# EDGAR Filing Document

**Accession Number:** 0001902649
**File Stem:** 0001193125-26-085372
**Filing Date:** 2026-3
**Character Count:** 1005739
**Document Hash:** 0d367e764a7bc849e435153e2f14409e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-085372.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001193125-26-085372

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 91

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Private Credit Fund
- **CENTRAL INDEX KEY:** 0001902649

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

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01485
- **FILM NUMBER:** 26707583

**BUSINESS ADDRESS:**
- **STREET 1:** 50 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** (212) 813-5800

**MAIL ADDRESS:**
- **STREET 1:** 50 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-K

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

**For the Year Ended** **December 31,** 2025

☐ **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Commission File Number:** 814-01485

BLACKROCK PRIVATE CREDIT FUND

(Exact Name of Registrant as Specified in Charter)

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

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**(**212**)** 810-5300

(Registrant's telephone number, including area code)

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

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| | | |
|:---|:---|:---|
| **None** | **Not applicable** | **Not applicable** |
| (Title of each class) | (Trading Symbol(s)) | (Name of each exchange where registered) |

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

Class S Shares, par value $0.001 per share

Class D Shares, par value $0.001 per share

Institutional Class Shares, par value $0.001 per share

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No☒

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

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

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

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

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

Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

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

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The number of shares of Registrant's common shares of beneficial interest, par value $0.001 per share ("Common Shares"), outstanding as of February 27, 2026 was 63,477,885, 4,937,844 and 95,624 of Institutional Class, Class S and Class D Common Shares, respectively.

Documents Incorporated by Reference: Portions of the Registrant's Proxy Statement relating to the Registrant's 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Report.

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**BLACKROCK PRIVATE CREDIT FUND**

**FORM 10-K**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** | **PART I** | **PART I** |
| Item 1. | [<u>Business</u>](#item1_business) | 5 |
| Item 1A. | [<u>Risk Factors</u>](#item1a_riskfactors) | 39 |
| Item 1B. | [<u>Unresolved Staff Comments</u>](#item1b_unresolvedstaffcomments) | 80 |
| Item 1C. | [<u>Cybe</u><u>rsecurity</u>](#item_1c_cybersecurity) | 80 |
| Item 2. | [<u>Properties</u>](#item2_properties) | 82 |
| Item 3. | [<u>Legal Proceedings</u>](#item3_legalproceedings) | 82 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item4_minesafetydisclosures) | 82 |
| **PART II** | **PART II** | **PART II** |
| Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item5_market) | 83 |
| Item 6. | [<u>Reserved</u>](#item6_reserved) | 91 |
| Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item7_management) | 92 |
| Item 7A. | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item7a_quant) | 109 |
| Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item8_fs) | 110 |
| Item 9. | [<u>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</u>](#item9_changes) | 180 |
| Item 9A. | [<u>Controls and Procedures</u>](#item9a_controls) | 180 |
| Item 9B. | [<u>Other Information</u>](#item9b_otherinformation) | 180 |
| Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item9c_disclosure) | 180 |
| **PART III** | **PART III** | **PART III** |
| Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item10_directors) | 181 |
| Item 11. | [<u>Executive Compensation</u>](#item11_executivecompensation) | 181 |
| Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item12_security) | 181 |
| Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item13_relationships) | 181 |
| Item 14. | [<u>Principal Accountant Fees and Services</u>](#item14_principalaccountant) | 181 |
| **PART IV** | **PART IV** | **PART IV** |
| Item 15. | [<u>Exhibits and Finan</u><u>cial Statement Schedules</u>](#item15_exhibits) | 182 |
|  | [<u>Signatures</u>](#signatures) | 186 |

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**Part I**

*In this annual report in Form 10-K, except as otherwise indicated, the terms:*

*"Fund," "we," "us" and "our" refer to BlackRock Private Credit Fund., a Delaware statutory trust;*

*The "Investment Adviser" refers to BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and the investment manager;*

*The "Sub-Adviser" refers to BlackRock Advisors, LLC, a Delaware limited liability company and the sub-adviser (and, together with the Investment Adviser, the "Advisers")* 

*"Administrator" refers to BlackRock Financial Management, Inc, a Delaware corporation, an affiliate of the Investment Adviser and administrator of the Fund.*

**Summary of Risk Factors**

*The risk factors described below are a summary of the principal risk factors associated with an investment in us. These are not the only risks we face. You should carefully consider these risk factors, together with the risk factors set forth in Item 1A of this Annual Report on Form 10-K and the other reports and documents filed by us with the Securities and Exchange Commission ("SEC").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have limited prior operating history and there is no assurance that we will achieve our investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the value of our investments, which could adversely affect the determination of our net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may form one or more CLOs, which may subject us to certain structured financing risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Debt obligations are subject to credit and interest rate risks which may adversely affect the performance of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impact our business, financial condition and earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Economic recessions or downturns could impact our portfolio companies and harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are exposed to heightened credit and liquidity risks in the current environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The lack of liquidity in certain of our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As required by the Investment Company Act of 1940 (the "1940 Act") , a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are not managed by BlackRock, but rather by one of its subsidiaries and may not replicate the success of that entity or BlackRock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in interest rates and currency exchange rates may affect our cost of capital and net investment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may invest in credit derivatives that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Posting collateral exposes us to additional risks of our counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We generally will not control our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inaccurate projections could adversely affect the performance of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our failure to make follow-in investments in our portfolio companies could impair the value of our portfolio.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•General economic conditions could adversely affect the performance of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are dependent on information systems and systems failure could significantly disrupt our business, which may, in turn, negatively affect our ability to pay dividends.

**Risks Related to the Fund's Regulation and Operation as a Business Development Company ("BDC")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to enter into transactions with our affiliates is restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Advisers and their affiliates and employees may have certain conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Although we have adopted a share repurchase program, we have discretion to not repurchase your shares, to suspend the program, and to cease repurchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may have difficulty sourcing investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholders may experience dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The net asset value of our common shares may fluctuate significantly.

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**Item 1. Business**

**BlackRock Private Credit Fund**

BlackRock Private Credit Fund ("BDEBT" or the "Fund") is a Delaware statutory trust formed on December 23, 2021. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the 1940 Act. The Fund is externally managed by BlackRock Capital Investment Advisors, LLC (the "Investment Adviser"). BlackRock Advisors, LLC (the "Sub-Adviser" and, together with the Investment Adviser, the "Advisers") serves as the Fund's sub-adviser. The Advisers are subsidiaries of BlackRock, Inc. (together with its subsidiaries, including but not limited to the Advisers, "BlackRock"). BlackRock Financial Management, Inc. serves as the administrator of the Fund (the "Administrator"), and is affiliated with the Advisers.

The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

The Fund's investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. The Fund intends to meet its investment strategy by focusing primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies, although, the Fund may make investments in portfolio companies that are domiciled outside of the United States, including emerging markets. The Fund will invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. BDEBT defines "middle market companies" to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or "EBITDA", between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment. We generally target the core segment of the middle market, which is defined as companies with EBITDA of between $25 million and $75 million, though we may invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets.

The Fund commenced operations on March 18, 2022.

On July 1, 2025, BlackRock, Inc. completed its previously announced acquisition of 100% of the business and assets of HPS Investment Partners ("HPS"), a leading global credit investment manager (the "BlackRock/HPS Transaction"). In connection with the BlackRock/HPS Transaction, certain senior personnel of HPS joined the Advisor's investment committee for the Company's portfolio as voting members.

**Investment Strategy**

The Investment Adviser has a deep and experienced investment team, organized across 19 industry-focused verticals, that is among the most tenured in the direct lending market, having invested in the strategy across multiple market cycles for more than 20 years. This depth of experience enables the team to not only identify unique and less competitive investments, but also to structure customized downside protection and better target outsized risk-adjusted returns.

The Fund expects to benefit from BlackRock's broad and established sourcing network to seek attractive investment opportunities across all market environments. BlackRock is one of the largest corporate lenders in the world and a long-tenured participant in the private debt markets. As such, it has diversified sourcing channels and maintains an active dialogue with industry and sector contacts, banks, brokers, sponsors, secondary desks, client relationships, other credit-focused investment managers and its well-established network of industry experts and executive-level operating professionals – all of which help to produce attractive deal flow.

The Investment Adviser believes its deep industry and credit experience distinguishes its reputation, allowing BlackRock to uncover opportunities that less-experienced managers are either not qualified to analyze, or are under-resourced to properly evaluate. BlackRock will continue its longstanding practice of seeking to alter the risk/reward balance in favor of its clients by using a hands-on approach to seek to create superior risk-adjusted returns while protecting value in challenging situations when required.

The Fund expects to benefit from BlackRock's successful strategy of investing in privately-originated, performing senior secured debt primarily in North America-based companies. The Fund expects to hold positions in first lien, second lien and unitranche debt, with a preference for floating-rate debt, which the Investment Adviser believes provides flexibility to adapt to changing market conditions.

Our investment strategy focuses primarily on originating and making loans to U.S. middle market companies. We define "middle market companies" to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or "EBITDA", between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment. We generally target the core segment of the middle market, which is defined as companies with EBITDA of between $25 million and $75 million, though we may invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets. While we focus our investments in U.S. companies, we may make investments in portfolio companies that are domiciled outside of the United States, subject to regulatory limitations and other investment restrictions discussed in this Registration Statement. We

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will invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. The Investment Adviser will generally target for the Fund what it views as healthy businesses that are seeking capital for various objectives, including but not limited to, growth, acquisitions, refinancings/recapitalizations, expansion stage venture lending and LBO activity. BlackRock actively seeks to uncover what it believes are overlooked, asset-rich opportunities with a degree of complexity "outside-of the-box" for traditional senior debt providers.

Consistent with our goal of capital preservation, we generally intend to invest in companies with loan-to-value ratios of 50% or lower. Our target credit investments will typically have maturities between three and ten years. We expect that investments typically will have position sizes that range between 1% and 3% of our portfolio, although investment sizes will vary with the size of our capital base. To a lesser extent, we may make investments in syndicated loan opportunities for cash management purposes, which includes but is not limited to maintaining liquidity for more liquid investments to manage our share repurchase program.

Most of our investments are in private U.S. companies, but (subject to compliance with BDCs' requirement to invest at least 70% of its assets in private U.S. 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. 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 BlackRock funds. From time to time, we may co-invest with other BlackRock funds. See "Item 1. Business—Regulation—Exemptive Order."

The Fund will pursue primary loan originations as its core strategy with capacity for secondary market accumulations when appropriate. A long-established history of investing in both of these segments affords BlackRock the flexibility to pursue what it views as superior risk-adjusted returns in a variety of market conditions.

