 487316 | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Lending Company, LLC - LLC Interest | 381241 | 15300 |  | (6) |  | 396535 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31,<br>2025** | **Gross<br>Additions** | **Gross<br>Reductions** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Net Realized<br>Gain (Loss)** | **Fair Value as of<br>March 31, 2026** | **Total<br>Investment<br>Income** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | $1681 | $— | $— | $(19) | $— | $1662 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRED Emerald JV LP - LP Interest | 1678745 | 21000 |  | (160068) |  | 1539677 | 54450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRED Verdelite JV LP - LP Interest | 113068 |  |  | (15919) |  | 97149 | 1275 |
|  **Total** | $4219092 | $528990 | $(1081365) | $(194269) | $161 | $3472609 | $100725 |

---

(17) Loan was on non-accrual status as of March 31, 2026.

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

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities
Act"), including investments in joint ventures but excluding Axsome Therapeutics, Inc.—Common Stock and Moderna, Inc.—Common Stock, and may be deemed to be "restricted securities." As of March 31, 2026, the
aggregate fair value of these securities is $80,466.7 million, or 178.67% of the Company's net assets. The initial acquisition dates have been included for such securities.

(20) The interest rate floor on these investments as of March 31, 2026 was 3.00%.

(21) These investments represent investments in investment funds ("Investee Funds"). As of March 31,
2026, details of these Investee Funds by investment strategy, the Company's unfunded commitment, and redemption restrictions put in place by the Investee Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investee Funds** | **Investee Fund Strategy** | **Unfunded<br>Commitment** | **Redemption<br>Frequency** | **Redemption<br>Lock-up Period** | **Fund Term** | **Fair Value** |
|  Blackstone Private Real Estate Credit and Income Fund | Real estate credit and income | $— | Quarterly |  | Perpetual | $487316 |
|  Muzinich Enhanced Loan Origination Fund I, LP | Corporate direct lending | 26571 |  |  | Nine years | 20745 |
|  |  | $26571 |  |  |  | $508061 |

---

Blackstone Private Real Estate Credit and Income Fund may, at the request of its shareholders, repurchase up to 5% of common shares outstanding based on aggregate net asset value as of the close of the previous calendar quarter, subject to approval by the Investee Fund's board of trustees and in accordance with policies as may be adopted by the Investee Fund's board of trustees in its sole discretion. <br>

(22) The interest rate floor on these investments as of March 31, 2026 was 1.75%.

**ADDITIONAL INFORMATION** 

**Foreign Currency Forward Contracts**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement<br>Date** | **Unrealized Appreciation<br>(Depreciation)** |
|  Deutsche Bank AG | USD | 634125 | CAD | 866500 | 6/25/2026 | $10945 |
|  Deutsche Bank AG | USD | 87060 | CHF | 67820 | 6/25/2026 | 1777 |
|  Goldman Sachs Bank USA | USD | 86092 | DKK | 557791 | 6/17/2026 | (214) |
|  BNP Paribas | USD | 131077 | EUR | 110200 | 5/21/2026 | 3875 |
|  Deutsche Bank AG | USD | 1223150 | EUR | 1050500 | 6/25/2026 | 8748 |
|  BNP Paribas | USD | 82547 | GBP | 60900 | 5/21/2026 | 2262 |
|  BNP Paribas | USD | 33896 | GBP | 25000 | 5/21/2026 | 938 |
|  Deutsche Bank AG | USD | 494308 | GBP | 368790 | 6/25/2026 | 8222 |
|  Goldman Sachs Bank USA | USD | 57950 | NOK | 562273 | 6/17/2026 | 298 |
|  BNP Paribas | USD | 1047 | NOK | 10000 | 5/21/2026 | 22 |
|  Goldman Sachs Bank USA | USD | 22991 | NZD | 39280 | 6/17/2026 | 508 |
|  Goldman Sachs Bank USA | USD | 178924 | SEK | 1668034 | 6/17/2026 | 3340 |
|  **Total Foreign Currency Forward Contracts** | **Total Foreign Currency Forward Contracts** | **Total Foreign Currency Forward Contracts** | **Total Foreign Currency Forward Contracts** | **Total Foreign Currency Forward Contracts** | **Total Foreign Currency Forward Contracts** | $40721 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

**Interest Rate Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Hedged Item** | **Company<br>Receives** | **Company Pays** | **Maturity<br>Date** | **Notional<br>Amount** | **Fair<br>Market<br>Value** | **Upfront<br>Payments /<br>Receipts** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation) <sup>(1)</sup>** |
|  Goldman Sachs Bank<br>USA <sup>(2)</sup> | December 2026 Notes | 2.63% | SOFR + 0.26% | 12/15/2026 | $625000 | $(6027) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $456 |
|  Deutsche Bank AG <sup>(2)</sup> | December 2026 Notes | 2.63% | SOFR + 0.26% | 12/15/2026 | 625000 | (5969) |  | 437 |
|  Deutsche Bank AG <sup>(2)</sup> | April 2026 UK Bonds | 4.87% | SONIA + 2.78% | 4/14/2026 | 250000 | (218) |  | 1370 |
|  Sumitomo Mitsui Banking Corporation <sup>(2)</sup> | May 2027 Notes | 5.61% | SOFR + 2.79% | 5/3/2027 | 625000 | (6222) |  | (1374) |
|  Goldman Sachs Bank USA | October 2027 Notes | 7.49% | SOFR + 3.72% | 10/11/2027 | 350000 | (70) |  | (2112) |
|  Sumitomo Mitsui Banking Corporation | November 2028 Notes | 7.30% | SOFR + 3.06% | 11/27/2028 | 500000 | 6997 |  | (4141) |
|  Goldman Sachs Bank<br>USA <sup>(2)</sup> | January 2031 Notes | 6.25% | SOFR + 2.46% | 1/25/2031 | 250000 | 1096 |  | (1788) |
|  BNP Paribas US | January 2031 Notes | 6.25% | SOFR + 2.47% | 1/25/2031 | 250000 | 1001 |  | (1783) |
|  Deutsche Bank AG <sup>(2)</sup> | July 2029 Notes | 5.95% | SOFR + 1.74% | 7/16/2029 | 500000 | 8960 |  | (4221) |
|  BNP Paribas US | September 2027 Notes | 4.95% | SOFR + 1.69% | 9/26/2027 | 400000 | (2812) |  | (1914) |
|  Sumitomo Mitsui Banking Corporation | April 2030 Notes | 5.25% | SOFR + 2.01% | 4/1/2030 | 400000 | (5953) |  | (2349) |
|  Morgan Stanley <sup>(2)</sup> | November 2029 Notes | 5.60% | SOFR + 1.64% | 11/22/2029 | 400000 | 4381 |  | (3156) |
|  Deutsche Bank AG <sup>(2)</sup> | November 2034 Notes | 6.00% | SOFR + 2.04% | 11/22/2034 | 600000 | 4438 |  | (3477) |
|  Wells Fargo | November 2034 Notes | 6.00% | SOFR + 2.26% | 11/22/2034 | 200000 | (1743) |  | (1001) |
|  Deutsche Bank AG <sup>(2)</sup> | January 2032 Notes | 6.00% | SOFR + 1.83% | 1/29/2032 | 500000 | 11717 |  | (3939) |
|  Goldman Sachs Bank<br>USA <sup>(2)</sup> | January 2032 Notes | 6.00% | SOFR + 1.83% | 1/29/2032 | 500000 | 11578 |  | (3933) |
|  Wells Fargo | November 2028 Notes | 7.30% | SOFR + 3.20% | 11/27/2028 | 150000 | 1614 |  | (1191) |
|  Goldman Sachs Bank<br>USA <sup>(2)</sup> | March 2031<br>5.54% Notes | 5.54% | SOFR + 1.67% | 3/25/2031 | 500000 | 4607 |  | (3593) |
|  Deutsche Bank AG <sup>(2)</sup> | March 2033 Notes | 5.79% | SOFR + 1.89% | 3/25/2033 | 500000 | 4025 |  | (3305) |
|  Morgan Stanley <sup>(2)</sup> | September 2030 Notes | 5.05% | SOFR + 1.68% | 9/10/2030 | 250000 | (2965) |  | (1526) |
|  BNP Paribas US <sup>(2)</sup> | September 2030 Notes | 5.05% | SOFR + 1.68% | 09/10/2030 | 250000 | (3001) |  | (1524) |
|  Deutsche Bank AG <sup>(2)</sup> | July 2029 Notes | 5.95% | SOFR + 2.44% | 07/16/2029 | 400000 | (1545) |  | (2717) |
|  Wells Fargo | January 2031 Notes | 6.25% | SOFR + 2.70% | 01/25/2031 | 100000 | (596) |  | (660) |
|  Deutsche Bank AG <sup>(2)</sup> | January 2032<br>Series 2026A Notes | 5.94% | SOFR + 2.41% | 01/08/2032 | 210000 | (2044) |  | (1404) |
|  BNP Paribas US <sup>(2)</sup> | March 2031<br>5.350% Notes | 5.35% | SOFR + 1.86% | 03/12/2031 | 350000 | (2806) |  | (2806) |
|  Sumitomo Mitsui Banking Corporation <sup>(2)</sup> | March 2031<br>5.350% Notes | 5.35% | SOFR + 1.86% | 03/12/2031 | 350000 | (2774) |  | (2774) |
|  **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | $15669 | $— | $(54425) |

---

(1) For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in
Interest expense in the Condensed Consolidated Statements of Operations.

(2) Centrally cleared interest rate swap. All other interest rate swaps are bilateral.