The Fund expects that a significant portion of the debt investments in the Fund's portfolio will bear interest based on floating rates, such as the Federal Funds Rate, SOFR, the Prime Rate, or EURIBOR.

To seek to enhance our returns, we employ and intend to continue to employ leverage as market conditions permit and at the discretion of the Investment Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act; which currently allows us to borrow up to a 2:1 debt to equity ratio. We use and intend to continue to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund. See "Item 1A. Risk Factors—When we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses."

We expect to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

**The Investment Adviser, the Sub-Adviser and the Administrator**

The Fund's investment activities are managed by BlackRock Capital Investment Advisors, LLC, an investment adviser registered with the SEC under the Advisers Act. Our Investment Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.

BlackRock Advisors, LLC, an investment adviser registered with the SEC under the Advisers Act, serves as our sub-adviser. The Sub-Adviser performs certain of the day-to-day investment management of the Fund. The Sub-Adviser is primarily responsible for the Fund's liquid investments, including liquid investments held during the period of time that the Fund is investing the proceeds of this offering in accordance with its investment strategy.

BlackRock Financial Management, Inc, as our Administrator, provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of our Board of Trustees, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

The Investment Adviser and Sub-Adviser are affiliates of BlackRock. As such, our Adviser and Sub-Adviser have access to the broader resources of BlackRock, subject to BlackRock's policies and procedures regarding the management of conflicts of interest.

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**Attractive Opportunities in Senior Secured Loans**

BlackRock believes that an attractive investment environment exists for middle market and privately-originated illiquid loans using the investment strategy and approach that BlackRock has successfully employed for over 20 years. Over that time, due to fundamental changes in the U.S. banking system and corporate debt market, lending to middle market companies in the U.S. has radically transformed.

Since BlackRock's first direct lending investment was made in June 2000, the role of banks in middle-market lending has materially reduced. In order to comply with regulations, such as Basel III, the Dodd-Frank Act and certain provisions therein known as the "Volcker Rule," banks have reduced their balance sheets to de-risk their business activities. Banks simply cannot lend on the scale they once did to absorb the supply of middle market loans because it has become economically challenging for banks to hold middle market loans. BlackRock recognizes that stricter regulations and enforcement of leveraged lending guidelines has further reduced bank lending activities in the middle market versus earlier periods, and in particular, the period prior to the global financial crisis.

Simultaneously, middle market financing needs are high. BlackRock believes that institutional private capital will be needed to address a large volume of financing requirements over the next several years driven by refinancing needs as well as deployment of private equity cash reserves (often referred to as "dry powder").

BlackRock believes that the growth of small-to-medium sized businesses will be key to growth for all developed economies, and in particular, the United States. Middle market companies represent approximately one-third of U.S. private sector GDP and employ nearly 48 million people, providing approximately one-third of all U.S. jobs, according to the National Center for the Middle Market. BlackRock anticipates that direct lending providers to the middle market will enable these businesses to access capital that is increasingly difficult for them to obtain from traditional bank sources yet is important for continued economic growth. In particular, BlackRock believes the direct lending strategy has developed into a core asset class that serves the needs of this segment of the U.S. economy. BlackRock has established itself as a leader in this segment over almost two decades with a reputation for reliability and creativity in structuring financing solutions.

**Potential Competitive Strengths**

BlackRock believes that the following characteristics distinguish it from other firms and will allow the Fund to maximize the risk/reward ratio of a given investment opportunity.

*Strategy*

BlackRock has successfully applied its direct lending strategy throughout its history to generate attractive investment opportunities in all phases of a market cycle. Since 1999, BlackRock has deployed more than $38.4 billion across more than 704 companies in its direct lending strategy. BlackRock believes that the following elements of its direct lending strategy are designed to enable the Fund to generate above-market yields:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Identifying value where others do not, in complex or overlooked deals through unique, multi-channel sourcing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Large, reputable and deeply experienced team that has the ability to respond to various market conditions quickly and effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Dual direct lending and stressed/distressed (special situations) experience to structure better pricing and downside protection and be prepared for unexpected events.

*Focus on the Middle-Market*

Since BlackRock's first direct lending loan in its first institutional fund was made in 2000, its direct lending strategy has focused primarily on North American middle-market companies with target enterprise values from $100 million to $2.5 billion.

*Direct Lending Investment Network and Superior Deal Sourcing Capability*

BlackRock's primary deal flow is derived from its proprietary network established over a 20+ year history of providing direct lending capital to middle-market U.S. companies and its intensive industry research and relationship-based approach. BlackRock's investment professionals maintain established relationships among industry-focused bankers, restructuring professionals, bankruptcy and other attorneys, senior lenders, liquidators, high yield specialists, research analysts and major accounting firms. BlackRock's long history in direct investing provides what it believes is a broader and deeper network of contacts among fellow corporate board members, former colleagues from a range of high-quality firms, other financial and operating professionals, insurance companies, credit funds, private equity funds, hedge funds and other similar alternative investment funds, which assists in sourcing and negotiating transaction opportunities. Given both its extremely long tenure in the market as well as its position within the world's largest asset manager, BlackRock is often a first call for middle-market direct lending opportunities, and in particular, those that require a level of specialized knowledge or skill to underwrite and execute. BlackRock's Capital Markets team helps to harness the power of the global franchise in an effort to ensure that BlackRock sees the broadest range of deal opportunities across its investment business. Furthermore, BlackRock's relationships with prior portfolio companies help facilitate positive word-of-mouth recommendations to others seeking BlackRock's expertise and capital.

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BlackRock's acquisition of HPS on July 1, 2025 resulted in the formation of the $370 billion Private Financing Solutions (PFS) platform, granting the Company access to even more deal flow. Both BlackRock and HPS have managed private credit strategies for approximately two decades, each with differentiated origination platforms spanning both sponsor and non-sponsor channels. The Company now benefits from the full scale, sourcing network, and underwriting expertise of the combined PFS platform, while maintaining its dedicated investment team and strategy-specific governance.

*Access to Operating Talent*

The Investment Adviser augments its aforementioned in-house talent with multi-year relationships with former senior executives with strong records of success in major companies across industries in which BlackRock invests. These executive relationships may be used for assistance with due diligence, board seats, sourcing, and in some cases, to fill certain portfolio company operating roles.

*Integrity*

BlackRock conducts business with the highest standards for integrity. Those standards are apparent in its transparency and openness with its clients, its conservative accounting and management principles, and its relationships with counterparties, rival and allied creditors, portfolio company management teams and external advisors. BlackRock recognizes the value its business integrity provides in attracting clients, employees and operating talent, sourcing and evaluating transactions, and in reorganization negotiations.

*A Leader in Alternative Credit Investing*

For 35+ years, including through legacy entities, BlackRock has been creating and managing alternatives portfolios. BlackRock has continually grown investment capabilities in response to, and in anticipation of, client needs. This strategic commitment is reflected in the considerable human and technological resources it has developed in order to ensure the long-term success of its alternatives platform. BlackRock has also hired respected industry professionals to complement its homegrown talent. Today, BlackRock has over 840+ professionals dedicated solely to alternatives across 25+ global investment centers. BlackRock's strong governance and scale enable its investment teams to focus solely on investing and benefit from accessing more deals, research, and insight than they would as independent businesses. BlackRock's scale helps it deliver sourcing, performance, and solutions that aim to help clients achieve objectives. The Investment Adviser's leadership team comprises senior professionals from BlackRock.

**Investment Process**

BlackRock's investment process is designed for superior execution based upon its strategic advantages: a deep bench of experienced credit professionals across both liquid and illiquid credit strategies, a strong brand name in middle-market direct lending and unique in-house skills in each stage of its investment process.

The investment process is structured around a group of senior industry-focused investment professionals organized into teams that typically follow an investment from origination through realization and supplemented by incremental origination resources designed to make certain the Firm is accessing all key sourcing channels. BlackRock believes that this consistent involvement of industry focused professionals with intimate knowledge of a company and its unique industry dynamics leads to better investment outcomes. The Investment Adviser's investment professionals, particularly at the senior levels, also possess a broad range of transactional experience across both its direct lending and opportunistic credit strategies. The Investment Adviser believes that this multi-strategy experience benefits direct lending in two key areas: (1) it informs its underwriting, and (2) it improves the Investment Adviser's ability to source investment opportunities. The complementary experience in stressed/distressed (special situations) credit informs the Investment Adviser's underwriting for direct lending portfolios, as substantial experience with companies across each industry vertical in challenging circumstances assists the team in better understanding relevant areas of diligence and critical documentation provisions that have been previously stress-tested with other comparable companies in each industry sector.

The ability to provide a capital solution to a wide range of middle market deal sources over more than 20 years and across the industries the Firm follows, both in good times and bad, also makes the BlackRock investment professionals consistently relevant to those deal sources as a valuable capital provider. When industry sectors are performing, BlackRock professionals are providing more direct lending capital, but when an industry experiences a downturn, BlackRock professionals remain relevant as an opportunistic credit capital provider. BlackRock believes that this active participation across its industry teams to all phases of an industry cycle encourages knowledge-sharing, active debate, critical examination of unique opportunities, more robust origination and establishes a deeper set of relationships with key deal sources that need a reliable partner.

BlackRock evaluates investment opportunities by following a rigorous and disciplined investment process that combines the characteristics highlighted below.

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***Deal Sourcing***

BlackRock's deal flow comes from its proprietary network and research, earned over an exceptionally long and successful market tenure. The majority of investments in the Fund are expected to be generated from primary market sources and will also include opportunistic secondary purchases. The Investment Adviser's investment professionals have long-term relationships with a wide range of deal sources including industry-focused bankers, restructuring professionals, bankruptcy attorneys, senior lenders, high yield bond specialists, trading desks (both regional and money center), research analysts, liquidators, accounting firms, fund management teams, board members of former portfolio companies, former colleagues at other high-quality investment firms and other operating professionals to facilitate deal flow. The Investment Adviser also expects to leverage the significant BlackRock organizational resources at its disposal by communicating with members of BlackRock's global credit platform, including investment-grade credit analysts, sub-investment grade credit analysts, real estate (both equity and debt) and private equity teams and with professionals in risk and quantitative analysis. Furthermore, the Investment Adviser is supported by the BlackRock Capital Markets group, a dedicated capital markets team responsible for sourcing private and illiquid investment opportunities across the BlackRock Alternatives platform. The BlackRock Capital Markets group provides global, comprehensive sourcing coverage by geography, asset class and transaction type and further supplements the Investment Adviser's deal sourcing by maintaining close relationships across multiple sourcing channels.

Given both its tenure in the direct lending market as well as its scope as one of the largest investment managers in the world, BlackRock is often the first call for new deal opportunities in its core middle-market segment. In addition, BlackRock has relationships with numerous other credit investors, including insurance companies, credit funds, multi-strategy private equity funds, hedge funds and other comparable alternative funds that invest in assets similar to those targeted by the Fund.

In addition to drawing upon experience from its considerable resources, BlackRock regularly calls on both active and recently retired senior-level executives from relevant industries to assist with due diligence for potential investments. Historically, these relationships with retired senior executives have also been a valuable source of transactions and critical information. BlackRock's relationships with its portfolio companies across the entirety of its credit franchise also facilitate positive word-of-mouth recommendations to other companies seeking BlackRock's expertise and capital. The Firm's relationship network provides it with the ability to access investment opportunities that competitors may miss or, in competitive circumstances, allows it to engage at an earlier stage in the process.

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***Due Diligence***

The foundation of BlackRock's investment process is intensive investment research and analysis by the Firm's experienced investment professionals. A majority of the Investment Adviser's leadership team has worked together for more than 12 years at BlackRock and their predecessor firm Tennenbaum Capital Partners, LLC; collectively, they possess a level of direct lending investing experience that is difficult to replicate. In addition to the abundant internal relationships and resources available through BlackRock's global platform, its in-house knowledge is supplemented with industry experts with direct senior-level management experience in the sectors it targets. The process of rigorously and comprehensively analyzing issuers of securities or loans includes a quantitative and qualitative assessment of the company's business, an evaluation of its management, business strategy, industry trends, and an in-depth examination of the company's capital structure, financial results and projections. BlackRock's due diligence process includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An analysis of the fundamental asset values and enterprise value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Review of key assets, core competencies, competitive advantages, historical and projected financial statements, capital structure, financial flexibility, debt amortization requirements, environmental, social and governance considerations, and tax, legal and regulatory contingencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An assessment of the outlook for the industry and general macroeconomic trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Discussions with management, as well as other industry executives, including an assessment of management/board strengths and weaknesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Review of the issuer's credit or other related documents, including those governing the issuer such as charter, by-laws and key contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Analysis of portfolio risks from a top-down and bottom-up perspective.

***Investment Committee and Decision-Making***

BlackRock's transaction evaluation is organized around a centralized investment committee that provides for a consistent, repeatable decision-making process. BlackRock's investment committee for the Fund's portfolio (the "Investment Committee") includes all investment professionals of the Investment Adviser and key senior-level constituents from other functional groups including BlackRock's Risk and Qualitative Analysis ("RQA") group. The voting members of the Investment Committee (the "Voting Members") will be drawn from a pool of the Investment Adviser's senior professionals. There are currently seven permanent Voting Members. The Investment Committee generally meets weekly (or more frequently, if determined necessary) and all key professionals are invited and encouraged to attend. Transactions are brought before the Investment Committee and presented by the industry-led deal teams and accompanied by detailed investment memoranda distributed for review in advance of each meeting. Buy/sell recommendations are debated vigorously and all members of the Investment Committee are encouraged to contribute to the discussion. No Voting Member of the Investment Committee holds a veto.

Often, investment opportunities are discussed at multiple meetings as the deal team responds to input provided by the Investment Committee throughout the process. Additionally, the investment policy committee generally meets weekly to review new investment opportunities scheduled for broader-firm discussion. The investment policy committee's purpose is to screen each new opportunity to ensure efficient use of Firm resources and focus deal teams on what it views as the most appropriate potential transactions.

***Portfolio Management***

BlackRock closely monitors each investment, as it believes that careful and consistent monitoring of financial performance and market developments is critical to successful investment management. This monitoring is designed to enable BlackRock to respond in a timely and efficient manner to individual company, industry or broader market movements. In addition, BlackRock constructs its direct lending portfolios in a highly-diversified manner by both borrower and industry in an effort to mitigate the drag of any potential credit losses. Accordingly, BlackRock uses an established process that includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Weekly (sometimes daily) monitoring by industry-led deal team members that executed the initial purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Regular and repeated dialogue with investment constituents including company management, industry experts, co-investment partners (if applicable) and senior-level resources throughout the BlackRock platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Internal meetings, as needed, to highlight material investment developments or trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A weekly review by the Investment Committee of activity related to existing portfolio investments that may require broader feedback and decision-making;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A quarterly portfolio review process that includes a more detailed discussion (with all key investment professionals invited to attend) of each portfolio company meeting certain minimum materiality thresholds to review performance and outlook relative to the original investment thesis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Attendance by industry-focused investment professionals at industry conferences and seminars, and regular meetings with comparable company management contacts.

***Culture of Risk Management***

BlackRock has a strong risk management orientation. The investment professionals use the Firm's independent RQA group to aid the day to day portfolio management activities.

RQA leads BlackRock's portfolio risk analytics by providing independent top-down and bottom-up oversight. RQA partners with BlackRock's investment professionals to help ensure that risks in the portfolio are consistent across each strategy, with the team's current investment themes, and with each client's formal risk constraints. Members of RQA have specialized knowledge of each type of portfolio that BlackRock manages. RQA seeks to identify and properly measure key risks for each portfolio type.

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A private credit risk management team of 7+ specialized professionals engages throughout the investment process. Early involvement with the investment team facilitates identification of risks and effective, constructive challenge. Additionally, the RQA team has full access to the investment teams' diligence to provide an unbiased view from the same set of information. The private credit risk team is further supported by the broader RQA platform outlined below.

***Realizations***

BlackRock anticipates that the returns it will generate for the Fund will be primarily from interest income from cash-pay credit investments in the portfolio with the remainder generated by capital gains. In addition to regular payments of principal and interest on its credit investments, there are several means by which the Fund will monetize investments, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Refinancing and/or repayment by the issuer/borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Change of control transaction involving the company leading to a refinancing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchanges of existing instruments for new securities that are subsequently sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Public offering of securities that create a liquidity event.

***Environmental, Social and Governance ("ESG") Integration***

Although the Fund does not seek to implement a specific sustainability objective, strategy or process unless disclosed in the Prospectus, Fund management will consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted

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returns. These ESG considerations will vary depending on a fund's particular investment strategies and may include consideration of third-party research as well as consideration of proprietary research of the Advisor across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Fund's investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Fund's exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Fund's long-term performance, there is no guarantee that such results will be achieved.

**Competition**

We compete for investments with other BDCs and investment funds (including private equity funds, mezzanine funds, performing and other credit funds, and funds that invest in CLOs, structured notes, derivatives and other types of collateralized securities and structured products), as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested, including making investments in mid-sized private U.S. companies. As a result of these new entrants, competition for investment opportunities in middle market private U.S. companies may intensify. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do. We may lose investment opportunities if we do not match our competitors' pricing, terms or structure. If we are forced to match our competitors' pricing, terms or structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant part of our competitive advantage stems from the fact that the market for investments in middle market private U.S. companies is underserved by traditional commercial banks and other financial sources. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the 1940 Act imposes on us as a BDC.

**Non-Exchange Traded, Perpetual-Life BDC**

The Fund is non-exchange traded, meaning its shares are not listed for trading on a stock exchange or other securities market and a perpetual-life BDC, meaning it is an investment vehicle of indefinite duration, whose common shares are intended to be sold by the BDC monthly on a continuous basis at a price generally equal to the BDC's monthly NAV per share. In our perpetual-life structure, we may offer investors an opportunity to resell their shares to us on a quarterly basis, but we are not obligated to offer to repurchase any shares in any particular quarter in our discretion. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Fund being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our Declaration of Trust or otherwise to effect a liquidity event at any time.

**Emerging Growth Company**

We are an "emerging growth company," as defined by the JOBS Act. As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies. For so long as we remain an emerging growth company, we will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•have an auditor attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•submit certain executive compensation matters to shareholder advisory votes pursuant to the "say on frequency" and "say on pay" provisions (requiring a non-binding shareholder vote to approve compensation of certain executive officers) and the "say on golden parachute" provisions (requiring a non-binding shareholder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disclose certain executive compensation related items, such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. This means that an emerging growth company can delay adopting certain accounting standards until such standards are otherwise applicable to private companies.

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We will remain an emerging growth company for up to five years, or until the earliest of: (1) the last date of the fiscal year during which we had total annual gross revenues of $1.235 billion or more; (2) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or (3) the date on which we are deemed to be a "large accelerated filer" as defined under Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

We do not believe that being an emerging growth company will have a significant impact on our business. As stated above, we have elected to opt in to the extended transition period for complying with new or revised accounting standards available to emerging growth companies. Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our Common Shares are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company. In addition, so long as we are externally managed by the Investment Adviser and we do not directly compensate our executive officers, or reimburse the Investment Adviser or its affiliates for the salaries, bonuses, benefits and severance payments for persons who also serve as one of our executive officers or as an executive officer of the Investment Adviser, we do not expect to include disclosures relating to executive compensation in our periodic reports or proxy statements and, as a result, do not expect to be required to seek shareholder approval of executive compensation and golden parachute compensation arrangements pursuant to Section 14A(a) and (b) of the Exchange Act.

**Employees**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Advisers or its affiliates pursuant to the terms of the Advisory Agreement and the Administrator or its affiliates pursuant to the Administration Agreement. Each of our executive officers described under "Management of the Fund" is employed by the Advisers or its affiliates. Our day-to-day investment operations will be managed by the Advisers. The services necessary for the sourcing and administration of our investment portfolio will be provided by investment professionals employed by the Advisers or their affiliates. The investment team will focus on origination, non-originated investments and transaction development and the ongoing monitoring of our investments. In addition, we will reimburse the Administrator for its costs, expenses and allocable portion of overhead, including compensation paid by the Administrator (or its affiliates) to the Fund's chief compliance officer and chief financial officer and their respective staffs as well as other administrative personnel (based on the percentage of time such individuals devote, on an estimated basis, to the business and affairs of the Fund).

**Regulation**

The Fund has filed an election to be regulated as a BDC under the 1940 Act. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisors or co-advisors), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than "interested persons," as that term is defined in the 1940 Act. In addition, the 1940 Act provides that the Fund may not change the nature of the Fund's business so as to cease to be, or to withdraw the Fund's election as, a BDC unless approved by a majority of the Fund's outstanding voting securities, which is defined in the 1940 Act as the lesser of a majority of the outstanding voting securities or 67% or more of the securities voting if a quorum of a majority of the outstanding voting securities is present.