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

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt** |  | |  | | | | | | |
| **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.37% | 7/25/2025 | 5/25/2029 | $41085 | $29763 | $21285 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.37% | 7/25/2025 | 5/25/2029 | 5963 | 4310 | 3089 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (4)(10)(17) | SOFR + 4.25% | 8.37% | 7/25/2025 | 5/25/2029 | 36437 | 24865 | 16579 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (4)(5)(7)(10) | P + 3.00% | 9.75% | 7/25/2025 | 5/25/2029 | 13086 | 7787 | 12762 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corfin Holdings, Inc. | (4)(10) | SOFR + 5.25% | 9.07% | 1/7/2021 | 12/27/2027 | 32134 | 32115 | 32134 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corfin Holdings, Inc. | (4)(10) | SOFR + 5.25% | 9.07% | 1/10/2025 | 12/27/2027 | 138318 | 137386 | 138318 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 10/31/2024 | 11/4/2031 | 173694 | 172245 | 173694 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | (4)(7)(10) | SOFR + 4.75% | 8.42% | 10/31/2024 | 11/4/2031 | 26178 | 25785 | 26178 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontgrade Technologies Holdings, Inc. | (4)(7)(10) | SOFR + 5.25% | 9.13%<br>(incl. 1.50%<br>PIK) | 1/9/2023 | 1/9/2030 | 2405 | 2361 | 2355 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontgrade Technologies Holdings, Inc. | (4)(5)(10) | SOFR + 5.25% | 9.12%<br>(incl. 1.50%<br>PIK) | 3/18/2025 | 1/9/2030 | 354 | 351 | 347 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontgrade Technologies Holdings, Inc. | (4)(5)(10) | SOFR + 5.00% | 8.94% | 7/7/2025 | 1/9/2030 | 92 | 92 | 90 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 3/28/2025 | 3/29/2032 | 67307 | 66463 | 66758 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer, LLC | (4)(5)(10) | SOFR + 4.75% | 8.42% | 10/25/2025 | 3/29/2032 | 80000 | 79610 | 79600 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer, LLC | (4)(5)(10) | SOFR + 4.75% | 8.42% | 3/28/2025 | 3/29/2032 | 11689 | 11585 | 11630 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc. | (6)(8) | SOFR + 3.50% | 7.17% | 4/1/2025 | 4/1/2032 | 24875 | 24653 | 25139 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loar Group, Inc. | (4)(6)(7)(11) | SOFR + 4.25% | 7.97% | 7/28/2022 | 5/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280968 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loar Group, Inc. | (4)(6)(11) | SOFR + 4.25% | 7.97% | 12/23/2025 | 5/10/2030 | 445000 | 436146 | 445000 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components BuyCo, LLC | (4)(7)(10) | SOFR + 6.00% | 9.67% | 12/5/2023 | 12/5/2030 | 54797 | 53710 | 54319 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 3.75% | 7.69% | 2/1/2021 | 2/1/2028 | 14171 | 14184 | 13182 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (6)(8) | SOFR + 2.50% | 6.22% | 11/28/2023 | 2/28/2031 | 8867 | 8889 | 8911 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (6)(8) | SOFR + 2.50% | 6.22% | 8/22/2025 | 8/19/2032 | 2993 | 2996 | 3008 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Aerospace Services Corp. | (6)(10) | SOFR + 2.25% | 5.97% | 12/6/2021 | 12/6/2030 | 11556 | 11524 | 11637 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | (4)(10) | SOFR + 4.50% | 8.22% | 5/20/2025 | 5/20/2032 | 154099 | 153046 | 154099 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.22% | 5/20/2025 | 5/20/2032 | 3240 | 3092 | 3240 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.22% | 5/20/2025 | 5/20/2032 | $15081 | $14918 | $15081 | 0.03% |
|  |  |  |  |  |  |  | 1596326 | 1599403 | 3.33 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGI-CFI Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.57% | 6/11/2021 | 6/11/2027 | 227048 | 225993 | 227048 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGI-CFI Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.57% | 12/21/2021 | 6/11/2027 | 50918 | 50650 | 50918 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGI-CFI Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.57% | 7/25/2022 | 6/11/2027 | 92784 | 92236 | 92784 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGI-CFI Holdings, Inc. | (4)(5)(10) | SOFR + 4.75% | 8.57% | 3/19/2025 | 6/11/2027 | 24157 | 24079 | 24157 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENV Bidco, AB | (4)(6)(7)(8) | E + 5.00% | 7.02% | 12/12/2024 | 7/27/2029 | 114257 | 114418 | 133873 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENV Bidco, AB | (4)(6)(10) | SOFR + 5.00% | 8.69% | 12/12/2024 | 7/27/2029 | 114097 | 112756 | 114097 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Purchaser, Inc. | (4)(11) | SOFR + 6.25% | 10.24% | 1/7/2021 | 12/9/2027 | 27119 | 26937 | 24678 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Purchaser, Inc. | (4)(11) | SOFR + 6.25% | 10.24% | 2/4/2022 | 12/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122520 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings, LLC | (4)(5)(7)(11) | SOFR + 6.25% | 9.95% | 12/30/2022 | 12/29/2028 | 1320 | 1301 | 1260 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWL Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.57% | 12/13/2021 | 12/31/2028 | 267372 | 265098 | 248656 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + 10.00% | 13.82%<br>PIK | 11/27/2024 | 11/27/2029 | 10327 | 10195 | 10327 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + 7.00% | 10.82%<br>PIK | 11/27/2024 | 5/27/2030 | 31081 | 31081 | 31081 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(5)(7)(11) | SOFR + 10.50% | 14.36%<br>(incl. 9.50%<br>PIK) | 11/10/2025 | 11/27/2029 | 2400 | 2394 | 2400 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Kenan Advantage Group, Inc. | (8) | SOFR + 3.25% | 6.97% | 8/6/2024 | 1/25/2029 | 7470 | 7470 | 7418 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (10) | SOFR + 4.00% | 7.67% | 11/8/2024 | 7/26/2028 | 19442 | 19396 | 19555 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 3/21/2025 | 7/26/2028 | 83882 | 82753 | 84197 | 0.18 |
|  |  |  |  |  |  |  | 1200204 | 1194969 | 2.52 |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada | (6)(8) | SOFR + 2.00% | 5.72% | 3/21/2024 | 3/14/2031 | 6228 | 6217 | 6277 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (6)(8) | SOFR + 2.25% | 6.13% | 4/4/2025 | 4/20/2028 | 8458 | 8277 | 8488 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Management Holding, Inc. | (6)(8) | SOFR + 3.75% | 7.74% | 4/1/2025 | 4/1/2031 | 17769 | 17652 | 17965 | 0.04 |
|  |  |  |  |  |  |  | 32146 | 32730 | 0.07 |
| **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (6)(8) | SOFR + 2.50% | 6.22% | 7/16/2024 | 5/6/2030 | 4834 | 4805 | 4846 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (6)(8) | SOFR + 2.75% | 6.47% | 4/10/2025 | 1/28/2032 | 8615 | 8412 | 8670 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dellner Couplers Group, AB | (5)(6)(8) | E + 5.43% | 7.32% | 6/20/2024 | 6/18/2029 | 23500 | 25043 | 27712 | 0.06 |
|  |  |  |  |  |  |  | 38260 | 41228 | 0.09 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc. | (9) | SOFR + 2.25% | 5.92% | 1/31/2025 | 3/31/2028 | $43866 | $43866 | $44042 | 0.09% |
|  **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. | (4)(5)(6)(10) | SOFR + 4.75% | 8.42% | 5/6/2025 | 5/8/2030 | 60260 | 59736 | 60260 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. | (4)(5)(6)(7)(10) | SOFR + 4.00% | 7.69% | 5/6/2025 | 5/8/2030 | 35152 | 34999 | 35152 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. | (8) | SOFR + 2.00% | 5.97% | 1/7/2021 | 11/15/2027 | 37 | 37 | 37 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp. | (4)(5)(6)(7)(14) | SOFR + 4.75% | 8.53% | 8/6/2025 | 8/6/2030 | 88776 | 87347 | 87593 | 0.18 |
|  |  |  |  |  |  |  | 182119 | 183042 | 0.38 |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (6)(8) | SOFR + 2.50% | 6.17% | 6/26/2024 | 7/1/2031 | 6930 | 6930 | 6968 | 0.01 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. | (6)(9) | SOFR + 5.63% | 9.38% | 7/25/2022 | 8/1/2028 | 25220 | 25036 | 20050 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. | (6)(9) | SOFR + 3.25% | 7.10% | 4/15/2021 | 4/12/2028 | 4767 | 4753 | 3759 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ES Group Holdings III, Ltd. | (4)(6)(8) | E + 5.75% | 7.77% | 11/22/2021 | 4/23/2028 | 30879 | 33812 | 29032 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ES Group Holdings III, Ltd. | (4)(6)(10) | SOFR + 5.75% | 9.67% | 11/22/2021 | 4/23/2028 | 64562 | 63909 | 51649 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + 6.00% | 9.82% | 2/26/2021 | 2/26/2027 | 108443 | 108072 | 104376 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Day Improvements, LLC | (4)(13) | SOFR + 5.50% | 9.33% | 6/13/2024 | 6/13/2030 | 35783 | 35252 | 34351 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Day Improvements, LLC | (4)(5)(7)(13) | SOFR + 5.50% | 9.35% | 6/13/2024 | 6/13/2030 | 1183 | 1095 | 946 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | (6)(8) | SOFR + 2.00% | 5.67% | 6/16/2025 | 1/24/2029 | 916 | 918 | 921 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacuzzi Brands, LLC | (4)(10) | SOFR + 6.00% | 9.82% | 1/7/2021 | 2/25/2027 | 43474 | 43378 | 40214 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacuzzi Brands, LLC | (4)(10) | SOFR + 6.00% | 9.82% | 4/20/2022 | 2/25/2027 | 187540 | 186986 | 173474 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacuzzi Brands, LLC | (4)(10) | SOFR + 6.00% | 9.82% | 1/7/2021 | 2/25/2027 | 6319 | 6304 | 5845 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, LLC | (6)(8) | SOFR + 2.50% | 6.32% | 6/16/2025 | 8/3/2030 | 1297 | 1292 | 1301 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L&S Mechanical Acquisition, LLC | (4)(10) | SOFR + 6.25% | 10.09% | 9/1/2021 | 9/1/2027 | 134120 | 133194 | 128755 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition, LLC | (10) | SOFR + 3.75% | 7.58% | 6/6/2024 | 6/6/2031 | 40346 | 40037 | 37955 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II, LLC | (8) | SOFR + 2.75% | 6.47% | 3/28/2024 | 3/28/2031 | 4444 | 4462 | 4454 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Acquisitionco, LLC | (9) | SOFR + 4.25% | 7.92% | 4/29/2022 | 4/29/2029 | 2947 | 2955 | 2130 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + 6.50% | 10.32% | 1/7/2021 | 12/29/2026 | $59362 | $59179 | $48826 | 0.10% |
|  |  |  |  |  |  |  | 750634 | 688038 | 1.42 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury, LLC | (6)(8) | SOFR + 3.50% | 7.39% | 2/27/2025 | 2/27/2032 | 92247 | 92089 | 87174 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc. | (6)(8) | SOFR + 3.00% | 6.72% | 11/20/2025 | 8/9/2030 | 11273 | 11262 | 11330 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FFML Holdco, Ltd. | (4)(6)(10) | B + 4.50% | 7.03% | 11/11/2022 | 11/30/2028 | 36150 | 21936 | 20761 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC | (8) | SOFR + 2.50% | 6.22% | 1/31/2025 | 9/15/2031 | 16819 | 16787 | 16866 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower, LLC | (6)(7)(8) | SOFR + 2.75% | 6.42% | 7/25/2025 | 9/5/2031 | 16244 | 15994 | 16313 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC | (6)(8) | SOFR + 2.00% | 5.82% | 5/29/2025 | 12/15/2031 | 992 | 981 | 989 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc. | (6)(8) | SOFR + 3.00% | 6.60% | 8/22/2025 | 7/30/2032 | 5000 | 4998 | 5027 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. | (5)(11) | SOFR + 6.50% | 10.43% | 12/29/2023 | 10/30/2028 | 3883 | 3860 | 3155 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Situs-AMC Holdings Corporation | (4)(10) | SOFR + 5.50% | 9.17% | 5/14/2025 | 5/14/2031 | 43972 | 43829 | 43972 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superannuation & Investments US, LLC | (6)(9) | SOFR + 3.00% | 6.72% | 7/18/2025 | 12/1/2028 | 12894 | 12857 | 12991 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Edelman Financial Engines Center, LLC | (6)(8) | SOFR + 3.00% | 6.72% | 6/5/2024 | 4/7/2028 | 19679 | 19683 | 19805 | 0.04 |
|  |  |  |  |  |  |  | 244276 | 238383 | 0.49 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Next Generation, Inc. | (8) | SOFR + 2.75% | 6.20% | 11/5/2025 | 11/29/2030 | 6905 | 6921 | 6928 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Maroon Holdings, LLC | (6)(8) | SOFR + 3.25% | 7.02% | 8/22/2025 | 3/3/2031 | 2985 | 2985 | 2940 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 6/13/2024 | 6/13/2031 | 236778 | 234696 | 233940 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derby Buyer, LLC | (6)(9) | SOFR + 3.00% | 6.75% | 12/13/2024 | 11/1/2030 | 6387 | 6387 | 6414 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formulations Parent Corp. | (8) | SOFR + 4.00% | 7.93% | 4/10/2025 | 4/9/2032 | 13965 | 13840 | 13974 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nouryon USA, LLC | (6)(8) | SOFR + 3.25% | 7.04% | 10/30/2025 | 4/3/2028 | 3491 | 3495 | 3498 | 0.01 |
|  |  |  |  |  |  |  | 268324 | 267694 | 0.56 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access CIG, LLC | (9) | SOFR + 4.00% | 7.72% | 8/15/2025 | 8/19/2030 | 42976 | 42654 | 41579 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticimex, Inc. | (6)(8) | SOFR + 2.90% | 6.56% | 11/21/2025 | 11/17/2031 | 5571 | 5572 | 5606 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armor Holdco, Inc. | (6)(9) | SOFR + 3.75% | 7.55% | 11/20/2025 | 12/10/2031 | 6299 | 6299 | 6334 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra Service Partners, LLC | (4)(7)(10) | SOFR + 4.50% | 8.34% | 11/26/2025 | 11/26/2032 | 164406 | 162990 | 162970 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bazaarvoice, Inc. | (4)(7)(8) | SOFR + 4.50% | 8.09% | 5/7/2021 | 5/7/2029 | 403329 | 403329 | 403329 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | (4)(11) | SOFR + 5.00% | 8.72% | 12/20/2024 | 10/2/2030 | 217892 | 214937 | 217892 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | (4)(5)(7)(11) | P + 5.00% | 8.87% | 10/2/2023 | 10/2/2029 | 16458 | 16058 | 16458 | 0.03 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** |  | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (8) |  | SOFR + 3.75% | 7.47% | 7/2/2025 | 7/9/2032 | $14499 | $14422 | $14554 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divisions Holding Corp. | (4)(7)(10) |  | SOFR + 4.50% | 8.17% | 4/17/2025 | 4/17/2032 | 92759 | 91856 | 92678 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EAB Global, Inc. | (9) |  | SOFR + 3.00% | 6.72% | 8/16/2021 | 8/16/2030 | 13206 | 13192 | 11775 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ELK Bidco, Inc. | (4)(5)(7)(9) |  | SOFR + 4.50% | 8.50% | 6/13/2025 | 6/14/2032 | 71665 | 71238 | 71381 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | (4)(5)(7)(10) |  | SOFR + 4.50% | 8.34% | 3/13/2025 | 3/12/2032 | 54280 | 53479 | 54097 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | (4)(10) |  | SOFR + 4.50% | 8.23% | 3/13/2025 | 3/12/2032 | 147777 | 146472 | 147777 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundational Education Group, Inc. | (9) |  | SOFR + 3.75% | 7.85% | 8/31/2021 | 8/31/2028 | 8777 | 8744 | 8114 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FusionSite Midco, LLC | (4)(11) |  | SOFR + 5.25% | 9.18% | 4/30/2025 | 11/17/2029 | 100689 | 99667 | 100689 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FusionSite Midco, LLC | (4)(5)(7)(11) |  | SOFR + 5.25% | 9.37% | 4/30/2025 | 11/17/2029 | 32710 | 32074 | 32434 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garda World Security, Corp. | (6) |)(8) | SOFR + 3.00% | 6.75% | 2/7/2025 | 2/1/2029 | 20706 | 20706 | 20820 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gatekeeper Systems, Inc. | (4)(10) |  | SOFR + 5.00% | 8.72% | 8/27/2024 | 8/28/2030 | 249507 | 246603 | 242645 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gatekeeper Systems, Inc. | (4)(7)(10) |  | SOFR + 5.00% | 8.72% | 8/27/2024 | 8/28/2030 | 20087 | 19171 | 17887 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBT US III, LLC | (6)(8) |  | SOFR + 2.50% | 6.36% | 2/4/2025 | 7/25/2031 | 3960 | 3960 | 3978 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental Services USA, Inc. | (6)(8) |  | SOFR + 2.50% | 6.27% | 4/11/2025 | 3/3/2032 | 2187 | 2165 | 2199 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gorilla Investor, LLC | (4)(10) |  | SOFR + 5.00% | 8.67% | 9/26/2024 | 9/30/2031 | 165152 | 162441 | 163501 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | (4)(10) |  | SOFR + 4.50% | 8.17% | 1/2/2025 | 1/2/2032 | 120250 | 119219 | 120250 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | (4)(5)(7)(10) |  | SOFR + 4.50% | 8.19% | 1/2/2025 | 1/2/2032 | 3552 | 3333 | 3552 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(11) |  | SOFR + 5.25% | 9.09% | 10/2/2023 | 10/2/2030 | 53991 | 52983 | 53991 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(5)(11) |  | SOFR + 5.25% | 8.92% | 10/2/2023 | 10/2/2030 | 5091 | 5012 | 5091 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(5)(7)(11) |  | SOFR + 5.25% | 8.92% | 2/4/2025 | 10/2/2030 | 7858 | 7605 | 7858 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer, LLC | (4)(5)(11) |  | SOFR + 5.25% | 8.92% | 7/16/2025 | 10/2/2030 | 2190 | 2169 | 2190 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISQ Hawkeye Holdco, Inc. | (4)(5)(10) |  | SOFR + 4.68% | 8.43% | 8/20/2024 | 8/20/2031 | 8721 | 8587 | 8721 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISQ Hawkeye Holdco, Inc. | (4)(5)(7)(10) |  | SOFR + 4.68% | 8.43% | 8/20/2024 | 8/20/2030 | 567 | 548 | 567 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(10) |  | SOFR + 5.00% | 8.94% | 12/15/2021 | 12/15/2027 | 136616 | 135764 | 136616 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(10) |  | SOFR + 5.00% | 8.94% | 11/9/2023 | 12/15/2027 | 53406 | 52734 | 53406 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(10) |  | SOFR + 5.00% | 8.94% | 12/15/2021 | 12/15/2027 | 94823 | 94279 | 94823 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(7)(10) |  | SOFR + 5.00% | 8.67% | 6/28/2024 | 12/15/2027 | 80195 | 79858 | 80195 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(5)(7)(10) |  | SOFR + 5.00% | 8.82% | 5/9/2025 | 12/15/2027 | 49367 | 48726 | 49367 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Fish Hatcheries & Distributors, LLC | (4)(5)(7)(10) |  | SOFR + 4.25% | 8.13% | 11/19/2025 | 11/19/2032 | 16464 | 16181 | 16176 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSG II, Inc. | (4)(7)(10) |  | SOFR + 4.50% | 8.23% | 9/30/2025 | 9/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351513 | 0.74 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.69%<br>(incl. 2.75%<br>PIK) | 12/29/2021 | 11/8/2031 | $244420 | $242815 | $244420 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.69%<br>(incl. 2.75%<br>PIK) | 1/7/2021 | 11/8/2031 | 46790 | 46431 | 46790 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.67%<br>(incl. 2.75%<br>PIK) | 11/8/2024 | 11/8/2031 | 584376 | 578957 | 583691 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowledge Pro Buyer, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.32% | 12/10/2021 | 12/10/2029 | 110483 | 109733 | 110437 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + 5.50% | 9.44% | 10/19/2021 | 10/19/2028 | 46001 | 45633 | 40021 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + 5.50% | 9.53% | 10/19/2021 | 10/19/2028 | 20523 | 20360 | 17855 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lsf12 Crown US Commercial Bidco, LLC | (7)(8) | SOFR + 3.50% | 7.37% | 7/14/2025 | 12/2/2031 | 94463 | 91422 | 95136 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 4.25% | 8.22% | 7/29/2025 | 11/7/2030 | 46904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62339 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (8) | SOFR + 2.75% | 6.45% | 1/26/2024 | 12/31/2032 | 7933 | 7973 | 7974 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex Baltimore Buyer, Inc. | (4)(10)(18) | SOFR + 5.27% | 8.99% | 12/1/2021 | 12/1/2027 | 187232 | 186026 | 187232 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex Baltimore Buyer, Inc. | (4)(7)(10)(18) | SOFR + 4.75% | 8.47% | 12/1/2021 | 12/1/2027 | 216950 | 215167 | 216950 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding, Co. | (4)(5)(10) | SOFR + 5.00% | 8.67% | 11/24/2025 | 11/24/2032 | 15922 | 15796 | 15802 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding, Co. | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 11/24/2025 | 11/24/2032 | 3037 | 2954 | 2938 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (6)(8) | SOFR + 2.00% | 6.13% | 11/20/2024 | 10/13/2030 | 1330 | 1330 | 1334 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (6)(8) | SOFR + 1.75% | 5.58% | 4/4/2025 | 3/7/2032 | 6451 | 6340 | 6443 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RailPros Parent, LLC | (4)(5)(7)(10) | SOFR + 4.25% | 8.13% | 5/22/2025 | 5/24/2032 | 23268 | 22991 | 23080 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saber Parent Holdings Corp. | (4)(7)(8) | SOFR + 4.50% | 8.21% | 12/16/2025 | 12/16/2032 | 501723 | 498542 | 498522 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIQ Holdings III Corp. | (4)(10) | SOFR + 4.75% | 9.20% | 12/19/2025 | 12/19/2032 | 129254 | 127966 | 127961 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIQ Holdings III Corp. | (4)(5)(7)(10) | SOFR + 4.75% | 9.23% | 12/19/2025 | 12/19/2030 | 1953 | 1382 | 1379 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEI Intermediate, LLC | (4)(10) | SOFR + 5.25% | 8.85%****<br> (incl. 2.88%<br>PIK) | 12/13/2024 | 12/15/2031 | 147377 | 146134 | 147377 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEI Intermediate, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.63% | 12/13/2024 | 12/15/2031 | 11871 | 11464 | 11871 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, LLC | (4)(10) | SOFR + 5.00% | 8.72% | 6/20/2024 | 6/20/2030 | 74619 | 74063 | 74619 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.72% | 6/20/2024 | 6/20/2030 | 20401 | 20143 | 20401 | 0.04 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.49% | 7/17/2025 | 6/20/2030 | $8764 | $8666 | $8721 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRC Cos, LLC | (8) | SOFR + 3.00% | 6.72% | 1/14/2025 | 12/8/2028 | 26525 | 26525 | 26641 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaco Holdings, Inc. | (10) | SOFR + 5.00% | 8.82% | 1/21/2022 | 1/22/2029 | 8848 | 8829 | 7241 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veregy Consolidated, Inc. | (4)(7)(10) | SOFR + 4.25% | 8.14% | 4/16/2025 | 4/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140405 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition, LLC | (4)(10) | SOFR + 5.25% | 9.07%<br>(incl. 2.75%<br>PIK) | 7/31/2024 | 7/31/2031 | 192865 | 191348 | 192865 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 9.07%<br>(incl. 2.75%<br>PIK) | 7/31/2024 | 7/31/2031 | 24294 | 24206 | 24294 | 0.05 |
|  |  |  |  |  |  |  | 5750314 | 5767752 | 12.09 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. | (8) | SOFR + 2.00% | 5.72% | 4/4/2025 | 9/29/2031 | 7212 | 7020 | 7242 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampirical Solutions, LLC | (4)(5)(7)(10) | SOFR + 4.25% | 7.92% | 9/30/2025 | 9/30/2032 | 29328 | 28720 | 28697 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azuria Water Solutions, Inc. | (10) | SOFR + 3.00% | 6.72% | 1/27/2025 | 5/17/2028 | 34092 | 34092 | 34311 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield WEC Holdings, Inc. | (8) | SOFR + 2.00% | 5.87% | 1/25/2024 | 1/27/2031 | 6430 | 6392 | 6448 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | (4)(7)(10) | SOFR + 4.50% | 8.17% | 5/10/2024 | 5/10/2031 | 68728 | 68099 | 68728 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gannett Fleming, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.69% | 8/5/2024 | 8/5/2030 | 373801 | 369131 | 371372 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service TopCo IV, Inc. | (4)(7)(11) | SOFR + 4.50% | 8.10% | 6/9/2023 | 12/31/2027 | 206841 | 204805 | 206627 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service TopCo IV, Inc. | (4)(5)(11) | SOFR + 4.50% | 8.10% | 2/28/2025 | 12/31/2027 | 16190 | 16092 | 16190 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service TopCo IV, Inc. | (4)(11) | SOFR + 4.50% | 8.10% | 11/19/2025 | 12/31/2027 | 20274 | 20178 | 20173 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEI, Inc. | (4)(6)(7)(9) | SOFR + 4.50% | 8.19% | 12/29/2025 | 12/29/2032 | 43389 | 42931 | 42931 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | (4)(10) | SOFR + 5.25% | 8.92%<br>(incl. 2.88%<br>PIK) | 8/29/2025 | 8/27/2032 | 78319 | 77585 | 77927 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 8/29/2025 | 8/27/2032 | 6084 | 5864 | 5983 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 9.19%<br>(incl. 2.88%<br>PIK) | 8/29/2025 | 8/27/2032 | 7943 | 7803 | 7808 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peak Utility Services Group, Inc. | (4)(11) | SOFR + 4.50% | 8.32% | 3/2/2021 | 3/2/2028 | 15170 | 15123 | 15095 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peak Utility Services Group, Inc. | (4)(5)(11) | SOFR + 4.50% | 8.32% | 3/2/2021 | 3/2/2028 | 2023 | 2019 | 2013 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pike Electric Corp. | (4)(7)(10) | SOFR + 4.50% | 8.20% | 12/19/2025 | 12/19/2032 | 275960 | 274239 | 274230 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saber Power Services, LLC | (4)(5)(10) | SOFR + 5.50% | 9.27% | 10/21/2025 | 10/21/2031 | 290000 | 289579 | 290000 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saber Power Services, LLC | (4)(5)(7)(10) | SOFR + 5.50% | 9.27% | 10/21/2025 | 10/21/2031 | 4978 | 4978 | 4978 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc. | (7)(10) | SOFR + 4.25% | 7.92% | 6/20/2024 | 8/31/2028 | $9850 | $9779 | $9754 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Touchdown Acquirer, Inc. | (6)(8) | SOFR + 2.75% | 6.57% | 6/2/2025 | 2/21/2031 | 993 | 972 | 997 | 0.00 |
|  |  |  |  |  |  |  | 1485401 | 1491504 | 3.11 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. | (8) | SOFR + 2.25% | 5.97% | 2/18/2025 | 2/10/2032 | 14887 | 14797 | 14950 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamko Building Products, LLC | (8) | SOFR + 2.75% | 6.95% | 10/23/2024 | 9/20/2030 | 2955 | 2955 | 2978 | 0.01 |
|  |  |  |  |  |  |  | 17752 | 17928 | 0.04 |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crumbl Enterprises, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 4/30/2025 | 5/5/2032 | 85579 | 84742 | 85117 | 0.18 |
|  **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(10) | SOFR + 5.25% | 9.25% | 10/18/2022 | 9/30/2028 | 11184 | 11029 | 11184 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(5)(10) | SOFR + 5.25% | 8.92% | 3/20/2025 | 9/30/2028 | 1360 | 1348 | 1360 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 8.94% | 9/30/2021 | 9/30/2028 | 1212 | 1160 | 1212 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging, LLC | (8) | SOFR + 3.25% | 7.24% | 7/25/2025 | 6/7/2031 | 18720 | 18747 | 18784 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.18% | 6.89% | 4/13/2022 | 4/13/2029 | 13989 | 13806 | 14017 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.25% | 6.97% | 4/1/2025 | 4/1/2032 | 9811 | 9719 | 9814 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. | (8) | SOFR + 2.50% | 6.22% | 7/31/2024 | 8/4/2027 | 7708 | 7708 | 7747 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAR Bidco S.à r.l. | (5)(6)(9) | SOFR + 4.20% | 8.12% | 6/28/2021 | 7/6/2028 | 3780 | 3773 | 3387 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower, LLC | (10) | SOFR + 4.00% | 7.88% | 4/9/2024 | 9/15/2028 | 16029 | 16029 | 16082 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Container Technologies Group, LLC | (9) | SOFR + 2.50% | 6.22% | 10/30/2025 | 9/15/2032 | 3491 | 3502 | 3505 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TricorBraun Holdings, Inc. | (9) | SOFR + 3.25% | 6.97% | 3/3/2021 | 3/3/2031 | 23930 | 23719 | 23233 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc. | (9) | SOFR + 3.75% | 7.42% | 10/18/2024 | 9/15/2028 | 11964 | 11964 | 11521 | 0.02 |
|  |  |  |  |  |  |  | 122504 | 121846 | 0.25 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Purchaser, LLC | (4)(5)(10) | SOFR + 5.50% | 9.48% | 12/10/2021 | 12/11/2028 | 8134 | 8069 | 6243 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Cable Group, LLC | (4)(10) | SOFR + 5.75% | 9.57% | 11/1/2021 | 11/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28609 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + 7.25% | 11.38%<br>(incl. 3.25%<br>PIK) | 11/1/2022 | 6/23/2028 | 16051 | 15846 | 14446 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + 7.00% | 11.13%<br>(incl. 3.25%<br>PIK) | 12/31/2021 | 6/23/2028 | 27060 | 26875 | 24219 | 0.05 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDC Acquisition Corp. | (4)(11) | SOFR + 5.00% | 8.84% | 3/9/2021 | 3/9/2028 | $21431 | $21315 | $21431 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDC Acquisition Corp. | (4)(5)(7)(11) | SOFR + 5.00% | 8.84% | 3/9/2021 | 3/9/2028 | 343 | 324 | 343 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Intermediate Holdings III, LLC | (4)(7)(10) | SOFR + 5.00% | 9.00%<br>(incl. 1.75%<br>PIK) | 4/9/2024 | 4/9/2030 | 174995 | 174661 | 174995 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings, LLC | (9) | SOFR + 5.00% | 8.83% | 3/11/2021 | 3/11/2028 | 7711 | 7721 | 7727 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings, LLC | (9) | SOFR + 5.00% | 8.73% | 4/3/2025 | 10/1/2031 | 3930 | 3780 | 3874 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tailwind Colony Holding Corporation | (4)(11) | SOFR + 6.50% | 10.44% | 1/7/2021 | 11/13/2026 | 80969 | 80886 | 78742 | 0.17 |
|  |  |  |  |  |  |  | 368695 | 360629 | 0.77 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(11) | SOFR + 5.00% | 8.97% | 7/19/2024 | 7/24/2030 | 27197 | 26784 | 27061 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(11) | SOFR + 5.00% | 8.92% | 7/19/2024 | 7/24/2030 | 8098 | 7975 | 8058 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.83% | 7/19/2024 | 7/24/2030 | 6841 | 6697 | 6789 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(11) | SOFR + 5.00% | 8.97% | 7/19/2024 | 7/24/2030 | 20978 | 20659 | 20873 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.77% | 2/19/2025 | 7/24/2030 | 18151 | 17861 | 17905 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Restoration Holdings, LLC | (4)(5)(11) | SOFR + 5.00% | 8.77% | 10/15/2025 | 7/24/2030 | 3504 | 3470 | 3486 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning, LLC | (9) | SOFR + 3.00% | 6.72% | 10/15/2025 | 12/11/2028 | 1496 | 1498 | 1503 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbri Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.69% | 12/20/2024 | 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173659 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.46% | 7/20/2021 | 7/20/2028 | 929302 | 925918 | 903746 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (6)(11) | SOFR + 3.50% | 7.23% | 11/22/2024 | 3/24/2031 | 10922 | 10882 | 10980 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charger Debt Merger Sub, LLC | (4)(10) | SOFR + 5.00% | 8.67% | 5/31/2024 | 5/31/2031 | 54312 | 53893 | 54041 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charger Debt Merger Sub, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.89% | 5/31/2024 | 5/31/2031 | 24473 | 24195 | 24248 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charger Debt Merger Sub, LLC | (4)(5)(7)(10) | P + 4.00% | 10.75% | 5/31/2024 | 5/31/2030 | 1700 | 1649 | 1665 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA Intermediate II, Ltd. | (4)(11) | SOFR + 5.50% | 9.19% | 3/27/2024 | 3/27/2030 | 51066 | 50345 | 51066 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA Intermediate II, Ltd. | (4)(5)(7)(11) | SOFR + 5.50% | 9.44% | 3/27/2024 | 3/27/2030 | 12893 | 12557 | 12893 | 0.03 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA Intermediate II, Ltd. | (4)(5)(11) | S + 5.50% | 9.22% | 9/18/2025 | 3/27/2030 | 20744 | $27579 | $27963 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc. | (6)(9) | SOFR + 3.68% | 7.35% | 6/24/2022 | 7/6/2029 | $7309 | 7268 | 7382 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavor Schools Holdings, LLC | (4)(11) | SOFR + 6.25% | 10.12% | 7/18/2023 | 7/18/2029 | 46466 | 45780 | 43097 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavor Schools Holdings, LLC | (4)(5)(7)(11) | SOFR + 6.25% | 10.16% | 7/18/2023 | 7/18/2029 | 8553 | 8446 | 7933 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corp. | (4)(10) | SOFR + 5.00% | 8.88% | 6/17/2024 | 6/17/2031 | 69595 | 69053 | 68899 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corp. | (4)(5)(7)(10) | SOFR + 5.00% | 8.88% | 6/17/2024 | 6/17/2031 | 3622 | 3499 | 3459 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Car Wash Management Corp. | (4)(11) | SOFR + 5.75% | 9.57% | 10/12/2021 | 6/30/2028 | 88180 | 87763 | 85975 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Learning, LLC | (9) | SOFR + 3.50% | 7.22% | 2/1/2024 | 12/21/2029 | 64059 | 63842 | 61966 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 9.05% | 3/10/2022 | 3/12/2029 | 9646 | 9602 | 9079 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 8.87% | 11/20/2023 | 3/12/2029 | 26950 | 26543 | 25367 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrodora S.L. | (4)(5)(6)(8) | E + 4.25% | 6.32% | 8/7/2025 | 7/15/2032 | 1367 | 1579 | 1591 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrodora S.L. | (4)(5)(6)(8) | E + 4.25% | 6.32% | 8/7/2025 | 7/15/2032 | 558 | 645 | 650 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc. | (9) | SOFR + 3.25% | 6.97% | 12/15/2021 | 12/15/2028 | 17385 | 17327 | 16847 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientian 2 Spain, S.L. | (4)(5)(6)(8) | E + 4.25% | 6.39% | 8/7/2025 | 7/15/2032 | 1599 | 1847 | 1861 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientian France, SAS | (4)(5)(6)(8) | E + 4.25% | 6.33% | 8/7/2025 | 7/15/2032 | 3525 | 4070 | 4101 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | (4)(7)(11) | SOFR + 4.75% | 8.44% | 12/19/2024 | 12/19/2031 | 287585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285188 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Education Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 9/29/2023 | 10/4/2030 | 13509 | 13394 | 13603 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Cadence Holdco, LLC | (4)(10) | SOFR + 5.00% | 8.96% | 5/1/2024 | 5/1/2031 | 197500 | 195996 | 195525 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunshine Cadence Holdco, LLC | (4)(7)(10) | SOFR + 5.00% | 9.30% | 5/1/2024 | 5/1/2031 | 37147 | 36633 | 36310 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Support Services, LLC | (9) | SOFR + 2.75% | 6.47% | 2/10/2022 | 2/10/2029 | 8997 | 8952 | 8718 | 0.02 |
|  |  |  |  |  |  |  | 2251644 | 2223487 | 4.67 |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information Management, LLC | (8) | SOFR + 2.00% | 5.72% | 12/28/2023 | 1/31/2031 | 5895 | 5912 | 5902 | 0.01 |
|  **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco, LLC | (10) | SOFR + 5.00% | 8.83%<br>(incl. 1.50%<br>PIK) | 6/30/2025 | 9/25/2029 | 23219 | 23209 | 17983 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zacapa, LLC | (6)(9) | SOFR + 3.75% | 7.42% | 10/29/2024 | 3/22/2029 | 10336 | 10336 | 10356 | 0.02 |
|  |  |  |  |  |  |  | 33545 | 28339 | 0.06 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I, LLC | (8) | SOFR + 2.25% | 5.97% | 8/7/2025 | 2/26/2032 | $2154 | $2160 | $2170 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Alliance Partners, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 7/1/2025 | 7/1/2032 | 79562 | 78581 | 78896 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(11) | SOFR + 4.25% | 8.07% | 3/26/2021 | 3/27/2028 | 60406 | 60120 | 60406 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(11) | SOFR + 4.25% | 8.07% | 7/27/2023 | 3/27/2028 | 53450 | 52971 | 53450 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(11) | SOFR + 4.25% | 8.02% | 5/9/2024 | 3/27/2028 | 86315 | 85356 | 86315 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(5)(11) | SOFR + 4.25% | 8.02% | 10/10/2025 | 3/27/2028 | 27491 | 27358 | 27491 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | (4)(5)(7)(11) | SOFR + 4.25% | 8.04% | 10/10/2025 | 3/27/2028 | 16330 | 16079 | 16180 | 0.03 |
|  |  |  |  |  |  |  | 322625 | 324908 | 0.68 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency Power Holdings, LLC | (4)(7)(11) | SOFR + 4.75% | 8.59% | 8/17/2021 | 8/17/2031 | 253234 | 251751 | 253217 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Bidco, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 7/31/2025 | 7/31/2031 | 120006 | 118581 | 119679 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEM New Sub 2, LLC | (4)(7)(9) | SOFR + 4.50% | 8.27% | 12/3/2025 | 12/3/2031 | 646542 | 640388 | 642582 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.50% | 6.70% | 6/21/2021 | 6/21/2028 | 35027 | 34863 | 35236 | 0.07 |
|  |  |  |  |  |  |  | 1045583 | 1050714 | 2.20 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(11) | SOFR + 6.00% | 9.79% | 1/7/2021 | 12/23/2026 | 24734 | 24653 | 24734 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(5)(11) | SOFR + 6.00% | 10.04% | 1/7/2021 | 12/23/2026 | 7424 | 7409 | 7424 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(5)(11) | SOFR + 6.00% | 9.99% | 1/7/2021 | 12/23/2026 | 1904 | 1901 | 1904 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | (4)(7)(10) | SOFR + 4.50% | 8.32% | 11/15/2024 | 11/17/2031 | 160574 | 158793 | 160402 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 11/15/2024 | 7/20/2029 | 46212 | 45860 | 46212 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.69% | 11/15/2024 | 7/30/2029 | 2606 | 2551 | 2606 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | (4)(5)(10) | SOFR + 4.75% | 8.42% | 11/15/2024 | 7/30/2029 | 6047 | 6001 | 6047 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electro Switch Business Trust, LLC | (4)(7)(10) | SOFR + 4.75% | 8.42% | 9/2/2025 | 9/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167932 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Bidco, Inc. | (4)(5)(7)(8) | SOFR + 5.50% | 9.52% | 9/2/2025 | 8/30/2032 | 28965 | 28671 | 28637 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco, LLC | (9) | SOFR + 3.75% | 7.85% | 3/2/2021 | 3/2/2028 | 19663 | 19604 | 19474 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer, LLC | (8) | SOFR + 4.25% | 8.09% | 7/1/2024 | 7/1/2031 | 35497 | 34938 | 35383 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix 1 Buyer Corp. | (4)(7)(10) | SOFR + 4.75% | 8.62% | 11/20/2023 | 11/20/2030 | 42382 | 42030 | 42382 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | (4)(5)(6)(9) | E + 4.50% | 6.55% | 7/1/2024 | 7/1/2030 | 4787 | 5151 | 5626 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | (4)(5)(6)(9) | E + 4.50% | 6.52% | 7/1/2024 | 7/1/2031 | 63637 | $67543 | $74786 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | (4)(6)(7)(9) | SOFR + 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% | 7/1/2024 | 7/1/2031 | $288540 | 284243 | 288540 | 0.61 |
|  |  |  |  |  |  |  | 897776 | 912089 | 1.92 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPW Group Holdings, Inc. | (4)(7)(11) | SOFR + 6.00% | 9.79% | 3/15/2024 | 3/15/2031 | 32340 | 31624 | 31951 | 0.07 |
|  **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEG Borrower, LLC | (8) | SOFR + 3.50% | 7.20% | 4/22/2025 | 6/30/2031 | 8108 | 8004 | 8164 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Holdings Corp. | (9) | SOFR + 4.00% | 7.72% | 12/6/2024 | 4/5/2030 | 2486 | 2486 | 2178 | 0.00 |
|  |  |  |  |  |  |  | 10490 | 10342 | 0.02 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Securitized Products Funding 2, LP | (4)(5)(6)(7)(8) | SOFR + 1.50% | 5.48% | 3/28/2024 | 5/25/2063 | 146690 | 143006 | 146150 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr Riggs & Ingram Capital, LLC | (4)(9) | SOFR + 4.25% | 7.92% | 11/18/2024 | 11/18/2031 | 43061 | 42700 | 43061 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr Riggs & Ingram Capital, LLC | (4)(5)(7)(9) | SOFR + 4.25% | 7.92% | 11/18/2024 | 11/18/2031 | 6057 | 5870 | 6006 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | (8) | SOFR + 3.00% | 6.67% | 8/22/2025 | 4/1/2032 | 4489 | 4497 | 4507 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DM Intermediate Parent, LLC | (4)(10) | SOFR + 4.75% | 8.47% | 9/30/2024 | 9/30/2030 | 103788 | 102556 | 103788 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DM Intermediate Parent, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 9/30/2024 | 9/30/2030 | 28124 | 27530 | 27736 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DM Intermediate Parent, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 9/30/2024 | 9/30/2030 | 2477 | 2110 | 2477 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harp Finco, Ltd. | (4)(5)(6)(8) | S + 5.00% | 8.72% | 3/27/2025 | 3/27/2032 | 84561 | 107561 | 112274 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.25% | 6.97% | 6/17/2024 | 6/17/2031 | 64413 | 64161 | 64703 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II, LLC | (4)(7)(10) | SOFR + 4.50% | 7.99% | 9/3/2025 | 9/1/2030 | 93097 | 92778 | 93070 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexus Buyer, LLC | (8) | SOFR + 3.50% | 7.22% | 11/4/2025 | 7/31/2031 | 4392 | 4377 | 4337 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PKF O'Connor Davies Advisory, LLC | (4)(7)(10) | SOFR + 4.50% | 8.24% | 11/15/2024 | 11/18/2031 | 93442 | 92529 | 93442 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFS Opco, LLC | (4)(7)(9) | SOFR + 4.50% | 8.29% | 12/2/2025 | 12/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139699 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solera, LLC | (9)(18) | SOFR + 3.75% | 7.85% | 6/4/2021 | 6/2/2028 | 32160 | 32030 | 31087 | 0.07 |
|  |  |  |  |  |  |  | 861422 | 872337 | 1.86 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyers Grand Ice Cream, Inc. | (6)(8) | SOFR + 2.25% | 6.45% | 4/4/2025 | 9/30/2031 | 3970 | 3903 | 3973 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri US, Inc. | (6)(8) | SOFR + 2.25% | 6.12% | 8/22/2025 | 9/30/2032 | 3000 | 3000 | 3004 | 0.01 |
|  |  |  |  |  |  |  | 6903 | 6977 | 0.02 |
| **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco, LP | (9) | SOFR + 2.00% | 5.67% | 4/4/2025 | 12/31/2030 | 1489 | 1474 | 1496 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Channelside AcquisitionCo, Inc. | (4)(10) | SOFR + 4.75% | 8.59% | 5/15/2024 | 6/30/2028 | $154877 | $154533 | $154877 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Channelside AcquisitionCo, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 5/15/2024 | 3/31/2028 | 1563 | 1535 | 1563 | 0.00 |
|  |  |  |  |  |  |  | 156068 | 156440 | 0.33 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEC Parent Holdings, Inc. | (9)(17) | SOFR + 5.75% | 9.90% | 6/13/2022 | 6/13/2029 | 24555 | 22307 | 16403 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(7)(11) | SOFR + 5.00% | 8.84% | 9/29/2023 | 9/30/2030 | 48566 | 47745 | 48566 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(11) | E + 5.00% | 7.07% | 9/29/2023 | 9/30/2030 | 75127 | 78490 | 88289 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(5)(11) | SOFR + 5.00% | 8.84% | 11/20/2024 | 9/30/2030 | 5473 | 5374 | 5473 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.98% | 11/20/2024 | 9/30/2030 | 10669 | 10626 | 10669 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSHC Buyerco, LLC | (4)(5)(11) | SOFR + 4.75% | 8.57% | 7/30/2025 | 9/8/2026 | 1692 | 1681 | 1687 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ergotron Acquisition, LLC | (4)(10) | SOFR + 5.25% | 8.97% | 7/6/2022 | 7/6/2028 | 62011 | 61507 | 61856 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCX Corporation Buyer, LLC | (4)(10) | SOFR + 5.50% | 9.32% | 9/13/2021 | 9/13/2027 | 189585 | 188506 | 184845 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCX Corporation Buyer, LLC | (4)(10) | SOFR + 5.50% | 9.56% | 9/13/2021 | 9/13/2027 | 48015 | 47771 | 46815 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natus Medical, Inc. | (4)(9) | SOFR + 5.25% | 9.07% | 7/21/2022 | 7/20/2029 | 42332 | 40821 | 42332 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natus Medical, Inc. | (4)(5)(7)(9) | SOFR + 4.25% | 8.07% | 7/21/2022 | 7/21/2027 | 1150 | 1106 | 1099 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS Audiology A/S | (6)(8) | SOFR + 3.50% | 7.20% | 6/27/2025 | 2/28/2029 | 11752 | 11752 | 11841 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus, LLC | (4)(10) | SOFR + 6.00% | 9.67%<br>(incl. 3.00%<br>PIK) | 2/28/2024 | 2/28/2031 | 49112 | 48577 | 46043 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus, LLC | (4)(5)(7)(10) | SOFR + 5.50% | 9.17% | 2/28/2024 | 2/28/2031 | 4540 | 4393 | 3937 | 0.01 |
|  |  |  |  |  |  |  | 570656 | 569855 | 1.19 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | (4)(6)(10) | CA + 5.00% | 7.27% | 8/10/2022 | 8/10/2029 | 258226 | 199099 | 188136 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | (4)(5)(6)(10) | CA + 5.00% | 7.27% | 8/9/2024 | 8/10/2029 | 34682 | 25114 | 25268 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | (4)(5)(7)(10) | SOFR + 5.50% | 9.27% | 8/2/2021 | 8/2/2027 | 21267 | 21153 | 16970 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | (4)(10) | SOFR + 6.00% | 9.77%<br>(incl. 3.25%<br>PIK) | 7/7/2023 | 8/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110550 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 10.05% | 5/7/2021 | 5/7/2027 | 10300 | 10254 | 10300 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 9.95% | 5/7/2021 | 5/7/2027 | 8471 | 8438 | 8471 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + 6.25% | 9.95% | 5/7/2021 | 5/7/2026 | 557 | 552 | 557 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(5)(11) | SOFR + 6.25% | 10.05% | 4/14/2022 | 5/7/2027 | $248 | $247 | $248 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.62% | 2/25/2022 | 2/25/2028 | 20785 | 20493 | 19901 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotouch Global Solutions, Inc. | (4)(7)(11) | SOFR + 5.50% | 9.32% | 8/27/2025 | 8/27/2032 | 129814 | 127627 | 128487 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(6)(11) | CA + 4.50% | 7.12% | 4/15/2021 | 4/14/2028 | 14518 | 11541 | 10578 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(6)(7)(10) | CA + 4.50% | 7.12% | 4/15/2021 | 4/15/2027 | 2880 | 1893 | 2098 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(6)(8) | S + 6.00% | 9.97% | 2/11/2022 | 2/24/2029 | 60000 | 79155 | 66724 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(5)(6)(8) | S + 6.00% | 9.97% | 2/24/2022 | 2/24/2029 | 2265 | 3024 | 2519 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(6)(8) | E + 6.00% | 8.12% | 2/24/2022 | 2/24/2029 | 14000 | 15601 | 13574 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caramel Bidco, Limited | (4)(6)(8) | SOFR + 6.00% | 9.91% | 2/24/2022 | 2/24/2029 | 6125 | 6308 | 5114 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCBlue Bidco, Inc. | (4)(5)(10) | SOFR + 6.50% | 10.27%<br>(incl. 4.00%<br>PIK) | 12/21/2021 | 12/21/2028 | 595631 | 591623 | 479483 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNT Holdings I Corp. | (10) | SOFR + 2.25% | 6.09% | 4/3/2025 | 11/8/2032 | 5459 | 5396 | 5478 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commander Buyer, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.42% | 6/26/2025 | 6/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160111 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compsych Investments Corp. | (4)(7)(10) | SOFR + 4.75% | 8.61% | 7/22/2024 | 7/22/2031 | 69961 | 69643 | 69076 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Mkg Topco, LLC | (4)(10) | SOFR + 5.50% | 9.32% | 2/1/2022 | 2/1/2029 | 158770 | 157371 | 158770 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Mkg Topco, LLC | (4)(10) | SOFR + 5.50% | 9.37% | 8/1/2022 | 2/1/2029 | 21249 | 20922 | 21249 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(5)(10)(17) | SOFR + 6.41% | 12.08% | 3/12/2021 | 4/3/2028 | 12855 | 12804 | 10861 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(5)(10)(17) | SOFR + 6.50% | 12.17% | 12/28/2022 | 4/3/2028 | 9795 | 9665 | 8276 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(10)(17) | SOFR + 6.41% | 12.08% | 2/25/2022 | 4/3/2028 | 12021 | 11999 | 10158 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensemble RCM, LLC | (8) | SOFR + 3.00% | 6.84% | 10/14/2025 | 8/1/2029 | 1995 | 1990 | 2007 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Examworks Bidco, Inc. | (9) | SOFR + 2.50% | 6.22% | 11/1/2021 | 11/1/2028 | 993 | 995 | 999 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc. | (8) | SOFR + 3.50% | 7.38% | 10/14/2025 | 10/1/2032 | 4500 | 4497 | 4533 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental, LLC | (10) | SOFR + 3.75% | 7.47% | 8/7/2025 | 8/25/2032 | 5895 | 5900 | 5927 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360, LLC | (4)(7)(10) | SOFR + 4.75% | 8.42% | 9/18/2024 | 9/30/2028 | 96299 | 95536 | 96144 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inception Fertility Ventures, LLC | (4)(7)(10) | SOFR + 5.50% | 9.34% | 4/29/2024 | 4/29/2030 | 278079 | 277692 | 273371 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(11) | SOFR + 5.25% | 9.07% | 5/26/2021 | 4/15/2028 | 223779 | 222404 | 218185 | 0.46 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwol Acquisition, Inc. | (4)(5)(7)(10) | SOFR + 5.00% | 8.72% | 12/8/2023 | 12/6/2029 | $10214 | $10054 | $10214 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(10) | SOFR + 5.50% | 9.22% | 2/13/2024 | 2/13/2031 | 37176 | 36902 | 37176 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(5)(7)(10) | SOFR + 5.50% | 9.27% | 2/13/2024 | 2/13/2031 | 6924 | 6854 | 6924 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(5)(10) | SOFR + 5.50% | 9.22% | 2/13/2024 | 2/13/2031 | 5498 | 5465 | 5498 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | (4)(5)(7)(10) | SOFR + 5.50% | 9.83% | 2/13/2024 | 2/13/2031 | 403 | 387 | 403 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + 5.50% | 9.32%<br>(incl. 4.00%<br>PIK) | 7/16/2021 | 7/16/2030 | 539588 | 538218 | 458413 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex TSG Intermediate Corp. | (6)(8) | SOFR + 3.75% | 7.59% | 7/24/2025 | 8/6/2032 | 10954 | 10902 | 11041 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONS MSO, LLC | (4)(5)(11) | SOFR + 5.75% | 9.59% | 12/13/2023 | 7/8/2028 | 68587 | 68575 | 66803 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONS MSO, LLC | (4)(5)(7)(11) | P + 5.25% | 12.00% | 12/13/2023 | 7/8/2028 | 2500 | 2442 | 2360 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONS MSO, LLC | (4)(11) | SOFR + 5.75% | 9.59% | 4/26/2024 | 7/8/2028 | 9850 | 9797 | 9604 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dental Services, Inc. | (8) | SOFR + 2.50% | 6.24% | 4/3/2025 | 3/15/2031 | 4913 | 4875 | 4938 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plasma Buyer, LLC | (4)(10)(17) | SOFR + 5.75% | 9.42%<br>(incl. 5.75%<br>PIK) | 5/12/2022 | 5/12/2029 | 97080 | 91600 | 67956 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plasma Buyer, LLC | (4)(5)(7)(10)(17) | SOFR + 5.75% | 9.44%<br>(incl. 5.75%<br>PIK) | 5/12/2022 | 5/12/2028 | 14402 | 14282 | 10062 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.57% | 8/31/2022 | 8/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125022 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.25% | 9.07% | 9/6/2023 | 8/31/2029 | 12621 | 12473 | 12424 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.75% | 9.63% | 8/31/2022 | 8/31/2029 | 1239 | 1135 | 1239 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW Intermediate, LLC | (4)(11) | SOFR + 5.50% | 9.32% | 12/11/2024 | 3/9/2028 | 11950 | 11950 | 11950 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings, LLC | (6)(7)(8) | SOFR + 3.00% | 6.72% | 4/10/2025 | 11/19/2031 | 2779 | 2711 | 2792 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | (4)(10) | SOFR + 5.90% | 9.84% | 6/9/2023 | 12/23/2028 | 512849 | 508327 | 497464 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | (4)(7)(10) | SOFR + 5.90% | 9.84% | 6/9/2023 | 12/23/2028 | 122535 | 120030 | 117040 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snoopy Bidco, Inc. | (4)(10) | SOFR + 6.50% | 10.53%<br>(incl. 5.50%<br>PIK) | 6/1/2021 | 6/1/2028 | 727181 | 723131 | 696276 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC | (8) | SOFR + 2.50% | 6.37% | 7/22/2025 | 12/4/2031 | 10159 | 10202 | 10158 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | (4)(11) | SOFR + 5.00% | 8.99% | 8/26/2025 | 12/18/2029 | 69506 | 68743 | 68811 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | (4)(5)(7)(11) | SOFR + 5.00% | 8.84% | 8/26/2025 | 12/18/2029 | 630 | 590 | 606 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | (4)(10) | SOFR + 5.00% | 8.67% | 12/30/2021 | 1/2/2029 | 176809 | 175613 | 176809 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 4/25/2024 | 1/2/2029 | 13385 | 13084 | 13385 | 0.03 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | (4)(5)(7)(10) | P + 4.00% | 10.75% | 12/30/2021 | 12/30/2026 | $14588 | $14495 | $14588 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fertility Partners, Inc. | (4)(6)(7)(10) | CA + 5.75% | 8.31% | 3/16/2022 | 3/16/2028 | 134135 | 103822 | 92751 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fertility Partners, Inc. | (4)(6)(10) | SOFR + 5.75% | 9.58% | 3/16/2022 | 3/16/2028 | 45087 | 44691 | 42945 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMP Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.63% | 7/15/2022 | 7/15/2028 | 9402 | 9323 | 9120 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMP Holdings, LLC | (4)(5)(10) | SOFR + 5.75% | 9.60% | 7/15/2022 | 7/15/2028 | 12899 | 12857 | 12512 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(9) | SOFR + 5.00% | 8.67% | 6/16/2022 | 6/18/2029 | 869445 | 869445 | 869445 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(5)(9) | SOFR + 5.00% | 8.73% | 3/22/2024 | 6/18/2029 | 4941 | 4916 | 4941 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(5)(7)(9) | SOFR + 5.00% | 8.74% | 3/22/2024 | 6/18/2029 | 3975 | 3953 | 3975 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(5)(9) | SOFR + 5.00% | 8.67% | 9/22/2025 | 6/18/2029 | 10198 | 10128 | 10198 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Women's Healthcare, LP | (4)(5)(7)(9) | SOFR + 5.00% | 8.67% | 9/22/2025 | 6/18/2029 | 15541 | 15339 | 15541 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + 5.25% | 9.17% | 11/18/2021 | 11/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153992 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + 5.25% | 9.31% | 11/18/2021 | 11/20/2028 | 64821 | 64496 | 64821 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(5)(10) | SOFR + 5.25% | 9.17% | 8/16/2023 | 11/20/2028 | 6191 | 6132 | 6191 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(5)(10) | SOFR + 5.25% | 9.02% | 12/5/2022 | 11/20/2028 | 107 | 107 | 107 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Oral Surgery Management Holdco, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 9.17% | 8/16/2023 | 11/20/2028 | 23736 | 23356 | 23736 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veonet Lense, GmbH | (6)(8) | S + 4.75% | 8.47% | 2/26/2025 | 3/14/2029 | 253448 | 322516 | 306335 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(5)(7)(10) | SOFR + 6.50% | 10.17%<br>(incl. 5.09%<br>PIK) | 8/2/2024 | 6/30/2029 | 48490 | 48490 | 48490 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(5)(10)(17) | 10.00% | 10.00%<br>PIK | 8/2/2024 | 6/30/2030 | 41094 | 14654 | 17260 | 0.04 |
|  |  |  |  |  |  |  | 6608962 | 6256439 | 13.10 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuity Delivery Systems, LLC | (4)(7)(9) | SOFR + 4.75% | 8.57% | 5/29/2025 | 5/29/2031 | 167360 | 166335 | 166769 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth, Inc. | (9) | SOFR + 2.75% | 6.47% | 2/15/2022 | 2/15/2029 | 35917 | 35741 | 36030 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brilliance Technologies, Inc. | (4)(5)(7)(9) | SOFR + 4.50% | 8.22% | 3/11/2025 | 3/11/2032 | 88253 | 87379 | 88185 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brilliance Technologies, Inc. | (4)(5)(9) | SOFR + 4.50% | 8.22% | 3/11/2025 | 3/11/2032 | 141205 | 140579 | 141205 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brilliance Technologies, Inc. | (4)(5)(9) | SOFR + 4.50% | 8.22% | 5/16/2025 | 3/11/2032 | 193997 | 193117 | 193997 | 0.41 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.67% | 5/25/2022 | 5/25/2029 | $437821 | $433573 | $437821 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(5)(6)(7)(10) | SOFR + 5.00% | 8.73% | 5/25/2022 | 5/25/2029 | 53357 | 52862 | 53357 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.67% | 10/28/2022 | 5/25/2029 | 35752 | 35562 | 35752 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.67% | 10/28/2022 | 5/25/2029 | 244291 | 243423 | 244291 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus US 1, Inc. | (4)(6)(10) | SOFR + 5.00% | 8.67% | 3/27/2024 | 5/25/2029 | 69119 | 69119 | 69119 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Color Intermediate, LLC | (4)(10) | SOFR + 4.75% | 8.52% | 7/2/2024 | 10/4/2029 | 361488 | 356668 | 361488 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.22% | 2/14/2025 | 4/2/2031 | 58353 | 57718 | 58286 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | (4)(5)(10) | SOFR + 4.50% | 8.22% | 10/21/2025 | 4/2/2031 | 34476 | 34310 | 34476 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc. | (8) | SOFR + 2.75% | 6.62% | 5/1/2024 | 5/1/2031 | 29611 | 29498 | 28525 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cronos Crimson Holdings, Inc. | (4)(10) | SOFR + 6.09% | 10.20% | 3/1/2021 | 3/1/2028 | 71173 | 70514 | 71173 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cronos Crimson Holdings, Inc. | (4)(10) | SOFR + 6.09% | 9.94% | 3/1/2021 | 3/1/2028 | 14758 | 14679 | 14758 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.72% | 8/30/2024 | 8/30/2031 | 161735 | 160148 | 161391 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(5)(10) | SOFR + 4.75% | 8.47% | 8/5/2025 | 8/30/2031 | 160724 | 159224 | 160724 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.47% | 7/10/2025 | 8/30/2031 | 68851 | 68216 | 68851 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 7/10/2025 | 8/30/2031 | 30319 | 29993 | 30319 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | (4)(10) | SOFR + 4.75% | 8.47% | 1/15/2025 | 1/19/2032 | 825410 | 818281 | 825410 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 1/15/2025 | 1/19/2032 | 160350 | 157699 | 159565 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GI Ranger Intermediate, LLC | (4)(7)(10) | SOFR + 6.00% | 9.82% | 10/29/2021 | 10/30/2028 | 103200 | 102414 | 103200 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcomp Holding Company, LLC | (4)(10) | SOFR + 5.75% | 9.66% | 11/8/2023 | 11/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177688 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imprivata, Inc. | (8) | SOFR + 3.00% | 6.67% | 6/20/2025 | 12/1/2027 | 1987 | 1987 | 1999 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kona Buyer, LLC | (4)(7)(10) | SOFR + 4.50% | 8.36% | 7/23/2024 | 7/23/2031 | 213479 | 211375 | 211444 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kona Buyer, LLC | (4)(5)(10) | SOFR + 4.50% | 8.36% | 7/23/2024 | 7/23/2031 | 16052 | 16270 | 15971 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Bidco, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.47% | 7/1/2024 | 7/1/2030 | 7469 | 7314 | 7428 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Bidco, Inc. | (4)(10) | SOFR + 5.75% | 9.47% | 7/1/2024 | 7/1/2030 | 57385 | 56436 | 57099 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Bidco, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.47% | 7/1/2024 | 7/1/2030 | 2884 | 2820 | 2796 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEDX AMCP Holdings, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 7/21/2025 | 7/21/2032 | 22327 | 22038 | 22018 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modernizing Medicine, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42%<br>(incl. 2.25%<br>PIK) | 4/30/2025 | 4/30/2032 | 45664 | 45221 | 45622 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune Holdings, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.17% | 12/12/2024 | 8/31/2030 | 14700 | 14425 | 14650 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | (4)(7)(10) | SOFR + 5.20% | 8.92%<br>(incl. 2.70%<br>PIK) | 8/23/2024 | 8/23/2031 | 137641 | 136281 | 137548 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Purchaser, Inc. | (4)(7)(9) | SOFR + 4.25% | 7.97% | 5/19/2025 | 5/19/2032 | 167453 | 166529 | 167277 | 0.35 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp. | (8) | SOFR + 2.75% | 6.58% | 7/18/2025 | 3/10/2028 | $9042 | $9042 | $9077 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | (4)(7)(9) | SOFR + 4.50% | 8.19% | 12/29/2025 | 12/15/2032 | 116279 | 115560 | 115560 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky MRA Acquisition Corp. | (4)(9) | SOFR + 5.00% | 9.04% | 4/1/2022 | 4/2/2029 | 165691 | 164566 | 165691 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signant Finance One, Ltd. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 10/16/2025 | 10/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407709 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vizient, Inc. | (9) | SOFR + 1.75% | 5.47% | 8/1/2024 | 8/1/2031 | 4407 | 4433 | 4426 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc. | (8) | SOFR + 2.00% | 5.72% | 8/6/2025 | 10/22/2029 | 6430 | 6430 | 6478 | 0.01 |
|  |  |  |  |  |  |  | 5092550 | 5115173 | 10.76 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR + 2.50% | 6.22% | 7/23/2025 | 8/17/2028 | 7294 | 7294 | 7331 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bally's Corp. | (6)(9) | SOFR + 3.25% | 7.37% | 10/1/2021 | 10/2/2028 | 5603 | 5590 | 5535 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (6)(9) | SOFR + 2.25% | 5.97% | 2/6/2023 | 2/6/2030 | 5895 | 5908 | 5864 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (6)(9) | SOFR + 2.25% | 5.97% | 6/16/2025 | 2/6/2031 | 3700 | 3697 | 3672 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cedar Fair, LP | (6)(8) | SOFR + 2.00% | 5.72% | 6/18/2025 | 5/1/2031 | 1191 | 1188 | 1179 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Casinos, Inc. | (6)(10) | SOFR + 6.00% | 9.85% | 4/1/2022 | 4/2/2029 | 30803 | 30515 | 24274 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DK Crown Holdings, Inc. | (6)(8) | SOFR + 1.75% | 5.53% | 6/16/2025 | 3/4/2032 | 1402 | 1400 | 1404 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FanDuel Group Financing, LLC | (6)(9) | SOFR + 1.75% | 5.42% | 4/3/2025 | 11/30/2030 | 5238 | 5167 | 5240 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment, LLC | (9) | SOFR + 3.25% | 6.97% | 1/27/2022 | 1/27/2029 | 21406 | 21134 | 21426 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flynn Restaurant Group, LP | (8) | SOFR + 3.75% | 7.47% | 4/3/2025 | 1/28/2032 | 7466 | 7387 | 7506 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp. | (9) | SOFR + 2.50% | 6.22% | 11/17/2025 | 12/15/2030 | 24739 | 24710 | 24825 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc. | (8) | SOFR + 2.00% | 5.78% | 8/14/2025 | 11/5/2031 | 2336 | 2344 | 2348 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc. | (6)(9) | SOFR + 2.25% | 5.99% | 6/16/2025 | 4/14/2029 | 641 | 644 | 644 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mic Glen, LLC | (9) | SOFR + 3.25% | 6.97% | 7/29/2025 | 7/21/2028 | 12598 | 12598 | 12711 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Red Finance, Inc. | (6)(8) | SOFR + 1.75% | 5.47% | 6/16/2024 | 9/20/2030 | 12946 | 12816 | 12978 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. | (6)(9) | SOFR + 2.50% | 6.22% | 6/16/2025 | 5/3/2029 | 3756 | 3759 | 3783 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings, LP | (9) | SOFR + 3.00% | 6.93% | 6/11/2024 | 4/4/2029 | 19531 | 19559 | 19214 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacala Investment Corp. | (10) | SOFR + 3.00% | 6.72% | 9/16/2025 | 1/31/2031 | 2948 | 2956 | 2972 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent, LLC | (6)(8) | SOFR + 4.75% | 8.42% | 7/18/2025 | 7/1/2032 | 103541 | 99683 | 103744 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent, LLC | (6)(8) | SOFR + 4.25% | 7.95% | 7/18/2025 | 7/1/2032 | 3990 | 3842 | 3998 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatabrands, LLC | (9) | SOFR + 2.50% | 6.22% | 12/11/2024 | 8/3/2028 | $12183 | $12140 | $12229 | 0.03% |
|  |  |  |  |  |  |  | 284331 | 282877 | 0.61 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc. | (9) | SOFR + 3.00% | 6.85% | 12/5/2024 | 7/31/2028 | 36615 | 36545 | 36737 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Safety & Flow, LLC | (8) | SOFR + 2.50% | 6.23% | 9/25/2025 | 9/26/2031 | 5787 | 5787 | 5835 | 0.01 |
|  |  |  |  |  |  |  | 42332 | 42572 | 0.09 |
| **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine, Corp. | (8) | SOFR + 1.75% | 5.47% | 6/16/2025 | 2/15/2032 | 2025 | 2026 | 2026 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine, Corp. | (8) | SOFR + 1.75% | 5.47% | 6/16/2025 | 1/31/2031 | 1099 | 1100 | 1100 | 0.00 |
|  |  |  |  |  |  |  | 3126 | 3126 | 0.00 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bettcher Industries, Inc. | (9) | SOFR + 4.00% | 7.67% | 12/14/2021 | 12/14/2028 | 6865 | 6836 | 6939 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEP V Investment 11 S.à r.l. | (4)(6)(7)(10) | SA + 6.52% | 7.20% | 5/6/2022 | 2/11/2028 | 47449 | 48088 | 57756 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEP V Investment 11 S.à r.l. | (4)(6)(10) | E + 6.45% | 8.51% | 3/31/2023 | 2/23/2028 | 66051 | 64226 | 75161 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc. | (8) | SOFR + 3.25% | 6.92% | 11/26/2025 | 11/26/2032 | 7716 | 7715 | 7774 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp. | (4)(8) | E + 5.25% | 7.15% | 8/12/2022 | 8/13/2029 | 24564 | 24968 | 28507 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp. | (4)(7)(10) | SOFR + 5.25% | 8.97% | 8/12/2022 | 8/13/2029 | 33241 | 32800 | 32641 | 0.07 |
|  |  |  |  |  |  |  | 184633 | 208778 | 0.44 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc. | (9) | SOFR + 3.25% | 6.97% | 5/30/2025 | 5/30/2032 | 37828 | 37656 | 38053 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC | (8) | SOFR + 2.50% | 6.22% | 7/31/2025 | 9/19/2031 | 6098 | 6049 | 6119 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerilife Holdings, LLC | (4)(10) | SOFR + 5.00% | 8.79% | 6/17/2024 | 8/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569805 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerilife Holdings, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.79% | 6/17/2024 | 8/31/2029 | 120989 | 120083 | 119966 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc. | (10) | SOFR + 2.25% | 5.97% | 4/3/2025 | 1/30/2032 | 2980 | 2952 | 2992 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings, LLC | (6)(8) | SOFR + 2.50% | 6.25% | 9/12/2025 | 5/26/2031 | 11810 | 11804 | 11810 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Dc, Ltd. | (4)(5)(6)(10) | SOFR + 4.75% | 8.52% | 12/4/2025 | 12/4/2032 | 5000 | 4926 | 4925 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Dc, Ltd. | (4)(5)(6)(7)(10) | SOFR + 4.75% | 8.52% | 12/4/2025 | 12/4/2032 | 105 | 93 | 93 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. | (8) | SOFR + 2.75% | 6.47% | 6/14/2024 | 6/13/2031 | 19718 | 19646 | 19806 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group, LLC | (7)(8) | SOFR + 2.75% | 6.42% | 12/6/2024 | 5/6/2031 | 19652 | 19335 | 19604 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.42% | 10/29/2021 | 10/29/2030 | 27631 | 27402 | 27631 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(10) | SOFR + 4.75% | 8.42% | 11/17/2023 | 10/29/2030 | 26680 | 26391 | 26680 | 0.06 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.42% | 4/14/2022 | 10/29/2030 | $38298 | $38012 | $38298 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 10/21/2024 | 10/29/2030 | 33095 | 32873 | 33095 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.42% | 9/24/2025 | 10/29/2030 | 6780 | 6780 | 6780 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(10) | SOFR + 4.75% | 8.42% | 9/24/2025 | 10/29/2030 | 3169 | 3169 | 3169 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 10/29/2021 | 10/29/2029 | 4067 | 3952 | 3823 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | (4)(10) | SOFR + 4.50% | 8.17% | 9/30/2021 | 9/29/2028 | 239061 | 237622 | 239061 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 9/30/2021 | 9/29/2028 | 668 | 662 | 668 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 4/28/2023 | 9/29/2028 | 3560 | 3402 | 3560 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gimlet Bidco, GmbH | (4)(6)(8) | E + 5.75% | 7.82% | 4/15/2024 | 4/23/2031 | 110003 | 114987 | 129276 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gimlet Bidco, GmbH | (4)(6)(7)(8) | E + 5.75% | 7.82% | 4/15/2024 | 4/23/2031 | 42921 | 44800 | 50441 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | (4)(6)(7)(11) | SOFR + 4.50% | 8.26% | 12/11/2025 | 6/11/2031 | 98579 | 98416 | 98474 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(10) | SOFR + 4.50% | 8.17% | 4/16/2021 | 4/14/2028 | 18991 | 18910 | 18991 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 4/16/2021 | 4/14/2028 | 81464 | 80844 | 81380 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(5)(10) | SOFR + 4.50% | 8.17% | 1/2/2025 | 4/14/2028 | 43919 | 43429 | 43919 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(10) | SOFR + 4.50% | 8.17% | 4/16/2021 | 4/14/2028 | 76271 | 75761 | 76271 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 7/18/2025 | 4/14/2028 | 6169 | 5958 | 6169 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International, Ltd. | (8) | SOFR + 2.25% | 6.12% | 4/4/2025 | 6/20/2030 | 849 | 834 | 854 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (6)(9) | SOFR + 2.75% | 6.47% | 8/4/2025 | 2/15/2031 | 18802 | 18594 | 18871 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | (4)(7)(10) | SOFR + 5.00% | 8.82% | 8/27/2024 | 8/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266260 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knight Acquireco, LLC | (4)(5)(7)(9) | SOFR + 4.50% | 8.37% | 11/7/2025 | 11/7/2032 | 70640 | 70237 | 70228 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koala Investment Holdings, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 8/29/2025 | 8/29/2032 | 88402 | 87408 | 87799 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRH Trowe Beteiligungsgesellschaft mbH | (4)(6)(7)(8) | E + 5.00% | 7.11% | 5/15/2025 | 5/17/2032 | 406 | 450 | 474 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower, LLC | (9) | SOFR + 3.00% | 6.72% | 1/28/2025 | 7/2/2031 | 9850 | 9850 | 9887 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 5.50% | 9.40%<br>(incl. 2.00%<br>PIK) | 4/17/2024 | 5/7/2031 | 14988 | 18597 | 19539 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + 5.50% | 7.57%<br>(incl. 2.00%<br>PIK) | 4/17/2024 | 5/7/2031 | 7947 | 8458 | 9036 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + 5.50% | 7.57%<br>(incl. 2.00%<br>PIK) | 4/17/2024 | 5/7/2031 | 7010 | $7236 | $7970 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + 5.50% | 7.57%<br>(incl. 2.00%<br>PIK) | 7/31/2025 | 5/7/2031 | 6797 | 7767 | 7728 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | (4)(10) | SOFR + 5.00% | 8.82% | 10/14/2021 | 10/16/2028 | $23727 | 23593 | 23727 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 11/17/2023 | 10/16/2028 | 26476 | 26257 | 26035 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riser Merger Sub, Inc. | (4)(5)(10) | SOFR + 4.75% | 8.42% | 4/15/2025 | 10/31/2029 | 19969 | 19969 | 19969 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riser Merger Sub, Inc. | (4)(5)(10) | S + 4.75% | 8.47% | 4/15/2025 | 10/31/2029 | 33570 | 43963 | 45251 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riser Merger Sub, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.44% | 4/15/2025 | 10/31/2029 | 1027 | 610 | 875 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SelectQuote, Inc. | (4)(5)(6)(20) | SOFR + 6.50% | 10.32% | 10/15/2024 | 9/30/2027 | 120559 | 120546 | 120559 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.71% | 4/3/2024 | 4/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206109 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelf Bidco, Ltd. | (4)(6)(10)(18) | SOFR + 5.18% | 9.06% | 10/17/2024 | 10/17/2031 | 933645 | 929782 | 933645 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | (4)(6)(7)(10) | SOFR + 4.75% | 8.42% | 12/31/2024 | 12/31/2031 | 50723 | 50212 | 50662 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparta UK Bidco, Ltd. | (4)(5)(6)(8) | S + 6.00% | 9.72% | 9/25/2024 | 9/25/2031 | 44570 | 58830 | 60078 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparta UK Bidco, Ltd. | (4)(5)(6)(8) | E + 6.00% | 7.85% | 9/25/2024 | 9/25/2031 | 1177 | 1318 | 1384 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SQ ABS Issuer, LLC | (4)(6)(8) | 7.80% | 7.80% | 10/11/2024 | 10/20/2039 | 17430 | 17321 | 17430 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | E + 5.25% | 7.30%<br>(incl. 2.00%<br>PIK) | 7/1/2024 | 7/1/2031 | 4607 | 5719 | 5415 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(6)(8) | S + 5.25% | 9.47%<br>(incl. 2.00%<br>PIK) | 7/1/2024 | 7/1/2031 | 152279 | 204434 | 205264 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | S + 5.25% | 9.47%<br>(incl. 2.00%<br>PIK) | 7/1/2024 | 7/1/2031 | 18129 | 22808 | 24436 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(6)(8) | SOFR + 5.25% | 9.65%<br>(incl. 2.00%<br>PIK) | 7/1/2024 | 7/1/2031 | 556048 | 544846 | 556048 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | SOFR + 5.25% | 8.85%<br>(incl. 2.00%<br>PIK) | 7/1/2024 | 7/1/2031 | 103637 | 103037 | 103637 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | E + 5.25% | 7.39%<br>(incl. 2.00%<br>PIK) | 7/1/2024 | 7/1/2031 | 49365 | 56722 | 58014 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(7)(8) | S + 5.25% | 9.47% | 5/9/2025 | 7/1/2031 | 1951 | 3198 | 2630 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | SOFR + 5.25% | 8.85% | 5/9/2025 | 7/1/2031 | 34119 | 33948 | 34119 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Bidco, Limited | (4)(5)(6)(8) | E + 5.25% | 7.30% | 5/9/2025 | 7/1/2031 | 18309 | 21441 | 21517 | 0.05 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | (4)(10) | SOFR + 4.75% | 8.47% | 10/31/2024 | 10/31/2031 | $66478 | $65924 | $66478 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 10/31/2024 | 10/31/2031 | 981 | 919 | 981 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 10/31/2024 | 10/31/2031 | 4331 | 4251 | 4331 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.92% | 12/23/2024 | 11/21/2029 | 6795 | 6795 | 6818 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.92% | 12/23/2024 | 9/29/2030 | 7416 | 7331 | 7438 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | (4)(7)(11) | SOFR + 5.00% | 8.67% | 2/14/2025 | 4/3/2030 | 106483 | 105270 | 106407 | 0.22 |
|  |  |  |  |  |  |  | 4831208 | 4888762 | 10.27 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.02% | 8/28/2024 | 10/29/2027 | 12371 | 12264 | 11938 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.02% | 8/28/2024 | 10/29/2027 | 7243 | 7181 | 6990 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.28% | 8/28/2024 | 10/29/2027 | 3082 | 3056 | 2974 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(7)(11) | SOFR + 5.25% | 9.02% | 8/28/2024 | 10/29/2027 | 4453 | 4303 | 3395 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.02% | 8/28/2024 | 10/29/2027 | 3585 | 3554 | 3459 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(11) | SOFR + 5.25% | 9.21% | 8/28/2024 | 10/29/2027 | 22069 | 21878 | 21297 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Ushc Acquisition, Inc. | (4)(5)(7)(11) | SOFR + 5.25% | 9.02% | 8/28/2024 | 10/29/2027 | 15035 | 14887 | 14437 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser, LLC | (8) | SOFR + 2.75% | 6.42% | 7/16/2024 | 7/16/2031 | 35066 | 34983 | 35193 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedster Bidco, GmbH | (4)(6)(7)(8) | E + 2.50% | 4.56% | 10/17/2024 | 6/10/2031 | 1521 | 4625 | 1740 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Acquisitionco New Zealand, Ltd. | (4)(6)(9) | B + 4.00% | 6.57% | 5/29/2025 | 4/17/2031 | 129239 | 76575 | 74037 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Borrower, LLC | (9) | SOFR + 4.50% | 8.39% | 2/20/2025 | 2/20/2032 | 39800 | 39625 | 40039 | 0.08 |
|  |  |  |  |  |  |  | 222931 | 215499 | 0.45 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Altius Luxembourg S.à r.l. | (4)(5)(8) | 9.75% | 9.75%<br>PIK | 12/21/2021 | 12/21/2029 | 31233 | 30966 | 31077 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Altius US Bidco, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.36% | 5/21/2024 | 12/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245269 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allium Buyer, LLC | (4)(7)(11) | SOFR + 5.00% | 8.84% | 5/2/2023 | 5/2/2030 | 1564 | 1531 | 1557 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anthracite Buyer Inc | (4)(7)(10) | SOFR + 4.50% | 8.34% | 12/3/2025 | 12/3/2032 | 79838 | 79345 | 79339 | 0.17 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cassipoee, SASU | (4)(5)(6)(8) | E + 4.50% | 6.52% | 2/26/2025 | 2/26/2032 | 160 | $165 | $184 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali TopCo, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.59% | 8/26/2025 | 8/26/2032 | $92136 | 91228 | 91475 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fern Bidco, Ltd. | (4)(5)(6)(8) | S + 5.25% | 9.09% | 7/1/2024 | 7/1/2031 | 40356 | 50231 | 53446 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fern Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 5.25% | 8.97% | 7/1/2024 | 7/1/2031 | 4414 | 5484 | 5474 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idemia America Corp. | (6)(10) | SOFR + 4.25% | 7.92% | 2/2/2024 | 9/30/2028 | 985 | 989 | 994 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infostretch Corporation | (4)(10) | SOFR + 5.75% | 9.57% | 4/1/2022 | 4/1/2028 | 176595 | 175272 | 156287 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovalon Holdings, Inc. | (4)(10) | SOFR + 5.50% | 9.67%<br>(incl. 2.75%<br>PIK) | 4/11/2025 | 11/24/2028 | 1110866 | 1100371 | 1110866 | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KEN Bidco, Ltd. | (4)(5)(6)(10)  | S + 6.00% | 10.09%<br>(incl. 2.50%<br>PIK) | 5/3/2024 | 10/14/2028 | 14393 | 17779 | 15667 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(8) | CI + 6.00% | 7.98% | 9/28/2022 | 9/28/2029 | 560750 | 72945 | 86023 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(9) | N + 6.00% | 10.14% | 9/28/2022 | 9/28/2029 | 599094 | 55059 | 57948 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(8) | ST + 6.00% | 7.85% | 9/28/2022 | 9/28/2029 | 243186 | 21453 | 25754 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monterey Financing, S.à r.l. | (4)(6)(8) | E + 6.00% | 8.03% | 9/28/2022 | 9/28/2029 | 110819 | 107062 | 126978 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nephele III, BV | (4)(5)(6)(7)(8) | E + 5.00% | 7.00% | 3/31/2025 | 1/14/2032 | 267 | 287 | 309 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.38% | 12/8/2025 | 4/30/2029 | 36109 | 35063 | 30286 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.38% | 12/8/2025 | 4/30/2029 | 6372 | 6188 | 4062 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 5.75% | 9.53% | 12/8/2025 | 4/30/2029 | 2449 | 2357 | 2310 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion US Finco, Inc. | (6)(8) | SOFR + 3.50% | 7.43% | 10/10/2025 | 10/8/2032 | 39535 | 39341 | 39767 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Razor Holdco, LLC | (4)(10) | SOFR + 5.75% | 9.67% | 10/25/2021 | 10/25/2027 | 95717 | 95138 | 95717 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red River Technology, LLC | (4)(5)(11) | SOFR + 6.00% | 9.99% | 5/26/2021 | 5/26/2027 | 144774 | 144184 | 135726 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red River Technology, LLC | (4)(5)(11) | SOFR + 6.00% | 9.94% | 12/1/2025 | 11/26/2028 | 16220 | 15915 | 15206 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | (4)(10) | SOFR + 5.25% | 8.93% | 1/3/2025 | 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148075 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | (4)(5)(7)(10) | SOFR + 5.25% | 8.93% | 2/5/2024 | 6/15/2029 | 30094 | 29864 | 30094 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartronix, LLC | (8) | SOFR + 4.50% | 8.22% | 2/7/2025 | 2/6/2032 | 339715 | 332278 | 336600 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartronix, LLC | (4)(5)(7)(8) | SOFR + 3.50% | 7.22% | 2/7/2025 | 2/7/2030 | 1368 | 1116 | 1131 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | E + 6.00% | 8.00%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | 17658 | 20154 | 16757 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | E + 6.00% | 8.00%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | 6584 | 7518 | 6248 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | SOFR + 6.00% | 10.10%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | $6797 | $7024 | $5489 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(6)(8) | SOFR + 6.00% | 9.94%<br>(incl. 2.50%<br>PIK) | 10/14/2021 | 10/14/2028 | 13669 | 13520 | 11038 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(5)(6)(10)  | S + 6.00% | 10.09%<br>(incl. 2.50%<br>PIK) | 5/3/2024 | 10/14/2028 | 24142 | 29816 | 26278 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turing Holdco, Inc. | (4)(5)(6)(10) | SOFR + 6.00% | 10.10%<br>(incl. 2.50%<br>PIK) | 5/3/2024 | 10/14/2028 | 32136 | 31564 | 25950 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | (4)(9) | SOFR + 4.50% | 8.19% | 12/9/2025 | 12/23/2032 | 721584 | 719786 | 719780 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | (4)(5)(7)(9) | SOFR + 4.50% | 8.19% | 12/9/2025 | 12/23/2032 | 9072 | 8401 | 8401 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp. | (10) | SOFR + 3.25% | 6.97% | 6/21/2024 | 2/15/2029 | 14713 | 14726 | 14767 | 0.03 |
|  |  |  |  |  |  |  | 3754304 | 3762329 | 7.88 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidco Jupiter, Ltd. | (4)(6)(9) | E + 6.25% | 8.27%<br>(incl. 6.75%<br>PIK) | 8/5/2022 | 8/27/2029 | 6024 | 5986 | 5788 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidco Jupiter, Ltd. | (4)(6)(10) | SOFR + 6.25% | 10.75%<br>(incl. 6.75%<br>PIK) | 8/5/2022 | 8/27/2029 | 89698 | 88318 | 74001 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corp. | (4)(10) | SOFR + 4.50% | 8.22% | 3/5/2025 | 3/5/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113527 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corp. | (4)(5)(7)(10) | SOFR + 4.50% | 8.33% | 3/5/2025 | 3/5/2032 | 858 | 650 | 622 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.73% | 12/17/2024 | 12/18/2031 | 132351 | 130092 | 131022 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falcon Parent Holdings, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.89% | 11/6/2024 | 11/6/2031 | 162151 | 160487 | 160733 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc. | (9) | SOFR + 2.75% | 6.47% | 12/12/2025 | 12/12/2031 | 7353 | 7361 | 7387 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.42% | 8/18/2025 | 8/18/2032 | 27343 | 26707 | 26669 | 0.06 |
|  |  |  |  |  |  |  | 533264 | 519749 | 1.11 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidco 76 S.p.A. | (4)(6)(8) | E + 4.75% | 6.87% | 12/11/2024 | 12/10/2031 | 138245 | 143056 | 162466 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc. | (6)(9) | SOFR + 2.50% | 6.48% | 7/2/2024 | 3/15/2030 | 4713 | 4713 | 4741 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | S + 4.75% | 8.47% | 6/30/2025 | 3/31/2032 | 241 | 327 | 325 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | E + 4.75% | 6.68% | 6/30/2025 | 3/31/2032 | 86 | 101 | 101 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | SOFR + 4.75% | 8.41% | 6/30/2025 | 3/31/2032 | 1238 | 1227 | 1238 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(8) | SOFR + 4.75% | 8.62% | 6/30/2025 | 3/31/2032 | 595 | 589 | 595 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(7)(8) | E + 4.75% | 6.68% | 6/30/2025 | 3/31/2032 | 25 | 28 | 29 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cielo Bidco, Ltd. | (4)(5)(6)(7)(8) | SOFR + 4.75% | 8.41% | 6/30/2025 | 3/31/2032 | 47 | 41 | 47 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crosby US Acquisition Corp. | (9) | SOFR + 3.50% | 7.22% | 9/16/2024 | 8/16/2029 | 308 | 312 | 310 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hobbs & Associates, LLC | (8) | SOFR + 2.75% | 6.47% | 10/30/2025 | 7/23/2031 | 2494 | 2497 | 2496 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF11 Trinity Bidco, Inc. | (4)(8) | SOFR + 2.50% | 6.23% | 9/11/2025 | 6/14/2030 | 1050 | 1050 | 1055 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MHE Intermediate Holdings, LLC | (4)(7)(11) | SOFR + 6.00% | 9.99% | 7/21/2021 | 7/21/2027 | 5891 | 5857 | 5780 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + 6.50% | 10.49% | 12/20/2022 | 7/21/2027 | 229 | 227 | 225 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + 6.25% | 10.24% | 8/30/2022 | 7/21/2027 | $228 | $226 | $224 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc. | (8) | SOFR + 2.75% | 6.47% | 10/16/2025 | 10/16/2032 | 6000 | 6020 | 6045 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Flow, Inc. | (9) | SOFR + 2.75% | 6.47% | 8/1/2025 | 4/5/2029 | 8651 | 8651 | 8686 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc. | (6)(9) | SOFR + 2.75% | 6.95% | 3/14/2024 | 4/30/2030 | 17320 | 17320 | 17448 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (9) | SOFR + 3.75% | 7.58% | 11/19/2021 | 11/19/2028 | 25874 | 25775 | 26044 | 0.05 |
|  |  |  |  |  |  |  | 218017 | 237855 | 0.49 |
| **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | (4)(5)(7)(10) | SOFR + 5.25% | 9.12% | 10/29/2021 | 10/29/2030 | 11222 | 11007 | 11222 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | (4)(10) | SOFR + 5.25% | 9.07% | 6/9/2025 | 10/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226941 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kattegat Project Bidco, AB | (4)(5)(6)(7)(8) | E + 5.50% | 7.52% | 3/20/2024 | 4/7/2031 | 51768 | 55004 | 60672 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kattegat Project Bidco, AB | (4)(5)(6)(8) | SOFR + 5.50% | 9.19% | 3/20/2024 | 4/7/2031 | 4522 | 4437 | 4522 | 0.01 |
|  |  |  |  |  |  |  | 295800 | 303357 | 0.64 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2, LLC | (8) | SOFR + 2.25% | 5.97% | 4/4/2025 | 2/13/2032 | 5211 | 5085 | 5222 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bimini Group Purchaser, Inc. | (4)(10) | SOFR + 4.75% | 8.57% | 4/26/2024 | 4/26/2031 | 281459 | 279191 | 281459 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bimini Group Purchaser, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.49% | 4/26/2024 | 4/26/2031 | 18039 | 17531 | 15966 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bimini Group Purchaser, Inc. | (4)(5)(10) | SOFR + 4.75% | 8.62% | 4/26/2024 | 4/26/2031 | 34819 | 34663 | 34819 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. | (9) | SOFR + 2.75% | 6.47% | 9/4/2025 | 8/6/2031 | 5426 | 5413 | 5478 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.60%<br>PIK | 12/17/2025 | 12/15/2027 | 198534 | 198534 | 198534 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.60%<br>PIK | 12/17/2025 | 12/15/2027 | 93114 | 93114 | 93114 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10)(17) | SOFR + 5.75% | 9.60%<br>PIK | 12/17/2025 | 12/15/2027 | 268040 | 134020 | 134020 | 0.28 |
|  |  |  |  |  |  |  | 767551 | 768612 | 1.61 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc. | (10) | SOFR + 2.75% | 6.52% | 12/4/2025 | 1/31/2029 | 15629 | 15614 | 15679 | 0.03 |
|  **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Midstream Canada Finance, Inc. | (4)(6)(10) | SOFR + 5.25% | 9.14% | 8/30/2024 | 8/15/2028 | 28676 | 28536 | 28676 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport LNG Investments, LLLP | (9) | SOFR + 3.25% | 7.12% | 1/15/2025 | 12/21/2028 | 33047 | 33047 | 33223 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Alberta Midstream Finance, Inc. | (4)(6)(10) | SOFR + 5.25% | 9.14% | 8/30/2024 | 8/15/2028 | 15599 | 15506 | 15599 | 0.03 |
|  |  |  |  |  |  |  | 77089 | 77498 | 0.16 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profile Products, LLC | (4)(10) | SOFR + 5.50% | 9.49% | 11/12/2021 | 11/12/2027 | $61948 | $61611 | $61329 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profile Products, LLC | (4)(5)(7)(10) | P + 4.50% | 11.25% | 11/12/2021 | 11/12/2027 | 6550 | 6458 | 6380 | 0.01 |
|  |  |  |  |  |  |  | 68069 | 67709 | 0.14 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dechra Finance US, LLC | (6)(8) | SOFR + 3.25% | 7.20% | 12/3/2024 | 12/3/2031 | 4963 | 5001 | 5005 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eden Acquisitionco, Ltd. | (4)(5)(6)(7)(10) | SOFR + 5.00% | 8.60% | 11/2/2023 | 11/18/2030 | 110539 | 108497 | 110510 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eden Acquisitionco, Ltd. | (4)(5)(6)(8) | E + 5.00% | 7.12% | 9/23/2025 | 11/18/2030 | 746 | 795 | 877 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. | (6)(8) | SOFR + 1.75% | 5.62% | 1/30/2025 | 10/31/2032 | 721 | 722 | 723 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Pharma Bidco S.p.A | (4)(5)(6)(7)(8) | E + 5.00% | 7.10% | 10/7/2025 | 10/7/2032 | 17886 | 20436 | 20599 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gusto Sing Bidco Pte, Ltd. | (4)(5)(6)(7)(10) | BB + 4.75% | 8.39% | 11/15/2024 | 11/15/2031 | 1000 | 645 | 664 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco, SAS | (6)(8) | SOFR + 3.00% | 6.69% | 10/29/2025 | 4/28/2032 | 50023 | 49748 | 50398 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Padagis, LLC | (4)(6)(9) | SOFR + 4.75% | 8.95% | 7/6/2021 | 7/6/2028 | 5357 | 5355 | 5075 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhea Parent, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 12/20/2024 | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262521 | 263247 | 0.55 |
|  |  |  |  |  |  |  | 453720 | 457098 | 0.95 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners, LLC | (4)(7)(10) | SOFR + 5.00% | 8.70% | 12/17/2025 | 11/15/2031 | 54923 | 54627 | 54625 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Group Holdings, Inc. | (9) | SOFR + 4.25% | 8.07% | 12/29/2021 | 12/29/2028 | 5596 | 5583 | 5072 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU, LLC | (4)(10) | SOFR + 6.25% | 9.92% | 5/23/2023 | 5/23/2029 | 54298 | 53548 | 53755 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU, LLC | (4)(10) | SOFR + 5.50% | 9.17% | 2/21/2024 | 5/23/2029 | 4913 | 4849 | 4777 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Intel Intermediate 2, LLC | (4)(5)(7)(10) | SOFR + 4.50% | 8.64% | 8/28/2024 | 1/31/2028 | 3161 | 3012 | 3161 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Companies, LLC | (4)(11) | SOFR + 5.00% | 8.84% | 1/31/2023 | 1/31/2030 | 1958 | 1927 | 1958 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Companies, LLC | (4)(11) | SOFR + 5.00% | 8.82% | 8/28/2024 | 1/31/2030 | 10841 | 10720 | 10841 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Companies, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.82% | 8/28/2024 | 1/31/2030 | 7242 | 6786 | 7101 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Acquisitionco, Ltd. | (4)(6)(8) | SOFR + 4.75% | 8.42% | 9/23/2024 | 9/30/2031 | 447361 | 440017 | 446243 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus Group Holdings, Inc. | (9) | SOFR + 3.00% | 6.72% | 12/13/2024 | 11/24/2032 | 40493 | 40416 | 40502 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | (4)(10) | SOFR + 4.75% | 8.47% | 6/3/2024 | 6/3/2031 | 201004 | 198671 | 201004 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | (4)(7)(10) | SOFR + 4.25% | 7.97% | 6/3/2024 | 6/3/2031 | 279531 | 275850 | 278577 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cast & Crew Payroll, LLC | (9) | SOFR + 3.75% | 7.47% | 12/30/2021 | 12/29/2028 | 11452 | 11392 | 6916 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | (4)(7)(10) | SOFR + 4.50% | 8.22% | 11/2/2021 | 11/2/2027 | 18076 | 17844 | 17677 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(11) | SOFR + 4.75% | 8.47% | 5/26/2021 | 11/16/2029 | 251371 | 249815 | 251371 | 0.53 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(5)(7)(11) | SOFR + 4.75% | 8.47% | 11/18/2022 | 11/16/2029 | $20632 | $20187 | $20632 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(11) | SOFR + 4.75% | 8.47% | 2/14/2025 | 11/16/2029 | 33240 | 32968 | 33240 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Cumming Holding, Corp. | (4)(5)(11) | SOFR + 4.75% | 8.47% | 10/7/2025 | 11/16/2029 | 19359 | 19268 | 19359 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisive Holdings Corp. | (4)(7)(11) | SOFR + 5.75% | 9.42% | 12/8/2021 | 12/8/2030 | 33259 | 33150 | 32505 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims Automation Intermediate 2, LLC | (4)(10) | SOFR + 4.50% | 8.23% | 12/16/2021 | 12/16/2027 | 43998 | 43712 | 43998 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims Automation Intermediate 2, LLC | (4)(10) | SOFR + 4.50% | 8.64% | 12/16/2021 | 12/16/2027 | 67664 | 67223 | 67664 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearview Buyer, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.27% | 8/26/2021 | 8/31/2029 | 116975 | 116289 | 116975 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CohnReznick Advisory, LLC | (7)(8) | SOFR + 3.50% | 7.17% | 3/26/2025 | 3/31/2032 | 15619 | 15538 | 15744 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.47% | 8/27/2024 | 8/27/2031 | 63506 | 62836 | 63415 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Intermediate Holdings, Inc. | (4)(5)(6)(7)(10) | SOFR + 5.50% | 9.23% | 8/26/2025 | 8/26/2032 | 49718 | 49200 | 49171 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTI Holdco, Inc. | (7)(10) | SOFR + 4.00% | 7.72% | 2/12/2025 | 4/26/2029 | 22071 | 21916 | 19150 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East River Bidco, GmbH | (4)(6)(7)(8) | E + 5.25% | 7.27% | 3/26/2025 | 3/26/2032 | 97 | 103 | 112 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisner Advisory Group, LLC | (9) | SOFR + 4.00% | 7.72% | 2/28/2024 | 2/28/2031 | 3800 | 3794 | 3831 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eliassen Group, LLC | (4)(10) | SOFR + 5.75% | 9.42% | 4/14/2022 | 4/14/2028 | 66370 | 65999 | 64711 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 3.50% | 7.44% | 11/4/2021 | 11/6/2028 | 9352 | 9257 | 6729 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Advantage Holdings, LLC | (8) | SOFR + 2.75% | 6.47% | 7/24/2025 | 10/31/2031 | 5323 | 5343 | 5277 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G&A Partners Holding Company II, LLC | (4)(10) | SOFR + 5.00% | 8.82% | 3/1/2024 | 3/3/2031 | 66887 | 65939 | 66887 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G&A Partners Holding Company II, LLC | (4)(10) | SOFR + 5.00% | 8.82% | 5/6/2025 | 3/3/2031 | 41122 | 40940 | 41122 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G&A Partners Holding Company II, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 5/6/2025 | 3/3/2031 | 9456 | 9280 | 9324 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings, LLC | (8) | SOFR + 3.25% | 6.97% | 2/5/2025 | 9/27/2030 | 8880 | 8902 | 7566 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 3.00% | 6.72% | 5/22/2025 | 6/2/2031 | 3990 | 3990 | 4011 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 2.75% | 6.47% | 8/22/2025 | 6/2/2031 | 7471 | 7466 | 7495 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidehouse, Inc. | (4)(10) | SOFR + 4.75% | 8.47% | 10/15/2021 | 12/16/2030 | 1254937 | 1247730 | 1254937 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investments Holdings, LLC | (4)(7)(10) | SOFR + 5.00% | 8.84% | 11/1/2024 | 9/22/2028 | 577367 | 573536 | 577367 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmar, Inc. | (8) | SOFR + 4.50% | 8.34% | 6/26/2025 | 10/30/2031 | 24688 | 24723 | 24442 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Bidco S.P.E.C. | (4)(5)(6)(7)(8) | E + 5.25% | 7.25% | 6/26/2025 | 6/26/2032 | 175 | 201 | 201 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(5)(11) | SOFR + 6.25% | 11.07%<br>(incl. 5.25%<br>PIK) | 2/28/2025 | 2/28/2030 | 6453 | 6452 | 6452 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(5)(7)(11) | SOFR + 5.25% | 9.07% | 2/28/2025 | 2/28/2030 | $87 | $15 | $87 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lereta, LLC | (10) | SOFR + 5.25% | 9.08% | 7/30/2021 | 7/30/2028 | 28560 | 28455 | 26395 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mantech International, CP | (4)(7)(10) | SOFR + 4.50% | 8.29% | 12/1/2025 | 9/14/2029 | 885948 | 876597 | 885575 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco Globe, Limited | (4)(5)(6)(7)(8) | S + 6.00% | 9.97% | 1/18/2024 | 1/31/2031 | 92467 | 115887 | 124641 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco Globe, Limited | (4)(5)(6)(9) | SOFR + 6.00% | 9.84% | 1/30/2024 | 1/31/2031 | 7655 | 7192 | 7655 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minotaur Acquisition, Inc. | (4)(7)(11) | SOFR + 5.00% | 8.72% | 5/10/2024 | 5/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113384 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minotaur Acquisition, Inc. | (4)(5)(11) | SOFR + 5.00% | 8.82% | 5/10/2024 | 5/10/2030 | 16516 | 16273 | 16516 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPG Parent Holdings, LLC | (4)(11) | SOFR + 5.00% | 8.99% | 1/8/2024 | 1/8/2030 | 17938 | 17696 | 17938 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPG Parent Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.00% | 8.87% | 1/8/2024 | 1/8/2030 | 5482 | 5357 | 5482 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDT Global Holding, Inc. | (4)(6)(7)(9) | SOFR + 4.50% | 8.22% | 6/3/2025 | 6/4/2032 | 54508 | 53863 | 54407 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources, Inc. | (4)(11) | SOFR + 6.00% | 9.84% | 8/17/2021 | 8/17/2027 | 91917 | 91419 | 91917 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources, Inc. | (4)(5)(7)(11) | SOFR + 6.00% | 9.82% | 8/17/2021 | 8/17/2027 | 8639 | 8554 | 8639 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Global Resources, Inc. | (4)(5)(9) | SOFR + 6.00% | 10.21% | 6/6/2024 | 8/17/2027 | 9824 | 9679 | 9824 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavion Corp. | (4)(10) | SOFR + 6.00% | 9.84% | 10/30/2023 | 10/30/2030 | 114402 | 112840 | 114402 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavion Corp. | (4)(5)(10) | SOFR + 5.75% | 9.47% | 10/30/2023 | 10/30/2030 | 24120 | 23816 | 24120 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | (4)(10) | SOFR + 4.75% | 8.64% | 10/17/2022 | 10/17/2029 | 46377 | 45624 | 46377 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.59% | 2/26/2025 | 10/17/2029 | 12190 | 12059 | 12190 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plano HoldCo, Inc. | (8) | SOFR + 3.50% | 7.17% | 12/11/2024 | 10/1/2031 | 993 | 1008 | 965 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyconcept Investments, BV | (10) | SOFR + 5.50% | 9.17% | 5/20/2022 | 5/18/2029 | 24041 | 23808 | 22719 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (8) | SOFR + 2.50% | 6.22% | 2/24/2023 | 7/31/2031 | 9609 | 9582 | 9650 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STV Group, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.47% | 3/20/2024 | 3/20/2031 | 57807 | 56656 | 57639 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teneo Holdings, LLC | (4)(7)(9) | SOFR + 4.75% | 8.47% | 7/31/2025 | 7/31/2032 | 635821 | 628994 | 634909 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The North Highland Co, LLC | (4)(10) | SOFR + 4.75% | 8.47% | 12/20/2024 | 12/20/2031 | 91417 | 90656 | 89817 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The North Highland Co, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.47% | 12/20/2024 | 12/20/2030 | 3550 | 3193 | 2929 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thevelia US, LLC | (6)(9) | SOFR + 3.00% | 6.67% | 7/29/2024 | 6/18/2029 | 33435 | 33435 | 33606 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + 4.50% | 8.44% | 6/29/2021 | 6/29/2029 | 43242 | 43083 | 43242 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(7)(10) | SOFR + 4.50% | 8.50% | 6/29/2021 | 6/29/2029 | 78128 | 77182 | 77806 | 0.16 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + 4.50% | 8.48% | 10/17/2025 | 6/29/2029 | $189552 | $187764 | $189552 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Partners Holdings, LLC | (4)(7)(11)(18) | SOFR + 5.24% | 9.06% | 12/21/2021 | 12/31/2030 | 416995 | 413257 | 416995 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTF Lower Intermediate, LLC | (7)(8) | SOFR + 3.75% | 7.79% | 7/18/2024 | 7/18/2031 | 28070 | 26239 | 22427 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors CCC Buyer, LLC | (4)(7)(10) | SOFR + 4.75% | 8.48% | 6/1/2022 | 6/1/2029 | 149569 | 147979 | 149569 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(10) | SOFR + 4.75% | 8.48% | 11/9/2021 | 11/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700772 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(7)(10) | SOFR + 4.75% | 8.48% | 12/18/2024 | 11/8/2028 | 24194 | 23556 | 22538 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(5)(10) | SOFR + 4.75% | 8.48% | 9/15/2025 | 11/8/2028 | 995 | 986 | 985 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | (4)(10) | SOFR + 5.00% | 8.85% | 10/1/2024 | 10/1/2031 | 43861 | 43551 | 43642 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.69% | 10/1/2024 | 10/1/2031 | 5239 | 5082 | 5098 | 0.01 |
|  |  |  |  |  |  |  | 7986180 | 8030306 | 16.86 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Management Borrower, LLC | (4)(7)(11) | SOFR + 5.50% | 9.17% | 11/3/2023 | 11/5/2029 | 32667 | 32100 | 32464 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | (4)(10) | SOFR + 4.75% | 8.60% | 11/1/2024 | 11/1/2031 | 55052 | 54364 | 55052 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | (4)(5)(7)(10) | SOFR + 4.75% | 8.60% | 11/1/2024 | 11/1/2031 | 14739 | 14347 | 14739 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | (4)(5)(10) | SOFR + 4.75% | 8.44% | 7/8/2025 | 11/1/2031 | 31615 | 31321 | 31615 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (6)(9) | SOFR + 2.50% | 6.22% | 9/26/2025 | 1/31/2030 | 6315 | 6315 | 6386 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (6)(9) | SOFR + 2.75% | 6.47% | 7/16/2025 | 1/31/2030 | 1359 | 1359 | 1369 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo, SAS | (4)(5)(6)(7)(8) | E + 5.00% | 7.07% | 3/28/2024 | 4/1/2031 | 8205 | 8715 | 9661 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | ST + 5.25% | 7.21% | 10/31/2024 | 12/31/2030 | 573028 | 51770 | 62242 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | E + 5.25% | 7.36% | 10/31/2024 | 12/31/2030 | 1177 | 1227 | 1384 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | S + 5.25% | 9.22% | 10/31/2024 | 12/31/2030 | 26751 | 33753 | 36060 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(6)(8) | SOFR + 5.25% | 8.96% | 10/31/2024 | 12/31/2030 | 136798 | 136233 | 136798 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(7)(8) | E + 5.25% | 7.36% | 11/28/2024 | 12/31/2030 | 73816 | 77579 | 86749 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | SOFR + 5.25% | 8.96% | 6/30/2025 | 12/31/2030 | 61545 | 59369 | 61545 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo, AB | (4)(5)(6)(8) | S + 5.25% | 9.22% | 9/12/2025 | 12/31/2030 | 22220 | 26842 | 29952 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Strategy S.à r.l. | (4)(6)(8) | S + 2.75% | 6.74% | 10/2/2024 | 10/2/2028 | 53099 | 69767 | 71575 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Strategy S.à r.l. | (4)(6)(8) | E + 2.75% | 4.80% | 10/2/2024 | 10/2/2028 | 50089 | 53756 | 58864 | 0.12 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Strategy S.à r.l. | (4)(6)(8) | E + 2.75% | 4.80% | 10/2/2024 | 10/2/2028 | 140261 | $153543 | $164834 | 0.35% |
|  |  |  |  |  |  |  | 812360 | 861289 | 1.81 |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altar Bidco, Inc. | (9) | SOFR + 3.10% | 6.78% | 4/7/2025 | 2/1/2029 | $11428 | 11291 | 11327 | 0.02 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abacus Holdco 2, Oy | (4)(5)(6)(7)(8) | E + 4.50% | 6.51% | 10/11/2024 | 10/10/2031 | 838 | 906 | 985 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelya US, Inc. | (6)(8) | SOFR + 5.25% | 8.92% | 9/29/2025 | 9/29/2032 | 26667 | 26149 | 26583 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumatica Holdings, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.42% | 7/28/2025 | 7/28/2032 | 63387 | 62693 | 62648 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Titan Parent, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.22% | 8/29/2024 | 8/29/2031 | 115237 | 114125 | 115099 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | (4)(7)(10) | SOFR + 4.50% | 8.23% | 4/4/2022 | 4/4/2030 | 21033 | 20835 | 21033 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | (4)(10) | SOFR + 4.50% | 8.23% | 12/17/2024 | 4/4/2030 | 11945 | 11873 | 11945 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaplan, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.32% | 5/20/2025 | 6/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626092 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | (4)(10) | SOFR + 4.75% | 8.57% | 1/29/2024 | 1/30/2031 | 71552 | 71231 | 71552 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.57% | 1/29/2024 | 1/30/2031 | 1341 | 1291 | 1341 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armstrong Bidco, Limited | (4)(6)(8) | S + 5.25% | 8.97% | 6/2/2022 | 6/28/2029 | 478945 | 576429 | 632682 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arnhem BidCo, GmbH | (4)(6)(7)(8) | E + 4.50% | 6.52% | 9/18/2024 | 9/30/2031 | 243252 | 267434 | 285870 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Articulate Global, LLC | (4)(5)(7)(9) | SOFR + 4.25% | 8.12% | 10/24/2025 | 10/24/2032 | 52720 | 52435 | 52427 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auctane, Inc. | (4)(10) | SOFR + 5.75% | 9.58% | 10/5/2021 | 10/5/2028 | 834891 | 828309 | 822368 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auctane, Inc. | (4)(5)(10) | SOFR + 5.75% | 9.58% | 12/14/2021 | 10/5/2028 | 9819 | 9740 | 9672 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | (4)(10) | SOFR + 4.50% | 8.24% | 7/12/2024 | 7/12/2031 | 80730 | 80092 | 80730 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | (4)(10) | SOFR + 4.50% | 8.24% | 7/12/2024 | 7/12/2031 | 38443 | 38139 | 38443 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.24% | 12/10/2025 | 7/12/2031 | 15377 | 15142 | 15262 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avalara, Inc. | (8) | SOFR + 2.75% | 6.42% | 9/12/2025 | 3/26/2032 | 1990 | 1990 | 2001 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc. | (4)(7)(10) | SOFR + 6.00% | 9.72% | 3/19/2024 | 3/19/2031 | 61560 | 60796 | 61532 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(11) | SOFR + 5.50% | 9.22% | 1/2/2025 | 1/2/2031 | 53717 | 53269 | 53583 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(5)(11) | SOFR + 5.50% | 9.22% | 1/2/2025 | 1/2/2031 | 28814 | 28574 | 28742 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(5)(7)(11) | SOFR + 5.25% | 8.98% | 10/7/2025 | 1/2/2031 | 7873 | 7787 | 7526 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | (4)(5)(11) | SOFR + 5.50% | 9.22% | 1/2/2025 | 1/2/2031 | 10173 | 10084 | 10148 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayshore Intermediate #2, LP | (4)(10) | SOFR + 5.50% | 9.19%<br>(incl. 3.00%<br>PIK) | 9/19/2025 | 10/2/2028 | 326677 | 326377 | 326677 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayshore Intermediate #2, LP | (4)(5)(7)(10) | SOFR + 5.00% | 8.69% | 11/8/2024 | 10/1/2027 | 6730 | 6654 | 6730 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bending Spoons US, Inc. | (6)(11) | SOFR + 5.25% | 9.03% | 2/19/2025 | 3/7/2031 | 91360 | 90310 | 89190 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(10) | SOFR + 5.75% | 9.48% | 8/8/2022 | 8/8/2028 | 69846 | 69262 | 69147 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(10) | SOFR + 5.75% | 9.48% | 8/8/2022 | 8/8/2028 | 12321 | 12219 | 12198 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(5)(10) | SOFR + 5.75% | 9.48% | 8/8/2022 | 8/8/2028 | 8473 | 8412 | 8388 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks USA, Inc. | (4)(10) | SOFR + 5.75% | 9.48% | 10/25/2024 | 8/8/2028 | $56687 | $56109 | $56120 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | (4)(7)(11) | SOFR + 4.25% | 7.98% | 9/12/2023 | 9/12/2029 | 90693 | 89726 | 90693 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 3.00% | 6.82% | 1/24/2025 | 7/30/2031 | 21767 | 21566 | 21736 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brave Parent Holdings, Inc. | (4)(7)(10) | SOFR + 4.25% | 7.97% | 10/17/2025 | 11/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495227 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Businessolver.com, Inc. | (4)(7)(10) | SOFR + 4.50% | 8.17% | 12/3/2025 | 12/3/2032 | 28986 | 28556 | 28707 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caribou Bidco, Ltd. | (4)(5)(6)(8) | S + 5.00% | 9.22% | 7/2/2024 | 2/1/2029 | 221441 | 281780 | 298491 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDK Global, Inc. | (8) | SOFR + 3.25% | 6.92% | 5/16/2024 | 7/6/2029 | 4923 | 4923 | 4186 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 8/7/2025 | 3/21/2031 | 7058 | 6971 | 7075 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 8/7/2025 | 8/13/2032 | 13931 | 13931 | 13965 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 3.75% | 7.57% | 10/8/2021 | 10/8/2028 | 34711 | 34517 | 33349 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(6)(8) | SOFR + 5.75% | 9.43% | 2/23/2022 | 2/23/2029 | 257960 | 254506 | 206368 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(6)(8) | SOFR + 5.75% | 9.43% | 3/11/2022 | 2/23/2029 | 6159 | 6073 | 4927 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluence Technologies, Inc. | (4)(5)(9) | SOFR + 5.00% | 8.85% | 2/14/2025 | 7/30/2028 | 19938 | 19476 | 19639 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conga Corp. | (10) | SOFR + 3.50% | 7.34% | 8/8/2024 | 5/8/2028 | 11365 | 11365 | 11365 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(10) | SOFR + 5.50% | 9.70% | 7/14/2021 | 7/14/2027 | 105629 | 105090 | 104045 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + 5.50% | 9.70% | 7/14/2021 | 7/14/2027 | 7169 | 7086 | 6925 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(5)(10) | SOFR + 5.50% | 9.70% | 10/9/2024 | 7/14/2027 | 5196 | 5138 | 5118 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + 5.50% | 9.70% | 10/9/2024 | 7/14/2027 | 2318 | 2229 | 2248 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (9) | SOFR + 3.75% | 7.58% | 10/15/2021 | 10/16/2028 | 26589 | 26544 | 24508 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (4)(11) | SOFR + 6.00% | 9.72% | 9/7/2023 | 10/16/2028 | 34125 | 33554 | 33272 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Software, Inc. | (4)(6)(7)(10) | SOFR + 5.25% | 9.09% | 2/27/2023 | 2/27/2030 | 1809 | 1779 | 1810 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | (4)(7)(11) | SOFR + 6.75% | 10.59% | 11/8/2023 | 11/8/2030 | 122658 | 120308 | 122658 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks, Inc. | (4)(7)(8) | SOFR + 4.50% | 8.27% | 1/3/2025 | 1/3/2031 | 525000 | 522800 | 525000 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawn Bidco, LLC | (8) | SOFR + 3.00% | 7.00% | 10/14/2025 | 10/7/2032 | 5000 | 4975 | 4991 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 2.75% | 6.58% | 5/1/2024 | 11/30/2029 | 103348 | 103135 | 102985 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 5.00% | 8.72% | 9/5/2025 | 9/5/2031 | 19440 | 24564 | 26069 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | (4)(5)(6)(8) | E + 5.00% | 7.02% | 9/5/2025 | 9/5/2031 | 15443 | 17519 | 18058 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | (4)(5)(6)(8) | E + 5.00% | 7.02% | 9/5/2025 | 9/5/2031 | 5845 | 6317 | 6835 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corp. | (4)(7)(10) | SOFR + 5.00% | 8.82% | 4/30/2024 | 8/2/2030 | 181293 | 180146 | 181043 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corp. | (4)(10) | SOFR + 5.00% | 8.82% | 4/30/2024 | 8/2/2030 | 29736 | 29615 | 29736 | 0.06 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Education, Inc. | (4)(10) | SOFR + 6.75% | 10.71%<br>(incl. 5.85%<br>PIK) | 4/7/2022 | 4/9/2029 | $612424 | $608138 | $509843 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Education, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.71% | 4/7/2022 | 4/9/2029 | 35027 | 34536 | 26226 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Education, Inc. | (4)(5)(10) | SOFR + 6.75% | 10.61%<br>(incl. 5.80%<br>PIK) | 10/3/2023 | 4/9/2029 | 68902 | 68399 | 57361 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doit International, Ltd. | (4)(7)(11) | SOFR + 4.50% | 8.32% | 11/25/2024 | 11/26/2029 | 66211 | 64729 | 65711 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. | (4)(6)(7)(10)(18) | SOFR + 4.91% | 8.65% | 12/11/2024 | 12/11/2029 | 746785 | 738040 | 736804 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagan Parent, Inc. | (4)(5)(7)(9) | SOFR + 4.50% | 8.24% | 9/6/2025 | 9/8/2032 | 21244 | 21116 | 21163 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI Macola Max Holding, LLC | (6)(10) | SOFR + 2.75% | 6.42% | 7/10/2025 | 5/9/2030 | 5369 | 5369 | 5403 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison Bidco, AS | (4)(5)(6)(7)(8) | E + 5.25% | 7.41% | 12/18/2024 | 12/18/2031 | 345 | 353 | 406 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | S + 5.50% | 9.23%<br>(incl. 2.50%<br>PIK) | 3/27/2024 | 4/29/2031 | 69256 | 86047 | 93354 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | SOFR + 5.25% | 8.97%<br>(incl. 2.25%<br>PIK) | 3/27/2024 | 4/29/2031 | 21630 | 21440 | 21630 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | SOFR + 5.00% | 8.72% | 4/30/2024 | 4/29/2031 | 17609 | 17530 | 17609 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | S + 5.50% | 9.23%<br>(incl. 2.50%<br>PIK) | 11/29/2024 | 4/29/2031 | 12746 | 15827 | 17180 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elements Finco, Ltd. | (4)(5)(6)(8) | S + 5.50% | 9.23%<br>(incl. 2.50%<br>PIK) | 3/27/2024 | 4/29/2031 | 31046 | 38572 | 41848 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epicor Software Corp. | (10) | SOFR + 2.50% | 6.22% | 5/30/2024 | 5/30/2031 | 5036 | 5024 | 5058 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | (4)(6)(10) | SOFR + 5.00% | 8.98% | 7/2/2024 | 7/2/2031 | 34467 | 34331 | 34467 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | (4)(5)(6)(7)(10) | SOFR + 5.00% | 8.98% | 7/2/2024 | 7/2/2031 | 3378 | 3340 | 3378 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverCommerce Solutions, Inc. | (9) | SOFR + 2.25% | 5.97% | 10/14/2025 | 7/7/2031 | 1496 | 1492 | 1502 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experity, Inc. | (4)(10)  | SOFR + 5.00% | 8.67%<br>(incl. 2.25%<br>PIK) | 7/21/2021 | 2/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110039 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experity, Inc. | (4)(7)(10)  | SOFR + 5.00% | 8.67%<br>(incl. 2.25%<br>PIK) | 2/24/2022 | 2/24/2030 | 35496 | 34821 | 35295 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | (6)(8) | SOFR + 4.00% | 7.72% | 7/31/2025 | 9/15/2032 | 38396 | 38029 | 37660 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (10) | SOFR + 3.50% | 7.35% | 6/11/2024 | 3/2/2028 | 42798 | 42798 | 40046 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexera Software, LLC | (4)(7)(9) | SOFR + 4.75% | 8.60% | 8/15/2025 | 8/16/2032 | 187380 | 186905 | 187346 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexera Software, LLC | (4)(5)(9) | E + 4.75% | 6.68% | 8/15/2025 | 8/16/2032 | 56550 | 66015 | 66457 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(6)(8) | ST + 4.75% | 6.85% | 4/14/2022 | 7/9/2029 | 115366 | 10807 | 12531 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(6)(8) | SA + 4.75% | 4.75% | 4/14/2022 | 7/9/2029 | 10860 | 11046 | 13710 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(9) | SA + 4.75% | 4.75% | 7/28/2022 | 7/9/2029 | 3544 | 3587 | 4475 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(6)(8) | E + 4.75% | 6.82% | 4/14/2022 | 7/9/2029 | 32512 | $32706 | $38208 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(8) | E + 4.75% | 6.82% | 4/14/2022 | 7/9/2029 | 9018 | 9150 | 10598 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(10) | S + 4.75% | 8.48% | 7/28/2022 | 7/9/2029 | 12762 | 15233 | 17203 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forterro Group, AB | (4)(5)(6)(7)(8) | E + 4.75% | 6.82% | 2/27/2025 | 7/9/2029 | 26703 | 27646 | 31382 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (6)(9) | SOFR + 1.75% | 5.47% | 6/5/2024 | 9/12/2029 | $10854 | 10774 | 10883 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc. | (8) | SOFR + 2.50% | 6.22% | 4/3/2025 | 1/30/2032 | 3970 | 3905 | 3967 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigamon, Inc. | (4)(10) | SOFR + 5.75% | 9.78% | 3/11/2022 | 3/9/2029 | 418408 | 414599 | 407948 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigamon, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.81% | 3/11/2022 | 3/10/2028 | 10310 | 10216 | 9665 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus, Inc. | (4)(10)  | SOFR + 5.50% | 9.09%<br>(incl. 2.00%<br>PIK) | 1/17/2024 | 1/17/2031 | 30963 | 30752 | 30963 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus, Inc. | (4)(5)(7)(10)  | SOFR + 5.50% | 9.09%<br>(incl. 2.00%<br>PIK) | 1/17/2024 | 1/17/2031 | 9101 | 9031 | 9101 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | (4)(5)(11) | SOFR + 5.25% | 8.92% | 3/26/2024 | 5/25/2028 | 11870 | 11840 | 11751 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | (4)(5)(7)(10) | SOFR + 5.25% | 8.92% | 3/26/2024 | 5/25/2028 | 3866 | 3830 | 3753 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions, LLC | (4)(10) | SOFR + 5.55% | 9.28%<br>(incl. 2.93%<br>PIK) | 6/14/2024 | 6/16/2031 | 79518 | 78914 | 79120 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions, LLC | (4)(10) | SOFR + 5.55% | 9.28%<br>(incl. 2.93%<br>PIK) | 6/14/2024 | 6/16/2031 | 31056 | 30821 | 30900 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions, LLC | (4)(10) | SOFR + 5.55% | 9.28%<br>(incl. 2.93%<br>PIK) | 9/26/2024 | 6/16/2031 | 36735 | 36447 | 36552 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Purchaser, LLC | (10) | SOFR + 6.00% | 9.97% | 6/23/2021 | 5/19/2029 | 14036 | 13248 | 12751 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icefall Parent, Inc. | (4)(7)(11) | SOFR + 4.50% | 8.17% | 1/26/2024 | 1/25/2030 | 87841 | 86754 | 87841 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INK BC Bidco S.p.A. | (4)(6)(7)(8) | E + 5.00% | 7.08% | 7/17/2025 | 7/16/2032 | 110134 | 125060 | 127274 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | (4)(10) | SOFR + 5.75% | 9.42%<br>(incl. 3.13%<br>PIK) | 5/2/2022 | 5/2/2029 | 46277 | 46072 | 46277 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | (4)(5)(7)(10) | SOFR + 5.25% | 8.94% | 5/2/2022 | 5/2/2028 | 3603 | 3581 | 3603 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | (4)(5)(10) | SOFR + 5.75% | 9.42%<br>(incl. 3.13%<br>PIK) | 5/16/2025 | 5/2/2029 | 5726 | 5726 | 5726 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRI Group Holdings, Inc. | (4)(7)(10) | SOFR + 4.25% | 7.97% | 4/9/2025 | 12/1/2029 | 1588161 | 1570390 | 1588161 | 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Javelin Buyer, Inc. | (6)(8) | SOFR + 2.75% | 6.59% | 7/24/2025 | 12/5/2031 | 2978 | 2994 | 2991 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeppesen Holdings, LLC | (4)(7)(9) | SOFR + 4.75% | 8.59% | 10/31/2025 | 11/1/2032 | 327865 | 325293 | 325279 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JS Parent, Inc. | (4)(7)(10) | SOFR + 4.75% | 8.59% | 4/24/2024 | 4/24/2031 | 80404 | 80069 | 80365 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc. | (7)(8) | SOFR + 3.00% | 6.72% | 3/20/2025 | 3/22/2032 | 127443 | 126049 | 127552 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KnowBe4, Inc. | (8) | SOFR + 3.75% | 7.59% | 7/22/2025 | 7/23/2032 | 30000 | 29929 | 30056 | 0.06 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LD Lower Holdings, Inc. | (4)(11) | SOFR + 7.50% | 11.27% | 2/8/2021 | 8/9/2027 | $106203 | $106137 | $95052 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lobos Parent, Inc. | (4)(5)(7)(9) | SOFR + 4.50% | 8.17% | 9/26/2025 | 9/26/2032 | 42739 | 42339 | 42366 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LogicMonitor, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.34% | 11/15/2024 | 11/19/2031 | 122899 | 121334 | 122043 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Security Holdings, LLC | (5)(11) | SOFR + 6.25% | 10.09% | 8/14/2024 | 7/27/2028 | 9724 | 9467 | 9761 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Security Holdings, LLC | (5)(10)(18) | SOFR + 6.75% | 10.85% | 8/14/2024 | 7/27/2028 | 27581 | 26684 | 21030 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium BorrowerCo, Inc. | (4)(10) | S + 4.50% | 8.22% | 5/19/2022 | 5/18/2029 | 100050 | 123533 | 134863 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + 4.50% | 8.22% | 5/19/2022 | 5/18/2029 | 1035065 | 1022289 | 1035065 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + 4.50% | 8.22% | 3/21/2024 | 5/18/2029 | 28970 | 28737 | 28970 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + 3.75% | 7.57% | 7/30/2021 | 7/31/2028 | 75168 | 74751 | 65772 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + 6.25% | 10.07% | 6/9/2023 | 7/31/2028 | 61425 | 60255 | 57740 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(5)(7)(8) | SOFR + 3.75% | 7.44% | 2/14/2025 | 4/30/2028 | 3535 | 3513 | 3157 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maverick Bidco, Inc. | (4)(5)(7)(10) | SOFR + 4.75% | 8.54% | 12/2/2025 | 12/2/2031 | 352976 | 351684 | 351563 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp. | (6)(9) | SOFR + 3.00% | 6.72% | 5/31/2024 | 3/1/2029 | 31409 | 31314 | 29089 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallia, Inc. | (4)(10) | SOFR + 6.00% | 9.70% | 10/28/2021 | 10/29/2028 | 898944 | 892583 | 698929 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallia, Inc. | (4)(10) | SOFR + 6.00% | 9.70% | 8/16/2022 | 10/29/2028 | 221763 | 219910 | 172421 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitnick Purchaser, Inc. | (9)(18) | SOFR + 4.75% | 8.69% | 5/2/2022 | 5/2/2029 | 11497 | 11470 | 7515 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ML Holdco, LLC | (4)(5)(7)(11) | SOFR + 4.50% | 8.37% | 10/24/2025 | 10/24/2032 | 67867 | 67494 | 67483 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (4)(11) | SOFR + 4.75% | 8.42% | 1/7/2021 | 2/10/2028 | 204606 | 203651 | 204606 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (4)(7)(11) | SOFR + 4.75% | 8.42% | 8/27/2024 | 2/10/2028 | 29257 | 29025 | 28441 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (4)(11) | SOFR + 4.75% | 8.42% | 1/7/2021 | 2/10/2028 | 34363 | 34369 | 34363 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (4)(5)(7)(9) | SOFR + 4.75% | 8.42% | 10/2/2025 | 2/10/2028 | 1704 | 1669 | 1704 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAVEX TopCo, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.91% | 10/14/2025 | 10/14/2032 | 221611 | 219260 | 221318 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintex Topco, Limited | (4)(6)(8) | SOFR + 6.00% | 9.83%<br>(incl. 1.50%<br>PIK) | 11/12/2021 | 11/13/2028 | 681242 | 675829 | 606306 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Midco 3, Ltd. | (4)(5)(6)(7)(10) | SOFR + 4.75% | 8.42% | 6/10/2024 | 6/24/2031 | 39181 | 38876 | 39181 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Midco 3, Ltd. | (4)(5)(6)(7)(10) | SOFR + 4.75% | 8.42% | 6/10/2024 | 12/10/2030 | 452 | 371 | 407 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection, LLC | (4)(7)(9) | SOFR + 4.50% | 8.19% | 12/23/2025 | 12/23/2032 | $31437 | $31210 | $31210 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMEGA II AB | (4)(5)(6)(7)(8) | ST + 4.75% | 6.62% | 6/11/2025 | 6/17/2032 | 635618 | 65641 | 68648 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America, Inc. | (4)(5)(10) | S + 5.50% | 9.22% | 10/30/2024 | 10/30/2031 | 2119 | 2726 | 2771 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America, Inc. | (4)(5)(10) | E + 5.25% | 7.15% | 10/30/2024 | 10/30/2031 | 7064 | 7608 | 8053 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America, Inc. | (4)(5)(7)(10) | SOFR + 5.00% | 8.92% | 10/30/2024 | 10/30/2031 | 20134 | 19941 | 19499 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optus 1011, GmbH | (4)(5)(6)(8) | E + 5.00% | 7.02% | 3/7/2025 | 3/24/2032 | 89943 | 95521 | 104644 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optus 1011, GmbH | (4)(5)(6)(7)(8) | E + 5.00% | 7.02% | 10/24/2025 | 3/24/2032 | 13798 | 16078 | 15242 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | (4)(10) | SOFR + 5.50% | 9.34% | 2/1/2024 | 2/3/2031 | 87074 | 86245 | 87074 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | (4)(5)(7)(10) | SOFR + 5.50% | 9.34% | 2/1/2024 | 2/3/2031 | 5130 | 5054 | 5130 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perforce Software, Inc. | (9) | SOFR + 4.75% | 8.47% | 3/22/2024 | 3/25/2031 | 19700 | 19626 | 16725 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perforce Software, Inc. | (8) | SOFR + 4.75% | 8.47% | 12/18/2024 | 7/2/2029 | 18242 | 18022 | 16418 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 3.25% | 6.92% | 5/14/2024 | 10/26/2030 | 70143 | 70143 | 70113 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | (9) | SOFR + 5.25% | 9.19% | 7/20/2022 | 7/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114110 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | (4)(5)(7)(8) | SOFR + 4.25% | 8.14% | 7/20/2022 | 7/20/2027 | 13509 | 13514 | 10389 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (9) | SOFR + 3.00% | 6.67% | 5/28/2024 | 8/31/2028 | 5484 | 5479 | 5521 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.17% | 6/3/2025 | 6/3/2032 | 77286 | 76953 | 77286 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | (4)(5)(7)(10) | SOFR + 4.50% | 8.22% | 11/7/2024 | 6/3/2032 | 997 | 949 | 997 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quartz Acquireco, LLC | (4)(8) | SOFR + 2.25% | 5.92% | 4/11/2025 | 6/28/2030 | 3101 | 3068 | 3101 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | (4)(10)  | SOFR + 6.25% | 9.97%<br>(incl. 3.50%<br>PIK) | 7/19/2022 | 7/19/2029 | 145308 | 143951 | 131504 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | (4)(5)(7)(10) | SOFR + 5.75% | 9.42% | 7/19/2022 | 7/19/2029 | 10372 | 10192 | 8686 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relativity ODA, LLC | (4)(7)(11) | SOFR + 4.50% | 8.22% | 5/12/2021 | 5/12/2029 | 37640 | 37602 | 37524 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (9) | SOFR + 3.75% | 7.47% | 10/5/2023 | 11/28/2028 | 44664 | 44317 | 44710 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio BidCo SAS | (4)(5)(6)(7)(8) | E + 5.75% | 7.77% | 4/3/2024 | 4/30/2031 | 37234 | 39683 | 43672 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Bidco, SASU | (4)(5)(6)(7)(8) | E + 4.50% | 6.57% | 8/29/2025 | 8/27/2032 | 210485 | 244619 | 245912 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | (4)(7)(10) | SOFR + 4.75% | 8.47%<br>(incl. 2.25%<br>PIK) | 10/1/2024 | 10/1/2031 | 348366 | 345042 | 348366 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skopima Consilio Parent, LLC | (9) | SOFR + 3.75% | 7.47% | 12/18/2024 | 5/12/2028 | 25268 | 25036 | 23152 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco, Ltd. | (4)(5)(6)(7)(8) | S + 4.50% | 6.57% | 11/25/2025 | 12/8/2032 | 12751 | 16990 | 17187 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco, Ltd. | (4)(5)(6)(8) | E + 4.50% | 6.57% | 11/25/2025 | 12/8/2032 | 5751 | 6694 | 6759 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco, Ltd. | (4)(5)(6)(8) | SOFR + 4.50% | 8.38% | 11/25/2025 | 12/8/2032 | $24898 | $24898 | $24898 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis Midco, SAS | (4)(5)(6)(7)(8) | E + 4.75% | 6.85% | 10/8/2025 | 10/8/2032 | 313 | 357 | 361 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sophos Holdings, LLC | (6)(8) | SOFR + 3.50% | 7.33% | 1/7/2021 | 3/5/2027 | 12450 | 12458 | 12473 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovos Compliance, LLC | (8) | SOFR + 3.25% | 6.97% | 7/24/2025 | 8/13/2029 | 13653 | 13616 | 13709 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | (4)(7)(10)(18) | SOFR + 4.67% | 8.34% | 9/5/2025 | 10/17/2031 | 624424 | 623634 | 623467 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spitfire Parent, Inc. | (4)(11) | E + 5.50% | 7.40% | 3/8/2021 | 3/11/2027 | 18623 | 22390 | 21666 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spitfire Parent, Inc. | (4)(11) | SOFR + 5.50% | 9.32% | 3/9/2021 | 3/11/2027 | 84366 | 84013 | 83523 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spitfire Parent, Inc. | (4)(11) | SOFR + 5.50% | 9.32% | 3/9/2021 | 3/11/2027 | 31152 | 31143 | 30840 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starlight Parent, LLC | (8) | SOFR + 4.00% | 7.70% | 7/2/2025 | 4/16/2032 | 49875 | 49145 | 49906 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco, SAS | (4)(5)(6)(8) | E + 5.25% | 7.28% | 10/17/2024 | 10/17/2031 | 69197 | 74046 | 80914 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco, SAS | (4)(5)(6)(7)(8) | E + 5.25% | 7.28% | 10/17/2024 | 10/17/2031 | 18953 | 20812 | 22073 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tegra118 Wealth Solutions, Inc. | (8) | SOFR + 4.00% | 7.89% | 1/7/2021 | 2/18/2027 | 6722 | 6714 | 6661 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Themis Solutions, Inc. | (4)(5)(6)(7)(10) | SOFR + 5.50% | 9.22%<br>(incl. 3.75%<br>PIK) | 10/29/2025 | 10/29/2032 | 130682 | 128422 | 127984 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three Rivers Buyer, Inc | (4)(5)(7)(10) | SOFR + 4.75% | 8.59% | 10/31/2025 | 11/3/2031 | 15200 | 14959 | 14953 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TravelPerk, Inc. | (4)(6)(8) | 11.50% | 11.50%<br>PIK | 5/2/2024 | 5/2/2029 | 50792 | 48830 | 49903 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | (4)(7)(11) | SOFR + 6.25% | 10.09%<br>(incl. 4.88%<br>PIK) | 2/11/2025 | 2/11/2032 | 137384 | 135958 | 137086 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triple Lift, Inc. | (4)(7)(10) | SOFR + 5.75% | 9.59% | 5/6/2021 | 5/5/2028 | 43058 | 42675 | 38183 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triple Lift, Inc. | (4)(10) | SOFR + 5.75% | 9.59% | 3/18/2022 | 5/5/2028 | 25258 | 25065 | 23111 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc. | (8) | SOFR + 2.50% | 6.34% | 10/14/2025 | 2/9/2031 | 1995 | 1990 | 1999 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varicent Parent Holdings Corp. | (4)(7)(10) | SOFR + 6.25% | 9.92%<br>(incl. 3.38%<br>PIK) | 8/23/2024 | 8/23/2031 | 104346 | 103041 | 102987 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 4.00% | 8.10% | 10/25/2021 | 4/24/2028 | 53180 | 52462 | 49630 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VS Buyer, LLC | (7)(8) | SOFR + 2.25% | 6.09% | 7/25/2025 | 4/12/2031 | 6271 | 5547 | 6258 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPEngine, Inc. | (4)(7)(10) | SOFR + 5.75% | 9.45% | 8/14/2023 | 8/14/2029 | 81400 | 79781 | 81156 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLOR T1, LLC | (4)(8) | SOFR + 3.50% | 7.29% | 12/1/2025 | 12/1/2032 | 34563 | 34563 | 34650 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zendesk, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.69% | 7/23/2024 | 11/22/2028 | 1061197 | 1046704 | 1061196 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zodiac Purchaser, LLC | (8) | SOFR + 3.50% | 7.22% | 4/3/2025 | 2/14/2032 | 7980 | 7857 | 7964 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zorro Bidco, Ltd. | (4)(5)(6)(7)(8) | S + 4.65% | 8.62% | 8/13/2024 | 8/13/2031 | 72147 | 90677 | 96170 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zorro Bidco, Ltd. | (4)(5)(6)(8) | S + 4.65% | 8.62% | 1/30/2025 | 8/13/2031 | 7896 | 9738 | 10537 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zorro Bidco, Ltd. | (4)(5)(6)(8) | ST + 4.65% | 6.66% | 2/6/2025 | 8/13/2031 | 108262 | 9858 | 11642 | 0.02 |
|  |  |  |  |  |  |  | 20171985 | 19843563 | 41.67 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CustomInk, LLC | (4)(11)(18) | SOFR + 5.98% | 9.83% | 1/7/2021 | 5/3/2028 | $39625 | $39576 | $39625 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EG America, LLC | (6)(8) | SOFR + 3.50% | 7.32% | 7/18/2025 | 2/7/2028 | 11973 | 11973 | 12034 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Midco, LLC | (6)(9) | SOFR + 2.25% | 6.09% | 2/5/2025 | 2/3/2029 | 8712 | 8712 | 5053 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (10) | SOFR + 3.00% | 6.72% | 1/17/2025 | 5/4/2028 | 27419 | 27419 | 27550 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (4)(7)(10) | SOFR + 3.25% | 7.09% | 1/17/2025 | 5/4/2028 | 3600 | 3573 | 3569 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdco Sub, LLC | (8) | SOFR + 4.75% | 8.47% | 3/15/2024 | 3/15/2030 | 5882 | 5886 | 5841 | 0.01 |
|  |  |  |  |  |  |  | 97139 | 93672 | 0.20 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lytx, Inc. | (4)(11) | SOFR + 5.00% | 8.83% | 6/13/2024 | 2/28/2028 | 75139 | 75171 | 75139 | 0.16 |
|  **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCG Acquisitions, Inc. | (9) | SOFR + 3.25% | 6.97% | 2/11/2025 | 3/31/2028 | 22466 | 22466 | 22583 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Group, Inc. | (6)(9) | SOFR + 2.00% | 5.73% | 7/14/2021 | 7/14/2028 | 6338 | 6345 | 6371 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc. | (9) | SOFR + 3.25% | 6.92% | 12/22/2021 | 12/22/2031 | 15462 | 15437 | 15622 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Global Surfaces, Inc. | (4)(11) | SOFR + 6.00% | 9.82%<br>(incl. 4.98%<br>PIK) | 4/30/2021 | 12/31/2028 | 83340 | 82899 | 62088 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Fox CD Acquisition Corp. | (4)(11) | SOFR + 6.00% | 9.67% | 3/4/2024 | 3/4/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107214 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Fox CD Acquisition Corp. | (4)(5)(7)(11) | SOFR + 6.00% | 9.67% | 5/31/2024 | 3/4/2030 | 16949 | 16240 | 16949 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer, LLC | (8) | SOFR + 3.25% | 6.97% | 6/13/2024 | 10/19/2029 | 14347 | 14322 | 14422 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III, LLC | (8) | SOFR + 2.75% | 6.47% | 3/21/2025 | 8/1/2030 | 13236 | 13169 | 13284 | 0.03 |
|  |  |  |  |  |  |  | 276369 | 258533 | 0.55 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Bidco, LLC | (8) | SOFR + 2.50% | 6.22% | 2/21/2025 | 9/23/2031 | 496 | 488 | 499 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Acquisition Holdings, Inc. | (4)(11) | SOFR + 4.50% | 8.32% | 8/29/2024 | 11/13/2029 | 94929 | 94545 | 94929 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Acquisition Holdings, Inc. | (4)(5)(11) | SOFR + 4.50% | 8.32% | 8/29/2024 | 11/13/2029 | 8261 | 8212 | 8261 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstructure, LLC | (4)(7)(9) | SOFR + 4.50% | 8.24% | 8/15/2025 | 8/15/2032 | 452038 | 448200 | 451412 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(5)(7)(8) | SOFR + 4.75% | 8.47%<br>(incl. 2.00%<br>PIK) | 3/4/2025 | 3/4/2032 | 24243 | 23801 | 24053 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(8) | SOFR + 4.75% | 8.47%<br>(incl. 2.00%<br>PIK) | 3/4/2025 | 3/4/2032 | 82641 | 81927 | 82228 | 0.17 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(5)(8) | SOFR + 4.75% | 8.47%<br>(incl. 2.00%<br>PIK) | 5/15/2025 | 3/4/2032 | $25682 | $25564 | $25553 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(8) | SOFR + 4.75% | 8.47%<br>(incl. 2.00%<br>PIK) | 12/31/2025 | 3/4/2032 | 15213 | 15061 | 15137 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety, LLC | (4)(5)(7)(8) | SOFR + 4.75% | 8.47%<br>(incl. 2.00%<br>PIK) | 9/26/2025 | 3/4/2032 | 11348 | 11293 | 11202 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(10) | SOFR + 5.00% | 8.67% | 8/4/2021 | 8/4/2030 | 99361 | 98474 | 98368 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(10) | SOFR + 5.00% | 8.67% | 8/4/2021 | 8/4/2030 | 117282 | 116306 | 116109 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(10) | SOFR + 5.00% | 8.67% | 12/22/2023 | 8/4/2030 | 13621 | 13435 | 13485 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(5)(10) | SOFR + 5.00% | 8.67% | 12/14/2022 | 8/4/2030 | 5288 | 5276 | 5235 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix TS, LLC | (4)(5)(7)(10) | SOFR + 5.00% | 8.67% | 10/21/2025 | 8/4/2030 | 66103 | 65296 | 65083 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italian Motorway Holdings S.à r.l | (4)(6)(8) | E + 5.25% | 7.38% | 4/28/2022 | 4/28/2029 | 236429 | 245511 | 277850 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.63% | 4/19/2021 | 10/19/2027 | 70775 | 70333 | 68298 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.65% | 1/31/2022 | 10/19/2027 | 75355 | 75028 | 72718 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.65% | 4/19/2021 | 10/19/2027 | 54074 | 54031 | 52182 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(5)(11) | P + 4.75% | 11.50% | 9/11/2024 | 10/19/2027 | 4290 | 4243 | 4140 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings, LP | (4)(11) | SOFR + 4.75% | 8.47% | 12/19/2025 | 12/19/2032 | 68451 | 68174 | 68451 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings, LP | (4)(5)(7)(11) | P + 3.75% | 10.50% | 9/1/2021 | 12/19/2032 | 333 | 291 | 267 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.42% | 9/24/2021 | 9/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145540 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.46% | 9/19/2023 | 9/24/2027 | 62560 | 62021 | 62560 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.54% | 9/19/2023 | 9/24/2027 | 39394 | 39050 | 39394 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(11) | SOFR + 5.50% | 9.54% | 9/24/2021 | 9/24/2027 | 45165 | 44920 | 45165 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(7)(11) | SOFR + 5.50% | 9.46% | 9/5/2024 | 9/24/2027 | 47637 | 47254 | 47637 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Holding Co, Inc. | (4)(5)(7)(11) | SOFR + 5.50% | 9.29% | 11/5/2025 | 9/24/2027 | 8800 | 8540 | 8800 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRP Infrastructure Services, LLC | (4)(11) | SOFR + 5.50% | 9.49% | 7/9/2021 | 7/9/2027 | 70737 | 70379 | 70560 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRP Infrastructure Services, LLC | (4)(7)(11) | SOFR + 5.50% | 9.44% | 12/2/2024 | 7/9/2027 | 41612 | 41385 | 41502 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRP Infrastructure Services, LLC | (4)(5)(7)(11) | SOFR + 5.50% | 9.53% | 9/9/2025 | 7/9/2027 | 20568 | 20200 | 20398 | 0.04 |
|  |  |  |  |  |  |  | 2003941 | 2037016 | 4.26 |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCI Buyer, Inc. | (4)(7)(10) | SOFR + 5.00% | 8.67% | 5/13/2025 | 5/13/2032 | 115602 | 114490 | 114957 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CyrusOne Revolving Warehouse | (4)(5)(6)(7)(8) | SOFR + 2.95% | 6.67% | 7/12/2024 | 7/2/2027 | 161381 | 160839 | 161381 | 0.34 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Senior Finance II, LLC | (6)(8) | SOFR + 1.75% | 5.47% | 6/16/2025 | 1/25/2031 | $2782 | $2788 | $2796 | 0.01% |
|  |  |  |  |  |  |  | 278117 | 279134 | 0.59 |
|  **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | 73554269 | 73049201 | 153.28 |
|  **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** |
|  **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC | (4)(5)(11)(16) | SOFR + 6.75% | 10.42%<br>PIK | 7/3/2025 | 7/3/2030 | 22716 | 22717 | 22717 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC | (4)(5)(7)(11)(16) | SOFR + 6.75% | 10.42%<br>PIK | 7/3/2025 | 7/3/2030 | 3552 | 3535 | 3552 | 0.01 |
|  |  |  |  |  |  |  | 26252 | 26269 | 0.06 |
|  **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMS Purchaser, LLC | (4)(5)(6)(14)(16) | SOFR + 7.50% | 11.42%<br>(incl. 6.50%<br>PIK) | 2/24/2025 | 2/28/2030 | 6449 | 6449 | 6449 | 0.01 |
|  **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | 32701 | 32718 | 0.07 |
|  **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** |
|  **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(6)(14)(16)(17) | SOFR + 8.25% | 12.07%<br>PIK | 4/14/2023 | 4/14/2029 | 26214 | 15191 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(6)(14)(16)(17) | SOFR + 8.25% | 12.07%<br>PIK | 4/14/2023 | 4/14/2029 | 12800 | 11573 | 7100 | 0.01 |
|  |  |  |  |  |  |  | 26764 | 7100 | 0.01 |
|  **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFCo, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) | 0.00% | 0.00% | 9/11/2023 | 9/13/2038 | 86098 | 12571 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) | 10.00% | 10.00%<br>PIK | 9/11/2023 | 9/12/2033 | 60561 | 49530 | 8285 | 0.02 |
|  |  |  |  |  |  |  | 62101 | 8285 | 0.02 |
|  **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pibb Member, LLC | (4)(5)(6)(8)(16) | 6.41% | 6.41% | 11/22/2024 | 12/20/2049 | 2150 | 2150 | 2193 | 0.00 |
|  **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | (4)(5)(10)(16) | SOFR + 6.00% | 9.77%<br>(incl. 2.25%<br>PIK) | 6/14/2024 | 8/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238430 | 237306 | 237977 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | (4)(5)(10)(16)(17) | SOFR + 6.00% | 9.77%<br>PIK | 6/14/2024 | 8/19/2027 | 63789 | 57075 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Holdings, LLC | (4)(5)(7)(10)(16) | SOFR + 6.00% | 9.77%<br>PIK | 6/14/2024 | 8/19/2027 | 8268 | 8251 | 7895 | 0.02 |
|  |  |  |  |  |  |  | 302632 | 245872 | 0.52 |
|  **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | 393647 | 263450 | 0.55 |
|  **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 73980617 | 73345369 | 153.90 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Second Lien Debt** | | |  | | | | | | |
| **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 7.75% | 11.67% | 5/6/2021 | 2/1/2029 | $43259 | $43009 | $34292 | 0.07% |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + 5.50% | 9.22% | 7/23/2025 | 7/31/2033 | 26000 | 25877 | 26098 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (4)(8) | SOFR + 5.00% | 8.86% | 5/31/2024 | 5/31/2032 | 165000 | 164339 | 165000 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (4)(8) | SOFR + 5.00% | 8.86% | 10/29/2025 | 5/31/2032 | 87500 | 87287 | 87500 | 0.18 |
|  |  |  |  |  |  |  | 277503 | 278598 | 0.58 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc. | (4)(10) | SOFR + 7.25% | 11.22% | 8/31/2021 | 8/31/2029 | 32725 | 32501 | 32725 | 0.07 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(6)(8) | 8.75% | 8.75% | 4/15/2021 | 4/15/2029 | 3800 | 3009 | 2623 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter UK Bidco, Ltd. | (4)(6)(8) | S + 7.50% | 11.47% | 8/19/2021 | 8/19/2029 | 65340 | 88208 | 85653 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inizio Group, Ltd. | (4)(6)(8) | SOFR + 7.25% | 11.02% | 12/31/2021 | 8/19/2029 | 15000 | 14822 | 14363 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inizio Group, Ltd. | (4)(5)(6)(8) | SOFR + 7.25% | 11.35% | 3/31/2022 | 8/19/2029 | 10000 | 9877 | 9575 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(5)(11) | SOFR + 8.75% | 12.69% | 5/26/2021 | 7/16/2028 | 6537 | 6500 | 6161 | 0.01 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;122416 | &nbsp;&nbsp;&nbsp;&nbsp;118375 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp. | (4)(10) | SOFR + 5.25% | 9.08% | 10/15/2024 | 3/10/2029 | 100934 | 100569 | 100682 | 0.21 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc. | (5)(9) | SOFR + 5.50% | 9.22% | 5/21/2025 | 5/30/2033 | 94271 | 93833 | 96392 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SQ ABS Issuer, LLC | (4)(6)(8) | 9.65% | 9.65% | 10/11/2024 | 10/20/2039 | 11620 | 11481 | 11562 | 0.02 |
|  |  |  |  |  |  |  | 105314 | 107954 | 0.22 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedster Bidco, GmbH | (4)(6)(8) | CA + 5.50% | 7.76% | 12/10/2024 | 2/13/2032 | 681018 | 478150 | 491208 | 1.03 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC | (8) | SOFR + 5.25% | 9.08% | 4/4/2025 | 1/31/2028 | 4167 | 3830 | 4160 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dcert Buyer, Inc. | (8) | SOFR + 7.00% | 10.72% | 2/19/2021 | 2/19/2029 | 60975 | 61069 | 55182 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovalon Holdings, Inc. | (4)(10) | SOFR + 8.50% | 12.60%<br> PIK | 4/11/2025 | 11/24/2033 | 145532 | 143913 | 141166 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion US Finco, Inc. | (6)(8) | SOFR + 5.50% | 9.43% | 10/10/2025 | 10/10/2033 | 6000 | 5940 | 6060 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OT Luxco 2 S.à r.l. | (4)(5)(6)(8) | E + 8.75% | 10.85%<br> PIK | 10/10/2024 | 9/30/2029 | 23637 | 25661 | 27361 | 0.06 |
|  |  |  |  |  |  |  | 240413 | 233929 | 0.50 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curia Global, Inc. | (4)(10) | SOFR + 10.50% | 14.58%<br> PIK | 9/1/2021 | 3/7/2030 | 51275 | 50854 | 40636 | 0.09 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (4)(9) | SOFR + 7.00% | 10.83% | 11/19/2021 | 11/19/2029 | 24677 | 24550 | 24677 | 0.05 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HMH Education, Inc. | (4)(9) | SOFR + 8.50% | 12.22% | 4/7/2022 | 4/8/2030 | $80500 | $79626 | $68828 | 0.14% |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rossini, S.à r.l. | (4)(5)(6)(8)  | E + 7.00% | 9.19%<br> PIK | 4/6/2025 | 3/30/2030 | 26028 | 29573 | 30359 | 0.06 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc. | (9) | SOFR + 6.50% | 10.33% | 6/4/2021 | 6/4/2029 | 67488 | 67199 | 68219 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(5)(11) | SOFR + 8.00% | 11.82%<br> PIK | 2/28/2025 | 2/28/2030 | 2268 | 2268 | 2268 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (4)(8) | SOFR + 5.00% | 8.82% | 7/31/2024 | 7/31/2031 | 230000 | 228109 | 230000 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thevelia US, LLC | (4)(6)(9) | SOFR + 5.00% | 8.67% | 6/17/2022 | 6/17/2032 | 182046 | 178992 | 182046 | 0.38 |
|  |  |  |  |  |  |  | 476568 | 482533 | 1.00 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progress Residential PM Holdings, LLC | (4)(8) | SOFR + 4.75% | 8.66% | 9/11/2025 | 9/11/2028 | 101340 | 100432 | 100327 | 0.21 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 5.75% | 9.47% | 7/30/2024 | 7/30/2032 | 58594 | 58113 | 56639 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Nike Holdco, LLC | (4)(11) | SOFR + 7.35% | 11.17%<br> PIK | 11/25/2024 | 11/26/2029 | 230177 | 226627 | 227875 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 6.00% | 9.82% | 10/8/2021 | 10/8/2029 | 66697 | 66435 | 58460 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 5.25% | 9.09% | 5/1/2024 | 12/1/2030 | 131602 | 130846 | 130053 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Holdco, Ltd. | (4)(5)(6)(8) | 9.80% | 9.80%<br> PIK | 9/5/2025 | 9/5/2032 | 5140 | 5967 | 5980 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Holdco, Ltd. | (4)(5)(6)(8) | 11.20% | 11.20%<br> PIK | 9/5/2025 | 9/5/2032 | 2972 | 3976 | 3966 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (8) | SOFR + 6.75% | 10.75% | 3/2/2021 | 3/2/2029 | 27051 | 26915 | 23805 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGT Holding II, AB | (4)(6)(8) | SOFR + 6.15% | 10.19%<br> PIK | 8/13/2024 | 8/29/2033 | 135874 | 133798 | 135874 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INK BC Bidco S.p.A. | (4)(6)(8) | E + 8.25% | 10.33%<br> PIK | 7/17/2025 | 7/16/2033 | 14283 | 16250 | 16533 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INK BC Bidco S.p.A. | (4)(6)(8) | E + 8.25% | 10.33%<br> PIK | 11/12/2025 | 7/17/2033 | 11234 | 12766 | 13004 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc. | (8) | SOFR + 5.00% | 8.72% | 3/20/2025 | 3/20/2033 | 125000 | 123986 | 122656 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + 6.50% | 10.50%<br> (incl. 6.50%<br> PIK) | 7/30/2021 | 7/30/2029 | 33551 | 33352 | 28518 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 5.00% | 8.67% | 11/21/2024 | 11/21/2032 | 49542 | 49315 | 47638 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (4)(5)(8) | E + 5.75% | 7.77% | 12/8/2025 | 12/8/2033 | 26552 | 30666 | 30892 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (4)(5)(8) | SOFR + 5.75% | 9.52% | 12/8/2025 | 12/8/2033 | 41706 | 41293 | 41289 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis Midco, SAS | (4)(5)(6)(8) | E + 7.75% | 9.85%<br> PIK | 10/8/2025 | 10/8/2033 | 104 | 119 | 120 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teamsystem Holdco 3 SpA | (4)(5)(6)(8) | E + 5.75% | 7.78% | 7/7/2025 | 7/7/2033 | 41546 | 48237 | 48337 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 7.25% | 11.35% | 4/23/2021 | 4/23/2029 | 41439 | 41307 | 39367 | 0.08 |
|  |  |  |  |  |  |  | 1049968 | 1031006 | 2.16 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (4)(5)(11) | SOFR + 5.25% | 9.07% | 4/4/2025 | 12/31/2031 | $72514 | $71546 | $72151 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc. | (9) | SOFR + 6.50% | 10.17% | 12/22/2021 | 12/21/2029 | 14000 | 13890 | 14257 | 0.03 |
|  |  |  |  |  |  |  | 85436 | 86408 | 0.18 |
|  **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | 3296882 | 3262537 | 6.82 |
|  **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | 3296882 | 3262537 | 6.82 |
|  **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** |
| **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** |
|  **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | (6)(8) | 4.80% | 4.80% | 9/10/2024 | 3/15/2029 | 1000 | 1023 | 1025 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | (6)(8) | 5.15% | 5.15% | 9/10/2024 | 3/2/2028 | 1000 | 1019 | 1024 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. | (5)(6)(8) | 2.25% | 2.25% | 9/10/2024 | 5/1/2030 | 1000 | 919 | 919 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | (5)(6)(8) | 1.65% | 1.65% | 9/10/2024 | 10/1/2030 | 1000 | 894 | 896 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | (5)(6)(8) | 1.75% | 1.75% | 9/10/2024 | 9/15/2030 | 1000 | 896 | 893 | 0.00 |
|  |  |  |  |  |  |  | 4751 | 4757 | 0.00 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | (5)(6)(8) | 1.40% | 1.40% | 9/10/2024 | 6/30/2030 | 1000 | 906 | 895 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon Finance Corp. | (5)(6)(8) | 2.60% | 2.60% | 9/10/2024 | 5/27/2030 | 1000 | 934 | 931 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | (6)(8) | 5.08% | 5.08% | 9/10/2024 | 6/7/2029 | 1000 | 1026 | 1028 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | (5)(6)(8) | 2.65% | 2.65% | 9/10/2024 | 6/1/2030 | 1000 | 941 | 942 | 0.00 |
|  |  |  |  |  |  |  | 3807 | 3796 | 0.00 |
|  **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcomp Holding Company, LLC | (4)(5)(8) | 13.75% | 13.75%<br> PIK | 11/8/2023 | 11/7/2031 | 24303 | 23892 | 22480 | 0.05 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group PIK Holdco, LLC | (4)(5)(8) | 12.75% | 12.75%<br> PIK | 9/19/2025 | 4/5/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30330 | 29767 | 29721 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group PIK Holdco, LLC | (4)(5)(8) | 12.75% | 12.75%<br> PIK | 9/19/2025 | 4/5/2031 | 5727 | 5617 | 5613 | 0.01 |
|  |  |  |  |  |  |  | 35384 | 35334 | 0.08 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | (6)(8) | 5.00% | 5.00% | 9/10/2024 | 1/31/2029 | 1000 | 1027 | 1030 | 0.00 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance, LLC | (6)(8) | 4.85% | 4.85% | 9/10/2024 | 2/26/2029 | 1000 | 1024 | 1027 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb, Co. | (6)(8) | 4.90% | 4.90% | 9/10/2024 | 2/22/2029 | 1000 | 1025 | 1029 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | (6)(8) | 4.20% | 4.20% | 9/10/2024 | 8/14/2029 | 1000 | 1009 | 1011 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital PLC | (6)(8) | 3.38% | 3.38% | 9/10/2024 | 6/1/2029 | 1000 | 981 | 983 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | (6)(8) | 4.80% | 4.80% | 9/10/2024 | 6/1/2029 | 1000 | 1032 | 1033 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co, Inc. | (6)(8) | 4.30% | 4.30% | 9/10/2024 | 5/17/2030 | $1000 | $1013 | $1011 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp. | (5)(6)(8) | 2.20% | 2.20% | 9/10/2024 | 8/14/2030 | 1000 | 931 | 925 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk Finance Netherlands, BV | (6)(8) | 3.13% | 3.13% | 9/10/2024 | 1/21/2029 | 1000 | 1114 | 1192 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | (5)(6)(8) | 1.70% | 1.70% | 9/10/2024 | 5/28/2030 | 1000 | 910 | 907 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings, Inc. | (6)(8) | 4.20% | 4.20% | 9/10/2024 | 9/9/2029 | 1000 | 1007 | 1007 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co, Ltd. | (6)(8) | 2.05% | 2.05% | 9/10/2024 | 3/31/2030 | 1000 | 916 | 914 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III, BV | (6)(8) | 3.15% | 3.15% | 9/10/2024 | 10/1/2026 | 1000 | 985 | 991 | 0.00 |
|  |  |  |  |  |  |  | 11947 | 12030 | 0.00 |
|  **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | 80808 | 79427 | 0.13 |
|  **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | 80808 | 79427 | 0.13 |
| **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Bank PLC | (4)(6)(8) | S + 5.25% | 9.22% | 12/10/2025 | 2/18/2035 | 22000 | 29449 | 29655 | 0.06 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1988 CLO 3, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.25% | 10.15% | 10/7/2025 | 10/15/2040 | 2000 | 2000 | 2015 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 Funding CLO 2020-6, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.50% | 11.08% | 11/9/2021 | 10/23/2034 | 3000 | 3000 | 2856 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro CLO VIII-S Ltd - Class E2 | (4)(6)(8) | SOFR + 8.00% | 12.32% | 10/3/2024 | 10/15/2037 | 2000 | 2000 | 2030 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro CLO XVIII Ltd - Class E2 | (4)(6)(8) | SOFR + 7.50% | 11.82% | 10/30/2024 | 1/25/2038 | 2225 | 2225 | 2228 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO XXV - Class E1R3 | (4)(6)(8) | SOFR + 5.35% | 9.68% | 12/17/2024 | 1/20/2037 | 4000 | 4000 | 4010 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARES LI CLO Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.25% | 10.57% | 11/1/2024 | 10/15/2037 | 4000 | 4000 | 4030 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Loan Funding VIII Ltd - Class E | (4)(6)(8) | SOFR + 5.25% | 9.57% | 12/19/2024 | 1/24/2038 | 3000 | 3000 | 3009 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares LVI CLO Ltd - Class ER2 | (4)(6)(8) | SOFR + 5.35% | 9.67% | 12/27/2024 | 1/25/2038 | 9000 | 9000 | 9004 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares LX CLO Ltd - Class E | (4)(6)(8) | SOFR + 6.25% | 10.84% | 5/6/2021 | 7/18/2034 | 5000 | 4981 | 4974 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2022-6 Ltd - Class ER | (4)(6)(8) | SOFR + 6.25% | 10.58% | 10/25/2024 | 1/22/2038 | 2000 | 2000 | 2010 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2024-3 Ltd - Class E | (4)(6)(8) | SOFR + 6.25% | 10.57% | 5/16/2024 | 7/16/2037 | 2500 | 2500 | 2512 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2022-1, Ltd - Class E | (4)(6)(8) | SOFR + 7.59% | 11.92% | 10/9/2025 | 10/18/2038 | 5000 | 5000 | 5044 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding 2021-2, Ltd. - Class E | (4)(6)(8) | SOFR + 6.60% | 11.19% | 10/20/2021 | 1/20/2035 | $7000 | $6952 | $6902 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding 2024-1 Ltd - Class E | (4)(6)(8) | SOFR + 6.25% | 10.58% | 5/17/2024 | 7/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2018-II - Class ER | (4)(6)(8) | SOFR + 6.90% | 11.22% | 8/9/2024 | 7/15/2036 | 4000 | 4000 | 3999 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2019-IV - Class ER | (4)(6)(8) | SOFR + 6.40% | 10.72% | 5/13/2024 | 7/15/2037 | 5000 | 5000 | 5031 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2021-III - Class E | (4)(6)(8) | SOFR + 6.65% | 11.24% | 11/17/2021 | 1/18/2035 | 7200 | 7200 | 6999 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2022-II - Class ER | (4)(6)(8) | SOFR + 6.90% | 11.22% | 7/2/2024 | 7/15/2039 | 5000 | 5000 | 4966 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd 2023-IV - Class E | (4)(6)(8) | SOFR + 7.59% | 11.92% | 12/6/2023 | 1/20/2037 | 3000 | 2975 | 3011 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVI Ltd - Class ER | (4)(6)(8) | SOFR + 6.00% | 10.33% | 7/3/2024 | 7/20/2037 | 3000 | 3000 | 3013 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO XXIX Ltd - Class ER | (4)(6)(8) | SOFR + 6.86% | 11.44% | 7/15/2021 | 7/25/2034 | 2750 | 2703 | 2691 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broad River Ltd 2020-1 - Class ER | (4)(6)(8) | SOFR + 6.50% | 11.09% | 5/17/2021 | 7/20/2034 | 7000 | 6960 | 7028 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2018-4, Ltd. - Class E1R | (4)(6)(8) | SOFR + 6.43% | 10.75% | 7/23/2024 | 10/17/2037 | 1000 | 973 | 1011 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2018-4, Ltd. - Class E2R | (4)(6)(8) | SOFR + 7.86% | 12.18% | 7/23/2024 | 10/17/2037 | 5000 | 5022 | 5120 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2021-7, LTD. - Class ER | (4)(6)(8) | SOFR + 5.50% | 9.82% | 3/26/2025 | 4/15/2040 | 4650 | 4650 | 4685 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2022-4 Ltd - Class ER | (4)(6)(8) | SOFR + 6.75% | 11.07% | 7/12/2024 | 7/25/2036 | 4000 | 4000 | 4019 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2023-4, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.40% | 11.92% | 10/20/2025 | 10/25/2038 | 6500 | 6500 | 6527 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2023-5 Ltd - Class E | (4)(6)(8) | SOFR + 7.90% | 12.21% | 11/10/2023 | 1/27/2036 | 7000 | 6884 | 7030 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2024-8 Ltd - Class E | (4)(6)(8) | SOFR + 5.50% | 9.82% | 11/22/2024 | 1/25/2037 | 4000 | 4000 | 4055 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2025-1, Ltd. - Class E | (4)(6)(8) | SOFR + 5.70% | 10.02% | 4/1/2025 | 4/25/2038 | 4000 | 4000 | 4035 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO V-C, Ltd. - Class E | (4)(6)(8) | SOFR + 6.75% | 11.33% | 11/24/2021 | 10/15/2034 | 8000 | 7945 | 7915 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO VI-C, Ltd. - Class E | (4)(6)(8) | SOFR + 7.33% | 11.66% | 4/22/2022 | 4/21/2034 | $8750 | $8689 | $8798 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO VIII-C Ltd - Class E2R | (4)(6)(8) | SOFR + 7.60% | 11.93% | 9/13/2024 | 10/22/2037 | 2000 | 2000 | 2017 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO X-C Ltd - Class E | (4)(6)(8) | SOFR + 6.15% | 10.48% | 6/13/2024 | 7/20/2037 | 3000 | 3000 | 3041 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO XI C Ltd - Class E | (4)(6)(8) | SOFR + 6.35% | 10.68% | 8/14/2024 | 10/20/2037 | 3000 | 3000 | 3037 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBAM 2017-1 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.93% | 11.26% | 11/5/2024 | 1/20/2038 | 10000 | 9816 | 10152 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBAM 2018-8 Ltd - Class E1R | (4)(6)(8) | SOFR + 7.40% | 11.72% | 5/10/2024 | 7/15/2037 | 4000 | 4000 | 4069 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBAM 2018-8 Ltd - Class E2R | (4)(6)(8) | SOFR + 6.37% | 10.69% | 5/10/2024 | 7/15/2037 | 1000 | 966 | 1009 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 78 CLO Ltd - Class E1R | (4)(6)(8) | SOFR + 7.70% | 12.02% | 4/4/2024 | 4/17/2037 | 4000 | 4000 | 4030 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 78 CLO Ltd - Class E2R | (4)(6)(8) | SOFR + 6.63% | 10.95% | 4/4/2024 | 4/17/2037 | 1000 | 980 | 995 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 95 CLO, Ltd. - Class E | (4)(6)(8) | SOFR + 6.15% | 10.62% | 7/29/2021 | 8/20/2034 | 7000 | 7000 | 6760 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance CLO 2019-1 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.40% | 10.72% | 5/9/2024 | 7/15/2037 | 5000 | 5000 | 4962 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 30 Ltd - Class F | (4)(6)(8) | SOFR + 7.25% | 11.57% | 5/22/2024 | 7/17/2037 | 4500 | 4502 | 4415 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO XII, Ltd. - Class FR | (4)(6)(8) | SOFR + 8.75% | 13.07% | 11/18/2025 | 10/15/2037 | 5000 | 4686 | 4739 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Washington CLO 2021-2, Ltd. - Class E | (4)(6)(8) | SOFR + 6.61% | 11.20% | 8/4/2021 | 10/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | 12897 | 12937 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 30 CLO Ltd - Class ER | (4)(6)(8) | SOFR + 5.90% | 10.22% | 12/9/2024 | 1/15/2038 | 5000 | 5000 | 4917 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 32 CLO Ltd - Class E | (4)(6)(8) | SOFR + 7.33% | 11.66% | 9/22/2023 | 10/20/2036 | 2140 | 2122 | 2157 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 35 CLO, Ltd. - Class E | (4)(6)(8) | SOFR + 5.00% | 9.30% | 3/11/2025 | 4/20/2038 | 6001 | 6001 | 5991 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 36 CLO, Ltd. - Class E | (4)(6)(8) | SOFR + 4.90% | 8.68% | 10/27/2025 | 10/15/2038 | 6500 | 6500 | 6519 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 17, Ltd. - Class FR | (4)(6)(8) | SOFR + 8.00% | 12.33% | 6/27/2025 | 1/20/2039 | 2500 | 2455 | 2434 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO 23 Ltd - Class F | (4)(6)(8) | SOFR + 7.75% | 12.08% | 11/26/2024 | 1/20/2039 | 3500 | 3474 | 3427 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 26, Ltd. - Class F | (4)(6)(8) | SOFR + 7.83% | 12.10% | 7/9/2025 | 7/20/2038 | 3000 | 2971 | 2965 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 15, Ltd. | (4)(6)(8) | SOFR + 5.00% | 8.86% | 10/14/2025 | 10/20/2038 | 7000 | 7000 | 6983 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halseypoint CLO 5, Ltd. - Class E | (4)(6)(8) | SOFR + 6.94% | 11.51% | 11/19/2021 | 1/30/2035 | 9500 | 9368 | 9216 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halseypoint CLO 7, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.59% | 10.92% | 6/6/2025 | 7/20/2038 | $6900 | $6834 | $6845 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest US CLO 2025-1, Ltd. - Class E | (4)(6)(8) | SOFR + 5.35% | 9.66% | 8/13/2025 | 4/18/2038 | 3000 | 3016 | 2984 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management 2024-20 Ltd - Class E | (4)(6)(8) | SOFR + 6.20% | 10.52% | 5/15/2024 | 7/25/2037 | 2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management 2025-24 Ltd - Class E | (4)(6)(8) | SOFR + 4.65% | 8.97% | 3/11/2025 | 4/25/2038 | 4000 | 4000 | 3946 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco CLO 2022-3 Ltd - Class ER | (4)(6)(8) | SOFR + 6.75% | 11.08% | 9/30/2024 | 10/22/2037 | 3500 | 3486 | 3451 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamestown CLO XV, Ltd. - Class ER | (4)(6)(8) | SOFR + 7.06% | 11.38% | 5/28/2024 | 7/15/2035 | 3000 | 2974 | 2913 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XIII Ltd - Class E | (4)(6)(8) | SOFR + 7.80% | 12.13% | 11/16/2023 | 1/21/2037 | 9500 | 9179 | 9532 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XIV Ltd - Class E2 | (4)(6)(8) | SOFR + 7.40% | 11.72% | 2/15/2024 | 4/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | 3500 | 3530 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XI Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.00% | 10.33% | 11/25/2024 | 1/18/2036 | 2000 | 2000 | 1970 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER | (4)(6)(8) | SOFR + 6.10% | 10.43% | 10/16/2024 | 10/20/2037 | 2200 | 2200 | 2149 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO 2023-19, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.50% | 9.82% | 11/21/2025 | 7/15/2038 | 3000 | 2835 | 2896 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2 | (4)(6)(8) | SOFR + 5.15% | 9.48% | 12/23/2024 | 1/20/2039 | 3500 | 3500 | 3525 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 1 Ltd - Class ERR | (4)(6)(8) | SOFR + 5.25% | 9.57% | 2/7/2025 | 1/15/2038 | 2000 | 2000 | 1977 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwoods Capital XI-B Ltd - Class ER | (4)(6)(8) | SOFR + 7.35% | 11.68% | 7/3/2024 | 7/19/2037 | 3412 | 3360 | 3374 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree CLO 2019-3 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.75% | 11.08% | 10/24/2024 | 1/20/2038 | 5000 | 5000 | 5024 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree CLO 2022-2, Ltd. - Class ER2 | (4)(6)(8) | SOFR + 6.40% | 10.72% | 8/7/2025 | 10/15/2037 | 2500 | 2535 | 2517 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2021-22, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.75% | 10.08% | 10/18/2024 | 10/20/2037 | 2000 | 2000 | 2013 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2020-18 Ltd - Class ER2 | (4)(6)(8) | SOFR + 6.25% | 10.58% | 7/30/2024 | 7/20/2037 | 1000 | 1000 | 1014 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2017-13 Ltd - Class ER2 | (4)(6)(8) | SOFR + 5.90% | 10.23% | 11/5/2024 | 11/26/2037 | $5000 | $5000 | $5019 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octagon 75, Ltd - Class E | (4)(6)(8) | SOFR + 4.95% | 9.28% | 1/31/2025 | 1/22/2038 | 3000 | 3000 | 2955 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 41, Ltd. - Class ER | (4)(6)(8) | SOFR + 7.13% | 11.71% | 9/24/2021 | 10/15/2033 | 2500 | 2492 | 2338 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion CLO 2024-4 LTD - Class E | (4)(6)(8) | SOFR + 6.00% | 10.33% | 10/25/2024 | 10/20/2037 | 5000 | 5000 | 5100 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO 2015-1, Ltd. - Class DR4 | (4)(6)(8) | SOFR + 6.76% | 10.98% | 5/25/2021 | 5/21/2034 | 2000 | 1934 | 1974 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO 2023-3 Ltd - Class E | (4)(6)(8) | SOFR + 7.83% | 12.16% | 11/17/2023 | 1/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 9916 | 10002 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parallel 2020-1 Ltd - Class DR | (4)(6)(8) | SOFR + 6.50% | 11.09% | 6/14/2021 | 7/20/2034 | 3500 | 3445 | 3394 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D | (4)(6)(8) | SOFR + 7.29% | 11.62% | 2/11/2022 | 4/20/2035 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872 | 5943 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 10 - Class ER | (4)(6)(8) | SOFR + 5.90% | 10.23% | 11/22/2024 | 1/22/2038 | 5000 | 5000 | 5006 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 17 Ltd - Class E | (4)(6)(8) | SOFR + 5.75% | 10.07% | 11/1/2024 | 1/15/2038 | 4000 | 4000 | 4038 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 3 - Class ERR | (4)(6)(8) | SOFR + 6.61% | 11.19% | 8/13/2021 | 10/25/2034 | 3000 | 3009 | 2977 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 8 - Class ER | (4)(6)(8) | SOFR + 5.75% | 10.08% | 12/19/2024 | 1/20/2038 | 1000 | 1000 | 985 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 15 2023, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.75% | 9.63% | 10/10/2025 | 10/20/2038 | 5000 | 5000 | 5008 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post CLO 2022-1, Ltd. - Class E | (4)(6)(8) | SOFR + 6.75% | 11.08% | 2/15/2022 | 4/20/2035 | 5000 | 4983 | 4946 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post CLO 2024-1, Ltd. - Class E | (4)(6)(8) | SOFR + 6.80% | 11.13% | 2/6/2024 | 4/20/2037 | 2500 | 2500 | 2523 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post CLO VII, Ltd. - Class E | (4)(6)(8) | SOFR + 5.40% | 9.11% | 10/30/2025 | 1/20/2039 | 4000 | 4000 | 4026 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPM CLO 5, Ltd. - Class E | (4)(6)(8) | SOFR + 6.50% | 11.09% | 9/17/2021 | 10/18/2034 | 4800 | 4800 | 4365 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 14, Ltd. - Class E | (4)(6)(8) | SOFR + 6.50% | 11.08% | 11/2/2021 | 1/15/2035 | 6750 | 6750 | 6573 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 16 Ltd - Class ER | (4)(6)(8) | SOFR + 6.50% | 10.82% | 5/3/2024 | 7/15/2037 | 5000 | 5000 | 4864 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 17 Ltd - Class ER | (4)(6)(8) | SOFR + 6.25% | 10.58% | 11/5/2024 | 1/20/2038 | 5000 | 5000 | 5025 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 25 Ltd - Class E | (4)(6)(8) | SOFR + 6.00% | 10.33% | 5/16/2024 | 7/20/2037 | 3000 | 3000 | 2973 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 3 Ltd - Class E1R2 | (4)(6)(8) | SOFR + 5.88% | 10.20% | 6/18/2024 | 7/15/2037 | 2715 | 2667 | 2540 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 3 Ltd - Class E2R2 | (4)(6)(8) | SOFR + 7.00% | 11.32% | 6/18/2024 | 7/15/2037 | 2715 | 2715 | 2703 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 9 Ltd - Class ER | (4)(6)(8) | SOFR + 5.75% | 10.07% | 12/19/2024 | 1/15/2038 | 3000 | 3000 | 2887 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 27 Ltd - Class E | (4)(6)(8) | SOFR + 5.30% | 9.62% | 1/22/2025 | 1/15/2038 | $10000 | $10000 | $9898 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 30, Ltd. - Class D | (4)(6)(8) | SOFR + 5.10% | 8.77% | 8/14/2025 | 10/15/2038 | 3000 | 3000 | 2973 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta IX Funding Ltd. - Class ER | (4)(6)(8) | SOFR + 6.83% | 11.15% | 4/10/2024 | 4/17/2037 | 3820 | 3898 | 3845 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta XXI Funding Ltd - Class ER | (4)(6)(8) | SOFR + 6.25% | 10.57% | 11/5/2024 | 10/15/2037 | 4000 | 4000 | 4050 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagard-Halseypoint Clo 9, Ltd. - Class E | (4)(6)(8) | SOFR + 5.85% | 10.15% | 3/31/2025 | 4/20/2038 | 5250 | 5200 | 5329 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXVII, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.56% | 11.14% | 10/1/2021 | 10/25/2034 | 5000 | 4932 | 4450 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 44 Ltd - Class E | (4)(6)(8) | SOFR + 6.15% | 10.47% | 5/20/2024 | 7/14/2037 | 2500 | 2500 | 2529 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tikehau US CLO VII, Ltd. - Class E | (4)(6)(8) | SOFR + 5.50% | 9.77% | 8/13/2025 | 2/25/2038 | 3000 | 3016 | 2962 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XVI Ltd - Class E | (4)(6)(8) | SOFR + 7.00% | 11.59% | 6/14/2021 | 7/20/2034 | 5000 | 4853 | 4862 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO IV-R Ltd - Class E | (4)(6)(8) | SOFR + 7.90% | 12.23% | 9/19/2024 | 10/20/2037 | 1000 | 973 | 1008 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XIII, Ltd - Class ER | (4)(6)(8) | SOFR + 7.59% | 11.91% | 11/1/2024 | 1/15/2038 | 3250 | 3220 | 3245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2019-4, Ltd. - Class ER | (4)(6)(8) | SOFR + 6.71% | 11.29% | 12/14/2021 | 1/15/2035 | 8250 | 8136 | 8208 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warwick Capital CLO 7, Ltd. - Class E | (4)(6)(8) | SOFR + 5.25% | 9.20% | 8/15/2025 | 10/21/2038 | 5000 | 5000 | 4918 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellington Management CLO 1, Ltd. - Class ER | (4)(6)(8) | SOFR + 5.50% | 9.35% | 10/17/2025 | 10/20/2038 | 3000 | 3000 | 2956 | 0.01 |
|  |  |  |  |  |  |  | 472355 | 471678 | 1.08 |
|  **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | 501804 | 501333 | 1.14 |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aimco CLO 20, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.88% | 11/7/2025 | 10/16/2038 | 5659 | 5121 | 4788 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ballyrock CLO 20, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.55% | 2/24/2025 | 10/15/2036 | 6000 | 4271 | 3705 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ballyrock CLO 23, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.66% | 6/26/2025 | 4/25/2038 | 5000 | 3388 | 3098 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ballyrock CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.08% | 5/28/2025 | 10/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | 9134 | 8192 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings CLO, Ltd. Tango - Units | (4)(6)(7) |  |  | 11/21/2025 | 11/21/2026 | $475 | $475 | $475 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birch Grove CLO 11, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 6.84% | 11/15/2024 | 1/22/2038 | 11000 | 10847 | 8315 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Euro CLO 2022-5 DAC - Subordinated Notes | (4)(6) | Estimated Yield: | 13.89% | 5/16/2025 | 4/25/2037 | 3736 | 2355 | 2369 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies Euro CLO 2014-1 DAC - Subordinated Notes | (4)(6) | Estimated Yield: | 12.62% | 5/2/2025 | 4/15/2038 | 11473 | 8213 | 8689 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carval CLO XIII-C Ltd - Units | (4)(6)(7) |  |  | 7/22/2025 | 6/24/2027 | 3844 | 3844 | 3844 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Cordatus Loan Fund XXXIV DAC - Subordinated Notes | (4)(6) | Estimated Yield: | 10.55% | 2/14/2025 | 4/20/2038 | 3250 | 3130 | 3507 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 14, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 13.15% | 9/10/2025 | 4/20/2035 | 17381 | 8531 | 8260 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 18, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 5.63% | 3/4/2025 | 7/17/2037 | 4000 | 2037 | 1637 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO II, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 3.67% | 11/21/2024 | 4/20/2034 | 8650 | 5577 | 3747 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 21, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.54% | 5/5/2025 | 7/19/2034 | 3000 | 1923 | 1679 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 34, Ltd. - Units | (4)(6)(7) |  |  | 10/23/2025 | 10/8/2026 | 500 | 500 | 524 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flatiron RR CLO 30, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.08% | 3/24/2025 | 4/15/2038 | 7000 | 5725 | 5694 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 34 CLO, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.35% | 9/26/2024 | 10/20/2037 | 20000 | 17036 | 14037 | 0.03 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy 35 CLO, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.79% | 3/11/2025 | 4/20/2038 | $17490 | $15755 | $14082 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy CLO Warehouse 2025-1, Ltd. - Units | (4)(6)(7) |  |  | 7/11/2025 | 10/8/2026 | 12061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Freshwater Warehouse Parent, Ltd. - Units | (4)(6)(7) |  |  | 8/8/2025 | 10/8/2026 | 5610 | 5610 | 6171 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management 2025-24, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.01% | 3/11/2025 | 4/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 8565 | 7980 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 7, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.72% | 1/31/2025 | 4/22/2037 | 10000 | 5099 | 3358 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 15, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.05% | 5/20/2025 | 7/20/2037 | 6000 | 3713 | 2956 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XIX - Subordinated Notes | (4)(6) | Estimated Yield: | 7.14% | 6/24/2025 | 7/20/2036 | 9000 | 6878 | 6729 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XV, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 8.61% | 5/10/2024 | 7/21/2037 | 5000 | 3376 | 2706 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 6, Ltd. - Class M | (4)(6) |  |  | 8/23/2024 | 10/15/2037 | 1875 | 0 | 288 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 6, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 7.75% | 8/23/2024 | 10/15/2037 | 18750 | 15325 | 12812 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 7, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.34% | 8/23/2024 | 3/31/2038 | 19368 | 16426 | 14466 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 8, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.26% | 10/29/2025 | 10/20/2038 | 5000 | 4134 | 3732 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 8, Ltd. - Class M | (4)(6) |  |  | 10/29/2025 | 10/20/2038 | 500 | 0 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2022-25, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.97% | 9/11/2025 | 7/20/2037 | 10 | 5552 | 5570 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2020-8R, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.65% | 11/3/2025 | 10/17/2038 | 11360 | 3891 | 3911 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak Bravo - Units | (4)(6)(7) |  |  | 9/15/2025 | 9/5/2027 | $1406 | $1406 | $1426 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 10 - Subordinated Notes | (4)(6) | Estimated Yield: | 10.60% | 12/10/2024 | 1/22/2038 | 5200 | 3129 | 2765 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 25, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 7.27% | 5/16/2024 | 7/20/2037 | 5000 | 3985 | 3109 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 26, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.57% | 8/7/2024 | 10/20/2037 | 7180 | 5968 | 4864 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.55% | 12/11/2024 | 1/15/2038 | 29325 | 26136 | 22063 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta Kilo - Units | (4)(6)(7) |  |  | 6/13/2025 | 12/27/2026 | 4867 | 4867 | 4867 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regatta XXIX Funding, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.44% | 7/28/2025 | 9/6/2037 | 7500 | 6089 | 5205 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 11, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.99% | 6/5/2024 | 7/18/2037 | 5000 | 4127 | 4009 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 14, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.62% | 12/20/2024 | 1/22/2038 | 26000 | 19877 | 19445 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.32% | 11/1/2024 | 1/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;16500 | 13140 | 11630 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO XXI, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.12% | 9/12/2024 | 10/21/2037 | 8000 | 5490 | 4768 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO XXII, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.78% | 8/1/2025 | 4/22/2125 | 6500 | 4546 | 4406 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XVI, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.12% | 7/26/2024 | 7/15/2036 | 12000 | 8175 | 7406 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO 2025-1, Ltd. - Units | (4)(6)(7) |  |  | 4/8/2025 | 4/4/2027 | 8220 | 8220 | 8904 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitebox CLO V, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 7.13% | 4/3/2025 | 7/20/2038 | 20500 | 17632 | 16611 | 0.03 |
|  |  |  |  |  |  |  | 331279 | 301610 | 0.67 |
|  **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | 331279 | 301610 | 0.67 |
|  **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | 833083 | 802943 | 1.81 |
|  **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | 833083 | 802943 | 1.81 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
|  **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** |
| **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc. - Common Equity | (6) |  |  | 4/25/2024 |  | 252279 | $3495 | $17155 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micross Topco, Inc. - Common Equity | (4) |  |  | 3/28/2022 |  | 116 | 125 | 176 | 0.00 |
|  |  |  |  |  |  |  | 3620 | 17331 | 0.04 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGI Group Holdings, LP - Class A-2 Common Units | (4) |  |  | 6/11/2021 |  | 1674 | 1674 | 2806 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/7/2021 |  | 1076923 | 1077 | 323 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 13857 | 58837 | 15867 | 0.04 |
|  |  |  |  |  |  |  | 61588 | 18996 | 0.05 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. - Common Stock | (6) |  |  | 5/6/2025 |  | 12303 | 1318 | 2247 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc. - Common Stock | (6) |  |  | 9/12/2024 |  | 12613 | 983 | 372 | 0.00 |
|  |  |  |  |  |  |  | 2301 | 2619 | 0.00 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. - Common Equity |  |  |  | 12/29/2023 |  | 48476 | 1211 | 132 | 0.00 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Neptune Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | 159782 | 160 | 160 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Neptune Blocker, LLC - Blocker Units | (4) |  |  | 12/2/2024 |  | 3982 | 6280 | 7365 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Neptune Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 1041 | 1482 | 1758 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Investors, LP - Class A-1 Common Units | (4) |  |  | 9/29/2023 |  | 893584 | 894 | 1226 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR/Jupiter Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;115036 | 115 | 115 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR/Jupiter Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 749 | 1067 | 1266 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Ultimate Holdings, LLC - Class A Common Units | (4) |  |  | 11/8/2024 |  | 3 | $2 | $2 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Ultimate Holdings, LLC - Class B Common Units | (4) |  |  | 11/8/2024 |  | 5082 | 3981 | 4153 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Ultimate Holdings, LLC - Class C Common Units | (4) |  |  | 11/8/2024 |  | 5084731 | 4037 | 5288 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RC VI Buckeye Holdings, LLC - LLC Units | (4) |  |  | 1/2/2025 |  | 6589068 | 6589 | 7643 | 0.02 |
|  |  |  |  |  |  |  | 24607 | 28976 | 0.09 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units | (4) |  |  | 12/10/2021 |  | 3 | 3308 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 390 | 0 | 0.00 |
|  |  |  |  |  |  |  | 3698 | 0 | 0.00 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 8/3/2021 |  | 29194330 | 28735 | 36496 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTA, LP - Class A Common Units | (4) |  |  | 3/25/2024 |  | 3028272 | 3284 | 4891 | 0.01 |
|  |  |  |  |  |  |  | 32019 | 41387 | 0.10 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class A Common Units | (4) |  |  | 10/1/2021 |  | 12870 | 10915 | 14027 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class B Common Units | (4) |  |  | 10/1/2021 |  | 685760 | 1955 | 2222 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class Additional A Common Units | (4) |  |  | 3/24/2022 |  | 2766 | 2346 | 3015 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Broadband Holdings, LLC - Class Additional B Common Units | (4) |  |  | 3/24/2022 |  | 147380 | 420 | 478 | 0.00 |
|  |  |  |  |  |  |  | 15636 | 19742 | 0.04 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Aggregator, Ltd. - LP Interest | (4) |  |  | 7/31/2025 |  | 3272887 | $3273 | $3535 | 0.01% |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NSI Parent, LP - Class A Common Units | (4) |  |  | 12/23/2024 |  | 3272884 | 2634 | 2978 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC - Common Equity | (4)(6) |  |  | 7/1/2024 |  | 22774695 | 22775 | 26646 | 0.06 |
|  |  |  |  |  |  |  | 25409 | 29624 | 0.07 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muzinich Enhanced Loan Origination Fund I, LP - LP Interest | (4)(6)(7)(21) |  |  | 12/8/2025 |  | 12748800 | 14825 | 14939 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THL Fund IX Investors (Plymouth II), LP - LP Interest | (4) |  |  | 8/31/2023 |  | 530344 | 530 | 973 | 0.00 |
|  |  |  |  |  |  |  | 15355 | 15912 | 0.03 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCX Corporation Group Holdings, L.P. - Class A-2 Units | (4) |  |  | 9/10/2021 |  | 4853 | 4853 | 2184 | 0.00 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVE Holdings I Corp. - Series A-1 Preferred Shares | (4) |  | 11.50% | 2/25/2022 |  | 12237213 | 11870 | 7465 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD&R Artemis Holdco 2, Limited - Preferred Shares | (4)(6) |  | 10.00% | 8/19/2021 |  | 33000000 | 43662 | 62315 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD&R Ulysses Equity Holdings, LP - Common Shares | (4)(6) |  |  | 8/19/2021 |  | 5317524 | 5438 | 3669 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 5/26/2021 |  | 12472 | 2220 | 302 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 5/26/2021 |  | 6716 | 1195 | 162 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maia Aggregator, LP - Class A Units | (4) |  |  | 2/1/2022 |  | 19700000 | 19700 | 18321 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NC Eve, LP - LP Interest | (4)(6) |  |  | 2/22/2022 |  | 2500000 | 3398 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 10966377 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 87483 | 92234 | 0.20 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azalea Parent Corp. - Series A-1 Preferred Shares | (4) |  | 12.75%<br> PIK | 4/30/2024 |  | 91500 | $89213 | $116297 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus Midco 2 S.à r.l. - Additional Vehicle Units | (4)(6) |  |  | 10/28/2022 |  | 988290 | 988 | 109 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caerus Midco 2 S.à r.l. - Vehicle Units | (4)(6) |  |  | 5/25/2022 |  | 4941452 | 4941 | 4596 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcomp Holding Company, LLC - Preferred Interest | (4) |  | 6.00% | 11/8/2023 |  | 18035 | 1804 | 487 | 0.00 |
|  |  |  |  |  |  |  | 96946 | 121489 | 0.25 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon HC, Ltd. - Class A Shares | (4)(6) |  |  | 12/4/2025 |  | 750 | 47 | 47 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon HC, Ltd. - Class C Shares | (4)(6) |  |  | 12/4/2025 |  | 42 | 3 | 3 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SelectQuote, Inc. - Warrants | (4)(6) |  |  | 10/11/2024 |  | 2204746 | 0 | 265 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelf Holdco, Ltd. - Common Equity | (4)(6) |  |  | 12/30/2022 |  | 1300000 | 1300 | 4940 | 0.01 |
|  |  |  |  |  |  |  | 1350 | 5255 | 0.01 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NC Ocala Co-Invest Beta, LP - LP Interest | (4) |  |  | 11/12/2021 |  | 25687196 | 25687 | 28513 | 0.06 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falcon Top Parent, LLC - Class A Common Units | (4) |  |  | 11/6/2024 |  | 4440995 | 4441 | 4441 | 0.01 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. - Royalty Equity | (4)(6) |  |  | 5/5/2025 |  | 75000000 | 72177 | 79547 | 0.17 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Class A Common Shares | (4) |  |  | 2/28/2025 |  | 1289 | 1175 | 703 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Preferred Equity | (4) |  |  | 2/28/2025 |  | 1378 | 1378 | 1520 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OHCP V TC COI, LP - LP Interest | (4) |  |  | 6/29/2021 |  | 6500000 | 6503 | 16055 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricor Horizon - LP Interest | (4)(6) |  |  | 6/13/2022 |  | 14886548 | 14887 | 14589 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. - Common Units | (4) |  |  | 6/12/2024 |  | 4797 | 5 | 12 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors CCC Topco, LP - Common Equity | (4) |  |  | 6/1/2022 |  | 9600000 | 9600 | 18144 | 0.04 |
|  |  |  |  |  |  |  | 33548 | 51023 | 0.10 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Parent, LP - Series A Preferred Units | (4) |  | 8.00% | 11/1/2024 |  | 1783823 | $1784 | $1962 | 0.00% |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Titan Group Holdings, LP - Class A-2 Common Units | (4) |  |  | 8/28/2024 |  | 1103 | 1103 | 1250 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connatix Parent, LLC - Class L Common Units | (4) |  |  | 7/14/2021 |  | 126136 | 1388 | 581 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Holdings, Inc. - Class A Common Stock | (4) |  |  | 10/9/2023 |  | 93758 | 4060 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedition Holdco, LLC - Common Units | (4) |  |  | 2/24/2022 |  | 810810 | 810 | 646 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock | (4) | SOFR + 10.75% | 14.35% | 6/23/2022 |  | 26899 | 26226 | 43172 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Holdings, Inc. - Series A Preferred Shares | (4) |  | 10.50% | 7/30/2021 |  | 31950000 | 30992 | 37098 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mimecast Limited - LP Interest | (4) |  |  | 5/3/2022 |  | 75088584 | 75089 | 82597 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Aggregator GP, LLC - GP Units | (4) |  |  | 10/14/2025 |  | 1732 | 0 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Aggregator, LP - Common Equity Class A Units | (4) |  |  | 10/14/2025 |  | 1732 | 1732 | 1789 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG IX Newark CI, LP - LP Interest | (4) |  |  | 10/26/2023 |  | 3891673 | 3892 | 3892 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TravelPerk, Inc. - Warrants | (4)(6) |  |  | 5/2/2024 |  | 244818 | 2101 | 6551 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoro - Common Equity | (4) |  |  | 11/22/2022 |  | 1195880 | 11959 | 14829 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoro - Series A Preferred Shares | (4) | SOFR + 9.50% | 13.17% | 11/22/2022 |  | 14717 | 14202 | 22002 | 0.05 |
|  |  |  |  |  |  |  | 173554 | 214407 | 0.44 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstructure, LLC - Series A-1 Units | (4) |  |  | 9/27/2022 |  | 6948125 | 2153 | 3960 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstructure, LLC - Preferred Equity | (4) | SOFR + 7.00% | 10.67<br> PIK% <br>| 8/15/2025 |  | 1387451 | 1368 | 1377 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ncp Helix Holdings, LLC - Preferred Shares | (4) |  | 8.00% | 8/3/2021 |  | 1128694 | 877 | 1500 | 0.00 |
|  |  |  |  |  |  |  | 4398 | 6837 | 0.01 |
|  **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | 694938 | 786146 | 1.68 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Precision Group, LLC - Class A-3 Units | (4)(16) |  |  | 7/3/2025 |  | 11137 | $996 | $4018 | 0.01% |
|  **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4)(6)(16) |  |  | 11/1/2021 |  | 265556 | 558 | 1218 | 0.00 |
|  **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMS Topco, LLC - Class A Common Units | (4)(6)(16) |  |  | 3/11/2025 |  | 133433 | 5432 | 4844 | 0.01 |
|  **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units | (4)(7)(16) |  | 7.60%<br>PIK | 9/22/2025 |  | 69729468 | 1079477 | 1079456 | 2.27 |
|  **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | 1086463 | 1089536 | 2.29 |
| **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** |
|  **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Holdings, LP - LP Interest | (4)(6)(16) |  |  | 4/14/2023 |  | 3943 | 0 | 0 | 0.00 |
|  **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Real Estate Credit and Income Fund - Common Shares | (4)(6)(16)(21) |  |  | 6/1/2025 |  | 16525117 | 422500 | 430975 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Lending Company, LLC - LLC Interest | (4)(6)(16) |  |  | 10/19/2021 |  | 371979000 | 371979 | 381241 | 0.80 |
|  |  |  |  |  |  |  | 794479 | 812216 | 1.71 |
|  **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units | (4)(16) |  |  | 9/28/2023 |  | 134166603 | 0 | 0 | 0.00 |
|  **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pibb Member Holdings, LLC - LP Interest | (4)(6)(16) |  |  | 11/22/2024 |  | 225000000 | 214844 | 227678 | 0.48 |
|  **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material+ Holding Company, LLC - Class C Units | (4)(16) |  |  | 6/14/2024 |  | 63589 | 0 | 0 | 0.00 |
|  **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4)(6)(16) |  |  | 1/7/2021 |  | 1500000 | 1421 | 1681 | 0.00 |
|  **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | 1010744 | 1041575 | 2.19 |
|  **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | 2792145 | 2917257 | 6.16 |

---

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##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Net<br>Assets** |
| **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRED Emerald JV LP - LP Interest | (6)(16) |  |  | 1/19/2022 |  |  | $1815000 | $1678745 | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCRED Verdelite JV LP - LP Interest | (6)(16) |  |  | 10/21/2022 |  |  | 117706 | 113068 | 0.25 |
|  **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | 1932706 | 1791813 | 3.78 |
|  **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | 78459980 | 77980254 | 163.72 |
|  **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | 1119164 | 1122254 | 2.36 |
|  **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | 1404391 | 1305025 | 2.74 |
|  **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | 1932706 | 1791813 | 3.78 |
|  **Total Investment Portfolio** | **Total Investment Portfolio** |  |  |  |  |  | 82916241 | 82199346 | 172.60 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Select Treasury Based Liquidity Fund |  |  | 3.61% |  |  |  | 28155 | 28155 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management |  |  | 3.54% |  |  |  | 16594 | 16594 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 3.66% |  |  |  | 67858 | 67858 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund - Investor Class |  |  | 3.66% |  |  |  | 185 | 185 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund - Premier Class |  |  | 3.74% |  |  |  | 305986 | 305986 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Cash and Cash Equivalents |  |  |  |  |  |  | 1929933 | 1929933 | 4.05 |
|  **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 2348711 | 2348711 | 4.92 |
|  **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $85264952 | $84548057 | 177.52% |

---

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term
"Company" shall include the Company's consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. Dollars. As of December 31, 2025, the Company had investments
denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income
producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total
par amount (in thousands) is presented for debt investments and structured finance obligations, while the number of shares or units (in

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##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to
either Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate
("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or
"SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or "BB"), Canadian Overnight Repo Rate Average ("CORRA" or
"CA"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used
and provided the spread and the interest rate in effect as of December 31, 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 3 investments. Fair value
was determined in good faith by or under the direction of the Board (see Note 2 and Note 5), pursuant to the Company's valuation policy.

(5) These debt investments are not pledged as collateral under any of the Company's credit facilities. For
other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are
pledged to financing facilities, CLOs and short-term borrowings and are not available to satisfy the creditors of the Company.

(6) The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as
amended (together with the rules and regulations promulgated thereunder, the "1940 Act"). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets
represent at least 70.0% of the Company's total assets. As of December 31, 2025, non-qualifying assets represented 24.3% of total assets as calculated in accordance with regulatory requirements.

(7) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion,
although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that
may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Abacus Holdco 2, Oy | Delayed Draw Term Loan | 10/14/2027 | $181 | $— |
|  Accordion Partners, LLC | Revolver | 11/15/2031 | 9612 | (48) |
|  Accordion Partners, LLC | Delayed Draw Term Loan | 12/17/2027 | 45312 | (113) |
|  Accuity Delivery Systems, LLC | Revolver | 5/29/2031 | 29497 | (147) |
|  Accuity Delivery Systems, LLC | Delayed Draw Term Loan | 5/29/2026 | 88690 | (443) |
|  ACI Group Holdings, Inc. | Revolver | 8/2/2027 | 215 |  |
|  Acumatica Holdings, Inc. | Revolver | 7/28/2032 | 10565 | (106) |
|  ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | 3344 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  AI Altius US Bidco, Inc. | Delayed Draw Term Loan | 5/21/2026 | 39500 |  |
|  AI Titan Parent, Inc. | Delayed Draw Term Loan | 9/30/2026 | 17093 |  |
|  AI Titan Parent, Inc. | Revolver | 8/29/2031 | 13784 | (138) |
|  Align Precision Group, LLC | Delayed Draw Term Loan | 4/3/2030 | 1451 |  |
|  Allium Buyer, LLC | Revolver | 5/2/2029 | 249 | (7) |
|  Alpine Intel Intermediate 2, LLC | Delayed Draw Term Loan | 12/20/2026 | 39281 |  |
|  American Restoration Holdings, LLC | Revolver | 7/24/2030 | 3569 |  |
|  American Restoration Holdings, LLC | Delayed Draw Term Loan | 2/19/2027 | 30945 |  |
|  Amerilife Holdings, LLC | Revolver | 8/31/2028 | 57772 |  |
|  Amerilife Holdings, LLC | Delayed Draw Term Loan | 6/17/2026 | 5009 |  |
|  Amerilife Holdings, LLC | Delayed Draw Term Loan | 2/28/2027 | 41321 | (103) |
|  Amerivet Partners Management, Inc. | Revolver | 2/25/2028 | 11511 |  |
|  Ampirical Solutions, LLC | Delayed Draw Term Loan | 9/30/2027 | 43992 | (220) |
|  Ampirical Solutions, LLC | Revolver | 9/30/2032 | 11731 | (117) |
|  Analytic Partners, LP | Revolver | 4/4/2030 | 4891 |  |
|  Anaplan, Inc. | Revolver | 6/21/2028 | 47983 | (960) |
|  Animal Wellness Investments S.p.A | Term Loan | 1/15/2033 | 78090 |  |
|  Animal Wellness Investments S.p.A | Delayed Draw Term Loan | 1/15/2029 | 12595 |  |
|  Anthracite Buyer Inc | Revolver | 12/3/2032 | 19960 | (100) |
|  Apex Companies, LLC | Delayed Draw Term Loan | 8/28/2026 | 1030 |  |
|  Apex Companies, LLC | Delayed Draw Term Loan | 10/24/2027 | 28233 | (141) |
|  Aptean, Inc. | Revolver | 1/29/2031 | 3354 |  |
|  Aptean, Inc. | Delayed Draw Term Loan | 2/14/2027 | 9045 |  |
|  Armada Parent, Inc. | Revolver | 10/29/2030 | 27000 |  |
|  Arnhem BidCo, GmbH | Delayed Draw Term Loan | 10/1/2027 | 42221 |  |
|  Articulate Global, LLC | Revolver | 10/24/2032 | 5997 | (30) |
|  Aryeh Bidco Investment, Ltd. | Term Loan | 1/14/2033 | 30784 |  |
|  Aryeh Bidco Investment, Ltd. | Delayed Draw Term Loan | 1/14/2028 | 5731 |  |
|  Aryeh Bidco Investment, Ltd. | Revolver | 1/14/2033 | 4094 |  |
|  Ascend Buyer, LLC | Revolver | 9/30/2028 | 7443 |  |
|  Astra Service Partners, LLC | Delayed Draw Term Loan | 11/26/2027 | 54081 |  |
|  Atlas CC Acquisition Corp. | Revolver | 5/25/2029 | 5432 |  |
|  Atlas CC Acquisition Corp. | Letter of Credit | 5/25/2029 | 14403 | (324) |
|  Atlas Securitized Products Funding 2, LP | Revolver | 4/10/2026 | 3310 |  |
|  AuditBoard, Inc. | Revolver | 7/12/2031 | 15377 |  |
|  Axsome Therapeutics, Inc. | Delayed Draw Term Loan | 5/31/2027 | 45195 |  |
|  Axsome Therapeutics, Inc. | Delayed Draw Term Loan | 5/31/2026 | 45195 |  |
|  Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 6840 | (28) |
|  Baker Tilly Advisory Group, LP | Delayed Draw Term Loan | 6/3/2027 | 95459 | (955) |
|  Baker Tilly Advisory Group, LP | Revolver | 6/3/2030 | 74077 |  |
|  Bamboo US BidCo, LLC | Delayed Draw Term Loan | 11/20/2026 | 2154 |  |
|  Bamboo US BidCo, LLC | Revolver | 9/29/2029 | 6470 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Banyan Software Holdings, LLC | Revolver | 1/2/2031 | 5799 | (14) |
|  Banyan Software Holdings, LLC | Delayed Draw Term Loan | 10/8/2027 | 58607 |  |
|  Barings CLO, Ltd. Tango | Structured Finance<br>Obligations - Equity<br>Instruments | 11/21/2026 | 3525 |  |
|  Bayshore Intermediate #2, LP | Revolver | 10/1/2027 | 20406 |  |
|  Bazaarvoice, Inc. | Revolver | 5/7/2029 | 60787 |  |
|  Beacon Dc, Ltd. | Delayed Draw Term Loan | 12/4/2027 | 1000 |  |
|  Beacon Dc, Ltd. | Revolver | 12/4/2032 | 680 |  |
|  Bimini Group Purchaser, Inc. | Revolver | 4/26/2031 | 29847 |  |
|  Bimini Group Purchaser, Inc. | Revolver | 4/7/2027 | 18750 | (2073) |
|  BioCryst Pharmaceuticals, Inc. | Term Loan | 1/23/2031 | 107996 |  |
|  Biotouch Global Solutions, Inc. | Delayed Draw Term Loan | 8/27/2027 | 29503 | (221) |
|  Biotouch Global Solutions, Inc. | Revolver | 8/27/2032 | 8851 | (133) |
|  Blue Sky Buyer, LLC | Term Loan | 2/28/2033 | 207767 |  |
|  Blue Sky Buyer, LLC | Revolver | 2/28/2033 | 35415 |  |
|  Bluefin Holding, LLC | Revolver | 9/12/2029 | 7533 |  |
|  Brave Parent Holdings, Inc. | Revolver | 11/28/2030 | 26868 |  |
|  Brave Parent Holdings, Inc. | Delayed Draw Term Loan | 10/17/2026 | 262936 |  |
|  Brilliance Technologies, Inc. | Revolver | 3/11/2032 | 52952 |  |
|  Brilliance Technologies, Inc. | Delayed Draw Term Loan | 9/11/2027 | 109294 | (68) |
|  Businessolver.com, Inc. | Delayed Draw Term Loan | 12/3/2027 | 28315 | (71) |
|  Businessolver.com, Inc. | Revolver | 12/3/2032 | 12611 | (63) |
|  Caerus US 1, Inc. | Revolver | 5/25/2029 | 14398 |  |
|  Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 101715 |  |
|  Cambrex Corp. | Revolver | 3/5/2032 | 14156 |  |
|  Cambrex Corp. | Delayed Draw Term Loan | 3/5/2027 | 17158 | (86) |
|  Cambrex Corp. | Delayed Draw Term Loan | 3/24/2026 | 39942 |  |
|  Canadian Hospital Specialties, Ltd. | Revolver | 4/15/2027 | 2399 |  |
|  Carr Riggs & Ingram Capital, LLC | Revolver | 11/18/2031 | 10323 | (52) |
|  Carr Riggs & Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 16507 |  |
|  Carval CLO XIII-C Ltd | Structured Finance<br>Obligations - Equity<br>Instruments | 10/8/2028 | 5531 |  |
|  Castle Management Borrower, LLC | Revolver | 11/3/2029 | 4167 |  |
|  Castle Management Borrower, LLC | Delayed Draw Term Loan | 12/9/2027 | 20234 |  |
|  CCI Buyer, Inc. | Revolver | 5/13/2032 | 6767 | (68) |
|  CEP V Investment 11 S.à r.l. | Delayed Draw Term Loan | 9/1/2026 | 43967 | (499) |
|  CFGI Holdings, LLC | Revolver | 11/2/2027 | 19950 | (399) |
|  CFS Brands, LLC | Revolver | 10/2/2029 | 14401 |  |
|  Channelside AcquisitionCo, Inc. | Revolver | 3/31/2028 | 17194 |  |
|  Charger Debt Merger Sub, LLC | Delayed Draw Term Loan | 5/9/2027 | 30287 | (76) |
|  Charger Debt Merger Sub, LLC | Revolver | 5/31/2030 | 5300 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Charger Debt Merger Sub, LLC | Delayed Draw Term Loan | 5/31/2026 | 5300 |  |
|  Chartwell Cumming Holding, Corp. | Revolver | 11/16/2029 | 44716 |  |
|  Cielo Bidco, Ltd. | Delayed Draw Term Loan | 3/31/2030 | 653 |  |
|  Cielo Bidco, Ltd. | Delayed Draw Term Loan | 3/31/2030 | 30 |  |
|  Cisive Holdings Corp. | Revolver | 12/7/2029 | 4445 | (89) |
|  Clearview Buyer, Inc. | Revolver | 2/26/2029 | 11857 |  |
|  CohnReznick Advisory, LLC | Delayed Draw Term Loan | 3/31/2027 | 2488 |  |
|  Commander Buyer, Inc. | Delayed Draw Term Loan | 6/26/2027 | 44138 | (221) |
|  Commander Buyer, Inc. | Revolver | 6/26/2032 | 29425 | (294) |
|  Community Management Holdings Midco 2, LLC | Revolver | 11/1/2031 | 5547 |  |
|  Community Management Holdings Midco 2, LLC | Delayed Draw Term Loan | 7/8/2027 | 26042 |  |
|  Compsych Investments Corp. | Delayed Draw Term Loan | 7/22/2027 | 20230 | (885) |
|  Connatix Buyer, Inc. | Revolver | 7/14/2027 | 9125 |  |
|  Connatix Buyer, Inc. | Delayed Draw Term Loan | 4/9/2026 | 2344 |  |
|  Consor Intermediate II, LLC | Delayed Draw Term Loan | 5/10/2026 | 26219 |  |
|  Consor Intermediate II, LLC | Revolver | 5/10/2031 | 9480 |  |
|  Continental Buyer, Inc. | Revolver | 4/2/2031 | 4282 |  |
|  Continental Buyer, Inc. | Revolver | 4/2/2031 | 6862 | (34) |
|  Continental Buyer, Inc. | Revolver | 4/2/2031 | 3283 | (16) |
|  Continental Buyer, Inc. | Delayed Draw Term Loan | 4/21/2028 | 6567 | (16) |
|  Coupa Software, Inc. | Delayed Draw Term Loan | 6/3/2027 | 164 |  |
|  Coupa Software, Inc. | Revolver | 2/27/2029 | 126 | (1) |
|  CRC Insurance Group, LLC | Revolver | 5/6/2029 | 19894 | (105) |
|  CRCI Longhorn Holdings, Inc. | Revolver | 8/27/2031 | 11110 | (91) |
|  CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 8/27/2026 | 16678 |  |
|  Creek Parent, Inc. | Revolver | 12/18/2031 | 19175 | (336) |
|  Crewline Buyer, Inc. | Revolver | 11/8/2030 | 12745 |  |
|  Crumbl Enterprises, LLC | Revolver | 4/30/2032 | 6881 | (34) |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/30/2026 | 11130 |  |
|  CT Technologies Intermediate Holdings, Inc. | Revolver | 8/30/2031 | 34417 | (344) |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/30/2026 | 10132 |  |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 7/10/2027 | 504 |  |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/5/2027 | 10080 |  |
|  CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/5/2027 | 6774 |  |
|  CyrusOne Revolving Warehouse | Revolver | 7/2/2027 | 106619 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Databricks, Inc. | Delayed Draw Term Loan | 1/5/2028 | 235000 |  |
|  DCG Acquisition Corp. | Revolver | 6/13/2031 | 36470 | (365) |
|  DCG Acquisition Corp. | Delayed Draw Term Loan | 6/13/2026 | 10587 |  |
|  Denali Bidco, Ltd. | Delayed Draw Term Loan | 9/5/2027 | 300 | (3) |
|  Denali Intermediate Holdings, Inc. | Revolver | 8/26/2032 | 4972 | (50) |
|  Denali TopCo, LLC | Delayed Draw Term Loan | 8/26/2028 | 27099 | (135) |
|  Denali TopCo, LLC | Revolver | 8/26/2032 | 13007 | (65) |
|  Diligent Corp. | Delayed Draw Term Loan | 4/30/2026 | 50000 | (250) |
|  Diligent Corp. | Revolver | 8/2/2030 | 25500 |  |
|  Discovery Education, Inc. | Revolver | 4/9/2029 | 17513 |  |
|  Divisions Holding Corp. | Revolver | 4/17/2032 | 8086 | (81) |
|  DM Intermediate Parent, LLC | Revolver | 9/30/2030 | 28484 |  |
|  DM Intermediate Parent, LLC | Delayed Draw Term Loan | 9/30/2026 | 18336 |  |
|  DM Intermediate Parent, LLC | Delayed Draw Term Loan | 12/19/2027 | 77717 | (389) |
|  Doit International, Ltd. | Delayed Draw Term Loan | 11/25/2026 | 66711 | (500) |
|  Doit International, Ltd. | Revolver | 11/26/2029 | 33356 |  |
|  Dropbox, Inc. | Delayed Draw Term Loan | 12/10/2026 | 417495 | (2087) |
|  Dropbox, Inc. | Delayed Draw Term Loan | 3/15/2026 | 455182 | (426) |
|  DTA Intermediate II, Ltd. | Revolver | 3/27/2030 | 12961 |  |
|  DTI Holdco, Inc. | Revolver | 1/25/2029 | 16000 | (1517) |
|  Duro Dyne National Corp. | Delayed Draw Term Loan | 11/15/2026 | 34499 | (172) |
|  Duro Dyne National Corp. | Revolver | 11/15/2031 | 34499 |  |
|  Dwyer Instruments, LLC | Revolver | 7/20/2029 | 4668 |  |
|  Eagan Parent, Inc. | Delayed Draw Term Loan | 9/8/2027 | 5311 |  |
|  Eagan Parent, Inc. | Revolver | 9/8/2032 | 2833 | (14) |
|  East River Bidco, GmbH | Delayed Draw Term Loan | 3/26/2028 | 31 |  |
|  Eden Acquisitionco, Ltd. | Delayed Draw Term Loan | 11/17/2026 | 2146 | (29) |
|  Edison Bidco, AS | Delayed Draw Term Loan | 12/5/2026 | 679 |  |
|  Electro Switch Business Trust, LLC | Revolver | 9/2/2032 | 23430 | (234) |
|  ELK Bidco, Inc. | Revolver | 6/13/2032 | 13471 | (67) |
|  ELK Bidco, Inc. | Delayed Draw Term Loan | 12/13/2027 | 14968 | (37) |
|  EMB Purchaser, Inc. | Delayed Draw Term Loan | 3/13/2028 | 37202 |  |
|  EMB Purchaser, Inc. | Revolver | 3/12/2032 | 18308 | (183) |
|  Emergency Power Holdings, LLC | Delayed Draw Term Loan | 8/17/2027 | 12036 |  |
|  Endeavor Schools Holdings, LLC | Delayed Draw Term Loan | 1/3/2027 | 20926 |  |
|  Enstructure, LLC | Delayed Draw Term Loan | 6/10/2026 | 83228 | (624) |
|  ENV Bidco, AB | Delayed Draw Term Loan | 7/29/2026 | 31618 | (403) |
|  eResearchTechnology, Inc. | Delayed Draw Term Loan | 1/17/2027 | 135205 |  |
|  eResearchTechnology, Inc. | Revolver | 10/17/2031 | 78568 | (786) |
|  Essential Services Holding Corp. | Delayed Draw Term Loan | 6/17/2026 | 14519 | (73) |
|  Essential Services Holding Corp. | Revolver | 6/17/2030 | 5434 |  |
|  Everbridge Holdings, LLC | Delayed Draw Term Loan | 7/2/2026 | 5292 |  |
|  Everbridge Holdings, LLC | Revolver | 7/2/2031 | 3481 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Excelitas Technologies Corp. | Revolver | 8/12/2028 | 14780 | (185) |
|  Experity, Inc. | Revolver | 2/22/2030 | 17835 |  |
|  Experity, Inc. | Delayed Draw Term Loan | 9/13/2026 | 40111 | (201) |
|  Falcon Parent Holdings, Inc. | Delayed Draw Term Loan | 8/15/2027 | 12467 | (94) |
|  Falcon Parent Holdings, Inc. | Revolver | 11/6/2031 | 14380 |  |
|  Fastener Distribution Holdings, LLC | Delayed Draw Term Loan | 10/31/2026 | 41834 |  |
|  Fern Bidco, Ltd. | Delayed Draw Term Loan | 7/3/2027 | 19787 |  |
|  Flatiron CLO 34, Ltd. | Structured Finance<br>Obligations - Equity<br>Instruments | 10/8/2026 | 3500 |  |
|  Flexera Software, LLC | Revolver | 8/15/2032 | 13582 | (34) |
|  Forterro Group, AB | Delayed Draw Term Loan | 6/28/2027 | 5415 |  |
|  Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 12202 |  |
|  Foundation Risk Partners Corp. | Delayed Draw Term Loan | 2/26/2027 | 10908 |  |
|  Frontgrade Technologies Holdings, Inc. | Revolver | 1/9/2028 | 439 |  |
|  Frontline Road Safety, LLC | Revolver | 3/4/2032 | 13878 | (69) |
|  Frontline Road Safety, LLC | Delayed Draw Term Loan | 3/4/2028 | 17792 |  |
|  FusionSite Midco, LLC | Revolver | 11/17/2029 | 12260 | (276) |
|  FusionSite Midco, LLC | Delayed Draw Term Loan | 4/30/2026 | 8810 |  |
|  G&A Partners Holding Company II, LLC | Revolver | 3/1/2030 | 6575 | (132) |
|  G&A Partners Holding Company II, LLC | Delayed Draw Term Loan | 3/1/2026 | 9468 |  |
|  Galaxy CLO Warehouse 2025-1, Ltd. | Structured Finance<br>Obligations - Equity<br>Instruments | 10/8/2026 | 15689 |  |
|  Galileo Pharma Bidco S.p.A | Delayed Draw Term Loan | 10/7/2028 | 4168 |  |
|  Galway Borrower, LLC | Revolver | 9/29/2028 | 16795 |  |
|  Galway Borrower, LLC | Delayed Draw Term Loan | 2/7/2026 | 1559 |  |
|  Gannett Fleming, Inc. | Revolver | 8/5/2030 | 37324 | (560) |
|  Gatekeeper Systems, Inc. | Delayed Draw Term Loan | 8/27/2026 | 42075 |  |
|  Gatekeeper Systems, Inc. | Revolver | 8/28/2030 | 17861 |  |
|  GI Ranger Intermediate, LLC | Revolver | 10/29/2027 | 9360 |  |
|  Gigamon, Inc. | Revolver | 3/10/2028 | 15465 |  |
|  Gimlet Bidco, GmbH | Delayed Draw Term Loan | 4/23/2027 | 2084 |  |
|  Granicus, Inc. | Revolver | 1/17/2031 | 4284 |  |
|  Granicus, Inc. | Delayed Draw Term Loan | 1/17/2026 | 679 |  |
|  Great Day Improvements, LLC | Revolver | 6/13/2030 | 4731 |  |
|  Grid Alliance Partners, LLC | Delayed Draw Term Loan | 7/1/2027 | 23338 | (117) |
|  Grid Alliance Partners, LLC | Revolver | 7/1/2030 | 15162 | (152) |
|  Griffon Bidco, Inc. | Delayed Draw Term Loan | 9/30/2027 | 21819 |  |
|  Griffon Bidco, Inc. | Revolver | 7/31/2031 | 21819 | (218) |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Ground Penetrating Radar Systems, LLC | Delayed Draw Term Loan | 7/2/2027 | 20297 |  |
|  Ground Penetrating Radar Systems, LLC | Revolver | 1/2/2032 | 11776 |  |
|  GS Acquisitionco, Inc. | Delayed Draw Term Loan | 3/26/2026 | 3720 |  |
|  GS Acquisitionco, Inc. | Revolver | 5/25/2028 | 2833 |  |
|  GS Acquisitionco, Inc. | Delayed Draw Term Loan | 5/16/2027 | 3214 | (8) |
|  GTCR Everest Borrower, LLC | Revolver | 9/5/2029 | 3125 | (10) |
|  Guardian Bidco, Inc. | Delayed Draw Term Loan | 8/14/2028 | 3881 | (39) |
|  Gusto Sing Bidco Pte, Ltd. | Delayed Draw Term Loan | 11/15/2027 | 102 |  |
|  Helix TS, LLC | Delayed Draw Term Loan | 10/22/2027 | 35919 |  |
|  Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 12/11/2027 | 41940 | (105) |
|  High Street Buyer, Inc. | Revolver | 4/16/2027 | 4186 | (84) |
|  High Street Buyer, Inc. | Delayed Draw Term Loan | 7/18/2027 | 55411 |  |
|  Home Service TopCo IV, Inc. | Revolver | 12/30/2027 | 19964 | (214) |
|  Home Service TopCo IV, Inc. | Delayed Draw Term Loan | 2/19/2026 | 19055 |  |
|  Horizon CTS Buyer, LLC | Revolver | 3/28/2032 | 25803 |  |
|  Horizon CTS Buyer, LLC | Delayed Draw Term Loan | 11/4/2027 | 33333 |  |
|  HPS Freshwater Warehouse Parent, Ltd. | Structured Finance<br>Obligations - Equity<br>Instruments | 10/8/2026 | 5390 |  |
|  Icefall Parent, Inc. | Revolver | 1/17/2030 | 8637 |  |
|  IEM New Sub 2, LLC | Delayed Draw Term Loan | 12/3/2027 | 62860 |  |
|  IEM New Sub 2, LLC | Delayed Draw Term Loan | 12/3/2027 | 76076 | (571) |
|  IG Investments Holdings, LLC | Revolver | 9/22/2028 | 55717 |  |
|  Imagine 360, LLC | Delayed Draw Term Loan | 9/18/2026 | 13684 | (68) |
|  Imagine 360, LLC | Revolver | 9/30/2028 | 8582 | (86) |
|  Inception Fertility Ventures, LLC | Revolver | 4/29/2030 | 4278 |  |
|  Inception Fertility Ventures, LLC | Delayed Draw Term Loan | 4/29/2026 | 61644 |  |
|  INK BC Bidco S.p.A. | Delayed Draw Term Loan | 7/16/2028 | 21206 | (215) |
|  Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan | 8/23/2026 | 8074 | (14) |
|  Integrity Marketing Acquisition, LLC | Revolver | 8/25/2028 | 2861 |  |
|  IQN Holding Corp. | Revolver | 5/2/2028 | 1940 |  |
|  IRI Group Holdings, Inc. | Revolver | 12/1/2028 | 110034 |  |
|  Iris Buyer, LLC | Revolver | 10/2/2029 | 7870 |  |
|  Iris Buyer, LLC | Delayed Draw Term Loan | 8/4/2026 | 3617 |  |
|  ISQ Hawkeye Holdco, Inc. | Revolver | 8/20/2030 | 476 |  |
|  ISQ Hawkeye Holdco, Inc. | Delayed Draw Term Loan | 8/20/2026 | 1355 |  |
|  Java Buyer, Inc. | Revolver | 12/15/2027 | 12142 |  |
|  Java Buyer, Inc. | Revolver | 12/15/2027 | 24284 |  |
|  Java Buyer, Inc. | Delayed Draw Term Loan | 5/9/2027 | 71827 |  |
|  Jeppesen Holdings, LLC | Revolver | 10/31/2032 | 17000 | (128) |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Jones Fish Hatcheries & Distributors, LLC | Revolver | 11/19/2032 | 4116 | (41) |
|  Jones Fish Hatcheries & Distributors, LLC | Delayed Draw Term Loan | 11/19/2027 | 16464 |  |
|  JS Parent, Inc. | Revolver | 4/24/2031 | 7880 | (39) |
|  JSG II, Inc. | Delayed Draw Term Loan | 9/30/2027 | 97949 | (245) |
|  JSG II, Inc. | Revolver | 9/30/2032 | 41978 | (210) |
|  JSS Holdings, Inc. | Delayed Draw Term Loan | 11/8/2026 | 136995 | (685) |
|  Kaseya, Inc. | Revolver | 3/20/2030 | 25000 | (154) |
|  Kattegat Project Bidco, AB | Delayed Draw Term Loan | 10/5/2026 | 12225 | (166) |
|  King Bidco S.P.E.C. | Delayed Draw Term Loan | 6/26/2028 | 87 |  |
|  Knight Acquireco, LLC | Delayed Draw Term Loan | 11/6/2027 | 23547 | (59) |
|  Knowledge Pro Buyer, Inc. | Revolver | 12/10/2029 | 10918 |  |
|  Knowledge Pro Buyer, Inc. | Delayed Draw Term Loan | 6/11/2027 | 8384 |  |
|  Knowledge Pro Buyer, Inc. | Revolver | 12/10/2027 | 4594 | (46) |
|  Koala Investment Holdings, Inc. | Delayed Draw Term Loan | 2/29/2028 | 17044 | (85) |
|  Koala Investment Holdings, Inc. | Revolver | 8/29/2032 | 7575 | (76) |
|  Kona Buyer, LLC | Revolver | 7/23/2031 | 34452 | (172) |
|  Kona Buyer, LLC | Delayed Draw Term Loan | 6/27/2027 | 90826 | (227) |
|  Kona Buyer, LLC | Delayed Draw Term Loan | 7/23/2026 | 60173 | (301) |
|  Kona Buyer, LLC | Delayed Draw Term Loan | 7/23/2026 | 53588 | (268) |
|  KStone Buyer, Inc. | Term Loan | 1/2/2033 | 80791 |  |
|  KStone Buyer, Inc. | Revolver | 1/2/2033 | 20775 |  |
|  KStone Buyer, Inc. | Delayed Draw Term Loan | 1/2/2027 | 23083 |  |
|  Kwol Acquisition, Inc. | Revolver | 12/6/2029 | 1345 |  |
|  Kwol Acquisition, Inc. | Delayed Draw Term Loan | 8/25/2027 | 84 |  |
|  Kwor Acquisition, Inc. | Revolver | 2/28/2030 | 1041 |  |
|  Kwor Acquisition, Inc. | Delayed Draw Term Loan | 2/28/2027 | 1379 |  |
|  Loar Group, Inc. | Delayed Draw Term Loan | 9/30/2026 | 275000 |  |
|  Lobos Parent, Inc. | Delayed Draw Term Loan | 9/26/2028 | 10361 | (39) |
|  Lobos Parent, Inc. | Revolver | 9/26/2031 | 5180 | (39) |
|  Lobos Parent, Inc. | Revolver | 9/26/2031 | 2331 | (17) |
|  LogicMonitor, Inc. | Revolver | 11/15/2031 | 11450 | (143) |
|  LogicMonitor, Inc. | Delayed Draw Term Loan | 9/1/2027 | 15648 | (98) |
|  LPW Group Holdings, Inc. | Revolver | 3/15/2030 | 6566 | (66) |
|  Lsf12 Crown US Commercial Bidco, LLC | Revolver | 12/2/2029 | 24405 | (35) |
|  Magic Bidco, Inc. | Delayed Draw Term Loan | 7/1/2026 | 14677 |  |
|  Magic Bidco, Inc. | Revolver | 7/1/2030 | 830 |  |
|  Magneto Components BuyCo, LLC | Revolver | 12/5/2029 | 8983 | (67) |
|  Mandolin Technology Intermediate Holdings, Inc. | Revolver | 4/30/2028 | 7265 |  |
|  MannKind Corp. | Delayed Draw Term Loan | 8/6/2027 | 29592 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Mantech International, CP | Delayed Draw Term Loan | 2/14/2026 | 24794 | (373) |
|  Mantech International, CP | Revolver | 9/14/2028 | 111612 |  |
|  Material Holdings, LLC | Revolver | 8/19/2027 | 3179 |  |
|  Material Holdings, LLC | Delayed Draw Term Loan | 8/19/2027 | 23525 |  |
|  Maverick Bidco, Inc. | Revolver | 12/2/2031 | 17583 | (1) |
|  Maverick Bidco, Inc. | Delayed Draw Term Loan | 12/2/2027 | 18018 |  |
|  Mavis Tire Express Services Topco, Corp. | Revolver | 5/4/2028 | 5400 |  |
|  MB2 Dental Solutions, LLC | Delayed Draw Term Loan | 2/13/2026 | 6423 |  |
|  MB2 Dental Solutions, LLC | Revolver | 2/13/2031 | 1837 |  |
|  MEDX AMCP Holdings, LLC | Revolver | 7/21/2032 | 3952 | (40) |
|  MEDX AMCP Holdings, LLC | Delayed Draw Term Loan | 7/21/2027 | 9287 | (46) |
|  Mercury Bidco Globe, Limited | Delayed Draw Term Loan | 1/18/2026 | 3083 |  |
|  MHE Intermediate Holdings, LLC | Revolver | 7/21/2027 | 482 |  |
|  Minerva Bidco, Ltd. | Delayed Draw Term Loan | 12/2/2028 | 53627 | (412) |
|  Minotaur Acquisition, Inc. | Revolver | 5/10/2030 | 9910 |  |
|  ML Holdco, LLC | Delayed Draw Term Loan | 10/24/2027 | 17655 |  |
|  Modernizing Medicine, Inc. | Revolver | 4/30/2032 | 4208 | (42) |
|  More Cowbell II, LLC | Delayed Draw Term Loan | 9/3/2027 | 5872 | (27) |
|  More Cowbell II, LLC | Revolver | 9/1/2029 | 12971 |  |
|  MPG Parent Holdings, LLC | Revolver | 1/8/2030 | 2232 |  |
|  MPG Parent Holdings, LLC | Delayed Draw Term Loan | 1/8/2027 | 4065 |  |
|  MRH Trowe Beteiligungsgesellschaft mbH | Delayed Draw Term Loan | 5/15/2028 | 70 |  |
|  MRH Trowe Beteiligungsgesellschaft mbH | Revolver | 11/15/2031 | 35 |  |
|  MRI Software, LLC | Revolver | 10/21/2026 | 17850 | (67) |
|  MRI Software, LLC | Revolver | 2/10/2028 | 21799 |  |
|  MRI Software, LLC | Delayed Draw Term Loan | 10/2/2027 | 12498 |  |
|  Muzinich Enhanced Loan Origination Fund I, LP | Equity |  | 31851 |  |
|  Natus Medical, Inc. | Revolver | 7/21/2027 | 5100 |  |
|  NAVEX TopCo, Inc. | Revolver | 10/14/2031 | 11668 | (150) |
|  NAVEX TopCo, Inc. | Delayed Draw Term Loan | 10/14/2027 | 57143 |  |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 15767 |  |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 15767 |  |
|  NDC Acquisition Corp. | Revolver | 3/9/2028 | 3083 |  |
|  NDT Global Holding, Inc. | Revolver | 6/4/2032 | 10153 | (102) |
|  NDT Global Holding, Inc. | Delayed Draw Term Loan | 6/4/2027 | 11371 |  |
|  Nephele III, BV | Delayed Draw Term Loan | 1/14/2028 | 25 |  |
|  Neptune BidCo, SAS | Delayed Draw Term Loan | 3/31/2027 | 205 |  |
|  Neptune Holdings, Inc. | Revolver | 8/31/2029 | 2000 | (50) |
|  Netsmart Technologies, Inc. | Delayed Draw Term Loan | 8/23/2026 | 18756 | (94) |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Netsmart Technologies, Inc. | Revolver | 8/23/2031 | 26555 |  |
|  Noble Midco 3, Ltd. | Delayed Draw Term Loan | 6/10/2027 | 9042 | (45) |
|  Noble Midco 3, Ltd. | Revolver | 12/10/2030 | 5576 |  |
|  North Haven Ushc Acquisition, Inc. | Revolver | 10/29/2027 | 2036 |  |
|  North Haven Ushc Acquisition, Inc. | Delayed Draw Term Loan | 8/28/2026 | 25764 |  |
|  Octane Purchaser, Inc. | Delayed Draw Term Loan | 11/19/2027 | 88133 |  |
|  Octane Purchaser, Inc. | Revolver | 5/19/2032 | 35253 | (176) |
|  Odevo, AB | Delayed Draw Term Loan | 12/12/2027 | 32079 |  |
|  OEConnection, LLC | Delayed Draw Term Loan | 12/23/2028 | 18447 |  |
|  OEConnection, LLC | Revolver | 12/18/2032 | 4858 | (24) |
|  OEI, Inc. | Revolver | 12/29/2031 | 7889 | (59) |
|  OEI, Inc. | Delayed Draw Term Loan | 12/29/2027 | 19722 | (74) |
|  OMEGA II AB | Delayed Draw Term Loan | 6/17/2028 | 17930 | (47) |
|  Onex Baltimore Buyer, Inc. | Delayed Draw Term Loan | 3/19/2026 | 68025 |  |
|  ONS MSO, LLC | Revolver | 7/8/2028 | 4500 |  |
|  Optimizely North America, Inc. | Revolver | 10/30/2031 | 3007 | (30) |
|  Optus 1011, GmbH | Delayed Draw Term Loan | 11/30/2028 | 80234 |  |
|  Oxford Global Resources, Inc. | Revolver | 8/17/2027 | 9254 |  |
|  Paisley Bidco, Ltd. | Delayed Draw Term Loan | 5/7/2027 | 2102 | (8) |
|  PAS Parent, Inc. | Delayed Draw Term Loan | 8/18/2028 | 41432 | (207) |
|  PAS Parent, Inc. | Revolver | 8/18/2031 | 19250 | (192) |
|  Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 7135 | (143) |
|  Pave America Holding, LLC | Revolver | 8/27/2032 | 14196 |  |
|  Pave America Holding, LLC | Delayed Draw Term Loan | 8/29/2027 | 19064 |  |
|  PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 1866 |  |
|  Peloton Computer Enterprises, Ltd. | Term Loan | 12/31/2032 | 112080 |  |
|  Petrus Buyer, Inc. | Revolver | 10/17/2029 | 5163 |  |
|  Phoenix 1 Buyer Corp. | Revolver | 11/20/2029 | 8349 |  |
|  Pike Electric Corp. | Revolver | 12/18/2032 | 39994 | (200) |
|  Pike Electric Corp. | Delayed Draw Term Loan | 12/19/2028 | 59991 |  |
|  Pikes Peak Bravo | Structured Finance<br>Obligations - Equity<br>Instruments | 9/5/2027 | 11094 |  |
|  PKF O'Connor Davies Advisory, LLC | Delayed Draw Term Loan | 11/18/2026 | 31468 |  |
|  PKF O'Connor Davies Advisory, LLC | Revolver | 11/15/2031 | 11413 |  |
|  Plasma Buyer, LLC | Revolver | 5/12/2028 | 65 |  |
|  Polyphase Elevator Holding, Co. | Delayed Draw Term Loan | 11/24/2027 | 4195 |  |
|  Polyphase Elevator Holding, Co. | Revolver | 11/24/2032 | 6000 | (45) |
|  Port Arthur LNG Phase II Intermediate Company, LLC | Equity | 12/30/2026 | 299028 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  PPV Intermediate Holdings, LLC | Revolver | 8/31/2029 | 8671 |  |
|  PPV Intermediate Holdings, LLC | Delayed Draw Term Loan | 8/7/2026 | 11927 |  |
|  Profile Products, LLC | Revolver | 11/12/2027 | 7087 | (71) |
|  Profile Products, LLC | Revolver | 11/12/2027 | 3337 |  |
|  Project Leopard Holdings, Inc. | Revolver | 7/20/2027 | 4266 |  |
|  PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 4/9/2026 | 10213 |  |
|  QBS Parent, Inc. | Revolver | 6/3/2032 | 9970 |  |
|  QBS Parent, Inc. | Delayed Draw Term Loan | 6/3/2027 | 19959 |  |
|  QF Holdings, Inc. | Delayed Draw Term Loan | 12/29/2027 | 25096 |  |
|  QF Holdings, Inc. | Revolver | 12/15/2032 | 15058 | (75) |
|  Qualus Power Services Corp. | Delayed Draw Term Loan | 3/27/2028 | 11162 |  |
|  Qualus Power Services Corp. | Delayed Draw Term Loan | 3/27/2028 | 60000 | (150) |
|  R1 Holdings, LLC | Revolver | 12/29/2028 | 31 |  |
|  RailPros Parent, LLC | Delayed Draw Term Loan | 5/24/2027 | 7177 | (36) |
|  RailPros Parent, LLC | Revolver | 5/24/2032 | 3589 | (36) |
|  Rally Buyer, Inc. | Revolver | 7/19/2029 | 7373 |  |
|  Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 200 |  |
|  Red Fox CD Acquisition Corp. | Delayed Draw Term Loan | 11/21/2026 | 23757 |  |
|  Redwood Services Group, LLC | Delayed Draw Term Loan | 1/3/2027 | 5467 |  |
|  Regatta Kilo | Structured Finance<br>Obligations - Equity<br>Instruments | 10/8/2028 | 3883 |  |
|  Relativity ODA, LLC | Revolver | 5/12/2029 | 4813 | (116) |
|  RFS Opco, LLC | Delayed Draw Term Loan | 12/2/2027 | 13774 |  |
|  Rhea Parent, Inc. | Revolver | 12/20/2030 | 28910 | (289) |
|  Riser Merger Sub, Inc. | Delayed Draw Term Loan | 6/4/2026 | 20947 |  |
|  Riser Merger Sub, Inc. | Revolver | 10/31/2029 | 20973 |  |
|  Riser Merger Sub, Inc. | Delayed Draw Term Loan | 4/15/2027 | 30262 | (151) |
|  Rocket Buyer, LLC | Term Loan | 1/14/2033 | 102207 |  |
|  Rocket Buyer, LLC | Delayed Draw Term Loan | 1/14/2033 | 58966 |  |
|  Rocket Buyer, LLC | Revolver | 1/14/2031 | 23586 |  |
|  Saber Parent Holdings Corp. | Delayed Draw Term Loan | 12/16/2028 | 138406 | (346) |
|  Saber Parent Holdings Corp. | Revolver | 12/16/2032 | 69203 | (346) |
|  Saber Power Services, LLC | Revolver | 10/21/2031 | 19913 |  |
|  Safety Borrower Holdings, LP | Revolver | 12/19/2032 | 5499 |  |
|  Safety Borrower Holdings, LP | Delayed Draw Term Loan | 12/19/2027 | 8254 |  |
|  Sam Holding Co, Inc. | Revolver | 3/24/2027 | 24000 |  |
|  Sam Holding Co, Inc. | Delayed Draw Term Loan | 11/5/2026 | 39200 |  |
|  Scorpio BidCo SAS | Delayed Draw Term Loan | 3/10/2026 | 7858 | (85) |
|  Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/19/2026 | 15877 |  |
|  Seahawk Bidco, LLC | Revolver | 12/19/2030 | 22377 | (205) |
|  Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/24/2027 | 121231 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  SEKO Global Logistics Network, LLC | Delayed Draw Term Loan | 5/10/2027 | 1350 |  |
|  Seven Bidco, SASU | Delayed Draw Term Loan | 8/29/2028 | 42456 | (213) |
|  Severin Acquisition, LLC | Delayed Draw Term Loan | 10/1/2027 | 54539 |  |
|  Severin Acquisition, LLC | Revolver | 10/1/2031 | 41391 |  |
|  SG Acquisition, Inc. | Revolver | 4/3/2030 | 13537 |  |
|  Signant Finance One, Ltd. | Revolver | 10/16/2031 | 39684 | (397) |
|  Signant Finance One, Ltd. | Delayed Draw Term Loan | 10/16/2027 | 95241 |  |
|  Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw Term Loan | 12/31/2026 | 6304 |  |
|  Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 12/31/2031 | 6041 | (60) |
|  SIQ Holdings III Corp. | Revolver | 12/19/2030 | 26770 |  |
|  SIQ Holdings III Corp. | Delayed Draw Term Loan | 12/19/2027 | 57446 |  |
|  Skylark UK Debtco, Ltd. | Delayed Draw Term Loan | 12/8/2028 | 5759 |  |
|  Smartronix, LLC | Revolver | 2/7/2030 | 12316 |  |
|  Smile Doctors, LLC | Revolver | 12/23/2027 | 51955 | (1818) |
|  Solis Midco, SAS | Delayed Draw Term Loan | 4/8/2029 | 145 |  |
|  Spaceship Purchaser, Inc. | Revolver | 10/17/2031 | 74961 | (598) |
|  Spaceship Purchaser, Inc. | Delayed Draw Term Loan | 10/17/2027 | 149081 | (359) |
|  SpecialtyCare, Inc. | Delayed Draw Term Loan | 8/26/2027 | 1794 |  |
|  SpecialtyCare, Inc. | Revolver | 12/18/2029 | 5935 |  |
|  Spectrum Safety Solutions Purchaser, LLC | Delayed Draw Term Loan | 7/1/2026 | 55574 |  |
|  Spectrum Safety Solutions Purchaser, LLC | Revolver | 7/1/2030 | 48365 |  |
|  Speedster Bidco, GmbH | Revolver | 6/10/2031 | 21862 |  |
|  Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 9725 |  |
|  Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 4/24/2026 | 35710 |  |
|  STV Group, Inc. | Delayed Draw Term Loan | 3/20/2026 | 16811 | (168) |
|  STV Group, Inc. | Revolver | 3/20/2030 | 11767 |  |
|  Sunshine Cadence Holdco, LLC | Delayed Draw Term Loan | 5/1/2026 | 14560 |  |
|  Sunshine Cadence Holdco, LLC | Revolver | 5/1/2030 | 32000 | (320) |
|  Tango Bidco, SAS | Delayed Draw Term Loan | 10/17/2027 | 5573 | (39) |
|  Tango Bidco, SAS | Delayed Draw Term Loan | 10/17/2027 | 8635 |  |
|  TEI Intermediate, LLC | Revolver | 12/13/2031 | 14888 |  |
|  TEI Intermediate, LLC | Delayed Draw Term Loan | 12/13/2026 | 42307 |  |
|  Teneo Holdings, LLC | Delayed Draw Term Loan | 7/31/2027 | 52998 | (265) |
|  Teneo Holdings, LLC | Revolver | 7/31/2030 | 64785 | (648) |
|  Tennessee Bidco, Limited | Delayed Draw Term Loan | 7/1/2026 | 67244 |  |
|  The Fertility Partners, Inc. | Revolver | 9/16/2027 | 8300 | (334) |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  The Hiller Companies, LLC | Delayed Draw Term Loan | 6/20/2026 | 1155 |  |
|  The Hiller Companies, LLC | Revolver | 6/20/2030 | 13713 |  |
|  The Hiller Companies, LLC | Delayed Draw Term Loan | 7/16/2027 | 4178 |  |
|  The North Highland Co, LLC | Revolver | 12/20/2030 | 21810 |  |
|  The North Highland Co, LLC | Delayed Draw Term Loan | 12/20/2026 | 35521 | (178) |
|  Themis Solutions, Inc. | Delayed Draw Term Loan | 10/29/2027 | 55641 | (742) |
|  Themis Solutions, Inc. | Revolver | 10/29/2032 | 46367 | (649) |
|  Thermostat Purchaser III, Inc. | Revolver | 8/31/2028 | 8125 | (80) |
|  THG Acquisition, LLC | Delayed Draw Term Loan | 10/31/2026 | 10582 |  |
|  THG Acquisition, LLC | Revolver | 10/31/2031 | 6485 |  |
|  Three Rivers Buyer, Inc | Revolver | 11/3/2031 | 4560 | (57) |
|  Tricentis Operations Holdings, Inc. | Revolver | 2/11/2032 | 16551 | (166) |
|  Tricentis Operations Holdings, Inc. | Delayed Draw Term Loan | 2/11/2027 | 26482 | (132) |
|  Trinity Air Consultants Holdings Corp. | Revolver | 6/29/2029 | 26249 | (112) |
|  Trinity Air Consultants Holdings Corp. | Delayed Draw Term Loan | 10/17/2027 | 42018 | (210) |
|  Trinity Partners Holdings, LLC | Delayed Draw Term Loan | 6/30/2027 | 115743 |  |
|  Triple Lift, Inc. | Revolver | 5/5/2028 | 14295 | (1215) |
|  TRP Infrastructure Services, LLC | Delayed Draw Term Loan | 7/9/2027 | 47630 |  |
|  TRP Infrastructure Services, LLC | Delayed Draw Term Loan | 12/2/2026 | 2499 |  |
|  TTF Lower Intermediate, LLC | Revolver | 7/18/2029 | 20000 | (450) |
|  Unified Women's Healthcare, LP | Revolver | 6/18/2029 | 101845 |  |
|  Unified Women's Healthcare, LP | Delayed Draw Term Loan | 9/22/2027 | 26977 |  |
|  US Oral Surgery Management Holdco, LLC | Delayed Draw Term Loan | 12/13/2026 | 25538 |  |
|  US Oral Surgery Management Holdco, LLC | Revolver | 11/20/2028 | 15496 |  |
|  US Salt Investors, LLC | Revolver | 2/26/2033 | 7127 |  |
|  US Salt Investors LLC | Term Loan | 2/26/2033 | 61293 |  |
|  Varicent Parent Holdings Corp. | Delayed Draw Term Loan | 10/15/2027 | 11258 | (113) |
|  Varicent Parent Holdings Corp. | Revolver | 8/23/2031 | 9550 | (143) |
|  Varicent Parent Holdings Corp. | Delayed Draw Term Loan | 10/15/2027 | 6177 |  |
|  Varicent Parent Holdings Corp. | Revolver | 8/23/2031 | 2913 | (29) |
|  Veregy Consolidated, Inc. | Delayed Draw Term Loan | 4/16/2027 | 12398 |  |
|  Veregy Consolidated, Inc. | Revolver | 4/16/2031 | 29755 | (223) |
|  Victors CCC Buyer, LLC | Revolver | 6/1/2029 | 29205 |  |
|  Victors Purchaser, LLC | Delayed Draw Term Loan | 12/23/2027 | 55876 |  |
|  Victors Purchaser, LLC | Revolver | 12/23/2032 | 97196 |  |
|  VS Buyer, LLC | Revolver | 10/12/2030 | 17045 | (49) |
|  Water Holdings Acquisition, LLC | Delayed Draw Term Loan | 7/31/2026 | 13067 |  |
|  Wellfleet CLO 2025-1, Ltd. | Structured Finance<br>Obligations - Equity<br>Instruments | 4/4/2027 | 3780 |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  West Monroe Partners, LLC | Revolver | 11/9/2027 | 70714 | (1414) |
|  West Star Aviation Acquisition, LLC | Revolver | 5/20/2032 | 18358 |  |
|  West Star Aviation Acquisition, LLC | Delayed Draw Term Loan | 5/20/2027 | 17278 |  |
|  WHCG Purchaser III, Inc. | Delayed Draw Term Loan | 8/2/2027 | 17234 |  |
|  World Insurance Associates, LLC | Delayed Draw Term Loan | 8/14/2026 | 20065 |  |
|  World Insurance Associates, LLC | Revolver | 4/3/2030 | 5073 | (75) |
|  WPEngine, Inc. | Revolver | 8/14/2029 | 8140 | (244) |
|  YA Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/1/2026 | 16173 |  |
|  YA Intermediate Holdings II, LLC | Revolver | 10/1/2031 | 6783 |  |
|  Zendesk, Inc. | Revolver | 11/22/2028 | 97650 |  |
|  Zendesk, Inc. | Delayed Draw Term Loan | 5/15/2026 | 71376 |  |
|  Zenith AcquisitionCo, LLC | Term Loan | 1/13/2033 | 90012 |  |
|  Zenith AcquisitionCo, LLC | Revolver | 1/13/2033 | 16877 |  |
|  Zenith AcquisitionCo, LLC | Delayed Draw Term Loan | 1/13/2029 | 45188 |  |
|  Zeus, LLC | Revolver | 2/8/2030 | 6851 | (34) |
|  Zeus, LLC | Delayed Draw Term Loan | 2/27/2026 | 4568 |  |
|  Zorro Bidco, Ltd. | Delayed Draw Term Loan | 8/13/2027 | 10119 |  |
|  **Total Unfunded Commitments** |  |  | $13438317 | $(41711) |

---

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

(9) The interest rate floor on these investments as of December 31, 2025 was 0.50%.

(10) The interest rate floor on these investments as of December 31, 2025 was 0.75%.

(11) The interest rate floor on these investments as of December 31, 2025 was 1.00%.

(12) The interest rate floor on these investments as of December 31, 2025 was 1.25%.

(13) The interest rate floor on these investments as of December 31, 2025 was 1.50%.

(14) The interest rate floor on these investments as of December 31, 2025 was 2.00%.

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

(16) Under the 1940 Act, the Company is generally deemed to "control" a portfolio company if the Company
owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an "affiliated person" of a
portfolio company if the Company owns 5% or more of the portfolio company's

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

outstanding voting securities. As of December 31, 2025, the Company's controlled/affiliated and non-controlled/affiliated investments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>December 31,<br>2024** | **Gross<br>Additions** | **Gross<br>Reductions** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Net<br>Realized<br>Gain (Loss)** | **Fair Value<br>as of<br>December 31,<br>2025** | **Dividend<br>and<br>Interest<br>Income** |
|  **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
|  Align Precision Group, LLC | $— | $22717 | $— | $— | $— | $22717 | $1204 |
|  Align Precision Group, LLC |  | 3543 | (7) | 16 |  | 3552 | 275 |
|  Align Precision Group, LLC - Class A-3 Units |  | 996 |  | 3022 |  | 4018 |  |
|  GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | 1394 |  |  | (176) |  | 1218 |  |
|  DMS Purchaser, LLC |  | 6462 | (13) |  |  | 6449 | 624 |
|  DMS Topco, LLC - Class A Common Units |  | 5432 |  | (588) |  | 4844 |  |
|  Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units |  | 1079477 |  | (21) |  | 1079456 | 13834 |
|  **Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
|  CFCo, LLC (Benefytt Technologies, Inc.) |  |  |  |  |  |  |  |
|  Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | 12744 |  |  | (4459) |  | 8285 |  |
|  CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units |  |  |  |  |  |  |  |
|  Pibb Member Holdings, LLC - LP Interest | 214906 |  |  | 12772 |  | 227678 | 20122 |
|  Pibb Member, LLC | 2250 |  | (100) | 43 |  | 2193 | 134 |
|  Pigments Services, Inc. | 7699 |  |  | (7699) |  |  |  |
|  Pigments Services, Inc. | 11317 | 257 |  | (4474) |  | 7100 | 233 |
|  Pigments Holdings, LP - LP Interest |  |  |  |  |  |  |  |
|  Material Holdings, LLC | 232369 | 10050 | (3272) | (1170) |  | 237977 | 24949 |
|  Material Holdings, LLC | 15566 |  |  | (15566) |  |  |  |
|  Material Holdings, LLC |  | 7906 |  | (11) |  | 7895 | 136 |
|  Material+ Holding Company, LLC - Class C Units |  |  |  |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>December 31,<br>2024** | **Gross<br>Additions** | **Gross<br>Reductions** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Net<br>Realized<br>Gain (Loss)** | **Fair Value<br>as of<br>December 31,<br>2025** | **Dividend<br>and<br>Interest<br>Income** |
|  Blackstone Private Real Estate Credit and Income Fund - Common Shares | $— | $422500 | $— | $8475 | $– $| 430975 | $11959 |
|  Specialty Lending Company, LLC - LLC Interest | 314967 | 39420 |  | 26854 | – | 381241 | 11700 |
|  BCRED Emerald JV LP - LP Interest | 1778800 |  |  | (100055) | – | 1678745 | 238956 |
|  BCRED Verdelite JV LP - LP Interest | 135611 |  |  | (22543) | – | 113068 | 26842 |
|  GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | 2167 |  |  | (486) | – | 1681 |  |
|  **Total** | $2729790 | $1598760 | $(3392) | $(106066) | $– $| 4219092 | $350968 |

---

(17) Loan was on non-accrual status as of December 31, 2025.

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

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities
Act"), including investments in joint ventures but excluding Loar Holdings Inc. - Common Equity, Moderna Inc - Common Stock, and Axsome Therapeutics, Inc. - Common Stock and may be deemed to be "restricted securities." As of
December 31, 2025, the aggregate fair value of these securities is $82,179.6 million, or 172.6% of the Company's net assets. The initial acquisition dates have been included for such securities.

(20) The interest rate floor on these investments as of December 31, 2025 was 3.00%.

(21) These investments represent investments in investment funds ("Investee Funds"). As of
December 31, 2025, details of these Investee Funds by investment strategy, the Company's unfunded commitment, and redemption restrictions put in place by the Investee Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investee Funds** | **Investee Fund<br>Strategy** | **Unfunded<br>Commitment** | **Redemption<br>Frequency** | **Redemption<br>Lock-up<br>Period** | **Fund<br>Term** | **Fair<br>Value** |
|  Blackstone Private Real Estate Credit and Income Fund | Real estate credit<br>and income | $— | Quarterly |  | Perpetual | $430975 |
|  Muzinich Enhanced Loan Origination Fund I, LP | Corporate direct<br>lending | 31851 |  |  | Nine years | 14939 |
|  |  | $31851 |  |  |  | $445914 |

---

The quarterly redemption frequency as it relates to Blackstone Private Real Estate Credit and Income Fund represents 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.

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

**ADDITIONAL INFORMATION** 

**Foreign Currency Forward Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Deutsche Bank AG | USD | 588180 | CAD | 806500 | 03/25/2026 | $(1961) |
|  Deutsche Bank AG | USD | 84951 | CHF | 66820 | 03/25/2026 | 73 |
|  Goldman Sachs Bank USA | USD | 88237 | DKK | 557791 | 03/17/2026 | 239 |
|  BNP Paribas | USD | 104506 | EUR | 90200 | 02/23/2026 | (1581) |
|  Deutsche Bank AG | USD | 1229268 | EUR | 1040500 | 03/25/2026 | 3818 |
|  Deutsche Bank AG | USD | 480194 | GBP | 358790 | 03/25/2026 | (2097) |
|  BNP Paribas | USD | 53583 | GBP | 40900 | 02/23/2026 | (1401) |
|  Goldman Sachs Bank USA | USD | 55426 | NOK | 562273 | 03/17/2026 | (322) |
|  BNP Paribas | USD | 981 | NOK | 10000 | 02/23/2026 | (11) |
|  Goldman Sachs Bank USA | USD | 22850 | NZD | 39280 | 03/17/2026 | 190 |
|  Goldman Sachs Bank USA | USD | 180488 | SEK | 1668034 | 03/17/2026 | (999) |
|  **Total Foreign Currency Forward Contracts** |  |  |  |  |  | $(4052) |

---

**Interest Rate Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Hedged Item** | **Company<br>Receives** | **Company Pays** | **Maturity<br>Date** | **Notional<br>Amount** | **Fair<br>Market<br>Value** | **Upfront<br>Payments /<br>Receipts** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<sup>(1)</sup>** |
|  Goldman Sachs Bank USA <sup>(2)</sup> | December 2026 Notes | 2.63% | SOFR + 0.26% | 12/15/2026 | $625000 | $(6483) | $– $| 13756 |
|  Deutsche Bank AG <sup>(2)</sup> | December 2026 Notes | 2.63% | SOFR + 0.26% | 12/15/2026 | 625000 | (6406) | – | 13678 |
|  Deutsche Bank AG <sup>(2)</sup> | April 2026 UK Bonds | 4.87% | SONIA + 2.78% | 4/14/2026 | GBP 250,000 | (1588) | – | 7193 |
|  Sumitomo Mitsui Banking Corporation <sup>(2)</sup> | May 2027 Notes | 5.61% | SOFR + 2.79% | 5/3/2027 | 625000 | (4848) | – | 13082 |
|  Goldman Sachs Bank USA | October 2027 Notes | 7.49% | SOFR + 3.72% | 10/11/2027 | 350000 | 2042 | – | 5568 |
|  Sumitomo Mitsui Banking Corporation | November 2028 Notes | 7.30% | SOFR + 3.06% | 11/27/2028 | 500000 | 11138 | – | 9188 |
|  Goldman Sachs Bank USA <sup>(2)</sup> | January 2031 Notes | 6.25% | SOFR + 2.46% | 1/25/2031 | 250000 | 2884 | – | 7164 |
|  BNP Paribas US | January 2031 Notes | 6.25% | SOFR + 2.47% | 1/25/2031 | 250000 | 2784 | – | 7179 |
|  Deutsche Bank AG <sup>(2)</sup> | July 2029 Notes | 5.95% | SOFR + 1.74% | 7/16/2029 | 500000 | 13180 | – | 10448 |
|  BNP Paribas US | September 2027 Notes | 4.95% | SOFR + 1.69% | 9/26/2027 | 400000 | (897) | – | 7893 |
|  Sumitomo Mitsui Banking Corporation | April 2030 Notes | 5.25% | SOFR + 2.01% | 4/1/2030 | 400000 | (3604) | – | 12365 |
|  Morgan Stanley <sup>(2)</sup> | November 2029 Notes | 5.60% | SOFR + 1.64% | 11/22/2029 | 400000 | 7537 | – | 9688 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Condensed Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Hedged Item** | **Company<br>Receives** | **Company Pays** | **Maturity<br>Date** | **Notional<br>Amount** | **Fair<br>Market<br>Value** | **Upfront<br>Payments /<br>Receipts** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<sup>(1)</sup>** |
|  Deutsche Bank AG <sup>(2)</sup> | November 2034 Notes | 6.00% | SOFR + 2.04% | 11/22/2034 | $600000 | $7915 | $– $| 15743 |
|  Wells Fargo | November 2034 Notes | 6.00% | SOFR + 2.26% | 11/22/2034 | 200000 | (742) | – | 5470 |
|  Deutsche Bank AG <sup>(2)</sup> | January 2032 Notes | 6.00% | SOFR + 1.83% | 1/29/2032 | 500000 | 15656 | – | 15656 |
|  Goldman Sachs Bank USA <sup>(2)</sup> | January 2032 Notes | 6.00% | SOFR + 1.83% | 1/29/2032 | 500000 | 15511 | – | 15511 |
|  Wells Fargo | November 2028 Notes | 7.30% | SOFR + 3.20% | 11/27/2028 | 150000 | 2805 | – | 2805 |
|  Goldman Sachs Bank USA <sup>(2)</sup> | March 2031 Notes | 5.54% | SOFR + 1.67% | 3/25/2031 | 500000 | 8200 | – | 8200 |
|  Deutsche Bank AG <sup>(2)</sup> | March 2033 Notes | 5.79% | SOFR + 1.89% | 3/25/2033 | 500000 | 7331 | – | 7331 |
|  Morgan Stanley <sup>(2)</sup> | September 2030 Notes | 5.05% | SOFR + 1.68% | 9/10/2030 | 250000 | (1439) | – | (1439) |
|  BNP Paribas US <sup>(2)</sup> | September 2030 Notes | 5.05% | SOFR + 1.68% | 09/10/2030 | 250000 | (1477) | – | (1477) |
|  Deutsche Bank AG <sup>(2)</sup> | July 2029 Notes | 5.95% | SOFR + 2.44% | 07/16/2029 | 400000 | 1172 | – | 1172 |
|  Wells Fargo | January 2031 Notes | 6.25% | SOFR + 2.70% | 01/25/2031 | 100000 | 64 | – | 64 |
|  Deutsche Bank AG <sup>(2)</sup> | January 2032 Notes | 5.94% | SOFR + 2.41% | 01/08/2032 | 210000 | (640) | – | (640) |
|  **Total Interest Rate Swaps** |  |  |  |  |  | $70095 | $– $| 185598 |

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(1) For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in
Interest expense in the Condensed Consolidated Statements of Operations.