The Fund may invest up to 100% of its assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, the Fund may, for the purpose of public resale, be deemed an "underwriter" as that term is defined in the Securities Act of 1933 (the "Securities Act").

The Fund may acquire securities issued by other investment companies in accordance with the limits of the 1940 Act and the rules and regulations promulgated thereunder. The Fund generally may acquire up to 3% of the voting stock of any investment company, may invest in up to 5% of the value of its total assets in the securities of one investment company and may invest up to 10% of the value of its total assets in the securities of more than one investment company. Subject to certain exemptive rules, including Rule 12d1-4, the Fund may, subject to certain conditions, invest in other investment companies in excess of such thresholds. With regard to that portion of the Fund's portfolio invested in securities issued by investment companies, it should be noted that such investments might indirectly subject shareholders to additional expenses as they will indirectly be responsible for the costs and expenses of such companies. None of the Fund's investment policies are fundamental and generally may be changed without shareholder approval. The Fund's policy to 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) may be changed by the Board without prior shareholder approval under certain circumstances, with at least 60 days' prior notice by the Fund.

*Exemptive Order and SEC Guidance.* The Investment Adviser and the Fund believe that, in certain circumstances, it may be in the Fund's best interests to be able to co-invest with registered funds, unregistered funds and business development companies managed now or in the future by the Investment Adviser and its affiliates, along with certain affiliates of the Investment Adviser acting in a principal capacity, in order to be able to participate in a wider range of transactions. Currently, SEC regulations and interpretations would permit the Fund to co-invest

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with registered and unregistered funds that are managed by the Investment Adviser and/or its affiliates, along with certain affiliates of the Investment Adviser acting in a principal capacity, in publicly traded securities and also in private placements where (i) the Investment Adviser negotiates only the price, interest rate and similar price-related terms of the securities and not matters such as covenants, collateral or management rights and (ii) each relevant account acquires and sells the securities at the same time in pro rata amounts (subject to exceptions approved by compliance personnel after considering the reasons for the requested exception). Such regulations and interpretations also permit the Fund to co-invest in other private placements with registered investment funds affiliated with the Investment Adviser in certain circumstances, some of which would require certain findings by the Fund's directors who are not "interested persons" of the Investment Adviser, BlackRock or their respective affiliates as defined in Section 2(a)(19) of the 1940 Act ("Independent Trustees") and the independent directors of each other eligible registered fund. Under current SEC regulations, in the absence of an exemption or other guidance from the SEC, the Fund may be prohibited from co-investing in certain private placements where terms in addition to price are negotiated with any unregistered fund or account managed now or in the future by the Investment Adviser or its affiliates , as well as with certain affiliates of the Investment Adviser acting in a principal capacity.

To the extent permitted by the 1940 Act and interpretations of the staff of the SEC, and subject to the Allocation Policies of the Investment Adviser, the Investment Adviser may deem it appropriate for the Fund and certain funds and accounts managed and controlled by the Investment Adviser to participate in an investment opportunity alongside certain affiliated funds and accounts. In an order dated May 6, 2025, the SEC granted exemptive relief to the Investment Adviser and the Fund permitting the Fund, subject to satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of the Investment Adviser and the Fund (the "Order"). Any of these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among us and the other participating funds and/or accounts. To mitigate these conflicts, the Investment Adviser and its affiliates managing other funds and accounts participating in transactions under the Order will seek to allocate such transactions for all of the participating investment accounts, including the Fund, on a fair and equitable basis and in accordance with their respective allocation policies. The Board has reviewed, and may from time to time in the future, review the Allocation Policies of the Investment Adviser. In addition, pursuant to such order, the Board is required to maintain oversight of our participation in the co-investment program permitted by such order in the exercise of the Board's reasonable business judgment, and under certain circumstances, such as in the case of non-pro rata acquisitions and dispositions, or in the case of pre-existing investments in an issuer by certain affiliated funds or accounts, approve certain co-investment transactions.

The Investment Adviser and its affiliates may spend substantial time on other business activities, including investment management and advisory activities for entities with the same or overlapping investment objectives, investing for their own account with the Fund, financial advisory services (including services for entities in which the Fund invests), and acting as directors, officers, creditor committee members or in similar capacities. Subject to the requirements of the 1940 Act, the Investment Adviser and its affiliates and associates intend to engage in such activities and may receive compensation from third parties for their services. Subject to the same requirements, such compensation may be payable by entities in which the Fund invests in connection with actual or contemplated investments, and the Investment Adviser may receive fees and other compensation in connection with structuring investments which they will share.

The Investment Adviser and its partners, officers, directors, stockholders, members, managers, employees, affiliates and agents may be subject to certain potential or actual conflicts of interest in connection with the activities of, and investments by, the Fund.

*No-Action Relief from Registration as a Commodity Pool Operator.* The Fund is relying on a no-action letter (the "No-Action Letter") issued by the staff of the CFTC as a basis to avoid registration with the CFTC as a commodity pool operator ("CPO"). The No-Action Letter allows an entity to engage in CFTC-regulated transactions ("commodity interest transactions") that are "bona fide hedging" transactions (as that term is defined and interpreted by the CFTC and its staff), but prohibit an entity from entering into commodity interest transactions if they are non-bona fide hedging transactions, unless immediately after entering such non-bona fide hedging transaction (a) the sum of the amount of initial margin deposits on the entity's existing futures or swaps positions and option or swaption premiums does not exceed 5% of the market value of the entity's liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the entity's commodity interest transactions would not exceed 100% of the market value of the entity's liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions. The Fund is required to operate pursuant to these trading restrictions if it intends to continue to rely on the No-Action Letter as a basis to avoid CPO registration.

*Other.* The Fund may also be prohibited under the 1940 Act from knowingly participating in certain transactions with the Fund's affiliates without the prior approval of the Board of Trustees who are not interested persons and, in some cases, prior approval by the SEC.

The Fund is subject to periodic examination by the SEC for compliance with the 1940 Act.

The Fund is required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the Fund against larceny and embezzlement. Furthermore, as a BDC, the Fund is prohibited from protecting any director or officer against any liability to the Fund or shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

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The Fund and the Investment Adviser are required to adopt and implement written policies and procedures reasonably designed to prevent violation of relevant federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation, and designate a chief compliance officer to be responsible for administering these policies and procedures.

***Qualifying Assets.*** Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. The principal categories of qualifying assets relevant to the Fund's proposed business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•satisfies either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•has a market capitalization of less than $250.0 million or does not have any class of securities listed on a national securities exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has been controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated person who is a director of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities of any eligible portfolio company which the Fund controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and the Fund already owns 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash, cash equivalents, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment.

***Managerial Assistance to Portfolio Companies.*** A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in "Qualifying Assets" above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities significant managerial assistance. Where the BDC purchases such securities in conjunction with one or more other persons acting together, the BDC will satisfy this test if one of the other persons in the group makes available such managerial assistance, although reliance on other investors may not be the sole method by which the BDC satisfies the requirement to make available managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its investment manager, directors, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

***Temporary Investments.*** Pending investment in other types of Qualifying Assets, as described above, our investments can consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of our assets would be Qualifying Assets.

***Warrants.*** Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares that it may have outstanding at any time. In particular, the amount of shares that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase shares cannot exceed 25% of the BDC's total outstanding shares.

***Leverage and Senior Securities; Coverage Ratio.*** Under Section 61(a) of the 1940 Act, a BDC is generally not permitted to issue senior securities unless after giving effect thereto the BDC meets a coverage ratio of total assets, less liabilities and indebtedness not represented by

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senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. Provided that a BDC meets certain disclosure requirements and obtains certain approvals, the asset coverage requirement applicable to such BDC is reduced from 200% to 150%. The reduced asset coverage requirement permits a BDC to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. On March 16, 2022, our sole shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day.

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance.

While any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. We will also be permitted to borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes, which borrowings would not be considered senior securities.

We have established one or more credit facilities and may enter into other credit facilities, subscription facilities or other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to be determined spreads over SOFR or another reference benchmark. We cannot assure shareholders that we will be able to enter into an additional credit facility. Shareholders will indirectly bear the costs associated with any borrowings under any additional credit facility or otherwise. In connection with any additional credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations. In addition, from time to time, our losses on leveraged investments may result in the liquidation of other investments held by us and may result in additional drawdowns to repay such amounts.

We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. See "Item 1A. Risk Factors—We may form one or more CLOs, which may subject us to certain structured financing risks." We may also from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions.

***Brokerage Allocations and Other Practices.*** Subject to the supervision of the Board of Trustees, decisions to buy and sell securities and bank debt for the Fund and decisions regarding brokerage commission rates are made by the Advisers. Transactions on stock exchanges involve the payment by the Fund of brokerage commissions. In certain instances, the Fund may make purchases of underwritten issues at prices which include underwriting fees.

In selecting a broker to execute each particular transaction, the Advisers will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker; the size and difficulty in executing the order, and the value of the expected contribution of the broker to the investment performance of the Fund on a continuing basis. Accordingly, the cost of the brokerage commissions to the Fund in any transaction may be greater than that available from other brokers if the difference is reasonably justified by other aspects of the portfolio execution services offered. The extent to which the Advisers make use of statistical, research and other services furnished by brokers may be considered by the Advisers in the allocation of brokerage business, but there is not a formula by which such business is allocated. The Advisers do so in accordance with its judgment of the best interests of the Fund and its shareholders.

One or more of the other investment funds or accounts which the Advisers manages may own from time to time some of the same investments as the Fund. When two or more companies or accounts seek to purchase or sell the same securities, the securities actually purchased or sold and any transaction costs will be allocated among the companies and accounts on a good faith equitable basis by the Advisers in its discretion in accordance with the accounts' various investment objectives, subject to the allocation procedures adopted by the Board of Trustees related to privately placed securities (including an implementation of any co-investment exemptive relief obtained by the Fund and the Investment Adviser). In some cases, this system may adversely affect the price or size of the position obtainable for the Fund. In other cases, however, the ability of the Fund to participate in volume transactions may produce better execution for the Fund. It is the opinion of the Board of Trustees that this advantage, when combined with the other benefits available due to the Advisers' organization, outweighs any disadvantages that may be said to exist from exposure to simultaneous transactions.