(2) Centrally cleared interest rate swap. All other interest rate swaps are bilateral.

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

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**Blackstone Private Credit Fund** 

**Notes to Condensed Consolidated Financial Statements** 

**(Unaudited)** 

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)** 

**Note 1. Organization** 

Blackstone Private Credit Fund (together with its consolidated subsidiaries **"BCRED"** or the **"Company"**), is a Delaware statutory trust formed on February 11, 2020, and structured as an externally managed, non-diversified, closed-end management investment company. The Company has elected to be regulated as a business development company (a **"BDC"**) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the **"1940 Act"**). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a **"RIC"**) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the **"Code"**).

The Company is externally managed by Blackstone Private Credit Strategies LLC (the **"Adviser"**) and Blackstone Credit BDC Advisors LLC (the **"Sub-Adviser"** and, together with the Adviser, the **"Advisers"**). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the **"Sub-Administrator"** and, 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"**). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company (in such capacity, the **"Administrator"** and, together with the Sub-Administrator, the **"Administrators"**), and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Administrator and the Company (the **"Administration Agreement"**) and a sub-administration agreement between the Administrator and the Sub-Administrator (the **"Sub-Administration Agreement**,**"** and together with the Administration Agreement, the **"Administration Agreements"**), respectively. From commencement through December 31, 2024, Blackstone Credit BDC Advisors LLC served as the Company's investment adviser (in such capacity, the **"Prior Adviser"**) and Blackstone Alternative Credit Advisors LP served as the Company's administrator (in such capacity, the **"Prior Administrator"**).

The Company was formed to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies. The Company's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, the Company expects that the majority of its portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which the Company may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, **"Private Credit"**). To a lesser extent, the Company may also invest in publicly traded securities of large corporate issuers. The Company expects that such investments will generally be liquid, and may be used for the purposes of maintaining liquidity for the Company's share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

The Company offers on a continuous basis up to $45.0 billion of common shares of beneficial interest (**"Common Shares"**) pursuant to an offering registered with the Securities and Exchange Commission (**"SEC"**). The Company offers to sell any combination of three classes of Common Shares, Class I shares, Class S shares and Class D shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the net asset value (**"NAV"**) per share, as of the effective date of the monthly share purchase date.

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Blackstone Securities Partners L.P. (the **"Intermediary Manager"**) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company also engages in private offerings of its Common Shares, including to affiliates that are registered under the 1940 Act or regulated as BDCs under the 1940 Act.

**Note 2. Significant Accounting Policies** 

***Basis of Presentation***

The condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (**"GAAP"**) and pursuant to the requirements for reporting on Form 10-Q and Article 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. As an investment company, the Company 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"**).

In the opinion of management, all adjustments considered necessary for the fair presentation of the condensed consolidated financial statements for the interim period presented have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

All intercompany balances and transactions have been eliminated.

Certain prior period information has been reclassified to conform to the current period presentation.

***Use of Estimates***

The preparation of condensed consolidated financial statements 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 at the date of the condensed consolidated financial statements. 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 condensed consolidated financial statements. Actual results may ultimately differ from those estimates.

***Consolidation***

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

As of March 31, 2026, the Company's consolidated subsidiaries were BCRED Baker Peak Funding GP LLC, BCRED Baker Peak Funding LP, BCRED Bard Peak Funding LP (**"Bard Peak Funding"**), BCRED Bard Peak Funding GP LLC, BCRED Bear Peak Funding LLC (**"Bear Peak Funding"**), BCRED Bison Peak Funding LLC (**"Bison Peak Funding"**), BCRED Blanca Peak Funding LLC (**"Blanca Peak Funding"**), BCRED Borah Peak Funding LLC, BCRED Bushnell Peak Funding LLC (**"Bushnell Peak Funding"**), BCRED Castle Peak Funding LLC (**"Castle Peak Funding"**), BCRED Crystal Peak Funding GP LLC, BCRED Crystal Peak Funding LP (**"Crystal Peak Funding"**), BCRED Denali Peak Funding LLC (**"Denali Peak Funding"**), BCRED Granite Peak Funding LLC (**"Granite Peak Funding"**), BCRED Haydon Peak Funding LLC (**"Haydon Peak Funding"**), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC, BCRED Meadow Pass WH Funding LLC, BCRED Meridian Peak Funding LLC, BCRED Middle Peak Funding GP LLC, BCRED Middle Peak Funding LP (**"Middle Peak Funding"**), BCRED Monarch Peak Funding LLC (**"Monarch Peak**

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 **Funding"**), BCRED Naomi Peak Funding LLC, BCRED Phoenix Peak Funding LLC (**"Phoenix Peak Funding"**), BCRED Ramsey Peak Funding GP LLC, BCRED Ramsey Peak Funding LP (**"Ramsey Peak Funding"**), BCRED Shawnee Peak Funding GP LLC, BCRED Shawnee Peak Funding LP, BCRED Sonora Peak Funding GP LLC, BCRED Sonora Peak Funding LP (**"Sonora Peak Funding"**), BCRED Stanton Peak Funding GP LLC, BCRED Stanton Peak Funding LP, BCRED Summit Peak Funding LLC (**"Summit Peak Funding"**), BCRED Twin Peaks LLC (**"Twin Peaks"**), BCRED Weller Peak Funding PE LLC, BCRED Weller Peak Funding LP (**"Weller Peak Funding")**, BCRED Windom Peak Funding GP LLC, BCRED Windom Peak Funding LP (**"Windom Peak Funding"**), BCRED BSL WH 2022-1 Funding LLC, BCRED Investments LLC, BCRED X Holdings LLC, BCRED BSL CLO 2021-2, Ltd., BCRED BSL CLO 2021-2, LLC, BCRED BSL CLO 2022-1 Ltd., BCRED BSL CLO 2022-1 LLC, BCRED MML CLO 2021-1 LLC, BCRED MML CLO 2022-1 LLC, BCRED MML CLO 2022-2 LLC, BCRED CLO 2023-1 Depositor LLC (**"2023-1 Depositor"**), BCRED CLO 2023-1 LLC, BCRED CLO 2024-1 Depositor LLC (**"2024-1 Depositor")**, BCRED CLO 2024-1 LLC, BCRED CLO 2024-2 Depositor LLC (**"2024-2 Depositor"**), BCRED CLO 2024-2 LLC, BCRED CLO 2025-1 LLC, BCRED CLO 2025-1 Depositor LLC (**"2025-1 Depositor"**), BCRED Lender Finance 2025-1 LLC, BCRED Lender Finance 2025-1 Depositor LLC (**"2025-1 Lender Finance Depositor"**), BCRED BSL Static CLO 2025-1, Ltd. (**"2025-1 BSL Issuer"**), BCRED BSL Static CLO 2025-1, LLC, BCRED Associates GP (Lux) S.à r.l, BCRED Direct Lending I (Lux) SCSp, BCRED C-1 LLC, BCRED C-2 Funding LLC, BCRED C-3 Funding LLC, BCRED Lender Finance 2025-2 Depositor LLC (**"2025-2 Lender Finance Depositor"**), BCRED Lender Finance 2025-2 LLC (**"2025-2 Lender Finance"**), BCRED CLO 2026-1 Depositor LLC (**"2026-1 Depositor"**), BCRED CLO 2026-1 LLC (**"2026-1 Issuer"**), BCRED PC Static 2026-1 LLC ("**2026-1 PC Issuer**") and BCRED PC Static 2026-1 Depositor LLC (**"2026-1 PC Depositor"**).

The Company does not consolidate its equity investment in Specialty Lending Company LLC (**"SLC"**). For further description of the Company's investment in SLC, see "*Note 3. Fees, Expenses, Agreements and Related Party Transactions*."

The Company does not consolidate its investments in the BCRED Emerald JV LP (**"Emerald JV"**) or BCRED Verdelite JV LP (**"Verdelite JV"**) joint ventures. For further description of the Company's joint ventures, see "*Note 11. Joint Ventures*."

***Cash and Cash Equivalents and Restricted Cash***

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions which, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company's financing transactions. Restricted cash and cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

***Investments***

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within Net realized gain (loss) on the Condensed Consolidated Statements of Operations.

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The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within Net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations.

***Valuation of Investments***

The Company is required to report its investments, including those for which current market values are not readily available, at fair value.

The Company values its investments in accordance with ASC 820, *Fair Value Measurements* (**"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.

Where prices or inputs are not available or, in the judgment of the Board of Trustees (the **"Board"** or the **"Board of Trustees"**), with assistance of the Advisers, the Audit Committee and 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 Company 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 Advisers will generally utilize 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 (**"EBITDA"**) 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 Advisers have 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 Advisers generally use the enterprise value "waterfall" approach or a recovery method (if a liquidation or restructuring is deemed likely) to determine fair value. For debt investments that are not determined to be credit-impaired, the Advisers generally use 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 Company

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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 Company are substantially illiquid with no active transaction market, the Company 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.

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 1 measurements) and the lowest priority to unobservable inputs (Level 3 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 1 may include unrestricted securities, including equities and derivatives, listed in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value
measurement. The inputs into the determination 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,
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 Board's assessment, with the assistance of the Advisers, the Audit Committee and 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 quarter in which the transfer occurs.

The Company 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 Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 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 Company's investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company'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 Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company 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

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ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See "*Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates*."

***Receivables/Payables From Investments Sold/Purchased***

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.

***Derivative Instruments***

The Company recognizes all derivative instruments as assets or liabilities at fair value in its Condensed Consolidated Statements of Assets and Liabilities as Derivative assets at fair value and Derivative liabilities at fair value, respectively.

In the normal course of business, the Company 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 Company'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 Company manages these risks on an aggregate basis as part of its risk management process.

From time to time, the Company 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 Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign currency denominated assets and liabilities of the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying debt the Company 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). The fair value of the foreign currency forwards is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company's Condensed Consolidated Statements of Assets and Liabilities. Changes in the fair value of the foreign currency forwards are presented in Net change in unrealized appreciation (depreciation): Derivative instruments and Net realized gains (losses): Derivative instruments in the Condensed Consolidated Statements of Operations.

Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. The fair value of the interest rate swaps is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company's Condensed Consolidated Statements of Assets and Liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in Net realized gains (losses) and Net change in unrealized appreciation (depreciation) in the Condensed Consolidated Statements of Operations. The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

The Company has elected to not offset derivative assets and derivative liabilities in its Condensed Consolidated Statements of Assets and Liabilities including for the cash collateral, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty's rights and obligations.

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***Forward Purchase Agreement***

Forward purchase agreements are recognized at fair value through current period gains or losses on the date on which the contract is entered into and are subsequently re-measured at fair value. All forward purchase agreements are carried as assets when fair value is positive and as liabilities when fair value is negative. A forward purchase agreement is derecognized when the obligation specified in the contract is discharged, canceled or expired.

***Foreign Currency Transactions***

Amounts denominated in foreign currencies are translated into U.S. dollars (**"USD"**) on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in Foreign currency and other transactions in the Condensed Consolidated Statements of Operations, if any. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

***Revenue Recognition***

*Interest Income* 

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2026 and 2025, the Company recorded $17.8 million and $45.8 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

*PIK Income* 

The Company has investments in its portfolio that contain payment-in-kind (**"PIK"**) provisions. PIK represents interest or non-cash dividends that are accrued and recorded as interest or dividend income at the contractual rates, increases the principal on the respective capitalization dates, and is generally due at maturity. Such income is included in Payment-in-kind interest income or Non-cash dividend income in the Condensed Consolidated Statements of Operations. If at any point the Company expects that PIK will not be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through Payment-in-kind interest income or Non-cash dividend income. To satisfy the Company's annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

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*Dividend Income* 

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities and on the Company's equity interests in its joint ventures is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

*Other Income* 

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees, as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

*Non-Accrual Income* 

Loans are generally placed on non-accrual status when there is reasonable doubt whether principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

For further information regarding the non-accrual status of investments, refer to "*Note 4. Investments*."

***Offering Expenses***

Costs associated with the offering of the Company's shares are capitalized as Deferred offering costs in the Condensed Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's continuous offering.

***Deferred Financing Costs and Debt Issuance Costs***

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings and debt issuance costs include premiums and discounts to the par value of the respective instruments. These expenses and adjustments are deferred and amortized into interest expense over the life of the related debt instrument. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company's Condensed Consolidated Statements of Assets and Liabilities. Debt issuance costs, including premiums and discounts to par, related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

***Income Taxes***

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the condensed consolidated financial statements of the Company.

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The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through March 31, 2026. As applicable, the Company's federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

For the three months ended March 31, 2026 and 2025, the Company accrued $0.0 million and $7.8 million, respectively, of U.S. federal excise tax.

Certain of the Company's consolidated subsidiaries are subject to certain U.S. federal and state income taxes. Income tax expense, if any, is included under the income category for which it applies in the Condensed Consolidated Statements of Operations.

***Allocation of Income, Expenses, Gains and Losses***

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

***Distributions***

Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

***Segment Reporting***

The Company operates as a single reportable segment and as a result, the Company's segment accounting policies are consistent with those described herein and the Company does not have any intra-segment sales and transfers of assets. See "*Note 12. Segment Reporting*" for further information.

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***Recent Accounting Pronouncements***

In December 2025, the FASB issued Accounting Standards Update (**"ASU"**) 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements," (**"ASU 2025-09").** ASU 2025-09 amends the guidance in ASU 815, Derivatives and Hedging and refines certain hedge accounting requirements, including clarifications to the designation and documentation criteria for hedge relationships, improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency into an entity's risk management activities involving derivatives. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. The Company has not early adopted and does not expect the adoption of ASU 2025-09 to have a material impact on its condensed consolidated financial statements.

**Note 3. Fees, Expenses, Agreements and Related Party Transactions** 

***Advisory Agreements***

On October 5, 2020, the Company entered into the original investment advisory agreement with the Prior Adviser (the **"Original Investment Advisory Agreement"**), pursuant to which the Prior Adviser was responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company's investments and monitoring its investments and portfolio companies on an ongoing basis.

On August 2, 2022, the Company and the Prior Adviser entered into an amended and restated investment advisory agreement (the **"Original A&R Investment Advisory Agreement"**), which was approved by the Board, including a majority of the trustees who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) (the **"Independent Trustees"**). The Original A&R Investment Advisory Agreement altered the Original Investment Advisory Agreement by removing certain "sunset" provisions that previously stated that certain requirements of the North American Securities Administrators Association (**"NASAA"**) Omnibus Guidelines would no longer apply if the Company's shares become "covered securities" within the meaning of Section 18 of the Securities Act of 1933, as amended (the **"Securities Act"**), and amending certain undertakings provisions, including to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Original Investment Advisory Agreement.

On November 7, 2024, the Board approved the Prior Adviser's assignment of the Original A&R Investment Advisory Agreement to the Adviser pursuant to Rule 2a-6 under the 1940 Act, effective January 1, 2025. The Board, including a majority of the Independent Trustees, also approved the second amended and restated investment advisory agreement (the **"Investment Advisory Agreement"**) to acknowledge such assignment. Accordingly, effective January 1, 2025, the Adviser became the Company's investment adviser pursuant to the Investment Advisory Agreement. Further, on November 7, 2024, the Board approved the sub-advisory agreement (the **"Sub-Advisory Agreement,"** and together with the Investment Advisory Agreement, the **"Advisory Agreements"**) between the Company, the Adviser and the Sub-Adviser. Accordingly, effective January 1, 2025, the Sub-Adviser became the Company's investment sub-adviser pursuant to the Sub-Advisory Agreement. These changes were the result of a reorganization of certain subsidiaries of Blackstone and did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide investment management services to the Company on behalf of the Advisers.

The Advisory Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 29, 2026, for an additional annual period, and, unless terminated earlier, will renew from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Advisory Agreements, without payment of any penalty, upon 60 days' written notice. The Advisory Agreements will automatically terminate in the event of their assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

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The Company pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee is borne by the shareholders. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by the Company. Substantial additional fees and expenses may also be charged by the Administrators to the Company.

***Base Management Fees***

The management fee is payable monthly and is settled and paid quarterly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Company's total assets less liabilities determined on a consolidated basis in accordance with GAAP. The management fee calculation will be prorated for any partial months, including the first calendar month in which the Company commenced operations.

For the three months ended March 31, 2026 and 2025, base management fees were $152.0 million and $129.1 million, respectively. As of March 31, 2026 and December 31, 2025, $152.0 million and $153.1 million, respectively, was payable to the Adviser relating to management fees.

***Incentive Fees***

The incentive fees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains, each as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Income Based Incentive Fee* 

The first component of the incentive fees, an income based incentive fee, is based on the Company's Pre-Incentive Fee Net Investment Income Returns. **"Pre-Incentive Fee Net Investment Income Returns"** means, as the context requires, either the dollar value of, or percentage rate of return on, the value of the Company's net assets at the end of the immediately preceding quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The Company excludes the impact of expense support payments and recoupments from Pre-Incentive Fee Net Investment Income Returns. Shareholders may be charged a fee on an income amount that is higher than the income shareholders may ultimately receive.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Company pays the Adviser an income based incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee based on Pre-Incentive Fee Net Investment
Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of Pre-Incentive Fee Net Investment
Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72%
annualized). The Company refers to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up." This "catch-up" is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net
Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the dollar amount of Pre-Incentive Fee Net Investment
Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2026 and 2025, the Company accrued income based incentive fees of $151.2 million and $151.8 million, respectively. As of March 31, 2026 and December 31, 2025, there was $151.2 million and $162.5 million, respectively, payable to the Adviser for income based incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Capital Gains Based Incentive Fee* 

The second component of the incentive fees, the capital gains based incentive fee, is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains based incentive fees as calculated in accordance with GAAP.

For the three months ended March 31, 2026 and 2025, the Company accrued no capital gains based incentive fees. As of March 31, 2026 and December 31, 2025, no amount was payable to the Adviser for capital gains based incentive fees.

***Administration Agreements***

On October 5, 2020, the Company entered into the original administration agreement with the Prior Administrator (the **"Prior Administration Agreement"**). On November 7, 2024, the Board approved the termination of the Prior Administration Agreement, effective December 31, 2024, and the entry into the Administration Agreement between the Company and the Administrator, effective January 1, 2025. Accordingly, effective January 1, 2025, the Administrator became the Company's administrator pursuant to the Administration Agreement. Further, on November 7, 2024, the Board approved the Sub-Administration Agreement between the Administrator, on behalf of the Company, and the Sub-Administrator. Accordingly, effective January 1, 2025, the Sub-Administrator became one of the Company's sub-administrators pursuant to the Sub-Administration Agreement. To acknowledge the change of the administrator, the Board also approved the assignment of the third party sub-administration agreement (the **"State Street Sub-Administration Agreement"**) with State Street Bank and Trust Company (the **"State Street Sub-Administrator"**) from the Prior Administrator to the Administrator, effective January 1, 2025. These changes did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide administrative services to the Company on behalf of the Administrators.

Under the terms of the Administration Agreements, the Administrators provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records,

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overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company's other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for certain costs and expenses incurred by the Administrators in performing their obligations under the Administration Agreements. Such reimbursement will include the Company's allocable portion of compensation and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including but not limited to: (i) the Company's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrators that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in the Advisory Agreements and the Administration Agreements.

In addition, pursuant to the terms of the Administration Agreements, the Administrators may delegate their obligations under the Administration Agreements to an affiliate or to a third party and we will reimburse the Administrator, and the Administrator will reimburse the Sub-Administrator, for any services performed for the Company by such affiliate or third party. Under the Sub-Administration Agreement, the Administrator will reimburse the Sub-Administrator for certain costs and expenses incurred by the Sub-Administrator in performing its obligations under the Sub-Administration Agreement. The costs and expenses of the Sub-Administrator that are eligible for reimbursement by the Administrator will be reasonably allocated to the Company on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator. The Administrator has outsourced, and may continue to outsource, certain administrative duties provided to the Company to third parties, and the Administrator will pay the third parties accordingly. State Street Bank and Trust Company serves as the Company's third-party sub-administrator. The Administrator has utilized, and in the future will continue to utilize, the State Street Sub-Administrator to assist in the provision of administrative services. The State Street Sub-Administrator receives compensation from the Administrator for its sub-administrative services under the State Street Sub-Administration Agreement.

The Administration Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 29, 2026 for an additional annual period, and, unless terminated earlier, will renew automatically from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreements, without payment of any penalty, upon 60 days' written notice.

For the three months ended March 31, 2026 and 2025, the Company incurred $4.1 million and $2.2 million, respectively, in expenses under the Administration Agreement which were recorded in Administrative service expenses in the Company's Condensed Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, $2.1 million and $3.6 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities.

***State Street Sub-Administration Agreement and Custody Agreement***

On October 5, 2020, the Prior Administrator entered into the State Street Sub-Administration Agreement with the State Street Sub-Administrator under which the State Street Sub-Administrator provides various accounting and administrative services to the Company. The State Street Sub-Administrator also serves as the Company's custodian. On November 7, 2024, the Board approved the assignment of the State Street Sub-Administration Agreement from the Prior Administrator to the Administrator, effective January 1, 2025. The initial term of the State Street Sub-Administration Agreement was two years from the effective date and after

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expiration of the initial term and the State Street Sub-Administration Agreement shall automatically renew for successive one-year periods, unless a written notice of non-renewal is delivered no later than 120 days prior to the expiration of the initial term or renewal term.

***Intermediary Manager Agreement***

On October 5, 2020, the Company entered into an intermediary manager agreement (the **"Intermediary Manager Agreement"**) with Blackstone Securities Partners L.P., an affiliate of the Advisers. Pursuant to the Intermediary Manager Agreement, no upfront transaction fee will be paid with respect to Class I shares, Class S shares or Class D shares, however, if shareholders purchase Class S shares or Class D shares through certain financial intermediaries, they may directly charge shareholders transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company's public offering of its Common Shares. The Intermediary Manager will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Company's net assets attributable to Class S and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.

The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder's account. Compensation paid with respect to the shares in a shareholder's account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

The Intermediary Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (**"FINRA"**).

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees and a majority of the trustees who have no direct or indirect financial interest in the operation of the Company's distribution plan or the Intermediary Manager Agreement or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days' written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

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***Distribution and Servicing Plan***

The Board approved a distribution and servicing plan (the **"Distribution and Servicing Plan"**). The following table shows the shareholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to Class I, Class S and Class D shares on an annualized basis as a percentage of the Company's NAV for such class. The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.

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| | |
|:---|:---|
|  | **Shareholder<br>Servicing and/or<br>Distribution<br>Fee as a %<br>of NAV** |
|  Class I shares | —% |
|  Class S shares | 0.85% |
|  Class D shares | 0.25% |

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Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged.

The Intermediary Manager will reallow (pay) all of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Company also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company's distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing and/or distribution fee that the broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2026, the Company accrued shareholder servicing and/or distribution fees of $31.1 million and $0.4 million, which were attributable to Class S and Class D shares, respectively.

For the three months ended March 31, 2025, the Company accrued shareholder servicing and/or distribution fees of $28.1 million and $0.4 million, which were attributable to Class S and Class D shares, respectively.

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***Expense Support and Conditional Reimbursement Agreement***

On October 5, 2020, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the **"Expense Support Agreement"**) with the Sub-Adviser. The Sub-Adviser may elect to pay certain expenses of the Company on the Company's behalf (each, an **"Expense Payment"**), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Sub-Adviser has committed to pay must be paid by the Sub-Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, or offset against amounts due from the Company to the Sub-Adviser or its affiliates.

Pursuant to the Expense Support Agreement, following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as **"Excess Operating Funds"**), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Sub-Adviser until such time as all Expense Payments made by the Sub-Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a **"Reimbursement Payment." "Available Operating Funds"** means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Sub-Adviser has waived its right to receive such payment for the applicable month.

For the three months ended March 31, 2026 and 2025, the Sub-Adviser made no Expense Payments and there were no Reimbursement Payments made to the Sub-Adviser.

***Controlled/Affiliated Portfolio Companies***

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying condensed consolidated financial statements, including the Condensed Consolidated Schedule of Investments.

On October 11, 2021, a wholly-owned subsidiary of the Company and a third-party investor entered into a limited liability company agreement with SLC. SLC is a specialty finance company focused on investing in consumer credit and is led by a management team with deep expertise in the consumer finance industry. The investment in SLC allows the Company to gain exposure to a different asset class than its core investing focus of senior secured lending to U.S. private companies. As of March 31, 2026 and December 31, 2025, the wholly-owned subsidiary of the Company had committed $405.0 million. As of March 31, 2026 and December 31, 2025, $17.7 million and $33.0 million of capital remained uncalled from the Company, respectively. The Company does not consolidate its equity interest in SLC.

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In addition, the Company has made investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. From time to time, the Company may purchase investments from or sell investments to Emerald JV and Verdelite JV. For further description of the Emerald JV and Verdelite JV, see "*Note 11. Joint Ventures*."

On June 1, 2025, the Company made an initial investment into Blackstone Private Real Estate Credit and Income Fund (**"BREC"**), a business development company advised by Blackstone Real Estate Special Situations Advisors L.L.C., an affiliate of Blackstone.

**Note 4. Investments** 

The composition of the Company's investment portfolio at cost and fair value was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
|  First lien debt | $74358802 | $73033247 | 90.8% | $73980617 | $73345369 | 89.2% |
|  Second lien debt | 3283897 | 3051931 | 3.8 | 3296882 | 3262537 | 4.0 |
|  Unsecured debt | 82894 | 80108 | 0.1 | 80808 | 79427 | 0.1 |
|  Structured finance obligations—debt instruments | 437449 | 412348 | 0.5 | 501804 | 501333 | 0.6 |
|  Structured finance obligations—equity instruments | 329028 | 256137 | 0.3 | 331279 | 301610 | 0.4 |
|  Investments in joint ventures | 1953706 | 1636826 | 2.0 | 1932706 | 1791813 | 2.2 |
|  Equity and other <sup>(1)</sup> | 1907477 | 1998784 | 2.5 | 2792145 | 2917257 | 3.5 |
|  **Total** | $82353253 | $80469381 | 100.0% | $82916241 | $82199346 | 100.0% |

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(1) Includes equity investment in SLC.

The Company utilizes the Global Industry Classification Standard for categorizing the industry classification of its investments. The industry composition of investments at fair value was as follows:

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  Aerospace & Defense | 2.4% | 2.0% |
|  Air Freight & Logistics | 1.1 | 1.5 |
|  Airlines (Passenger Airlines) <sup>(2)(3)</sup> | 0.0 | 0.0 |
|  Automobile Components <sup>(2)</sup> | 0.0 | 0.1 |
|  Beverages |  | 0.1 |
|  Biotechnology | 0.4 | 0.2 |
|  Broadline Retail <sup>(2)(3)</sup> | 0.0 | 0.0 |
|  Building Products | 0.8 | 0.8 |
|  Capital Markets | 0.3 | 0.3 |
|  Chemicals | 0.3 | 0.3 |
|  Commercial Services & Supplies | 8.2 | 7.4 |
|  Construction & Engineering | 2.1 | 1.9 |
|  Construction Materials <sup>(2)(3)</sup> | 0.0 | 0.0 |
|  Consumer Staples Distribution & Retail | 0.1 | 0.1 |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  Containers & Packaging | 0.1 | 0.1 |
|  Distributors | 0.5 | 0.5 |
|  Diversified Consumer Services | 2.8 | 2.8 |
|  Diversified REITs <sup>(2)(3)</sup> | 0 | 0 |
|  Diversified Telecommunication Services | 0.1 | 0.1 |
|  Electric Utilities | 0.4 | 0.4 |
|  Electrical Equipment | 1.3 | 1.3 |
|  Electronic Equipment, Instruments & Components | 1.2 | 1.1 |
|  Energy Equipment & Services <sup>(2)(3)</sup> | 0 | 0 |
|  Entertainment <sup>(2)(3)</sup> | 0 | 0 |
|  Financial Services <sup>(1)</sup> | 3 | 3 |
|  Food Products <sup>(2)(3)</sup> | 0 | 0 |
|  Gas Utilities <sup>(3)</sup> |  | 0 |
|  Ground Transportation | 0.2 | 0.2 |
|  Health Care Equipment & Supplies | 0.7 | 0.7 |
|  Health Care Providers & Services | 8 | 7.9 |
|  Health Care Technology | 5.5 | 6.5 |
|  Hotels, Restaurants & Leisure | 0.2 | 0.3 |
|  Household Durables <sup>(2)</sup> | 0 | 0.1 |
|  Independent Power and Renewable Electricity Producers <sup>(3)</sup> |  | 0 |
|  Industrial Conglomerates | 0.3 | 0.3 |
|  Insurance | 6 | 6.1 |
|  Interactive Media & Services | 0.8 | 0.9 |
|  Investments in Joint Ventures | 2 | 2.2 |
|  IT Services | 4.7 | 4.9 |
|  Life Sciences Tools & Services | 0.7 | 0.7 |
|  Machinery | 0.3 | 0.3 |
|  Marine Transportation | 0.4 | 0.4 |
|  Media | 1.1 | 1 |
|  Metals & Mining <sup>(3)</sup> | 0.1 | 0 |
|  Oil, Gas & Consumable Fuels | 0.3 | 1.7 |
|  Paper & Forest Products | 0.1 | 0.1 |
|  Pharmaceuticals | 0.8 | 0.7 |
|  Professional Services | 11.1 | 10.7 |
|  Real Estate Management & Development | 1.2 | 1.2 |
|  Semiconductors & Semiconductor Equipment <sup>(2)(3)</sup> | 0 | 0 |
|  Software | 26.8 | 25.7 |
|  Specialty Retail | 0.1 | 0.1 |
|  Technology Hardware, Storage & Peripherals | 0.1 | 0.1 |
|  Trading Companies & Distributors | 0.4 | 0.4 |
|  Transportation Infrastructure | 2.6 | 2.5 |
|  Wireless Telecommunication Services | 0.4 | 0.3 |
|  **Total** | 100.0% | 100.0% |

---

(1) Includes equity investment in SLC.

(2) Amount rounds to less than 0.1% as of March 31, 2026.

(3) Amount rounds to less than 0.1% as of December 31, 2025.

------

##### [**Table of Contents**](#toc)
The geographic composition of investments at cost and fair value was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **Fair Value<br>as % of Net<br>Assets** |
|  United States | $69665215 | $67817693 | 84.3% | 150.6% |
|  Europe | 10080369 | 10156083 | 12.6 | 22.6 |
|  Bermuda/Cayman Islands | 1601921 | 1518247 | 1.9 | 3.4 |
|  Canada | 841130 | 815787 | 1 | 1.8 |
|  Australia/New Zealand | 98372 | 94432 | 0.1 | 0.2 |
|  Asia | 66246 | 67139 | 0.1 | 0.1 |
|  **Total** | $82353253 | $80469381 | 100.0% | 178.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **Fair Value<br>as % of Net<br>Assets** |
|  United States | $70395937 | $69480163 | 84.5% | 145.9% |
|  Europe | 9986806 | 10235985 | 12.5 | 21.5 |
|  Bermuda/Cayman Islands | 1651012 | 1626419 | 2.0 | 3.4 |
|  Canada | 717684 | 694692 | 0.8 | 1.5 |
|  Australia/New Zealand | 98511 | 94798 | 0.1 | 0.2 |
|  Asia | 66291 | 67289 | 0.1 | 0.1 |
|  **Total** | $82916241 | $82199346 | 100.0% | 172.6% |

---

As of March 31, 2026 and December 31, 2025, seventeen borrowers (across twenty-nine loans) and nine borrowers (across sixteen loans) in the portfolio were on non-accrual status, respectively.

As of March 31, 2026 and December 31, 2025, on a fair value basis, 99.7% and 99.7%, respectively, of performing debt investments bore interest at a floating rate and 0.3% and 0.3%, respectively, of performing debt investments bore interest at a fixed rate.

**Note 5. Fair Value Measurements** 

The following tables present the fair value hierarchy of financial instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  First lien debt | $— | $3386366 | $69646881 | $73033247 |
|  Second lien debt |  | 621120 | 2430811 | 3051931 |
|  Unsecured debt |  | 20393 | 59715 | 80108 |
|  Structured finance obligations—debt instruments |  |  | 412348 | 412348 |
|  Structured finance obligations—equity instruments |  |  | 256137 | 256137 |
|  Equity and other <sup>(1)</sup> | 2720 | 82 | 1995982 | 1998784 |
|  **Total** | 2720 | 4027961 | 74801874 | 78832555 |
|  Investments Measured at NAV <sup>(2)</sup> |  |  |  | 1636826 |
|  **Total investments** | $2720 | $4027961 | $74801874 | $80469381 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  First lien debt | $— | $4559314 | $68786055 | $73345369 |
|  Second lien debt |  | 783278 | 2479259 | 3262537 |
|  Unsecured debt |  | 21611 | 57816 | 79427 |
|  Structured finance obligations—debt instruments |  |  | 501333 | 501333 |
|  Structured finance obligations—equity instruments |  |  | 301610 | 301610 |
|  Equity and other <sup>(1)</sup> | 19774 | 133 | 2897350 | 2917257 |
|  **Total** | 19774 | 5364336 | 75023423 | 80407533 |
|  Investments Measured at NAV <sup>(2)</sup> |  |  |  | 1791813 |
|  **Total investments** | $19774 | $5364336 | $75023423 | $82199346 |

---

(1) Includes equity investment in SLC.

(2) Includes investments in the Emerald JV and Verdelite JV (refer to Note 11). Certain investments that are
measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented
in the Condensed Consolidated Statements of Assets and Liabilities.

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. Approximately $150.4 million of such Equity investments have a sale constraint or other restriction that will lapse after a predetermined date; the weighted average remaining duration of such restrictions is 1.1 years. For information regarding restrictions on investment in joint ventures, see "*Note 11. Joint Ventures*."

------

##### [**Table of Contents**](#toc)
The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **First Lien<br>Debt** | **Second Lien**<br>**Debt** | **Unsecured<br>Debt** | **Structured<br>Finance<br>Obligations—<br>Debt<br>Instruments** | **Structured<br>Finance<br>Obligations—<br>Equity<br>Instruments** | **Equity<br>and other** | **Total** |
|  Fair value, beginning of period | $68786055 | $2479259 | $57816 | $501333 | $301610 | $2897350 | $75023423 |
|  Purchases of investments | 4133259 | 22905 | 3037 |  | 14079 | 203897 | 4377177 |
|  Proceeds from principal repayments and sales of investments | (2571083) | (10002) |  | (64495) | (16336) | (1087034) | (3748950) |
|  Accretion of discount (amortization of premium) | 58546 | 1423 | 42 | 167 |  | 86 | 60264 |
|  Net realized gain (loss) | (8763) | (45) |  | (28) | 6 | 1879 | (6951) |
|  Net change in unrealized appreciation (depreciation) | (500721) | (94887) | (1180) | (24629) | (43222) | (20196) | (684835) |
|  Transfers into Level 3 <sup>(1)</sup> | 27383 | 32158 |  |  |  |  | 59541 |
|  Transfers out of Level 3 <sup>(1)</sup> | (277795) |  |  |  |  |  | (277795) |
|  **Fair value, end of period** | $69646881 | $2430811 | $59715 | $412348 | $256137 | $1995982 | $74801874 |
|  Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $(497505) | $(94887) | $(1180) | $(23791) | $(42538) | $(19085) | $(678986) |

---

(1) For the three months ended March 31, 2026, transfers into or out of Level 3 were primarily due to
decreased or increased price transparency.

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **First Lien<br>Debt** | **Second**<br>**Lien Debt** | **Unsecured<br>Debt** | **Structured<br>Finance<br>Obligations—<br>Debt<br>Instruments** | **Structured<br>Finance<br>Obligations—<br>Equity<br>Instruments** | **Equity<br>and<br>other <sup>(2)</sup>** | **Total** |
|  Fair value, beginning of period | $57154971 | $2088319 | $157115 | $590509 | $141139 | $1350757 | $61482810 |
|  Purchases of investments | 4157266 | 179197 | 1025 | 28846 | 68928 | 27297 | 4462559 |
|  Proceeds from principal repayments and sales of investments | (3169713) | (13012) | (129371) | (75321) | (15301) | (39892) | (3442610) |
|  Accretion of discount/ (amortization of premium) | 62068 | 1277 | 22 | 83 | (8) | 453 | 63895 |
|  Net realized gain (loss) | (3658) | 1 |  | 532 |  | 15577 | 12452 |
|  Net change in unrealized appreciation (depreciation) | 49112 | 3159 | 1662 | (8193) | (3299) | 1785 | 44226 |
|  Transfers into Level 3 <sup>(1)</sup> | 92397 |  |  |  |  |  | 92397 |
|  Transfers out of Level 3 <sup>(1)</sup> | (918922) |  |  |  |  |  | (918922) |
|  **Fair value, end of period** | $57423521 | $2258941 | $30453 | $536456 | $191459 | $1355977 | $61796807 |
|  Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $52655 | $3159 | $(33) | $(7357) | $(3300) | $11481 | $56605 |

---

(1) For the three months ended March 31, 2025, transfers into or out of Level 3 were primarily due to
decreased or increased price transparency.

(2) "Other" includes warrants.

------

##### [**Table of Contents**](#toc)
The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | | | | **Range** | **Range** | |
|  |<br>**Fair Value** |<br>**Valuation<br>Technique** |<br>**Unobservable**<br>**Input** | **Low** | **High** |<br>**Weighted<br>Average <sup>(1)</sup>** |
|  Investments in first lien debt | $68988082 | Yield Analysis | Discount Rate | 2.90% | 67.25% | 9.28% |
|  | 467574 | Asset Recoverability | Market Multiple | 5.00x | 12.50x | 9.63x |
|  | 184128 | Market Quotations | Broker Quoted Price | 62.15 | 100.50 | 98.94 |
|  | 7097 | Asset Recoverability | N/A |  |  |  |
|  | 69646881 |  |  |  |  |  |
|  Investments in second lien debt | 2391428 | Yield Analysis | Discount Rate | 8.55% | 18.63% | 10.43% |
|  | 25351 | Market Quotations | Broker Quoted Price | 94.75 | 98.00 | 97.51 |
|  | 14032 | Asset Recoverability | Market Multiple | 9.20x | 12.00x | 11.53x |
|  | 2430811 |  |  |  |  |  |
|  Investments in unsecured debt | 59715 | Yield Analysis | Discount Rate | 13.09% | 16.10% | 14.24% |
|  Investments in structured finance obligations—debt instruments | 412348 | Market Quotations | Broker Quoted Price | 72.53 | 100.16 | 94.15 |
|  Investments in structured finance obligations—equity instruments | 213308 | Market Quotations | Broker Quoted Price | 0.02 | 79.56 | 57.12 |
|  | 42829 | Distribution<br>Waterfall | Liquidation Discount | 2.50% | 2.50% | 2.50% |
|  | 256137 |  |  |  |  |  |
|  Investments in equity and other | 570634 | Yield Analysis | Discount Rate | 7.88% | 21.71% | 11.49% |
|  | 487316 | Estimated Net Asset<br>Value | Net Asset Value | 26.16 | 26.16 | 26.16 |
|  | 472977 | Market Approach | Performance Multiple | 6.00x | 33.63x | 13.64x |
|  | 417279 | Asset Recoverability | N/A |  |  |  |
|  | 26029 | Asset Recoverability | Market Multiple | 5.00x | 16.00x | 11.65x |
|  | 21747 | Option Pricing<br>Model | Expected Volatility | 32.00% | 70.50% | 34.09% |
|  | 1995982 |  |  |  |  |  |
|  **Total** | $74801874 |  |  |  |  |  |

---

(1) Weighted averages are calculated based on fair value of investments.

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | | | **Range** | **Range** | |
|  |<br>**Fair Value** |<br>**Valuation<br>Technique** |<br>**Unobservable<br>Input** | **Low** | **High** |<br>**Weighted<br>Average <sup>(1)</sup>** |
|  Investments in first lien debt | $66420844 | Yield Analysis | Discount Rate | 2.81% | 32.47% | 9.06% |
|  | 1886879 | Asset<br>Recoverability | Market Multiple | 5.50x | 12.47x | 10.76x |
|  | 471232 | Market<br>Quotations | Broker Quoted<br>Price | 82.44 | 101.00 | 99.65 |
|  | 7100 | Asset<br>Recoverability | N/A |  |  |  |
|  | 68786055 |  |  |  |  |  |
|  Investments in second lien debt | 2476991 | Yield Analysis | Discount Rate | 8.45% | 21.42% | 10.19% |
|  | 2268 | Asset<br>Recoverability | Market Multiple | 11.84x | 11.84x | 11.84x |
|  | 2479259 |  |  |  |  |  |
|  Investments in unsecured debt | 57816 | Yield Analysis | Discount Rate | 13.47% | 15.10% | 14.14% |
|  Investments in structured finance obligations—debt instruments | 471678 | Market<br>Quotations | Broker Quoted<br>Price | 89.01 | 101.99 | 99.31 |
|  | 29655 | Yield Analysis | Discount Rate | 8.42% | 8.42% | 8.42% |
|  | 501333 |  |  |  |  |  |
|  Investments in structured finance obligations—equity instruments | 296743 | Market<br>Quotations | Broker Quoted<br>Price | 0.02 | 105.70 | 73.29 |
|  | 4867 | Transaction Price | N/A |  |  |  |
|  | 301610 |  |  |  |  |  |
|  Investments in equity and other <sup>(2)</sup> | 1642499 | Yield Analysis | Discount Rate | 7.76% | 19.50% | 8.91% |
|  | 430975 | Estimated Net<br>Asset Value | Net Asset Value | 26.08 | 26.08 | 26.08 |
|  | 387101 | Market Approach | Performance<br>Multiple | 6.40x | 33.63x | 16.80x |
|  | 381241 | Asset<br>Recoverability | N/A |  |  |  |
|  | 34418 | Asset<br>Recoverability | Market Multiple | 5.50x | 16.00x | 11.65x |
|  | 21116 | Option Pricing<br>Model | Expected Volatility | 32.00% | 70.50% | 33.66% |
|  | 2897350 |  |  |  |  |  |
|  **Total** | $75023423 |  |  |  |  |  |

---

(1) Weighted averages are calculated based on fair value of investments.

(2) "Other" includes warrants

------

##### [**Table of Contents**](#toc)
The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant input used in the distribution waterfall is the liquidation discount. Significant increases in discount rates or liquidation discounts 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 under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. 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, Performance Multiples, market multiples or net asset value per share would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.

*Financial Instruments Not Carried at Fair Value* 

*Debt* 

The following table presents the fair value measurements of the Company's debt obligations as of March 31, 2026 and December 31, 2025 had they been accounted for at fair value:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **Fair Value** | **Fair Value** |
|  Bard Peak Funding Facility | $1785973 | $1549670 |
|  Castle Peak Funding Facility | 1489850 | 1760209 |
|  Summit Peak Funding Facility | 822973 | 1257548 |
|  Denali Peak Funding Facility | 604800 | 584800 |
|  Bushnell Peak Funding Facility | 504300 | 554300 |
|  Granite Peak Funding Facility | 474000 | 500000 |
|  Middle Peak Funding Facility | 750000 | 890000 |
|  Bison Peak Funding Facility | 1155200 | 1437200 |
|  Blanca Peak Funding Facility | 825000 | 951000 |
|  Windom Peak Funding Facility | 1292633 | 2150076 |
|  Monarch Peak Funding Facility | 1050000 | 1500000 |
|  Haydon Peak Funding Facility | 189000 | 212000 |
|  Bear Peak Funding Facility |  | 587017 |
|  Phoenix Peak Funding Facility | 217723 | 221455 |
|  2025-2 Lender Finance Warehouse Facility |  |  |
|  Sonora Peak Funding Facility | 550000 |  |
|  Ramsey Peak Funding Facility |  |  |
|  Crystal Peak Funding Facility |  |  |
|  Weller Peak Funding Facility |  |  |
|  2026-1 PC Static Warehouse |  |  |
|  Revolving Credit Facility | 2474396 | 2259240 |
|  2026 Notes | 396560 | 395800 |
|  May 2027 Notes | 623438 | 630625 |
|  October 2027 Notes | 352450 | 358505 |
|  March 2031 5.54% Notes | 494100 | 497950 |
|  March 2033 Notes | 491750 | 497800 |
|  January 2032 Series 2026A Notes | 209202 |  |
|  December 2026 Notes | 1223209 | 1228375 |
|  November 2026 Eurobonds | 570527 | 582958 |
|  March 2027 Notes | 975283 | 983300 |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **Fair Value** | **Fair Value** |
|  January 2029 Notes | 611812 | 631800 |
|  April 2026 UK Bonds | 330877 | 337224 |
|  November 2028 Notes | 663642 | 689715 |
|  January 2031 Notes | 593106 | 620460 |
|  July 2029 Notes | 887105 | 918430 |
|  September 2027 Notes | 395177 | 402480 |
|  April 2030 Notes | 381403 | 397160 |
|  November 2029 Notes | 389300 | 404360 |
|  November 2034 Notes | 748363 | 808320 |
|  January 2032 Notes | 970350 | 1015700 |
|  September 2030 Notes | 471704 | 492600 |
|  March 2031 5.350% Notes | 665380 |  |
|  2021-2 Notes | 505829 | 505988 |
|  MML 2021-1 Debt | 690254 | 690751 |
|  MML 2022-1 Debt | 757012 | 759106 |
|  2022-1 BSL Debt | 418969 | 419790 |
|  MML 2022-2 Debt | 300158 | 301089 |
|  2023-1 Notes | 305164 | 305824 |
|  2024-1 Notes | 244313 | 244031 |
|  2024-2 Notes | 305059 | 305041 |
|  2025-1 Notes | 880434 | 884354 |
|  2025-1 Lender Finance | 895865 | 901820 |
|  2025-1 BSL Notes | 528984 | 661802 |
|  2025-2 Lender Finance | 876595 |  |
|  2026-1 Notes | 732992 |  |
|  Short-Term Borrowings | 938093 | 856829 |
|  **Total** | $35010307 | $35144502 |

---

The following table presents the categorization of the Company's debt obligations as of March 31, 2026 and December 31, 2025 had they been accounted for at fair value within the hierarchy:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  Level 1 | $— | $— |
|  Level 2 |  |  |
|  Level 3 | 35010307 | 35144502 |
|  **Total debt** | $35010307 | $35144502 |

---

*Other Assets and Liabilities* 

As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company's other assets and liabilities, other than investments at fair value and debt obligations listed above, approximate fair value due to their short maturities. These financial instruments, with the exception of cash and cash equivalents (including money market funds classified within Cash and Cash Equivalents in the Condensed Consolidated Statements of Assets and Liabilities) which would be categorized as Level 1, would be categorized as Level 3 within the fair value hierarchy.

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##### [**Table of Contents**](#toc)
**Note 6. Derivatives** 

The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

The fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the Condensed Consolidated Statements of Assets and Liabilities.

The following tables present the aggregate notional amount and fair value hierarchy of the Company's derivative financial instruments as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total Fair<br>Value** | **Notional** |
|  **Derivative Assets** |  |  |  |  |  |
|  Foreign currency forward contracts | $— | $40935 | $— | $40935 | $2947075 |
|  Interest rate swaps |  | 60413 |  | 60413 | 4650000 |
|  **Total Derivative assets at fair value** | $— | $101348 | $— | $101348 | $7597075 |
|  Cash collateral received |  |  |  | $— |  |
|  **Derivative Liabilities** |  |  |  |  |  |
|  Foreign currency forward contracts | $— | $(214) | $— | $(214) | $86092 |
|  Interest rate swaps |  | (44744) |  | (44744) | 5465900 |
|  **Total Derivative liabilities at fair value** | $— | $(44958) | $— | $(44958) | $5551992 |
|  Cash collateral posted |  |  |  | $221098 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total Fair<br>Value** | **Notional** |
|  **Derivative Assets** |  |  |  |  |  |
|  Foreign currency forward contracts | $— | $4320 | $— | $4320 | $1425306 |
|  Interest rate swaps |  | 98219 |  | 98219 | 5500000 |
|  **Total Derivative assets at fair value** | $— | $102539 | $— | $102539 | $6925306 |
|  Cash collateral received |  |  |  | $— |  |
|  **Derivative Liabilities** |  |  |  |  |  |
|  Foreign currency forward contracts | $— | $(8372) | $— | $(8372) | $1463358 |
|  Interest rate swaps |  | (28124) |  | (28124) | 3921988 |
|  **Total Derivative liabilities at fair value** | $— | $(36496) | $— | $(36496) | $5385346 |
|  Cash collateral posted |  |  |  | $277152 |  |

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In the tables above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fair value of derivative assets and derivative liabilities is presented on a gross basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The notional amount represents the absolute value amount of all outstanding derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All foreign currency derivatives are not designated in hedge relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All interest rate swaps are designated in fair value hedge relationships.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral
received and posted are not offset against the derivative assets and derivative liabilities in the Condensed Consolidated Statements of Assets and Liabilities. Such amounts are included as Receivable from broker and Payable to broker in the
Condensed Consolidated Statements of Assets and Liabilities.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three months ended March 31, 2026 and March 31, 2025, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.

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| | | |
|:---|:---|:---|
|  | **For the Three**<br>**Months Ended<br>March 31,** | **For the Three**<br>**Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  *Unrealized appreciation (depreciation)* |  |  |
|  Foreign currency forward contracts | $44772 | $(12789) |
|  **Net change in unrealized appreciation (depreciation)** | $44772 | $(12789) |
|  *Realized gain (loss)* |  |  |
|  Foreign currency forward contracts | $19604 | $(19413) |
|  **Net realized gain (loss)** | $19604 | $(19413) |

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*Hedging* 

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three months ended March 31, 2026 and March 31, 2025, respectively.

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.

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| | | |
|:---|:---|:---|
|  | **For the Three Months<br>Ended March 31,** | **For the Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
|  Interest rate swaps | $(54425) | $127092 |
|  Hedged items | $54455 | $(125175) |

---

The table below presents the carrying value of unsecured borrowings as of March 31, 2026 and December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Description** | **Carrying<br>Value** | **Cumulative<br>Hedging<br>Adjustments** | **Carrying<br>Value** | **Cumulative<br>Hedging<br>Adjustments** |
|  Unsecured notes | $10007091 | $14558 | $9165585 | $69653 |

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**Note 7. Borrowings** 

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On August 26, 2020, the Company's sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2026 and December 31, 2025, the Company's asset coverage was 227.5% and 235.7%, respectively.

*<u>SPV Financing Facilities</u>*

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as described below: Bard Peak Funding, Castle Peak Funding, Summit Peak Funding, Denali Peak Funding, Bushnell Peak Funding, Granite Peak Funding, Middle Peak Funding, Bison Peak Funding, Blanca Peak Funding, Windom Peak Funding, Monarch Peak Funding, Haydon Peak Funding, Bear Peak Funding, Phoenix Peak Funding, 2025-2 Lender Finance, Sonora Peak Funding, Ramsey Peak Funding, Crystal Peak Funding, Weller Peak Funding and 2026-1 PC Issuer (collectively, the **"SPVs**,**"** and such secured financing facilities described below, are collectively the **"SPV Financing Facilities").**

The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV's portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company's exposure to the credit facility is limited to the value of its investment in the applicable SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of March 31, 2026, and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

*Bard Peak Funding Facility* 

On March 15, 2021, Bard Peak Funding entered into a senior secured revolving credit facility (the **"Bard Peak Funding Facility"**) with BNP Paribas (**"BNPP"**). BNPP serves as administrative agent, Computershare Trust Company, National Association, serves as collateral agent, and the Company serves as servicer under the Bard Peak Funding Facility.

Advances under the Bard Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which, until May 14, 2024, was three month term SOFR plus a 0.26% spread adjustment, and from and after May 15, 2024, is one month term SOFR), plus an applicable margin of, prior to May 15, 2024, 1.55% to 2.15% per annum depending on the nature of the advances being requested under the credit facility, subject to a floor of 1.85%. From May 15, 2024 until October 7, 2024, the applicable margin on all outstanding advances was 2.15% per annum. From October 8, 2024 until December 16, 2024, the applicable margin on all outstanding advances was 2.00% per annum. From December 17, 2024 to March 11, 2026, the applicable margin on all advances was 1.90% per annum. From March 12, 2026 to March 11, 2029, the applicable margin on all advances is 1.80% per annum. From and after March 12, 2029, the applicable margin on all outstanding advances will be 2.30% per annum. Until June 15, 2024, Bard Peak Funding paid a commitment

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fee of 0.90% per annum if the unused facility amount was greater than 50% or 0.35% per annum if the unused facility amount was less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. From June 15, 2024 to March 11, 2026, Bard Peak Funding paid a commitment fee ranging from 0.70% to 2.15% per annum based on the daily unused amount of the financing commitments to the extent in excess of 25%, in addition to certain other fees as agreed between Bard Peak Funding and BNPP. From and after March 12, 2026, Bard Peak Funding pays a commitment fee ranging from 0.70% to 2.05% per annum based on the daily unused amount of the financing commitments to the extent in excess of 25%.

Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bard Peak Funding and to make advances under delayed draw term loans and revolving loans where Bard Peak Funding is a lender.

The period during which Bard Peak Funding may make borrowings under the Bard Peak Funding Facility expires on March 12, 2029, and the Bard Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 12, 2031.

*Castle Peak Funding Facility* 

On January 8, 2021, Castle Peak Funding entered into a senior secured revolving credit facility (the **"Castle Peak Funding Facility"**) with Citibank, N.A. (**"Citi"**). Citi serves as administrative agent, Wilmington Trust, National Association (**"Wilmington Trust"**), serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Castle Peak Funding Facility.

Prior to January 4, 2024, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.70% to 2.20% per annum depending on the nature of the advances being requested. Effective January 4, 2024, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.85% to 2.35% per annum depending on the nature of the advances being requested. From September 25, 2024 to December 23, 2025, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 2.50% per annum depending on the nature of the advances being requested. Effective December 23, 2025, advances under the Castle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.70% per annum. Prior to September 25, 2024, Castle Peak Funding paid a commitment fee of 1.85% per annum if the unused facility amount was greater than 30% or 0.50% per annum if the unused facility amount was less than or equal to 30% and greater than 10%, based on the average daily unused amount of the financing commitments. From September 25, 2024 to December 23, 2025, Castle Peak Funding paid a commitment fee of 1.90% per annum if the unused facility amount was greater than 35%, 0.90% per annum if the unused facility amount was less than or equal to 35% and greater than 15%, 0.25% per annum if the unused facility amount was less than or equal to 15% and greater than 5%, and 0.00% per annum if the unused facility amount was less than or equal to 5%, in each case based on the average daily unused amount of the financing commitments until the expiration of the reinvestment period. Effective December 23, 2025, Castle Peak Funding pays a commitment fee of 0.40% per annum from December 23, 2025 to September 23, 2026. From and after September 24, 2026, Castle Peak Funding will pay a commitment fee of 1.50% per annum if the unused facility amount is greater than 35%, 0.75% per annum if the unused facility amount is less than or equal to 35% and greater than 15%, 0.25% per annum if the unused facility amount is less than or equal to 15% and greater than 5%, and 0.00% per annum if the unused facility amount is less than or equal to 5%, in each case based on the average daily unused amount of the financing commitments until the expiration of the reinvestment period, in addition to certain other fees as agreed between Castle Peak Funding and Citi.

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Proceeds from borrowings under the Castle Peak Funding Facility may be used to fund portfolio investments by Castle Peak Funding and to make advances under revolving loans or delayed draw term loans where Castle Peak Funding is a lender.

The period during which Castle Peak Funding may make borrowings under the Castle Peak Funding Facility expires on January 6, 2028, and the Castle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by January 7, 2030.

*Summit Peak Funding Facility* 

On March 3, 2021, Summit Peak Funding entered into a senior secured revolving credit facility (the **"Summit Peak Funding Facility"**) with Société Générale (**"SG"**). SG serves as agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator and the Company serves as servicer under the Summit Peak Funding Facility.

Prior to March 12, 2024, advances under the Summit Peak Funding Facility bore interest at a blended per annum rate equal to the benchmark for the currency of the applicable advance (which was the three-month term SOFR rate for dollar advances), plus an applicable margin of 1.50% to 2.30% per annum depending on the nature of the advances being requested with such blended rate subject to a floor of 2.00% per annum for certain foreign currency advances and 2.15% per annum for USD advances. From March 12, 2024 to May 6, 2025, advances under the Summit Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is three-month term SOFR rate for dollar advances) plus an applicable margin of 2.20% per annum. Effective May 6, 2025, advances under the Summit Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is three-month term SOFR rate for dollar advances) plus an applicable margin of 1.80% per annum. Prior to May 6, 2025, Summit Peak Funding paid a commitment fee ranging from 0.25% per annum to 2.20% based on the daily unused amount of the financing commitments. Effective May 6, 2025, Summit Peak Funding pays a commitment fee ranging from 0.25% per annum to 1.80% per annum based on the daily unused amount of the financing commitments. Summit Peak Funding also pays an administrative agency fee to SG, in addition to certain other fees as agreed between Summit Peak Funding and SG.

Proceeds from borrowings under the Summit Peak Funding Facility may be used to fund portfolio investments by Summit Peak Funding and to make advances under revolving loans or delayed draw term loans where Summit Peak Funding is a lender.

The period during which Summit Peak Funding may make borrowings under the Summit Peak Funding Facility expires on March 12, 2028, and the Summit Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 12, 2030.

*Denali Peak Funding Facility* 

Denali Peak Funding is party to a senior secured revolving credit facility (the **"Denali Peak Funding Facility"**), dated as of October 11, 2018, with Deutsche Bank AG, New York Branch (**"DB"**). DB serves as agent, Wilmington Trust serves as collateral agent and collateral custodian and Twin Peaks serves as servicer under the Denali Peak Funding Facility. BCRED acquired Twin Peaks and Denali Peak Funding (inclusive of their respective obligations under the Denali Peak Funding Facility) on March 5, 2021.

Prior to March 6, 2026, advances under the Denali Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus, prior to September 26, 2024, a spread adjustment of 0.15% per annum), plus an applicable margin of 1.95% per annum. As of March 6, 2026, advances under the Denali Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR), plus an applicable margin of 1.70% per annum. After March 6, 2029, the

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applicable margin on outstanding advances will increase by 0.10% per annum. Denali Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin described above. In addition, prior to September 26, 2024, Denali Peak Funding paid an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount. Effective December 26, 2024, Denali Peak Funding pays an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount. Denali Peak Funding also pays an administrative agency fee to DB, in addition to certain other fees, each as agreed between Denali Peak Funding and DB.

Proceeds from borrowings under the Denali Peak Funding Facility may be used to fund portfolio investments by Denali Peak Funding and to make advances under revolving loans where Denali Peak Funding is a lender.

The period during which Denali Peak Funding may make borrowings under the Denali Peak Funding Facility expires on March 6, 2029, and the Denali Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 6, 2031.

*Bushnell Peak Funding Facility* 

On May 12, 2021, Bushnell Peak Funding entered into a senior secured revolving credit facility (the **"Bushnell Peak Funding Facility"**) with Bank of America, N.A. (**"Bank of America"**). Bank of America serves as administrative agent, Wells Fargo Bank, National Association (**"Wells Fargo"**) serves as collateral administrator and the Company serves as investment adviser under the Bushnell Peak Funding Facility.

Prior to November 21, 2024, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 1.85% per annum depending on the nature of the advances being requested. From November 22, 2024 to December 23, 2025, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.50% to 1.95% per annum depending on the nature of the advances being requested, subject to a floor of 1.70% per annum. From and after December 23, 2025, advances under the Bushnell Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.45% to 1.80% per annum depending on the nature of the advances being requested, subject to a floor of 1.70% per annum. Bushnell Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of, prior to December 23, 2025, 1.60% per annum, and from and after December 23, 2025, 1.25% per annum. Bushnell Peak Funding also pays an unused fee of, prior to December 23, 2025, 0.50% per annum, and from and after December 23, 2025, 0.40% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees agreed between Bushnell Peak Funding and Bank of America.

Proceeds from borrowings under the Bushnell Peak Funding Facility may be used to fund portfolio investments by Bushnell Peak Funding and to make advances under revolving loans or delayed draw term loans where Bushnell Peak Funding is a lender.

The period during which Bushnell Peak Funding may make borrowings under the Bushnell Peak Funding Facility expires on December 26, 2028, and the Bushnell Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by June 25, 2029.

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*Granite Peak Funding Facility* 

On June 17, 2021, Granite Peak Funding entered into a senior secured revolving credit facility (the **"Granite Peak Funding Facility"**) with Goldman Sachs Bank USA (**"GS"**). GS serves as administrative agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator, and the Company serves as servicer under the Granite Peak Funding Facility.

Prior to October 3, 2024, advances under the Granite Peak Funding Facility bore interest at a per annum rate equal to three-month term SOFR, plus an applicable margin of 2.35% per annum. From October 3, 2024 to March 20, 2026, advances under the Granite Peak Funding Facility bore interest at a per annum rate equal to three-month term SOFR, plus an applicable margin of 2.05% per annum. From March 20, 2026, advances under the Granite Peak Funding Facility bear interest at a per annum rate equal to three-month term SOFR, plus an applicable margin of 1.70% per annum. From July 3, 2025, Granite Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin for advances as described above. In addition, Granite Peak Funding pays an unused commitment fee of 0.50% per annum on the average daily unused commitments under the Granite Peak Funding Facility in excess of such minimum utilization amount. The unused commitment fee is payable only when more than 10% of the total commitments under the Granite Peak Funding Facility are unused. Granite Peak Funding also pays to GS an administrative agency fee, in addition to certain other fees, each as agreed between Granite Peak Funding and GS.

Proceeds from borrowings under the Granite Peak Funding Facility may be used to fund portfolio investments by Granite Peak Funding and to make advances under delayed draw term loans and revolving loans where Granite Peak Funding is a lender.

The period during which Granite Peak Funding may make borrowings under the Granite Peak Funding Facility expires on March 20, 2029, and the Granite Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 20, 2031.

*Middle Peak Funding Facility* 

On June 30, 2021, Middle Peak Funding entered into a senior secured revolving credit facility (the **"Middle Peak Funding Facility"**) with Morgan Stanley Bank, N.A. (**"MS"**). MS serves as agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator, and the Company serves as collateral manager under the Middle Peak Funding Facility.

Prior to October 22, 2024, advances under the Middle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus, prior to October 23, 2024, a spread adjustment of 0.15% per annum) plus an applicable margin of 2.07% per annum. From October 23, 2024 to March 6, 2026, advances under the Middle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR) plus an applicable margin of 1.97% per annum. From March 6, 2026, advances under the Middle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR) plus an applicable margin of 1.70% per annum, which will increase to 1.80% per annum effective on March 6, 2029. Middle Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin for dollar advances as described above. Prior to May 7, 2024, Middle Peak Funding paid a commitment fee of 0.30% per annum on the average daily unused amount of the financing commitments in excess of such minimum utilization amount. From and after May 7, 2024 to March 6, 2026, Middle Peak Funding paid a commitment fee ranging from 0.15% per annum to 0.25% per annum on the average daily unused amount of the financing commitments, depending on the amount of the unused commitments outstanding in excess of such minimum utilization amount. From and after March 6, 2026, Middle Peak Funding pays a commitment fee ranging from

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0.25% per annum to 1.40% per annum on the average daily unused amount of the financing commitments, depending on the amount of the unused commitments outstanding in excess of such minimum utilization amount. Middle Peak Funding also pays interest on an interest-only loan in the notional amount of the aggregate commitments under the Middle Peak Funding Facility, in addition to certain other fees as agreed between Middle Peak Funding and MS.

Proceeds from borrowings under the Middle Peak Funding Facility may be used to fund portfolio investments by Middle Peak Funding and to make advances under revolving loans or delayed draw term loans where Middle Peak Funding is a lender.

The period during which Middle Peak Funding may make borrowings under the Middle Peak Funding Facility expires on March 6, 2029, and the Middle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by September 8, 2031.

On April 21, 2026, the Middle Peak Funding Facility was amended. For further information, see *"Note 13. Subsequent Events."*

*Bison Peak Funding Facility* 

On July 23, 2021, Bison Peak Funding entered into a senior secured revolving credit facility (the **"Bison Peak Funding Facility"**) with Bank of America. Bank of America serves as administrative agent, Wilmington Trust serves as collateral administrator and the Company serves as manager under the Bison Peak Funding Facility.

Prior to July 24, 2024, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.60% to 2.10% per annum depending on the nature of the advances being requested. From July 25, 2024 until November 18, 2024, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.95% per annum.

From November 19, 2024 until February 19, 2026, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.85% per annum. From February 19, 2026 until February 19, 2029, advances under the Bison Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.70% per annum. The applicable margin for all advances will increase by 0.10% per annum effective February 20, 2029. Prior to February 19, 2026, Bison Peak Funding was required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.50% per annum. From and after February 19, 2026, Bison Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.40% per annum. Bison Peak Funding also pays an unused fee of 0.20% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to an administrative agent servicing fee and certain other fees as agreed between Bison Peak Funding and Bank of America.

Proceeds from borrowings under the Bison Peak Funding Facility may be used to fund portfolio investments by Bison Peak Funding and to make advances under revolving loans or delayed draw term loans where Bison Peak Funding is a lender.

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The period during which Bison Peak Funding may make borrowings under the Bison Peak Funding Facility expires on February 19, 2029, and the Bison Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by February 19, 2031.

*Blanca Peak Funding Facility* 

On August 16, 2021, Blanca Peak Funding, entered into a senior secured revolving credit facility (the **"Blanca Peak Funding Facility"**) with Barclays Bank PLC (**"Barclays"**). Barclays serves as administrative agent, Wilmington Trust serves as collateral administrator, collateral agent and securities intermediary and the Company serves as servicer under the Blanca Peak Funding Facility.

Prior to December 19, 2024, advances under the Blanca Peak Funding Facility bore interest at a per annum rate equal to in the case of dollar advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.096% per annum. From and after December 19, 2024, advances under the Blanca Peak Funding Facility bear interest at a per annum rate equal to in the case of dollar advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 1.85% per annum. Blanca Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization percentage accruing a fee at a rate equal to the applicable margin described above. Blanca Peak Funding pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount. Blanca Peak Funding also pays to Barclays an administrative agency fee, in addition to certain other fees, each as agreed between Blanca Peak Funding and Barclays.

Proceeds from borrowings under the Blanca Peak Funding Facility may be used to fund portfolio investments by Blanca Peak Funding and to make advances under revolving loans or delayed draw term loans where Blanca Peak Funding is a lender.

The period during which Blanca Peak Funding may make borrowings under the Blanca Peak Funding Facility expires on July 25, 2028, and the Blanca Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by July 25, 2036; provided that Barclays may require repayment of all amounts outstanding under the facility from and after July 25, 2030.

*Windom Peak Funding Facility* 

On September 2, 2021, Windom Peak Funding entered into a senior secured revolving credit facility (the **"Windom Peak Funding Facility"**) with Wells Fargo. Wells Fargo serves as administrative agent and collateral administrator and the Company serves as investment adviser under the Windom Peak Funding Facility.

Advances under the Windom Peak Funding Facility will bear interest, payable on a monthly basis in arrears, at a per annum rate equal to the "benchmark" rate for the currency of the applicable advance (which is, daily simple SOFR with respect to dollar advances) plus the "applicable margin" (which, prior to August 29, 2024, was a blended spread equal to the sum of 1.65% per annum with respect to any advances backed by broadly-syndicated loans and 2.15% per annum with respect to any advances backed by recurring revenue loans, middle market loans, first-lien last out loans or second lien loans, and from August 29, 2024 to December 23, 2025 was 1.95% per annum for all advances). From and after December 23, 2025, the applicable margin for advances under the Windom Peak Funding Facility is 1.80% per annum. Windom Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of prior to December 23, 2025, 1.50% per annum, and from and after December 23, 2025, 1.25% per annum. Windom Peak Funding also pays an unused fee of 0.50% on the daily unused amount of the financing commitments, in addition to certain other fees, each as agreed between Windom Peak Funding and Wells Fargo.

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Proceeds from borrowings under the Windom Peak Funding Facility may be used to fund portfolio investments by Windom Peak Funding and to make advances under revolving loans or delayed draw term loans where Windom Peak Funding is a lender.

The period during which Windom Peak Funding may make borrowings under the Windom Peak Funding Facility expires on December 22, 2028, and the Windom Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by December 23, 2030.

*Monarch Peak Funding Facility* 

On November 3, 2021, Monarch Peak Funding entered into a senior secured revolving credit facility (the **"Monarch Peak Funding Facility"**) with MUFG Bank, Ltd. (**"MUFG"**). MUFG serves as administrative agent, The Bank of New York Mellon Trust Company, National Association, serves as collateral agent, collateral custodian and collateral administrator and the Company serves as collateral manager under the Monarch Peak Funding Facility.

Prior to November 3, 2024, advances under the Monarch Peak Funding Facility bore interest at a per annum rate equal to one-month term SOFR, plus the applicable margin of 1.65% per annum to 2.05% per annum depending on the nature of the advances being requested. From and after November 3, 2024, advances under the Monarch Peak Funding Facility bear interest at a per annum rate equal to one-month term SOFR, plus an applicable margin of 1.45% per annum to 1.90% per annum depending on the nature of the advances being requested. Monarch Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization percentage accruing a fee at a rate of, prior to November 3, 2024, 1.99% per annum, and from and after February 3, 2025, 1.75% per annum. Prior to November 3, 2024, Monarch Peak Funding also paid an unused commitment fee of 0.35% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility in excess of such minimum utilization amounts. From April 3, 2025 until September 2, 2025, Monarch Peak Funding paid an unused commitment fee of 0.50% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility in excess of such minimum utilization amounts, and from and after September 3, 2025, Monarch Peak Funding pays an unused commitment fee of 0.35% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility in excess of such minimum utilization amounts, in addition to certain other fees as agreed between Monarch Peak Funding and MUFG.

Proceeds from borrowings under the Monarch Peak Funding Facility may be used to fund portfolio investments by Monarch Peak Funding and to make advances under revolving loans or delayed draw term loans where Monarch Peak Funding is a lender.

The period during which Monarch Peak Funding may make borrowings under the Monarch Peak Funding Facility expires on December 20, 2027, and the Monarch Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by December 20, 2029.

*Haydon Peak Funding Facility* 

On October 7, 2022, Haydon Peak Funding entered into a senior secured revolving credit facility (the **"Haydon Peak Funding Facility"**) with HSBC Bank USA, National Association (**"HSBC"**). HSBC serves as administrative agent, Wilmington Trust serves as collateral agent, account bank and collateral custodian, and the Company serves as servicer and transferor under the Haydon Peak Funding Facility.

Prior to November 19, 2024, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 2.35% per annum. From November 20, 2024 to January 30, 2026, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance

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(which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 1.90% per annum. From and after January 30, 2026, advances under the Haydon Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 1.75% per annum. Prior to November 19, 2024, Haydon Peak Funding paid an unused commitment fee of 0.50% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments. From November 20, 2024 to January 30, 2026, Haydon Peak Funding paid an unused commitment fee ranging from 0.75% per annum to 2.00% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments. From and after January 30, 2026, Haydon Peak Funding pays an unused commitment fee ranging from 0.20% per annum to 1.25% per annum, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.

Proceeds from borrowings under the Haydon Peak Funding Facility may be used to fund portfolio investments by Haydon Peak Funding and to make advances under revolving loans or delayed draw term loans where Haydon Peak Funding is a lender.

The period during which Haydon Peak Funding may make borrowings under the Haydon Peak Funding Facility expires on January 30, 2029, and the Haydon Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by January 30, 2031.

*Bear Peak Funding Facility* 

On October 10, 2022, Bear Peak Funding entered into a senior secured revolving credit facility (the **"Bear Peak Funding Facility"**) with BNPP. GLAS USA LLC served as administrative agent, GLAS Trust Corporation Limited served as collateral agent, and the Company served as servicer under the Bear Peak Funding Facility.

Prior to December 19, 2024, advances under the Bear Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 2.45% per annum. From and after December 19, 2024, advances under the Bear Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 1.95% per annum. Bear Peak Funding paid a commitment fee of 0.90% per annum if the unused facility amount was greater than 50% or 0.35% per annum if the unused facility amount was less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. Bear Peak Funding also paid BNPP an arranger fee, in addition to certain other fees, each as agreed between Bear Peak Funding and BNPP.

Proceeds from borrowings under the credit facility were used to fund portfolio investments by Bear Peak Funding and to make advances under delayed draw term loans and revolving loans where Bear Peak Funding is a lender.

On March 27, 2026, the Bear Peak Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

*Phoenix Peak Funding Facility* 

On September 25, 2024, Phoenix Peak Funding entered into a secured credit facility (the **"Phoenix Peak Funding Facility"**) with HSBC Bank Plc (**"HSBC Plc"**). Trimont Europe Limited serves as agent and security agent under the Phoenix Peak Funding Facility and Trimont Europe Limited is also appointed as servicer pursuant to a separate servicing agreement.

Advances under the Phoenix Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 1.75% per annum. Effective October 25, 2024 through December 2, 2024, Phoenix Peak Funding was obliged to pay a commitment fee of

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0.78% per annum of the unused Term Facility A amount. Phoenix Peak Funding also paid HSBC Plc an arranger fee, in addition to certain other fees, each as agreed between Phoenix Peak Funding and HSBC Plc.

The committed principal amount as of March 31, 2026 is €142.8 million (Term Facility A) and £39.8 million (Term Facility B). Proceeds from borrowings under the Phoenix Peak Funding Facility must be used to finance or refinance advances under a facility agreement financing a portfolio of European real estate assets (the "**Asset Level Facility**") where Phoenix Peak Funding is a lender.

The period during which Phoenix Peak Funding may make borrowings under the Phoenix Peak Funding Facility has expired and the Phoenix Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid five business days following the termination date under the Asset Level Facility, which expires on October 4, 2028 with an option to extend to October 4, 2029.

*2025-2 Lender Finance Warehouse Facility* 

On December 22, 2025, 2025-2 Lender Finance, the Company's wholly-owned subsidiary created to hold primarily private credit loan investments, entered into a senior secured credit facility with Citi (the **"2025-2 Lender Finance Warehouse Facility"**). Citi served as administrative agent, Wilmington Trust served as collateral custodian and the Company served as a collateral manager under the 2025-2 Lender Finance Warehouse Facility.

Advances under the 2025-2 Lender Finance Warehouse Facility bore interest at a rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.50% per annum.

Proceeds from borrowings under the 2025-2 Lender Finance Warehouse Facility were used to fund portfolio investments by 2025-2 Lender Finance Warehouse Facility and to make advances under corporate loans where 2025-2 Lender Finance was a lender.

On January 15, 2026, the 2025-2 Lender Finance Warehouse Facility was terminated using the proceeds from the funding of the 2025-2 Lender Finance Facility.

*Sonora Peak Funding Facility* 

On March 24, 2026, Sonora Peak Funding entered into a secured credit facility (the **"Sonora Peak Funding Facility"**) with Société Générale (**"SG"**). SG serves as administrative agent and swingline lender, Wilmington Trust serves as collateral agent, collateral administrator, custodian and collateral custodian and the Company serves as collateral manager under the Sonora Peak Funding Facility.

Advances under the Sonora Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is term SOFR for dollar advances), plus an applicable margin of 1.70% per annum. Sonora Peak Funding pays a commitment fee ranging from 0.25% or 0.50% per annum, subject to a ramp up period, based on the average daily unused amount of the financing commitments, with a 1.00% per annum fee applying to the extent drawn amounts are below the minimum commitment usage. Sonora Peak Funding also paid SG certain other fees, each as agreed between Sonora Peak Funding and SG.

Proceeds from borrowings under the Sonora Peak Funding Facility may be used to fund portfolio investments by Sonora Peak Funding and to make advances under revolving loans or delayed draw term loans where Sonora Peak Funding is a lender.

The period during which Sonora Peak Funding may make borrowings under the Sonora Peak Funding Facility expires on March 26, 2029, and the Sonora Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by March 24, 2036.

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*Ramsey Peak Funding Facility* 

On March 27, 2026, Ramsey Peak Funding entered into a secured credit facility (the **"Ramsey Peak Funding Facility"**) with Royal Bank of Canada (**"RBC"**). RBC serves as administrative agent, Wilmington Trust serves as collateral agent, collateral administrator and custodian and the Company serves as equity holder and collateral manager under the Ramsey Peak Funding Facility.

Advances under the Ramsey Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances), plus an applicable margin of 1.40% per annum to 1.70% per annum depending on the nature of the advances being requested. Ramsey Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.40% per annum. Ramsey Peak Funding also paid RBC certain other fees, each as agreed between Ramsey Peak Funding and RBC. Proceeds from borrowings under the Ramsey Peak Funding Facility may be used to fund portfolio investments by Ramsey Peak Funding and to make advances under revolving loans or delayed draw term loans where Ramsey Peak Funding is a lender.

The period during which Ramsey Peak Funding may make borrowings under the Ramsey Peak Funding Facility expires on March 27, 2029, and the Ramsey Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by March 27, 2031.

*Crystal Peak Funding Facility* 

On March 30, 2026, Crystal Peak Funding entered into a secured credit facility (the **"Crystal Peak Funding Facility"**) with Canadian Imperial Bank of Commerce (**"CIBC"**). CIBC serves as administrative agent, sole lead arranger and sole book manager under the Crystal Peak Funding Facility.

Advances under the Crystal Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances), plus an applicable margin of 1.50% per annum. Crystal Peak Funding pays a commitment fee of 0.50% per annum, subject to a ramp up period, based on the average daily unused amount of the financing commitments. Crystal Peak Funding also paid CIBC certain other fees, each as agreed between Crystal Peak Funding and CIBC.

Proceeds from borrowings under the Crystal Peak Funding Facility may be used to fund portfolio investments by Crystal Peak Funding and to make advances under revolving loans or delayed draw term loans where Crystal Peak Funding is a lender.

The period during which Crystal Peak Funding may make borrowings under the Crystal Peak Funding Facility expires on June 30, 2027, and the Crystal Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by March 30, 2028.

*Weller Peak Funding Facility* 

On March 31, 2026, BCRED Weller Peak Funding entered into a secured credit facility (the **"Weller Peak Funding Facility"**) with Wells Fargo. Wells Fargo serves as administrative agent and Alter Domus (US) LLC serves as paying agent under the Weller Peak Funding Facility.

Advances under the Weller Peak Funding Facility bear interest at a per annum rate equal to Term SOFR (for a one-month interest period), plus an applicable margin of 1.75% per annum for SOFR Loans, or at the Base Rate plus an applicable margin of 0.75% per annum for Base Rate Loans (which are only available during any period in which Term SOFR is unavailable or unascertainable). Weller Peak Funding is required to pay a commitment fee on the average daily unused portion of the revolving credit commitments at a rate per annum equal to 0.25% if such average daily unused portion is less than 50% of the aggregate revolving credit

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commitments, or 0.35% if such average daily unused portion is greater than or equal to 50% of the aggregate revolving credit commitments. Weller Peak Funding also paid Wells Fargo certain other fees, each as agreed between Weller Peak Funding and Wells Fargo.

Proceeds from borrowings under the Weller Peak Funding Facility may be used to fund advances required under that certain Warehouse Facility Credit Agreement, dated as of July 3, 2024, (the "**Weller Peak Loan**") by Weller Peak Funding to make advances as required by Weller Peak Funding as a lender under the Weller Peak Loan.

The period during which Weller Peak Funding may make borrowings under the Weller Peak Funding Facility expires on July 3, 2027, subject to two one-year extension options (to July 3, 2028 and July 3, 2029, respectively) and upon such expiration all amounts outstanding under the Weller Peak Funding Facility must be repaid.

*2026-1 PC Static Warehouse* 

On March 25, 2026, the 2026-1 PC Issuer, a special purpose vehicle with its membership interests owned by the Company, entered into a $360 million warehouse facility (the **"2026-1 PC Static Warehouse"**) with BNPP. BNPP serves as administrative agent, Wilmington Trust serves as collateral custodian and the Company serves as a collateral manager under the 2026-1 PC Static Warehouse.

Advances under the 2026-1 PC Static Warehouse bear interest at a rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of (i) prior to the conversion date, 1.35% per annum and (ii) on or after the conversion date, 1.85%.

Proceeds from borrowings under the 2026-1 PC Static Warehouse may be used to fund portfolio investments by 2026-1 PC Issuer and to make advances under corporate loans where 2026-1 PC Issuer is a lender. The 2026-1 PC Static Warehouse is scheduled to mature on November 5, 2026.

On April 22, 2026, the 2026-1 PC Static Warehouse was terminated. For further information, see "*Note 13. Subsequent Events."*

*<u>Revolving Credit Facility</u>*

On May 18, 2021, the Company entered into a senior secured credit facility (which was most recently amended and restated on August 8, 2025, and as further amended from time to time, the "**Revolving Credit Facility**") with Citi. Citi serves as administrative agent and collateral agent.

The Revolving Credit Facility provides for borrowings in USD and certain agreed upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of March 31, 2026, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $405.0 million, and (B) revolving commitments in the aggregate principal amount of $5.5 billion, and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. As of March 31, 2026, the period during which the Company may make borrowings on the Revolving Credit Facility expires on August 8, 2029 (other than with respect to (a) the revolving commitments of certain lenders in the amount of $90.0 million, which expire on June 6, 2027 and (b) the revolving commitments of certain lenders in the aggregate amount of $90.0 million, which expire on August 12, 2028), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by August 8, 2030 (other than with respect to (a) the revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on June 9, 2028 and (b) the revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on August 13, 2029), pursuant to an amortization schedule.

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Borrowings under the Revolving Credit Facility with respect to revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the "alternate base rate" (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month adjusted term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875%. All other borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the "alternate base rate" (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month adjusted term SOFR plus 1.0% per annum) plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 0.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 0.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.775%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 1.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 1.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.775%. The Company pays an unused fee of 0.325% per annum on the daily unused amount of the revolver commitments (other than with respect to the revolving commitments of certain lenders in the amount of $90.0 million, for which the Company pays an unused fee of 0.375%). The Company will pay letter of credit participation fees and a fronting fee on the average daily amount of any lender's exposure with respect to any letters of credit issued under the Revolving Credit Facility.

The Company's obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company's assets.

In connection with the Revolving Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders' equity, measured as of each fiscal quarter-end; and (b) the Company must maintain at all times a 150% asset coverage ratio.

The Revolving Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Citi may terminate the commitments and declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

*<u>Letter of Credit Facility</u>*

On March 13, 2026, the Company and Deutsche Bank AG New York Branch (the **"Issuer"**) entered into an uncommitted continuing agreement for standby letters of credit (the **"Letter of Credit Facility"**), which provides for the issuance by the Issuer, in its sole discretion and upon request by the Company, of letters of credit on behalf of certain portfolio companies. The Company is required to make payments to the Issuer if the portfolio companies were to default on their related reimbursement obligations. The Letter of Credit Facility is

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secured on a *pari passu* basis with the Revolving Credit Facility and pursuant to substantially the same collateral documentation that secures the Revolving Credit Facility. As of March 31, 2026, $9.1 million of letters of credit were issued under the Letter of Credit Facility.

*<u>Private Placement Bonds</u>*

The Company issued unsecured notes, as further described below: 2026 Notes, May 2027 Notes, October 2027 Notes, March 2031 5.54% Notes, March 2033 Notes and January 2032 Series 2026A Notes (each as defined below), which are collectively referred to herein as the **"Private Placement Bonds."**

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the Private Placement Bonds.

*2026 Notes* 

On August 17, 2021, the Company entered into the first supplement to the 2021 Note Purchase Agreement (the **"2021 Note Purchase Agreement Supplement"**), governing the issuance of $400.0 million in aggregate principal amount of its 3.27% Series B Senior Notes (the **"2026 Notes"**) to qualified institutional investors in a private placement. The 2026 Notes were issued on August 17, 2021 and will mature on August 17, 2026 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the 2026 Notes will be due semiannually on February 17 and August 17. In addition, the Company is obligated to offer to repay the 2026 Notes at par if certain change in control events occur. The 2026 Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in 2021 Note Purchase Agreement Supplement) occurs, the 2026 Notes will bear interest at a fixed rate of 4.27% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

*May 2027 Notes* 

On May 3, 2022, the Company entered into a Note Purchase Agreement (the **"2022 Note Purchase Agreement"**) governing the issuance of $625.0 million in aggregate principal amount 5.61% Series A Senior Notes (the **"May 2027 Notes"**) to qualified institutional investors in a private placement. The May 2027 Notes were issued on May 3, 2022 and will mature on May 3, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the May 2027 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the May 2027 Notes at par if certain change in control events occur. The May 2027 Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the 2022 Note Purchase Agreement) occurs, the May 2027 Notes will bear interest at a fixed rate of 6.61% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the May 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the May 2027 Notes in a qualifying hedge accounting relationship.

*October 2027 Notes* 

On October 11, 2022, the Company entered into a Master Note Purchase Agreement (the **"October 2022 Note Purchase Agreement"**) governing the issuance of $350.0 million in aggregate principal amount of its 7.49% Series D Senior Notes (the **"October 2027 Notes"**) to qualified institutional investors in a private

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placement. The October 2027 Notes were issued on October 11, 2022 for an aggregate issue price of $345.6 million, or $987.57 per $1,000 principal amount of the October 2027 Notes, and will mature on October 11, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the October 2027 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the October 2027 Notes at par if certain change in control events occur. The October 2027 Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the October 2022 Note Purchase Agreement) occurs, the October 2027 Notes will bear interest at a fixed rate of 8.49% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the October 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the October 2027 Notes in a qualifying hedge accounting relationship.

*March 2031 5.54% Notes* 

On March 25, 2025, the Company entered into a Master Note Purchase Agreement (with respect to the March 2031 5.54% Notes, the **"March 2031 5.54% Note Purchase Agreement"**) governing the issuance of $500.0 million in aggregate principal amount of its 5.54% Series 2025A Senior Notes (the **"March 2031 5.54% Notes"**) to qualified institutional investors in a private placement. The March 2031 5.54% Notes were issued on March 25, 2025, and will mature on March 25, 2031 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the March 2031 5.54% Notes will be due semiannually. In addition, the Company is obligated to offer to repay the March 2031 5.54% Notes at par if certain change in control events occur. The March 2031 5.54% Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the March 2031 5.54% Note Purchase Agreement) occurs, the March 2031 5.54% Notes will bear interest at a fixed rate of 6.54% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the March 2031 5.54% Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the March 2031 5.54% Notes in a qualifying hedge accounting relationship.

*March 2033 Notes* 

On March 25, 2025, the Company entered into a Master Note Purchase Agreement (with respect to the March 2033 Notes, the **"March 2033 Note Purchase Agreement"**) governing the issuance of $500.0 million in aggregate principal amount of its 5.79% Series 2025A Senior Notes (the **"March 2033 Notes"**) to qualified institutional investors in a private placement. The March 2033 Notes were issued on March 25, 2025, and will mature on March 25, 2033 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the March 2033 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the March 2033 Notes at par if certain change in control events occur. The March 2033 Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the March 2033 Note Purchase Agreement) occurs, the March 2033 Notes will bear interest at a fixed rate of 6.79% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

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In connection with the March 2033 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the March 2033 Notes in a qualifying hedge accounting relationship.

*January 2032 Series 2026A Notes* 

On January 8, 2026, the Company entered into a First Supplement (the **"First Supplement"**) to the Master Note Purchase Agreement, dated as of March 25, 2025 (as supplemented by the First Supplement, the **"January 2032 Series 2026A Purchase Agreement"**) governing the issuance of $210.0 million in aggregate principal amount of its 5.94% Series 2026A Senior Notes (the **"January 2032 Series 2026A Notes"**) to qualified institutional investors in a private placement. The January 2032 Series 2026A Notes were issued on January 8, 2026, and will mature on January 8, 2032, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the January 2032 Series 2026A Notes will be due semiannually. In addition, the Company is obligated to offer to repay the January 2032 Series 2026A Notes at par if certain change in control events occur. The January 2032 Series 2026A Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the January 2032 Series 2026A Note Purchase Agreement) occurs, the January 2032 Series 2026A Notes will bear interest at a fixed rate of 6.94% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the January 2032 Series 2026A Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the January 2032 Series 2026A Notes in a qualifying hedge accounting relationship.

*<u>Unsecured Notes</u>*

The Company issued unsecured notes, as further described below: December 2026 Notes, November 2026 Eurobonds, March 2027 Notes, January 2029 Notes, April 2026 UK Bonds, November 2028 Notes, January 2031 Notes, July 2029 Notes, September 2027 Notes, April 2030 Notes, November 2029 Notes, November 2034 Notes, January 2032 Notes, September 2030 Notes and March 2031 5.350% Notes (each as defined below), which are collectively referred to herein as the **"Unsecured Notes**.**"**

The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the Unsecured Notes and the Trustee (as defined below) if the Company is no longer subject to the reporting requirements under the U.S. Securities Exchange Act of 1934, as amended (the **"Exchange Act"**). These covenants are subject to important limitations and exceptions that are described in each respective indenture governing the Unsecured Notes (the **"Unsecured Notes Indentures"**).

In addition, on the occurrence of a "change of control repurchase event," as defined in each respective Unsecured Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding Unsecured Notes at a price equal to 100% of the principal amount of such Unsecured Notes plus accrued and unpaid interest to the repurchase date.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

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*December 2026 Notes* 

On September 15, 2021, the Company issued $900.0 million aggregate principal amount of 2.625% notes due 2026 (the **"December 2026 Notes"**) pursuant to a supplemental indenture, dated as of September 15, 2021 (and together with the Base Indenture, the **"December 2026 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The December 2026 Notes will mature on December 15, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the December 2026 Notes Indenture. The December 2026 Notes bear interest at a rate of 2.625% per year payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2022. The December 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the December 2026 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

On October 13, 2021, the Company issued $350.0 million aggregate principal amount of 2.625% notes due 2026 (the **"December 2026 Notes Upsize"**) under the Company's Base Indenture and December 2026 Notes Indenture. The December 2026 Notes Upsize were issued as "Additional Notes" under the December 2026 Notes Indenture and have identical terms to the Company's $900.0 million December 2026 Notes that were issued on September 15, 2021, other than the issue date and the issue price. The December 2026 Notes Upsize will be treated as a single class of notes with the December 2026 Notes for all purposes under the December 2026 Notes Indenture.

In connection with the December 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the December 2026 Notes in a qualifying hedge accounting relationship.

*November 2026 Eurobonds* 

On November 2, 2021, the Company issued €500.0 million aggregate principal amount of 1.750% notes due 2026 (the **"November 2026 Eurobonds"**) pursuant to a supplemental indenture, dated as of November 2, 2021 (and together with the Base Indenture, the **"November 2026 Eurobonds Indenture"**), to the Base Indenture between the Company and the Trustee.

The November 2026 Eurobonds will mature on November 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the November 2026 Eurobonds Indenture. The November 2026 Eurobonds bear interest at a rate of 1.750% per year payable annually on November 30 of each year, commencing on November 30, 2021. The November 2026 Eurobonds are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Eurobonds, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

*March 2027 Notes* 

On November 22, 2021, the Company issued $1.0 billion aggregate principal amount of 3.250% notes due 2027 (the **"March 2027 Notes"**) pursuant to a supplemental indenture, dated as of November 22, 2021 (and together with the Base Indenture, the **"March 2027 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

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The March 2027 Notes will mature on March 15, 2027 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the March 2027 Notes Indenture. The March 2027 Notes bear interest at a rate of 3.250% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2022. The March 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the March 2027 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

*January 2029 Notes* 

On January 18, 2022, the Company issued $650.0 million aggregate principal amount of 4.000% notes due 2029 (the **"January 2029 Notes"**) pursuant to a supplemental indenture, dated as of January 18, 2022 (and together with the Base Indenture, the **"January 2029 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The January 2029 Notes will mature on January 15, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the January 2029 Notes Indenture. The January 2029 Notes bear interest at a rate of 4.000% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2022. The January 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the January 2029 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

*April 2026 UK Bonds* 

On April 14, 2022, the Company issued £250.0 million in aggregate principal amount of its 4.875% notes due 2026 (the **"April 2026 UK Bonds"**) pursuant to a supplemental indenture, dated as of April 14, 2022 (and together with the Base Indenture, the **"April 2026 UK Bonds Indenture"**), to the Base Indenture between the Company and the Trustee.

The April 2026 UK Bonds will mature on April 14, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the April 2026 UK Bonds Indenture. The April 2026 UK Bonds bear interest at a rate of 4.875% per year payable annually on April 14 of each year, commencing April 14, 2023. The April 2026 UK Bonds are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the April 2026 UK Bonds, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the April 2026 UK Bonds, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the April 2026 UK Bonds in a qualifying hedge accounting relationship.

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*November 2028 Notes* 

On November 27, 2023, the Company issued $500.0 million aggregate principal amount of 7.300% notes due 2028 (the **"November 2028 Notes"**) pursuant to a supplemental indenture, dated as of November 27, 2023 (and together with the Base Indenture, the **"November 2028 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The November 2028 Notes will mature on November 27, 2028 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the November 2028 Notes Indenture. The November 2028 Notes bear interest at a rate of 7.300% per year payable semi-annually on May 27 and November 27 of each year, commencing on May 27, 2024. The November 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the November 2028 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

On February 6, 2025, the Company issued $150.0 million aggregate principal amount of 7.300% notes due 2028 (the "**November 2028 Notes Upsize**") under the Company's Base Indenture and November 2028 Notes Indenture. The November 2028 Notes Upsize were issued as "Additional Notes" under the November 2028 Notes Indenture and have identical terms to the Company's $500.0 million November 2028 Notes that were issued on November 27, 2023, other than the issue date, issue price and initial interest payment date. The November 2028 Notes Upsize will be treated as a single class of notes with the November 2028 Notes for all purposes under the November 2028 Notes Indenture.

In connection with the November 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2028 Notes in a qualifying hedge accounting relationship.

*January 2031 Notes* 

On January 25, 2024, the Company issued $500.0 million aggregate principal amount of 6.250% notes due 2031 (the **"January 2031 Notes"**) pursuant to a supplemental indenture, dated as of January 25, 2024 (and together with the Base Indenture, the **"January 2031 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The January 2031 Notes will mature on January 25, 2031 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the January 2031 Notes Indenture. The January 2031 Notes bear interest at a rate of 6.250% per year payable semi-annually on January 25 and July 25 of each year, commencing on July 25, 2024. The January 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the January 2031 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

On December 23, 2025, the Company issued $100.0 million aggregate principal amount of 6.250% notes due 2031 (the **"January 2031 Notes Upsize"**) under the Company's Base Indenture and January 2031 Notes

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Indenture. The January 2031 Notes Upsize were issued as "Additional Notes" under the January 2031 Notes Indenture and have identical terms to the Company's $500.0 million January 2031 Notes that were issued on January 25, 2024, other than the issue date, issue price and initial interest payment date. The January 2031 Notes Upsize will be treated as a single class of notes with the January 2031 Notes for all purposes under the January 2031 Notes Indenture.

In connection with the January 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the January 2031 Notes in a qualifying hedge accounting relationship.

*July 2029 Notes* 

On May 29, 2024, the Company issued $500.0 million aggregate principal amount of 5.950% notes due 2029 (the **"July 2029 Notes"**) pursuant to a supplemental indenture, dated as of May 29, 2024 (and together with the Base Indenture, the **"July 2029 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The July 2029 Notes will mature on July 16, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the July 2029 Notes Indenture. The July 2029 Notes bear interest at a rate of 5.950% per year payable semi-annually on January 16 and July 16 of each year, commencing on January 16, 2025. The July 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the July 2029 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

On December 16, 2025, the Company issued $400.0 million aggregate principal amount of 5.950% notes due 2029 (the **"July 2029 Notes Upsize"**) under the Company's Base Indenture and July 2029 Notes Indenture. The July 2029 Notes Upsize were issued as "Additional Notes" under the July 2029 Notes Indenture and have identical terms to the Company's $500.0 million July 2029 Notes that were issued on May 29, 2024, other than the issue date, issue price and initial interest payment date. The July 2029 Notes Upsize will be treated as a single class of notes with the July 2029 Notes for all purposes under the July 2029 Notes Indenture.

In connection with the July 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the July 2029 Notes in a qualifying hedge accounting relationship.

*September 2027 Notes* 

On September 26, 2024, the Company issued $400.0 million aggregate principal amount of 4.950% notes due 2027 (the **"September 2027 Notes"**) pursuant to a supplemental indenture, dated as of September 26, 2024 (and together with the Base Indenture, the **"September 2027 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The September 2027 Notes will mature on September 26, 2027 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the September 2027 Notes Indenture. The September 2027 Notes bear interest at a rate of 4.950% per year payable semi-annually on March 26 and September 26 of each year, commencing on March 26, 2025. The September 2027 Notes are

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general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the September 2027 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the September 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the September 2027 Notes in a qualifying hedge accounting relationship.

*April 2030 Notes* 

On September 26, 2024, the Company issued $400.0 million aggregate principal amount of 5.250% notes due 2030 (the **"April 2030 Notes"**) pursuant to a supplemental indenture, dated as of September 26, 2024 (and together with the Base Indenture, the **"April 2030 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The April 2030 Notes will mature on April 1, 2030 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the April 2030 Notes Indenture. The April 2030 Notes bear interest at a rate of 5.250% per year payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2025. The April 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the April 2030 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the April 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the April 2030 Notes in a qualifying hedge accounting relationship.

*November 2029 Notes* 

On November 22, 2024, the Company issued $400.0 million aggregate principal amount of 5.600% notes due 2029 (the **"November 2029 Notes"**) pursuant to a supplemental indenture, dated as of November 22, 2024 (and together with the Base Indenture, the **"November 2029 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The November 2029 Notes will mature on November 22, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the November 2029 Notes Indenture. The November 2029 Notes bear interest at a rate of 5.600% per year payable semi-annually on May 22 and November 22 of each year, commencing on May 22, 2025. The November 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the November 2029 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

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In connection with the November 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2029 Notes in a qualifying hedge accounting relationship.

*November 2034 Notes* 

On November 22, 2024 and December 11, 2024, the Company issued $600.0 million aggregate principal amount and $200.0 million aggregate principal amount, respectively, of 6.000% notes due 2034 (the **"November 2034 Notes"**) pursuant to a supplemental indenture, dated as of November 22, 2024 (and together with the Base Indenture, the **"November 2034 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The November 2034 Notes will mature on November 22, 2034 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the November 2034 Notes Indenture. The November 2034 Notes bear interest at a rate of 6.000% per year payable semi-annually on May 22 and November 22 of each year, commencing on May 22, 2025. The November 2034 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the November 2034 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the November 2034 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2034 Notes in a qualifying hedge accounting relationship.

*January 2032 Notes* 

On January 29, 2025, the Company issued $1.0 billion aggregate principal amount of 6.000% notes due 2032 (the **"January 2032 Notes"**) pursuant to a supplemental indenture, dated as of January 30, 2025 (and together with the Base Indenture, the **"January 2032 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The January 2032 Notes will mature on January 29, 2032 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the January 2032 Notes Indenture. The January 2032 Notes bear interest at a rate of 6.000% per year payable semi-annually on January 29 and July 29 of each year, commencing on July 29, 2025. The January 2032 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the January 2032 Notes, rank *pari passu* with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the January 2032 Notes, the Company entered into two interest rate swaps to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps and the January 2032 Notes in qualifying hedge accounting relationships.

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*September 2030 Notes* 

On September 10, 2025, the Company issued $500.0 million aggregate principal amount of 5.050% notes due 2030 (the **"September 2030 Notes"**) pursuant to a supplemental indenture, dated as of September 10, 2025 (and together with the Base Indenture, the **"September 2030 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The September 2030 Notes will mature on September 10, 2030 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the September 2030 Notes Indenture. The September 2030 Notes bear interest at a rate of 5.050% per year payable semi-annually on March 10 and September 10 of each year, commencing on March 10, 2026. The September 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the September 2030 Notes, rank *pari passu* with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the September 2030 Notes, the Company entered into two interest rate swaps to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps and the September 2030 Notes in qualifying hedge accounting relationships.

*March 2031 5.350% Notes* 

On January 12, 2026, the Company issued $700.0 million aggregate principal amount of 5.350% notes due 2031 (the **"March 2031 5.350% Notes"**) pursuant to a supplemental indenture, dated as of January 12, 2026 (and together with the Base Indenture, the **"March 2031 5.350% Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The March 2031 5.350% Notes will mature on March 12, 2031 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the March 2031 5.350% Notes Indenture. The March 2031 5.350% Notes bear interest at a rate of 5.350% per year payable semi-annually on March 12 and September 12 of each year, commencing on September 12, 2026. The March 2031 5.350% Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the March 2031 5.350% Notes, rank *pari passu* with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the March 2031 5.350% Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the March 2031 5.350% Notes in a qualifying hedge accounting relationship.

*<u>Debt Securitizations</u>*

The Company has determined that the securitization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.

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*2021-2 Debt Securitization* 

On November 1, 2021, the Company completed a $603.7 million term debt securitization (the **"2021-2 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2021-2 Debt Securitization (collectively, the **"2021-2 Notes"**) were issued by BCRED BSL CLO 2021-2, Ltd. (**"BCRED BSL CLO 2 Issuer"**), a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL CLO 2021-2, LLC, a wholly-owned subsidiary of BCRED BSL CLO 2 Issuer (collectively, the **"2021-2 Issuers"**), and are secured by a diversified portfolio of senior secured loans and participation interests therein. The Company holds the subordinated notes of BCRED BSL CLO 2 Issuer representing a residual economic interest in BCRED BSL CLO 2 Issuer.

The following table presents information on the secured and unsecured notes issued in the 2021-2 Debt Securitization:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate <sup>(2)</sup>** | **Credit<br>Rating** |
|  Class A-L Loans <sup>(3)</sup> | Senior Secured Floating Rate | $218000 | SOFR + 1.22% | Aaa |
|  Class A Notes <sup>(3)</sup> | Senior Secured Floating Rate | 149500 | SOFR + 1.22% | Aaa |
|  Class B Notes | Senior Secured Floating Rate | 38100 | SOFR + 1.75% | Aa2 |
|  Class C Notes | Mezzanine Secured Deferrable Floating Rate | 48000 | SOFR + 2.05% | A |
|  Class D Notes | Mezzanine Secured Deferrable Floating Rate | 52200 | SOFR + 3.15% | BBB- |
|  **Total Secured Notes** |  | 505800 |  |  |
|  Subordinated Notes <sup>(1)</sup> |  | 97850 |  | Not rated |
|  **Total 2021-2 Notes** |  | $603650 |  |  |

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(1) The Company retained all of the Subordinated Notes issued in the 2021-2 Debt Securitization which are eliminated in consolidation.

(2) The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.

(3) The aggregate principal amount of the Class A Notes may be increased by up to $218.0 million and the
aggregate principal amount of the Class A-L Loans reduced to $0 million upon a conversion of the Class A-L Loans in accordance with this Indenture and the
Credit Agreement.

The 2021-2 Notes mature in October 2034, unless redeemed by the 2021-2 Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after October 20, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2021-2 Issuers. The Class A-L Loans, Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2021-2 Issuers and the Subordinated Notes are the unsecured obligations of BCRED BSL CLO 2 Issuer. The indenture governing the 2021-2 Notes and the credit agreement governing the Class A-L Loans include customary covenants and events of default.

The 2021-2 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

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The Company serves as collateral manager to BCRED BSL CLO 2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

On May 6, 2026, all of the secured debt issued or incurred, as applicable, in connection with 2021-2 Debt Securitization was redeemed in whole. See also *"Note 13. Subsequent Events."*

*MML 2021-1 Debt Securitization* 

On December 15, 2021, the Company completed a $1.0 billion term debt securitization (the **"MML 2021-1 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2021-1 Debt Securitization (collectively, the **"MML 2021-1 Notes"**) were issued by BCRED MML CLO 2021-1 LLC (the **"MML 2021-1 Issuer"**), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the MML 2021-1 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate <sup>(2)</sup>** | **Credit<br>Rating** |
|  Class A Loans <sup>(3)</sup> | Senior Secured Floating Rate | $50000 | SOFR + 1.48% | Aaa |
|  Class A Notes <sup>(3)</sup> | Senior Secured Floating Rate | 480000 | SOFR + 1.48% | Aaa |
|  Class B Notes | Senior Secured Floating Rate | 80000 | SOFR + 1.90% | Aaa |
|  Class C Notes | Mezzanine Secured Deferrable Floating Rate | 80000 | SOFR + 2.60% | Aa3 |
|  **Total Secured Notes** |  | 690000 |  |  |
|  Subordinated Notes <sup>(1)</sup> |  | 311000 |  | Not rated |
|  **Total MML 2021-1 Notes** |  | $1001000 |  |  |

---

(1) The Company retained all of the Subordinated Notes issued in the MML 2021-1 Debt Securitization which are eliminated in consolidation.

(2) The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.

(3) Upon a conversion of the Class A Loans in accordance with this Indenture, the Aggregate Outstanding Amount
of the Class A Notes may be increased by up to $50.0 million and the Aggregate Outstanding Amount of the Class A Loans reduced by a corresponding amount.

The Company retained all of the Subordinated Notes issued in the MML 2021-1 Debt Securitization in part in exchange for the Company's sale and contribution to the MML 2021-1 Issuer of the initial closing date portfolio. The Debt is scheduled to mature on January 15, 2035; however, the Debt may be redeemed by the Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after December 15, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The Class A Notes, the Class A Loans, Class B Notes and

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Class C Notes are secured obligations of the Issuer, the Subordinated Notes are the unsecured obligations of the Issuer, and the indenture governing the Notes and the credit agreement governing the Class A Loans, each include customary covenants and events of default.

The MML 2021-1 Debt has not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2021-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*MML 2022-1 Debt Securitization* 

On March 15, 2022, the Company completed a $1.1 billion term debt securitization (the **"MML 2022-1 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2022-1 Debt Securitization (collectively, the **"MML 2022-1 Notes"**) were issued by BCRED MML CLO 2022-1 LLC (the **"MML 2022-1 Issuer"**), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the MML 2022-1 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A-1 Notes | Senior Secured Floating Rate | $525000 | SOFR + 1.65% | Aaa |
|  Class A-2 Notes | Senior Secured Fixed | 80000 | 3.41% | Aaa |
|  Class B Notes | Senior Secured Floating Rate | 66000 | SOFR + 2.00% | Aa2 |
|  Class C Notes | Mezzanine Secured Deferrable Floating Rate | 88000 | SOFR + 2.75% | A2 |
|  **Total Secured Notes** |  | 759000 |  |  |
|  Subordinated Notes <sup>(1)</sup> |  | 331360 |  | Not rated |
|  **Total MML 2022-1 Notes** |  | $1090360 |  |  |

---

(1) The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization which are eliminated in consolidation.

The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization in part in exchange for the Company's sale and contribution to the MML 2022-1 Issuer of the initial closing date portfolio. The MML 2022-1 Notes are scheduled to mature on April 20, 2035; however, the MML 2022-1 Notes may be redeemed by the MML 2022-1 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after April 20, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the MML 2022-1 Issuers. The Class A-1 Notes,

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Class A-2 Notes, Class B Notes and Class C Notes are secured obligations of the MML 2022-1 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-1 Issuer, and the indenture governing the MML 2022-1 Notes includes customary covenants and events of default.

The MML 2022-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2022-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*2022-1 BSL Debt Securitization* 

On June 9, 2022, the Company completed a $589.8 million term debt securitization (the **"2022-1 BSL Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2022-1 BSL Debt Securitization (collectively, the **"2022-1 BSL Notes"**) were issued by BCRED BSL CLO 2022-1, Ltd. (the **"2022-1 BSL Issuer"**), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and BCRED BSL CLO 2022-1, LLC (the **"2022-1 BSL Co-Issuer"**), and are primarily secured by a diversified portfolio of broadly syndicated loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the 2022-1 BSL Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A-1A Notes | Senior Secured Floating Rate | $292000 | SOFR + 1.58% | Aaa |
|  Class A-1B Notes | Senior Secured Fixed Rate | 50000 | 4.34% | Aaa |
|  Class A-2 Notes | Senior Secured Floating Rate | 12000 | SOFR + 2.00% | AAA |
|  Class B-1 Notes | Senior Secured Floating Rate | 40000 | SOFR + 2.35% | AA |
|  Class B-2 Notes | Senior Secured Fixed Rate | 26000 | 4.98% | AA |
|  Class C Notes <sup>(1)</sup> | Secured Deferrable Floating Rate | 51000 | SOFR + 2.60% | A |
|  Class D Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 39000 | SOFR + 3.69% | BBB- |
|  Class E Notes <sup>(1)</sup> | Junior Secured Deferrable Floating Rate | 21000 | SOFR + 7.33% | B+ |
|  **Total Secured Notes** |  | 531000 |  |  |
|  Subordinated Notes <sup>(1)</sup> |  | 58750 |  | Not rated |
|  **Total 2022-1 BSL Notes** |  | $589750 |  |  |

---

(1) The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the
Subordinated Notes issued in the 2022-1 BSL Debt Securitization which are eliminated in consolidation.

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The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization. The 2022-1 BSL Notes are scheduled to mature on July 20, 2035; however, the 2022-1 BSL Notes may be redeemed by the 2022-1 BSL Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after, in the case of any Class of Notes other than the Class A-1 Notes, July 20, 2024, and in the case of the Class A-1 Notes, July 20, 2035. The Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes and Class D Notes are secured obligations of the 2022-1 BSL Issuer and the 2022-1 BSL Co-Issuer, the Class E Notes are the secured obligations of the 2022-1 BSL Issuer, the Subordinated Notes are the unsecured obligations of the 2022-1 BSL Issuer, and the indenture governing the 2022-1 BSL Notes includes customary covenants and events of default.

The 2022-1 BSL Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2022-1 BSL Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

On May 6, 2026, all of the secured notes issued in connection with 2022-1 BSL Debt Securitization were redeemed in whole. See also *"Note 13. Subsequent Events."*

*MML 2022-2 Debt Securitization* 

On August 12, 2022, the Company completed a $498.1 million term debt securitization (the **"MML 2022-2 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes and loans offered in the MML 2022-2 Debt Securitization (collectively, the **"MML 2022-2 Notes"**) were issued (or incurred, as applicable) by BCRED MML CLO 2022-2 LLC (the **"MML 2022-2 Issuer"**), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the MML 2022-2 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A-L Notes | Senior Secured Floating Rate | $275000 | SOFR + 2.10% | Aaa |
|  Class B-1 Notes | Senior Secured Floating Rate | 14000 | SOFR + 3.35% | Aa2 |
|  Class B-2 Notes | Senior Secured Fixed Rate | 11500 | 5.88% | Aa2 |
|  Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 40500 | SOFR + 2.50% | A2 |
|  **Total Secured Notes** |  | 341000 |  |  |
|  Subordinated Notes <sup>(1)</sup> | Subordinated | 157105 |  | Not rated |
|  **Total MML 2022-2 Notes** |  | $498105 |  |  |

---

(1) The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization which are eliminated in consolidation.

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The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization in part in exchange for the Company's sale and contribution to the MML 2022-2 Issuer of the initial closing date portfolio. The MML 2022-2 Notes is scheduled to mature on July 18, 2034; however, the MML 2022-2 Notes may be redeemed by the MML 2022-2 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after August 12, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuers. The Class A-L Loans, Class B-1 Notes, Class B-2 Notes and Class C Notes are secured obligations of the MML 2022-2 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-2 Issuer, and the indenture governing the MML 2022-2 Notes includes customary covenants and events of default.

The MML 2022-2 Notes has not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2022-2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*2023-1 CLO Debt Securitization* 

On December 13, 2023, the Company completed a $492.7 million term debt securitization (the **"2023-1 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2023-1 Debt Securitization (collectively, the **"2023-1 Notes"**) were issued by BCRED CLO 2023-1 LLC (the **"2023-1 Issuer"**), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2023-1 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Notes | Senior Secured Floating Rate | $272500 | SOFR + 2.30% | Aaa |
|  Class B Notes | Senior Secured Floating Rate | 32500 | SOFR + 3.00% | Aa2 |
|  Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 34000 | SOFR + 4.00% | A2 |
|  **Total Secured Notes** |  | 339000 |  |  |
|  Subordinated Notes <sup>(1)</sup> | Subordinated | 153665 |  | Not Rated |
|  **Total 2023-1 Notes** |  | $492665 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization which are eliminated in consolidation.

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The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization in part in exchange for the Company's sale and contribution to the 2023-1 Issuer of the initial closing date portfolio. The 2023-1 Notes are scheduled to mature on January 20, 2036; however, the 2023-1 Notes may be redeemed by the 2023-1 Issuer, at the direction of the Company as holder of the Subordinated Notes (through 2023-1 Depositor), on any business day after December 13, 2025. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2023-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2023-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2023-1 Issuer, and the indenture governing the 2023-1 Notes includes customary covenants and events of default.

The 2023-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2023-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*2024-1 CLO Debt Securitization* 

On March 13, 2024, the Company completed a $402.2 million term debt securitization (the **"2024-1 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024-1 Debt Securitization (collectively, the **"2024-1 Notes"**) were issued by BCRED CLO 2024-1 LLC (the **"2024-1 Issuer"**), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Notes <sup>(2)</sup> | Senior Secured Floating Rate | $180000 | SOFR + 1.83% | Aaa |
|  Class A-L Loans <sup>(2)</sup> | Senior Secured Floating Rate | 40000 | SOFR + 1.83% | Aaa |
|  Class B Notes | Senior Secured Floating Rate | 24000 | SOFR + 2.35% | Aa2 |
|  Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 28000 | SOFR + 2.80% | A2 |
|  **Total Secured Notes** |  | 272000 |  |  |
|  Subordinated Notes <sup>(1)</sup> | Subordinated | 130161 |  | Not Rated |
|  **Total 2024-1 Notes** |  | $402161 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2024-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation.

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(2) Upon a conversion of the Class A-L Loans in accordance with this
Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $220.0 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount.

The Company (through its wholly-owned and consolidated subsidiary, 2024-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization in part in exchange for the Company's sale and contribution to the 2024-1 Issuer of the initial closing date portfolio. The 2024-1 Notes are scheduled to mature on April 20, 2036; however, the 2024-1 Notes may be redeemed by the 2024-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2024-1 Depositor), on any business day after March 13, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2024-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2024-1 Issuer, and the indenture governing the 2024-1 Notes includes customary covenants and events of default.

The 2024-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*2024-2 CLO Debt Securitization* 

On December 11, 2024, the Company completed a $500.5 million term debt securitization (the **"2024-2 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024-2 Debt Securitization (collectively, the **"2024-2 Notes"**) were issued by BCRED CLO 2024-2 LLC (the **"2024-2 Issuer"**), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-2 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Notes <sup>(2)(3)(4)</sup> | Senior Secured Floating Rate | $60000 | SOFR + 1.50% | Aaa |
|  Class A-L1 Loans <sup>(2)</sup> | Senior Secured Floating Rate | 145000 | SOFR + 1.50% | Aaa |
|  Class A-L2 Loans <sup>(3)</sup> | Senior Secured Floating Rate | 50000 | SOFR + 1.50% | Aaa |
|  Class A-L3 Loans <sup>(4)</sup> | Senior Secured Floating Rate | 20000 | SOFR + 1.50% | Aaa |
|  Class B Notes | Senior Secured Floating Rate | 30000 | SOFR + 1.80% | Aa2 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 35000 | SOFR + 2.00% | A2 |
|  **Total Secured Notes** |  | 340000 |  |  |
|  Subordinated Notes <sup>(1)</sup> | Subordinated | 160500 |  | Not Rated |
|  **Total 2024-2 Notes** |  | $500500 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2024-2 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-2 Debt Securitization which are eliminated in consolidation.

(2) Upon a conversion of the Class A-L1 Loans in accordance with this
Indenture and the Class A-L1 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $145.0 million and the Aggregate Outstanding Amount of the Class A-L1 Loans reduced by a corresponding amount.

(3) Class A-L2 Loans may not be converted into Class A Notes at
any time. For the avoidance of doubt, the Class A Notes shall not be exchangeable or convertible into Class A-L2 Loans at any time.

(4) Upon a conversion of the Class A-L3 Loans in accordance with this
Indenture and the Class A-L3 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $20.0 million and the Aggregate Outstanding Amount of the Class A-L3 Loans reduced by a corresponding amount.

The Company (through its wholly-owned and consolidated subsidiary, 2024-2 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-2 Debt Securitization in part in exchange for the Company's sale and contribution to the 2024-2 Issuer of the initial closing date portfolio. The 2024-2 Notes are scheduled to mature on January 20, 2037; however, the 2024-2 Notes may be redeemed by the 2024-2 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2024-2 Depositor), on any business day after December 11, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-2 Issuer. The Class A Notes, Class A-L1 Loans, Class A-L2 Loans, Class A-L3 Loans, Class B Notes and Class C Notes are secured obligations of the 2024-2 Issuer, the Subordinated Notes are the unsecured obligations of the 2024-2 Issuer, and the indenture governing the 2024-2 Notes includes customary covenants and events of default.

The 2024-2 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*2025-1 CLO Debt Securitization* 

On March 21, 2025, the Company completed a $1.3 billion term debt securitization (the **"2025-1 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2025-1 Debt Securitization (collectively, the **"2025-1 Notes"**) were issued by BCRED CLO 2025-1 LLC (the **"2025-1 Issuer"**), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

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##### [**Table of Contents**](#toc)
The following table presents information on the secured and unsecured notes issued in the 2025-1 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Notes | Senior Secured Floating Rate | $715000 | SOFR +<br>1.38% | Aaa |
|  Class B Notes | Senior Secured Floating Rate | 78000 | SOFR +<br>1.70% | Aa2 |
|  Class C Notes | Mezzanine Secured Deferrable Floating Rate | 91000 | SOFR +<br>2.00% | A2 |
|  **Total Secured Notes** |  | 884000 |  |  |
|  Subordinated Notes <sup>(1)</sup> | Subordinated | 413000 |  | Not Rated |
|  **Total 2025-1 Notes** |  | $1297000 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Depositor) retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Depositor) retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization in part in exchange for the Company's sale and contribution to the 2025-1 Issuer of the initial closing date portfolio. The 2025-1 Notes are scheduled to mature on April 20, 2037; however, the 2025-1 Notes may be redeemed by the 2025-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2025-1 Depositor), on any business day after April 20, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2025-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2025-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2025-1 Issuer, and the indenture governing the 2025-1 Notes includes customary covenants and events of default.

The 2025-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2025-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*2025-1 Lender Finance* 

On March 26, 2025, the Company entered into a $915.0 million secured term loan credit facility (the **"2025-1 Lender Finance Facility"**). BCRED Lender Finance 2025-1 LLC (the **"2025-1 Lender Finance"**) an indirectly wholly-owned subsidiary of the Company, is the borrower under the 2025-1 Lender Finance Facility and is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The loans incurred under the 2025-1 Lender Finance Facility (collectively, the **"2025-1 Loans"**) are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

------

##### [**Table of Contents**](#toc)
The following table presents information on the loans incurred in the 2025-1 Lender Finance Facility:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Term Loans | Senior Secured Floating Rate | $802500 | SOFR + 1.47% | Aaa |
|  Class B Term Loans | Senior Secured Floating Rate | 87500 | SOFR + 1.77% | Aa2 |
|  Class C Term Loans <sup>(1)</sup> | Senior Secured Deferrable Floating Rate | 25000 | SOFR + 2.00% | A1 |
|  **Total Term Loans** |  | $915000 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-1 Lender Finance Facility which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-1 Lender Finance Facility in part in exchange for the Company's sale and contribution to 2025-1 Lender Finance of the initial closing date portfolio. The funding date for the 2025-1 Loans was March 31, 2025. The 2025-1 Loans are scheduled to mature on April 20, 2037; however, the 2025-1 Loans may be prepaid by 2025-1 Lender Finance, at the direction of the Company, on any business day after March 31, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to 2025-1 Lender Finance. The Class A Term Loans, Class B Term Loans and Class C Term Loans are secured obligations of 2025-1 Lender Finance, and the loan and security governing the 2025-1 Loans includes customary covenants and events of default.

The Company serves as collateral manager to 2025-1 Lender Finance under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*BCRED BSL Static CLO 2025-1 Debt Securitization* 

On May 29, 2025, the name of the 2021-1 BSL CLO Issuer was changed to BCRED BSL Static CLO 2025-1, Ltd. (under such name, the "**2025-1 BSL Issuer**") and the Company completed a $851.7 million static term debt securitization (the **"2025-1 BSL Static Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2025-1 BSL Static Debt Securitization (collectively, the **"2025-1 BSL Notes"**) were issued by the 2025-1 BSL Issuer, a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL Static CLO 2025-1, LLC, a wholly-owned subsidiary of the 2025-1 BSL Issuer (collectively, the **"2025-1 BSL Issuers"**), and are secured by a diversified portfolio of senior secured loans and participation interests.

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##### [**Table of Contents**](#toc)
The following table presents information on the secured and unsecured notes issued in the 2025-1 BSL Static Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Notes | Senior Secured Floating Rate | $511920 | SOFR + 1.25% | AAA |
|  Class B Notes | Senior Secured Floating Rate | 96380 | SOFR + 1.85% | AA |
|  Class C Notes | Mezzanine Secured Deferrable Floating Rate | 53325 | SOFR + 2.10% | A |
|  Class D Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 33575 | SOFR + 2.77% | BBB |
|  **Total Secured Notes** |  | 695200 |  |  |
|  Subordinated Notes <sup>(1)</sup> |  | 156500 |  | Not<br>rated |
|  **Total 2025-1 BSL Notes** |  | $851700 |  |  |

---

(1) The Company retained all of the Class D Notes and the Subordinated Notes issued in the 2025-1 BSL Debt Securitization which are eliminated in consolidation.

The 2025-1 BSL Notes mature on July 24, 2035, unless redeemed by the 2025-1 BSL Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after February 28, 2026. The Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2025-1 BSL Issuers and the Subordinated Notes are the unsecured obligations of 2025-1 BSL Issuer.

The 2025-1 BSL Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to 2025-1 BSL Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*2025-2 Lender Finance* 

On January 15, 2026, the Company funded a $1,020.0 million secured term loan credit facility (the **"2025-2 Lender Finance Facility"**). 2025-2 Lender Finance is the borrower under the 2025-2 Lender Finance Facility and is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The loans incurred under the 2025-2 Lender Finance Facility (collectively, the **"2025-2 Loans"**) are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

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##### [**Table of Contents**](#toc)
The following table presents information on the loans incurred in the 2025-2 Lender Finance Facility:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Term Loans | Senior Secured Floating Rate | $802500 | SOFR + 1.50% | Aaa |
|  Class B Term Loans | Senior Secured Floating Rate | 80000 | SOFR + 1.80% | Aa2 |
|  Class C Term Loans <sup>(1)</sup> | Senior Deferrable Floating Rate | 137500 | SOFR + 2.10% | A2 |
|  **Total Term Loans** |  | $1020000 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2025-2 Lender Finance Depositor) retained all of the Class C Terms Loans incurred in the 2025-2 Lender Finance Facility which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-2 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-2 Lender Finance Facility in part in exchange for the Company's sale and contribution to 2025-2 Lender Finance of the initial closing date portfolio. The 2025-2 Loans are scheduled to mature on January 20, 2038; however, the 2025-2 Loans may be prepaid by 2025-2 Lender Finance, at the direction of the Company, on any business day after January 15, 2028. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to 2025-2 Lender Finance. The Class A Term Loans, Class B Term Loans and Class C Term Loans are secured obligations of 2025-2 Lender Finance, and the loan and security governing the 2025-2 Loans includes customary covenants and events of default.

The Company serves as collateral manager to 2025-2 Lender Finance under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*BCRED CLO 2026-1* 

On March 9, 2026, the Company completed a $994.3 million term debt securitization (the **"2026-1 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2026-1 Debt Securitization (collectively, the **"2026-1 Notes"**) were issued by the 2026-1 Issuer, an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

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##### [**Table of Contents**](#toc)
The following table presents information on the secured and unsecured notes issued in the 2026-1 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Notes | Senior Secured Floating Rate | $540000 | SOFR + 1.37% | AAA |
|  Class B Notes | Senior Secured Floating Rate | 140000 | SOFR + 1.70% | AA |
|  Class C Notes | Mezzanine Secured Deferrable Floating Rate | 55000 | SOFR + 1.95% | A |
|  **Total Secured Notes** |  | 735000 |  |  |
|  Subordinated Notes <sup>(1)</sup> | Subordinated | 259340 |  | Not Rated |
|  **Total 2026-1 Notes** |  | $994340 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2026-1 Depositor) retained all of the Subordinated Notes issued in the 2026-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2026-1 Depositor) retained all of the Subordinated Notes issued in the 2026-1 Debt Securitization in part in exchange for the Company's sale and contribution to the 2026-1 Issuer of the initial closing date portfolio. The 2026-1 Notes are scheduled to mature on April 24, 2039; however, the 2026-1 Notes may be redeemed by the 2026-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2026-1 Depositor), on any business day after March 9, 2028. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2026-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2026-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2026-1 Issuer, and the indenture governing the 2026-1 Notes includes customary covenants and events of default.

The 2026-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2026-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

The following presents the assets and liabilities of the 2021-2 Issuer, MML 2021-1 Issuer, MML 2022-1 Issuer, 2022-1 BSL Issuer, MML 2022-2 Issuer, 2023-1 Issuer, 2024-1 Issuer, 2024-2 Issuer, 2025-1 Issuer, 2025-1 Lender Finance Facility, 2025-1 BSL Issuer, 2025-2 Lender Finance Facility and 2026-1 Issuer (collectively referred to as, the **"CLO Issuers"**), after giving effect to the elimination of intercompany balances.

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##### [**Table of Contents**](#toc)
The assets of the CLO Issuers are restricted to be used to settle the obligations of the CLO Issuers. The liabilities of the CLO Issuers are only the obligations of the CLO Issuers and the creditors (or beneficial interest holders) do not have recourse to the Company.

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** | | |
|  Investments at fair value Non-controlled/non-affiliated investments | $10574413 | $8435694 |
|  Total investments at fair value | 10574413 | 8435694 |
|  Cash and cash equivalents (restricted cash of $740,176 and $802,310, respectively) | 740176 | 802310 |
|  Interest receivable from non-controlled/non-affiliated investments | 70860 | 79801 |
|  **Total assets** | $11385449 | $9317805 |
|  **LIABILITIES** |  |  |
|  Debt (net of unamortized debt issuance costs of $31,080 and $25,356, respectively) | $7418694 | $5939567 |
|  Interest payable | 73672 | 82713 |
|  **Total liabilities** | $7492366 | $6022280 |

---

*<u>Short-Term Borrowings</u>*

*Master Repurchase Agreements* 

On June 15, 2021 and June 16, 2021, the Company entered into Master Repurchase Agreements (the **"Repurchase Agreements"**) with certain banks to provide short-term borrowings which the Company utilizes from time-to-time to manage its working capital needs. As part of the Repurchase Agreements, the Company can sell a security to the lender for cash with an agreement to buy it back in the future at a pre-determined price. The Company's ability to draw down borrowings under the agreement is subject to 1940 Act leverage limitations and dependent on the Company pledging eligible assets to the banks as collateral. No commitment fees were paid in connection with execution of these agreements.

As of March 31, 2026, and December 31, 2025, respectively, the Company had $438.1 million and $406.8 million of short-term borrowings under the Repurchase Agreements.

Short-term borrowings under the Repurchase Agreements bore interest at a weighted average applicable margin of 4.62% and 4.75% per annum as of March 31, 2026, and December 31, 2025, respectively.

Certain of the Company's investments serve as collateral for the Company's obligations under the Repurchase Agreements and the carrying value of pledged investments were $384.6 million and $486.8 million as of March 31, 2026, and December 31, 2025, respectively.

*Other Short-Term Borrowings* 

In order to finance certain investment transactions, the Company may, from time to time, enter into financing agreements whereby the Company transfers to a third party an investment that it holds in exchange for cash for a period of time, generally not to exceed 180-days from the date it was sold (each, a **"Short Term Financing Transaction"**). At the expiration of the agreement, the Company returns the cash and interest to the third party and receives the original investment transferred.

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##### [**Table of Contents**](#toc)
As of March 31, 2026 and December 31, 2025, the Company had $500.0 million and $450.0 million, respectively, of borrowings under Short Term Financing Transactions with third parties. Certain of the Company's investments serve as collateral for the Company's obligations under the Short Term Financing Transactions and the carrying value of pledged investments was $525.5 million and $450.0 million, respectively, as of March 31, 2026 and December 31, 2025.

Short-term borrowings under Short Term Financing Transactions bore interest at an applicable margin of 6.43% and 4.52%, respectively, per annum as of March 31, 2026 and December 31, 2025.

In accordance with ASC 860, Transfers and Servicing, the Master Repurchase Agreements and the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company's Condensed Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its obligation to a third party which is reported as Debt on the Company's Statements of Assets and Liabilities. The obligation is secured by the respective investment that is the subject of the agreement. Interest expense associated with the Master Repurchase Agreements and the Short Term Financing Transactions is reported on the Company's Condensed Consolidated Statements of Operations within Interest expense.

The Company's outstanding debt obligations were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Aggregate**<br>**Principal**<br>**Committed** | **Outstanding**<br>**Principal** | **Carrying<br>Value (net of<br>unamortized<br>issuance costs,<br>premiums and<br>discounts)** | **Unamortized<br>Debt Issuance<br>Costs<br>(including<br>premiums and<br>discounts)** | **Unused**<br>**Portion <sup>(1)</sup>** | **Amount**<br>**Available <sup>(2)</sup>** |
|  Bard Peak Funding Facility <sup>(3)</sup> | $2250000 | $1785973 | $1785973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $464027 | $460403 |
|  Castle Peak Funding Facility <sup>(3)</sup> | 2600000 | 1489850 | 1489850 |  | 1110150 | 1110150 |
|  Summit Peak Funding Facility <sup>(3)</sup> | 1375000 | 822973 | 822973 |  | 552027 | 552027 |
|  Denali Peak Funding Facility | 1425000 | 604800 | 604800 |  | 820200 | 820200 |
|  Bushnell Peak Funding Facility | 1000000 | 504300 | 504300 |  | 495700 | 495700 |
|  Granite Peak Funding Facility | 1000000 | 474000 | 474000 |  | 526000 | 526000 |
|  Middle Peak Funding Facility | 1150000 | 750000 | 750000 |  | 400000 | 400000 |
|  Bison Peak Funding Facility | 2100000 | 1155200 | 1155200 |  | 944800 | 944800 |
|  Blanca Peak Funding Facility | 1100000 | 825000 | 825000 |  | 275000 | 275000 |
|  Windom Peak Funding Facility <sup>(3)</sup> | 2150000 | 1292633 | 1292633 |  | 857367 | 857357 |
|  Monarch Peak Funding Facility | 1500000 | 1050000 | 1050000 |  | 450000 | 450000 |
|  Haydon Peak Funding Facility | 500000 | 189000 | 189000 |  | 311000 | 311000 |
|  Phoenix Peak Funding Facility <sup>(3)</sup> | 217723 | 217723 | 216716 | 1007 |  |  |
|  Sonora Peak Funding Facility | 1100000 | 550000 | 550000 |  | 550000 | 550000 |
|  Ramsey Peak Funding Facility | 1000000 |  |  |  | 1000000 | 1000000 |
|  Crystal Peak Funding Facility | 750000 |  |  |  | 750000 | 750000 |
|  Weller Peak Funding Facility | 214400 |  |  |  | 214400 | 133463 |
|  2026-1 PC Static Warehouse | 360000 |  |  |  | 360000 | 357827 |
|  Revolving Credit Facility <sup>(4)</sup> | 5950000 | 2474396 | 2474396 |  | 3475604 | 3475604 |
|  2026 Notes | 400000 | 400000 | 399748 | 252 |  |  |
|  May 2027 Notes <sup>(5)</sup> | 625000 | 625000 | 619058 | 602 |  |  |
|  October 2027 Notes <sup>(5)</sup> | 350000 | 350000 | 347786 | 2108 |  |  |
|  March 2031 5.54% Notes <sup>(5)</sup> | 500000 | 500000 | 494727 | 9839 |  |  |
|  March 2033 Notes <sup>(5)</sup> | 500000 | 500000 | 491768 | 12476 |  |  |
|  January 2032 Series 2026A Notes <sup>(5)</sup> | 210000 | 210000 | 207662 | 294 |  |  |
|  December 2026 Notes <sup>(5)</sup> | 1250000 | 1250000 | 1235339 | 3377 |  |  |
|  November 2026 Eurobonds | 577925 | 577925 | 576885 | 1040 |  |  |
|  March 2027 Notes | 1000000 | 1000000 | 997411 | 2589 |  |  |
|  January 2029 Notes | 650000 | 650000 | 645029 | 4971 |  |  |
|  April 2026 UK Bonds <sup>(5)</sup> | 330900 | 330900 | 330703 | 32 |  |  |
|  November 2028 Notes <sup>(5)</sup> | 650000 | 650000 | 656294 | 1487 |  |  |

---

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Aggregate**<br>**Principal**<br>**Committed** | **Outstanding**<br>**Principal** | **Carrying<br>Value (net of<br>unamortized<br>issuance costs,<br>premiums and<br>discounts)** | **Unamortized<br>Debt Issuance<br>Costs<br>(including<br>premiums and<br>discounts)** | **Unused**<br>**Portion <sup>(1)</sup>** | **Amount**<br>**Available <sup>(2)</sup>** |
|  January 2031 Notes <sup>(5)</sup> | 600000 | 600000 | 592668 | 8418 |  |  |
|  July 2029 Notes <sup>(5)</sup> | 900000 | 900000 | 903394 | 2984 |  |  |
|  September 2027 Notes <sup>(5)</sup> | 400000 | 400000 | 393842 | 3333 |  |  |
|  April 2030 Notes <sup>(5)</sup> | 400000 | 400000 | 386862 | 6938 |  |  |
|  November 2029 Notes <sup>(5)</sup> | 400000 | 400000 | 397759 | 6622 |  |  |
|  November 2034 Notes <sup>(5)</sup> | 800000 | 800000 | 781406 | 20931 |  |  |
|  January 2032 Notes <sup>(5)</sup> | 1000000 | 1000000 | 1002291 | 21004 |  |  |
|  September 2030 Notes <sup>(5)</sup> | 500000 | 500000 | 485142 | 8892 |  |  |
|  March 2031 5.350% Notes <sup>(5)</sup> | 700000 | 700000 | 680390 | 14030 |  |  |
|  2021-2 Notes | 505800 | 505800 | 504679 | 1121 |  |  |
|  MML 2021-1 Debt | 690000 | 690000 | 686911 | 3089 |  |  |
|  MML 2022-1 Debt | 759000 | 759000 | 755013 | 3987 |  |  |
|  2022-1 BSL Debt | 420000 | 420000 | 418820 | 1180 |  |  |
|  MML 2022-2 Debt | 300500 | 300500 | 298570 | 1930 |  |  |
|  2023-1 Notes | 305000 | 305000 | 303408 | 1592 |  |  |
|  2024-1 Notes | 244000 | 244000 | 242520 | 1480 |  |  |
|  2024-2 Notes | 305000 | 305000 | 302244 | 2756 |  |  |
|  2025-1 Notes | 884000 | 884000 | 880869 | 3131 |  |  |
|  2025-1 Lender Finance | 890000 | 890000 | 887481 | 2519 |  |  |
|  2025-1 BSL Notes | 528975 | 528975 | 527418 | 1557 |  |  |
|  2025-2 Lender Finance | 882500 | 882500 | 879603 | 2897 |  |  |
|  2026-1 Notes | 735000 | 735000 | 731158 | 3842 |  |  |
|  Short-Term Borrowings | 938093 | 938093 | 938093 |  |  |  |
|  **Total** | $48873816 | $35317541 | $35167792 | $164307 | $13556275 | $13469531 |

---

(1) The unused portion is the amount upon which commitment fees, if any, are based.

(2) The amount available reflects any limitations related to each respective credit facility's borrowing
base.

(3) Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 94.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 251.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 113.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NZD 125.4 million

Under the Castle Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 102.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 46.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 38.9 million

Under the Summit Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 64.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 26.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 99.7 million

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##### [**Table of Contents**](#toc)
Under the Windom Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 100.4 million

Under the Phoenix Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 142.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 39.8 million

(4) Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As
of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 633.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 1,009.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUD 1.0 million

(5) Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value (net of<br>unamortized<br>issuance costs,<br>premiums and<br>discounts)** | **Unamortized<br>Debt Issuance<br>Costs<br>(including<br>premiums and<br>discounts)** | **Unused<br>Portion <sup>(1)</sup>** | **Amount<br>Available <sup>(2)</sup>** |
|  Bard Peak Funding Facility <sup>(3)</sup> | $1650000 | $1549670 | $1549670 | $— | $100330 | $100330 |
|  Castle Peak Funding Facility <sup>(3)</sup> | 2550000 | 1760209 | 1760209 |  | 789791 | 789638 |
|  Summit Peak Funding Facility <sup>(3)</sup> | 1375000 | 1257548 | 1257548 |  | 117452 | 105732 |
|  Denali Peak Funding Facility | 750000 | 584800 | 584800 |  | 165200 | 136379 |
|  Bushnell Peak Funding Facility | 1000000 | 554300 | 554300 |  | 445700 | 445700 |
|  Granite Peak Funding Facility | 1000000 | 500000 | 500000 |  | 500000 | 486953 |
|  Middle Peak Funding Facility | 1000000 | 890000 | 890000 |  | 110000 | 110000 |
|  Bison Peak Funding Facility | 1500000 | 1437200 | 1437200 |  | 62800 | 62800 |
|  Blanca Peak Funding Facility | 1100000 | 951000 | 951000 |  | 149000 | 149000 |
|  Windom Peak Funding Facility <sup>(3)</sup> | 2150000 | 2150076 | 2150076 |  |  |  |
|  Monarch Peak Funding Facility | 1500000 | 1500000 | 1500000 |  |  |  |
|  Haydon Peak Funding Facility | 250000 | 212000 | 212000 |  | 38000 | 38000 |
|  Bear Peak Funding Facility <sup>(3)</sup> | 587600 | 587017 | 587017 |  | 583 | 583 |
|  Phoenix Peak Funding Facility <sup>(3)</sup> | 221455 | 221455 | 220354 | 1101 |  |  |
|  2025-2 Lender Finance Warehouse Facility | 882500 |  |  |  | 882500 | 882500 |
|  Revolving Credit Facility <sup>(4)</sup> | 5800000 | 2259240 | 2259240 |  | 3540760 | 3540760 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value (net of<br>unamortized<br>issuance costs,<br>premiums and<br>discounts)** | **Unamortized<br>Debt Issuance<br>Costs<br>(including<br>premiums and<br>discounts)** | **Unused<br>Portion <sup>(1)</sup>** | **Amount<br>Available <sup>(2)</sup>** |
|  2026 Notes | 400000 | 400000 | 399584 | 416 |  |  |
|  May 2027 Notes <sup>(5)</sup> | 625000 | 625000 | 620163 | 739 |  |  |
|  October 2027 Notes <sup>(5)</sup> | 350000 | 350000 | 349354 | 2448 |  |  |
|  March 2031 5.54% Notes <sup>(5)</sup> | 500000 | 500000 | 498066 | 10326 |  |  |
|  March 2033 Notes <sup>(5)</sup> | 500000 | 500000 | 494769 | 12916 |  |  |
|  December 2026 Notes <sup>(5)</sup> | 1250000 | 1250000 | 1233234 | 4565 |  |  |
|  November 2026 Eurobonds | 587600 | 587600 | 586175 | 1425 |  |  |
|  March 2027 Notes | 1000000 | 1000000 | 996741 | 3259 |  |  |
|  January 2029 Notes | 650000 | 650000 | 644590 | 5410 |  |  |
|  April 2026 UK Bonds <sup>(5)</sup> | 336988 | 336988 | 335202 | 250 |  |  |
|  November 2028 Notes <sup>(5)</sup> | 650000 | 650000 | 661542 | 1624 |  |  |
|  January 2031 Notes <sup>(5)</sup> | 600000 | 600000 | 596471 | 8843 |  |  |
|  July 2029 Notes <sup>(5)</sup> | 900000 | 900000 | 910031 | 3213 |  |  |
|  September 2027 Notes <sup>(5)</sup> | 400000 | 400000 | 395183 | 3885 |  |  |
|  April 2030 Notes <sup>(5)</sup> | 400000 | 400000 | 388785 | 7365 |  |  |
|  November 2029 Notes <sup>(5)</sup> | 400000 | 400000 | 400465 | 7071 |  |  |
|  November 2034 Notes <sup>(5)</sup> | 800000 | 800000 | 785348 | 21529 |  |  |
|  January 2032 Notes <sup>(5)</sup> | 1000000 | 1000000 | 1009275 | 21892 |  |  |
|  September 2030 Notes <sup>(5)</sup> | 500000 | 500000 | 487697 | 9388 |  |  |
|  2021-2 Notes | 505800 | 505800 | 504647 | 1153 |  |  |
|  MML 2021-1 Debt | 690000 | 690000 | 686824 | 3176 |  |  |
|  MML 2022-1 Debt | 759000 | 759000 | 754904 | 4096 |  |  |
|  2022-1 BSL Debt | 420000 | 420000 | 418788 | 1212 |  |  |
|  MML 2022-2 Debt | 300500 | 300500 | 298513 | 1987 |  |  |
|  2023-1 Notes | 305000 | 305000 | 303368 | 1632 |  |  |
|  2024-1 Notes | 244000 | 244000 | 242484 | 1516 |  |  |
|  2024-2 Notes | 305000 | 305000 | 302181 | 2819 |  |  |
|  2025-1 Notes | 884000 | 884000 | 880799 | 3201 |  |  |
|  2025-1 Lender Finance | 890000 | 890000 | 887425 | 2575 |  |  |
|  2025-1 BSL Notes | 661625 | 661625 | 659634 | 1991 |  |  |
|  Short-Term Borrowings | 856829 | 856829 | 856829 |  |  |  |
|  **Total** | $41987897 | $35085857 | $35002485 | $153023 | $6902116 | $6848375 |

---

(1) The unused portion is the amount upon which commitment fees, if any, are based.

(2) The amount available reflects any limitations related to each respective credit facility's borrowing
base.

(3) Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 94.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 69.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 74.6 million

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##### [**Table of Contents**](#toc)
Under the Castle Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 78.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 46.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 38.9 million

Under the Summit Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 64.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 26.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 99.7 million

Under the Windom Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 100.4 million

Under the Bear Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 390.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 40.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NZD 128.3 million

Under the Phoenix Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 142.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 39.8 million

(4) Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As
of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 24.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 369.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 1,039.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUD 1.0 million

(5) Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

The following tables summarize the contractual maturities of the Company's outstanding principal as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Less than<br>1 Year** | **1 - 3<br>Years** | **3 - 5**<br>**Years** | **Greater<br>than 5<br>Years** | **Total** |
|  SPV Financing Facilities | $— | $217723 | $10193729 | $1300000 | $11711452 |
|  Revolving Credit Facility |  |  | 2474396 |  | 2474396 |
|  Private Placement Bonds | 400000 | 975000 | 500000 | 710000 | 2585000 |
|  Unsecured Notes | 3158825 | 1700000 | 3500000 | 1800000 | 10158825 |
|  Debt Securitizations |  |  |  | 7449775 | 7449775 |
|  Short-Term Borrowings | 938093 |  |  |  | 938093 |
|  **Total outstanding principal** | $4496918 | $2892723 | $16668125 | $11259775 | $35317541 |

---

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##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Less than<br>1 Year** | **1 - 3<br>Years** | **3 - 5**<br>**Years** | **Greater<br>than 5<br>Years** | **Total** |
|  SPV Financing Facilities | $— | $2105272 | $11160003 | $890000 | $14155275 |
|  Revolving Credit Facility |  |  | 2259240 |  | 2259240 |
|  Private Placement Bonds | 400000 | 975000 |  | 1000000 | 2375000 |
|  Unsecured Notes | 2174588 | 2050000 | 2850000 | 2400000 | 9474588 |
|  Debt Securitizations |  |  |  | 5964925 | 5964925 |
|  Short-Term Borrowings | 856829 |  |  |  | 856829 |
|  **Total outstanding principal** | $3431417 | $5130272 | $16269243 | $10254925 | $35085857 |

---

As of March 31, 2026 and December 31, 2025, interest payable included $506.4 million and $424.2 million, respectively, of interest expense and $5.4 million and $3.9 million, respectively, of unused commitment fees.

For the three months ended March 31, 2026 and 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 5.52% and 6.10%, respectively. For the three months ended March 31, 2026 and 2025, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 5.67% and 6.20%, respectively, including $5.2 million and nil, respectively, of deferred financing costs written off as a result of the termination or reduction of the borrowing capacity of SPV Financing Facilities.

For the three months ended March 31, 2026 and 2025, the average principal debt outstanding was $36,088.3 million and $30,920.0 million, respectively.

The components of interest expense were as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Borrowing interest expense | $480155 | $456004 |
|  Facility unused fees | 7589 | 7630 |
|  Amortization of deferred financing costs | 13970 | 8498 |
|  Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 10084 | 9420 |
|  Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 54425 | (127092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedged items | (54455) | 125175 |
|  **Total interest expense** | $511768 | $479635 |
|  Cash paid for interest expense | $553029 | $589353 |

---

**Note 8. Commitments and Contingencies** 

***Portfolio Company Commitments***

The Company's investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in

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##### [**Table of Contents**](#toc)
accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $10.8 billion and $13.4 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle's allocation may change prior to the date of funding. In this regard, as of March 31, 2026 and December 31, 2025, the Company estimates that $1,451.9 million and $1,271.1 million, respectively, of investments and backstop arrangements were committed but not yet funded.

As of March 31, 2026 and December 31, 2025, $461.0 million and $497.3 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

***Other Commitments and Contingencies***

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026 and December 31, 2025, management is not aware of any material pending legal proceedings.

**Note 9. Net Assets** 

The following table presents transactions in Common Shares for the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** |
|  | **Shares** | **Amount** |
|  **CLASS I** |  |  |
|  Subscriptions | 41791858 | $1031927 |
|  Share transfers between classes | 4554111 | 111799 |
|  Distributions reinvested | 14679523 | 361385 |
|  Share repurchases | (94188973) | (2278408) |
|  Early repurchase deduction |  | 805 |
|  **Net increase (decrease)** | (33163481) | (772492) |
|  **CLASS S** |  |  |
|  Subscriptions | 11740119 | 289132 |
|  Share transfers between classes | (4428139) | (108669) |
|  Distributions reinvested | 6908513 | 170055 |
|  Share repurchases | (37218261) | (900316) |
|  Early repurchase deduction |  | 351 |
|  **Net increase (decrease)** | (22997768) | (549447) |
|  **CLASS D** |  |  |
|  Subscriptions | 194526 | 4803 |
|  Share transfers between classes | (125972) | (3130) |
|  Distributions reinvested | 72615 | 1788 |
|  Share repurchases | (2242978) | (54257) |
|  Early repurchase deduction |  | 14 |
|  **Net increase (decrease)** | (2101809) | (50782) |
|  Total net increase (decrease) | (58263058) | $(1372721) |

---

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##### [**Table of Contents**](#toc)
The following table presents transactions in Common Shares for the three months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended<br>March 31, 2025** | **For the three months ended<br>March 31, 2025** |
|  | **Shares** | **Amount** |
|  **CLASS I** |  |  |
|  Subscriptions | 95735039 | $2431752 |
|  Share transfers between classes | 1701230 | 43221 |
|  Distributions reinvested | 12920658 | 328177 |
|  Share repurchases | (18329167) | (462810) |
|  Early repurchase deduction |  | 215 |
|  **Net increase (decrease)** | 92027760 | 2340555 |
|  **CLASS S** |  |  |
|  Subscriptions | 32814868 | 833417 |
|  Share transfers between classes | (1612496) | (40966) |
|  Distributions reinvested | 6268532 | 159217 |
|  Share repurchases | (4620790) | (116675) |
|  Early repurchase deduction |  | 102 |
|  **Net increase (decrease)** | 32850114 | 835095 |
|  **CLASS D** |  |  |
|  Subscriptions | 2391184 | 60771 |
|  Share transfers between classes | (88734) | (2255) |
|  Distributions reinvested | 123469 | 3136 |
|  Share repurchases | (63255) | (1597) |
|  Early repurchase deduction |  | 5 |
|  **Net increase (decrease)** | 2362664 | 60060 |
|  Total net increase (decrease) | 127240538 | $3235710 |

---

***Net Asset Value per Share and Offering Price***

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| **For the Months Ended** | **Class I** | **Class S** | **Class D** |
|  January 31, 2026 | $24.68 | $24.68 | $24.68 |
|  February 28, 2026 | 24.38 | 24.38 | 24.38 |
|  March 31, 2026 | 24.19 | 24.19 | 24.19 |

---

The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the three months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| **For the Months Ended** | **Class I** | **Class S** | **Class D** |
|  January 31, 2025 | $25.42 | $25.42 | $25.42 |
|  February 28, 2025 | 25.36 | 25.36 | 25.36 |
|  March 31, 2025 | 25.25 | 25.25 | 25.25 |

---

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##### [**Table of Contents**](#toc)
***Distributions***

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following tables present distributions that were declared and payable for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Class I** | **Class I** |
| **Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2026 | January 31, 2026 | February 26, 2026 | $0.2000 | $267765 |
|  February 19, 2026 | February 28, 2026 | March 26, 2026 | 0.2000 | 271817 |
|  March 19, 2026 | March 31, 2026 | April 28, 2026 | 0.2000 | 274504 |
|  |  |  | $0.6000 | $814086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Class S** | **Class S** |
| **Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2026 | January 31, 2026 | February 26, 2026 | $0.1824 | $107734 |
|  February 19, 2026 | February 28, 2026 | March 26, 2026 | 0.1825 | 108650 |
|  March 19, 2026 | March 31, 2026 | April 28, 2026 | 0.1827 | 109426 |
|  |  |  | $0.5476 | $325810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Class D** | **Class D** |
| **Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2026 | January 31, 2026 | February 26, 2026 | $0.1948 | $4701 |
|  February 19, 2026 | February 28, 2026 | March 26, 2026 | 0.1949 | 4709 |
|  March 19, 2026 | March 31, 2026 | April 28, 2026 | 0.1949 | 4722 |
|  |  |  | $0.5846 | $14132 |

---

The following tables present distributions that were declared and payable for the three months ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Class I** | **Class I** |
| **Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2200 | $228819 |
|  February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2200 | 238587 |
|  March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2200 | 246375 |
|  |  |  | $0.6600 | $713781 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Class S** | **Class S** |
| **Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2020 | $102691 |
|  February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2020 | 104955 |
|  March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2020 | 107789 |
|  |  |  | $0.6060 | $315435 |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Class D** | **Class D** |
| **Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2147 | $5018 |
|  February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2147 | 5387 |
|  March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2147 | 5442 |
|  |  |  | $0.6441 | $15847 |

---

***Distribution Reinvestment Plan*** 

The Company has adopted a distribution reinvestment plan (the **"DRIP"**), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the Company's DRIP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places. No action is required on the part of a registered shareholder to have his, her or its cash dividend or other distribution reinvested in our Common Shares, except shareholders in certain states. Investors and clients of certain participating brokers in states that do not permit automatic enrollment in our DRIP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.

***Character of Distributions*** 

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisers, which is subject to recoupment.

Through March 31, 2026, a portion of the Company's distributions resulted from expense support from the Sub-Adviser, and future distributions may result from expense support from the Sub-Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods or the Sub-Adviser continues to provide expense support. Shareholders should also understand that the Company's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** |
|  | **Class I** | **Class I** | **Class S** | **Class S** | **Class D** | **Class D** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
|  Net investment income | $0.6000 | $814086 | $0.5476 | $325810 | $0.5846 | $14132 |
|  Net realized gains |  |  |  |  |  |  |
|  **Total** | $0.6000 | $814086 | $0.5476 | $325810 | $0.5846 | $14132 |

---

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##### [**Table of Contents**](#toc)
The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |
|  | **Class I** | **Class I** | **Class S** | **Class S** | **Class D** | **Class D** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
|  Net investment income | $0.6600 | $713781 | $0.6060 | $315435 | $0.6441 | $15847 |
|  Net realized gains |  |  |  |  |  |  |
|  **Total** | $0.6600 | $713781 | $0.6060 | $315435 | $0.6441 | $15847 |

---

***Share Repurchase Program*** 

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an **"Early Repurchase Deduction"**). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder's shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; or due to trade or operational error. In addition, the Company's Common Shares are sold to certain investment vehicles (including feeder vehicles, registered investment companies or other investment funds), discretionary model portfolios and other similar arrangements. The Company, in its discretion, may waive the Early Repurchase Deduction for such investment vehicles, discretionary model portfolios and other similar arrangements in appropriate circumstances, including, but not limited to, for administrative, operational, rebalancing, regulatory or other purposes. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

*Share Repurchases* 

For the three months ended March 31, 2026 and 2025, approximately 133,689,552 and 23,024,370 Common Shares were repurchased, respectively.

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##### [**Table of Contents**](#toc)
The following table presents the repurchases of Common Shares pursuant to the Company's share repurchase program for the three months ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commencement Date** | **Repurchase<br>Request<br>Deadline** | **Total<br>Number of<br>Shares<br>Repurchased<br>(all classes)** | **Percentage of<br>Outstanding<br>Shares<br>Repurchased <sup>(1)</sup>** | **Price<br>Paid<br>Per<br>Share** | **Repurchase<br>Pricing Date** | **Amount<br>Repurchased<br>(all classes) <sup>(2)</sup>** | **Maximum<br>number of<br>shares that<br>may yet be<br>purchased<br>under the<br>repurchase<br>program <sup>(3)</sup>** |
|  February 2, 2026 | March 2, 2026 | 133689552 | 7.0% | $24.19 | March 31, 2026 | $3232786 |  |

---

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

The following table presents the repurchases of Common Shares pursuant to the Company's share repurchase program for the three months ended March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commencement Date** | **Repurchase<br>Request<br>Deadline** | **Total<br>Number of<br>Shares<br>Repurchased<br>(all classes)** | **Percentage of<br>Outstanding<br>Shares<br>Repurchased <sup>(1)</sup>** | **Price<br>Paid<br>Per<br>Share** | **Repurchase<br>Pricing Date** | **Amount<br>Repurchased<br>(all<br>classes) <sup>(2)</sup>** | **Maximum<br>number of<br>shares that<br>may yet be<br>purchased<br>under the<br>repurchase<br>program <sup>(3)</sup>** |
|  February 3, 2025 | March 3, 2025 | 23024370 | 1.5% | $25.25 | March 31, 2025 | $581043 |  |

---

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

**Note 10. Financial Highlights and Senior Securities** 

The following are the financial highlights for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** |
|  | **Class I** | **Class S** | **Class D** |
|  **Per Share Data <sup>(1)</sup>:** |  |  |  |
|  Net asset value, beginning of period | $24.79 | $24.79 | $24.79 |
|  Net investment income | 0.54 | 0.49 | 0.52 |
|  Net change in unrealized and realized gain (loss) | (0.54) | (0.54) | (0.54) |
|  Net increase (decrease) in net assets resulting from operations |  | (0.05) | (0.02) |
|  Distributions from net investment income <sup>(2)</sup> | (0.60) | (0.55) | (0.58) |
|  Distributions from net realized gains <sup>(2)</sup> |  |  |  |
|  Net increase (decrease) in net assets from shareholders' distributions | (0.60) | (0.55) | (0.58) |
|  Early repurchase deduction fees <sup>(3)</sup> | 0.00 | 0.00 | 0.00 |
|  Total increase (decrease) in net assets | (0.60) | (0.60) | (0.60) |
|  Net asset value, end of period | $24.19 | $24.19 | $24.19 |
|  Shares outstanding, end of period | 1278288287 | 561732016 | 21985210 |
|  Total return based on NAV <sup>(4)</sup> | 0.0% | (0.2)% | (0.1)% |

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** |
|  | **Class I** | **Class S** | **Class D** |
|  **Ratios:** |  |  |  |
|  Ratio of net expenses to average net assets <sup>(5)</sup> | 7.0% | 7.8% | 7.2% |
|  Ratio of net investment income to average net assets <sup>(5)</sup> | 8.8% | 8.0% | 8.6% |
|  Portfolio turnover rate | 5.2% | 5.2% | 5.2% |
|  **Supplemental Data:** |  |  |  |
|  Net assets, end of period | $30917292 | $13586401 | $531743 |
|  Asset coverage ratio | 227.5% | 227.5% | 227.5% |

---

(1) The per share data was derived by using the weighted average shares outstanding during the period.

(2) The per share data for distributions was derived by using the actual shares outstanding at the date of the
relevant transactions (refer to Note 9).

(3) The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(4) Total return is calculated as the change in NAV per share during the period, plus distributions per share
(assuming dividends and distributions are reinvested in accordance with the Company's DRIP) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5) Amounts are annualized except for amounts relating to excise and other tax expense. For the three months ended
March 31, 2026, the ratio of total operating expenses to average net assets was 7.0%, 7.8%, and 7.2% on Class I, Class S and Class D. Ratio does not include the expenses of investment companies which the Company has invested in,
including joint ventures.

The following are the financial highlights for the three months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended**<br>**March 31, 2025** | **For the three months ended**<br>**March 31, 2025** | **For the three months ended**<br>**March 31, 2025** |
|  | **Class I** | **Class S** | **Class D** |
|  **Per Share Data <sup>(1)</sup>:** |  |  |  |
|  Net asset value, beginning of period | $25.42 | $25.42 | $25.42 |
|  Net investment income | 0.65 | 0.60 | 0.63 |
|  Net change in unrealized and realized gain (loss) | (0.16) | (0.16) | (0.16) |
|  Net increase (decrease) in net assets resulting from operations | 0.49 | 0.44 | 0.47 |
|  Distributions from net investment income <sup>(2)</sup> | (0.66) | (0.61) | (0.64) |
|  Distributions from net realized gains <sup>(2)</sup> |  |  |  |
|  Net increase (decrease) in net assets from shareholders' distributions | (0.66) | (0.61) | (0.64) |
|  Early repurchase deduction fees <sup>(3)</sup> | 0.00 | 0.00 | 0.00 |
|  Total increase (decrease) in net assets | (0.17) | (0.17) | (0.17) |
|  Net asset value, end of period | $25.25 | $25.25 | $25.25 |
|  Shares outstanding, end of period | 1101546131 | 528986958 | 25281770 |
|  Total return based on NAV <sup>(4)</sup> | 1.9% | 1.7% | 1.9% |
|  **Ratios:** |  |  |  |
|  Ratio of net expenses to average net assets <sup>(5)</sup> | 7.6% | 8.4% | 7.8% |
|  Ratio of net investment income to average net assets <sup>(5)</sup> | 10.5% | 9.6% | 10.2% |
|  Portfolio turnover rate | 6.2% | 6.2% | 6.2% |
|  **Supplemental Data:** |  |  |  |
|  Net assets, end of period | $27811579 | $13355820 | $638320 |
|  Asset coverage ratio | 238.9% | 238.9% | 238.9% |

---

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##### [**Table of Contents**](#toc)
(1) The per share data was derived by using the weighted average shares outstanding during the period.

(2) The per share data for distributions was derived by using the actual shares outstanding at the date of the
relevant transactions (refer to Note 9).

(3) The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(4) Total return is calculated as the change in NAV per share during the period, plus distributions per share
(assuming dividends and distributions are reinvested in accordance with the Company's DRIP) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5) Amounts are annualized except for amounts relating to excise and other tax expense. For the three months ended
March 31, 2025, the ratio of total operating expenses to average net assets was 7.6%, 8.4% and 7.8%, on Class I, Class S and Class D, respectively.

The following is information about the Company's senior securities as of the dates indicated in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **Bard Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $1785973 | $2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1549670 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1000298 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 242243 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1235414 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 879000 | 1702 |  | N/A |
|  **Castle Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 1489850 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1760209 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1194401 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 1121681 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1146600 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 1171809 | 1702 |  | N/A |
|  **Maroon Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 300000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 483952 | 1702 |  | N/A |
|  **Summit Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 822973 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1257548 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 952105 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 286046 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1691844 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 1643154 | 1702 |  | N/A |
|  **Denali Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 604800 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 584800 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 562800 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 562800 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 749800 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 668400 | 1702 |  | N/A |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **Bushnell Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $504300 | $2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 554300 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 480300 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 465300 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 400000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 395500 | 1702 |  | N/A |
|  **Granite Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 474000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 500000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 493554 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 563600 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 647600 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 248000 | 1702 |  | N/A |
|  **Middle Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 750000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 890000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 750000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 600950 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 596950 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 799550 | 1702 |  | N/A |
|  **Bison Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 1155200 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1437200 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1203200 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 703200 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1182000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 1320800 | 1702 |  | N/A |
|  **Blanca Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 825000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 951000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1375090 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 1375090 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1081000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 892800 | 1702 |  | N/A |
|  **Windom Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 1292633 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 2150076 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1029841 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 967477 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1741465 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 989759 | 1702 |  | N/A |
|  **Monarch Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 1050000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1500000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 750000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 1400400 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 873400 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 567400 | 1702 |  | N/A |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **Borah Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $— | $— |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 130000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 223000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2022-1 BSL WH** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 148000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Naomi Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 385000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 400000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Meridian Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 246000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 246000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 170000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Haydon Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 189000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 212000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 250000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 49000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 49000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Bear Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 587017 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 164816 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 360531 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 166031 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Phoenix Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 217723 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 221455 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 197736 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **2025-2 Lender Finance Warehouse Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $— | $— |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Sonora Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 550000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Ramsey Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Crystal Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Weller Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **PC Static 2026-1 Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **Revolving Credit Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 2474396 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 2259240 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 4639587 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 1131025 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1470758 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 1144422 | 1702 |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **June 2024 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $— | $— |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 435000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 435000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 435000 | 1702 |  | N/A |
|  **2026 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 400000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 400000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 400000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 400000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 400000 | 1702 |  | N/A |
|  **May 2027 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 625000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 625000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 625000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 625000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 625000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **October 2027 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 350000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 350000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 350000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 350000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 350000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **March 2031 5.54% Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 500000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 500000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **March 2033 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 500000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 500000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **January 2032 Series 2026A Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 210000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **September 2024 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $— | $— |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 365000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 365000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 365000 | 1702 |  | N/A |
|  **December 2026 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 1250000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1250000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1250000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 1250000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1250000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 1250000 | 1702 |  | N/A |
|  **November 2026 Eurobonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 577925 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 587600 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 517925 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 551975 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 534975 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 569958 | 1702 |  | N/A |
|  **November 2024 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 500000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 500000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 500000 | 1702 |  | N/A |
|  **March 2027 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 1000000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1000000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 1000000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 1000000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 1000000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 1000000 | 1702 |  | N/A |
|  **January 2025 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 500000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 500000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **January 2029 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 650000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 650000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 650000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 650000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 650000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **March 2025 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $— | $— |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 900000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 900000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 900000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **April 2026 UK Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 330900 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 336988 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 312975 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 318663 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 301725 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **September 2025 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 800000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 800000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 800000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **November 2028 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 650000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 650000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 500000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **January 2031 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 600000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 600000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **July 2029 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 900000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 900000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **September 2027 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 400000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 400000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **April 2030 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $400000 | $2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 400000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **November 2029 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 400000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 400000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **November 2034 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 800000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 800000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 800000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **January 2032 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 1000000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1000000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **September 2030 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 500000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 500000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **March 2031 5.350% Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 700000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2021-1 BSL Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 663000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 663000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 663000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 663000 | 1702 |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **2021-2 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $505800 | $2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 505800 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 505800 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 505800 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 505800 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 505800 | 1702 |  | N/A |
|  **MML 2021-1 Debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 690000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 690000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 690000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 690000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 690000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 690000 | 1702 |  | N/A |
|  **MML 2022-1 Debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 759000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 759000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 759000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 759000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 759000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2022-1 BSL Debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 420000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 420000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 420000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 420000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 420000 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **MML 2022-2 Debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 300500 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 300500 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 300500 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 300500 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 300500 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2023-1 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 305000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 305000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 305000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 305000 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2024-1 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 244000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 244000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 244000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **2024-2 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $305000 | $2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 305000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 305000 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2025-1 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 884000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 884000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2025-1 Lender Finance** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 890000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 890000 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2025-1 BSL Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 528975 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 661625 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2025-2 Lender Finance** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 882500 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |
|  **2026-1 Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | 735000 | 2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 |  |  |  | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding<br>Exclusive of<br>Treasury<br>Securities <sup>(1)</sup>** | **Asset Coverage<br>per Unit <sup>(2)</sup>** | **Involuntary<br>Liquidating<br>Preference per<br>Unit <sup>(3)</sup>** | **Average Market<br>Value per Unit <sup>(4)</sup>** |
|  **Short-Term Borrowings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026 | $938093 | $2275 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 856829 | 2357 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 420829 | 2265 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | 28546 | 2219 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 | 619377 | 1845 |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | 718156 | 1702 |  | N/A |

---

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) Asset coverage per unit is the ratio of the carrying value of the Company's total assets, less all
liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and
is calculated on a consolidated basis.

(3) The amount to which such class of senior security would be entitled upon the Company's involuntary
liquidation in preference to any security junior to it. The "-" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading.

As of March 31, 2026 and December 31, 2025, the aggregate principal amount of indebtedness outstanding was $35.3 billion and $35.1 billion, respectively.

**Note 11. Joint Ventures** 

*BCRED Emerald JV* 

Emerald JV was formed as a joint venture between the Company and a large North American pension fund, commenced operations on January 19, 2022 and operates under a limited partnership agreement. The Emerald JV's principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans and, to a lesser extent, make other debt and equity investments.

As of March 31, 2026 and December 31, 2025, a wholly-owned subsidiary of the Company and entities affiliated with, and controlled by, a North American pension fund (collectively, the **"Emerald JV Partner"**) had commitments to contribute up to $2,250.0 million and $750.0 million of capital, respectively, to the Emerald JV.

As of March 31, 2026, the Company and the Emerald JV Partner had made capital contributions (net of returns of capital) of $1,836.0 million and $612.0 million, respectively. As of December 31, 2025, the Company and the Emerald JV Partner had made capital contributions (net of returns of capital) of $1,815.0 million and $605.0 million, respectively. As of March 31, 2026, the Company and the Emerald JV Partner had $414.0 million and $138.0 million, respectively, of capital remained uncalled. As of December 31, 2025, the Company and the Emerald JV Partner had $435.0 million and $145.0 million of capital remained uncalled. The Company and the Emerald JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV.

As of March 31, 2026 and December 31, 2025, the Company's and the Emerald JV Partner's equity ownership interests in the Emerald JV were 75% and 25%, respectively.

From time to time, the Company may purchase investments from, or sell investments to, the Emerald JV. Any such purchases and sales require the approval of the Emerald JV's general partner, which is jointly

------

##### [**Table of Contents**](#toc)
controlled by the Company and the Emerald JV Partner. For the three months ended March 31, 2026, the Company sold an investment to Emerald JV with a par value of $1.1 billion, for a total cash purchase price based on then-current fair value (at the time of purchase) of $1.1 billion. The Company recognized $0.2 million of net realized gains as a result of sales of investments to the Emerald JV and are included in net realized gain (loss) on investments in the Condensed Consolidated Statements of Operations.

The Company and the Emerald JV Partner, through their joint control of the Emerald JV's general partner, have equal control of the Emerald JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The initial term of the Emerald JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval of the Emerald JV's general partner, except in the case of a dissolution event. The Company's investment in the Emerald JV cannot be transferred without the consent of the Emerald JV Partner. Effective January 18, 2026, the Emerald JV's general partner approved the extension of the Emerald JV to July 18, 2026.

The Company has determined that the Emerald JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Emerald JV and has determined that the Emerald JV is a variable interest entity under ASC 810—Consolidation (**"ASC 810"**). However, the Company is not deemed to be the primary beneficiary of the Emerald JV as there is equal power between the Company and the Emerald JV Partner. Accordingly, the Company does not consolidate the Emerald JV.

The Company's investment in the Emerald JV is disclosed on the Company's Condensed Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025.