***Code of Ethics.*** The Fund adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to such code may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made in accordance with the code's requirements. The code of ethics is attached as an exhibit to the Fund's registration statement on Form N-2, and is available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You may also obtain copies of the code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

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***Proxy Voting Policies and Procedures.*** The Fund has delegated proxy voting responsibility to the Investment Adviser. A summary of the Proxy Voting Policies and Procedures of the Investment Adviser are set forth below. The guidelines are reviewed periodically by the Investment Adviser and the Fund's non-interested directors, and, accordingly, are subject to change.

The Investment Adviser is registered under the Investment Advisers Act of 1940 (the "Advisers Act") and has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, it recognizes that it must vote securities held by its clients in a timely manner free of conflicts of interest. These policies and procedures for voting proxies for investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The Investment Adviser votes proxies relating to the Fund's portfolio securities in the best interest of shareholders. The Investment Adviser reviews on a case-by-case basis each proposal submitted for a proxy vote to determine its impact on the Fund's investments. Although it generally votes against proposals that may have a negative impact on the Fund's investments, it may vote for such a proposal if there are compelling long-term reasons to do so.

The proxy voting decisions of the Investment Adviser are made by the senior officers who are responsible for monitoring each of the Fund's investments. To ensure that the Fund's vote is not the product of a conflict of interest, it requires that: (i) anyone involved in the decision making process disclose to the Investment Adviser any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (ii) employees involved in the decision making process or vote administration are generally prohibited from revealing how the Fund intends to vote on a proposal in order to reduce any attempted influence from interested parties.

You may obtain information about how the Fund voted proxies by making a written request for proxy voting information to the Fund at 50 Hudson Yards, New York, New York 10001, Attention: Investor Relations.

***Affiliated Transactions.*** We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of our Trustees who are not interested persons and, in some cases, the prior approval of the SEC. We have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Investment Adviser and certain funds managed and controlled by the Investment Adviser and its affiliates, subject to certain terms and conditions.

***Reporting Obligations.*** The Fund is required to file annual reports, quarterly reports and current reports with the SEC. This information will be available at the SEC's website at www.sec.gov.

***Other.*** We will be periodically examined by the SEC for compliance with the 1940 Act, and be subject to the periodic reporting and related requirements of the Exchange Act.

We are also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any Trustee or officer against any liability to our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

We are also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

We are not permitted to change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67% or more of such company's shares present at a meeting if more than 50% of the outstanding shares of such company are present or represented by proxy, or (ii) more than 50% of the outstanding shares of such company.

**Sarbanes-Oxley Act of 2002**

The Sarbanes-Oxley Act of 2002 imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. While certain of these requirements are not applicable to the Fund (see "JOBS Act"), many of these requirements affect the Fund. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pursuant to Rule 13a-14 of the Exchange Act, the Fund's Chief Executive Officer and Chief Financial Officer must certify the accuracy of the financial statements contained in the Fund's periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pursuant to Item 307 of Regulation S-K, the Fund's periodic reports must disclose the Fund's conclusions about the effectiveness of disclosure controls and procedures;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pursuant to Rule 13a-15 of the Exchange Act, Fund management must prepare a report regarding its assessment of internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, the Fund's periodic reports must disclose whether there were significant changes in internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires the Fund to review its current policies and procedures to determine whether the Fund complies with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The Fund will continue to monitor compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that the Fund is in compliance therewith.

**JOBS Act**

The Fund currently is and expects to remain an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The last day of the Fund's fiscal year in which the fifth anniversary of an initial public offering of shares of common stock occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The end of the fiscal year in which the Fund's total annual gross revenues first exceed $1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The date on which the Fund has, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The last day of a fiscal year in which the Fund (1) has an aggregate worldwide market value of Common Shares held by non-affiliates of $700 million or more, computed at the end of each fiscal year as of the last business day of the Fund's most recently completed second fiscal quarter and (2) has been an Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act).

Under the JOBS Act and the Dodd-Frank Act, the Fund is exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act, which would require that the Fund's independent registered public accounting firm provide an attestation report on the effectiveness of internal control over financial reporting, until such time as the Fund ceases to be an emerging growth company and becomes an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in the Fund's internal control over financial reporting go undetected.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Fund has made an irrevocable election not to take advantage of this exemption from new or revised accounting standards. The Fund therefore is subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

**U.S. Federal Income Tax Matters**

The following is a summary of U.S. federal income tax considerations generally applicable to a shareholder who purchases Common Shares in an offering pursuant to our effective registration statement. This summary reflects applicable income tax laws of the United States as of the date of this 10-K, which are subject to change by legislative, judicial or administrative action, and any change may be retroactive. The discussion does not purport to deal with all of the U.S. federal income tax consequences applicable to the Fund, or which may be important to particular shareholders in light of their individual investment circumstances or to shareholders subject to special tax rules, such as shareholders subject to the alternative minimum tax, financial institutions, broker-dealers, insurance companies, tax-exempt organizations, a shareholder whose "functional currency" is not the U.S. dollar, persons who have elected mark-to-market treatment for their Common Shares, partnerships or other pass-through entities, persons holding common stock in connection with a hedging, straddle, conversion or other integrated transaction, persons engaged in a trade or business in the United States or persons who have ceased to be U.S. citizens or to be taxed as resident aliens. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. This discussion assumes that the shareholder holds its common stock as a capital asset for U.S. federal income tax purposes (generally, assets held for investment). No attempt is made to present a detailed explanation of all U.S. federal income tax aspects affecting the Fund and the Fund's stockholders, and the discussion set forth herein does not constitute tax advice. No ruling has been or will be sought from the Internal Revenue Service (the "IRS") regarding any matter

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discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects set forth below.

In view of the complexity of the tax matters relating to the Fund, the tax consequences of an investment in the Common Shares will depend on the investor's particular situation. Stockholders are urged to consult their tax advisors to determine the U.S. federal, state, local and foreign tax consequences to them of investing in the Common Shares.

*Taxation of the Fund*

The Fund has elected and expects to qualify annually to be taxed as a RIC under the Code. To qualify as a RIC, the Fund must, among other things, (a) qualify to be treated as a business development company or be registered as a management investment company under the 1940 Act at all times during the taxable year; (b) derive in each taxable year at least 90 percent of its gross income from dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income (including but not limited to gain from options, futures and forward contracts) derived with respect to the Fund's business of investing in stock, securities or currencies, or net income derived from an interest in a "qualified publicly traded partnership" (a "QPTP"); and (c) diversify the Fund's holdings so that, at the end of each quarter of each taxable year (i) at least 50 percent of the market value of the Fund's total assets is represented by cash and cash items, U.S. Government securities, the securities of other regulated investment companies and other securities, with other securities limited, in respect of any one issuer, to an amount not greater than five percent of the value of the Fund's total assets and not more than 10 percent of the outstanding voting securities of such issuer, and (ii) not more than 25 percent of the market value of the Fund's total assets is invested in the securities (other than U.S. Government securities and the securities of other RICs) (A) of any issuer, (B) of any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses, or (C) of one or more QPTPs. The Fund may generate certain income that might not qualify as good income for purposes of the 90% annual gross income requirement described above. The Fund will monitor its transactions to endeavor to prevent its disqualification as a RIC.

For purposes of determining whether the Fund satisfies the 90% gross income test described in clause (a) above, the character of the Fund's distributive share of items of income, gain and loss derived through any subsidiary or investment that is classified as a partnership for U.S. federal income tax purposes (other than a QPTP) generally will be determined as if the Fund realized such tax items directly.

If the Fund fails to satisfy the 90% annual gross income requirement or the asset diversification requirements discussed above in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements.

Additionally, relief is provided for certain de minimis failures of the asset diversification requirements where the Fund corrects the failure within a specified period. If the applicable relief provisions are not available or cannot be met, all of the Fund's income would be subject to corporate-level U.S. federal income tax as described below. The Fund cannot provide assurance that the Fund would qualify for any such relief should the Fund fail the 90% annual gross income requirement or the asset diversification requirements discussed above.

As a RIC, in any taxable year with respect to which the Fund timely distributes at least 90% of the sum of the Fund's (i) investment company taxable income (which includes, among other items, dividends, interest and the excess of any net short-term capital gain over net long-term capital loss and other taxable income (other than any net capital gain), reduced by deductible expenses) determined without regard to the deduction for dividends and distributions paid and (ii) net tax exempt interest income (which is the excess of the Fund's gross tax exempt interest income over certain disallowed deductions) (the "Annual Distribution Requirement"), the Fund (but not its stockholders) generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gain (generally, net long-term capital gain in excess of short-term capital loss) that the Fund distributes to its stockholders. The Fund intends to distribute annually all or substantially all of such income on a timely basis. To the extent that the Fund retains net capital gain for investment or any investment company taxable income, the Fund will be subject to U.S. federal income tax at regular corporate income tax rates. The Fund may choose to retain net capital gains for investment or any investment company taxable income, and pay the associated U.S. federal corporate income tax, including the U.S. federal excise tax described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by the Fund. To avoid this tax, the Fund must distribute (or be deemed to have distributed) during each calendar year an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)at least 98% of the Fund's ordinary income (not taking into account any capital gains or losses) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)at least 98.2% of the amount by which the Fund's capital gains exceed its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made by the Fund to use its taxable year); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)certain undistributed amounts from previous years on which the Fund paid no U.S. federal income tax.

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While the Fund intends to distribute any income and capital gains in the manner necessary to minimize imposition of the four percent U.S. federal excise tax, sufficient amounts of the Fund's taxable income and capital gains may not be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on the amount by which the Fund does not meet the foregoing distribution requirement.

If, in any particular taxable year, the Fund does not satisfy the Annual Distribution Requirement or otherwise was to fail to qualify as a RIC (for example, because the Fund fails the 90% annual gross income requirement described above), and relief is not available as discussed above, all of the Fund's taxable income (including net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to stockholders, and distributions generally will be taxable to the stockholders as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits.

The Fund may decide to be taxed as a regular corporation even if it would otherwise qualify as a RIC if the Fund determines that treatment as a corporation for a particular year would be in the Fund's best interests. Except as otherwise expressly indicated, the remainder of this discussion assumes the Fund will continue to qualify as a RIC.

As a RIC, the Fund is permitted to carry forward a net capital loss realized in a taxable year to offset its capital gain, if any, realized in future years. If future capital gain is offset by carried forward capital losses, such future capital gain is not subject to fund-level U.S. federal income tax, regardless of whether it is distributed to shareholders. A RIC cannot carry back or carry forward any net operating losses.

*Fund Investments* 

Certain of the Fund's investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction, (ii) convert lower taxed long-term capital gain and qualified dividend income into higher taxed short-term capital gain or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not qualify as "good income" for purposes of the 90% annual gross income requirement described above. These tax provisions could therefore affect the amount, timing and character of distributions to shareholders. The Fund will monitor its transactions and may make certain tax elections and may be required to borrow money or dispose of securities to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.