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

The following table presents the consolidated schedule of investments of the Emerald JV as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt** | | |  | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.22% | 7/25/2025 | 5/25/2029 | $8167 | $5791 | $1731 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.18% | 7/25/2025 | 5/25/2029 | 1186 | 783 | 251 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/14/2025 | 10/31/2031 | 7208 | 7219 | 7220 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/14/2025 | 10/31/2031 | 2742 | 2746 | 2746 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 3.75% | 7.52% | 8/4/2022 | 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19969 | 19946 | 17090 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propulsion BC Newco, LLC | (9) | SOFR + 2.50% | 6.20% | 12/1/2025 | 12/1/2032 | 3162 | 3155 | 3167 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanders Industries Holdings, Inc. | (7)(9) | SOFR + 2.50% | 6.20% | 3/10/2025 | 2/26/2032 | 23221 | 23070 | 23259 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signia Aerospace, LLC | (7)(8) | SOFR + 2.75% | 6.42% | 7/23/2025 | 12/11/2031 | 20737 | 20804 | 20818 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.17% | 11/19/2024 | 1/19/2032 | 9850 | 9886 | 9860 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.17% | 11/19/2024 | 2/28/2031 | 3950 | 3931 | 3955 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.17% | 8/13/2025 | 8/19/2032 | 6747 | 6731 | 6754 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.25% | 5.92% | 9/11/2025 | 3/22/2030 | 10891 | 10933 | 10904 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Aerospace Services Corp. | (10) | SOFR + 2.25% | 5.92% | 1/19/2022 | 12/6/2030 | 12506 | 12476 | 12533 | 0.61 |
|  |  |  |  |  |  |  | 127471 | 120288 | 5.83 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIT Worldwide Logistics Holdings, Inc. | (10) | SOFR + 4.00% | 7.67% | 10/30/2024 | 4/8/2030 | 20067 | 20067 | 20130 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Purchaser, Inc. | (4)(11) | SOFR + 6.25% | 10.04% | 1/19/2022 | 12/9/2027 | 30993 | 30993 | 27739 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWL Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.60% | 1/19/2022 | 12/31/2028 | 26031 | 25825 | 24730 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savage Enterprises, LLC | (8) | SOFR + 2.50% | 6.17% | 7/30/2025 | 8/5/2032 | 8996 | 8987 | 9009 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(11) | SOFR + 10.00% | 13.67%<br> PIK | 11/27/2024 | 11/27/2029 | 2960 | 2926 | 2960 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(11) | SOFR + 7.00% | 10.67%<br> PIK | 11/27/2024 | 5/27/2030 | 8844 | 8844 | 8844 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(7)(11) | SOFR + 10.50% | 14.17%<br>(incl. 9.50%<br>PIK) | 11/10/2025 | 11/27/2029 | 684 | 682 | 684 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent, LLC | (8) | SOFR + 2.25% | 5.92% | 10/14/2025 | 4/9/2032 | 23259 | 23229 | 23251 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (10) | SOFR + 4.00% | 7.70% | 11/8/2024 | 7/26/2028 | 6159 | 6083 | 6171 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (4)(10) | SOFR + 4.75% | 8.45% | 3/21/2025 | 7/26/2028 | 15329 | 15142 | 15406 | 0.75 |
|  |  |  |  |  |  |  | 142778 | 138924 | 6.75 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | | |  | | | | | | |
| **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada | (8) | SOFR + 1.75% | 5.42% | 1/9/2026 | 3/21/2031 | $1383 | $1383 | $1375 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 5.92% | 1/19/2022 | 4/20/2028 | 2461 | 2461 | 2443 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 6.00% | 12/12/2024 | 2/15/2028 | 14847 | 14890 | 14513 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.75% | 6.42% | 5/28/2025 | 5/28/2032 | 2844 | 2819 | 2824 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp. | (9) | SOFR + 4.75% | 8.44% | 11/7/2024 | 8/27/2029 | 4925 | 4941 | 4529 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight, LLC | (8) | SOFR + 2.75% | 6.43% | 2/17/2026 | 2/17/2033 | 2415 | 2403 | 2412 | 0.12 |
|  |  |  |  |  |  |  | 28897 | 28096 | 1.38 |
| **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belron Finance 2019, LLC | (9) | SOFR + 2.00% | 5.66% | 2/9/2026 | 10/16/2031 | 9851 | 9943 | 9859 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.50% | 6.17% | 3/5/2025 | 5/6/2030 | 8912 | 8915 | 8896 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.75% | 6.42% | 1/28/2025 | 1/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23365 | 23298 | 23336 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc. | (8) | SOFR + 2.00% | 5.67% | 3/19/2025 | 12/1/2032 | 2686 | 2674 | 2699 | 0.13 |
|  |  |  |  |  |  |  | 44830 | 44790 | 2.18 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes, Inc. | (8) | SOFR + 2.75% | 6.42% | 2/12/2026 | 8/12/2031 | 2136 | 2131 | 2155 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. | (8) | SOFR + 2.00% | 5.77% | 7/23/2025 | 11/15/2027 | 10000 | 9991 | 10002 | 0.49 |
|  |  |  |  |  |  |  | 12122 | 12157 | 0.59 |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (8) | SOFR + 2.25% | 5.95% | 9/29/2025 | 9/29/2032 | 4127 | 4127 | 4097 | 0.20 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + 6.00% | 9.77% | 1/19/2022 | 2/26/2029 | 19708 | 19685 | 18969 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition, LLC | (10) | SOFR + 3.75% | 7.52% | 6/6/2024 | 6/6/2031 | 9295 | 9217 | 7501 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II, LLC | (8) | SOFR + 2.75% | 6.42% | 10/3/2024 | 3/28/2031 | 9083 | 9158 | 8398 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc. | (8) | SOFR + 2.00% | 5.67% | 8/8/2025 | 8/13/2032 | 6679 | 6681 | 6671 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Sunbelt Acquisition, Co. | (8) | SOFR + 4.25% | 7.92% | 10/15/2024 | 10/24/2031 | 25073 | 24872 | 25120 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + 6.50% | 10.35% | 1/19/2022 | 12/29/2026 | 10473 | 10473 | 8169 | 0.40 |
|  |  |  |  |  |  |  | 80086 | 74828 | 3.64 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury, LLC | (8) | SOFR + 3.50% | 7.17% | 2/27/2025 | 2/27/2032 | 71116 | 71067 | 65012 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc. | (8) | SOFR + 3.00% | 6.67% | 11/20/2025 | 8/9/2030 | 19216 | 19070 | 19001 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrysaor Bidco S.à r.l. | (9) | SOFR + 3.25% | 6.90% | 10/14/2025 | 10/30/2031 | 1583 | 1579 | 1582 | 0.08 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | | |  | | | | | | |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citco Funding, LLC | (9) | SOFR + 2.00% | 5.67% | 1/30/2026 | 1/30/2033 | $7164 | $7146 | $7145 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | (8) | SOFR + 3.00% | 6.70% | 10/16/2025 | 10/18/2032 | 2415 | 2410 | 2420 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC | (8) | SOFR + 2.50% | 6.17% | 3/13/2025 | 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25893 | 25792 | 25115 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower, LLC | (8) | SOFR + 2.50% | 6.20% | 2/3/2026 | 9/5/2031 | 25250 | 25130 | 25100 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson River Trading, LLC | (8) | SOFR + 2.50% | 6.18% | 1/21/2026 | 3/18/2030 | 2645 | 2634 | 2637 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITG Communications, LLC | (4)(8) | SOFR + 4.75% | 8.45% | 7/1/2025 | 7/9/2031 | 9109 | 8804 | 8699 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC | (8) | SOFR + 2.00% | 5.67% | 7/23/2025 | 12/15/2031 | 8228 | 8190 | 8087 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jump Financial, LLC | (8) | SOFR + 3.50% | 7.20% | 7/31/2025 | 2/26/2032 | 696 | 696 | 697 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Advisor Services Holdings A, Inc. | (8) | SOFR + 3.00% | 6.67% | 8/1/2025 | 3/21/2031 | 1570 | 1570 | 1561 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc. | (8) | SOFR + 2.50% | 6.20% | 2/2/2026 | 7/30/2032 | 25722 | 25690 | 25290 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. | (11) | SOFR + 6.50% | 10.46% | 12/29/2023 | 10/30/2028 | 939 | 933 | 753 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saphilux S.à r.l. | (8) | S + 4.25% | 8.22% | 7/27/2023 | 7/18/2028 | GBP 20,000 | 25560 | 26505 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saphilux S.à r.l. | (8) | SOFR + 3.00% | 6.73% | 7/17/2025 | 7/18/2028 | 1323 | 1323 | 1324 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Situs-AMC Holdings Corporation | (4)(10) | SOFR + 5.50% | 9.20% | 9/26/2022 | 5/14/2031 | 89637 | 89108 | 89637 | 4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superannuation & Investments US, LLC | (9) | SOFR + 2.50% | 6.17% | 1/30/2026 | 12/1/2028 | 3064 | 3069 | 3067 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Edelman Financial Engines Center, LLC | (8) | SOFR + 3.00% | 6.67% | 6/5/2024 | 4/7/2028 | 18395 | 18395 | 18398 | 0.90 |
|  |  |  |  |  |  |  | 338166 | 332030 | 16.18 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derby Buyer, LLC | (9) | SOFR + 3.00% | 6.68% | 12/13/2024 | 11/1/2030 | 13012 | 13066 | 13019 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Purchaser Corp. | (9) | SOFR + 3.75% | 7.42% | 12/2/2024 | 10/4/2029 | 9927 | 9988 | 9791 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis 333, Inc. | (8) | SOFR + 3.50% | 7.17% | 2/6/2025 | 3/27/2032 | 3474 | 3466 | 3385 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latham Pool Products, Inc. | (4)(7)(8) | SOFR + 3.50% | 7.26% | 1/19/2022 | 2/23/2027 | 4650 | 4650 | 4526 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp. | (8) | SOFR + 3.25% | 6.95% | 11/3/2025 | 11/3/2032 | 2680 | 2674 | 2591 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(14)(17) | SOFR + 8.25% | 12.02%<br> PIK | 4/14/2023 | 4/14/2029 | 8303 | 4670 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(14)(17) | SOFR + 8.25% | 12.02%<br> PIK | 4/14/2023 | 4/14/2029 | 4054 | 3558 | 2182 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. | (8) | SOFR + 1.75% | 5.42% | 10/29/2025 | 10/29/2032 | 2915 | 2911 | 2934 | 0.14 |
|  |  |  |  |  |  |  | 44983 | 38428 | 1.87 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access CIG, LLC | (9) | SOFR + 4.00% | 7.70% | 8/15/2025 | 8/19/2030 | 21443 | 21182 | 19495 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco, LLC | (8) | SOFR + 3.25% | 6.92% | 8/6/2025 | 8/20/2032 | 33147 | 33109 | 33189 | 1.62 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | | |  | | | | | | |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticimex, Inc. | (8) | SOFR + 2.90% | 6.56% | 11/21/2025 | 11/17/2031 | $30436 | $30420 | $30522 | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armor Holdco, Inc. | (9) | SOFR + 3.75% | 7.55% | 11/20/2025 | 12/10/2031 | 13985 | 13958 | 13930 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfor Holdings, Inc. | (9) | SOFR + 2.75% | 6.42% | 8/8/2025 | 11/1/2030 | 142 | 142 | 143 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + 3.25% | 6.92% | 7/2/2025 | 7/9/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380 | 13326 | 13388 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EAB Global, Inc. | (9) | SOFR + 3.00% | 6.70% | 1/19/2022 | 8/16/2030 | 13001 | 12996 | 11619 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundational Education Group, Inc. | (9) | SOFR + 3.75% | 7.68% | 6/7/2022 | 8/31/2028 | 3840 | 3785 | 3532 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental Services USA, Inc. | (8) | SOFR + 2.50% | 6.17% | 3/3/2025 | 3/3/2032 | 18035 | 18025 | 18057 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International SOS (The Americas), LP | (4)(9) | SOFR + 2.75% | 6.45% | 6/28/2024 | 9/7/2028 | 1916 | 1916 | 1916 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.71%<br>(incl. 2.75%<br>PIK) | 1/19/2022 | 11/8/2031 | 37683 | 37528 | 37683 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + 5.50% | 9.27% | 9/26/2022 | 10/19/2028 | 131873 | 129003 | 116378 | 5.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lsf12 Crown US Commercial Bidco, LLC | (8) | SOFR + 3.00% | 6.67% | 1/20/2026 | 12/2/2031 | 6397 | 6397 | 6412 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (8) | SOFR + 2.75% | 6.43% | 1/26/2024 | 12/31/2032 | 32538 | 32696 | 32551 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Buyer, LLC | (7)(8) | SOFR + 2.50% | 6.16% | 9/11/2025 | 10/1/2032 | 10086 | 10084 | 10115 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding, Co. | (4)(10) | SOFR + 5.00% | 8.70% | 11/24/2025 | 11/24/2032 | 29206 | 28765 | 29206 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR + 2.00% | 5.66% | 11/20/2024 | 10/13/2030 | 15074 | 15043 | 15027 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR + 1.75% | 5.41% | 10/1/2025 | 3/7/2032 | 3845 | 3809 | 3798 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety, LLC | (7)(8) | SOFR + 2.50% | 6.17% | 12/16/2025 | 12/16/2032 | 11269 | 11215 | 11304 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempo Acquisition, LLC | (9) | SOFR + 1.75% | 5.42% | 3/13/2025 | 8/31/2028 | 8269 | 8247 | 6001 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Action Environmental Group, Inc. | (9) | SOFR + 3.00% | 6.69% | 1/15/2026 | 10/24/2030 | 151 | 151 | 151 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMF Sapphire Bidco, BV | (8) | SOFR + 2.75% | 6.40% | 1/22/2025 | 5/3/2028 | 271 | 271 | 272 | 0.01 |
|  |  |  |  |  |  |  | 432068 | 414689 | 20.21 |
| **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. | (8) | SOFR + 2.50% | 6.17% | 10/16/2025 | 10/16/2032 | 2127 | 2122 | 2135 | 0.10 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. | (8) | SOFR + 2.00% | 5.67% | 4/4/2025 | 9/29/2031 | 3985 | 3860 | 3991 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azuria Water Solutions, Inc. | (10) | SOFR + 3.00% | 6.67% | 5/15/2025 | 5/17/2028 | 5351 | 5309 | 5313 | 0.26 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | | |  | | | | | | |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield WEC Holdings, Inc. | (8) | SOFR + 2.00% | 5.67% | 1/25/2024 | 1/27/2031 | $33467 | $33479 | $33446 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuri Group, Inc. | (8) | SOFR + 2.00% | 5.67% | 1/12/2026 | 7/9/2032 | 3135 | 3128 | 3144 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc. | (8) | SOFR + 1.75% | 5.42% | 1/27/2026 | 1/27/2033 | 2863 | 2856 | 2878 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Infrastructure Partners US, LLC | (8) | SOFR + 2.75% | 6.45% | 9/19/2025 | 9/24/2032 | 9363 | 9365 | 9363 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Socotec US Holding, Inc. | (10) | SOFR + 2.75% | 6.38% | 2/6/2026 | 6/2/2031 | 1372 | 1369 | 1374 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecta America Corp. | (8) | SOFR + 2.75% | 6.42% | 12/23/2025 | 2/18/2032 | 2460 | 2455 | 2454 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Touchdown Acquirer, Inc. | (8) | SOFR + 2.50% | 6.16% | 2/5/2026 | 2/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11796 | 11764 | 11649 | 0.57 |
|  |  |  |  |  |  |  | 73585 | 73612 | 3.59 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSOF Beacon, LLC | (8) | SOFR + 2.50% | 6.17% | 12/23/2025 | 12/23/2032 | 1810 | 1806 | 1812 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. | (8) | SOFR + 2.25% | 5.92% | 4/8/2025 | 2/10/2032 | 9925 | 9811 | 9919 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamko Building Products, LLC | (8) | SOFR + 2.75% | 6.42% | 10/23/2024 | 9/20/2030 | 7833 | 7877 | 7813 | 0.38 |
|  |  |  |  |  |  |  | 19494 | 19544 | 0.95 |
| **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Holdco B, LLC | (8) | SOFR + 2.00% | 5.67% | 12/11/2025 | 5/17/2031 | 10350 | 10340 | 10295 | 0.50 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(10) | SOFR + 5.25% | 8.95% | 9/26/2022 | 9/30/2028 | 73065 | 72758 | 73065 | 3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging, LLC | (8) | SOFR + 3.25% | 6.91% | 7/25/2025 | 6/7/2031 | 28851 | 28973 | 27881 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.18% | 6.84% | 4/13/2022 | 4/13/2029 | 31338 | 31283 | 29974 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.25% | 6.92% | 8/22/2025 | 4/1/2032 | 10857 | 10820 | 10169 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. | (8) | SOFR + 2.25% | 5.92% | 1/26/2026 | 1/26/2033 | 5125 | 5112 | 5081 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower, LLC | (8) | SOFR + 4.00% | 7.78% | 3/6/2026 | 3/7/2033 | 12071 | 11851 | 11688 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Container Technologies Group, LLC | (9) | SOFR + 2.50% | 6.17% | 9/11/2025 | 9/15/2032 | 21699 | 21726 | 21525 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SupplyOne, Inc. | (8) | SOFR + 3.50% | 7.17% | 4/19/2024 | 4/19/2031 | 19408 | 19534 | 19487 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TricorBraun Holdings, Inc. | (9) | SOFR + 3.25% | 6.92% | 1/19/2022 | 3/3/2031 | 28056 | 27844 | 26738 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc. | (9) | SOFR + 3.75% | 7.45% | 10/18/2024 | 9/15/2028 | 37953 | 37478 | 36038 | 1.76 |
|  |  |  |  |  |  |  | 267379 | 261646 | 12.76 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boots Group Finco, LP | (8) | SOFR + 3.25% | 6.92% | 7/18/2025 | 8/30/2032 | 3371 | 3363 | 3387 | 0.16 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | | | | | | | | | |
| **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Purchaser, LLC | (4)(10) | SOFR + 7.50% | 11.44%<br>(incl. 1.00%<br>PIK) | 9/26/2022 | 12/11/2028 | $51862 | $51422 | $39804 | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Cable Group, LLC | (4)(10) | SOFR + 5.25% | 9.02% | 1/19/2022 | 5/3/2027 | 31084 | 31001 | 30851 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + 7.00% | 10.81%<br>(incl. 3.25%<br>PIK) | 9/26/2022 | 6/23/2028 | 84755 | 83962 | 75856 | 3.70 |
|  |  |  |  |  |  |  | 169748 | 149898 | 7.30 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbri Holdings, Inc. | (4)(10) | SOFR + 4.75% | 8.44% | 1/19/2022 | 4/30/2030 | 69038 | 68644 | 68520 | 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.27% | 1/19/2022 | 7/20/2028 | 33819 | 33819 | 32805 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (11) | SOFR + 3.00% | 6.67% | 1/22/2026 | 3/24/2031 | 12043 | 12057 | 11822 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covista, Inc. | (10) | SOFR + 2.25% | 5.92% | 3/2/2026 | 3/2/2033 | 4318 | 4297 | 4332 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc. | (9) | SOFR + 3.50% | 7.20% | 4/12/2022 | 7/6/2029 | 4838 | 4829 | 4859 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Express Wash Concepts, LLC | (4)(7)(11) | SOFR + 5.00% | 8.77% | 1/19/2022 | 4/30/2027 | 31226 | 30973 | 31226 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Express Wash Concepts, LLC | (4)(11) | SOFR + 5.00% | 8.77% | 1/19/2022 | 4/30/2027 | 28030 | 27942 | 28030 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fugue Finance, LLC | (9) | SOFR + 2.25% | 5.92% | 2/4/2026 | 1/9/2032 | 7103 | 7126 | 7030 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBT US III, LLC | (8) | SOFR + 2.00% | 5.67% | 1/21/2026 | 7/25/2031 | 1837 | 1837 | 1803 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Learning, LLC | (9) | SOFR + 3.50% | 7.17% | 2/1/2024 | 12/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20670 | 20663 | 19223 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspired Education US Holdings, Inc. | (8) | SOFR + 2.75% | 6.42% | 2/11/2026 | 2/28/2031 | 3865 | 3855 | 3861 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KUEHG Corp. | (9) | SOFR + 2.75% | 6.45% | 10/21/2024 | 6/12/2030 | 20395 | 20426 | 18356 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Learning Care Group US No 2, Inc. | (9) | SOFR + 4.00% | 7.67% | 3/26/2025 | 8/11/2028 | 3683 | 3663 | 2712 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 8.82% | 3/10/2022 | 3/12/2029 | 3840 | 3824 | 3356 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash Holdings, Inc. | (8) | SOFR + 2.25% | 5.92% | 12/6/2024 | 3/27/2031 | 8595 | 8648 | 8505 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc. | (9) | SOFR + 3.25% | 6.92% | 1/19/2022 | 12/15/2028 | 27381 | 27327 | 23841 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Education Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 9/10/2025 | 10/4/2030 | 313 | 313 | 311 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Support Services, LLC | (9) | SOFR + 2.75% | 6.42% | 2/10/2022 | 2/10/2029 | 15170 | 15151 | 14909 | 0.73 |
|  |  |  |  |  |  |  | 295394 | 285501 | 13.92 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco, LLC | (10) | SOFR + 5.00% | 8.78%<br>(incl. 1.50%<br>PIK) | 6/30/2025 | 9/25/2029 | 2355 | 2355 | 2103 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zacapa, LLC | (9) | SOFR + 3.75% | 7.45% | 10/29/2024 | 3/22/2029 | 15604 | 15675 | 15583 | 0.76 |
|  |  |  |  |  |  |  | 18030 | 17686 | 0.86 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | | | | | | | | | |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation, LLC | (8) | SOFR + 1.75% | 5.42% | 7/23/2025 | 9/30/2031 | $5284 | $5287 | $5277 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I, LLC | (8) | SOFR + 2.25% | 5.92% | 8/7/2025 | 2/26/2032 | 7180 | 7182 | 7191 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | (8) | SOFR + 1.75% | 5.52% | 7/23/2025 | 4/16/2031 | 4962 | 4970 | 4978 | 0.24 |
|  |  |  |  |  |  |  | 17439 | 17446 | 0.85 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggreko Holdings, Inc. | (9) | SOFR + 3.00% | 6.66% | 1/8/2026 | 5/21/2031 | 1392 | 1392 | 1395 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcline FM Holdings, LLC | (10) | SOFR + 2.75% | 6.45% | 3/27/2025 | 6/23/2030 | 2931 | 2931 | 2939 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forgent Intermediate IV, LLC | (8) | SOFR + 3.00% | 6.66% | 12/19/2025 | 12/20/2032 | 4830 | 4784 | 4859 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.50% | 6.13% | 1/19/2022 | 6/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31143 | 31123 | 31171 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.75% | 6.38% | 11/6/2025 | 11/8/2032 | 7530 | 7464 | 7555 | 0.37 |
|  |  |  |  |  |  |  | 47694 | 47919 | 2.34 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(11) | SOFR + 5.75% | 9.51% | 2/5/2026 | 12/23/2029 | 3920 | 3912 | 3920 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(11) | SOFR + 5.75% | 9.51% | 2/5/2026 | 12/23/2029 | 10394 | 10369 | 10394 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco, LLC | (9) | SOFR + 3.75% | 7.68% | 1/19/2022 | 3/2/2028 | 2330 | 2333 | 2218 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer, LLC | (8) | SOFR + 4.25% | 7.92% | 7/1/2024 | 7/1/2031 | 3061 | 3015 | 2758 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Aurora US Finco, Inc. | (8) | SOFR + 2.75% | 6.45% | 1/7/2026 | 9/30/2032 | 2891 | 2884 | 2900 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/31/2025 | 11/1/2032 | 13592 | 13560 | 13592 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. | (4)(8) | SOFR + 2.00% | 5.67% | 10/27/2025 | 10/27/2032 | 5148 | 5136 | 5161 | 0.25 |
|  |  |  |  |  |  |  | 41209 | 40943 | 1.99 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covia Holdings, LLC | (8) | SOFR + 2.75% | 6.40% | 7/31/2025 | 2/26/2032 | 2812 | 2806 | 2812 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ursa Minor US Bidco, LLC | (8) | SOFR + 2.25% | 5.95% | 11/13/2025 | 3/26/2031 | 4950 | 5003 | 4958 | 0.24 |
|  |  |  |  |  |  |  | 7809 | 7770 | 0.38 |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOC Borrower, LLC | (8) | SOFR + 2.75% | 6.42% | 3/31/2025 | 3/24/2032 | 14555 | 4481 | 14541 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKO Worldwide Holdings, LLC | (8) | SOFR + 2.00% | 5.66% | 9/9/2025 | 11/21/2031 | 7488 | 7488 | 7492 | 0.36 |
|  |  |  |  |  |  |  | 21969 | 22033 | 1.07 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bcpe Pequod Buyer, Inc. | (8) | SOFR + 2.75% | 6.42% | 12/5/2025 | 11/25/2031 | 1991 | 1982 | 1936 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago US Midco III, LP | (7)(8) | SOFR + 2.50% | 6.17% | 10/30/2025 | 11/1/2032 | 8220 | 8200 | 8143 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co, LLC | (8) | SOFR + 1.75% | 5.42% | 11/5/2025 | 11/5/2032 | 4380 | 4359 | 4378 | 0.21 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.00% | 6.67% | 1/22/2026 | 6/17/2031 | $14775 | $14767 | $14139 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.00% | 6.67% | 1/16/2026 | 6/17/2031 | 1264 | 1264 | 1209 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet US Buyer, LLC | (8) | SOFR + 3.00% | 6.67% | 11/25/2024 | 2/7/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654 | 10738 | 10671 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, LLC | (8) | SOFR + 2.00% | 5.65% | 1/5/2026 | 7/3/2032 | 2639 | 2633 | 2637 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synechron, Inc. | (8) | SOFR + 3.75% | 7.45% | 10/3/2024 | 10/3/2031 | 3980 | 3935 | 3666 | 0.18 |
|  |  |  |  |  |  |  | 47878 | 46779 | 2.28 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG PPC Parent, LLC | (9) | SOFR + 3.00% | 6.78% | 11/7/2024 | 12/8/2028 | 15751 | 15806 | 15790 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyers Grand Ice Cream, Inc. | (8) | SOFR + 2.25% | 5.88% | 11/7/2024 | 9/30/2031 | 21792 | 21715 | 21394 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri US, Inc. | (8) | SOFR + 2.25% | 5.88% | 7/16/2025 | 9/30/2032 | 18220 | 18194 | 17903 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFI Lower Midco, LLC | (8) | SOFR + 4.00% | 7.67% | 12/1/2025 | 12/1/2032 | 1995 | 1976 | 2005 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red SPV, LLC | (8) | SOFR + 2.25% | 5.92% | 3/13/2025 | 3/15/2032 | 7129 | 7098 | 7133 | 0.35 |
|  |  |  |  |  |  |  | 64789 | 64225 | 3.13 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argent Finco, LLC | (8) | SOFR + 2.50% | 6.16% | 11/20/2025 | 11/12/2032 | 1730 | 1726 | 1736 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSHC Buyerco, LLC | (4)(11) | SOFR + 4.75% | 8.52% | 2/15/2022 | 9/8/2026 | 7189 | 7177 | 7171 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSHC Buyerco, LLC | (4)(10) | SOFR + 4.75% | 8.52% | 2/15/2022 | 9/8/2026 | 3424 | 3418 | 3415 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | (9) | SOFR + 3.00% | 6.67% | 12/11/2024 | 3/30/2029 | 6515 | 6509 | 6526 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natus Medical, Inc. | (4)(9) | SOFR + 5.25% | 9.10% | 8/18/2022 | 7/20/2029 | 3149 | 3051 | 3149 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resonetics, LLC | (10) | SOFR + 2.75% | 6.42% | 7/24/2025 | 6/18/2031 | 7307 | 7350 | 7287 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS Audiology A/S | (8) | SOFR + 3.25% | 6.95% | 2/13/2026 | 2/28/2029 | 18778 | 18778 | 18802 | 0.92 |
|  |  |  |  |  |  |  | 48009 | 48086 | 2.34 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | (4)(10)(17) | SOFR + 6.00% | 9.80%<br>(incl. 3.25%<br>PIK) | 7/7/2023 | 8/2/2028 | 133907 | 132281 | 93400 | 4.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 9.95% | 1/19/2022 | 5/7/2027 | 1674 | 1670 | 1507 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 10.05% | 1/19/2022 | 5/7/2027 | 28329 | 28240 | 25496 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(7)(11) | SOFR + 6.25% | 9.96% | 1/19/2022 | 5/7/2026 | 313 | 312 | 234 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management, Inc. | (4)(10) | SOFR + 5.50% | 9.35% | 9/26/2022 | 2/25/2028 | 81366 | 80571 | 75874 | 3.70 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(11) | CA + 4.50% | 7.12% | 12/20/2022 | 4/14/2028 | CAD 28,939 | $21126 | $20803 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCBlue Bidco, Inc. | (4)(10) | SOFR + 6.50% | 10.30%<br>(incl. 4.00%<br>PIK) | 1/19/2022 | 12/21/2028 | 25188 | 25035 | 20654 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc. | (9) | SOFR + 2.75% | 6.42% | 7/25/2025 | 9/29/2028 | 20378 | 20420 | 20419 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNT Holdings I Corp. | (10) | SOFR + 2.50% | 6.17% | 4/8/2025 | 11/8/2032 | 10444 | 10359 | 10451 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(10)(17) | SOFR + 6.41% | 12.10% | 1/19/2022 | 4/3/2028 | 28505 | 28386 | 23517 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(10)(17) | SOFR + 6.41% | 12.10% | 2/25/2022 | 4/3/2028 | 794 | 791 | 655 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensemble RCM, LLC | (8) | SOFR + 3.00% | 6.66% | 2/9/2026 | 2/9/2033 | 27955 | 27921 | 27687 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc. | (8) | SOFR + 3.50% | 7.17% | 9/10/2025 | 10/1/2032 | 38151 | 38062 | 38079 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental, LLC | (8) | SOFR + 3.75% | 7.42% | 8/7/2025 | 8/25/2032 | 22771 | 22730 | 22754 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICS US Holdings, Inc. | (9)(17) | SOFR + 5.25% | 9.13% | 12/20/2022 | 6/8/2028 | 35000 | 34049 | 13708 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IVI America, LLC | (8) | SOFR + 3.25% | 6.95% | 9/11/2025 | 4/18/2031 | 490 | 490 | 494 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(11) | SOFR + 5.25% | 9.02% | 1/19/2022 | 4/15/2028 | 25464 | 25421 | 24827 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MED ParentCo, LP | (8) | SOFR + 3.00% | 6.67% | 12/31/2025 | 4/15/2031 | 25591 | 25591 | 25612 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + 5.50% | 9.27%<br>(incl. 4.00%<br>PIK) | 1/19/2022 | 7/16/2030 | 21841 | 21799 | 17408 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex TSG Intermediate Corp. | (8) | SOFR + 3.25% | 6.95% | 2/9/2026 | 8/6/2032 | 3079 | 3083 | 3100 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW Intermediate, LLC | (4)(11) | SOFR + 5.50% | 9.27% | 12/11/2024 | 3/9/2028 | 30630 | 30630 | 30400 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc. | (8) | SOFR + 4.50% | 8.20% | 3/6/2025 | 6/30/2032 | 12448 | 12405 | 12286 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings, LLC | (7)(8) | SOFR + 3.00% | 6.67% | 10/15/2024 | 11/19/2031 | 9240 | 9238 | 9064 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | (4)(7)(10) | SOFR + 5.75% | 9.48% | 1/19/2022 | 12/23/2028 | 140064 | 138834 | 134996 | 6.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC | (8) | SOFR + 2.50% | 6.18% | 7/22/2025 | 12/4/2031 | 36160 | 36264 | 35894 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC | (7)(8) | SOFR + 3.50% | 7.17% | 12/30/2025 | 12/30/2032 | 3509 | 3489 | 3508 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(10) | SOFR + 6.50% | 10.20%<br>(incl. 5.10%<br>PIK) | 8/2/2024 | 6/30/2029 | 2990 | 2990 | 2990 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(10)(17) | 10.00% | 10.00%<br> PIK | 8/2/2024 | 6/30/2030 | 2502 | 892 | 1151 | 0.06 |
|  |  |  |  |  |  |  | 783079 | 696968 | 33.96 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth, Inc. | (9) | SOFR +2.75% | 6.42% | 3/13/2025 | 2/15/2029 | $19317 | $19150 | $18991 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc. | (8) | SOFR +2.75% | 6.42% | 11/25/2024 | 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14688 | 14779 | 13568 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp. | (10) | SOFR +4.00% | 7.80% | 12/18/2024 | 10/1/2027 | 49310 | 48213 | 47975 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GI Ranger Intermediate, LLC | (4)(10) | SOFR +6.00% | 9.85% | 9/26/2022 | 10/30/2028 | 43330 | 43052 | 40947 | 1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp. | (8) | SOFR +2.75% | 6.53% | 7/18/2025 | 3/10/2028 | 318 | 318 | 317 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc. | (8) | SOFR +2.00% | 5.67% | 8/6/2025 | 10/22/2029 | 6503 | 6484 | 6495 | 0.32 |
|  |  |  |  |  |  |  | 131996 | 128293 | 6.26 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR +2.50% | 6.17% | 7/23/2025 | 8/17/2028 | 5452 | 5452 | 5457 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR +2.50% | 6.17% | 7/18/2025 | 8/17/2028 | 1449 | 1449 | 1451 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulldog Purchaser, Inc. | (9) | SOFR +3.25% | 6.91% | 2/5/2026 | 2/4/2033 | 8695 | 8652 | 8692 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flynn Restaurant Group, LP | (8) | SOFR +3.75% | 7.42% | 3/11/2025 | 1/28/2032 | 24810 | 24406 | 24424 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp. | (9) | SOFR +2.50% | 6.18% | 11/17/2025 | 12/15/2030 | 24486 | 24534 | 24455 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc. | (8) | SOFR +2.00% | 5.67% | 8/14/2025 | 11/5/2031 | 19801 | 19894 | 19825 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mic Glen, LLC | (9) | SOFR +3.25% | 6.92% | 7/29/2025 | 7/21/2028 | 592 | 592 | 594 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion Finco, LLC | (8) | SOFR +3.50% | 7.20% | 3/13/2025 | 11/12/2029 | 4938 | 4879 | 4344 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Red Finance, Inc. | (8) | SOFR +1.75% | 5.42% | 3/13/2025 | 9/20/2030 | 13423 | 13328 | 13410 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raising Cane's Restaurants, LLC | (8) | SOFR +2.00% | 5.67% | 11/3/2025 | 11/3/2032 | 6670 | 6654 | 6639 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacala Investment Corp. | (10) | SOFR +3.00% | 6.67% | 9/16/2025 | 1/31/2031 | 4925 | 4957 | 4931 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRQ Sales, LLC | (8) | SOFR +3.25% | 6.95% | 12/30/2025 | 12/30/2032 | 12974 | 12911 | 12601 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatabrands, LLC | (9) | SOFR +2.50% | 6.17% | 12/11/2024 | 8/3/2028 | 33745 | 33774 | 33730 | 1.64 |
|  |  |  |  |  |  |  | 161482 | 160553 | 7.81 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc. | (9) | SOFR +2.75% | 6.41% | 2/4/2026 | 7/30/2028 | 34175 | 34143 | 34137 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Safety & Flow, LLC | (8) | SOFR +2.50% | 6.18% | 9/25/2025 | 9/26/2031 | 12428 | 12439 | 12448 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products, LLC | (8) | SOFR +3.75% | 7.41% | 9/17/2025 | 10/1/2032 | 3864 | 3828 | 3788 | 0.18 |
|  |  |  |  |  |  |  | 50410 | 50373 | 2.45 |
| **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply, LLC | (8) | SOFR +2.00% | 5.67% | 11/25/2025 | 11/25/2032 | 4764 | 4742 | 4774 | 0.23 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bettcher Industries, Inc. | (9) | SOFR +4.00% | 7.67% | 9/19/2025 | 12/14/2028 | 4325 | 4316 | 4335 | 0.21 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc. | (8) | SOFR +3.25% | 6.95% | 11/26/2025 | 11/26/2032 | $6416 | $6349 | $6451 | 0.31% |
|  |  |  |  |  |  |  | 10665 | 10786 | 0.52 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC | (8) | SOFR + 2.50% | 6.17% | 7/31/2025 | 9/19/2031 | 9297 | 9186 | 9236 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc. | (10) | SOFR + 2.00% | 5.67% | 1/14/2026 | 1/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26412 | 26293 | 26267 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings, LLC | (8) | SOFR + 2.50% | 6.18% | 9/12/2025 | 5/26/2031 | 15773 | 15733 | 15543 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. | (8) | SOFR + 2.50% | 6.17% | 6/14/2024 | 6/13/2031 | 45267 | 45366 | 44229 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group, LLC | (8) | SOFR + 2.75% | 6.45% | 12/6/2024 | 5/6/2031 | 10000 | 10066 | 9884 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.45% | 9/26/2022 | 10/29/2030 | 74285 | 73862 | 74285 | 3.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International, Ltd. | (8) | SOFR + 2.25% | 5.92% | 11/25/2024 | 6/20/2030 | 23706 | 23826 | 23680 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.42% | 12/11/2025 | 4/18/2030 | 14647 | 14712 | 14317 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.42% | 8/4/2025 | 2/15/2031 | 13390 | 13475 | 13002 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower, LLC | (9) | SOFR + 3.00% | 6.67% | 11/19/2024 | 7/2/2031 | 19357 | 19446 | 18764 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | (4)(10) | SOFR + 5.00% | 8.85% | 9/26/2022 | 10/16/2028 | 61567 | 60718 | 61567 | 3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trucordia Insurance Holdings, LLC | (4)(8) | SOFR + 3.25% | 6.92% | 6/17/2025 | 6/17/2032 | 6502 | 6488 | 6014 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.95% | 12/23/2024 | 11/21/2029 | 23415 | 23451 | 23391 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.95% | 12/23/2024 | 9/29/2030 | 24675 | 24728 | 24638 | 1.20 |
|  |  |  |  |  |  |  | 367350 | 364817 | 17.76 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser, LLC | (8) | SOFR + 2.75% | 6.45% | 7/16/2024 | 7/16/2031 | 26515 | 26603 | 25614 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. | (8) | SOFR + 2.75% | 6.42% | 3/27/2025 | 7/8/2031 | 4252 | 4201 | 4047 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Borrower, LLC | (9) | SOFR + 4.50% | 8.16% | 2/12/2026 | 2/20/2032 | 2899 | 2884 | 2904 | 0.14 |
|  |  |  |  |  |  |  | 33688 | 32565 | 1.59 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings, LLC | (10) | SOFR + 2.50% | 6.20% | 8/2/2024 | 2/1/2031 | 3939 | 3944 | 3887 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc. | (8) | SOFR + 3.00% | 6.67% | 7/2/2025 | 6/27/2031 | 5232 | 5268 | 5199 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co, LLC | (8) | SOFR + 1.75% | 5.42% | 7/23/2025 | 11/9/2029 | 4962 | 4973 | 4899 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.27% | 12/8/2025 | 4/30/2029 | 3059 | 2896 | 2255 | 0.11 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10)(17) | SOFR + 3.50% | 7.27% | 12/8/2025 | 4/30/2029 | $629 | $594 | $208 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (4)(10) | SOFR + 5.75% | 9.42% | 12/8/2025 | 4/30/2029 | 209 | 202 | 159 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Razor Holdco, LLC | (4)(10) | SOFR + 5.75% | 9.52% | 1/19/2022 | 10/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13016 | 12945 | 12886 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp. | (10) | SOFR + 3.25% | 6.92% | 6/21/2024 | 2/15/2029 | 30427 | 30556 | 27556 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Wide Technology Holding Co, LLC | (9) | SOFR + 2.00% | 5.67% | 7/23/2025 | 3/1/2030 | 4963 | 4973 | 4955 | 0.24 |
|  |  |  |  |  |  |  | 66351 | 62004 | 3.02 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc. | (9) | SOFR + 2.75% | 6.42% | 12/12/2025 | 12/12/2031 | 22482 | 22545 | 22435 | 1.09 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc. | (9) | SOFR + 2.50% | 6.16% | 11/13/2024 | 3/15/2030 | 7114 | 7165 | 7119 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Composecure Holdings, LLC | (8) | SOFR + 2.25% | 5.93% | 1/14/2026 | 1/14/2033 | 3544 | 3540 | 3542 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoorsTek, Inc. | (8) | SOFR + 3.00% | 6.67% | 10/28/2025 | 10/28/2032 | 5423 | 5398 | 5459 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower, LP | (8) | SOFR + 2.25% | 5.95% | 8/11/2025 | 8/4/2031 | 4963 | 4963 | 4960 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gates Corp. | (9) | SOFR + 1.75% | 5.42% | 7/23/2025 | 6/4/2031 | 4962 | 4964 | 4963 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hobbs & Associates, LLC | (8) | SOFR + 2.75% | 6.42% | 10/14/2025 | 7/23/2031 | 4975 | 4977 | 4946 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF11 Trinity Bidco, Inc. | (8) | SOFR + 2.50% | 6.18% | 9/11/2025 | 6/14/2030 | 1206 | 1206 | 1206 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc. | (8) | SOFR + 2.75% | 6.42% | 10/16/2025 | 10/16/2032 | 9165 | 9144 | 9160 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (8) | SOFR + 3.00% | 6.67% | 2/13/2026 | 2/13/2033 | 3382 | 3365 | 3390 | 0.17 |
|  |  |  |  |  |  |  | 44722 | 44745 | 2.19 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. | (9) | SOFR + 2.75% | 6.42% | 9/4/2025 | 8/6/2031 | 2190 | 2216 | 2190 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10) | SOFR + 5.25% | 9.04%<br>(incl. 3.25%<br>PIK) | 2/12/2026 | 12/31/2030 | 7689 | 7689 | 7689 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.54%<br> PIK | 2/12/2026 | 12/31/2030 | 3715 | 3715 | 3715 | 0.18 |
|  |  |  |  |  |  |  | 13620 | 13594 | 0.66 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Holdings, Inc. | (8) | SOFR + 1.75% | 5.45% | 3/11/2025 | 3/11/2032 | 3856 | 3856 | 3863 | 0.19 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KREF Holdings X, LLC | (8) | SOFR + 2.50% | 6.18% | 8/14/2025 | 3/5/2032 | 10079 | 10060 | 10019 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Mortgage, LLC | (4)(8) | SOFR + 2.00% | 5.67% | 7/24/2025 | 1/2/2030 | 2722 | 2717 | 2726 | 0.13 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Mortgage, LLC | (8) | SOFR + 2.25% | 5.92% | 8/14/2025 | 9/24/2032 | $12343 | $12346 | $12379 | 0.60% |
|  |  |  |  |  |  |  | 25123 | 25124 | 1.22 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackfin Pipeline, LLC | (8) | SOFR + 3.00% | 6.67% | 10/3/2025 | 9/29/2032 | 7295 | 7261 | 7344 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRS Buyer, Inc. | (7)(8) | SOFR + 3.50% | 7.17% | 10/10/2025 | 10/12/2032 | 8764 | 8720 | 8770 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WhiteWater Matterhorn Holdings, LLC | (8) | SOFR + 1.75% | 5.45% | 1/30/2026 | 6/16/2032 | 3020 | 3013 | 3010 | 0.15 |
|  |  |  |  |  |  |  | 18994 | 19124 | 0.94 |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profile Products, LLC | (4)(10) | SOFR + 5.50% | 9.27% | 9/26/2022 | 11/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73581 | 73099 | 73029 | 3.56 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. | (8) | SOFR + 1.75% | 5.42% | 10/31/2025 | 10/31/2032 | 2398 | 2399 | 2400 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco, SAS | (8) | SOFR + 3.00% | 6.70% | 10/29/2025 | 4/28/2032 | 2166 | 2166 | 2167 | 0.11 |
|  |  |  |  |  |  |  | 4565 | 4567 | 0.23 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Group Holdings, Inc. | (9) | SOFR + 4.25% | 7.92% | 4/22/2024 | 12/29/2028 | 2730 | 2726 | 2479 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AlixPartners, LLP | (8) | SOFR + 2.00% | 5.67% | 7/31/2025 | 8/12/2032 | 7044 | 7039 | 6988 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amspec Parent, LLC | (8) | SOFR + 3.50% | 7.20% | 12/20/2024 | 12/22/2031 | 8636 | 8636 | 8635 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ankura Consulting Group, LLC | (10) | SOFR + 3.50% | 7.17% | 12/17/2024 | 12/29/2031 | 1485 | 1482 | 1422 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus Group Holdings, Inc. | (9) | SOFR + 3.00% | 6.67% | 12/13/2024 | 11/25/2032 | 23562 | 23552 | 23223 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkeley Research Group Holdings, LLC | (8) | SOFR + 3.25% | 6.95% | 5/1/2025 | 5/1/2032 | 14925 | 14730 | 14552 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot US Acquisition, LLC | (8) | SOFR + 2.75% | 6.42% | 1/31/2024 | 1/31/2031 | 17746 | 17654 | 15420 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cast & Crew Payroll, LLC | (9)(17) | SOFR + 3.75% | 7.42% | 1/19/2022 | 12/29/2028 | 36284 | 35583 | 14577 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | (4)(10) | SOFR + 4.25% | 7.92% | 9/26/2022 | 11/2/2029 | 93230 | 93086 | 93230 | 4.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CohnReznick Advisory, LLC | (7)(8) | SOFR + 3.25% | 6.95% | 3/26/2025 | 3/31/2032 | 17080 | 17002 | 16606 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 4.50% | 8.29% | 12/6/2024 | 11/6/2028 | 1231 | 1228 | 784 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 3.50% | 7.29% | 1/19/2022 | 11/6/2028 | 3360 | 3357 | 2134 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Advantage Holdings, LLC | (8) | SOFR + 2.75% | 6.45% | 7/24/2025 | 10/31/2031 | 4782 | 4792 | 4666 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings, LLC | (8) | SOFR + 3.25% | 6.92% | 6/28/2024 | 9/27/2030 | 17730 | 17734 | 15305 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 2.75% | 6.42% | 8/22/2025 | 6/2/2031 | 18799 | 18803 | 17597 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heron Bidco, LLC | (8) | SOFR + 4.00% | 7.70% | 12/10/2025 | 12/10/2032 | 16467 | 16230 | 16426 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmar, Inc. | (8) | SOFR + 4.50% | 8.17% | 9/12/2025 | 10/30/2031 | 1239 | 1236 | 1193 | 0.06 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(7)(11) | SOFR + 6.25% | 9.92%<br>(incl. 5.25%<br>PIK) | 2/28/2025 | 2/28/2030 | $14912 | $14464 | $14866 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc. | (8) | SOFR + 3.25% | 6.91% | 6/26/2025 | 7/3/2031 | 2614 | 2608 | 2565 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan, LLC | (9) | SOFR + 3.50% | 7.17% | 11/7/2025 | 11/5/2032 | 7440 | 7387 | 7226 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secretariat Advisors, LLC | (7)(8) | SOFR + 4.00% | 7.70% | 2/24/2025 | 2/28/2032 | 1704 | 1695 | 1674 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (8) | SOFR + 2.50% | 6.17% | 2/24/2023 | 7/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34236 | 34371 | 33661 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thevelia US, LLC | (9) | SOFR + 3.00% | 6.70% | 10/14/2025 | 6/18/2029 | 4975 | 4954 | 4894 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + 4.25% | 8.02% | 9/26/2022 | 6/29/2029 | 117115 | 116716 | 117115 | 5.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc. | (9) | SOFR + 3.00% | 6.67% | 12/17/2024 | 8/9/2030 | 4925 | 4969 | 4792 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(7)(10) | SOFR + 4.75% | 8.42% | 1/19/2022 | 11/8/2028 | 28380 | 28162 | 28181 | 1.37 |
|  |  |  |  |  |  |  | 500196 | 470211 | 22.89 |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altar Bidco, Inc. | (9) | SOFR + 3.10% | 6.61% | 10/14/2025 | 2/1/2029 | 9948 | 9954 | 9905 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | (8) | SOFR + 1.75% | 5.41% | 2/4/2026 | 2/4/2033 | 2672 | 2672 | 2680 | 0.13 |
|  |  |  |  |  |  |  | 12626 | 12585 | 0.61 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auctane, Inc. | (4)(10) | SOFR + 5.75% | 9.58% | 1/19/2022 | 10/5/2028 | 58200 | 57754 | 58199 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avalara, Inc. | (8) | SOFR + 2.75% | 6.45% | 9/12/2025 | 3/26/2032 | 31798 | 31665 | 31123 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BEP Intermediate Holdco, LLC | (4)(8) | SOFR + 2.75% | 6.42% | 7/10/2025 | 4/25/2031 | 362 | 362 | 362 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 3.00% | 6.67% | 7/30/2024 | 7/30/2031 | 44872 | 44735 | 41727 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Businessolver.com, Inc. | (4)(10) | SOFR + 4.50% | 8.20% | 1/19/2022 | 12/3/2032 | 96183 | 95452 | 95702 | 4.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc. | (8) | SOFR + 2.75% | 6.45% | 7/23/2025 | 6/17/2030 | 9925 | 9942 | 9461 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDK Global, Inc. | (8) | SOFR + 3.25% | 6.95% | 12/11/2024 | 7/6/2029 | 49540 | 47176 | 35488 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics, LLC | (8) | SOFR + 2.00% | 5.67% | 4/24/2025 | 4/21/2032 | 1376 | 1376 | 1377 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 8/7/2025 | 3/21/2031 | 36957 | 37081 | 33964 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 8/7/2025 | 8/13/2032 | 3474 | 3474 | 3189 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 3.75% | 7.52% | 1/19/2022 | 10/8/2028 | 14117 | 14011 | 12643 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(8) | SOFR + 5.75% | 9.38% | 9/26/2022 | 2/23/2029 | 31746 | 31324 | 26746 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(8) | SOFR + 5.75% | 9.38% | 9/26/2022 | 2/23/2029 | 758 | 757 | 639 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (9) | SOFR + 3.75% | 7.53% | 2/20/2025 | 10/16/2028 | 29640 | 27686 | 21757 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 2.75% | 6.42% | 11/25/2024 | 11/30/2029 | 49443 | 49341 | 47939 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Parent, Inc. | (8) | SOFR + 3.00% | 6.67% | 8/1/2025 | 8/6/2032 | 3454 | 3446 | 3398 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI Macola Max Holding, LLC | (10) | SOFR + 2.75% | 6.45% | 7/10/2025 | 5/9/2030 | 26422 | 26586 | 25894 | 1.26 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epicor Software Corp. | (10) | SOFR + 2.50% | 6.17% | 5/30/2024 | 5/30/2031 | $15694 | $15729 | $15416 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverCommerce Solutions, Inc. | (9) | SOFR + 2.25% | 5.92% | 7/24/2025 | 7/7/2031 | 559 | 559 | 545 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facile.It Broker Di Assicurazioni S.p.A | (4)(11) | E + 4.75% | 6.88% | 9/26/2025 | 12/23/2029 | EUR 10,000 | 11655 | 11559 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (10) | SOFR + 3.50% | 7.16% | 6/11/2024 | 3/2/2028 | 8966 | 8957 | 7148 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.42% | 6/5/2024 | 9/12/2029 | 7478 | 7486 | 7415 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.42% | 4/3/2025 | 4/16/2032 | 11910 | 11770 | 11750 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc. | (8) | SOFR + 2.50% | 6.17% | 9/26/2024 | 1/30/2032 | 30203 | 29951 | 28957 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Purchaser, LLC | (14) | SOFR + 6.00% | 9.76% | 11/21/2025 | 5/19/2029 | 1931 | 1931 | 1669 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icon Parent, Inc. | (8) | SOFR + 2.75% | 6.44% | 8/14/2025 | 11/13/2031 | 16772 | 16862 | 16133 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc. | (8) | SOFR + 3.75% | 7.45% | 10/7/2025 | 10/7/2032 | 26549 | 26301 | 21482 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Javelin Buyer, Inc. | (8) | SOFR + 2.75% | 6.42% | 7/24/2025 | 12/5/2031 | 30290 | 30532 | 28946 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KnowBe4, Inc. | (8) | SOFR + 3.75% | 7.42% | 7/22/2025 | 7/23/2032 | 14963 | 14929 | 13416 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LD Lower Holdings, Inc. | (4)(11) | SOFR + 7.50% | 11.90% | 1/19/2022 | 8/9/2027 | 13471 | 13453 | 11787 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Security Holdings, LLC | (11) | SOFR + 6.25% | 9.92% | 8/14/2024 | 7/27/2028 | 292 | 285 | 290 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Security Holdings, LLC | (10)(18) | SOFR + 6.75% | 10.68% | 8/14/2024 | 7/27/2028 | 765 | 743 | 550 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallia, Inc. | (4)(10)(17) | SOFR + 6.00% | 9.70% | 1/19/2022 | 10/29/2028 | 52386 | 50787 | 31563 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitnick Purchaser, Inc. | (9)(17)(18) | SOFR + 4.75% | 8.52% | 4/20/2022 | 5/2/2029 | 4825 | 4814 | 2232 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (11) | SOFR + 4.75% | 8.45% | 9/26/2022 | 2/10/2028 | 9838 | 9770 | 9801 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintex Topco, Limited | (4)(10) | SOFR + 6.00% | 9.85% | 1/19/2022 | 11/13/2028 | 32743 | 32486 | 28814 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perforce Software, Inc. | (8) | SOFR + 4.75% | 8.42% | 12/18/2024 | 7/2/2029 | 10659 | 10531 | 7210 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | (8) | SOFR + 2.75% | 6.42% | 11/13/2025 | 11/15/2032 | 6230 | 6215 | 6160 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planview Parent, Inc. | (8) | SOFR + 3.50% | 7.20% | 12/17/2024 | 12/17/2027 | 3644 | 3601 | 2745 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 3.25% | 6.95% | 11/26/2024 | 10/26/2030 | 13345 | 13317 | 10173 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | (9) | SOFR + 5.25% | 9.02% | 12/19/2024 | 7/20/2029 | 19742 | 18258 | 12418 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (9) | SOFR + 3.00% | 6.70% | 5/28/2024 | 8/31/2028 | 25448 | 25510 | 24674 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pushpay USA, Inc. | (8) | SOFR + 3.75% | 7.45% | 8/6/2025 | 8/15/2031 | 991 | 991 | 972 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quartz Acquireco, LLC | (8) | SOFR + 2.25% | 5.95% | 4/11/2025 | 6/28/2030 | 593 | 587 | 497 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relativity Intermediate Holdco, LLC | (8) | SOFR + 2.75% | 6.42% | 1/30/2026 | 1/30/2033 | 2863 | 2856 | 2837 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithum Holdings, Inc. | (8) | SOFR + 4.75% | 8.45% | 7/2/2025 | 7/21/2032 | 10945 | 10748 | 10439 | 0.51 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (9) | SOFR + 3.75% | 7.42% | 10/5/2023 | 11/28/2028 | $25809 | $25660 | $24814 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skopima Consilio Parent, LLC | (9) | SOFR + 3.75% | 7.42% | 12/18/2024 | 5/12/2028 | 13865 | 13894 | 10915 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sophos Holdings, LLC | (8) | SOFR + 3.50% | 7.28% | 1/19/2022 | 3/5/2027 | 18999 | 18995 | 18141 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/9/2025 | 5/9/2031 | 3137 | 3137 | 3131 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starlight Parent, LLC | (8) | SOFR + 4.00% | 7.67% | 4/16/2025 | 4/16/2032 | 45898 | 44897 | 39128 | 1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangerine Bidco S.p.A | (4)(8) | E+ 5.00% | 7.13% | 12/17/2022 | 12/30/2029 | EUR 69,750 | 72940 | 80620 | 3.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trio Bidco, LLC | (7)(8) | SOFR + 4.00% | 7.70% | 10/31/2025 | 10/29/2032 | 7632 | 7561 | 7393 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triple Lift, Inc. | (4)(7)(10) | SOFR + 5.75% | 9.59% | 1/19/2022 | 5/5/2028 | 58020 | 57796 | 51853 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tuple US Bidco, LLC | (8) | SOFR + 3.75% | 7.38% | 1/28/2026 | 9/15/2032 | 3373 | 3356 | 3280 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 4.00% | 7.93% | 1/19/2022 | 4/24/2028 | 12039 | 11826 | 9361 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VS Buyer, LLC | (8) | SOFR + 2.25% | 5.92% | 7/25/2025 | 4/12/2031 | 17051 | 17175 | 16696 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLOR T1, LLC | (8) | SOFR + 3.50% | 7.17% | 12/11/2024 | 12/1/2032 | 20660 | 20646 | 19266 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zodiac Purchaser, LLC | (8) | SOFR + 3.50% | 7.17% | 12/13/2024 | 2/14/2032 | 18905 | 18846 | 17511 | 0.85 |
|  |  |  |  |  |  |  | 1180511 | 1079315 | 52.58 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CustomInk, LLC | (4)(11)(18) | SOFR + 5.98% | 9.65% | 1/19/2022 | 5/3/2028 | 36866 | 36857 | 36865 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group, LLC | (10) | SOFR + 3.25% | 6.92% | 1/23/2025 | 1/23/2032 | 2539 | 2529 | 2539 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (10) | SOFR + 3.00% | 6.67% | 11/19/2024 | 5/4/2028 | 24957 | 25000 | 24966 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | (8) | SOFR + 2.00% | 5.67% | 2/1/2026 | 8/9/2032 | 4010 | 4008 | 3999 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc. | (4)(8) | SOFR + 2.50% | 6.14% | 10/8/2025 | 10/8/2032 | 1794 | 1786 | 1797 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdco Sub, LLC | (8) | SOFR + 4.75% | 8.42% | 3/15/2024 | 3/15/2030 | 6418 | 6457 | 6336 | 0.31 |
|  |  |  |  |  |  |  | 76637 | 76502 | 3.73 |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champ Acquisition Corp. | (8) | SOFR + 3.25% | 6.95% | 11/8/2024 | 11/25/2031 | 644 | 639 | 646 | 0.03 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (9) | SOFR + 3.25% | 6.92% | 3/4/2025 | 12/11/2030 | 2700 | 2698 | 2664 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (9) | SOFR + 3.50% | 7.17% | 3/12/2026 | 12/29/2032 | 10627 | 10474 | 10481 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Group, Inc. | (9) | SOFR + 2.00% | 5.67% | 11/7/2024 | 7/14/2028 | 3921 | 3925 | 3928 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc. | (9) | SOFR + 3.25% | 6.95% | 1/19/2022 | 12/22/2031 | 5985 | 5953 | 6001 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnstone Supply, LLC | (8) | SOFR + 2.25% | 5.92% | 2/5/2026 | 6/9/2031 | 11239 | 11296 | 11181 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak BP, LLC | (8) | P+ 2.75% | 9.50% | 1/19/2022 | 12/4/2031 | 13599 | 13589 | 13617 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Global Surfaces, Inc. | (4)(11)(17) | SOFR + 6.00% | 9.77%<br>(incl. 4.98%<br>PIK) | 1/19/2022 | 12/31/2028 | 8855 | 8790 | 5756 | 0.28 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | | |  | | | | | | |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QXO Building Products, Inc. | (8) | SOFR + 2.00% | 5.67% | 11/5/2025 | 4/30/2032 | $2651 | $2628 | $2649 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer, LLC | (8) | SOFR + 3.25% | 6.92% | 6/13/2024 | 10/19/2029 | 16724 | 16753 | 16124 | 0.79 |
|  |  |  |  |  |  |  | 76106 | 72401 | 3.52 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Bidco, LLC | (8) | SOFR + 2.50% | 6.17% | 6/7/2022 | 9/23/2031 | 30411 | 30442 | 30463 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.63% | 1/19/2022 | 10/19/2027 | 11547 | 11516 | 11547 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.65% | 1/19/2022 | 10/19/2027 | 6650 | 6623 | 6650 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Aviation US Holdings, Inc. | (9) | SOFR + 2.50% | 6.17% | 8/11/2025 | 7/1/2031 | 4975 | 4979 | 4988 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Aviation US Holdings, Inc. | (9) | SOFR + 2.50% | 6.17% | 7/23/2025 | 7/1/2031 | 4975 | 5003 | 4989 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swissport Stratosphere USA, LLC | (8) | SOFR + 2.75% | 6.41% | 1/14/2026 | 4/4/2031 | 353 | 353 | 352 | 0.02 |
|  |  |  |  |  |  |  | 58916 | 58989 | 2.86 |
|  **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 6130334 | 5812108 | 283.09 |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (4)(8) | SOFR + 5.50% | 9.17% | 7/23/2025 | 7/31/2033 | 5200 | 5176 | 5096 | .25 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(8) | 8.75% | 8.75% | 12/20/2022 | 4/15/2029 | CAD 12,000 | 8461 | 8281 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(11) | SOFR + 9.00% | 12.77% | 1/19/2022 | 7/16/2028 | 24712 | 24636 | 23414 | 1.14 |
|  |  |  |  |  |  |  | 33097 | 31695 | 1.54 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curia Global, Inc. | (4)(10)(17) | SOFR + 10.50% | 14.43%<br> PIK | 9/26/2022 | 3/7/2030 | 43764 | 43332 | 9628 | 0.47 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (8) | SOFR + 6.00% | 9.67% | 2/13/2026 | 2/13/2034 | 57788 | 56685 | 57787 | 2.81 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(11) | SOFR + 8.00% | 11.67%<br> PIK | 2/28/2025 | 2/28/2030 | 15619 | 15619 | 15619 | 0.76 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 5.75% | 9.42% | 3/26/2025 | 7/30/2032 | 20000 | 19433 | 16850 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 7.25% | 11.18% | 9/26/2022 | 4/23/2029 | 24942 | 23278 | 17880 | 0.87 |
|  |  |  |  |  |  |  | 42711 | 34730 | 1.69 |
|  **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | 196620 | 154555 | 7.52 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 1230769 | $2215 | $135 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 3838 | 16269 | 3706 | 0.18 |
|  |  |  |  |  |  |  | 18484 | 3841 | 0.19 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. - Common Equity |  |  |  | 12/29/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11751 | 294 | 20 | 0.00 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Holdings, LP - LP Interest | (4) |  |  | 4/14/2023 |  | 1212 | 0 | 0 | 0.00 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units | (4) |  |  | 1/19/2022 |  | 1 | 780 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 92 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4) |  |  | 1/19/2022 |  | 301167 | 1239 | 1019 | 0.05 |
|  |  |  |  |  |  |  | 2111 | 1019 | 0.05 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 1/19/2022 |  | 974662 | 1133 | 1241 | 0.06 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 1/19/2022 |  | 797 | 210 | 19 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 429 | 113 | 10 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 667649 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 323 | 29 | 0.00 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **Equity (continued)** |  | |  | | | | | | |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC - Class A Units | (4) |  |  | 2/12/2026 |  | 2887 | $4896 | $4896 | 0.24% |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units | (4)(7) |  | 7.60%<br> PIK | 3/23/2026 |  | 69729468 | 1079799 | 1079786 | 52.60 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Class A Common Shares | (4) |  |  | 2/28/2025 |  | 8617 | 7857 | 1507 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Preferred Equity | (4) |  |  | 2/28/2025 |  | 9216 | 9216 | 10423 | 0.51 |
|  |  |  |  |  |  |  | 17073 | 11930 | 0.58 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Holdings, Inc. - Class A Common Stock | (4) |  |  | 10/9/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16805 | 728 | 0 | 0.00 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4) |  |  | 1/19/2022 |  | 3000000 | 3542 | 3324 | 0.16 |
|  **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | 1128383 | 1106086 | 53.88 |
|  **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 7455337 | 7072749 | 344.49 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management - Institutional Shares |  |  | 3.53% |  |  |  | 11462 | 11462 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management |  |  | 3.44% |  |  |  | 377 | 377 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 3.55% |  |  |  | 26219 | 26219 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Cash and Cash Equivalents |  |  |  |  |  |  | 158733 | 158733 | 7.73 |
|  **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 196791 | 196791 | 9.59 |
|  **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $7652128 | $7269540 | 354.08% |

---

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term
"Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 2026, the Company had investments denominated in Canadian
Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise
indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount
(in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its
credit facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either
Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured
Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate
("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or
"BB"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used
and provided the spread and the interest rate in effect as of March 31, 2026. 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 GAAP.

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value
was determined in good faith by or under the direction of the Board (see Note 2 and Note 5), pursuant to the Company's valuation policy.

(5) These debt investments are not pledged as collateral under any of the Company's credit facilities. For
other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are
pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.

(6) Reserved.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair Value** |
|  ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | $469 | $— |
|  Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 3249 |  |
|  Chicago US Midco III, LP | Delayed Draw Term Loan | 10/30/2027 | 1221 | (10) |
|  CohnReznick Advisory, LLC | Delayed Draw Term Loan | 3/31/2027 | 991 | (26) |
|  Express Wash Concepts, LLC | Delayed Draw Term Loan | 8/31/2026 | 3500 |  |
|  Kwor Acquisition, Inc. | Revolver | 2/28/2030 | 6959 |  |
|  Kwor Acquisition, Inc. | Delayed Draw Term Loan | 2/28/2027 | 9221 | (46) |
|  Latham Pool Products, Inc. | Revolver | 2/23/2027 | 6600 |  |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 634 |  |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 634 |  |
|  Pinnacle Buyer, LLC | Delayed Draw Term Loan | 4/1/2027 | 1945 |  |
|  Port Arthur LNG Phase II Intermediate Company, LLC | Equity | 12/30/2026 | 299028 |  |
|  Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 12/31/2027 | 1684 |  |
|  Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 667 | (12) |
|  Sanders Industries Holdings, Inc. | Delayed Draw Term Loan | 2/26/2027 | 1742 |  |
|  Secretariat Advisors, LLC | Delayed Draw Term Loan | 2/28/2027 | 208 | (4) |
|  SEKO Global Logistics Network, LLC | Delayed Draw Term Loan | 5/10/2027 | 374 |  |
|  Signia Aerospace, LLC | Delayed Draw Term Loan | 12/11/2026 | 1013 |  |
|  Smile Doctors, LLC | Revolver | 12/23/2027 | 4737 | (166) |
|  Trio Bidco, LLC | Delayed Draw Term Loan | 10/31/2027 | 803 | (23) |
|  Triple Lift, Inc. | Revolver | 5/5/2028 | 2143 | (220) |
|  US Fertility Enterprises, LLC | Delayed Draw Term Loan | 12/30/2027 | 532 |  |
|  VRS Buyer, Inc. | Delayed Draw Term Loan | 10/10/2027 | 897 |  |
|  West Monroe Partners, LLC | Revolver | 11/9/2027 | 2843 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Unfunded Commitments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Unfunded Commitments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Unfunded Commitments** | $352094 | $(564) |

---

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

(9) The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(10) The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(11) The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(12) The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(13) The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(14) The interest rate floor on these investments as of March 31, 2026 was 2.00%.

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

(16) Reserved.

(17) Loan was on non-accrual status as of March 31, 2026.

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

(19) All securities are exempt from registration under the Securities Act, and may be deemed to be "restricted
securities." As of March 31, 2026, the aggregate fair value of these securities is $7,072.7 million or 344.49% of the Company's net assets. The initial acquisition dates have been included for such securities.

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt** |  | |  | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.37% | 7/25/2025 | 5/25/2029 | $7994 | $5791 | $4141 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp. | (10)(17) | SOFR + 4.25% | 8.37% | 7/25/2025 | 5/25/2029 | 1160 | 783 | 601 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.72% | 10/14/2025 | 10/31/2031 | 7226 | 7238 | 7262 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.72% | 10/14/2025 | 10/31/2031 | 2749 | 2753 | 2762 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novaria Holdings, LLC | (8) | SOFR + 3.25% | 6.97% | 2/5/2025 | 6/6/2031 | 1121 | 1121 | 1124 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 3.75% | 7.69% | 8/4/2022 | 2/1/2028 | 20022 | 19996 | 18624 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propulsion BC Newco, LLC | (9) | SOFR + 2.50% | 6.17% | 12/1/2025 | 12/1/2032 | 3162 | 3154 | 3182 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanders Industries Holdings, Inc. | (7)(9) | SOFR + 2.50% | 6.43% | 3/10/2025 | 2/26/2032 | 23064 | 22906 | 23196 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signia Aerospace, LLC | (7)(8) | SOFR + 2.75% | 6.44% | 7/23/2025 | 12/11/2031 | 20789 | 20859 | 20896 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.22% | 11/19/2024 | 1/19/2032 | 9875 | 9913 | 9926 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.22% | 11/19/2024 | 2/28/2031 | 3960 | 3940 | 3979 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.22% | 8/13/2025 | 8/19/2032 | 6764 | 6747 | 6799 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.25% | 5.97% | 9/11/2025 | 3/22/2030 | 10919 | 10963 | 10962 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Aerospace Services Corp. | (10) | SOFR + 2.25% | 5.97% | 1/19/2022 | 12/6/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12826 | 12793 | 12917 | 0.58 |
|  |  |  |  |  |  |  | 128957 | 126371 | 5.64 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIT Worldwide Logistics Holdings, Inc. | (10) | SOFR + 4.00% | 7.89% | 10/30/2024 | 4/8/2030 | 20118 | 20118 | 20269 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Purchaser, Inc. | (4)(11) | SOFR + 6.25% | 10.24% | 1/19/2022 | 12/9/2027 | 30993 | 30993 | 28203 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWL Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.57% | 1/19/2022 | 12/31/2028 | 26099 | 25874 | 24272 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savage Enterprises, LLC | (8) | SOFR + 2.50% | 6.28% | 7/30/2025 | 8/5/2032 | 9019 | 9010 | 9070 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(11) | SOFR + 10.00% | 13.82%<br>PIK | 11/27/2024 | 11/27/2029 | 2860 | 2823 | 2860 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(11) | SOFR + 7.00% | 10.82%<br>PIK | 11/27/2024 | 5/27/2030 | 8609 | 8609 | 8609 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | (4)(7)(11) | SOFR + 10.50% | 14.36%<br> (incl. 9.50%<br> PIK) | 11/10/2025 | 11/27/2029 | 665 | 663 | 665 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent, LLC | (8) | SOFR + 2.25% | 6.16% | 10/14/2025 | 4/9/2032 | 23318 | 23285 | 23347 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (10) | SOFR + 4.00% | 7.67% | 11/8/2024 | 7/26/2028 | 6175 | 6091 | 6211 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (4)(10) | SOFR + 4.75% | 8.42% | 3/21/2025 | 7/26/2028 | 15368 | 15161 | 15425 | 0.69 |
|  |  |  |  |  |  |  | 142627 | 138931 | 6.21 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 6.13% | 1/19/2022 | 4/20/2028 | $2467 | $2467 | $2476 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 6.00% | 12/12/2024 | 2/15/2028 | 14847 | 14896 | 14904 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 3.25% | 7.13% | 5/28/2025 | 5/28/2032 | 2852 | 2825 | 2869 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp. | (9) | SOFR + 4.75% | 8.44% | 11/7/2024 | 8/27/2029 | 4938 | 4955 | 4751 | 0.21 |
|  |  |  |  |  |  |  | 25143 | 25000 | 1.12 |
| **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belron Finance 2019, LLC | (9) | SOFR + 2.25% | 6.12% | 7/18/2025 | 10/16/2031 | 9875 | 9972 | 9943 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.50% | 6.22% | 3/5/2025 | 5/6/2030 | 8935 | 8938 | 8958 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.75% | 6.47% | 1/28/2025 | 1/28/2032 | 23424 | 23354 | 23574 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc. | (8) | SOFR + 2.00% | 5.87% | 3/19/2025 | 12/1/2032 | 2692 | 2680 | 2713 | 0.12 |
|  |  |  |  |  |  |  | 44944 | 45188 | 2.01 |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sazerac Co, Inc. | (8) | SOFR + 2.50% | 6.28% | 7/10/2025 | 7/9/2032 | 6551 | 6519 | 6572 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc. | (9) | SOFR + 2.25% | 5.92% | 2/12/2025 | 3/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19742 | 19748 | 19821 | 0.89 |
|  |  |  |  |  |  |  | 26267 | 26393 | 1.18 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. | (8) | SOFR + 2.00% | 5.97% | 7/23/2025 | 11/15/2027 | 10000 | 9991 | 10010 | 0.45 |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (8) | SOFR + 2.25% | 5.92% | 9/29/2025 | 9/29/2032 | 4127 | 4127 | 4140 | 0.18 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. | (9) | SOFR + 3.25% | 7.10% | 1/19/2022 | 4/12/2028 | 26141 | 25449 | 20612 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + 6.00% | 9.82% | 1/19/2022 | 2/26/2027 | 19048 | 19027 | 18334 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition, LLC | (10) | SOFR + 3.75% | 7.58% | 6/6/2024 | 6/6/2031 | 9318 | 9237 | 8766 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II, LLC | (8) | SOFR + 2.75% | 6.47% | 10/3/2024 | 3/28/2031 | 9875 | 9961 | 9897 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Acquisitionco, LLC | (9) | SOFR + 4.25% | 7.92% | 12/2/2024 | 4/29/2029 | 9872 | 9830 | 7136 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc. | (8) | SOFR + 2.00% | 5.72% | 8/8/2025 | 8/13/2032 | 6696 | 6698 | 6721 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Sunbelt Acquisition, Co. | (8) | SOFR + 4.25% | 8.07% | 10/15/2024 | 10/24/2031 | 25137 | 24926 | 25435 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + 6.50% | 10.32% | 1/19/2022 | 12/29/2026 | 10473 | 10473 | 8614 | 0.38 |
|  |  |  |  |  |  |  | 115601 | 105515 | 4.71 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury, LLC | (8) | SOFR + 3.50% | 7.39% | 2/27/2025 | 2/27/2032 | $71295 | $71244 | $67374 | 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc. | (8) | SOFR + 3.00% | 6.72% | 11/20/2025 | 8/9/2030 | 19264 | 19110 | 19362 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citco Funding, LLC | (9) | SOFR + 2.75% | 6.51% | 6/13/2024 | 4/27/2028 | 7138 | 7133 | 7194 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | (8) | SOFR + 3.00% | 6.67% | 10/16/2025 | 10/18/2032 | 2415 | 2409 | 2433 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC | (8) | SOFR + 2.50% | 6.22% | 3/13/2025 | 9/15/2031 | 22731 | 22631 | 22795 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower, LLC | (8) | SOFR + 2.75% | 6.42% | 7/25/2025 | 9/5/2031 | 25326 | 25200 | 25449 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson River Trading, LLC | (8) | SOFR + 2.75% | 6.49% | 6/25/2025 | 3/18/2030 | 869 | 867 | 874 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITG Communications, LLC | (8) | SOFR + 4.75% | 8.95% | 7/1/2025 | 7/9/2031 | 9167 | 8845 | 8892 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC | (8) | SOFR + 2.00% | 5.82% | 7/23/2025 | 12/15/2031 | 8249 | 8209 | 8221 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jump Financial, LLC | (8) | SOFR + 3.50% | 7.17% | 7/31/2025 | 2/26/2032 | 697 | 697 | 690 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Advisor Services Holdings A, Inc. | (8) | SOFR + 3.00% | 6.72% | 8/1/2025 | 3/22/2031 | 1574 | 1574 | 1579 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc. | (8) | SOFR + 3.00% | 6.60% | 7/17/2025 | 7/30/2032 | 23260 | 23226 | 23384 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. | (11) | SOFR + 6.50% | 10.43% | 12/29/2023 | 10/30/2028 | 941 | 936 | 765 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saphilux S.à r.l. | (8) | S + 4.25% | 8.22% | 7/27/2023 | 7/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | 25543 | 27229 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saphilux S.à r.l. | (8) | SOFR + 3.00% | 6.92% | 7/17/2025 | 7/18/2028 | 1327 | 1327 | 1337 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Situs-AMC Holdings Corporation | (4)(10) | SOFR + 5.50% | 9.17% | 9/26/2022 | 5/14/2031 | 89862 | 89306 | 89862 | 4.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superannuation & Investments US, LLC | (9) | SOFR + 3.00% | 6.72% | 7/18/2025 | 12/1/2028 | 3138 | 3143 | 3162 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Edelman Financial Engines Center, LLC | (8) | SOFR + 3.00% | 6.72% | 6/5/2024 | 4/7/2028 | 18441 | 18441 | 18560 | 0.83 |
|  |  |  |  |  |  |  | 329841 | 329162 | 14.71 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derby Buyer, LLC | (9) | SOFR + 3.00% | 6.75% | 12/13/2024 | 11/1/2030 | 13045 | 13102 | 13102 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Purchaser Corp. | (9) | SOFR + 3.75% | 7.61% | 12/2/2024 | 10/4/2029 | 9952 | 10017 | 9587 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis 333, Inc. | (8) | SOFR + 3.50% | 7.17% | 2/6/2025 | 3/27/2032 | 3483 | 3475 | 3458 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp. | (8) | SOFR + 3.25% | 6.92% | 11/3/2025 | 11/3/2032 | 2687 | 2680 | 2675 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(14)(17) | SOFR + 8.25% | 12.07%<br>PIK | 4/14/2023 | 4/14/2029 | 8058 | 4670 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Services, Inc. | (4)(14)(17) | SOFR + 8.25% | 12.07%<br>PIK | 4/14/2023 | 4/14/2029 | 3935 | 3558 | 2183 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. | (8) | SOFR + 1.75% | 5.59% | 10/29/2025 | 10/29/2032 | 2915 | 2911 | 2934 | 0.13 |
|  |  |  |  |  |  |  | 40413 | 33939 | 1.52 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access CIG, LLC | (9) | SOFR + 4.00% | 7.72% | 8/15/2025 | 8/19/2030 | $21497 | $21214 | $20798 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco, LLC | (9) | SOFR + 3.25% | 6.97% | 8/6/2025 | 8/20/2032 | 43231 | 43179 | 43508 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticimex, Inc. | (8) | SOFR + 2.90% | 6.56% | 11/21/2025 | 11/17/2031 | 30498 | 30481 | 30689 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armor Holdco, Inc. | (9) | SOFR + 3.75% | 7.55% | 11/20/2025 | 12/10/2031 | 14020 | 13991 | 14097 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfor Holdings, Inc. | (10) | SOFR + 2.75% | 6.47% | 8/8/2025 | 11/1/2030 | 143 | 143 | 144 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + 3.75% | 7.47% | 7/2/2025 | 7/9/2032 | 13274 | 13217 | 13323 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EAB Global, Inc. | (9) | SOFR + 3.00% | 6.72% | 1/19/2022 | 8/16/2030 | 13034 | 13025 | 11621 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundational Education Group, Inc. | (9) | SOFR + 3.75% | 7.85% | 6/7/2022 | 8/31/2028 | 3850 | 3790 | 3559 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBT US III, LLC | (8) | SOFR + 2.50% | 6.36% | 2/4/2025 | 7/25/2031 | 770 | 770 | 773 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental Services USA, Inc. | (8) | SOFR + 2.50% | 6.27% | 3/3/2025 | 3/3/2032 | 18080 | 18070 | 18179 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International SOS The Americas, LP | (4)(9) | SOFR + 2.75% | 6.42% | 6/28/2024 | 9/7/2028 | 1921 | 1921 | 1933 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(10) | SOFR + 5.00% | 8.94% | 1/19/2022 | 12/15/2027 | 9433 | 9371 | 9433 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | (4)(10) | SOFR + 5.00% | 8.94% | 1/19/2022 | 12/15/2027 | 2917 | 2904 | 2917 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSS Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.69%<br> (incl. 2.75%<br> PIK) | 1/19/2022 | 11/8/2031 | 37432 | 37281 | 37432 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + 5.50% | 9.44% | 9/26/2022 | 10/19/2028 | 132218 | 129063 | 115030 | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lsf12 Crown US Commercial Bidco, LLC | (8) | SOFR + 3.50% | 7.37% | 9/19/2025 | 12/2/2031 | 6172 | 6172 | 6218 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (8) | SOFR + 2.75% | 6.45% | 1/26/2024 | 12/31/2032 | 32619 | 32774 | 32788 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Buyer, LLC | (7)(8) | SOFR + 2.50% | 6.16% | 9/11/2025 | 10/1/2032 | 10086 | 10084 | 10147 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding, Co. | (4)(10) | SOFR + 5.00% | 8.67% | 11/24/2025 | 11/24/2032 | 29206 | 28709 | 28987 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR + 2.00% | 6.13% | 11/20/2024 | 10/13/2030 | 15116 | 15083 | 15157 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR + 1.75% | 5.58% | 10/1/2025 | 3/7/2032 | 3855 | 3817 | 3850 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety, LLC | (7)(8) | SOFR + 2.50% | 6.21% | 12/16/2025 | 12/16/2032 | 11269 | 11213 | 11365 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempo Acquisition, LLC | (9) | SOFR + 1.75% | 5.47% | 3/13/2025 | 8/31/2028 | 9925 | 9891 | 9567 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMF Sapphire Bidco, BV | (8) | SOFR + 2.75% | 6.69% | 1/22/2025 | 5/3/2028 | 272 | 271 | 274 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRC Cos, LLC | (8) | SOFR + 3.00% | 6.72% | 1/14/2025 | 12/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13485 | 13490 | 13544 | 0.61 |
|  |  |  |  |  |  |  | 469924 | 455333 | 20.34 |
| **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. | (4)(8) | SOFR + 2.50% | 6.39% | 10/16/2025 | 10/16/2032 | 2837 | 2830 | 2858 | 0.13 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. | (8) | SOFR + 2.00% | 5.72% | 4/4/2025 | 9/29/2031 | $3997 | $3866 | $4014 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azuria Water Solutions, Inc. | (7)(10) | SOFR + 3.00% | 6.72% | 5/15/2025 | 5/17/2028 | 4663 | 4619 | 4698 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield WEC Holdings, Inc. | (8) | SOFR + 2.00% | 5.87% | 1/25/2024 | 1/27/2031 | 33552 | 33564 | 33647 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuri Group, Inc. | (8) | SOFR + 2.25% | 6.12% | 12/26/2025 | 7/9/2032 | 3035 | 3027 | 3050 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osmose Utilities Services, Inc. | (9) | SOFR + 3.25% | 7.08% | 11/7/2024 | 6/23/2028 | 13754 | 13812 | 13548 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Socotec US Holding, Inc. | (8) | SOFR + 3.25% | 6.91% | 7/22/2025 | 6/2/2031 | 1372 | 1369 | 1385 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecta America Corp. | (8) | SOFR + 2.75% | 6.47% | 12/23/2025 | 2/18/2032 | 2466 | 2461 | 2479 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Touchdown Acquirer, Inc. | (8) | SOFR + 2.75% | 6.57% | 4/8/2025 | 2/21/2031 | 4963 | 4864 | 4985 | 0.22 |
|  |  |  |  |  |  |  | 67582 | 67806 | 3.03 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Infrastructure Partners US, LLC | (8) | SOFR + 2.75% | 6.42% | 9/19/2025 | 9/24/2032 | 9363 | 9365 | 9398 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSOF Beacon, LLC | (8) | SOFR + 2.50% | 6.24% | 12/23/2025 | 12/23/2032 | 1810 | 1806 | 1820 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. | (8) | SOFR + 2.25% | 5.97% | 4/8/2025 | 2/10/2032 | 9950 | 9831 | 9992 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamko Building Products, LLC | (8) | SOFR + 2.75% | 6.95% | 10/23/2024 | 9/20/2030 | 7853 | 7899 | 7915 | 0.35 |
|  |  |  |  |  |  |  | 28901 | 29125 | 1.30 |
| **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Holdco B, LLC | (8) | SOFR + 2.00% | 5.72% | 12/11/2025 | 5/17/2031 | 10376 | 10366 | 10410 | 0.47 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Buyer, LLC | (4)(10) | SOFR + 5.25% | 8.92% | 9/26/2022 | 9/30/2028 | 73255 | 72918 | 73255 | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging, LLC | (8) | SOFR + 3.25% | 7.24% | 7/25/2025 | 6/7/2031 | 28923 | 29052 | 29023 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.18% | 6.89% | 4/13/2022 | 4/13/2029 | 31338 | 31278 | 31399 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.25% | 6.97% | 8/22/2025 | 4/1/2032 | 10884 | 10846 | 10888 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. | (8) | SOFR + 2.50% | 6.22% | 7/31/2024 | 8/4/2027 | 22953 | 23009 | 23069 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower, LLC | (10) | SOFR + 4.00% | 7.88% | 4/9/2024 | 9/15/2028 | 12071 | 12027 | 12111 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Container Technologies Group, LLC | (9) | SOFR + 2.50% | 6.22% | 9/11/2025 | 9/15/2032 | 21753 | 21781 | 21838 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SupplyOne, Inc. | (8) | SOFR + 3.50% | 7.22% | 4/19/2024 | 4/21/2031 | 19457 | 19589 | 19521 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TricorBraun Holdings, Inc. | (9) | SOFR + 3.25% | 6.97% | 1/19/2022 | 3/3/2031 | 28129 | 27914 | 27310 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc. | (9) | SOFR + 3.75% | 7.42% | 10/18/2024 | 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38050 | 37524 | 36642 | 1.64 |
|  |  |  |  |  |  |  | 285938 | 285056 | 12.74 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boots Group Finco, LP | (8) | SOFR + 3.50% | 7.21% | 7/18/2025 | 8/30/2032 | $3379 | $3371 | $3402 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Purchaser, LLC | (4)(10) | SOFR + 5.50% | 9.48% | 9/26/2022 | 12/11/2028 | 51883 | 51401 | 39820 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradyplus Holdings, LLC | (8) | SOFR + 5.00% | 8.84% | 12/29/2025 | 12/29/2032 | 10627 | 10468 | 10532 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Cable Group, LLC | (4)(10) | SOFR + 5.75% | 9.57% | 1/19/2022 | 11/2/2026 | 31165 | 31067 | 30386 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + 7.00% | 11.13%<br> (incl. 3.25%<br> PIK) | 9/26/2022 | 6/23/2028 | 84057 | 83176 | 75231 | 3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tailwind Colony Holding Corporation | (4)(11) | SOFR + 6.50% | 10.44% | 1/19/2022 | 11/13/2026 | 30577 | 30526 | 29736 | 1.33 |
|  |  |  |  |  |  |  | 210009 | 189107 | 8.45 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbri Holdings, Inc. | (4)(10) | SOFR + 5.00% | 8.69% | 1/19/2022 | 4/30/2030 | 69213 | 68794 | 69213 | 3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + 5.50% | 9.46% | 1/19/2022 | 7/20/2028 | 33908 | 33908 | 32975 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (11) | SOFR + 3.50% | 7.23% | 11/22/2024 | 3/24/2031 | 13593 | 13608 | 13665 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc. | (9) | SOFR + 3.68% | 7.35% | 4/12/2022 | 7/6/2029 | 4850 | 4841 | 4899 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Express Wash Concepts, LLC | (4)(7)(11) | SOFR + 5.00% | 7.17% | 1/19/2022 | 4/30/2027 | 28965 | 28654 | 28887 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Express Wash Concepts, LLC | (4)(11) | SOFR + 5.00% | 8.82% | 1/19/2022 | 4/30/2027 | 28149 | 28034 | 28149 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fugue Finance, LLC | (9) | SOFR + 2.75% | 6.57% | 7/15/2025 | 1/9/2032 | 6422 | 6448 | 6452 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Learning, LLC | (9) | SOFR + 3.50% | 7.22% | 2/1/2024 | 12/21/2029 | 20723 | 20716 | 20046 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KUEHG Corp. | (9) | SOFR + 2.75% | 6.42% | 10/21/2024 | 6/12/2030 | 20447 | 20479 | 19903 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Learning Care Group US No 2, Inc. | (9) | SOFR + 4.00% | 7.88% | 3/26/2025 | 8/11/2028 | 3692 | 3670 | 3092 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 9.05% | 3/10/2022 | 3/12/2029 | 3850 | 3832 | 3624 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash Holdings, Inc. | (8) | SOFR + 2.50% | 6.22% | 12/6/2024 | 3/27/2031 | 8671 | 8727 | 8715 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc. | (9) | SOFR + 3.25% | 6.97% | 1/19/2022 | 12/15/2028 | 27451 | 27391 | 26602 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Education Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 9/10/2025 | 10/4/2030 | 314 | 314 | 316 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Support Services, LLC | (9) | SOFR + 2.75% | 6.47% | 2/10/2022 | 2/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15211 | 15191 | 14741 | 0.66 |
|  |  |  |  |  |  |  | 284607 | 281279 | 12.57 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | (14) | SOFR + 6.00% | 9.72% | 12/18/2024 | 6/1/2028 | 9883 | 9927 | 9970 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco, LLC | (10) | SOFR + 5.00% | 8.83%<br> (incl. 1.50%<br> PIK) | 6/30/2025 | 9/25/2029 | 2352 | 2352 | 1822 | 0.08 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zacapa, LLC | (9) | SOFR + 3.75% | 7.42% | 10/29/2024 | 3/22/2029 | $15645 | $15722 | $15675 | 0.70% |
|  |  |  |  |  |  |  | 28001 | 27467 | 1.23 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation, LLC | (8) | SOFR + 2.00% | 5.72% | 7/23/2025 | 9/30/2031 | 4975 | 4977 | 4997 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I, LLC | (8) | SOFR + 2.25% | 5.97% | 8/7/2025 | 2/26/2032 | 7423 | 7426 | 7479 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | (8) | SOFR + 1.75% | 5.59% | 7/23/2025 | 4/16/2031 | 4975 | 4984 | 4995 | 0.22 |
|  |  |  |  |  |  |  | 17387 | 17471 | 0.77 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcline FM Holdings, LLC | (10) | SOFR + 2.75% | 6.42% | 3/27/2025 | 6/23/2030 | 2939 | 2937 | 2954 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forgent Intermediate IV, LLC | (4)(8) | SOFR + 3.25% | 7.02% | 12/19/2025 | 12/20/2032 | 4830 | 4782 | 4806 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.50% | 6.70% | 1/19/2022 | 6/21/2028 | 31224 | 31201 | 31410 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.75% | 6.64% | 11/6/2025 | 11/8/2032 | 7530 | 7462 | 7587 | 0.34 |
|  |  |  |  |  |  |  | 46382 | 46757 | 2.08 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(11) | SOFR + 6.00% | 10.04% | 1/19/2022 | 12/23/2026 | 3128 | 3119 | 3128 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(11) | SOFR + 6.00% | 9.99% | 1/19/2022 | 12/23/2026 | 802 | 801 | 802 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Energy, LLC | (4)(11) | SOFR + 6.00% | 9.79% | 1/19/2022 | 12/23/2026 | 10421 | 10390 | 10421 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco, LLC | (9) | SOFR + 3.75% | 7.85% | 1/19/2022 | 3/2/2028 | 2881 | 2886 | 2853 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer, LLC | (8) | SOFR + 4.25% | 8.09% | 7/1/2024 | 7/1/2031 | 3069 | 3020 | 3059 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Aurora US Finco, Inc. | (8) | SOFR + 2.75% | 6.49% | 9/30/2025 | 9/30/2032 | 2898 | 2891 | 2916 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | (8) | SOFR + 2.00% | 5.70% | 10/31/2025 | 11/1/2032 | 13626 | 13593 | 13705 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. | (4)(8) | SOFR + 2.00% | 5.92% | 10/27/2025 | 10/27/2032 | 5148 | 5135 | 5164 | 0.23 |
|  |  |  |  |  |  |  | 41835 | 42048 | 1.89 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covia Holdings, LLC | (8) | SOFR + 2.75% | 6.71% | 7/31/2025 | 2/26/2032 | 2819 | 2812 | 2803 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ursa Minor US Bidco, LLC | (8) | SOFR + 2.25% | 5.92% | 11/13/2025 | 3/26/2031 | 4963 | 5018 | 4985 | 0.22 |
|  |  |  |  |  |  |  | 7830 | 7788 | 0.35 |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOC Borrower, LLC | (8) | SOFR + 3.00% | 6.72% | 3/31/2025 | 3/24/2032 | 14592 | 14515 | 14694 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFC Holdings, LLC | (8) | SOFR + 2.00% | 5.87% | 9/9/2025 | 11/21/2031 | 7506 | 7506 | 7549 | 0.34 |
|  |  |  |  |  |  |  | 22021 | 22243 | 1.00 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bcpe Pequod Buyer, Inc. | (8) | SOFR + 3.00% | 6.72% | 12/5/2025 | 11/25/2031 | 1991 | 1981 | 1998 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago US Midco III, LP | (7)(8) | SOFR + 2.50% | 6.22% | 10/30/2025 | 11/1/2032 | 8220 | 8200 | 8249 | 0.37 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co, LLC | (8) | SOFR + 1.75% | 5.47% | 11/5/2025 | 11/5/2032 | $4391 | $4369 | $4400 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.25% | 6.97% | 6/17/2024 | 6/17/2031 | 14813 | 14803 | 14879 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet US Buyer, LLC | (8) | SOFR + 3.00% | 6.82% | 11/25/2024 | 2/7/2031 | 10681 | 10770 | 10764 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, LLC | (8) | SOFR + 2.50% | 6.17% | 12/2/2025 | 7/3/2032 | 2639 | 2633 | 2658 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solera, LLC | (9)(18) | SOFR + 3.75% | 7.85% | 5/16/2022 | 6/2/2028 | 16557 | 16433 | 16004 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synechron, Inc. | (4)(8) | SOFR + 3.75% | 7.57% | 10/3/2024 | 10/3/2031 | 3990 | 3943 | 3980 | 0.18 |
|  |  |  |  |  |  |  | 63132 | 62932 | 2.81 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG PPC Parent, LLC | (9) | SOFR + 3.00% | 6.83% | 11/7/2024 | 12/8/2028 | 15792 | 15852 | 15871 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyers Grand Ice Cream, Inc. | (8) | SOFR + 2.25% | 6.45% | 11/7/2024 | 9/30/2031 | 21847 | 21766 | 21863 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri US, Inc. | (8) | SOFR + 2.25% | 6.12% | 7/16/2025 | 9/30/2032 | 18266 | 18239 | 18291 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFI Lower Midco, LLC | (8) | SOFR + 4.00% | 7.87% | 12/1/2025 | 12/1/2032 | 2000 | 1980 | 2018 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red SPV, LLC | (8) | SOFR + 2.25% | 5.98% | 3/13/2025 | 3/15/2032 | 7147 | 7115 | 7168 | 0.32 |
|  |  |  |  |  |  |  | 64952 | 65211 | 2.92 |
| **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco, LP | (9) | SOFR + 2.00% | 5.67% | 4/4/2025 | 12/31/2030 | 3970 | 3930 | 3988 | 0.18 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSHC Buyerco, LLC | (4)(11) | SOFR + 4.75% | 8.57% | 2/15/2022 | 9/8/2026 | 7208 | 7189 | 7190 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSHC Buyerco, LLC | (4)(10) | SOFR + 4.75% | 8.57% | 2/15/2022 | 9/8/2026 | 3432 | 3423 | 3424 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | (9) | SOFR + 3.00% | 6.72% | 12/11/2024 | 3/30/2029 | 6895 | 6888 | 6917 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natus Medical, Inc. | (4)(9) | SOFR + 5.25% | 9.07% | 8/18/2022 | 7/20/2029 | 3149 | 3044 | 3149 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resonetics, LLC | (10) | SOFR + 2.75% | 6.59% | 7/24/2025 | 6/18/2031 | 7325 | 7370 | 7349 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS Audiology A/S | (8) | SOFR + 3.50% | 7.20% | 6/27/2025 | 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18825 | 18825 | 18967 | 0.85 |
|  |  |  |  |  |  |  | 46739 | 46996 | 2.10 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | (4)(10) | SOFR + 6.00% | 9.77%<br> (incl. 3.25%<br> PIK) | 7/7/2023 | 8/2/2028 | 132828 | 132224 | 106262 | 4.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 9.95% | 1/19/2022 | 5/7/2027 | 1679 | 1673 | 1679 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + 6.25% | 10.05% | 1/19/2022 | 5/7/2027 | 28404 | 28293 | 28404 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | (4)(7)(11) | SOFR + 6.25% | 9.95% | 1/19/2022 | 5/7/2026 | 112 | 111 | 112 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management, Inc. | (4)(10) | SOFR + 5.50% | 9.62% | 9/26/2022 | 2/25/2028 | 81578 | 80677 | 78111 | 3.49 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(11) | CA + 4.50% | 7.12% | 12/20/2022 | 4/14/2028 | CAD 29,015 | $21174 | $21140 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCBlue Bidco, Inc. | (4)(10) | SOFR + 6.50% | 10.27%<br> (incl. 4.00%<br> PIK) | 1/19/2022 | 12/21/2028 | $24941 | 24773 | 20077 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc. | (9) | SOFR + 2.75% | 6.67% | 7/25/2025 | 9/29/2028 | 20429 | 20476 | 20547 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNT Holdings I Corp. | (10) | SOFR + 2.25% | 6.09% | 4/8/2025 | 11/8/2032 | 10470 | 10381 | 10507 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(10)(17) | SOFR + 6.41% | 12.08% | 1/19/2022 | 4/3/2028 | 28505 | 28386 | 24087 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holdings, LLC | (4)(10)(17) | SOFR + 6.41% | 12.08% | 2/25/2022 | 4/3/2028 | 794 | 791 | 671 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Examworks Bidco, Inc. | (9) | SOFR + 2.50% | 6.22% | 1/19/2022 | 11/1/2028 | 24789 | 24696 | 24947 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc. | (8) | SOFR + 3.50% | 7.38% | 9/10/2025 | 10/1/2032 | 38246 | 38154 | 38530 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental, LLC | (10) | SOFR + 3.75% | 7.47% | 8/7/2025 | 8/25/2032 | 22828 | 22785 | 22951 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICS US Holdings, Inc. | (4)(9) | SOFR + 5.25% | 9.01% | 12/20/2022 | 6/8/2028 | 35000 | 33982 | 18550 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IVI America, LLC | (8) | SOFR + 3.25% | 6.92% | 9/11/2025 | 4/18/2031 | 491 | 491 | 496 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(11) | SOFR + 5.25% | 9.07% | 1/19/2022 | 4/15/2028 | 25464 | 25420 | 24827 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MED ParentCo, LP | (8) | SOFR + 3.00% | 6.72% | 12/31/2025 | 4/15/2031 | 25655 | 25655 | 25762 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + 5.50% | 9.32%<br> (incl. 4.00%<br> PIK) | 1/19/2022 | 7/16/2030 | 21690 | 21644 | 18427 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onex TSG Intermediate Corp. | (8) | SOFR + 3.75% | 7.59% | 7/24/2025 | 8/6/2032 | 3079 | 3083 | 3104 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW Intermediate, LLC | (4)(11) | SOFR + 5.50% | 9.32% | 12/11/2024 | 3/9/2028 | 30708 | 30708 | 30708 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc. | (8) | SOFR + 4.50% | 8.17% | 3/6/2025 | 6/30/2032 | 13791 | 13739 | 13783 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings, LLC | (7)(8) | SOFR + 3.00% | 6.72% | 10/15/2024 | 11/19/2031 | 9263 | 9262 | 9307 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | (4)(7)(10) | SOFR + 5.75% | 9.69% | 1/19/2022 | 12/23/2028 | 140428 | 139082 | 135348 | 6.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC | (8) | SOFR + 2.50% | 6.37% | 7/22/2025 | 12/4/2031 | 36250 | 36359 | 36247 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC | (7)(8) | SOFR + 3.50% | 7.24% | 12/30/2025 | 12/30/2032 | 3509 | 3491 | 3529 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(10) | SOFR + 6.50% | 10.17%<br> (incl. 5.09%<br> PIK) | 8/2/2024 | 6/30/2029 | 2952 | 2952 | 2952 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser III, Inc. | (4)(10)(17) | 10.00% | 10.00%<br>PIK | 8/2/2024 | 6/30/2030 | 2502 | 892 | 1051 | 0.05 |
|  |  |  |  |  |  |  | 781354 | 722116 | 32.27 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth, Inc. | (9) | SOFR + 2.75% | 6.47% | 3/13/2025 | 2/15/2029 | 19366 | 19183 | 19427 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc. | (8) | SOFR + 2.75% | 6.62% | 11/25/2024 | 5/1/2031 | 22080 | 22205 | 21270 | 0.95 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp. | (10) | SOFR + 4.00% | 7.77% | 12/18/2024 | 10/1/2027 | $49440 | $48158 | $48662 | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GI Ranger Intermediate, LLC | (4)(10) | SOFR + 6.00% | 9.82% | 9/26/2022 | 10/30/2028 | 43443 | 43138 | 43443 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp. | (8) | SOFR + 2.75% | 6.58% | 7/18/2025 | 3/10/2028 | 318 | 318 | 320 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc. | (8) | SOFR + 2.00% | 5.72% | 8/6/2025 | 10/22/2029 | 6614 | 6593 | 6664 | 0.30 |
|  |  |  |  |  |  |  | 139595 | 139786 | 6.24 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR + 2.50% | 6.22% | 7/23/2025 | 8/17/2028 | 5466 | 5466 | 5493 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR + 2.50% | 6.22% | 7/18/2025 | 8/17/2028 | 1453 | 1453 | 1462 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flynn Restaurant Group, LP | (8) | SOFR + 3.75% | 7.47% | 3/11/2025 | 1/28/2032 | 24872 | 24450 | 25003 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp. | (9) | SOFR + 2.50% | 6.22% | 11/17/2025 | 12/15/2030 | 24813 | 24864 | 24899 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc. | (8) | SOFR + 2.00% | 5.78% | 8/14/2025 | 11/5/2031 | 19850 | 19948 | 19952 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mic Glen, LLC | (9) | SOFR + 3.25% | 6.97% | 7/29/2025 | 7/21/2028 | 593 | 593 | 599 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion Finco, LLC | (8) | SOFR + 3.50% | 7.17% | 3/13/2025 | 11/12/2029 | 4950 | 4887 | 4403 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Red Finance, Inc. | (8) | SOFR + 1.75% | 5.47% | 3/13/2025 | 9/20/2030 | 13459 | 13358 | 13492 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raising Cane's Restaurants, LLC | (8) | SOFR + 2.00% | 5.84% | 11/3/2025 | 11/3/2032 | 6687 | 6670 | 6710 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacala Investment Corp. | (10) | SOFR + 3.00% | 6.72% | 9/16/2025 | 1/31/2031 | 4938 | 4972 | 4978 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRQ Sales, LLC | (8) | SOFR + 3.25% | 7.55% | 12/30/2025 | 12/30/2032 | 12974 | 12909 | 12828 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatabrands, LLC | (9) | SOFR + 2.50% | 6.22% | 12/11/2024 | 8/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33831 | 33862 | 33958 | 1.52 |
|  |  |  |  |  |  |  | 153432 | 153777 | 6.88 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc. | (9) | SOFR + 3.00% | 6.85% | 12/5/2024 | 7/31/2028 | 34175 | 34140 | 34288 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Safety & Flow, LLC | (8) | SOFR + 2.50% | 6.23% | 9/25/2025 | 9/26/2031 | 13390 | 13402 | 13501 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products, LLC | (8) | SOFR + 3.75% | 7.74% | 9/17/2025 | 10/1/2032 | 3864 | 3827 | 3875 | 0.17 |
|  |  |  |  |  |  |  | 51369 | 51664 | 2.30 |
| **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine, Corp. | (8) | SOFR + 1.75% | 5.47% | 12/12/2024 | 1/31/2031 | 2894 | 2891 | 2897 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply, LLC | (8) | SOFR + 2.00% | 5.67% | 11/25/2025 | 11/25/2032 | 4776 | 4752 | 4783 | 0.21 |
|  |  |  |  |  |  |  | 7643 | 7680 | 0.34 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bettcher Industries, Inc. | (9) | SOFR + 4.00% | 7.67% | 9/19/2025 | 12/14/2028 | 4336 | 4326 | 4383 | 0.20 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc. | (8) | SOFR + 3.25% | 6.92% | 11/26/2025 | 11/26/2032 | $6432 | $6362 | $6481 | 0.29% |
|  |  |  |  |  |  |  | 10688 | 10864 | 0.49 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC | (8) | SOFR + 2.50% | 6.22% | 7/31/2025 | 9/19/2031 | 9321 | 9204 | 9352 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc. | (10) | SOFR + 2.25% | 5.97% | 11/7/2024 | 1/30/2032 | 26153 | 26029 | 26258 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings, LLC | (8) | SOFR + 2.50% | 6.25% | 9/12/2025 | 5/26/2031 | 12144 | 12120 | 12144 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. | (8) | SOFR + 2.75% | 6.47% | 6/14/2024 | 6/13/2031 | 45369 | 45473 | 45571 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group, LLC | (8) | SOFR + 2.75% | 6.42% | 12/6/2024 | 5/6/2031 | 10000 | 10069 | 10029 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp. | (4)(10) | SOFR + 4.75% | 8.42% | 9/26/2022 | 10/29/2030 | 74478 | 74031 | 74478 | 3.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International, Ltd. | (8) | SOFR + 2.25% | 6.12% | 11/25/2024 | 6/20/2030 | 23777 | 23904 | 23927 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.49% | 12/11/2025 | 4/18/2030 | 14684 | 14753 | 14741 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.47% | 8/4/2025 | 2/15/2031 | 13424 | 13514 | 13473 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower, LLC | (9) | SOFR + 3.00% | 6.72% | 11/19/2024 | 7/2/2031 | 19406 | 19500 | 19479 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | (4)(10) | SOFR + 5.00% | 8.82% | 9/26/2022 | 10/16/2028 | 61726 | 60793 | 61726 | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trucordia Insurance Holdings, LLC | (8) | SOFR + 3.25% | 6.97% | 6/17/2025 | 6/17/2032 | 6518 | 6503 | 6486 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.92% | 12/23/2024 | 11/21/2029 | 23475 | 23512 | 23554 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.92% | 12/23/2024 | 9/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24737 | 24794 | 24811 | 1.11 |
|  |  |  |  |  |  |  | 364199 | 366029 | 16.36 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser, LLC | (8) | SOFR + 2.75% | 6.42% | 7/16/2024 | 7/16/2031 | 26582 | 26674 | 26679 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. | (8) | SOFR + 2.75% | 6.47% | 3/27/2025 | 7/8/2031 | 4263 | 4209 | 4127 | 0.18 |
|  |  |  |  |  |  |  | 30883 | 30806 | 1.37 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings, LLC | (10) | SOFR + 2.50% | 6.17% | 8/2/2024 | 2/1/2031 | 3949 | 3955 | 3950 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrysaor Bidco S.à r.l. | (9) | SOFR + 3.25% | 7.14% | 10/14/2025 | 10/30/2031 | 1587 | 1583 | 1600 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc. | (8) | SOFR + 3.00% | 6.78% | 7/2/2025 | 6/27/2031 | 5245 | 5281 | 5256 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co, LLC | (8) | SOFR + 1.75% | 5.47% | 7/23/2025 | 11/9/2029 | 4975 | 4986 | 4988 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.38% | 12/8/2025 | 4/30/2029 | 3573 | 3348 | 2997 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.38% | 12/8/2025 | 4/30/2029 | 631 | 591 | 402 | 0.02 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 5.75% | 9.53% | 12/8/2025 | 4/30/2029 | $242 | $233 | $229 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Razor Holdco, LLC | (4)(10) | SOFR + 5.75% | 9.67% | 1/19/2022 | 10/25/2027 | 13016 | 12934 | 13016 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp. | (10) | SOFR + 3.25% | 6.97% | 6/21/2024 | 2/15/2029 | 30505 | 30644 | 30616 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Wide Technology Holding Co, LLC | (9) | SOFR + 2.00% | 5.72% | 7/23/2025 | 3/1/2030 | 4975 | 4986 | 4997 | 0.22 |
|  |  |  |  |  |  |  | 68541 | 68051 | 3.03 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc. | (9) | SOFR + 2.75% | 6.47% | 12/12/2025 | 12/12/2031 | 22538 | 22604 | 22641 | 1.01 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc. | (9) | SOFR + 2.50% | 6.48% | 11/13/2024 | 3/15/2030 | 7114 | 7168 | 7157 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoorsTek, Inc. | (8) | SOFR + 3.00% | 6.86% | 10/28/2025 | 10/28/2032 | 5437 | 5409 | 5488 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower, LP | (8) | SOFR + 2.25% | 6.12% | 8/11/2025 | 8/4/2031 | 4975 | 4975 | 4991 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gates Corp. | (9) | SOFR + 1.75% | 5.47% | 7/23/2025 | 6/4/2031 | 4975 | 4977 | 4993 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hobbs & Associates, LLC | (8) | SOFR + 2.75% | 6.47% | 10/14/2025 | 7/23/2031 | 4987 | 4990 | 4993 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF11 Trinity Bidco, Inc. | (4)(8) | SOFR + 2.50% | 6.23% | 9/11/2025 | 6/14/2030 | 1209 | 1209 | 1215 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc. | (8) | SOFR + 2.75% | 6.47% | 10/16/2025 | 10/16/2032 | 9188 | 9166 | 9257 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Flow, Inc. | (9) | SOFR + 2.75% | 6.47% | 8/1/2025 | 4/5/2029 | 7952 | 7992 | 7984 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Co-Borrower, LLC | (7)(8) | SOFR + 3.75% | 7.59% | 11/19/2024 | 2/15/2029 | 9116 | 9157 | 9207 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (9) | SOFR + 3.75% | 7.58% | 1/19/2022 | 11/19/2028 | 9652 | 9387 | 9715 | 0.43 |
|  |  |  |  |  |  |  | 64430 | 65000 | 2.89 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. | (9) | SOFR + 2.75% | 6.47% | 9/4/2025 | 8/6/2031 | 2229 | 2257 | 2251 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10)(17) | SOFR + 5.90% | 9.60%<br>PIK | 12/17/2025 | 12/15/2027 | 10099 | 5050 | 5050 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.60%<br>PIK | 12/17/2025 | 12/15/2027 | 7480 | 7480 | 7480 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prodege International Holdings, LLC | (4)(10) | SOFR + 5.75% | 9.60%<br>PIK | 12/17/2025 | 12/15/2027 | 3508 | 3508 | 3508 | 0.16 |
|  |  |  |  |  |  |  | 18295 | 18289 | 0.82 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Holdings, Inc. | (8) | SOFR + 1.75% | 5.42% | 3/11/2025 | 3/11/2032 | 3866 | 3866 | 3886 | 0.17 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KREF Holdings X, LLC | (8) | SOFR + 2.50% | 6.25% | 8/14/2025 | 3/5/2032 | 10105 | 10084 | 10171 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Mortgage, LLC | (4)(8) | SOFR + 2.00% | 5.72% | 7/24/2025 | 1/2/2030 | 2729 | 2724 | 2736 | 0.12 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Mortgage, LLC | (9) | SOFR + 2.25% | 5.97% | 8/14/2025 | 9/24/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12374 | $12377 | $12421 | 0.55% |
|  |  |  |  |  |  |  | 25185 | 25328 | 1.12 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackfin Pipeline, LLC | (8) | SOFR + 3.00% | 6.75% | 10/3/2025 | 9/29/2032 | 7313 | 7278 | 7336 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport LNG Investments, LLLP | (9) | SOFR + 3.25% | 7.12% | 1/10/2025 | 12/21/2028 | 17817 | 17805 | 17912 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Operating Co, LP | (9) | SOFR + 2.50% | 6.22% | 7/25/2025 | 11/17/2028 | 1651 | 1651 | 1664 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRS Buyer, Inc. | (7)(8) | SOFR + 3.50% | 7.24% | 10/10/2025 | 10/12/2032 | 8764 | 8719 | 8810 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WhiteWater Matterhorn Holdings, LLC | (8) | SOFR + 2.25% | 5.94% | 6/16/2025 | 6/16/2032 | 1562 | 1555 | 1570 | 0.07 |
|  |  |  |  |  |  |  | 37008 | 37292 | 1.66 |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profile Products, LLC | (4)(10) | SOFR + 5.50% | 9.49% | 9/26/2022 | 11/12/2027 | 73773 | 73216 | 73035 | 3.26 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. | (8) | SOFR + 1.75% | 5.62% | 10/31/2025 | 10/31/2032 | 2404 | 2405 | 2411 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco, SAS | (8) | SOFR + 3.00% | 6.69% | 10/29/2025 | 4/28/2032 | 2172 | 2172 | 2188 | 0.10 |
|  |  |  |  |  |  |  | 4577 | 4599 | 0.21 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Group Holdings, Inc. | (9) | SOFR + 4.25% | 8.07% | 4/22/2024 | 12/29/2028 | 2738 | 2734 | 2482 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AlixPartners, LLP | (9) | SOFR + 2.00% | 5.72% | 7/31/2025 | 8/12/2032 | 7061 | 7057 | 7082 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amspec Parent, LLC | (8) | SOFR + 3.50% | 7.17% | 12/20/2024 | 12/22/2031 | 8658 | 8658 | 8702 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ankura Consulting Group, LLC | (10) | SOFR + 3.50% | 7.37% | 12/17/2024 | 12/29/2031 | 1489 | 1486 | 1460 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus Group Holdings, Inc. | (9) | SOFR + 3.00% | 6.72% | 12/13/2024 | 11/24/2032 | 23562 | 23552 | 23567 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkeley Research Group Holdings, LLC | (8) | SOFR + 3.25% | 6.92% | 5/1/2025 | 5/1/2032 | 14963 | 14759 | 15010 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot US Acquisition, LLC | (8) | SOFR + 2.75% | 6.47% | 1/31/2024 | 1/31/2031 | 17746 | 17650 | 17544 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cast & Crew Payroll, LLC | (9) | SOFR + 3.75% | 7.47% | 1/19/2022 | 12/29/2028 | 36379 | 35613 | 21971 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | (4)(10) | SOFR + 4.50% | 8.22% | 9/26/2022 | 11/2/2027 | 95767 | 95767 | 95767 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CohnReznick Advisory, LLC | (7)(8) | SOFR + 3.50% | 7.17% | 3/26/2025 | 3/31/2032 | 15618 | 15537 | 15742 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 4.50% | 8.44% | 12/6/2024 | 11/6/2028 | 1234 | 1232 | 891 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 3.50% | 7.44% | 1/19/2022 | 11/6/2028 | 3369 | 3365 | 2424 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Advantage Holdings, LLC | (8) | SOFR + 2.75% | 6.47% | 7/24/2025 | 10/31/2031 | 4839 | 4850 | 4797 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings, LLC | (8) | SOFR + 3.25% | 6.97% | 6/28/2024 | 9/27/2030 | 17775 | 17779 | 15145 | 0.68 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 3.00% | 6.72% | 5/22/2025 | 6/2/2031 | $7151 | $7157 | $7188 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 2.75% | 6.47% | 8/22/2025 | 6/2/2031 | 9950 | 9948 | 9981 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heron Bidco, LLC | (8) | SOFR + 4.00% | 7.74% | 12/10/2025 | 12/10/2032 | 16467 | 16221 | 16343 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmar, Inc. | (8) | SOFR + 4.50% | 8.34% | 9/12/2025 | 10/30/2031 | 1242 | 1239 | 1230 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(11) | SOFR + 6.25% | 11.07%<br> (incl. 5.25%<br> PIK) | 2/28/2025 | 2/28/2030 | 43146 | 43146 | 43146 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(7)(11) | SOFR + 5.25% | 9.07% | 2/28/2025 | 2/28/2030 | 578 | 97 | 578 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc. | (8) | SOFR + 3.25% | 7.15% | 6/26/2025 | 7/3/2031 | 2620 | 2614 | 2633 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan, LLC | (9) | SOFR + 3.50% | 7.22% | 11/7/2025 | 11/5/2032 | 7440 | 7385 | 7356 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secretariat Advisors, LLC | (7)(8) | SOFR + 4.00% | 7.67% | 2/24/2025 | 2/28/2032 | 2480 | 2469 | 2491 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (8) | SOFR + 2.50% | 6.22% | 2/24/2023 | 7/31/2031 | 34322 | 34463 | 34469 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thevelia US, LLC | (9) | SOFR + 3.00% | 6.67% | 10/14/2025 | 6/18/2029 | 4987 | 4965 | 5013 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + 4.50% | 8.44% | 9/26/2022 | 6/29/2029 | 117410 | 116899 | 117410 | 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc. | (9) | SOFR + 3.00% | 6.87% | 12/17/2024 | 8/9/2030 | 4938 | 4984 | 4877 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Monroe Partners, LLC | (4)(7)(10) | SOFR + 4.75% | 8.48% | 1/19/2022 | 11/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28453 | 28215 | 28112 | 1.26 |
|  |  |  |  |  |  |  | 529841 | 513411 | 22.95 |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altar Bidco, Inc. | (9) | SOFR + 3.10% | 6.78% | 10/14/2025 | 2/1/2029 | 9974 | 9979 | 9886 | 0.44 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auctane, Inc. | (4)(10) | SOFR + 5.75% | 9.58% | 1/19/2022 | 10/5/2028 | 58200 | 57710 | 57327 | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avalara, Inc. | (8) | SOFR + 2.75% | 6.42% | 9/12/2025 | 3/26/2032 | 31878 | 31739 | 32053 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BEP Intermediate Holdco, LLC | (4)(8) | SOFR + 2.75% | 6.47% | 7/10/2025 | 4/25/2031 | 363 | 363 | 366 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower, LLC | (8) | SOFR + 2.00% | 5.67% | 4/10/2025 | 1/31/2031 | 2978 | 2938 | 2986 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 3.00% | 6.82% | 7/30/2024 | 7/30/2031 | 44986 | 44840 | 44922 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Businessolver.com, Inc. | (4)(10) | SOFR + 4.50% | 8.17% | 1/19/2022 | 12/3/2032 | 96183 | 95422 | 95702 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc. | (8) | SOFR + 2.75% | 6.42% | 7/23/2025 | 6/17/2030 | 9950 | 9968 | 9956 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDK Global, Inc. | (8) | SOFR + 3.25% | 6.92% | 12/11/2024 | 7/6/2029 | 49666 | 47112 | 42230 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics, LLC | (8) | SOFR + 2.00% | 6.21% | 4/24/2025 | 4/21/2032 | 1380 | 1380 | 1382 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 8/7/2025 | 3/21/2031 | 37050 | 37180 | 37140 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 8/7/2025 | 8/13/2032 | 3483 | 3483 | 3491 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 3.75% | 7.57% | 1/19/2022 | 10/8/2028 | 14153 | 14036 | 13598 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(8) | SOFR + 5.75% | 9.43% | 9/26/2022 | 2/23/2029 | 31746 | 31288 | 25397 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confine Visual Bidco | (4)(8) | SOFR + 5.75% | 9.43% | 9/26/2022 | 2/23/2029 | 758 | 757 | 606 | 0.03 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (9) | SOFR + 3.75% | 7.58% | 2/20/2025 | 10/16/2028 | $29717 | $27569 | $27391 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 2.75% | 6.58% | 11/25/2024 | 11/30/2029 | 49568 | 49457 | 49394 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Parent, Inc. | (4)(8) | SOFR + 3.25% | 7.07% | 8/1/2025 | 8/6/2032 | 3463 | 3455 | 3489 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI Macola Max Holding, LLC | (10) | SOFR + 2.75% | 6.42% | 7/10/2025 | 5/9/2030 | 26489 | 26662 | 26656 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epicor Software Corp. | (10) | SOFR + 2.50% | 6.22% | 5/30/2024 | 5/30/2031 | 15733 | 15770 | 15803 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverCommerce Solutions, Inc. | (9) | SOFR + 2.25% | 5.97% | 7/24/2025 | 7/7/2031 | 560 | 560 | 562 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facile.It Broker Di Assicurazioni S.p.A | (4)(11) | E + 4.75% | 6.77% | 9/26/2025 | 12/23/2029 | EUR 10,000 | 11651 | 11752 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (10) | SOFR + 3.50% | 7.35% | 6/11/2024 | 3/2/2028 | 8989 | 8979 | 8411 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.47% | 6/5/2024 | 9/12/2029 | 7508 | 7516 | 7528 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.47% | 4/3/2025 | 4/16/2032 | 11940 | 11794 | 11964 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc. | (8) | SOFR + 2.50% | 6.22% | 9/26/2024 | 1/30/2032 | 30279 | 30015 | 30255 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Purchaser, LLC | (14) | SOFR + 6.00% | 9.97% | 11/21/2025 | 5/19/2029 | 1936 | 1936 | 1758 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icon Parent, Inc. | (8) | SOFR + 2.75% | 6.44% | 8/14/2025 | 11/13/2031 | 29850 | 29976 | 29938 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc. | (8) | SOFR + 3.75% | 7.42% | 10/7/2025 | 10/7/2032 | 26549 | 26292 | 24994 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Javelin Buyer, Inc. | (8) | SOFR + 2.75% | 6.59% | 7/24/2025 | 12/5/2031 | 30366 | 30619 | 30502 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KnowBe4, Inc. | (8) | SOFR + 3.75% | 7.59% | 7/22/2025 | 7/23/2032 | 15000 | 14965 | 15028 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LD Lower Holdings, Inc. | (4)(11) | SOFR + 7.50% | 11.27% | 1/19/2022 | 8/9/2027 | 13509 | 13488 | 12091 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Security Holdings, LLC | (11) | SOFR + 6.25% | 10.09% | 8/14/2024 | 7/27/2028 | 292 | 284 | 293 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Security Holdings, LLC | (10)(18) | SOFR + 6.75% | 10.85% | 8/14/2024 | 7/27/2028 | 829 | 802 | 632 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp. | (9) | SOFR + 3.00% | 6.72% | 5/31/2024 | 3/1/2029 | 26019 | 26002 | 24097 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallia, Inc. | (4)(10) | SOFR + 6.00% | 9.70% | 1/19/2022 | 10/29/2028 | 52493 | 52133 | 40813 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitnick Purchaser, Inc. | (9)(18) | SOFR + 4.75% | 8.69% | 4/20/2022 | 5/2/2029 | 4837 | 4826 | 3162 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | (4)(11) | SOFR + 4.75% | 8.42% | 9/26/2022 | 2/10/2028 | 9864 | 9787 | 9864 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintex Topco, Limited | (4)(8) | SOFR + 6.00% | 9.83%<br> (incl. 1.50%<br> PIK) | 1/19/2022 | 11/13/2028 | 32828 | 32546 | 29217 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perforce Software, Inc. | (8) | SOFR + 4.75% | 8.47% | 12/18/2024 | 7/2/2029 | 10686 | 10548 | 9617 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | (8) | SOFR + 2.75% | 6.59% | 11/13/2025 | 11/15/2032 | 6230 | 6215 | 6254 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planview Parent, Inc. | (8) | SOFR + 3.50% | 7.17% | 12/17/2024 | 12/17/2027 | 3654 | 3603 | 3516 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 3.25% | 6.92% | 11/26/2024 | 10/26/2030 | 13518 | 13488 | 13512 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | (9) | SOFR + 5.25% | 9.19% | 12/19/2024 | 7/20/2029 | 19793 | 18193 | 17128 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (9) | SOFR + 3.00% | 6.67% | 5/28/2024 | 8/31/2028 | 25513 | 25581 | 25687 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pushpay USA, Inc. | (8) | SOFR + 3.75% | 7.62% | 8/6/2025 | 8/15/2031 | 994 | 994 | 994 | 0.04 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quartz Acquireco, LLC | (4)(8) | SOFR + 2.25% | 5.92% | 4/11/2025 | 6/28/2030 | $1861 | $1841 | $1861 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithum Holdings, Inc. | (8) | SOFR + 4.75% | 8.42% | 7/2/2025 | 7/21/2032 | 10973 | 10769 | 10990 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (9) | SOFR + 3.75% | 7.47% | 10/5/2023 | 11/28/2028 | 25874 | 25710 | 25901 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skopima Consilio Parent, LLC | (9) | SOFR + 3.75% | 7.47% | 12/18/2024 | 5/12/2028 | 17951 | 17979 | 16448 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sophos Holdings, LLC | (8) | SOFR + 3.50% | 7.33% | 1/19/2022 | 3/5/2027 | 19050 | 19044 | 19085 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovos Compliance, LLC | (8) | SOFR + 3.25% | 6.97% | 7/24/2025 | 8/13/2029 | 15404 | 15368 | 15467 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. | (8) | SOFR + 2.00% | 5.72% | 10/9/2025 | 5/9/2031 | 3202 | 3202 | 3225 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starlight Parent, LLC | (8) | SOFR + 4.00% | 7.70% | 4/16/2025 | 4/16/2032 | 46013 | 44970 | 46042 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Storable, Inc. | (8) | SOFR + 3.25% | 6.97% | 3/10/2025 | 4/16/2031 | 2329 | 2327 | 2343 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangerine Bidco S.p.A | (4)(8) | E + 5.00% | 7.02% | 12/17/2022 | 12/30/2029 | EUR 69,750 | 72849 | 81970 | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trio Bidco, LLC | (7)(8) | SOFR + 4.00% | 7.67% | 10/31/2025 | 10/29/2032 | 7632 | 7556 | 7664 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triple Lift, Inc. | (4)(7)(10) | SOFR + 5.75% | 9.59% | 1/19/2022 | 5/5/2028 | 58172 | 57920 | 53045 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 4.00% | 8.10% | 1/19/2022 | 4/24/2028 | 12071 | 11831 | 11265 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VS Buyer, LLC | (8) | SOFR + 2.25% | 6.09% | 7/25/2025 | 4/12/2031 | 17094 | 17224 | 17190 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLOR T1, LLC | (4)(8) | SOFR + 3.50% | 7.29% | 12/11/2024 | 12/1/2032 | 20712 | 20697 | 20764 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zodiac Purchaser, LLC | (8) | SOFR + 3.50% | 7.22% | 12/13/2024 | 2/14/2032 | 18953 | 18892 | 18913 | 0.84 |
|  |  |  |  |  |  |  | 1242101 | 1211631 | 54.14 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CustomInk, LLC | (4)(11)(18) | SOFR + 5.98% | 9.83% | 1/19/2022 | 5/3/2028 | 36866 | 36832 | 36866 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EG America, LLC | (8) | SOFR + 3.50% | 7.32% | 7/18/2025 | 2/7/2028 | 6963 | 6985 | 6999 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group, LLC | (10) | SOFR + 3.25% | 6.97% | 1/23/2025 | 1/23/2032 | 2546 | 2535 | 2564 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (10) | SOFR + 3.00% | 6.72% | 11/19/2024 | 5/4/2028 | 25020 | 25067 | 25139 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | (8) | SOFR + 2.25% | 5.97% | 7/23/2025 | 8/9/2032 | 4020 | 4018 | 4051 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc. | (8) | SOFR + 2.50% | 6.36% | 10/8/2025 | 10/8/2032 | 1799 | 1790 | 1803 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdco Sub, LLC | (8) | SOFR + 4.75% | 8.47% | 3/15/2024 | 3/15/2030 | 6418 | 6459 | 6374 | 0.28 |
|  |  |  |  |  |  |  | 83686 | 83796 | 3.73 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandisk, Corp. | (8) | SOFR + 3.00% | 6.86% | 12/13/2024 | 2/20/2032 | 8807 | 8758 | 8873 | 0.40 |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champ Acquisition Corp. | (8) | SOFR + 4.00% | 7.72% | 11/8/2024 | 11/25/2031 | 661 | 656 | 666 | 0.03 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (9) | SOFR + 3.25% | 6.97% | 3/4/2025 | 12/11/2030 | 2707 | 2704 | 2684 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCG Acquisitions, Inc. | (9) | SOFR + 3.25% | 6.97% | 2/11/2025 | 3/31/2028 | 16052 | 16042 | 16136 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Group, Inc. | (9) | SOFR + 2.00% | 5.73% | 11/7/2024 | 7/14/2028 | 3934 | 3938 | 3955 | 0.18 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | |  | | | | | | |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc. | (9) | SOFR + 3.25% | 6.92% | 1/19/2022 | 12/22/2031 | $6000 | $5976 | $6062 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnstone Supply, LLC | (8) | SOFR + 2.50% | 6.23% | 12/12/2024 | 6/9/2031 | 11268 | 11327 | 11344 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak BP, LLC | (8) | SOFR + 3.75% | 7.47% | 1/19/2022 | 12/4/2031 | 13599 | 13589 | 13301 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Global Surfaces, Inc. | (4)(11) | SOFR + 6.00% | 9.82%<br> (incl. 4.98%<br> PIK) | 1/19/2022 | 12/31/2028 | 8841 | 8799 | 6586 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QXO Building Products, Inc. | (8) | SOFR + 2.00% | 5.72% | 11/5/2025 | 4/30/2032 | 2651 | 2627 | 2663 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer, LLC | (8) | SOFR + 3.25% | 6.97% | 6/13/2024 | 10/19/2029 | 16766 | 16797 | 16853 | 0.75 |
|  |  |  |  |  |  |  | 81799 | 79584 | 3.55 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Bidco, LLC | (8) | SOFR + 2.50% | 6.22% | 6/7/2022 | 9/23/2031 | 30488 | 30522 | 30680 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.63% | 1/19/2022 | 10/19/2027 | 11578 | 11543 | 11173 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roadsafe Holdings, Inc. | (4)(11) | SOFR + 5.75% | 9.65% | 1/19/2022 | 10/19/2027 | 6667 | 6638 | 6434 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Aviation US Holdings, Inc. | (9) | SOFR + 2.50% | 6.22% | 8/11/2025 | 7/1/2031 | 4987 | 4992 | 5018 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Aviation US Holdings, Inc. | (9) | SOFR + 2.75% | 6.59% | 7/23/2025 | 7/1/2031 | 4975 | 5004 | 5005 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swissport Stratosphere USA, LLC | (8) | SOFR + 3.25% | 7.19% | 7/24/2025 | 4/4/2031 | 353 | 353 | 356 | 0.02 |
|  |  |  |  |  |  |  | 59052 | 58666 | 2.62 |
|  **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** |  |  |  | 6443034 | 6275880 | 280.37 |
| **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + 5.50% | 9.22% | 7/23/2025 | 7/31/2033 | 5200 | 5175 | 5220 | 0.23 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Hospital Specialties, Ltd. | (4)(8) | 8.75% | 8.75% | 12/20/2022 | 4/15/2029 | CAD 12,000 | 8434 | 8284 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Buyer, LLC | (4)(11) | SOFR + 8.75% | 12.69% | 1/19/2022 | 7/16/2028 | 24712 | 24646 | 23292 | 1.04 |
|  |  |  |  |  |  |  | 33080 | 31576 | 1.41 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curia Global, Inc. | (4)(10) | SOFR + 10.50% | 14.58%<br>PIK | 9/26/2022 | 3/7/2030 | 42208 | 41754 | 33450 | 1.49 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (4)(9) | SOFR + 7.00% | 10.83% | 1/19/2022 | 11/19/2029 | 66704 | 66000 | 66704 | 2.98 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Acquisition, Inc. | (4)(11) | SOFR + 8.00% | 11.82%<br>PIK | 2/28/2025 | 2/28/2030 | 15152 | 15154 | 15153 | 0.68 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **Second Lien Debt (continued)** |  | |  | | | | | | |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 5.75% | 9.47% | 3/26/2025 | 7/30/2032 | $20000 | $19410 | $19333 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 7.25% | 11.35% | 9/26/2022 | 4/23/2029 | 24942 | 23143 | 23695 | 1.06 |
|  |  |  |  |  |  |  | 42553 | 43028 | 1.92 |
|  **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** |  |  |  | 203716 | 195131 | 8.71 |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGI Group Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 194 | 208 | 324 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mode Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230769 | 2215 | 369 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 3838 | 16269 | 4395 | 0.20 |
|  |  |  |  |  |  |  | 18692 | 5088 | 0.23 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc. - Common Equity |  |  |  | 12/29/2023 |  | 11751 | 294 | 32 | 0.00 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pigments Holdings, LP - LP Interest | (4) |  |  | 4/14/2023 |  | 1212 | 0 | 0 | 0.00 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units | (4) |  |  | 1/19/2022 |  | 1 | 780 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 92 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4) |  |  | 1/19/2022 |  | 301167 | 1239 | 1381 | 0.06 |
|  |  |  |  |  |  |  | 2111 | 1381 | 0.06 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 1/19/2022 |  | 974662 | 1133 | 1206 | 0.05 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/<br>Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **Equity (continued)** | | |  | | | | | | |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 1/19/2022 |  | 797 | $210 | $19 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 429 | 113 | 10 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 667649 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 323 | 29 | 0.00 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Class A Common Shares | (4) |  |  | 2/28/2025 |  | 8617 | 7857 | 4703 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kwor Intermediate I, Inc. - Preferred Equity | (4) |  |  | 2/28/2025 |  | 9216 | 9216 | 10168 | 0.45 |
|  |  |  |  |  |  |  | 17073 | 14871 | 0.66 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Holdings, Inc. - Class A Common Stock | (4) |  |  | 10/9/2023 |  | 16805 | 728 | 0 | 0.00 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4) |  |  | 1/19/2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | 3542 | 3362 | 0.15 |
|  **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | 43896 | 25969 | 1.15 |
|  **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 6690646 | 6496980 | 290.23 |
|  **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management |  |  | 3.54% |  |  |  | 437 | 437 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund - Investor Class |  |  | 3.66% |  |  |  | 9526 | 9526 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Cash and Cash Equivalents |  |  |  |  |  |  | 143246 | 143246 | 6.40 |
| **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 153209 | 153209 | 6.85 |
|  **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $6843855 | $6650189 | 297.08% |