Investments the Fund makes in securities issued at a discount or providing for deferred interest or PIK interest are subject to special tax rules that will affect the amount, timing and character of distributions to shareholders. For example, with respect to such securities, the Fund will generally be required to accrue daily as income "original issue discount" with respect to such securities and to distribute such income on a timely basis each year to maintain the Fund's qualification as a RIC and to avoid U.S. federal income and excise taxes. Since in these and potentially in other circumstances the Fund may recognize income before or without receiving cash representing such income, the Fund may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and for avoiding U.S. federal income and excise taxes. Accordingly, the Fund may have to sell some of its investments at times the Fund would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify as a RIC and thereby be subject to corporate-level income tax.

Furthermore, a portfolio company in which the Fund invests may face financial difficulty that requires the Fund to work-out, modify or otherwise restructure its investment in the portfolio company. Any such restructuring may result in unusable capital losses and future non-cash income. Any such restructuring may also result in the Fund's recognition of a substantial amount of non-qualifying income for purposes of the 90% gross income requirement or the Fund receiving assets that would not be qualifying for purposes of the asset diversification requirements.

The Fund may invest in preferred securities or other securities the U.S. federal income tax treatment of which may be unclear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the

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expected tax treatment, it could affect the timing or character of income recognized, requiring the Fund to purchase or sell securities, or otherwise change the Fund's portfolio, in order to comply with the tax rules applicable to RICs under the Code.

Gain or loss recognized by the Fund from warrants acquired by the Fund as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long the Fund held a particular warrant.

In the event the Fund invests in foreign securities, the Fund may be subject to withholding and other foreign taxes with respect to those securities. Shareholders will generally not be entitled to claim a U.S. foreign tax credit or deduction with respect to foreign taxes paid by the Fund.

If the Fund purchases shares in a "passive foreign investment company" (a "PFIC"), the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains. If the Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Fund will be required to include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to the Fund. Alternatively, the Fund can elect to mark-to-market at the end of each taxable year the Fund's shares in a PFIC; in this case, the Fund will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in income. The Fund's ability to make either election will depend on factors beyond its control. Under either election, the Fund may be required to recognize in a year income in excess of the Fund's distributions from PFICs and proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% excise tax.

The Fund's functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income, expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

If the Fund borrows money, the Fund may be prevented by loan covenants from declaring and paying dividends in certain circumstances. Limits on the Fund's payment of dividends may prevent the Fund from meeting the Annual Distribution Requirement, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC, or subject the Fund to the 4% excise tax.

Even if the Fund is authorized to borrow funds and to sell assets in order to satisfy distribution requirements, under the 1940 Act, the Fund is not permitted to make distributions to shareholders while its debt obligations and senior securities are outstanding unless certain "asset coverage" tests are met. This may also jeopardize the Fund's qualification for taxation as a RIC or subject the Fund to the 4% excise tax.

Moreover, the Fund's ability to dispose of assets to meet its distribution requirements may be limited by (1) the illiquid nature of its portfolio and (2) other requirements relating to its status as a RIC, including the asset diversification requirements. If the Fund disposes of assets to meet the Annual Distribution Requirement, the asset diversification requirements, or the 4% excise tax, the Fund may make such dispositions at times that, from an investment standpoint, are not advantageous.

Some of the income that the Fund might otherwise earn, such as lease income, management fees, or income recognized in a work-out or restructuring of a portfolio investment, may not satisfy the 90% gross income requirement. To manage the risk that such income might disqualify the Fund as a RIC for a failure to satisfy the 90% gross income requirement, one or more of the Fund's subsidiaries treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income. Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce the yield to investors on such income and fees.

*Taxation of U.S. Shareholders* 

For purposes of this discussion, a "U.S. Shareholder" (or in this section, a "Shareholder") is a holder or a beneficial holder of shares which is for U.S. federal income tax purposes (1) a person who is a citizen or resident of the United States, (2) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any State thereof, or the District of Columbia, (3) an estate whose income is subject to U.S. federal income tax regardless of its source, or (4) a trust if (a) a U.S. court is able to exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust or (b) the trust has in effect a valid election to be treated as a domestic trust for U.S. federal income tax purposes. If a partnership or other entity or arrangement classified as a partnership for U.S. tax purposes holds the shares, the tax treatment of the partnership and each partner generally will depend on the status of the partner and the activities of the partnership. Partnerships acquiring shares, and partners in such partnerships, should consult their own tax advisors. Prospective investors that are not U.S. Shareholders should refer to the

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section "Non-U.S. Shareholders" below and are urged to consult their tax advisors with respect to the U.S. federal income tax consequences of an investment in the Common Shares, including the potential application of U.S. withholding taxes.

Distributions the Fund pays to you from its ordinary income or from an excess of net short-term capital gain over net long-term capital loss (together referred to hereinafter as "ordinary income dividends") are generally taxable to you as ordinary income to the extent of the Fund's earnings and profits. Provided that certain holding period and other requirements are met, such distributions (if properly reported by the Fund) may qualify (i) for the dividends received deduction available to corporations, but only to the extent that the Fund's income consists of dividend income from U.S. corporations and (ii) in the case of individual shareholders, as qualified dividend income eligible to be taxed at long-term capital gain rates to the extent that the Fund receives qualified dividend income (generally, dividend income from taxable domestic corporations and certain qualified foreign corporations). Due to the Fund's expected investments, distributions are generally not expected to be eligible for the dividends received deduction allowed to corporate Shareholders or qualify for the reduced rates of tax for qualified dividend income allowed to individuals.

Distributions made to you from an excess of net long-term capital gain over net short-term capital loss ("capital gain dividends"), including capital gain dividends credited to you but retained by the Fund (as described below), are taxable to you as long-term capital gain if they have been properly reported by the Fund, regardless of the length of time you have owned Common Shares. Generally, following the end of each taxable year, you will be provided with a written notice of the amount of any ordinary income dividends and capital gain dividends or other distributions. Distributions in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of your shares and, after the adjusted tax basis is reduced to zero, will constitute capital gain to you (assuming the shares are held as a capital asset).

In the event that the Fund retains any net capital gain, the Fund may designate the retained amounts as undistributed capital gain in a notice to Shareholders. If a designation is made, Shareholders would include in income, as long-term capital gain, their proportionate share of the undistributed amounts, but would be allowed a credit or refund, as the case may be, for their proportionate share of the corporate tax paid by the Fund. A Shareholder that is not subject to U.S. federal income tax or otherwise is not required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes the Fund paid. In addition, the tax basis of shares owned by a Shareholder would be increased by an amount equal to the difference between (i) the amount included in the Shareholder's income as long-term capital gain and (ii) the Shareholder's proportionate share of the corporate tax paid by the Fund.

For taxable years beginning before January 1, 2026, properly reported dividends paid by the Fund that are attributable to the Fund's "qualified REIT dividends" (generally, ordinary income dividends paid by a "real estate investment trust," not including capital gain dividends or dividends treated as qualified dividend income) may be eligible for the 20% deduction described in Section 199A of the Code in the case of non-corporate U.S. Shareholders, provided that certain holding period and other requirements are met by the shareholder and the Fund. There can be no assurance as to what portion, if any, of the Fund's distributions will qualify for such deduction. Subject to any further regulatory guidance to the contrary, any distribution attributable to income from the Fund's investments in publicly traded partnerships, if any, will not qualify for the 20% deduction that could be available to non-corporate shareholder were the shareholder to own such partnership interests directly.

Except as described below with respect to repurchases, a Shareholder will recognize gain or loss on the sale, exchange or other taxable disposition of the Fund's Common Shares (including pursuant to a liquidation of the Fund) in an amount equal to the difference between the Shareholder's adjusted basis in the shares sold or exchanged and the amount realized on their disposition. Generally, gain recognized by a Shareholder on the sale or other disposition of common stock will result in capital gain or loss to you, and will be a long-term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss upon the sale or exchange of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by you. A loss realized on a sale or exchange of shares will be disallowed if other substantially identical shares are acquired (whether through additional subscriptions or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed of. In this case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.

For non-corporate Shareholders, long-term capital gains are currently taxed at preferential rates. Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary income. The deductibility of capital losses is subject to a number of limitations under the Code.

Non-corporate Shareholders with income in excess of certain thresholds are, in general, subject to an additional 3.8% Medicare tax on

their "net investment income," which ordinarily includes taxable distributions from the Fund and taxable gain on the disposition of

Common Shares.

The Fund may be required to withhold U.S. federal income tax ("backup withholding"), from all taxable distributions to any non-corporate Shareholder (1) who fails to furnish the Fund with a correct taxpayer identification number or a certificate that such Shareholder is exempt from backup withholding or (2) with respect to whom the IRS notifies the Fund that such Shareholder has failed to properly report certain

------

interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the Shareholder's U.S. federal income tax liability and may entitle such Shareholder to a refund, provided that proper information is timely provided to the IRS.

Under U.S. Treasury regulations, if a Shareholder recognizes a loss with respect to shares of $2 million or more for a non-corporate Shareholder or $10 million or more for a corporate Shareholder in any single taxable year (or a greater loss over a combination of years), the Shareholder must file with the IRS a disclosure statement on Form 8886. Direct Shareholders of portfolio securities in many cases are excepted from this reporting requirement, but under current guidance, Shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to Shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. Shareholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Shareholders should consult their tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the Fund's shares.

From time to time, the Fund may offer to repurchase its outstanding Common Shares. Shareholders who tender all Common Shares of the Fund held, or considered to be held, by them will be treated as having sold their Common Shares and generally will realize a capital gain or loss. If a shareholder tenders fewer than all of its shares or fewer than all shares tendered are repurchased, such shareholder may be treated as having received a taxable dividend upon the tender of its Common Shares. In such a case, there is a risk that non-tendering shareholders, and shareholders who tender some but not all of their shares or fewer than all of whose shares are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer and the change in the shareholder's ownership of the Fund.

*Taxation of Non-US Shareholders*

The following discussion only applies to non-U.S. Shareholders. A "non-U.S. Shareholder" is a holder, other than a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes), that is not a U.S. Shareholder for U.S. federal income tax purposes. Whether an investment in the shares is appropriate for a non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in the shares by a non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in the Fund's shares.