---

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term
"Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2025, the Company had investments denominated in
Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless
otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in
thousands) is presented for debt investments,

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##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

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

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value
was determined in good faith by or under the direction of the Board (see Note 2 and Note 5), pursuant to the Company's valuation policy.

(5) These debt investments are not pledged as collateral under any of the Company's credit facilities. For
other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are
pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.

(6) Reserved.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | $670 | $— |
|  Azuria Water Solutions, Inc. | Delayed Draw Term Loan | 6/13/2027 | 701 |  |
|  Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 3249 |  |
|  Chicago US Midco III, LP | Delayed Draw Term Loan | 10/30/2027 | 1221 |  |
|  CohnReznick Advisory, LLC | Delayed Draw Term Loan | 3/31/2027 | 2488 |  |
|  Express Wash Concepts, LLC | Delayed Draw Term Loan | 8/31/2026 | 5833 |  |
|  Kwor Acquisition, Inc. | Revolver | 2/28/2030 | 6611 |  |
|  Kwor Acquisition, Inc. | Delayed Draw Term Loan | 2/28/2027 | 9221 |  |
|  Latham Pool Products, Inc. | Revolver | 2/23/2027 | 11250 | (78) |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 634 |  |
|  Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 634 |  |
|  Pinnacle Buyer, LLC | Delayed Draw Term Loan | 4/1/2027 | 1945 |  |
|  Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 12/16/2027 | 1684 |  |
|  Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 667 |  |
|  Sanders Industries Holdings, Inc. | Delayed Draw Term Loan | 2/26/2027 | 1959 |  |
|  Secretariat Advisors, LLC | Delayed Draw Term Loan | 2/28/2027 | 301 |  |
|  SEKO Global Logistics Network, LLC | Delayed Draw Term Loan | 5/10/2027 | 374 |  |
|  Signia Aerospace, LLC | Delayed Draw Term Loan | 12/11/2026 | 1013 |  |
|  Smile Doctors, LLC | Revolver | 12/23/2027 | 4737 | (166) |
|  Titan Co-Borrower, LLC | Delayed Draw Term Loan | 5/10/2026 | 1215 |  |
|  Trio Bidco, LLC | Delayed Draw Term Loan | 10/31/2027 | 803 |  |
|  Triple Lift, Inc. | Revolver | 5/5/2028 | 2143 | (182) |
|  US Fertility Enterprises, LLC | Delayed Draw Term Loan | 12/30/2027 | 532 |  |
|  VRS Buyer, Inc. | Delayed Draw Term Loan | 10/10/2027 | 897 |  |
|  West Monroe Partners, LLC | Revolver | 11/9/2027 | 2843 |  |
|  **Total Unfunded Commitments** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63625 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426) |

---

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##### [**Table of Contents**](#toc)
**BCRED Emerald JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

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

(9) The interest rate floor on these investments as of December 31, 2025 was 0.50%.

(10) The interest rate floor on these investments as of December 31, 2025 was 0.75%.

(11) The interest rate floor on these investments as of December 31, 2025 was 1.00%.

(12) The interest rate floor on these investments as of December 31, 2025 was 1.25%.

(13) The interest rate floor on these investments as of December 31, 2025 was 1.50%.

(14) The interest rate floor on these investments as of December 31, 2025 was 2.00%.

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

(16) Reserved.

(17) Loan was on non-accrual status as of December 31, 2025.

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

(19) All securities are exempt from registration under the Securities Act, and may be deemed to be "restricted
securities." As of December 31, 2025, the aggregate fair value of these securities is $6,497.0 million or 290.23% of the Company's net assets. The initial acquisition dates have been included for such securities.

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##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Notes to Condensed Consolidated Financial Statements** 

**(Unaudited)** 

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)** 

The following table presents the selected consolidated statements of assets and liabilities information of the Emerald JV as of March 31, 2026 and December 31, 2025 (Unaudited):

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  **ASSETS** |  |  |
|  Investments at fair value (cost of $7,455,337 and $6,690,646, respectively) | $7072749 | $6496980 |
|  Cash and cash equivalents | 196791 | 153209 |
|  Interest receivable | 36126 | 40940 |
|  Non-cash dividend receivable | 34053 |  |
|  Receivable for investments sold and other assets | 73744 | 39821 |
|  Deferred financing costs | 13475 | 10930 |
|  **Total assets** | $7426938 | $6741880 |
|  **LIABILITIES** |  |  |
|  Debt (net of unamortized debt issuance costs of $13,947 and $4,732, respectively) | $5246173 | $4294667 |
|  Distribution payable | 72600 | 81882 |
|  Derivative liability at fair value | 561 |  |
|  Payable for investments purchased and other liabilities | 54701 | 127004 |
|  **Total liabilities** | 5374035 | 4503553 |
|  **PARTNERS' CAPITAL** |  |  |
|  Partners' capital | 2052903 | 2238327 |
|  **Total partners' capital** | 2052903 | 2238327 |
|  **Total liabilities and partners' capital** | $7426938 | $6741880 |

---

The following table presents the selected consolidated statements of operations information of the Emerald JV for the three months ended March 31, 2026 and 2025 (Unaudited):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $122762 | $119223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest income | 3849 | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividend income | 1739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 406 | 278 |
|  **Total investment income** | 128756 | 124470 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 58345 | 47848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1017 | 797 |
|  **Total expenses** | 59362 | 48645 |
|  **Net investment income before tax expense** | 69394 | 75825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense |  |  |
|  **Net investment income after tax expense** | 69394 | 75825 |

---

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Notes to Condensed Consolidated Financial Statements** 

**(Unaudited)** 

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Net realized and change in unrealized gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments, foreign currency, derivatives and income tax (provision) benefit | (187396) | (42710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency and extinguishment of debt | (22823) | (16709) |
|  **Total net realized and change in unrealized gain (loss)** | (210219) | (59419) |
|  **Net increase (decrease) in partners' capital resulting from operations** | $(140825) | $16406 |

---

*BCRED Verdelite JV* 

Verdelite JV was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the **"Verdelite JV Partner"**), commenced operations on October 21, 2022 and operates under a limited partnership agreement. The Verdelite JV's principal purpose is to make investments, primarily in broadly syndicated loans.

As of March 31, 2026 and December 31, 2025, a wholly-owned subsidiary of the Company and the Verdelite JV Partner had commitments to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV.

As of March 31, 2026 and December 31, 2025, the Company had made capital contributions (net of returns of capital) of $117.7 million and the Verdelite JV Partner had made capital contributions (net of returns of capital) of $16.8 million. As of March 31, 2026 and December 31, 2025, $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner. The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV.

As of March 31, 2026 and December 31, 2025, the Company and the Verdelite JV Partner's equity ownership interests in the Verdelite JV were 87.5% and 12.5%, respectively.

The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV's general partner, have equal control of the Verdelite JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The initial term of the Verdelite JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval of the Verdelite JV's general partner, except in the case of a dissolution event. The Company's investment in the Verdelite JV cannot be transferred without the consent of the Verdelite JV Partner. Effective April 21, 2026, the Verdelite JV's general partner approved the extension of the Verdelite JV to October 21, 2026.

The Company has determined that the Verdelite JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Verdelite JV

------

##### [**Table of Contents**](#toc)
**Blackstone Private Credit Fund** 

**Notes to Condensed Consolidated Financial Statements** 

**(Unaudited)** 

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)** 

and has determined that the Verdelite JV is a variable interest entity under ASC 810*.* However, the Company is not deemed to be the primary beneficiary of the Verdelite JV as there is equal power between the Company and the Verdelite JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.

The Company's investment in the Verdelite JV is disclosed on the Company's Condensed Consolidated Schedule of Investments as of March 31, 2026 and December 31, 2025.

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

The following table presents the consolidated schedule of investments of the Verdelite JV as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt** | **First Lien Debt** | |  | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/10/2025 | 10/31/2031 | $1442 | $1440 | $1444 | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/10/2025 | 10/31/2031 | 548 | 548 | 549 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Parent, Inc. | (8) | SOFR + 4.50% | 8.17% | 3/13/2026 | 2/28/2033 | 2168 | 2135 | 2129 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | (8) | SOFR + 2.00% | 5.67% | 8/14/2024 | 1/17/2031 | 498 | 498 | 499 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 3.75% | 7.52% | 11/16/2022 | 2/1/2028 | 4618 | 4591 | 3953 | 3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propulsion BC Newco, LLC | (9) | SOFR + 2.50% | 6.20% | 12/1/2025 | 12/1/2032 | 277 | 276 | 278 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanders Industries Holdings, Inc. | (7)(9) | SOFR + 2.50% | 6.20% | 10/10/2025 | 2/26/2032 | 1852 | 1842 | 1855 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.17% | 11/28/2023 | 2/28/2031 | 5881 | 5878 | 5889 | 5.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.25% | 5.92% | 9/11/2025 | 3/22/2030 | 89 | 89 | 89 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Aerospace Services, LLC | (10) | SOFR + 2.25% | 5.92% | 11/16/2022 | 12/6/2030 | 5380 | 5364 | 5392 | 4.86 |
|  |  |  |  |  |  |  | 22661 | 22077 | 19.88 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savage Enterprises, LLC | (8) | SOFR + 2.50% | 6.17% | 7/30/2025 | 8/5/2032 | 2335 | 2340 | 2339 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (10) | SOFR + 4.00% | 7.70% | 10/10/2025 | 7/26/2028 | 2487 | 2474 | 2492 | 2.24 |
|  |  |  |  |  |  |  | 4814 | 4831 | 4.35 |
| **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** | **Airlines (Passenger Airlines)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada | (8) | SOFR + 1.75% | 5.42% | 1/9/2026 | 3/21/2031 | 121 | 121 | 120 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 6.00% | 2/15/2023 | 2/15/2028 | 2939 | 2939 | 2873 | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 1.75% | 5.52% | 11/16/2022 | 1/29/2027 | 490 | 489 | 487 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 5.92% | 2/15/2023 | 4/20/2028 | 993 | 971 | 985 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight, LLC | (8) | SOFR + 2.75% | 6.43% | 2/17/2026 | 2/17/2033 | 213 | 211 | 212 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. | (8) | SOFR + 1.75% | 5.43% | 2/3/2026 | 2/22/2031 | 2268 | 2268 | 2267 | 2.04 |
|  |  |  |  |  |  |  | 6999 | 6944 | 6.26 |
| **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.50% | 6.17% | 7/16/2024 | 5/6/2030 | 2928 | 2928 | 2922 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.75% | 6.42% | 3/12/2025 | 1/28/2032 | 1985 | 1975 | 1983 | 1.79 |
|  |  |  |  |  |  |  | 4903 | 4905 | 4.42 |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc. | (9) | SOFR + 2.75% | 6.44% | 3/31/2026 | 3/31/2031 | 1246 | 1240 | 1250 | 1.13 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes, Inc. | (8) | SOFR + 2.75% | 6.42% | 2/12/2026 | 8/12/2031 | 187 | 186 | 189 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genmab Finance, LLC | (8) | SOFR + 3.00% | 6.70% | 12/12/2025 | 12/12/2032 | 1175 | 1170 | 1181 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. | (8) | SOFR + 2.00% | 5.77% | 11/16/2022 | 11/15/2027 | 5114 | 5100 | 5115 | 4.61 |
|  |  |  |  |  |  |  | 6456 | 6485 | 5.84 |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (8) | SOFR + 2.50% | 6.20% | 6/26/2024 | 7/1/2031 | 1919 | 1919 | 1917 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (8) | SOFR + 2.25% | 5.95% | 9/29/2025 | 9/29/2032 | 361 | 361 | 358 | 0.32 |
|  |  |  |  |  |  |  | 2280 | 2275 | 2.05 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. | (9)(17) | SOFR + 3.25% | 7.02% | 11/16/2022 | 4/12/2028 | 3897 | 3865 | 2228 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | (8) | SOFR + 2.00% | 5.67% | 6/26/2024 | 1/24/2029 | 2951 | 2957 | 2963 | 2.67 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition, LLC | (10) | SOFR + 3.75% | 7.52% | 6/6/2024 | 6/6/2031 | $5213 | $5174 | $4207 | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II, LLC | (8) | SOFR + 2.75% | 6.42% | 3/28/2024 | 3/28/2031 | 2028 | 2021 | 1875 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paint Intermediate III, LLC | (8) | SOFR + 3.00% | 6.67% | 3/2/2026 | 10/9/2031 | 234 | 234 | 234 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc. | (8) | SOFR + 2.00% | 5.64% | 6/14/2024 | 6/13/2031 | 541 | 541 | 539 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc. | (8) | SOFR + 2.00% | 5.67% | 8/8/2025 | 8/13/2032 | 328 | 328 | 328 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc. | (9) | SOFR + 1.75% | 5.42% | 11/16/2022 | 9/22/2028 | 528 | 528 | 528 | 0.48 |
|  |  |  |  |  |  |  | 15648 | 12902 | 11.64 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury, LLC | (8) | SOFR + 3.50% | 7.17% | 2/27/2025 | 2/27/2032 | 3483 | 3476 | 3184 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc. | (8) | SOFR + 3.00% | 6.67% | 11/20/2025 | 8/9/2030 | 5349 | 5348 | 5289 | 4.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citco Funding, LLC | (9) | SOFR + 2.00% | 5.67% | 1/30/2026 | 1/30/2033 | 627 | 625 | 625 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | (8) | SOFR + 3.00% | 6.70% | 10/16/2025 | 10/18/2032 | 211 | 211 | 212 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrysaor Bidco S.à r.l. | (9) | SOFR + 3.25% | 6.90% | 10/14/2025 | 10/30/2031 | 959 | 959 | 959 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC | (8) | SOFR + 2.50% | 6.17% | 1/31/2025 | 9/15/2031 | 2252 | 2240 | 2184 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower, LLC | (8) | SOFR + 2.50% | 6.20% | 2/3/2026 | 9/5/2031 | 4101 | 4102 | 4076 | 3.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson River Trading, LLC | (8) | SOFR + 2.50% | 6.18% | 1/21/2026 | 3/18/2030 | 156 | 155 | 155 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC | (8) | SOFR + 2.00% | 5.67% | 10/1/2025 | 12/15/2031 | 286 | 283 | 281 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Advisor Services Holdings A, Inc. | (8) | SOFR + 3.00% | 6.67% | 8/1/2025 | 3/21/2031 | 1562 | 1562 | 1553 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc. | (8) | SOFR + 2.50% | 6.20% | 2/2/2026 | 7/30/2032 | 2375 | 2373 | 2336 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superannuation & Investments US, LLC | (9) | SOFR + 2.50% | 6.17% | 1/30/2026 | 12/1/2028 | 104 | 104 | 104 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Edelman Financial Engines Center, LLC | (8) | SOFR + 3.00% | 6.67% | 6/5/2024 | 4/7/2028 | 3831 | 3831 | 3832 | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. | (8) | SOFR + 2.00% | 5.70% | 9/10/2025 | 9/23/2032 | 2004 | 2002 | 2002 | 1.80 |
|  |  |  |  |  |  |  | 27271 | 26792 | 24.11 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Maroon Holdings, LLC | (8) | SOFR + 3.25% | 7.05% | 2/7/2025 | 3/3/2031 | 887 | 887 | 862 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nouryon USA, LLC | (8) | SOFR + 3.25% | 7.04% | 4/26/2024 | 4/3/2028 | 2867 | 2867 | 2817 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nouryon USA, LLC | (8) | SOFR + 3.25% | 6.92% | 4/26/2024 | 4/3/2028 | 780 | 780 | 767 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp. | (8) | SOFR + 3.25% | 6.95% | 11/3/2025 | 11/3/2032 | 357 | 357 | 345 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIL USA Holdings, LLC | (8) | SOFR + 4.00% | 7.79% | 10/30/2025 | 11/8/2032 | 747 | 743 | 745 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. | (8) | SOFR + 1.75% | 5.42% | 10/29/2025 | 10/29/2032 | 255 | 255 | 257 | 0.23 |
|  |  |  |  |  |  |  | 5889 | 5793 | 5.22 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access CIG, LLC | (9) | SOFR + 4.00% | 7.70% | 8/15/2025 | 8/19/2030 | 6473 | 6375 | 5885 | 5.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco, LLC | (8) | SOFR + 3.25% | 6.92% | 8/6/2025 | 8/20/2032 | 2520 | 2517 | 2523 | 2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticimex, Inc. | (8) | SOFR + 2.90% | 6.56% | 11/21/2025 | 11/17/2031 | 3315 | 3298 | 3324 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc. | (8) | SOFR + 1.75% | 5.42% | 8/12/2025 | 4/6/2028 | 259 | 259 | 260 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental, Inc. | (8) | SOFR + 3.00% | 6.69% | 3/20/2026 | 4/1/2033 | 300 | 299 | 301 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asplundh Tree Expert, LLC | (8) | SOFR + 1.75% | 5.42% | 5/23/2024 | 5/23/2031 | 1325 | 1323 | 1330 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfor Holdings, Inc. | (9) | SOFR + 2.75% | 6.42% | 8/8/2025 | 11/1/2030 | 947 | 947 | 950 | 0.86 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EAB Global, Inc. | (9) | SOFR + 3.00% | 6.70% | 11/16/2022 | 8/16/2030 | $8700 | $8643 | $7776 | 7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundational Education Group, Inc. | (9) | SOFR + 3.75% | 7.68% | 11/16/2022 | 8/31/2028 | 2449 | 2395 | 2253 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental Services USA, Inc. | (8) | SOFR + 2.50% | 6.17% | 10/10/2025 | 3/3/2032 | 1990 | 1991 | 1992 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | (8) | SOFR + 2.00% | 5.67% | 12/4/2025 | 9/5/2032 | 292 | 291 | 294 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lsf12 Crown US Commercial Bidco, LLC | (8) | SOFR + 3.00% | 6.67% | 1/20/2026 | 12/2/2031 | 369 | 369 | 369 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (8) | SOFR + 2.75% | 6.43% | 1/26/2024 | 12/31/2032 | 1131 | 1130 | 1132 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Buyer, LLC | (7)(8) | SOFR + 2.50% | 6.16% | 9/11/2025 | 10/1/2032 | 443 | 442 | 444 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR + 2.00% | 5.66% | 4/15/2024 | 10/13/2030 | 4074 | 4073 | 4062 | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR + 1.75% | 5.41% | 4/4/2025 | 3/7/2032 | 1277 | 1265 | 1261 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety, LLC | (7)(8) | SOFR + 2.50% | 6.17% | 12/16/2025 | 12/16/2032 | 985 | 980 | 988 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaco Holdings, Inc. | (10) | SOFR + 5.00% | 8.85% | 11/16/2022 | 1/22/2029 | 2288 | 2260 | 1501 | 1.35 |
|  |  |  |  |  |  |  | 38857 | 36645 | 33.00 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azuria Water Solutions, Inc. | (8) | SOFR + 3.00% | 6.67% | 2/10/2026 | 5/17/2028 | 2926 | 2926 | 2905 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield WEC Holdings, Inc. | (8) | SOFR + 2.00% | 5.67% | 1/25/2024 | 1/27/2031 | 2482 | 2477 | 2481 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc. | (8) | SOFR + 1.75% | 5.42% | 1/27/2026 | 1/27/2033 | 251 | 250 | 252 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Infrastructure Partners US, LLC | (8) | SOFR + 2.75% | 6.45% | 9/19/2025 | 9/24/2032 | 273 | 272 | 273 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Touchdown Acquirer, Inc. | (8) | SOFR + 2.50% | 6.16% | 2/5/2026 | 2/21/2031 | 1033 | 1033 | 1020 | 0.92 |
|  |  |  |  |  |  |  | 6958 | 6931 | 6.25 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSOF Beacon, LLC | (8) | SOFR + 2.50% | 6.17% | 12/23/2025 | 12/23/2032 | 158 | 158 | 159 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. | (8) | SOFR + 2.25% | 5.92% | 4/4/2025 | 2/10/2032 | 2482 | 2458 | 2481 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamko Building Products, LLC | (8) | SOFR + 2.75% | 6.42% | 10/23/2024 | 9/20/2030 | 2595 | 2595 | 2588 | 2.33 |
|  |  |  |  |  |  |  | 5211 | 5228 | 4.70 |
| **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Holdco B, LLC | (8) | SOFR + 2.00% | 5.67% | 12/11/2025 | 5/17/2031 | 3874 | 3870 | 3854 | 3.47 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging, LLC | (8) | SOFR + 3.25% | 6.91% | 7/25/2025 | 6/7/2031 | 4464 | 4464 | 4314 | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + 3.18% | 6.84% | 11/16/2022 | 4/13/2029 | 3136 | 3104 | 3000 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. | (8) | SOFR + 2.25% | 5.92% | 1/26/2026 | 1/26/2033 | 320 | 320 | 318 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower, LLC | (8) | SOFR + 4.00% | 7.78% | 3/6/2026 | 3/7/2033 | 111 | 111 | 107 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Container Technologies Group, LLC | (9) | SOFR + 2.50% | 6.17% | 10/10/2025 | 9/15/2032 | 1990 | 1989 | 1974 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SupplyOne, Inc. | (8) | SOFR + 3.50% | 7.17% | 4/19/2024 | 4/19/2031 | 1678 | 1672 | 1685 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TricorBraun Holdings, Inc. | (9) | SOFR + 3.25% | 6.92% | 11/16/2022 | 3/3/2031 | 6433 | 6332 | 6131 | 5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc. | (9) | SOFR + 3.75% | 7.45% | 10/18/2024 | 9/15/2028 | 4364 | 4364 | 4143 | 3.73 |
|  |  |  |  |  |  |  | 22356 | 21672 | 19.53 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bifm CA Buyer, Inc. | (9) | SOFR + 3.25% | 6.92% | 3/30/2026 | 5/31/2028 | $1995 | $2000 | $1997 | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (11) | SOFR + 3.00% | 6.67% | 1/22/2026 | 3/24/2031 | 490 | 490 | 481 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covista, Inc. | (10) | SOFR + 2.25% | 5.92% | 3/2/2026 | 3/2/2033 | 378 | 376 | 379 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc. | (9) | SOFR + 3.50% | 7.20% | 11/16/2022 | 7/6/2029 | 2925 | 2887 | 2937 | 2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Learning, LLC | (9) | SOFR + 3.50% | 7.17% | 2/1/2024 | 12/21/2029 | 3935 | 3919 | 3659 | 3.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspired Education US Holdings, Inc. | (8) | SOFR + 2.75% | 6.42% | 2/11/2026 | 2/28/2031 | 338 | 337 | 338 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KUEHG Corp. | (9) | SOFR + 2.75% | 6.45% | 8/11/2025 | 6/12/2030 | 2481 | 2489 | 2233 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 8.82% | 11/16/2022 | 3/12/2029 | 4150 | 4089 | 3627 | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolis Technologies, Inc. | (8) | SOFR + 5.25% | 8.98% | 11/3/2025 | 11/3/2032 | 904 | 895 | 895 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash Holdings, Inc. | (8) | SOFR + 2.25% | 5.92% | 3/27/2024 | 3/27/2031 | 664 | 664 | 657 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc. | (9) | SOFR + 3.25% | 6.92% | 11/16/2022 | 12/15/2028 | 3223 | 3196 | 2807 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Education Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 9/29/2023 | 10/4/2030 | 3344 | 3322 | 3323 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Support Services, LLC | (9) | SOFR + 2.75% | 6.42% | 11/16/2022 | 2/10/2029 | 3668 | 3646 | 3605 | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. | (8) | SOFR + 2.50% | 6.17% | 7/30/2024 | 1/30/2031 | 2855 | 2835 | 2835 | 2.55 |
|  |  |  |  |  |  |  | 31145 | 29773 | 26.82 |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information Management, LLC | (8) | SOFR + 2.00% | 5.67% | 12/28/2023 | 1/31/2031 | 840 | 836 | 837 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral-US Co-Borrower, LLC | (8) | SOFR + 3.25% | 6.92% | 11/16/2022 | 1/31/2032 | 2450 | 2440 | 2412 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Bristol, LLC | (8) | SOFR + 3.18% | 7.05% | 3/2/2023 | 3/31/2031 | 2727 | 2710 | 2497 | 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zacapa, LLC | (9) | SOFR + 3.75% | 7.45% | 10/29/2024 | 3/22/2029 | 4444 | 4444 | 4438 | 4.00 |
|  |  |  |  |  |  |  | 9594 | 9347 | 8.42 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I, LLC | (8) | SOFR + 2.25% | 5.92% | 8/7/2025 | 2/26/2032 | 2218 | 2222 | 2222 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | (8) | SOFR + 1.75% | 5.52% | 4/16/2024 | 4/16/2031 | 1742 | 1739 | 1748 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co, LLC | (8) | SOFR + 1.75% | 5.42% | 11/16/2022 | 12/20/2030 | 2587 | 2570 | 2594 | 2.34 |
|  |  |  |  |  |  |  | 6531 | 6564 | 5.91 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forgent Intermediate IV, LLC | (8) | SOFR + 3.00% | 6.66% | 12/19/2025 | 12/20/2032 | 423 | 419 | 425 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Power Systems, Inc. | (8) | SOFR + 1.75% | 5.42% | 7/3/2024 | 7/3/2031 | 3742 | 3738 | 3772 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.50% | 6.13% | 11/16/2022 | 6/21/2028 | 6644 | 6580 | 6650 | 5.99 |
|  |  |  |  |  |  |  | 10737 | 10847 | 9.77 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. | (4)(8) | SOFR + 1.75% | 5.43% | 6/20/2024 | 6/20/2031 | 3439 | 3439 | 3447 | 3.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco, LLC | (9) | SOFR + 3.75% | 7.68% | 11/16/2022 | 3/2/2028 | 2119 | 2087 | 2017 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer, LLC | (8) | SOFR + 4.25% | 7.92% | 7/1/2024 | 7/1/2031 | 1813 | 1785 | 1633 | 1.47 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Aurora US Finco, Inc. | (8) | SOFR + 2.75% | 6.45% | 9/30/2025 | 9/30/2032 | $253 | $252 | $254 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/31/2025 | 11/1/2032 | 602 | 601 | 602 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. | (4)(8) | SOFR + 2.00% | 5.67% | 10/27/2025 | 10/27/2032 | 360 | 359 | 361 | 0.33 |
|  |  |  |  |  |  |  | 8523 | 8314 | 7.49 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ursa Minor US Bidco, LLC | (8) | SOFR + 2.25% | 5.95% | 11/13/2025 | 3/26/2031 | 1178 | 1176 | 1180 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOC Borrower, LLC | (8) | SOFR + 2.75% | 6.42% | 8/11/2025 | 3/24/2032 | 2481 | 2489 | 2479 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKO Worldwide Holdings, LLC | (8) | SOFR + 2.00% | 5.66% | 9/9/2025 | 11/21/2031 | 351 | 350 | 351 | 0.32 |
|  |  |  |  |  |  |  | 2839 | 2830 | 2.55 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bcpe Pequod Buyer, Inc. | (8) | SOFR + 2.75% | 6.42% | 12/5/2025 | 11/25/2031 | 174 | 173 | 169 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago US Midco III, LP | (7)(8) | SOFR + 2.50% | 6.17% | 10/30/2025 | 11/1/2032 | 514 | 513 | 509 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co, LLC | (8) | SOFR + 1.75% | 5.42% | 11/5/2025 | 11/5/2032 | 383 | 381 | 383 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.00% | 6.67% | 1/22/2026 | 6/17/2031 | 4868 | 4849 | 4658 | 4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.00% | 6.67% | 1/22/2026 | 6/17/2031 | 111 | 111 | 106 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe Holdings US Corp. | (9) | SOFR + 2.75% | 6.53% | 11/16/2022 | 6/28/2028 | 1906 | 1901 | 1753 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet US Buyer, LLC | (8) | SOFR + 3.00% | 6.67% | 2/9/2024 | 2/7/2031 | 1007 | 1005 | 1008 | 0.91 |
|  |  |  |  |  |  |  | 8933 | 8586 | 7.75 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG PPC Parent, LLC | (9) | SOFR + 3.00% | 6.78% | 11/16/2022 | 12/8/2028 | 2908 | 2866 | 2915 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyers Grand Ice Cream, Inc. | (8) | SOFR + 2.25% | 5.88% | 3/11/2025 | 9/30/2031 | 1973 | 1962 | 1936 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri US, Inc. | (8) | SOFR + 2.25% | 5.88% | 7/16/2025 | 9/30/2032 | 1374 | 1371 | 1350 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFI Lower Midco, LLC | (8) | SOFR + 4.00% | 7.67% | 12/1/2025 | 12/1/2032 | 200 | 198 | 200 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saratoga Food Specialties, LLC | (8) | SOFR + 3.25% | 6.92% | 3/7/2024 | 3/12/2029 | 712 | 712 | 717 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snacking Investments US, LLC | (8) | SOFR + 3.00% | 6.67% | 10/30/2025 | 10/29/2032 | 345 | 344 | 346 | 0.31 |
|  |  |  |  |  |  |  | 7453 | 7464 | 6.73 |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc. | (8) | SOFR + 1.75% | 5.45% | 4/10/2024 | 4/10/2031 | 4260 | 4244 | 4244 | 3.82 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argent Finco, LLC | (8) | SOFR + 2.50% | 6.16% | 11/20/2025 | 11/12/2032 | 151 | 151 | 152 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resonetics, LLC | (10) | SOFR + 2.75% | 6.42% | 7/24/2025 | 6/18/2031 | 3537 | 3537 | 3527 | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS Audiology A/S | (8) | SOFR + 3.25% | 6.95% | 2/13/2026 | 2/28/2029 | 4044 | 4044 | 4049 | 3.65 |
|  |  |  |  |  |  |  | 7732 | 7728 | 6.97 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agiliti Health, Inc. | (8) | SOFR + 3.00% | 6.58% | 5/1/2023 | 5/1/2030 | 2768 | 2769 | 2698 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc. | (9) | SOFR + 2.75% | 6.42% | 7/25/2025 | 9/29/2028 | 2474 | 2477 | 2479 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Health Services, Inc. | (8) | SOFR + 2.00% | 5.67% | 7/26/2024 | 7/26/2031 | 2116 | 2116 | 2126 | 1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davita, Inc. | (8) | SOFR + 1.75% | 5.42% | 5/9/2024 | 5/9/2031 | 3448 | 3448 | 3461 | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensemble RCM, LLC | (8) | SOFR + 3.00% | 6.66% | 2/9/2026 | 2/9/2033 | 1747 | 1745 | 1730 | 1.56 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc. | (8) | SOFR + 3.50% | 7.17% | 9/10/2025 | 10/1/2032 | $2363 | $2358 | $2358 | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental, LLC | (8) | SOFR + 3.75% | 7.42% | 8/7/2025 | 8/25/2032 | 2253 | 2247 | 2251 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MED ParentCo, LP | (8) | SOFR + 3.00% | 6.67% | 12/31/2025 | 4/15/2031 | 1183 | 1183 | 1184 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outcomes Group Holdings, Inc. | (8) | SOFR + 3.00% | 6.67% | 5/6/2024 | 5/6/2031 | 2044 | 2044 | 2047 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatric Associates Holding Co, LLC | (9) | SOFR + 3.25% | 7.18% | 11/16/2022 | 12/29/2028 | 475 | 471 | 456 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc. | (8) | SOFR + 4.50% | 8.20% | 10/10/2025 | 6/30/2032 | 1803 | 1798 | 1780 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings, LLC | (7)(8) | SOFR + 3.00% | 6.67% | 4/4/2025 | 11/19/2031 | 2316 | 2278 | 2272 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC | (8) | SOFR + 2.50% | 6.18% | 7/22/2025 | 12/4/2031 | 2192 | 2191 | 2176 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC | (7)(8) | SOFR + 3.50% | 7.17% | 12/30/2025 | 12/30/2032 | 307 | 306 | 307 | 0.28 |
|  |  |  |  |  |  |  | 27431 | 27325 | 24.61 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth, Inc. | (9) | SOFR + 2.75% | 6.42% | 11/16/2022 | 2/15/2029 | 7420 | 7232 | 7294 | 6.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc. | (8) | SOFR + 2.75% | 6.42% | 5/1/2024 | 5/1/2031 | 2435 | 2426 | 2250 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp. | (10) | SOFR + 4.00% | 7.80% | 11/16/2022 | 10/1/2027 | 1949 | 1923 | 1896 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc. | (8) | SOFR + 2.00% | 5.67% | 8/6/2025 | 10/22/2029 | 2096 | 2096 | 2094 | 1.89 |
|  |  |  |  |  |  |  | 13677 | 13534 | 12.20 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR + 2.50% | 6.17% | 7/23/2025 | 8/17/2028 | 1826 | 1826 | 1827 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulldog Purchaser, Inc. | (9) | SOFR + 3.25% | 6.91% | 2/5/2026 | 2/4/2033 | 761 | 757 | 761 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (9) | SOFR + 2.25% | 5.92% | 2/6/2023 | 2/6/2030 | 1322 | 1315 | 1287 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (9) | SOFR + 2.25% | 5.92% | 2/6/2024 | 2/6/2031 | 2769 | 2764 | 2696 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FanDuel Group Financing, LLC | (9) | SOFR + 1.75% | 5.45% | 11/24/2023 | 11/30/2030 | 2369 | 2369 | 2349 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment, LLC | (9) | SOFR + 3.25% | 6.92% | 11/16/2022 | 1/27/2029 | 2716 | 2694 | 2668 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GVC Finance, LLC | (8) | SOFR + 2.25% | 5.95% | 5/8/2024 | 10/31/2029 | 5828 | 5835 | 5833 | 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower, LLC | (8) | SOFR + 2.00% | 5.67% | 1/17/2024 | 1/17/2031 | 704 | 702 | 703 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp. | (9) | SOFR + 2.50% | 6.18% | 11/17/2025 | 12/15/2030 | 6877 | 6875 | 6869 | 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LC Ahab US Bidco, LLC | (8) | SOFR + 2.50% | 6.17% | 5/1/2024 | 5/1/2031 | 1652 | 1627 | 1638 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc. | (8) | SOFR + 2.00% | 5.67% | 8/14/2025 | 11/5/2031 | 1106 | 1106 | 1107 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. | (8) | SOFR + 2.25% | 5.92% | 4/1/2024 | 4/1/2031 | 3088 | 3105 | 3085 | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mic Glen, LLC | (9) | SOFR + 3.25% | 6.92% | 7/29/2025 | 7/21/2028 | 3357 | 3308 | 3370 | 3.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion Finco, LLC | (8) | SOFR + 3.50% | 7.20% | 2/5/2024 | 11/12/2029 | 2500 | 2492 | 2199 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Red Finance, Inc. | (8) | SOFR + 1.75% | 5.42% | 6/16/2024 | 9/20/2030 | 2758 | 2740 | 2756 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raising Cane's Restaurants, LLC | (8) | SOFR + 2.00% | 5.67% | 11/3/2025 | 11/3/2032 | 417 | 416 | 415 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings, LP | (9) | SOFR + 3.00% | 6.65% | 6/11/2024 | 4/4/2029 | 2940 | 2940 | 2900 | 2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacala Investment Corp. | (10) | SOFR + 3.00% | 6.67% | 8/6/2025 | 1/31/2031 | 1577 | 1577 | 1579 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRQ Sales, LLC | (8) | SOFR + 3.25% | 6.95% | 12/30/2025 | 12/30/2032 | 908 | 904 | 882 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatabrands, LLC | (9) | SOFR + 2.50% | 6.17% | 12/11/2024 | 8/3/2028 | 6938 | 6936 | 6934 | 6.25 |
|  |  |  |  |  |  |  | 52288 | 51858 | 46.71 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc. | (9) | SOFR + 2.75% | 6.41% | 2/4/2026 | 7/30/2028 | $2478 | $2467 | $2475 | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products, LLC | (8) | SOFR + 3.75% | 7.41% | 9/17/2025 | 10/1/2032 | 338 | 335 | 331 | 0.30 |
|  |  |  |  |  |  |  | 2802 | 2806 | 2.53 |
| **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | (8) | SOFR + 2.00% | 5.67% | 5/29/2024 | 3/19/2032 | 392 | 391 | 392 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply, LLC | (8) | SOFR + 2.00% | 5.67% | 11/25/2025 | 11/25/2032 | 298 | 296 | 298 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bettcher Industries, Inc. | (9) | SOFR + 4.00% | 7.67% | 9/19/2025 | 12/14/2028 | 378 | 378 | 379 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc. | (8) | SOFR + 3.25% | 6.95% | 11/26/2025 | 11/26/2032 | 226 | 226 | 228 | 0.21 |
|  |  |  |  |  |  |  | 604 | 607 | 0.55 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC | (8) | SOFR + 2.50% | 6.17% | 7/31/2025 | 9/19/2031 | 990 | 971 | 984 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc. | (10) | SOFR + 2.00% | 5.67% | 1/14/2026 | 1/30/2032 | 2474 | 2468 | 2460 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings, LLC | (8) | SOFR + 2.50% | 6.18% | 9/12/2025 | 5/26/2031 | 6269 | 6258 | 6177 | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. | (8) | SOFR + 2.50% | 6.17% | 6/14/2024 | 6/13/2031 | 6996 | 6986 | 6835 | 6.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International, Ltd. | (8) | SOFR + 2.25% | 5.92% | 7/30/2024 | 6/20/2030 | 2404 | 2389 | 2402 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.42% | 11/22/2024 | 2/15/2031 | 4627 | 4627 | 4493 | 4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.42% | 12/11/2025 | 4/18/2030 | 2375 | 2375 | 2321 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower, LLC | (9) | SOFR + 3.00% | 6.67% | 7/2/2024 | 7/2/2031 | 2224 | 2224 | 2156 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty, LLC | (8) | SOFR + 2.00% | 5.67% | 10/10/2025 | 9/13/2031 | 1990 | 1988 | 1990 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.95% | 12/23/2024 | 9/29/2030 | 2461 | 2453 | 2457 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.95% | 12/23/2024 | 11/21/2029 | 1433 | 1428 | 1431 | 1.29 |
|  |  |  |  |  |  |  | 34167 | 33706 | 30.36 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creative Artists Agency, LLC | (8) | SOFR + 2.50% | 6.17% | 8/11/2025 | 10/1/2031 | 2487 | 2491 | 2489 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser, LLC | (8) | SOFR + 2.75% | 6.45% | 7/16/2024 | 7/16/2031 | 6451 | 6437 | 6232 | 5.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. | (8) | SOFR + 2.75% | 6.42% | 7/8/2024 | 7/8/2031 | 2356 | 2352 | 2242 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Borrower, LLC | (9) | SOFR + 4.50% | 8.16% | 2/12/2026 | 2/20/2032 | 254 | 252 | 254 | 0.23 |
|  |  |  |  |  |  |  | 11532 | 11217 | 10.10 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings, LLC | (10) | SOFR + 2.50% | 6.20% | 8/2/2024 | 2/1/2031 | 2791 | 2789 | 2754 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc. | (8) | SOFR + 3.00% | 6.67% | 7/2/2025 | 6/27/2031 | 2469 | 2469 | 2453 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co, LLC | (8) | SOFR + 1.75% | 5.42% | 5/31/2024 | 5/30/2031 | 737 | 736 | 725 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.27% | 12/8/2025 | 4/30/2029 | 2126 | 2047 | 1567 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10)(17) | SOFR + 3.50% | 7.27% | 12/8/2025 | 4/30/2029 | 437 | 419 | 144 | 0.13 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ThoughtWorks, Inc. | (9) | SOFR + 2.75% | 6.53% | 11/16/2022 | 3/24/2028 | $2221 | $2200 | $1933 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp. | (10) | SOFR + 3.25% | 6.92% | 6/21/2024 | 2/15/2029 | 4932 | 4932 | 4466 | 4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Wide Technology Holding Co, LLC | (9) | SOFR + 2.00% | 5.67% | 7/17/2025 | 3/1/2030 | 884 | 884 | 883 | 0.80 |
|  |  |  |  |  |  |  | 16476 | 14925 | 13.44 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc. | (9) | SOFR + 2.75% | 6.42% | 12/12/2025 | 12/12/2031 | 3139 | 3138 | 3133 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc. | (9) | SOFR + 2.50% | 6.16% | 7/2/2024 | 3/15/2030 | 1974 | 1974 | 1975 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoorsTek, Inc. | (8) | SOFR + 3.00% | 6.67% | 10/28/2025 | 10/28/2032 | 339 | 337 | 341 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower, LP | (8) | SOFR + 2.25% | 5.95% | 8/11/2025 | 8/4/2031 | 2481 | 2481 | 2480 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hobbs & Associates, LLC | (8) | SOFR + 2.75% | 6.42% | 10/10/2025 | 7/23/2031 | 1990 | 1989 | 1978 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innio North America Holding, Inc. | (8) | SOFR + 2.00% | 5.66% | 2/5/2026 | 11/2/2031 | 665 | 665 | 660 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF11 Trinity Bidco, Inc. | (8) | SOFR + 2.50% | 6.18% | 9/11/2025 | 6/14/2030 | 2287 | 2287 | 2287 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lsf12 Helix Parent, LLC | (8) | SOFR + 3.50% | 7.17% | 2/10/2026 | 2/10/2033 | 352 | 350 | 348 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc. | (8) | SOFR + 2.75% | 6.42% | 10/16/2025 | 10/16/2032 | 802 | 800 | 801 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc. | (9) | SOFR + 2.75% | 6.38% | 3/14/2024 | 4/30/2030 | 4286 | 4286 | 4300 | 3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Buyer, LLC | (8) | SOFR + 3.00% | 6.67% | 2/13/2026 | 2/13/2033 | 296 | 294 | 297 | 0.27 |
|  |  |  |  |  |  |  | 15463 | 15467 | 13.92 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2, LLC | (8) | SOFR + 2.25% | 5.92% | 12/13/2024 | 12/21/2028 | 385 | 385 | 385 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Greetings Corp. | (8) | SOFR + 5.75% | 9.42% | 4/30/2024 | 10/30/2029 | 1251 | 1235 | 1251 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fleet US Bidco, Inc. | (4)(8) | SOFR + 2.75% | 6.42% | 8/15/2024 | 2/21/2031 | 654 | 654 | 655 | 0.59 |
|  |  |  |  |  |  |  | 2274 | 2291 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent, LLC | (8) | SOFR + 2.75% | 6.42% | 8/21/2024 | 8/18/2030 | 371 | 371 | 372 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Holdings, Inc. | (8) | SOFR + 1.75% | 5.45% | 9/11/2025 | 3/11/2032 | 902 | 902 | 904 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc. | (10) | SOFR + 2.75% | 6.35% | 12/4/2025 | 1/31/2029 | 1984 | 1986 | 1981 | 1.78 |
|  |  |  |  |  |  |  | 3259 | 3257 | 2.93 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Mortgage, LLC | (8) | SOFR + 2.25% | 5.92% | 8/14/2025 | 9/24/2032 | 384 | 382 | 385 | 0.35 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackfin Pipeline, LLC | (8) | SOFR + 3.00% | 6.67% | 9/29/2025 | 9/29/2032 | 456 | 454 | 459 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport LNG Investments, LLLP | (8) | SOFR + 3.25% | 6.89% | 1/29/2026 | 2/11/2033 | 1819 | 1810 | 1822 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners, LP | (8) | SOFR + 2.00% | 5.65% | 5/22/2024 | 10/4/2030 | 1044 | 1044 | 1046 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRS Buyer, Inc. | (7)(8) | SOFR + 3.50% | 7.17% | 10/10/2025 | 10/12/2032 | 767 | 763 | 767 | 0.69 |
|  |  |  |  |  |  |  | 4071 | 4094 | 3.68 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco, SAS | (8) | SOFR + 3.00% | 6.70% | 10/29/2025 | 4/28/2032 | 190 | 190 | 190 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Group Holdings, Inc. | (9) | SOFR + 4.25% | 7.92% | 11/16/2022 | 12/29/2028 | 3509 | 3464 | 3186 | 2.87 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AlixPartners, LLP | (8) | SOFR + 2.00% | 5.67% | 7/31/2025 | 8/12/2032 | $992 | $991 | $985 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ankura Consulting Group, LLC | (10) | SOFR + 3.50% | 7.17% | 12/17/2024 | 12/29/2031 | 1128 | 1125 | 1080 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus Group Holdings, Inc. | (9) | SOFR + 3.00% | 6.67% | 12/13/2024 | 11/25/2032 | 1245 | 1236 | 1227 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot US Acquisition, LLC | (8) | SOFR + 2.75% | 6.42% | 1/31/2024 | 1/31/2031 | 2700 | 2695 | 2346 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cast & Crew Payroll, LLC | (9)(17) | SOFR + 3.75% | 7.42% | 11/16/2022 | 12/29/2028 | 1880 | 1875 | 755 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc. | (9) | SOFR + 3.50% | 7.28% | 3/4/2026 | 6/2/2028 | 997 | 969 | 956 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisner Advisory Group, LLC | (9) | SOFR + 4.00% | 7.67% | 2/28/2024 | 2/28/2031 | 1190 | 1181 | 1136 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 3.50% | 7.29% | 11/16/2022 | 11/6/2028 | 477 | 467 | 303 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings, LLC | (8) | SOFR + 3.25% | 6.92% | 6/28/2024 | 9/27/2030 | 5762 | 5762 | 4974 | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 2.75% | 6.42% | 5/31/2024 | 6/2/2031 | 4982 | 4996 | 4664 | 4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heron Bidco, LLC | (8) | SOFR + 4.00% | 7.70% | 12/10/2025 | 12/10/2032 | 433 | 427 | 432 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc. | (8) | SOFR + 3.25% | 6.91% | 7/1/2024 | 7/3/2031 | 2630 | 2627 | 2581 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan, LLC | (9) | SOFR + 3.50% | 7.17% | 11/7/2025 | 11/5/2032 | 650 | 645 | 631 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (8) | SOFR + 2.50% | 6.17% | 2/24/2023 | 7/31/2031 | 7167 | 7150 | 7047 | 6.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trans Union, LLC | (9) | SOFR + 1.75% | 5.42% | 1/30/2024 | 6/24/2031 | 4471 | 4466 | 4454 | 4.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTF Lower Intermediate, LLC | (8) | SOFR + 3.75% | 7.38% | 7/18/2024 | 7/18/2031 | 1205 | 1196 | 904 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc. | (9) | SOFR + 3.00% | 6.67% | 4/3/2024 | 8/9/2030 | 1013 | 1013 | 986 | 0.89 |
|  |  |  |  |  |  |  | 42285 | 38647 | 34.80 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (4)(9) | SOFR + 2.75% | 6.42% | 7/16/2025 | 1/31/2030 | 1451 | 1451 | 1458 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (9) | SOFR + 2.50% | 6.17% | 9/26/2025 | 1/31/2030 | 1481 | 1483 | 1490 | 1.34 |
|  |  |  |  |  |  |  | 2934 | 2948 | 2.65 |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altar Bidco, Inc. | (9) | SOFR + 3.10% | 6.61% | 3/24/2025 | 2/1/2029 | 1982 | 1975 | 1973 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | (8) | SOFR + 1.75% | 5.41% | 2/4/2026 | 2/4/2033 | 234 | 234 | 234 | 0.21 |
|  |  |  |  |  |  |  | 2209 | 2207 | 1.99 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BEP Intermediate Holdco, LLC | (4)(8) | SOFR + 2.75% | 6.42% | 7/10/2025 | 4/25/2031 | 732 | 732 | 732 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 3.00% | 6.67% | 7/30/2024 | 7/30/2031 | 6203 | 6192 | 5768 | 5.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc. | (8) | SOFR + 2.75% | 6.45% | 8/11/2025 | 6/17/2030 | 2481 | 2484 | 2365 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 8/7/2025 | 3/21/2031 | 2397 | 2394 | 2203 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.95% | 8/7/2025 | 8/13/2032 | 695 | 695 | 638 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 3.75% | 7.52% | 11/16/2022 | 10/8/2028 | 3487 | 3428 | 3123 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conga Corp. | (10) | SOFR + 3.50% | 7.17% | 8/8/2024 | 5/8/2028 | 3483 | 3483 | 2993 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (9) | SOFR + 3.75% | 7.53% | 11/16/2022 | 10/16/2028 | 2123 | 2029 | 1558 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dayforce Bidco, LLC | (8) | SOFR + 3.00% | 6.66% | 2/5/2026 | 2/4/2033 | 1793 | 1788 | 1701 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 2.75% | 6.42% | 5/1/2024 | 11/30/2029 | 6883 | 6876 | 6674 | 6.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Parent, Inc. | (8) | SOFR + 3.00% | 6.67% | 8/1/2025 | 8/6/2032 | 242 | 241 | 238 | 0.21 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI Macola Max Holding, LLC | (10) | SOFR + 2.75% | 6.45% | 7/10/2025 | 5/9/2030 | $4401 | $4401 | $4313 | 3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc. | (9) | SOFR + 2.50% | 6.17% | 2/29/2024 | 10/8/2029 | 2632 | 2632 | 2564 | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | (8) | SOFR + 4.00% | 7.67% | 7/31/2025 | 9/15/2032 | 1371 | 1359 | 1291 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (10) | SOFR + 3.50% | 7.16% | 6/11/2024 | 3/2/2028 | 3807 | 3802 | 3035 | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.42% | 6/5/2024 | 9/12/2029 | 5746 | 5746 | 5698 | 5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.42% | 6/5/2024 | 4/16/2032 | 2481 | 2465 | 2448 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc. | (8) | SOFR + 2.50% | 6.17% | 9/26/2024 | 1/30/2032 | 2669 | 2661 | 2559 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp. | (9) | SOFR + 3.00% | 6.67% | 5/31/2024 | 3/1/2029 | 3493 | 3493 | 3130 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitnick Purchaser, Inc. | (9)(17)(18) | SOFR + 4.75% | 8.52% | 11/16/2022 | 5/2/2029 | 3327 | 3277 | 1540 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | (8) | SOFR + 2.75% | 6.42% | 11/13/2025 | 11/15/2032 | 389 | 388 | 385 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planview Parent, Inc. | (8) | SOFR + 3.50% | 7.20% | 12/17/2024 | 12/17/2027 | 1882 | 1882 | 1418 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 3.25% | 6.95% | 5/14/2024 | 10/26/2030 | 3126 | 3126 | 2383 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (9) | SOFR + 3.00% | 6.70% | 12/8/2025 | 8/31/2028 | 2940 | 2940 | 2851 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quartz Acquireco, LLC | (8) | SOFR + 2.25% | 5.95% | 6/3/2024 | 6/28/2030 | 621 | 621 | 520 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc. | (9) | SOFR + 3.00% | 6.96% | 11/16/2022 | 4/24/2028 | 2704 | 2665 | 2597 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relativity Intermediate Holdco, LLC | (8) | SOFR + 2.75% | 6.42% | 1/30/2026 | 1/30/2033 | 251 | 250 | 248 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (9) | SOFR + 3.75% | 7.42% | 10/5/2023 | 11/28/2028 | 3623 | 3602 | 3483 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skopima Consilio Parent, LLC | (9) | SOFR + 3.75% | 7.42% | 12/18/2024 | 5/12/2028 | 1549 | 1549 | 1219 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sophos Holdings, LLC | (8) | SOFR + 3.50% | 7.28% | 11/16/2022 | 3/5/2027 | 3471 | 3462 | 3314 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. | (8) | SOFR + 2.00% | 5.67% | 10/9/2025 | 5/9/2031 | 196 | 196 | 196 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trio Bidco, LLC | (7)(8) | SOFR + 4.00% | 7.70% | 10/31/2025 | 10/29/2032 | 668 | 662 | 647 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tuple US Bidco, LLC | (8) | SOFR + 3.75% | 7.38% | 1/28/2026 | 9/15/2032 | 295 | 294 | 287 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 4.00% | 7.93% | 11/16/2022 | 4/24/2028 | 3585 | 3476 | 2787 | 2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLOR T1, LLC | (8) | SOFR + 3.50% | 7.17% | 12/1/2025 | 12/1/2032 | 983 | 979 | 917 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zodiac Purchaser, LLC | (8) | SOFR + 3.50% | 7.17% | 2/14/2025 | 2/14/2032 | 995 | 992 | 922 | 0.83 |
|  |  |  |  |  |  |  | 87262 | 78745 | 70.92 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apro, LLC | (8) | SOFR + 3.75% | 7.43% | 7/9/2024 | 7/9/2031 | 3892 | 3885 | 3909 | 3.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWGS Group, LLC | (10) | SOFR + 2.50% | 6.28% | 11/16/2022 | 6/3/2028 | 2393 | 2355 | 2292 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EG America, LLC | (8) | SOFR + 3.25% | 6.92% | 2/10/2026 | 2/10/2031 | 485 | 483 | 486 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group, LLC | (10) | SOFR + 3.25% | 6.92% | 1/23/2025 | 1/23/2032 | 988 | 988 | 987 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe USA Holding Corp. | (8) | SOFR + 2.00% | 5.68% | 5/29/2024 | 10/21/2030 | 813 | 813 | 808 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (10) | SOFR + 3.00% | 6.67% | 7/18/2024 | 5/4/2028 | 5494 | 5497 | 5496 | 4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc. | (4)(8) | SOFR + 2.50% | 6.14% | 10/8/2025 | 10/8/2032 | 156 | 155 | 156 | 0.14 |
|  |  |  |  |  |  |  | 14176 | 14134 | 12.73 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co, Inc. | (8) | SOFR + 1.75% | 5.42% | 1/31/2024 | 1/31/2031 | 671 | 671 | 672 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US, LLC | (9) | SOFR + 1.75% | 5.43% | 6/22/2023 | 6/24/2030 | 2703 | 2688 | 2711 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc. | (9) | SOFR + 3.50% | 7.17% | 3/12/2026 | 12/29/2032 | 930 | 916 | 917 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core & Main, LP | (4)(8) | SOFR + 2.00% | 5.68% | 2/9/2024 | 2/9/2031 | 1064 | 1064 | 1067 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc. | (9) | SOFR + 3.25% | 6.95% | 11/16/2022 | 12/22/2031 | 4265 | 4180 | 4277 | 3.85 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference**<br>**Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | |  | | | | | | |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnstone Supply, LLC | (8) | SOFR + 2.25% | 5.92% | 2/5/2026 | 6/9/2031 | $1278 | $1278 | $1272 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer, LLC | (8) | SOFR + 3.25% | 6.92% | 6/13/2024 | 10/19/2029 | 4358 | 4352 | 4203 | 3.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III, LLC | (8) | SOFR + 2.75% | 6.42% | 9/20/2024 | 8/1/2030 | 3792 | 3783 | 3744 | 3.37 |
|  |  |  |  |  |  |  | 18932 | 18863 | 17.00 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Bidco, LLC | (8) | SOFR + 2.50% | 6.17% | 11/16/2022 | 9/23/2031 | 3431 | 3421 | 3437 | 3.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Aviation US Holdings, Inc. | (9) | SOFR + 2.50% | 6.17% | 8/11/2025 | 7/1/2031 | 2487 | 2490 | 2494 | 2.25 |
|  |  |  |  |  |  |  | 5911 | 5931 | 5.35 |
|  **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 637306 | 613258 | 552.39 |
|  **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 637306 | 613258 | 552.39 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 3.55% |  |  |  | 1050 | 1050 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Cash and Cash Equivalents |  |  |  |  |  |  | 86385 | 86385 | 77.81 |
|  **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 87435 | 87435 | 78.76 |
|  **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $724741 | $700693 | 631.15% |

---

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term
"Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 2026, the Company had investments denominated in Canadian
Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless
otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in
thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit
facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to
either Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured
Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate
("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or
"BB") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used
and provided the spread and the interest rate in effect as of March 31, 2026. 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").

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**March 31, 2026** 

**(in thousands)** 

**(Unaudited)** 

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value
was determined in good faith by or under the direction of the Board of Trustees (the "Board") (see Note 2 and Note 5), pursuant to the Company's valuation policy.

(5) These debt investments are not pledged as collateral under any of the Company's credit facilities. For
other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are
pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.

(6) Reserved.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  Chicago US Midco III, LP | Delayed Draw Term Loan | 10/30/2027 | $76 | $(1) |
|  Pinnacle Buyer, LLC | Delayed Draw Term Loan | 4/1/2027 | 85 |  |
|  Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 12/31/2027 | 147 |  |
|  Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 167 | (3) |
|  Sanders Industries Holdings, Inc. | Delayed Draw Term Loan | 2/26/2027 | 139 |  |
|  Trio Bidco, LLC | Delayed Draw Term Loan | 10/31/2027 | 70 | (2) |
|  US Fertility Enterprises, LLC | Delayed Draw Term Loan | 12/30/2027 | 47 |  |
|  VRS Buyer, Inc. | Delayed Draw Term Loan | 10/10/2027 | 79 |  |
|  **Total Unfunded Commitments** | **Total Unfunded Commitments** | **Total Unfunded Commitments** | $810 | $(6) |

---

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

(9) The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(10) The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(11) The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(12) The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(13) The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(14) The interest rate floor on these investments as of March 31, 2026 was 2.00%.