Distributions of ordinary income dividends to non-U.S. Shareholders, subject to the discussion below, will generally be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits. Different tax consequences may result if the non-U.S. Shareholder is engaged in a trade or business in the United States (and, if an income tax treaty applies, if the distributions are attributable to a permanent establishment maintained by the non-U.S. Shareholder in the United States). Special certification requirements apply to a non-U.S. Shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.

Actual or deemed distributions of the Fund's net capital gain to a non-U.S. Shareholder, and gain recognized by a non-U.S. Shareholder upon the sale of the Fund's Common Shares, generally will not be subject to U.S. federal withholding tax and will not be subject to U.S. federal income tax unless (i) the distributions or gain, as the case may be, are effectively connected with a U.S. trade or business of the non-U.S. Shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. Shareholder in the United States), (ii) in the case of an individual, the individual is present in the United States for 183 days or more during a taxable year and certain other conditions are met or (iii) subject to certain exceptions, the Fund is or during prescribed testing periods has been a "United States real property holding corporation" or, in the case of certain distributions, a "qualified investment entity," each within the meaning of the Foreign Investments in Real Property Tax Act of 1980. Although the Fund does not expect to be a "United States property holding corporation" or "qualified investment entity," no assurance can be given in that regard.

Properly reported distributions from a RIC to non-U.S. Shareholders are generally exempt from the 30% U.S. federal withholding tax described above where they (i) are paid in respect of the RIC's "qualified net interest income" (generally, U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are paid in respect of the RIC's "qualified short-term capital gains" (generally, the excess of net short-term capital gain over the Fund's long-term capital loss for such taxable year). Depending on the Fund's circumstances, the Fund may report all, some or none of the Fund's potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. Shareholder needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified short-term capital gain.

------

Non-U.S. Shareholders should contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance as to what portion of the Fund's distributions will qualify for favorable treatment as qualified net interest income or qualified short-term capital gains.

If the Fund distributes net capital gains in the form of deemed rather than actual distributions (which the Fund may do in the future), a non-U.S. Shareholder will generally be entitled to a U.S. federal income tax credit or tax refund equal to the Shareholder's allocable share of the tax the Fund pays on the capital gains deemed to have been distributed. In order to obtain the refund, the non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the non-U.S. Shareholder is not otherwise required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate non- U.S. Shareholder, distributions (both actual and deemed), and gains realized upon the sale of common stock that are effectively connected with a U.S. trade or business (or, where an applicable treaty applies, are attributable to a permanent establishment in the United States) may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable tax treaty). Accordingly, an investment in the shares may not be appropriate for certain non-U.S. Shareholders.

Certain provisions of the Code referred to as "FATCA" require withholding at a rate of 30% on dividends in respect of common stock held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution to the extent such interests or accounts are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which common stock is held will affect the determination of whether such withholding is required. Similarly, dividends in respect of common stock held by an investor that is a non-financial non- U.S. entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i) certifies to the Fund that such entity does not have any "substantial United States owners" or (ii) provides certain information regarding the entity's "substantial United States owners," which the applicable withholding agent will in turn provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. The Fund will not pay any additional amounts to Shareholders in respect of any amounts withheld. Shareholders are encouraged to consult their tax advisors regarding the possible implications of the legislation on their investment in the Fund's Common Shares.

A non-U.S. Shareholder who is a non-resident alien individual, and who is otherwise subject to withholding of U.S. federal income tax, may be subject to backup withholding of U.S. federal income tax on dividends unless the non-U.S. Shareholder provides the Fund or the dividend paying agent with an IRS Form W-8BEN or IRS Form W-8BEN-E (or an acceptable substitute form) or otherwise meets documentary evidence requirements for establishing that it is a non-U.S. Shareholder or otherwise establishes an exemption from backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to you may be refunded or credited against your U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS. Non-U.S. Shareholders may also be subject to information reporting.

*Failure to Qualify as a RIC*

If the Fund was unable to qualify for treatment as a RIC, and relief is not available as discussed above, the Fund would be subject to tax on all of its taxable income at regular corporate rates. The Fund would not be able to deduct distributions to shareholders nor would the Fund be required to make distributions for tax purposes. Distributions would generally be taxable to shareholders as ordinary dividend income eligible to be treated as "qualified dividend income" for non-corporate shareholders to the extent of the Fund's current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate U.S. shareholders would be eligible for the dividends received deduction. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's tax basis (reducing that basis accordingly) and thereafter as a capital gain. A return of capital distribution is a return to shareholders of a portion of their original investment in the Fund and does not represent income or capital gains. To qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute to its shareholders its accumulated earnings and profits attributable to non-RIC years. In addition, if the Fund failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, the Fund would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

**Restrictions on Share Ownership**

Each prospective investor that is, or is acting on behalf of, any (i) "employee benefit plan" (within the meaning of Section 3(3) of ERISA) subject to Title I of ERISA, (ii) "plan" described in Section 4975(e)(1) of the Code, subject to Section 4975 of the Code (including for e.g., IRA and a "Keogh" plan), (iii) plan, account or other arrangement that is subject to provisions under any Similar Laws, or (iv) entity whose underlying assets are considered to include the assets of any of the foregoing described in clauses (i), (ii) and (iii), pursuant to ERISA or

------

otherwise (each of the foregoing described in clauses (i), (ii), (iii) and (iv) referred to herein as a "Plan"), must independently determine that our Common Shares are an appropriate investment, taking into account its obligations under ERISA, the Code and applicable Similar Laws.

In contemplating an investment in the Fund, each fiduciary of the Plan who is responsible for making such an investment should carefully consider, taking into account the facts and circumstances of the Plan, whether such investment is consistent with the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary's duties to the Plan including, without limitation, the applicable prudence, diversification, delegation of control, conflicts of interest and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws. Furthermore, absent an exemption, the fiduciaries of a Plan should not invest in the Fund with the assets of any Plan if the Advisers or any of their affiliates is a fiduciary with respect to such assets of the Plan.

In contemplating an investment in the Fund, fiduciaries of a Plan that is a Benefit Plan Investor (defined below) subject to Title I of ERISA or Section 4975 of the Code should also carefully consider the definition of the term "plan assets" in ERISA and the Plan Asset Regulations. Under ERISA and the Plan Asset Regulations, when a Benefit Plan Investor invests in an equity interest of an entity that is neither a "publicly-offered security" (within the meaning of the Plan Asset Regulations) nor a security issued by an investment company registered under the 1940 Act, the Benefit Plan Investors' assets include both the equity interest and an undivided interest in each of the entity's underlying assets, unless it is established that the entity is an "operating company" or that equity participation in the entity by "benefit plan investors" ("Benefit Plan Investors") is not "significant" (each within the meaning of the Plan Asset Regulations). The term "Benefit Plan Investor" is defined in the Plan Asset Regulations to include (a) any employee benefit plan (as defined in section 3(3) of ERISA) subject to the provisions of Title I of ERISA, (b) any plan described in section 4975(e)(1) of the Code subject to Section 4975 of the Code, and (c) any entity whose underlying assets are deemed under ERISA and the Plan Asset Regulations to include plan assets by reason of such an employee benefit plans or plan's investment in the entity.

Under the Plan Asset Regulations, equity participation in an entity by Benefit Plan Investors is "significant" on any date if, immediately after the most recent acquisition of any equity interest in the entity, 25% or more of the total value of any class of equity interests is held by Benefit Plan Investors. For purposes of this determination, the value of equity interests held by a person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such assets (or any affiliate of such a person) is disregarded (each such person, a "Controlling Person").

The Plan Assets Regulations define the term "publicly-offered security" as a security that is "widely-held," "freely transferrable" and either part of a class of securities registered under the Exchange Act or sold pursuant to an effective registration statement under the Securities Act if the securities are registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the public offering occurred. A security is considered "widely held" only if it is part of a class of securities that is owned by 100 or more investors independent of the issuer and of one another. A security will not fail to be "widely held" because the number of independent investors falls below 100 subsequent to the initial public offering as a result of events beyond the issuer's control. The Plan Assets Regulations provide that whether a security is "freely transferable" is a factual question to be determined on the basis of all relevant facts and circumstances. It is noted that the Plan Assets Regulations only establish a presumption in favor of the finding of free transferability where the applicable investment minimum is $10,000 or less and the restrictions are consistent with the particular types of restrictions listed in the Plan Assets Regulations. With respect to the question of free transferability, it is noted that, while the minimum initial investment in Institutional shares is $1,000,000, the minimum is waived or reduced to $10,000 or less for a substantial portion of the eligible purchasers of Institutional shares.

If the assets of the Fund were deemed to be "plan assets" under the Plan Asset Regulations, this would result, among other things, in (i) the application of the prudence and other fiduciary responsibility standards of ERISA to investments made by the Fund, and (ii) the possibility that certain transactions in which the Fund might seek to engage could constitute "prohibited transactions" under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, among other things, the Advisers and/or any other fiduciary that has engaged in the prohibited transaction could be required to (i) restore to the applicable Benefit Plan Investor any profit realized on the transaction and (ii) reimburse the Benefit Plan Investor for any losses suffered by the Benefit Plan Investor as a result of the investment. In addition, each disqualified person (within the meaning of Section 4975 of the Code) involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%. Fiduciaries of Benefit Plan Investors who decide to invest in the Fund could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in the Fund or as co-fiduciaries for actions taken by or on behalf of the Fund or the Advisers. With respect to an IRA that invests in the Fund, the occurrence of a prohibited transaction involving the individual who established the IRA, or his or her beneficiaries, would cause the IRA to lose its tax-exempt status.

Accordingly, for so long as any class of our Common Shares are not considered "publicly-offered securities" within the meaning of the Plan Asset Regulations, the Fund intends to limit Benefit Plan Investor investments in our Common Shares so that holdings by Benefit Plan Investors are not "significant" within the meaning of the Plan Asset Regulations. In this regard, in order to avoid the possibility that our assets could be treated as "plan assets," within the meaning of the Plan Asset Regulations, until such time as each class of our Common Shares constitutes "publicly-offered securities" within the meaning of the Plan Asset Regulations we will (i) require any person proposing to acquire

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Common Shares to furnish such information as may be necessary to determine whether such person is a Benefit Plan Investor or a Controlling Person and (ii) have the power to (a) exclude any shareholder or potential shareholder from purchasing or transferring Common Shares; (b) prohibit any redemption of Common Shares; and (c) redeem some or all Common Shares held by any shareholder if, and to the extent that, our Board of Trustees determines that there is a substantial risk that such shareholder's purchase, ownership, transfer or redemption of Common Shares would result in our assets being characterized as plan assets for purposes of the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code, and all Common Shares of the Fund shall be subject to such terms and conditions. After such time as all of Class S, Class D and Institutional shares (and any other equity interests in the Fund (if any)) constitute "publicly-offered securities," the Fund may no longer be required to limit or prohibit "benefit plan investors" from investing in the Fund.