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

(16) Reserved.

(17) Loan was on non-accrual status as of March 31, 2026.

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

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities
Act"), and may be deemed to be "restricted securities." As of March 31, 2026, the aggregate fair value of these securities is $613.3 million or 552.39% of the Company's net assets. The initial acquisition dates have
been included for such securities.

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt** |  | | | | | | | | |
| **Aerospace & Defense** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.72% | 10/10/2025 | 10/31/2031 | $1445 | $1444 | $1452 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynasty Acquisition Co, Inc. | (8) | SOFR + 2.00% | 5.72% | 10/10/2025 | 10/31/2031 | 550 | 549 | 552 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | (8) | SOFR + 2.00% | 5.72% | 8/14/2024 | 1/17/2031 | 499 | 499 | 503 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp. | (10) | SOFR + 3.75% | 7.69% | 11/16/2022 | 2/1/2028 | 4927 | 4894 | 4583 | 3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propulsion BC Newco, LLC | (9) | SOFR + 2.50% | 6.17% | 12/1/2025 | 12/1/2032 | 277 | 276 | 279 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanders Industries Holdings, Inc. | (9) | SOFR + 2.50% | 6.43% | 10/10/2025 | 2/26/2032 | 1823 | 1813 | 1832 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanders Industries Holdings, Inc. | (7)(9) | SOFR + 2.50% | 6.43% | 10/10/2025 | 2/26/2032 | 17 | 16 | 17 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.50% | 6.22% | 11/28/2023 | 2/28/2031 | 5896 | 5893 | 5925 | 4.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | (8) | SOFR + 2.25% | 5.97% | 9/11/2025 | 3/22/2030 | 89 | 89 | 89 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Aerospace Services Corp. | (10) | SOFR + 2.25% | 5.97% | 11/16/2022 | 12/6/2030 | 5518 | 5500 | 5557 | 4.30 |
|  |  |  |  |  |  |  | 20973 | 20789 | 16.10 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savage Enterprises, LLC | (8) | SOFR + 2.50% | 6.28% | 7/30/2025 | 8/5/2032 | 2841 | 2845 | 2857 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wwex Uni Topco Holdings, LLC | (10) | SOFR + 4.00% | 7.67% | 10/10/2025 | 7/26/2028 | 2494 | 2479 | 2508 | 1.94 |
|  |  |  |  |  |  |  | 5324 | 5365 | 4.15 |
| **Airlines** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 6.00% | 2/15/2023 | 2/15/2028 | 2939 | 2939 | 2951 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 1.75% | 5.69% | 11/16/2022 | 1/29/2027 | 495 | 495 | 495 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. | (8) | SOFR + 2.25% | 6.13% | 2/15/2023 | 4/20/2028 | 995 | 971 | 999 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. | (8) | SOFR + 2.00% | 5.73% | 2/22/2024 | 2/22/2031 | 2274 | 2274 | 2287 | 1.77 |
|  |  |  |  |  |  |  | 6679 | 6732 | 5.20 |
| **Auto Components** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.50% | 6.22% | 7/16/2024 | 5/6/2030 | 2935 | 2935 | 2943 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global, LP | (8) | SOFR + 2.75% | 6.47% | 3/12/2025 | 1/28/2032 | 3990 | 3967 | 4016 | 3.11 |
|  |  |  |  |  |  |  | 6902 | 6959 | 5.39 |
| **Beverages** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc. | (9) | SOFR + 2.25% | 5.92% | 11/16/2022 | 3/31/2028 | 5384 | 5383 | 5405 | 4.18 |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genmab Finance, LLC | (8) | SOFR + 3.00% | 6.73% | 12/12/2025 | 12/12/2032 | 1205 | 1199 | 1213 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc. | (8) | SOFR + 2.00% | 5.97% | 11/16/2022 | 11/15/2027 | 5114 | 5098 | 5119 | 3.96 |
|  |  |  |  |  |  |  | 6297 | 6332 | 4.90 |
|  **Broadline Retail** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (8) | SOFR + 2.50% | 6.17% | 6/26/2024 | 7/1/2031 | 1924 | 1924 | 1934 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peer Holding III, BV | (8) | SOFR + 2.25% | 5.92% | 9/29/2025 | 9/29/2032 | 361 | 361 | 362 | 0.28 |
|  |  |  |  |  |  |  | 2285 | 2296 | 1.78 |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. | (9) | SOFR + 3.25% | 7.10% | 11/16/2022 | 4/12/2028 | 3908 | 3872 | 3081 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | (8) | SOFR + 2.00% | 5.67% | 6/26/2024 | 1/24/2029 | 2966 | 2972 | 2985 | 2.31 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Building Products (continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition, LLC | (10) | SOFR + 3.75% | 7.58% | 6/6/2024 | 6/6/2031 | $5226 | $5185 | $4916 | 3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II, LLC | (8) | SOFR + 2.75% | 6.47% | 3/28/2024 | 3/28/2031 | 2033 | 2026 | 2038 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Acquisitionco, LLC | (9) | SOFR + 4.25% | 7.92% | 11/16/2022 | 4/29/2029 | 2396 | 2399 | 1732 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc. | (8) | SOFR + 2.00% | 5.84% | 6/14/2024 | 6/13/2031 | 542 | 542 | 544 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc. | (8) | SOFR + 2.00% | 5.72% | 8/8/2025 | 8/13/2032 | 329 | 329 | 330 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc. | (9) | SOFR + 1.75% | 5.48% | 11/16/2022 | 9/22/2028 | 535 | 535 | 537 | 0.42 |
|  |  |  |  |  |  |  | 17860 | 16163 | 12.51 |
| **Capital Markets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury, LLC | (8) | SOFR + 3.50% | 7.39% | 2/27/2025 | 2/27/2032 | 3492 | 3484 | 3300 | 2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc. | (8) | SOFR + 3.00% | 6.72% | 11/20/2025 | 8/9/2030 | 5363 | 5362 | 5390 | 4.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citco Funding, LLC | (9) | SOFR + 2.75% | 6.51% | 6/13/2024 | 4/27/2028 | 978 | 977 | 985 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | (8) | SOFR + 3.00% | 6.67% | 10/16/2025 | 10/18/2032 | 211 | 211 | 213 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC | (8) | SOFR + 2.50% | 6.22% | 1/31/2025 | 9/15/2031 | 2475 | 2460 | 2482 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower, LLC | (8) | SOFR + 2.75% | 6.42% | 7/25/2025 | 9/5/2031 | 4111 | 4112 | 4131 | 3.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC | (8) | SOFR + 2.00% | 5.82% | 10/1/2025 | 12/15/2031 | 287 | 284 | 286 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Advisor Services Holdings A, Inc. | (8) | SOFR + 3.00% | 6.72% | 8/1/2025 | 3/22/2031 | 1566 | 1566 | 1571 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc. | (8) | SOFR + 3.00% | 6.60% | 7/17/2025 | 7/30/2032 | 2660 | 2657 | 2674 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superannuation & Investments US, LLC | (9) | SOFR + 3.00% | 6.72% | 7/18/2025 | 12/1/2028 | 107 | 107 | 107 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Edelman Financial Engines Center, LLC | (8) | SOFR + 3.00% | 6.72% | 6/5/2024 | 4/7/2028 | 3841 | 3841 | 3866 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. | (8) | SOFR + 2.00% | 5.67% | 9/10/2025 | 9/23/2032 | 5009 | 5003 | 5045 | 3.90 |
|  |  |  |  |  |  |  | 30064 | 30050 | 23.24 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Maroon Holdings, LLC | (8) | SOFR + 3.25% | 7.02% | 2/7/2025 | 3/3/2031 | 889 | 889 | 875 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nouryon USA, LLC | (8) | SOFR + 3.25% | 7.04% | 4/26/2024 | 4/3/2028 | 3656 | 3656 | 3664 | 2.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp. | (8) | SOFR + 3.25% | 6.92% | 11/3/2025 | 11/3/2032 | 358 | 357 | 357 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIL USA Holdings, LLC | (8) | SOFR + 4.00% | 7.79% | 10/30/2025 | 11/8/2032 | 749 | 745 | 751 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. | (8) | SOFR + 1.75% | 5.59% | 10/29/2025 | 10/29/2032 | 255 | 255 | 257 | 0.20 |
|  |  |  |  |  |  |  | 5902 | 5904 | 4.58 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access CIG, LLC | (9) | SOFR + 4.00% | 7.72% | 8/15/2025 | 8/19/2030 | 6489 | 6383 | 6278 | 4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco, LLC | (9) | SOFR + 3.25% | 6.97% | 8/6/2025 | 8/20/2032 | 3026 | 3023 | 3046 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anticimex, Inc. | (8) | SOFR + 2.90% | 6.56% | 11/21/2025 | 11/17/2031 | 3323 | 3305 | 3344 | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc. | (8) | SOFR + 1.75% | 5.47% | 8/12/2025 | 4/6/2028 | 259 | 259 | 260 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asplundh Tree Expert, LLC | (8) | SOFR + 1.75% | 5.47% | 5/23/2024 | 5/23/2031 | 1328 | 1326 | 1336 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belfor Holdings, Inc. | (9) | SOFR + 2.75% | 6.47% | 8/8/2025 | 11/1/2030 | 950 | 950 | 955 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EAB Global, Inc. | (9) | SOFR + 3.00% | 6.72% | 11/16/2022 | 8/16/2030 | 8722 | 8659 | 7777 | 6.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundational Education Group, Inc. | (9) | SOFR + 3.75% | 7.85% | 11/16/2022 | 8/31/2028 | 2455 | 2396 | 2270 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garda World Security, Corp. | (8) | SOFR + 3.00% | 6.75% | 8/6/2024 | 2/1/2029 | 3779 | 3779 | 3800 | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental Services USA, Inc. | (8) | SOFR + 2.50% | 6.27% | 10/10/2025 | 3/3/2032 | 1995 | 1996 | 2006 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | (8) | SOFR + 2.00% | 5.77% | 12/4/2025 | 9/5/2032 | 293 | 291 | 294 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lsf12 Crown US Commercial Bidco, LLC | (8) | SOFR +3.50% | 7.37% | 9/19/2025 | 12/2/2031 | 370 | 370 | 372 | 0.29 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Commercial Services & Supplies<br>(continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMNIA Partners, LLC | (8) | SOFR +2.75% | 6.45% | 1/26/2024 | 12/31/2032 | $1134 | $1133 | $1140 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Buyer, LLC | (7)(8) | SOFR +2.50% | 6.16% | 9/11/2025 | 10/1/2032 | 443 | 442 | 445 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR +2.00% | 6.13% | 4/15/2024 | 10/13/2030 | 4680 | 4678 | 4692 | 3.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (8) | SOFR +1.75% | 5.58% | 4/4/2025 | 3/7/2032 | 1330 | 1318 | 1328 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety, LLC | (7)(8) | SOFR +2.50% | 6.21% | 12/16/2025 | 12/16/2032 | 985 | 980 | 993 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempo Acquisition, LLC | (9) | SOFR +1.75% | 5.47% | 1/29/2025 | 8/31/2028 | 2475 | 2458 | 2386 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRC Cos, LLC | (8) | SOFR +3.00% | 6.72% | 11/16/2022 | 12/8/2028 | 5448 | 5448 | 5472 | 4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaco Holdings, Inc. | (10) | SOFR +5.00% | 8.82% | 11/16/2022 | 1/22/2029 | 2294 | 2263 | 1878 | 1.45 |
|  |  |  |  |  |  |  | 51457 | 50072 | 38.75 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azuria Water Solutions, Inc. | (10) | SOFR +3.00% | 6.72% | 7/23/2024 | 5/17/2028 | 2934 | 2934 | 2953 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield WEC Holdings, Inc. | (8) | SOFR +2.00% | 5.87% | 1/25/2024 | 1/27/2031 | 2489 | 2483 | 2496 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Touchdown Acquirer, Inc. | (8) | SOFR +2.75% | 6.57% | 8/21/2024 | 2/21/2031 | 4372 | 4351 | 4392 | 3.40 |
|  |  |  |  |  |  |  | 9768 | 9841 | 7.61 |
| **Construction Materials** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Infrastructure Partners US, LLC | (8) | SOFR +2.75% | 6.42% | 9/19/2025 | 9/24/2032 | 273 | 272 | 274 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSOF Beacon, LLC | (8) | SOFR +2.50% | 6.24% | 12/23/2025 | 12/23/2032 | 158 | 158 | 159 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. | (8) | SOFR +2.25% | 5.97% | 4/4/2025 | 2/10/2032 | 2489 | 2463 | 2499 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamko Building Products, LLC | (8) | SOFR +2.75% | 6.95% | 10/23/2024 | 9/20/2030 | 2601 | 2601 | 2622 | 2.03 |
|  |  |  |  |  |  |  | 5494 | 5554 | 4.29 |
| **Consumer Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Holdco B, LLC | (8) | SOFR +2.00% | 5.72% | 12/11/2025 | 5/17/2031 | 4884 | 4878 | 4900 | 3.79 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging, LLC | (8) | SOFR +3.25% | 7.24% | 7/25/2025 | 6/7/2031 | 4475 | 4475 | 4490 | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. | (9) | SOFR +3.18% | 6.89% | 11/16/2022 | 4/13/2029 | 3136 | 3101 | 3142 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. | (8) | SOFR +2.50% | 6.22% | 7/31/2024 | 8/4/2027 | 2591 | 2591 | 2605 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower, LLC | (10) | SOFR +4.00% | 7.88% | 4/9/2024 | 9/15/2028 | 5119 | 5119 | 5136 | 3.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Container Technologies Group, LLC | (9) | SOFR +2.50% | 6.22% | 10/10/2025 | 9/15/2032 | 1995 | 1994 | 2003 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SupplyOne, Inc. | (8) | SOFR +3.50% | 7.22% | 4/19/2024 | 4/21/2031 | 1682 | 1676 | 1688 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TricorBraun Holdings, Inc. | (9) | SOFR +3.25% | 6.97% | 11/16/2022 | 3/3/2031 | 6450 | 6340 | 6262 | 4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc. | (9) | SOFR +3.75% | 7.42% | 10/18/2024 | 9/15/2028 | 4375 | 4375 | 4213 | 3.26 |
|  |  |  |  |  |  |  | 29671 | 29539 | 22.86 |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradyplus Holdings, LLC | (8) | SOFR +5.00% | 8.84% | 12/29/2025 | 12/29/2032 | 930 | 916 | 922 | 0.71 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (11) | SOFR +3.50% | 7.23% | 11/22/2024 | 3/24/2031 | 866 | 864 | 870 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc. | (9) | SOFR +3.68% | 7.35% | 11/16/2022 | 7/6/2029 | 2932 | 2891 | 2961 | 2.29 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Learning, LLC | (9) | SOFR +3.50% | 7.22% | 2/1/2024 | 12/21/2029 | $3945 | $3928 | $3816 | 2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KUEHG Corp. | (9) | SOFR + 2.75% | 6.42% | 8/11/2025 | 6/12/2030 | 2488 | 2496 | 2421 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mckissock Investment Holdings, LLC | (10) | SOFR + 5.00% | 9.05% | 11/16/2022 | 3/12/2029 | 4161 | 4094 | 3916 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolis Technologies, Inc. | (8) | SOFR + 5.25% | 8.98% | 11/3/2025 | 11/3/2032 | 906 | 897 | 899 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash Holdings, Inc. | (8) | SOFR + 2.50% | 6.22% | 3/27/2024 | 3/27/2031 | 670 | 670 | 674 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc. | (9) | SOFR + 3.25% | 6.97% | 11/16/2022 | 12/15/2028 | 3232 | 3201 | 3132 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Education Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 9/29/2023 | 10/4/2030 | 3353 | 3329 | 3376 | 2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Support Services, LLC | (9) | SOFR + 2.75% | 6.47% | 11/16/2022 | 2/10/2029 | 3678 | 3654 | 3564 | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. | (8) | SOFR + 2.50% | 6.22% | 7/30/2024 | 1/30/2031 | 2862 | 2842 | 2869 | 2.22 |
|  |  |  |  |  |  |  | 28866 | 28498 | 22.04 |
| **Diversified REITs** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information Management, LLC | (8) | SOFR + 2.00% | 5.72% | 12/28/2023 | 1/31/2031 | 843 | 838 | 844 | 0.65 |
| **Diversified Telecommunication<br>Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral-US Co-Borrower, LLC | (8) | SOFR + 3.25% | 7.15% | 11/16/2022 | 1/31/2032 | 2450 | 2439 | 2408 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Bristol, LLC | (8) | SOFR + 3.18% | 7.05% | 3/2/2023 | 3/31/2031 | 2727 | 2709 | 2706 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zacapa, LLC | (9) | SOFR + 3.75% | 7.42% | 10/29/2024 | 3/22/2029 | 4455 | 4455 | 4464 | 3.45 |
|  |  |  |  |  |  |  | 9603 | 9578 | 7.40 |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I, LLC | (8) | SOFR + 2.25% | 5.97% | 8/7/2025 | 2/26/2032 | 2293 | 2298 | 2310 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | (8) | SOFR + 1.75% | 5.59% | 4/16/2024 | 4/16/2031 | 1747 | 1743 | 1754 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co, LLC | (8) | SOFR + 1.75% | 5.47% | 11/16/2022 | 12/20/2030 | 2594 | 2576 | 2610 | 2.02 |
|  |  |  |  |  |  |  | 6617 | 6674 | 5.17 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forgent Intermediate IV, LLC | (4)(8) | SOFR + 3.25% | 7.02% | 12/19/2025 | 12/20/2032 | 423 | 418 | 421 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Power Systems, Inc. | (8) | SOFR + 1.75% | 5.62% | 7/3/2024 | 7/3/2031 | 3751 | 3748 | 3772 | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.50% | 6.70% | 11/16/2022 | 6/21/2028 | 6661 | 6590 | 6701 | 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ, LLC | (9) | SOFR + 2.75% | 6.64% | 11/6/2025 | 11/8/2032 | 1937 | 1939 | 1952 | 1.51 |
|  |  |  |  |  |  |  | 12695 | 12846 | 9.95 |
| **Electronic Equipment,<br>Instruments & Components** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. | (4)(8) | SOFR + 1.75% | 5.48% | 6/20/2024 | 6/20/2031 | 3448 | 3448 | 3473 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco, LLC | (9) | SOFR + 3.75% | 7.85% | 11/16/2022 | 3/2/2028 | 2612 | 2568 | 2587 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer, LLC | (8) | SOFR + 4.25% | 8.09% | 7/1/2024 | 7/1/2031 | 1817 | 1788 | 1811 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Aurora US Finco, Inc. | (8) | SOFR + 2.75% | 6.49% | 9/30/2025 | 9/30/2032 | 254 | 253 | 255 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | (8) | SOFR + 2.00% | 5.70% | 10/31/2025 | 11/1/2032 | 604 | 602 | 607 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. | (4)(8) | SOFR + 2.00% | 5.92% | 10/27/2025 | 10/27/2032 | 360 | 359 | 361 | 0.28 |
|  |  |  |  |  |  |  | 9018 | 9094 | 7.04 |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ursa Minor US Bidco, LLC | (8) | SOFR + 2.25% | 5.92% | 11/13/2025 | 3/26/2031 | 1181 | 1179 | 1186 | 0.92 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Entertainment** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOC Borrower, LLC | (8) | SOFR + 3.00% | 6.72% | 8/11/2025 | 3/24/2032 | $2488 | $2496 | $2505 | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFC Holdings, LLC | (8) | SOFR + 2.00% | 5.87% | 9/9/2025 | 11/21/2031 | 171 | 170 | 172 | 0.13 |
|  |  |  |  |  |  |  | 2666 | 2677 | 2.07 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bcpe Pequod Buyer, Inc. | (8) | SOFR + 3.00% | 6.72% | 12/5/2025 | 11/25/2031 | 174 | 173 | 175 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago US Midco III, LP | (7)(8) | SOFR + 2.50% | 6.22% | 10/30/2025 | 11/1/2032 | 514 | 512 | 516 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co, LLC | (8) | SOFR + 1.75% | 5.47% | 11/5/2025 | 11/5/2032 | 384 | 382 | 385 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (9) | SOFR + 3.25% | 6.97% | 6/17/2024 | 6/17/2031 | 4880 | 4861 | 4902 | 3.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe Holdings US Corp. | (9) | SOFR + 2.75% | 6.58% | 11/16/2022 | 6/28/2028 | 1912 | 1906 | 1835 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet US Buyer, LLC | (8) | SOFR + 3.00% | 6.82% | 2/9/2024 | 2/7/2031 | 1009 | 1008 | 1017 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solera, LLC | (9)(18) | SOFR + 3.75% | 7.85% | 11/16/2022 | 6/2/2028 | 2234 | 2189 | 2159 | 1.67 |
|  |  |  |  |  |  |  | 11031 | 10989 | 8.51 |
| **Food Products** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG PPC Parent, LLC | (9) | SOFR + 3.00% | 6.83% | 11/16/2022 | 12/8/2028 | 2916 | 2869 | 2930 | 2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyers Grand Ice Cream, Inc. | (8) | SOFR + 2.25% | 6.45% | 3/11/2025 | 9/30/2031 | 2978 | 2960 | 2980 | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri US, Inc. | (8) | SOFR + 2.25% | 6.12% | 7/16/2025 | 9/30/2032 | 1378 | 1374 | 1380 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFI Lower Midco, LLC | (8) | SOFR + 4.00% | 7.87% | 12/1/2025 | 12/1/2032 | 200 | 198 | 202 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saratoga Food Specialties, LLC | (8) | SOFR + 3.25% | 6.98% | 3/7/2024 | 3/12/2029 | 714 | 714 | 721 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snacking Investments US, LLC | (8) | SOFR + 3.00% | 6.84% | 10/30/2025 | 10/29/2032 | 345 | 344 | 348 | 0.27 |
|  |  |  |  |  |  |  | 8459 | 8561 | 6.64 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc. | (8) | SOFR + 1.75% | 5.42% | 4/10/2024 | 4/10/2031 | 4270 | 4254 | 4275 | 3.31 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resonetics, LLC | (10) | SOFR + 2.75% | 6.59% | 7/24/2025 | 6/18/2031 | 3546 | 3546 | 3557 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WS Audiology A/S | (8) | SOFR + 3.50% | 7.20% | 4/8/2024 | 2/28/2029 | 4054 | 4054 | 4085 | 3.16 |
|  |  |  |  |  |  |  | 7600 | 7642 | 5.91 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agiliti Health, Inc. | (8) | SOFR + 3.00% | 6.86% | 5/1/2023 | 5/1/2030 | 2775 | 2776 | 2725 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc. | (9) | SOFR + 2.75% | 6.67% | 7/25/2025 | 9/29/2028 | 3480 | 3484 | 3500 | 2.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Health Services, Inc. | (8) | SOFR + 2.00% | 5.72% | 7/26/2024 | 7/26/2031 | 2121 | 2121 | 2139 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davita, Inc. | (8) | SOFR + 1.75% | 5.47% | 5/9/2024 | 5/9/2031 | 3456 | 3456 | 3475 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensemble RCM, LLC | (8) | SOFR + 3.00% | 6.84% | 1/30/2024 | 8/1/2029 | 2924 | 2907 | 2941 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Examworks Bidco, Inc. | (9) | SOFR + 2.50% | 6.22% | 11/16/2022 | 11/1/2028 | 4731 | 4692 | 4761 | 3.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc. | (8) | SOFR + 3.50% | 7.38% | 9/10/2025 | 10/1/2032 | 3368 | 3362 | 3393 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental, LLC | (10) | SOFR + 3.75% | 7.47% | 8/7/2025 | 8/25/2032 | 2759 | 2751 | 2773 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter US Bidco, Inc. | (4)(9) | SOFR + 4.25% | 8.02% | 11/16/2022 | 8/19/2028 | 1000 | 996 | 976 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MED ParentCo, LP | (8) | SOFR + 3.00% | 6.72% | 12/31/2025 | 4/15/2031 | 1186 | 1186 | 1191 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outcomes Group Holdings, Inc. | (8) | SOFR + 3.00% | 6.72% | 5/6/2024 | 5/6/2031 | 2049 | 2049 | 2065 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatric Associates Holding Co, LLC | (9) | SOFR + 2.50% | 6.24% | 11/16/2022 | 12/29/2028 | 476 | 472 | 467 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc. | (8) | SOFR + 4.50% | 8.17% | 10/10/2025 | 6/30/2032 | 1995 | 1989 | 1994 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings, LLC | (7)(8) | SOFR + 3.00% | 6.72% | 4/4/2025 | 11/19/2031 | 2322 | 2282 | 2333 | 1.81 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Health Care Providers & Services<br>(continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC | (8) | SOFR + 2.50% | 6.37% | 7/22/2025 | 12/4/2031 | $4197 | $4190 | $4197 | 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC | (7)(8) | SOFR + 3.50% | 7.24% | 12/30/2025 | 12/30/2032 | 307 | 305 | 309 | 0.24 |
|  |  |  |  |  |  |  | 39018 | 39239 | 30.39 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; athenahealth, Inc. | (9) | SOFR + 2.75% | 6.47% | 11/16/2022 | 2/15/2029 | 8438 | 8229 | 8465 | 6.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc. | (8) | SOFR + 2.75% | 6.62% | 5/1/2024 | 5/1/2031 | 3801 | 3787 | 3662 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp. | (10) | SOFR + 4.00% | 7.77% | 11/16/2022 | 10/1/2027 | 1954 | 1923 | 1923 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc. | (8) | SOFR + 2.00% | 5.72% | 8/6/2025 | 10/22/2029 | 2132 | 2132 | 2148 | 1.66 |
|  |  |  |  |  |  |  | 16071 | 16198 | 12.53 |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alterra Mountain, Co. | (8) | SOFR + 2.50% | 6.22% | 7/23/2025 | 8/17/2028 | 1830 | 1830 | 1839 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (9) | SOFR + 2.25% | 5.97% | 2/6/2023 | 2/6/2030 | 1326 | 1318 | 1319 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (9) | SOFR + 2.25% | 5.97% | 2/6/2024 | 2/6/2031 | 2776 | 2771 | 2755 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cedar Fair, LP | (8) | SOFR + 2.00% | 5.72% | 5/1/2024 | 5/1/2031 | 717 | 716 | 710 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FanDuel Group Financing, LLC | (9) | SOFR + 1.75% | 5.42% | 11/24/2023 | 11/30/2030 | 2375 | 2375 | 2376 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment, LLC | (9) | SOFR + 3.25% | 6.97% | 11/16/2022 | 1/27/2029 | 2723 | 2699 | 2725 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GVC Finance, LLC | (9) | SOFR + 2.25% | 5.92% | 5/8/2024 | 10/31/2029 | 5843 | 5850 | 5816 | 4.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower, LLC | (8) | SOFR + 2.00% | 5.72% | 1/17/2024 | 1/17/2031 | 705 | 704 | 703 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp. | (9) | SOFR + 2.50% | 6.22% | 11/17/2025 | 12/15/2030 | 7471 | 7467 | 7496 | 5.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LC Ahab US Bidco, LLC | (8) | SOFR + 3.00% | 6.72% | 5/1/2024 | 5/1/2031 | 1656 | 1630 | 1663 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc. | (8) | SOFR + 2.00% | 5.78% | 8/14/2025 | 11/5/2031 | 1108 | 1108 | 1114 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. | (8) | SOFR + 2.25% | 5.97% | 4/1/2024 | 4/1/2031 | 3096 | 3113 | 3103 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mic Glen, LLC | (9) | SOFR + 3.25% | 6.97% | 7/29/2025 | 7/21/2028 | 3366 | 3311 | 3396 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion Finco, LLC | (8) | SOFR + 3.50% | 7.17% | 2/5/2024 | 11/12/2029 | 2506 | 2498 | 2229 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Red Finance, Inc. | (8) | SOFR + 1.75% | 5.47% | 6/16/2024 | 9/20/2030 | 2766 | 2747 | 2773 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raising Cane's Restaurants, LLC | (8) | SOFR + 2.00% | 5.84% | 11/3/2025 | 11/3/2032 | 418 | 417 | 419 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings, LP | (9) | SOFR + 3.00% | 6.93% | 6/11/2024 | 4/4/2029 | 2948 | 2948 | 2900 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tacala Investment Corp. | (10) | SOFR + 3.00% | 6.72% | 8/6/2025 | 1/31/2031 | 1581 | 1581 | 1593 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRQ Sales, LLC | (8) | SOFR + 3.25% | 7.55% | 12/30/2025 | 12/30/2032 | 908 | 904 | 898 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whatabrands, LLC | (9) | SOFR + 2.50% | 6.22% | 12/11/2024 | 8/3/2028 | 6955 | 6954 | 6981 | 5.40 |
|  |  |  |  |  |  |  | 52941 | 52808 | 40.85 |
| **Household Durables** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc. | (9) | SOFR + 3.00% | 6.85% | 12/5/2024 | 7/31/2028 | 7211 | 7188 | 7235 | 5.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products, LLC | (8) | SOFR + 3.75% | 7.74% | 9/17/2025 | 10/1/2032 | 338 | 335 | 339 | 0.26 |
|  |  |  |  |  |  |  | 7523 | 7574 | 5.86 |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | (8) | SOFR + 2.00% | 5.73% | 5/29/2024 | 3/19/2032 | 393 | 392 | 394 | 0.30 |
| **Independent Power and Renewable<br>Electricity Producers** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calpine, Corp. | (8) | SOFR + 1.75% | 5.47% | 3/10/2025 | 1/31/2031 | 1000 | 999 | 1001 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply, LLC | (8) | SOFR + 2.00% | 5.67% | 11/25/2025 | 11/25/2032 | 299 | 297 | 299 | 0.23 |
|  |  |  |  |  |  |  | 1296 | 1300 | 1.00 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Industrial Conglomerates** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bettcher Industries, Inc. | (9) | SOFR + 4.00% | 7.67% | 9/19/2025 | 12/14/2028 | $379 | $378 | $383 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc. | (8) | SOFR + 3.25% | 6.92% | 11/26/2025 | 11/26/2032 | 227 | 226 | 229 | 0.18 |
|  |  |  |  |  |  |  | 604 | 612 | 0.48 |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC | (8) | SOFR + 2.50% | 6.22% | 7/31/2025 | 9/19/2031 | 993 | 973 | 996 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc. | (10) | SOFR + 2.25% | 5.97% | 11/16/2022 | 1/30/2032 | 2480 | 2473 | 2490 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings, LLC | (8) | SOFR + 2.50% | 6.25% | 9/12/2025 | 5/26/2031 | 5963 | 5954 | 5963 | 4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. | (8) | SOFR + 2.75% | 6.47% | 6/14/2024 | 6/13/2031 | 7011 | 7001 | 7043 | 5.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUB International, Ltd. | (8) | SOFR + 2.25% | 6.12% | 7/30/2024 | 6/20/2030 | 2411 | 2395 | 2427 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.47% | 11/22/2024 | 2/15/2031 | 5139 | 5138 | 5158 | 3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance S.à r.l. | (9) | SOFR + 2.75% | 6.49% | 12/11/2025 | 4/18/2030 | 2381 | 2381 | 2390 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower, LLC | (9) | SOFR + 3.00% | 6.72% | 7/2/2024 | 7/2/2031 | 2230 | 2230 | 2238 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty, LLC | (8) | SOFR + 2.00% | 5.92% | 10/10/2025 | 9/13/2031 | 1995 | 1993 | 2001 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.92% | 12/23/2024 | 9/29/2030 | 3467 | 3452 | 3477 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USI, Inc. | (8) | SOFR + 2.25% | 5.92% | 12/23/2024 | 11/21/2029 | 1437 | 1432 | 1441 | 1.12 |
|  |  |  |  |  |  |  | 35422 | 35624 | 27.57 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creative Artists Agency, LLC | (8) | SOFR + 2.50% | 6.22% | 8/11/2025 | 10/1/2031 | 2494 | 2498 | 2506 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser, LLC | (8) | SOFR + 2.75% | 6.42% | 7/16/2024 | 7/16/2031 | 6467 | 6453 | 6491 | 5.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. | (8) | SOFR + 2.75% | 6.47% | 7/8/2024 | 7/8/2031 | 2362 | 2357 | 2287 | 1.77 |
|  |  |  |  |  |  |  | 11308 | 11284 | 8.73 |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings, LLC | (10) | SOFR + 2.50% | 6.17% | 8/2/2024 | 2/1/2031 | 2798 | 2795 | 2799 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrysaor Bidco S.à r.l. | (9) | SOFR + 3.25% | 7.14% | 10/14/2025 | 10/30/2031 | 961 | 961 | 969 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc. | (8) | SOFR + 3.00% | 6.78% | 7/2/2025 | 6/27/2031 | 2475 | 2475 | 2480 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co, LLC | (8) | SOFR + 1.75% | 5.47% | 5/31/2024 | 5/30/2031 | 739 | 738 | 741 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.38% | 12/8/2025 | 4/30/2029 | 2483 | 2369 | 2083 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc. | (10) | SOFR + 3.50% | 7.38% | 12/8/2025 | 4/30/2029 | 438 | 418 | 279 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ThoughtWorks, Inc. | (9) | SOFR + 2.50% | 6.33% | 11/16/2022 | 3/24/2028 | 2236 | 2211 | 2137 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp. | (10) | SOFR + 3.25% | 6.97% | 6/21/2024 | 2/15/2029 | 4944 | 4944 | 4962 | 3.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Wide Technology Holding Co, LLC | (9) | SOFR + 2.00% | 5.72% | 7/17/2025 | 3/1/2030 | 887 | 887 | 890 | 0.69 |
|  |  |  |  |  |  |  | 17798 | 17340 | 13.42 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc. | (9) | SOFR + 2.75% | 6.47% | 12/12/2025 | 12/12/2031 | 3147 | 3146 | 3161 | 2.45 |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc. | (9) | SOFR + 2.50% | 6.48% | 7/2/2024 | 3/15/2030 | 1974 | 1974 | 1985 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoorsTek, Inc. | (8) | SOFR + 3.00% | 6.86% | 10/28/2025 | 10/28/2032 | 340 | 338 | 343 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower, LP | (8) | SOFR + 2.25% | 6.12% | 8/11/2025 | 8/4/2031 | 2488 | 2488 | 2495 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hobbs & Associates, LLC | (8) | SOFR + 2.75% | 6.47% | 10/10/2025 | 7/23/2031 | 1995 | 1994 | 1997 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innio North America Holding, Inc. | (8) | SOFR + 2.25% | 6.13% | 7/12/2024 | 11/2/2028 | 665 | 665 | 670 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF11 Trinity Bidco, Inc. | (4)(8) | SOFR + 2.50% | 6.23% | 9/11/2025 | 6/14/2030 | 2293 | 2293 | 2304 | 1.78 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Machinery (continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc. | (8) | SOFR + 2.75% | 6.47% | 10/16/2025 | 10/16/2032 | $804 | $802 | $810 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Flow, Inc. | (9) | SOFR + 2.75% | 6.47% | 8/1/2025 | 4/5/2029 | 3150 | 3150 | 3163 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc. | (9) | SOFR + 2.75% | 6.95% | 3/14/2024 | 4/30/2030 | 4297 | 4297 | 4328 | 3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp. | (8) | SOFR + 1.75% | 5.61% | 8/7/2025 | 8/12/2032 | 162 | 162 | 163 | 0.13 |
|  |  |  |  |  |  |  | 18163 | 18258 | 14.15 |
| **Media** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2, LLC | (8) | SOFR + 2.25% | 5.97% | 12/13/2024 | 12/21/2028 | 386 | 386 | 387 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Greetings Corp. | (8) | SOFR + 5.75% | 9.47% | 4/30/2024 | 10/30/2029 | 1260 | 1242 | 1249 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fleet US Bidco, Inc. | (4)(8) | SOFR + 2.75% | 6.79% | 8/15/2024 | 2/21/2031 | 655 | 656 | 660 | 0.51 |
|  |  |  |  |  |  |  | 2284 | 2296 | 1.78 |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent, LLC | (8) | SOFR + 2.75% | 6.47% | 8/21/2024 | 8/18/2030 | 371 | 371 | 372 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Holdings, Inc. | (8) | SOFR + 1.75% | 5.42% | 9/11/2025 | 3/11/2032 | 905 | 905 | 909 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc. | (10) | SOFR + 2.75% | 6.52% | 12/4/2025 | 1/31/2029 | 2989 | 2989 | 2998 | 2.32 |
|  |  |  |  |  |  |  | 4265 | 4279 | 3.31 |
| **Mortgage Real Estate Investment<br>Trusts (REITs)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Mortgage, LLC | (9) | SOFR + 2.25% | 5.97% | 8/14/2025 | 9/24/2032 | 384 | 383 | 386 | 0.30 |
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackfin Pipeline, LLC | (8) | SOFR + 3.00% | 6.75% | 9/29/2025 | 9/29/2032 | 457 | 455 | 459 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport LNG Investments, LLLP | (9) | SOFR + 3.25% | 7.12% | 11/16/2022 | 12/21/2028 | 3772 | 3746 | 3792 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners, LP | (8) | SOFR + 2.00% | 5.94% | 5/22/2024 | 10/4/2030 | 1044 | 1044 | 1047 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Operating Co, LP | (9) | SOFR + 2.50% | 6.22% | 7/25/2025 | 11/17/2028 | 144 | 144 | 146 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRS Buyer, Inc. | (7)(8) | SOFR + 3.50% | 7.24% | 10/10/2025 | 10/12/2032 | 767 | 763 | 771 | 0.60 |
|  |  |  |  |  |  |  | 6152 | 6215 | 4.80 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco, SAS | (8) | SOFR + 3.00% | 6.69% | 10/29/2025 | 4/28/2032 | 190 | 190 | 191 | 0.15 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Group Holdings, Inc. | (9) | SOFR + 4.25% | 8.07% | 11/16/2022 | 12/29/2028 | 3519 | 3470 | 3189 | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AlixPartners, LLP | (9) | SOFR + 2.00% | 5.72% | 7/31/2025 | 8/12/2032 | 995 | 993 | 998 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ankura Consulting Group, LLC | (10) | SOFR + 3.50% | 7.37% | 12/17/2024 | 12/29/2031 | 1130 | 1128 | 1108 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus Group Holdings, Inc. | (9) | SOFR + 3.00% | 6.72% | 12/13/2024 | 11/24/2032 | 1190 | 1183 | 1190 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camelot US Acquisition, LLC | (8) | SOFR + 2.75% | 6.47% | 1/31/2024 | 1/31/2031 | 2700 | 2695 | 2669 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cast & Crew Payroll, LLC | (9) | SOFR + 3.75% | 7.47% | 11/16/2022 | 12/29/2028 | 1885 | 1879 | 1139 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisner Advisory Group, LLC | (9) | SOFR + 4.00% | 7.72% | 2/28/2024 | 2/28/2031 | 1193 | 1184 | 1203 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | (9) | SOFR + 3.50% | 7.44% | 11/16/2022 | 11/6/2028 | 479 | 467 | 344 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings, LLC | (8) | SOFR + 3.25% | 6.97% | 6/28/2024 | 9/27/2030 | 5776 | 5776 | 4922 | 3.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 2.75% | 6.47% | 5/31/2024 | 6/2/2031 | 2348 | 2348 | 2356 | 1.82 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Professional Services (continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors, LLC | (8) | SOFR + 3.00% | 6.72% | 5/31/2024 | 6/2/2031 | $2494 | $2509 | $2507 | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heron Bidco, LLC | (8) | SOFR + 4.00% | 7.74% | 12/10/2025 | 12/10/2032 | 433 | 427 | 430 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc. | (8) | SOFR + 3.25% | 7.15% | 7/1/2024 | 7/3/2031 | 2637 | 2634 | 2650 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan, LLC | (9) | SOFR + 3.50% | 7.22% | 11/7/2025 | 11/5/2032 | 650 | 645 | 643 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. | (8) | SOFR + 2.50% | 6.22% | 2/24/2023 | 7/31/2031 | 7185 | 7167 | 7216 | 5.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trans Union, LLC | (9) | SOFR + 1.75% | 5.47% | 1/30/2024 | 6/24/2031 | 4482 | 4477 | 4496 | 3.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTF Lower Intermediate, LLC | (8) | SOFR + 3.75% | 7.79% | 7/18/2024 | 7/18/2031 | 1205 | 1196 | 982 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc. | (9) | SOFR + 3.00% | 6.87% | 4/3/2024 | 8/9/2030 | 1016 | 1016 | 1003 | 0.78 |
|  |  |  |  |  |  |  | 41194 | 39045 | 30.22 |
| **Real Estate Management &<br>Development** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (9) | SOFR + 2.75% | 6.47% | 7/16/2025 | 1/31/2030 | 1451 | 1451 | 1462 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower, LLC | (9) | SOFR + 2.50% | 6.22% | 9/26/2025 | 1/31/2030 | 1481 | 1483 | 1498 | 1.16 |
|  |  |  |  |  |  |  | 2934 | 2960 | 2.29 |
| **Semiconductors & Semiconductor<br>Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altar Bidco, Inc. | (9) | SOFR + 3.10% | 6.78% | 3/24/2025 | 2/1/2029 | 1987 | 1980 | 1970 | 1.52 |
| **Software** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BEP Intermediate Holdco, LLC | (4)(8) | SOFR + 2.75% | 6.47% | 7/10/2025 | 4/25/2031 | 734 | 734 | 742 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower, LLC | (8) | SOFR + 2.00% | 5.67% | 8/1/2024 | 1/31/2031 | 5777 | 5777 | 5793 | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company, Inc. | (8) | SOFR + 3.00% | 6.82% | 7/30/2024 | 7/30/2031 | 6219 | 6207 | 6210 | 4.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc. | (8) | SOFR + 2.75% | 6.42% | 8/11/2025 | 6/17/2030 | 2487 | 2491 | 2489 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 8/7/2025 | 3/21/2031 | 2403 | 2400 | 2409 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (8) | SOFR + 3.25% | 6.92% | 8/7/2025 | 8/13/2032 | 697 | 697 | 698 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (9) | SOFR + 3.75% | 7.57% | 11/16/2022 | 10/8/2028 | 3496 | 3432 | 3359 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conga Corp. | (10) | SOFR + 3.50% | 7.34% | 8/8/2024 | 5/8/2028 | 3492 | 3492 | 3492 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone OnDemand, Inc. | (9) | SOFR + 3.75% | 7.58% | 11/16/2022 | 10/16/2028 | 2128 | 2025 | 1962 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc. | (8) | SOFR + 2.75% | 6.58% | 5/1/2024 | 11/30/2029 | 6901 | 6893 | 6876 | 5.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Parent, Inc. | (4)(8) | SOFR + 3.25% | 7.07% | 8/1/2025 | 8/6/2032 | 242 | 242 | 244 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI Macola Max Holding, LLC | (10) | SOFR + 2.75% | 6.42% | 7/10/2025 | 5/9/2030 | 4412 | 4412 | 4440 | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc. | (9) | SOFR + 2.75% | 6.47% | 2/29/2024 | 10/8/2029 | 2639 | 2639 | 2657 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | (8) | SOFR + 4.00% | 7.72% | 7/31/2025 | 9/15/2032 | 1371 | 1358 | 1345 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (10) | SOFR + 3.50% | 7.35% | 6/11/2024 | 3/2/2028 | 3817 | 3811 | 3572 | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.47% | 6/5/2024 | 9/12/2029 | 5769 | 5769 | 5785 | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | (9) | SOFR + 1.75% | 5.47% | 6/5/2024 | 4/16/2032 | 2488 | 2470 | 2492 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc. | (8) | SOFR + 2.50% | 6.22% | 9/26/2024 | 1/30/2032 | 2675 | 2667 | 2673 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Purchaser, LLC | (14) | SOFR + 6.00% | 9.97% | 11/21/2025 | 5/19/2029 | 2090 | 2047 | 1899 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp. | (9) | SOFR + 3.00% | 6.72% | 5/31/2024 | 3/1/2029 | 3502 | 3502 | 3243 | 2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitnick Purchaser, Inc. | (9)(18) | SOFR + 4.75% | 8.69% | 11/16/2022 | 5/2/2029 | 3335 | 3281 | 2180 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | (8) | SOFR + 2.75% | 6.59% | 11/13/2025 | 11/15/2032 | 389 | 388 | 391 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planview Parent, Inc. | (8) | SOFR + 3.50% | 7.17% | 12/17/2024 | 12/17/2027 | 1887 | 1887 | 1816 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc. | (9) | SOFR + 3.25% | 6.92% | 5/14/2024 | 10/26/2030 | 3226 | 3226 | 3225 | 2.50 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
| **First Lien Debt (continued)** |  | | | | | | | | |
| **Software (continued)** |  | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc. | (9) | SOFR + 3.00% | 6.67% | 12/8/2025 | 8/31/2028 | $2947 | $2947 | $2968 | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quartz Acquireco, LLC | (4)(8) | SOFR + 2.25% | 5.92% | 6/3/2024 | 6/28/2030 | 1948 | 1948 | 1948 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc. | (9) | SOFR + 3.00% | 6.93% | 11/16/2022 | 4/24/2028 | 2711 | 2667 | 2712 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (9) | SOFR + 3.75% | 7.47% | 10/5/2023 | 11/28/2028 | 3632 | 3609 | 3636 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skopima Consilio Parent, LLC | (9) | SOFR + 3.75% | 7.47% | 12/18/2024 | 5/12/2028 | 3260 | 3260 | 2987 | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sophos Holdings, LLC | (8) | SOFR + 3.50% | 7.33% | 11/16/2022 | 3/5/2027 | 3480 | 3468 | 3487 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovos Compliance, LLC | (8) | SOFR + 3.25% | 6.97% | 7/24/2025 | 8/13/2029 | 3492 | 3458 | 3507 | 2.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. | (8) | SOFR + 2.00% | 5.72% | 10/9/2025 | 5/9/2031 | 200 | 200 | 202 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trio Bidco, LLC | (7)(8) | SOFR + 4.00% | 7.67% | 10/31/2025 | 10/29/2032 | 668 | 661 | 671 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vision Solutions, Inc. | (10) | SOFR + 4.00% | 8.10% | 11/16/2022 | 4/24/2028 | 3595 | 3472 | 3355 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLOR T1, LLC | (4)(8) | SOFR + 3.50% | 7.29% | 12/1/2025 | 12/1/2032 | 986 | 981 | 988 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zodiac Purchaser, LLC | (8) | SOFR + 3.50% | 7.22% | 2/14/2025 | 2/14/2032 | 998 | 994 | 995 | 0.77 |
|  |  |  |  |  |  |  | 99512 | 97448 | 75.43 |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apro, LLC | (8) | SOFR + 3.75% | 7.68% | 7/9/2024 | 7/9/2031 | 3902 | 3894 | 3927 | 3.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWGS Group, LLC | (10) | SOFR + 2.50% | 6.33% | 11/16/2022 | 6/3/2028 | 2431 | 2388 | 2379 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group, LLC | (10) | SOFR + 3.25% | 6.97% | 1/23/2025 | 1/23/2032 | 990 | 991 | 997 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe USA Holding Corp. | (8) | SOFR + 2.00% | 5.73% | 5/29/2024 | 10/21/2030 | 815 | 815 | 817 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp. | (10) | SOFR + 3.00% | 6.72% | 7/18/2024 | 5/4/2028 | 5507 | 5512 | 5534 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc. | (8) | SOFR + 2.50% | 6.36% | 10/8/2025 | 10/8/2032 | 156 | 156 | 157 | 0.12 |
|  |  |  |  |  |  |  | 13756 | 13811 | 10.68 |
| **Technology Hardware, Storage &<br>Peripherals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandisk, Corp. | (8) | SOFR + 3.00% | 6.86% | 2/21/2025 | 2/20/2032 | 813 | 801 | 819 | 0.63 |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co, Inc. | (8) | SOFR + 1.75% | 5.47% | 1/31/2024 | 1/31/2031 | 673 | 672 | 676 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US, LLC | (9) | SOFR + 1.75% | 5.48% | 6/22/2023 | 6/24/2030 | 2710 | 2696 | 2729 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core & Main, LP | (8) | SOFR + 2.00% | 5.69% | 2/9/2024 | 2/9/2031 | 1067 | 1067 | 1070 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCG Acquisitions, Inc. | (9) | SOFR + 3.25% | 6.97% | 11/16/2022 | 3/31/2028 | 6999 | 6999 | 7037 | 5.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc. | (9) | SOFR + 3.25% | 6.92% | 11/16/2022 | 12/22/2031 | 4277 | 4183 | 4321 | 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnstone Supply, LLC | (8) | SOFR + 2.50% | 6.23% | 12/12/2024 | 6/9/2031 | 1282 | 1282 | 1290 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer, LLC | (8) | SOFR + 3.25% | 6.97% | 6/13/2024 | 10/19/2029 | 4369 | 4361 | 4392 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III, LLC | (8) | SOFR + 2.75% | 6.47% | 9/20/2024 | 8/1/2030 | 3802 | 3790 | 3816 | 2.95 |
|  |  |  |  |  |  |  | 25050 | 25331 | 19.60 |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Bidco, LLC | (8) | SOFR + 2.50% | 6.22% | 11/16/2022 | 9/23/2031 | 3440 | 3429 | 3461 | 2.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Aviation US Holdings, Inc. | (9) | SOFR + 2.50% | 6.22% | 8/11/2025 | 7/1/2031 | 2494 | 2496 | 2509 | 1.94 |
|  |  |  |  |  |  |  | 5925 | 5970 | 4.62 |

---

------

##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(19)</sup>** | **Footnotes** | **Reference<br>Rate and<br>Spread <sup>(2)</sup>** | **Interest<br>Rate <sup>(2)(15)</sup>** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par<br>Amount/**<br>**Units <sup>(1)</sup>** | **Cost <sup>(3)</sup>** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
|  **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | $720787 | $714200 | 552.71% |
|  **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 720787 | 714200 | 552.71 |
|  **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Treasury Portfolio-Class I |  |  | 3.66% |  |  |  | 1078 | 1078 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Cash and Cash Equivalents |  |  |  |  |  |  | 58357 | 58357 | 45.16 |
|  **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 59435 | 59435 | 45.99 |
|  **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $780222 | $773635 | 598.70% |

---

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term
"Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2025, the Company had investments denominated in
Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless
otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in
thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit
facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either
Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured
Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate
("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or
"BB") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used
and provided the spread and the interest rate in effect as of December 31, 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 3 investments. Fair value
was determined in good faith by or under the direction of the Board of Trustees (the "Board") (see Note 2 and Note 5), pursuant to the Company's valuation policy.

(5) These debt investments are not pledged as collateral under any of the Company's credit facilities. For
other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are
pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.

(6) Reserved.

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

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##### [**Table of Contents**](#toc)
**BCRED Verdelite JV LP** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

**(in thousands)** 

**(Unaudited)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair Value** |
|  Chicago US Midco III, LP | Delayed Draw Term Loan | 10/30/2027 | $76 | $— |
|  Pinnacle Buyer, LLC | Delayed Draw Term Loan | 4/1/2027 | 85 |  |
|  Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 12/16/2027 | 147 |  |
|  Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 167 |  |
| Sanders Industries Holdings, Inc. | Delayed Draw Term Loan | 2/26/2027 | 156 |  |
| Trio Bidco, LLC | Delayed Draw Term Loan | 10/31/2027 | 70 |  |
| US Fertility Enterprises, LLC | Delayed Draw Term Loan | 12/30/2027 | 48 |  |
|  VRS Buyer, Inc. | Delayed Draw Term Loan | 10/10/2027 | 79 |  |
|  **Total Unfunded Commitments** |  |  | $828 | $— |

---

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

(9) The interest rate floor on these investments as of December 31, 2025 was 0.50%.

(10) The interest rate floor on these investments as of December 31, 2025 was 0.75%.

(11) The interest rate floor on these investments as of December 31, 2025 was 1.00%.

(12) The interest rate floor on these investments as of December 31, 2025 was 1.25%.

(13) The interest rate floor on these investments as of December 31, 2025 was 1.50%.

(14) The interest rate floor on these investments as of December 31, 2025 was 2.00%.

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

(16) Reserved.

(17) Loan was on non-accrual status as of December 31, 2025.

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

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities
Act"), and may be deemed to be "restricted securities." As of December 31, 2025, the aggregate fair value of these securities is $714.2 million or 552.71% of the Company's net assets. The initial acquisition dates
have been included for such securities.

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The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of March 31, 2026 and December 31, 2025 (Unaudited):

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** | | |
|  Investments at fair value (cost of $637,306 and $720,787, respectively) | $613258 | $714200 |
|  Cash and cash equivalents | 87435 | 59435 |
|  Interest receivable | 2762 | 2852 |
|  Receivable for investments sold | 14502 | 2584 |
|  Deferred financing costs | 136 | 145 |
|  **Total assets** | $718093 | $779216 |
|  **LIABILITIES** |  |  |
|  Debt (net of unamortized debt issuance costs of $969 and $1,105, respectively) | $587638 | $626812 |
|  Distribution payable | 1458 | 2753 |
|  Payable for investments purchased and other liabilities | 17970 | 20431 |
|  **Total liabilities** | 607066 | 649996 |
|  **PARTNERS' CAPITAL** |  |  |
|  Partners' capital | 111027 | 129220 |
|  **Total partners' capital** | 111027 | 129220 |
|  **Total liabilities and partners' capital** | $718093 | $779216 |

---

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three months ended March 31, 2026 and 2025 (Unaudited):

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended March 31,** | **Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $11865 | $13920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 5 | 3 |
|  **Total investment income** | 11870 | 13923 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 7992 | 9124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 180 | 118 |
|  **Total expenses** | 8172 | 9242 |
|  **Net investment income before tax expense** | 3698 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense |  |  |
|  **Net investment income after tax expense** | 3698 | 4681 |

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended March 31,** | **Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
|  **Net realized and change in unrealized gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments | (17461) | (10423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and extinguishment of debt | (2972) | 499 |
|  **Total net realized and change in unrealized gain (loss)** | (20433) | (9924) |
|  **Net increase (decrease) in partners' capital resulting from operations** | $(16735) | $(5243) |

---

**Note 12. Segment Reporting** 

The Company operates as a single reportable segment and derives revenues from investing primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.

The chief operating decision maker (**"CODM"**) consists of the Company's co-chief executive officers and chief financial officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is Net increase (decrease) in net assets resulting from operations which is reported on the Condensed Consolidated Statements of Operations.

Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. These key metrics, in addition to other factors, are utilized by the CODM to determine allocation of profits, such as for investment or the amount of dividends to be distributed to the Company's shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Condensed Consolidated Statements of Assets and Liabilities as Total net assets and the significant segment expenses are listed on the Condensed Consolidated Statements of Operations.

**Note 13. Subsequent Events** 

The Company's management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of March 31, 2026, except as discussed below.

***April Subscriptions and Distribution Declaration***

The Company received approximately $400.1 million of net proceeds, inclusive of distributions reinvested through the Company's DRIP, relating to the issuance of Class I shares, Class S shares, and Class D shares for subscriptions effective April 1, 2026.

On April 20, 2026, the Company's Board declared net distributions of $0.2000 per Class I share, $0.1829 per Class S share, and $0.1950 per Class D share, which is payable on or about May 28, 2026 to shareholders of record as of April 30, 2026.

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***May Subscriptions***

Through the date of issuance of the condensed consolidated financial statements, the Company received approximately $303.7 million of subscriptions, inclusive of distributions reinvested through the Company's DRIP, relating to the issuance of Class I, Class S and Class D shares effective May 1, 2026.

***April 2031 and July 2031 Series 2026B Notes***

On April 9, 2026, the Company entered into a Second Supplement (the **"Second Supplement"**) to the Master Note Purchase Agreement, dated as of March 25, 2025 (as supplemented by the Second Supplement, the **"Series 2026B Note Purchase Agreement"**) governing the issuance of (i) $500.0 million in aggregate principal amount of its 6.58% Series 2026B Senior Notes, Tranche A due April 9, 2031 (the "**April 2031 Series 2026B Notes**") and (ii) $500.0 million in aggregate principal amount of its 6.61% Series 2026B Senior Notes, Tranche B due July 9, 2031 (the **"July 2031 Series 2026B Notes"** and, together with the April 2031 Series 2026B Notes, the **"Series 2026B Notes"**), to qualified institutional investors in a private placement. The April 2031 Series 2026B Notes were issued on April 9, 2026 and will mature on April 9, 2031 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms, and the July 2031 Series 2026B Notes were issued on April 9, 2026 and will mature on July 9, 2031 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the Series 2026B Notes will be due semiannually. In addition, the Company is obligated to offer to repay the Series 2026B Notes at par if certain change in control events occur. The Series 2026B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, subject to certain events including a ratings downgrade, the April 2031 Series 2026B Notes will bear interest at a fixed rate of 7.58% per year and the July 2031 Series 2026B Notes will bear interest at a fixed rate of 7.61% per year until the date such events are no longer occurring.

In connection with the Series 2026B Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated each interest rate swap and the respective 2026B Notes in a qualifying hedge accounting relationship.

***Middle Peak Funding Facility***

On April 21, 2026, the Middle Peak Funding Facility was amended pursuant to Amendment No. 7 to Credit and Security Agreement (the **"Middle Peak Seventh Amendment"**). The Middle Peak Seventh Amendment provides for, among other things, (i) an increase in the maximum facility amount to an amount not to exceed $1.5 billion and (ii) the payment of certain fees as agreed between BCRED Middle Peak Funding and the lenders party thereto.

***2026-1 PC Static Warehouse***

On April 22, 2026, the 2026-1 PC Static Warehouse was terminated with the proceeds of the 2026-1 PC Static Debt Securitization.

***2026-1 PC Static CLO Debt Securitization***

On April 22, 2026, the Company completed a $449.8 million term debt securitization (the **"2026-1 Static Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered and loans incurred in the 2026-1 Static Debt Securitization (collectively, the **"2026-1 Static Notes"**) were issued by the 2026-1 PC Issuer, an

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indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **April 22, 2026** | **April 22, 2026** | **April 22, 2026** |
| **Description** | **Type** | **Principal<br>Outstanding** | **Interest<br>Rate** | **Credit<br>Rating** |
|  Class A Notes | Senior Secured Floating Rate | $165500 | SOFR + 1.28% | AAA |
|  Class A-L-B Loans | Senior Secured Floating Rate | 100000 | SOFR + 1.28% | AAA |
|  Class B Notes | Senior Secured Floating Rate | 40500 | SOFR + 2.05% | AA |
|  Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 27000 | SOFR + 2.40% | A |
|  Class D Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 20250 | SOFR + 3.90% | BBB- |
|  **Total Secured Notes** |  | 353250 |  |  |
|  Subordinated Notes <sup>(1)</sup> | Subordinated | 96550 |  | Not Rated |
|  **Total 2026-1 Static Notes** |  | 449800 |  |  |

---

(1) The Company (through its wholly-owned and consolidated subsidiary, 2026-1 PC Depositor) retained all of the Class C Notes, the Class D Notes and the Subordinated Notes issued in the 2026-1 PC Debt Securitization which are
eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2026-1 PC Depositor) retained all of the Class C Notes, the Class D Notes and the Subordinated Notes issued in the 2026-1 Static Debt Securitization in part in exchange for the Company's sale and contribution to the 2026-1 PC Issuer of the initial closing date portfolio. The 2026-1 Static Notes are scheduled to mature on April 22, 2036; however, the 2026-1 Static Notes may be redeemed by the 2026-1 PC Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2026-1 PC Depositor), on any business day after October 22, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2026-1 PC Issuer. The Class A Notes, Class A-L-A Loans, Class A-L-B Loans, Class B Notes, Class C Notes and Class D Notes are secured obligations of the 2026-1 PC Issuer, the Subordinated Notes are the unsecured obligations of the 2026-1 PC Issuer, and the indenture governing the 2026-1 PC Notes includes customary covenants and events of default.

The 2026-1 Static Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2026-1 PC Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

***May 2031 Notes Issuance***

On April 27, 2026, the Company issued $850.0 million aggregate principal amount of 5.950% notes due 2031 (the **"May 2031 Notes"**) pursuant to a supplemental indenture, dated as of April 27, 2026 (and together

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with the Base Indenture, the **"May 2031 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The May 2031 Notes will mature on May 15, 2031 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the May 2031 Notes Indenture. The May 2031 Notes bear interest at a rate of 5.950%, payable semi-annually on November 15 and May 15 of each year, beginning on November 15, 2026. The May 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the May 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the May 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the May 2031 Notes in a qualifying hedge accounting relationship.

***2021-2 Debt Securitization***

On May 6, 2026, all of the secured debt issued or incurred, as applicable, in connection with 2021-2 Debt Securitization was redeemed in whole.

***2022-1 BSL Debt Securitization***

On May 6, 2026, all of the secured notes issued in connection with 2022-1 BSL Debt Securitization were redeemed in whole.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

*The information contained in this section should be read in conjunction with "Item 1. Financial Statements" hereto and "Part II, Item 8—Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Company's periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company's control, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Company's periodic filings with the SEC.* 

**Overview and Investment Framework** 

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on February 11, 2020, we are externally managed by the Advisers, which are responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Advisers are registered as investment advisers with the SEC. We have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under the Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by us. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of certain expenses incurred by the Administrators in performing their obligations under the Administration Agreements, including our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days' notice of such change. Under normal circumstances we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, **"Private Credit"**). In limited instances, we may retain the "last out" portion of a first-lien loan. In such cases, the "first out" portion of the first lien loan would receive priority with respect to payment over our "last out" position. In exchange for the higher risk of loss associated with such "last out" portion, we would earn a higher rate of interest than the "first out" position. To a lesser extent, we will also invest in publicly traded securities of large corporate issuers. We expect that such investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs' requirement to invest at least 70% of its assets in U.S. private companies), we also expect to invest to some extent in European and other non-U.S. companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

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**Key Components of Our Results of Operations** 

***Investments***

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

***Revenues***

We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or payment-in-kind (**"**PIK**"**) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities and on our equity interests in joint ventures is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.

***Expenses***

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in the Advisory Agreements and the Administration Agreements; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case, for any such amounts paid on our behalf. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

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*Expense Support and Conditional Reimbursement Agreement* 

We have entered into an Expense Support Agreement with the Sub-Adviser. For additional information see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions*."

**Portfolio and Investment Activity** 

For the three months ended March 31, 2026, we made $2,493.7 million aggregate principal amount of new investment commitments ($1,434.8 million of which remained unfunded as of March 31, 2026), $2,391.3 million of which was first lien debt, $12.6 million of which was structured finance equity obligations, $68.8 million of which was equity and $21.0 million of which was investments in our joint ventures.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **As of and for the three<br>months ended March 31,** | **As of and for the three<br>months ended March 31,** |
|  | **2026** | **2025** |
|  **Investments:** |  |  |
|  Total investments, beginning of period | $82916242 | $68985671 |
|  New investments purchased | 4291332 | 5009226 |
|  Payment-in-kind interest capitalized | 113323 | 105430 |
|  Net accretion of discount on investments | 68104 | 76692 |
|  Net realized gain (loss) on investments | (34907) | (59178) |
|  Investments sold or repaid | (5000841) | (4333690) |
|  **Total investments, end of period** | $82353253 | $69784151 |
|  **Amount of investments funded at principal:** |  |  |
|  First lien debt | $4248964 | $4768774 |
|  Second lien debt |  | 175708 |
|  Structured finance obligations - debt instruments |  | 28900 |
|  Structured finance obligations - equity instruments | 14439 | 82123 |
|  Equity and other <sup>(6)</sup> | 94952 | 21865 |
|  **Total** | $4358355 | $5077370 |
|  **Proceeds from investments sold or repaid:** |  |  |
|  First lien debt | $(3777354) | $(4142489) |
|  Second lien debt | (37170) | (60687) |
|  Unsecured debt | (1008) |  |
|  Structured finance obligations - debt instruments | (64495) | (75321) |
|  Structured finance obligations - equity instruments | (16336) | (15301) |
|  Equity and other | (1104478) | (39892) |
|  **Total** | $(5000841) | $(4333690) |

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  Number of portfolio companies | 695 | 700 |
|  Weighted average yield on performing debt and income producing investments, at amortized cost <sup>(1)(2)</sup> | 9.0% | 9.2% |
|  Weighted average yield on performing debt and income producing investments, at fair value <sup>(1)(2)</sup> | 9.1% | 9.3% |
|  Average loan-to-value (LTV) <sup>(3)</sup> | 46.5% | 45.9% |
|  Percentage of performing debt investments bearing a floating rate <sup>(4)</sup> | 99.7% | 99.7% |
|  Percentage of performing debt investments bearing a fixed rate <sup>(4)</sup> | 0.3% | 0.3% |
|  Percentage of assets on non-accrual, at amortized cost <sup>(5)</sup> | 2.4% | 0.6% |
|  Percentage of assets on non-accrual, at fair value <sup>(5)</sup> | 1.4% | 0.4% |

---

(1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less
the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or amortized cost, as applicable) included in such securities. Actual yields earned over the
life of each investment could differ materially from the yields presented above.

(2) As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized
cost was 8.4% and 9.1%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 8.6% and 9.2%, respectively.

(3) Includes all private debt investments for which fair value is determined by our Board in conjunction with a
third-party valuation firm and excludes quoted investments and asset-based investments. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter-end.

(4) As a percentage of total fair value of performing debt investments. As of March 31, 2026 and
December 31, 2025, performing debt investments bearing a floating rate represented 95.5% and 95.3%, respectively, of total investments at fair value (excluding investments in joint ventures).

(5) As a percentage of total amortized cost or fair value of investments (excluding investments in joint ventures).

(6) Includes $21.0 million and $0.0 million of investments in our joint ventures for the three months
ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and March 31, 2025, our portfolio companies had a weighted average annual EBITDA of $274 million and $238 million, respectively. These calculations include all debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments*."

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***BCRED Emerald JV LP***

BCRED Emerald JV LP (**"Emerald JV"**), a Delaware limited partnership, was formed as a joint venture between the Company and a large North American pension fund, commenced operations on January 19, 2022 and operates under a limited partnership agreement. The Emerald JV's principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans and to a lesser extent make other debt and equity investments.

As of March 31, 2026, the Company and entities affiliated with, and controlled by, a North American pension fund (collectively, the **"Emerald JV Partner"**) committed to contribute up to $2,250.0 million and $750.0 million, of capital, respectively, to the Emerald JV.

As of March 31, 2026, the Company and the Emerald JV Partner had contributed (net of returns of capital), $1,836.0 million and $612.0 million, respectively. As of March 31, 2026, the Company and the Emerald JV Partner had $414.0 million and $138.0 million, respectively, of capital remained uncalled.

The Company and the Emerald JV Partner own 75% and 25%, respectively, of the equity ownership interests of the Emerald JV. The Company and the Emerald JV Partner, through their joint control of the Emerald JV's general partner, have equal control of the Emerald JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The Company does not consolidate the Emerald JV.

The following table is a summary of Emerald JV's portfolio as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  Total investments, at fair value | $7072749 | $6496980 |
|  Total senior secured debt investments, at fair value | $5966663 | $6471011 |
|  Number of portfolio companies | 351 | 361 |
|  Weighted average yield on performing debt and income producing investments, at amortized cost <sup>(1)(2)</sup> | 7.9% | 8.2% |
|  Weighted average yield on performing debt and income producing investments, at fair value <sup>(1)(2)</sup> | 8.2% | 8.4% |
|  Percentage of performing debt investments bearing a floating rate <sup>(3)</sup> | 99.9% | 99.9% |
|  Percentage of assets on non-accrual, at amortized cost <sup>(4)</sup> | 4.8% | 0.7% |
|  Percentage of assets on non-accrual, at fair value <sup>(4)</sup> | 2.8% | 0.6% |

---

(1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less
the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or amortized cost, as applicable) included in such securities. Actual yields earned over the
life of each investment could differ materially from the yields presented above.

(2) As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized
cost was 6.3% and 8.0%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 6.7% and 8.3%, respectively.

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(3) As a percentage of total fair value of performing debt investments. As of March 31, 2026 and
December 31, 2025, performing debt investments bearing a floating rate represented 81.4% and 98.9%, respectively, of total investment at fair value.

(4) As a percentage of total amortized cost or fair value of investments of Emerald JV.

***BCRED Verdelite JV LP***

BCRED Verdelite JV LP (**"Verdelite JV"**), a Delaware limited partnership, was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the **"Verdelite JV Partner"**), commenced operations on October 21, 2022 and operates under a limited partnership agreement. The Verdelite JV's principal purpose is to make investments, primarily in broadly syndicated loans.

As of March 31, 2026, the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. As of March 31, 2026, the Company had contributed (net of returns of capital) $117.7 million and the Verdelite JV Partner had contributed (net of returns of capital) $16.8 million and $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner.

The Company and the Verdelite JV Partner own 87.5% and 12.5%, respectively, of the equity ownership interests of the Verdelite JV. The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV's general partner, have equal control of the Verdelite JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The Company does not consolidate the Verdelite JV.

The following table is a summary of Verdelite JV's portfolio as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  Total investments, at fair value | $613258 | $714200 |
|  Total senior secured debt investments, at fair value | $613258 | $714200 |
|  Number of portfolio companies | 286 | 281 |
|  Weighted average yield on performing debt and income producing investments, at amortized cost <sup>(1)(2)</sup> | 6.7% | 6.8% |
|  Weighted average yield on performing debt and income producing investments, at fair value <sup>(1)(2)</sup> | 6.9% | 6.9% |
|  Percentage of performing debt investments bearing a floating rate <sup>(3)</sup> | 100.0% | 100.0% |
|  Percentage of assets on non-accrual, at amortized cost <sup>(4)</sup> | 1.5% | —% |
|  Percentage of assets on non-accrual, at fair value <sup>(4)</sup> | 0.8% | —% |

---

(1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less
the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by

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(b) total debt investments (at fair value or amortized cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2) As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized
cost was 6.6% and 6.8%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 6.8% and 6.9%, respectively.

(3) As a percentage of total fair value of performing debt investments. As of March 31, 2026 and
December 31, 2025, performing debt investments bearing a floating rate represented 99.2% and 100.0%, respectively, of total investment at fair value.

(4) As a percentage of total amortized cost or fair value of investments of Verdelite JV.

For additional information on the Emerald JV and Verdelite JV, including a listing of portfolio investments for each, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures*."

**Results of Operations** 

The following table represents the operating results (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Total investment income | $1892102 | $1841434 |
|  Total expenses before tax expense | 865301 | 799689 |
|  **Net investment income before tax expense** | 1026801 | 1041745 |
|  Excise and other tax expense | 11 | 7783 |
|  **Net investment income after tax expense** | 1026790 | 1033962 |
|  Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit | (1038302) | (207434) |
|  Net realized gain (loss), net of tax expense | (38389) | (67219) |
|  **Net increase (decrease) in net assets resulting from operations** | $(49901) | $759309 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

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***Investment Income***

Investment income was as follows (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Interest income | $1678664 | $1654035 |
|  Payment-in-kind interest income | 113260 | 97901 |
|  Dividend income | 73824 | 82009 |
|  Non-cash dividend income | 18520 |  |
|  Other income | 7834 | 7489 |
|  **Total investment income** | $1892102 | $1841434 |

---

Total investment income increased to $1.9 billion for the three months ended March 31, 2026, an increase of $50.7 million or 3% compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by a lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 18% to $81,956.8 million for the three months ended March 31, 2026 compared to $69,459.2 million for the three months ended March 31, 2025.

Additionally, for the three months ended March 31, 2026, we recorded $17.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $45.8 million for the same period in the prior year, primarily as a result of decreased prepayments.

For the three months ended March 31, 2026 and 2025, PIK interest and non-cash dividend income represented 7.0% and 5.3% of total investment income, respectively, and represented 12.8% and 9.5% of net investment income, respectively. We expect that PIK interest and non-cash dividend income will vary based on the elections of certain borrowers.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

Elevated interest rates continued to favorably impact our investment income for the three months ended March 31, 2026. Despite gradual decreases in interest rates during 2025, inflation has remained above the U.S. Federal Reserve's target level, and interest rates remain elevated. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers' and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

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***Expenses***

Expenses were as follows (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Interest expense | $511768 | $479635 |
|  Management fees | 152013 | 129106 |
|  Income based incentive fees | 151179 | 151776 |
|  Capital gains based incentive fees |  |  |
|  Distribution and shareholder servicing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S | 31093 | 28088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 370 | 385 |
|  Professional fees | 3706 | 1270 |
|  Board of Trustees' fees | 239 | 242 |
|  Administrative service expenses | 4145 | 2241 |
|  Other general and administrative expenses | 9788 | 5823 |
|  Amortization of continuous offering costs | 1000 | 1123 |
|  **Total expenses before tax expense** | 865301 | 799689 |
|  **Net investment income before tax expense** | 1026801 | 1041745 |
|  Excise and other tax expense | 11 | 7783 |
|  **Net investment income after tax expense** | $1026790 | $1033962 |

---

*Interest Expense* 

Total interest expense increased to $511.8 million for the three months ended March 31, 2026, an increase of $32.1 million or 7% compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year.

The average principal of debt outstanding increased to $36,088.3 million for the three months ended March 31, 2026 from $30,920.0 million for the same period in the prior year. Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 5.52% for the three months ended March 31, 2026 from 6.10% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 5.67% for the three months ended March 31, 2026 from 6.20% for the same period in the prior year.

*Management Fees* 

Management fees increased to $152.0 million for the three months ended March 31, 2026, an increase of $22.9 million or 18% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $48,586.5 million for the three months ended March 31, 2026 compared to $41,427.9 million for the same period in the prior year.

*Income Based Incentive Fees* 

Income based incentive fees decreased to $151.2 million for the three months ended March 31, 2026, a decrease of $0.6 million or 0.4% compared to the same period in the prior year, primarily due to a decrease in

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pre-incentive fee net investment income. Pre-incentive fee net investment income decreased to $1,209.4 million for the three months ended March 31, 2026 from $1,214.2 million for the same period in the prior year.

*Capital Gains Based Incentive Fees* 

We accrued no capital gains based incentive fees for the three months ended March 31, 2026 and 2025.

The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

*Other Expenses* 

Total other expenses increased to $50.3 million for the three months ended March 31, 2026, an increase of $11.2 million or 29% compared to the same period in the prior year. Total other expenses for the three months ended March 31, 2026 primarily consist of $31.5 million of shareholder servicing and/or distribution fees paid with respect to Class S and Class D investors, $9.8 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $4.1 million of administrative service expenses, and $3.7 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company). The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S shares and other general and administrative expenses.

*Income Taxes, Including Excise Taxes* 

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, we accrued $0.0 million and $7.8 million, respectively, of U.S. federal excise tax.

BCRED Investments LLC (**"BCRED Investments"**), a wholly-owned and consolidated subsidiary that was formed in 2021, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BCRED Investments is subject to certain U.S. federal, state and local taxes. For the three months ended March 31, 2026 and 2025, BCRED Investments recorded an income tax provision of $0.9 million and $1.3 million, respectively.

As of March 31, 2026 and 2025, BCRED Investments recorded a deferred tax liability of $13.4 million and $10.3 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

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For the three months ended March 31, 2026, BCRED Investments recorded a current tax expense of $0.0 million. For the three months ended March 31, 2025, BCRED Investments recorded a current tax expense of $1.2 million, which is related to realized gains associated with the sale of an investment in a partnership interest and is included in Current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

***Net Unrealized Gain (Loss)***

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Net change in unrealized gain (loss) on investments | $(1076445) | $(192229) |
|  Net change in unrealized gain (loss) on derivative instruments | 44772 | (12789) |
|  Net change in unrealized gain (loss) on foreign currency and other transactions | (5695) | (1082) |
|  Income tax (provision) benefit | (934) | (1334) |
|  **Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit** | $(1038302) | $(207434) |

---

For the three months ended March 31, 2026, the net change in unrealized losses, net of income tax provision was $1,038.3 million, as compared to $207.4 million for the same period in the prior year. The increase in losses was primarily driven by net unrealized losses on investments of $1,076.4 million, which were mainly attributable to declines in the fair value of certain investments. The fair value of debt investments as a percentage of principal decreased by 0.8% for the three months ended March 31, 2026 driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

In addition, we recorded net unrealized losses of $5.7 million on foreign currency transactions, primarily attributable to fluctuations in the EUR and GBP exchange rates vs. USD.

Partially offsetting these losses for the three months ended March 31, 2026 were net unrealized gains of $44.8 million on derivative instruments, primarily resulting from fluctuations in the GBP, CAD and EUR exchange rates vs. USD.

***Net Realized Gain (Loss)***

The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Net realized gain (loss) on investments | $(34907) | $(59178) |
|  Net realized gain (loss) on derivative instruments | 19604 | (19413) |
|  Net realized gain (loss) on foreign currency and other transactions | (22695) | 12615 |
|  Net realized gain (loss) on extinguishment of debt | (391) |  |
|  Current tax expense on realized gains |  | (1243) |
|  **Net realized gain (loss), net of tax expense** | $(38389) | $(67219) |

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For the three months ended March 31, 2026, the net realized losses, net of tax expense, was $38.4 million, as compared to $67.2 million for the same period in the prior year. The increase was primarily driven by net realized losses on investments of $34.9 million, which were mainly attributable to full or partial sales of investments, partially offset by gains on the sales of equity investments.

In addition, we recognized net losses of $22.7 million on foreign currency and other transactions, primarily due to fluctuations in the EUR and GBP exchange rates vs. USD.

Partially offsetting these losses were net realized gains of $19.6 million on derivative instruments, resulting from the settlement of foreign currency derivative transactions, primarily USD vs. EUR forwards.

**Financial Condition, Liquidity and Capital Resources** 

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to the holders of our Common Shares.

As of March 31, 2026 and December 31, 2025, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances, short term borrowings related to repurchase obligations and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than USD. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of $35.3 billion and $35.1 billion of debt outstanding and our asset coverage ratio was 227.5% and 235.7%, respectively.

Cash and cash equivalents (excluding restricted cash) of $2.0 billion as of March 31, 2026, taken together with our $13.6 billion of unused capacity under our credit facilities (subject to borrowing base availability, $13.5 billion is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2026, we had a significant amount of unfunded commitments, which we plan to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $4,030.7 million of Level 1 and Level 2 investments as of March 31, 2026.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2026, we had $2.8 billion in cash and cash equivalents (including restricted cash). For the three months ended March 31, 2026, cash provided by operating activities was $1.6 billion, primarily due to

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proceeds from sales of investments and principal repayments of $5.0 billion and the adjustment for net unrealized depreciation of investments to net assets resulting from operations of $1.1 billion, partially offset by purchases of investments of $4.3 billion. Cash used in financing activities was $1.2 billion during the period, primarily as a result of share repurchases, net of early repurchase deduction paid, of $2.1 billion, and dividends paid in cash of $0.6 billion, partially offset by proceeds from the issuance of our Common Shares of $1.3 billion and net borrowing of $0.3 billion.

***Equity***

The following table presents transactions in the Common Shares (dollars in thousands except share amounts):

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| | | |
|:---|:---|:---|
|  | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** |
|  | **Shares** | **Amount** |
|  **CLASS I** |  |  |
|  Subscriptions | 41791858 | $1031927 |
|  Share transfers between classes | 4554111 | 111799 |
|  Distributions reinvested | 14679523 | 361385 |
|  Share repurchases | (94188973) | (2278408) |
|  Early repurchase deduction |  | 805 |
|  **Net increase (decrease)** | (33163481) | (772492) |
|  **CLASS S** |  |  |
|  Subscriptions | 11740119 | 289132 |
|  Share transfers between classes | (4428139) | (108669) |
|  Distributions reinvested | 6908513 | 170055 |
|  Share repurchases | (37218261) | (900316) |
|  Early repurchase deduction |  | 351 |
|  **Net increase (decrease)** | (22997768) | (549447) |
|  **CLASS D** |  |  |
|  Subscriptions | 194526 | 4803 |
|  Share transfers between classes | (125972) | (3130) |
|  Distributions reinvested | 72615 | 1788 |
|  Share repurchases | (2242978) | (54257) |
|  Early repurchase deduction |  | 14 |
|  **Net increase (decrease)** | (2101809) | (50782) |
|  **Total net increase (decrease)** | (58263058) | $(1372721) |

---

***Distributions and Distribution Reinvestment Plan***

The following tables summarize our distributions declared and payable for the three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
| <br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2026 | January 31, 2026 | February 26, 2026 | $0.2000 | $267765 |
|  February 19, 2026 | February 28, 2026 | March 26, 2026 | 0.2000 | 271817 |
|  March 19, 2026 | March 31, 2026 | April 28, 2026 | 0.2000 | 274504 |
|  |  |  | $0.6000 | $814086 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** |
| <br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2026 | January 31, 2026 | February 26, 2026 | $0.1824 | $107734 |
|  February 19, 2026 | February 28, 2026 | March 26, 2026 | 0.1825 | 108650 |
|  March 19, 2026 | March 31, 2026 | April 28, 2026 | 0.1827 | 109426 |
|  |  |  | $0.5476 | $325810 |
|  |  |  | **Class D** | **Class D** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution<br>Per Share** | **Distribution<br>Amount** |
|  January 22, 2026 | January 31, 2026 | February 26, 2026 | $0.1948 | $4701 |
|  February 19, 2026 | February 28, 2026 | March 26, 2026 | 0.1949 | 4709 |
|  March 19, 2026 | March 31, 2026 | April 28, 2026 | 0.1949 | 4722 |
|  |  |  | $0.5846 | $14132 |

---

With respect to distributions, we have adopted an "opt out" distribution reinvestment plan (the "**DRIP**") for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not "opted out" of the DRIP will have their dividends or distributions automatically reinvested in additional Common Shares rather than receiving cash distributions. Shareholders who receive distributions in the form of Common Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and DRIP, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets*."

*Share Repurchase Program* 

We have implemented a share repurchase program under which, at the discretion of our Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All Common Shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, it is expected to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an **"Early Repurchase Deduction"**). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of

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repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; or due to trade or operational error. In addition, the Company's Common Shares are sold to certain investment vehicles (including feeder vehicles, registered investment companies or other investment funds), discretionary model portfolios and other similar arrangements. The Company, in its discretion, may waive Early Repurchase Deduction for such investment vehicles, discretionary model portfolios and other similar arrangements in appropriate circumstances, including, but not limited to, for administrative, operational, rebalancing, regulatory or other purposes. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

For additional information on our share repurchase program, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets*."

***Borrowings***

As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of $35.3 billion and $35.1 billion, respectively, of debt outstanding.

For additional information on our debt obligations see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 7. Borrowings.*"

***Interest Rate Swaps***

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments*" and "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements— Note 6. Derivatives*" for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

**Off-Balance Sheet Arrangements** 

***Portfolio Company Commitments***

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $10.8 billion and $13.4 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle's allocation may change prior to the date of funding. In this regard, as of March 31, 2026 and December 31, 2025, we estimate that $1,451.9 million and $1,271.1 million, respectively, of investments and backstop arrangements were committed but not yet funded.

***Other Commitments and Contingencies***

As of March 31, 2026 and December 31, 2025, $461.0 million and $497.3 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

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From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2026, management is not aware of any material pending legal proceedings.

**Related-Party Transactions** 

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sub-Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Intermediary Manager Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Expense Support and Conditional Reimbursement Agreement.

In addition to the aforementioned agreements, we, Blackstone, our Advisers and certain of their affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers, Blackstone or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions, as well as regulatory requirements and other pertinent factors.

The Company has investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. From time to time, the Company may purchase investments from or sell investments to Emerald JV and Verdelite JV. For the three months ended March 31, 2026, the Company sold an investment to the Emerald JV with a par value of $1.1 billion, for a total cash purchase price based on then-current fair value (at the time of purchase) of $1.1 billion. The Company recognized $0.2 million of net realized gains as a result of sales of investments to the Emerald JV and are included in net realized gain (loss) on investments in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2026, the Company did not purchase investments from or sell investments to Verdelite JV.

See "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions*" and "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures.*"

**Recent Developments** 

*Macroeconomic Environment* 

The three months ended March 31, 2026 were characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, and ongoing political and regulatory uncertainty, as well as geopolitical instability stemming from the conflicts in Ukraine and Iran and escalating conflicts in other parts of the Middle East.

The U.S. economy had demonstrated overall resilience despite geopolitical uncertainty and concerns regarding artificial intelligence disruption in certain sectors. Nevertheless, inflation has remained above the U.S. Federal Reserve's target level and interest rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not

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expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

Further contributing to economic uncertainty, the current U.S. presidential administration has taken substantial actions with respect to international trade policy, including seeking to renegotiate certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. In February 2026, the U.S. Supreme Court ruled that many of the tariffs recently imposed by the U.S. government exceeded its authority, thereby invalidating many, but not all, of such tariffs. Subsequent to the U.S. Supreme Court's ruling, the U.S. presidential administration raised potential alternative means through which the administration could impose tariffs. Such uncertainty and/or tariffs or counter-measures could further increase costs, decrease margins, reduce the competitiveness of products and services offered by our portfolio companies and adversely affect the revenues and profitability of our portfolio companies whose businesses rely on imported goods. Meanwhile, substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and adversely affect the Company, its portfolio companies or their respective financial performance.

**Critical Accounting Estimates** 

The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 13, 2026, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk.** 

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to valuation risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of March 31, 2026, 99.7% of our performing debt investments based on fair value in our portfolio were at floating rates. Based on our Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering interest rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest<br>Income** | **Interest<br>Expense** | **Net<br>Income <sup>(1)</sup>** |
|  Up 300 basis points | $2309462 | $(947521) | $1361941 |
|  Up 200 basis points | 1539471 | (631680) | 907791 |
|  Up 100 basis points | 769481 | (315840) | 453641 |
|  Down 100 basis points | (769216) | 315840 | (453376) |
|  Down 200 basis points | (1534148) | 631680 | (902468) |
|  Down 300 basis points | (2204826) | 947521 | (1257305) |

---

(1) Excludes the impact of incentive fees. See *"Item 1. Financial Statements —Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions"* for further information.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

**Item 4. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Evaluation of Disclosure Controls and Procedures***

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the

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Company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer.

Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that the design and operation of our disclosure controls and procedures are (a) effective at the reasonable assurance level to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II—OTHER INFORMATION** 

**Item 1. Legal Proceedings.** 

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors.** 

There have been no material changes to the risk factors discussed in Part I, Item 1A. *"Risk Factors"* in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.** 

Refer to our Current Reports on Form 8-K filed with SEC on January 23, 2026, February 20, 2026 and March 20, 2026 for information about unregistered sales of our equity securities during the quarter.

For the three months ended March 31, 2026, approximately 133,689,552 Common Shares were repurchased for a total value of $3,232.8 million (net of Early Repurchase Deduction).

The following table sets forth information regarding repurchases of Common Shares pursuant to the Company's share repurchase program for the three months ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commencement Date** | **Repurchase<br>deadline request** | **Total<br>Number of<br>Shares<br>Repurchased<br>(all classes)** | **Percentage of<br>Outstanding<br>Shares<br>Repurchased <sup>(1)</sup>** | **Price Paid<br>Per Share** | **Repurchase<br>Pricing Date** | **Amount<br>Repurchased<br>(all classes) <sup>(2)</sup>** | **Maximum<br>number of<br>shares that<br>may yet be<br>purchased<br>under the<br>repurchase<br>program <sup>(3)</sup>** |
|  February 2, 2026 | March 2, 2026 | 133689552 | 7.0% | $24.19 | March 31, 2026 | $3232786 |  |

---

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction

(3) All repurchase requests were satisfied in full.

For additional information on our share repurchases, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets*."

**Item 3. Defaults Upon Senior Securities.** 

None.

**Item 4. Mine Safety Disclosures.** 

Not applicable.

**Item 5. Other Information.** 

None.

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##### [**Table of Contents**](#toc)
**Item 6. Exhibits.** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibits** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Fifth Amended and Restated Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on February 23, 2024).](http://www.sec.gov/Archives/edgar/data/1803498/000119312524043597/d780966dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed on February 23, 2024).](http://www.sec.gov/Archives/edgar/data/1803498/000119312524043597/d780966dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Twentieth Supplemental Indenture, dated as of January 12, 2026, relating to the 5.350% Notes due 2031, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed on January 12, 2026).](http://www.sec.gov/Archives/edgar/data/1803498/000121390026003393/ea027247001ex4-2_blackstone.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [Twenty-First Supplemental Indenture, dated as of April 27, 2026, relating to the 5.950% Notes due 2031, by and between the Fund and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed on April 27, 2026).](http://www.sec.gov/Archives/edgar/data/1803498/000119312526182132/d151396dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [Form of 5.350% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K, filed on January 12, 2026).](http://www.sec.gov/Archives/edgar/data/1803498/000121390026003393/ea027247001ex4-2_blackstone.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | [Form of 5.950% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K, filed on April 27, 2026).](http://www.sec.gov/Archives/edgar/data/1803498/000119312526182132/d151396dex42.htm) |
| 10.1 | [First Supplement to Master Note Purchase Agreement, dated January 8, 2026, by and among the Company and the Purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on January 8, 2026).](http://www.sec.gov/Archives/edgar/data/1803498/000121390026002556/ea027222001_ex10-1.htm) |
| 31.1 | Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\* |
| 31.2 | Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\* |
| 31.3 | Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\* |
| 32.1 | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith) |
| 32.2 | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith) |
| 32.3 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith) |
| 101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibits** |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | **Blackstone Private Credit Fund** |
| Date: | May 14, 2026 | /s/ Brad Marshall |
|  |  | Brad Marshall |
|  |  | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | May 14, 2026 | /s/ Jonathan Bock |
|  |  | Jonathan Bock |
|  |  | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | May 14, 2026 | /s/ Teddy Desloge |
|  |  | Teddy Desloge |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---