**Advisory Agreement**

BlackRock Capital Investment Advisors, LLC is located at 50 Hudson Yards, New York, New York, 10001. The Investment Adviser is registered as an investment adviser under the Advisers Act. The Investment Adviser is an indirect subsidiary of BlackRock, Inc. BlackRock is the world's largest publicly traded investment management firm, with $14 trillion of assets under management as of December 31, 2025. BlackRock manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, real estate, cash management and alternative investment products. BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa and the Middle East. Headquartered in New York, BlackRock maintains offices in over 38 countries, including 25 primary investment centers. BlackRock's institutional knowledge includes proprietary valuation techniques, market outlook, competitive evaluation and structuring and operational expertise. In addition, BlackRock provides risk management, investment system outsourcing and financial advisory services to a growing number of institutional investors. Through BlackRock Solutions<sup>®</sup>, BlackRock provides risk management and advisory services that combine capital markets expertise with internally-developed systems and technology.

Under the terms of the Advisory Agreement, the Investment Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the composition of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies, evaluates and negotiates the structure of the investments the Fund makes (including performing due diligence on prospective portfolio companies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•closes, monitors and administers the investments the Fund makes, including the exercise of any voting or consent rights.

The Investment Adviser's services under the Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Fund are not impaired.

Pursuant to the Advisory Agreement, the Fund pays the Investment Adviser compensation for investment advisory and management services consisting of base management compensation and a two-part incentive compensation (the "Advisory Fee").

*Base Management Fee*

The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the end of the most recently completed calendar month. For purposes of the Advisory Agreement, net assets means our total assets determined on a consolidated basis in accordance with U.S. GAAP. The Investment Adviser agreed to waive its base management fee through December 31, 2023. The longer an investor holds our Common Shares during this period, the longer such investor will receive the benefit of this management fee waiver period.

*Incentive Fee*

Incentive compensation will be payable to the Investment Adviser pursuant to the Advisory Agreement. The incentive fee will consist of two components, an income component and a capital gains component. Each component of the incentive fee will be calculated and, if due, will be payable quarterly in arrears.

The income component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund's operations), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters.

The income component of the incentive fee is subject to a 5.0% total return hurdle on daily weighted average unreturned capital contributions (the "Hurdle Rate"). As such, the Fund will not be obligated to pay any income incentive fee to the extent the annualized trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since the commencement of the fund) total return of the Fund (as defined below), including net realized gains and losses and net unrealized appreciation and depreciation, does not exceed the Hurdle Rate. To the extent that the Fund's annualized total return for the relevant period exceeds the Hurdle Rate, but is less than 5.714286% of daily

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weighted average unreturned capital contributions, the income incentive fee will be subject to a "catch up," calculated as 100% of the aggregate net investment income before incentive compensation earned in excess of Hurdle Rate for the relevant period. To the extent that the Fund's annualized total return for the relevant period exceeds 5.714286%, the income component of the incentive fee will be equal to 12.5% of net investment income before incentive compensation earned in excess of this total return threshold.

The capital gains component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The capital gains component will be paid in full prior to payment of the income component.

In any case, incentive compensation (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period.

For purposes of the foregoing computations and the total return limitation:

"net investment income before incentive compensation" means the Fund's interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees received from portfolio companies) during the period, minus the Fund's operating expenses during the period (including the base management fee, expenses payable under the administration agreements, any interest expense and any dividends paid on any issued and outstanding preferred stock), plus increases and minus decreases in net assets not treated as components of income, operating expense, gain, loss, appreciation or depreciation and not treated as changes in unreturned capital contributions, and without reduction for any incentive compensation and any organization or offering costs, in each case determined on an accrual and consolidated basis.

"total return" means the amount equal to the combination of net investment income before incentive compensation, realized capital gains and losses and unrealized capital appreciation and depreciation of the Fund for the period, in each case determined on an accrual and consolidated basis.

"unreturned capital contributions" means the proceeds to the Fund of all issuances of Common Shares, less all distributions by the Fund to shareholders representing a return of capital.

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*Examples of Incentive Fee Calculation*

The figures provided in the following examples are hypothetical, are presented for illustrative purposes only and are not indicative of actual expenses or returns.

**Example 1: Income Portion of Incentive Compensation:**

<u>Assumptions</u>

Total return hurdle<sup>1</sup>= 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Alternative 1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Additional Assumptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.trailing twelve quarter gross net investment income (including interest, dividends, fees, etc.) = 9.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.trailing twelve quarter net investment income before incentive compensation (gross net investment income - (management fee + other expenses)) = 8.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.trailing twelve quarter annual total return = 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Trailing twelve quarter total return does not exceed total return hurdle, therefore there is no income incentive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Alternative 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Additional Assumptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.trailing twelve quarter gross net investment income (including interest, dividends, fees, etc.) = 9.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.trailing twelve quarter net investment income before incentive compensation (gross net investment income - (management fee + other expenses)) = 7.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.trailing twelve quarter annual total return = 8.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Tentative income incentive compensation = 12.5% x net investment income before incentive compensation.

= 12.5% x 7.5%

= 0.9375%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Total return after tentative incentive compensation = 8.0% - 0.9375%

= 7.0625%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Trailing twelve quarter net investment income before incentive compensation is positive and the total return after tentative incentive compensation exceeds the total return hurdle, therefore incentive compensation is fully payable.

<sup>1</sup> Represents 5.0% annualized total return hurdle.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Alternative 3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Additional Assumptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.trailing twelve quarter gross net investment income (including interest, dividends, fees, etc.) = 9.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.trailing twelve quarter net investment income before incentive compensation (gross net investment income - (management fee + other expenses)) = 7.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.trailing twelve quarter annual total return = 5.75%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Tentative income incentive compensation = 12.5% x net investment income before incentive compensation

= 12.5% x 7.5%

= 0.9375%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Total return after tentative incentive compensation = 5.75% - 0.9375%

= 4.8125%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Trailing twelve quarter net investment income before incentive compensation is positive and the total return hurdle is less than total return but greater than total return after tentative incentive compensation, therefore incentive compensation is partially payable and = Total return - total return hurdle

= 5.75% - 5.0%

= 0.75%

**Example 2: Capital Gains Portion of Incentive Compensation**<sup>2</sup>**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Alternative 1:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Assumptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Year 1: $20 million investment made in Company A ("Investment A"), and $30 million investment made in Company B ("Investment B").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Year 2: Investment A sold for $50 million and fair market value ("FMV") of Investment B determined to be $32 million. Trailing twelve quarter total return of 20%.

iii Year 3: FMV of Investment B determined to be $25 million. Trailing twelve quarter total return of 15%.

Year 4: Investment B sold for $31 million. Trailing twelve quarter total return of 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The capital gains portion of the incentive compensation would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Year 1: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Year 2: Capital gains incentive compensation of $3.75 million ($3.75 million = $30 million realized capital gains on sale of Investment A multiplied by 12.5% and total return hurdle satisfied).

<sup>2</sup> The capital gains component will be paid in full prior to payment of the income component. Incentive compensation (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Year 3: None; no realized capital gains.

iv Year 4: Capital gains incentive compensation of $0.125 million ($31 million cumulative realized capital gains multiplied by 12.5%, less $3.75 million of capital gains incentive compensation paid in year 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Alternative 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Assumptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Year 1: $20 million investment made in Company A ("Investment A"), $30 million investment made in Company B ("Investment B") and $25 million investment made in Company C ("Investment C").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million. Trailing twelve quarter total return of 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million. Trailing twelve quarter total return of 5.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Year 4: FMV of Investment B determined to be $35 million. Trailing twelve quarter total return of 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Year 5: Investment B sold for $40 million. Trailing twelve quarter total return of 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The capital gains portion of the incentive compensation would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Year 1: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Year 2: Capital gains incentive compensation of $3.125 million; 12.5% multiplied by $25 million ($30 million realized capital gains on Investment A less $5 million unrealized capital depreciation on Investment B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Year 3: Capital gains incentive compensation of $0.875 million; 12.5% multiplied by $32 million ($30 million realized capital gains on Investment A less $3 million unrealized capital depreciation on Investment B plus $5 million realized capital gains on Investment C, less $3.125 million capital gains incentive compensation paid in year 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Year 4: Capital gains incentive compensation of $0.375 million ($35 million cumulative realized capital gains multiplied by 12.5%, less $4.0 million capital gains incentive compensation paid in years 2 and 3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Year 5: Capital gains incentive compensation of $1.25 million ($45 million cumulative realized capital gains multiplied by 12.5%, less $4.375 million in capital gains incentive compensation paid in years 2, 3 and 4).

***Board Approval of the Advisory Agreement***

Our Board, including our Independent Trustees, approved the continuation of the Advisory Agreement for an additional one-year period at a meeting held on October 28-29, 2025. In reaching a decision to approve the Advisory Agreement, the Board reviewed a significant amount of information and considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the nature, quality and extent of the advisory and other services to be provided to the Fund by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the proposed investment advisory fee rates to be paid by the Fund to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fee structures of comparable externally managed business development companies that engage in similar investing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our projected operating expenses and expense ratio compared to business development companies with similar investment objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•information about the services to be performed and the personnel who would be performing such services under the Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the organizational capability and financial condition of the Investment Adviser and its affiliates.

Based on the information reviewed and the discussion thereof, the Board, including a majority of the non-interested trustees, concluded that the investment advisory fee rates are reasonable in relation to the services to be provided and approved the Advisory Agreement as being in the best interests of our shareholders.

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**Sub-Advisory Agreement**

BlackRock Advisors, LLC, an indirect subsidiary of BlackRock, will perform certain of the day-to-day investment management of the Fund pursuant to a separate sub-investment advisory agreement (the "Sub-Advisory Agreement"). BlackRock Advisors, LLC is located at 100 Bellevue Parkway, Wilmington, Delaware 19809.

Pursuant to the Sub-Advisory Agreement, the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee in an amount equal to a percentage of the average daily value of the Fund's assets allocated to the Sub-Adviser.

The Sub-Advisory Agreement provides that, in the absence of bad faith, misconduct, willful misfeasance, negligence or reckless disregard of its obligations thereunder, the Fund will indemnify the Sub-Adviser, its directors, officers, employees, agents, associates and control persons for liabilities incurred by them in connection with their services to the Fund, subject to certain limitations.

Although the Sub-Adviser intends to devote such time and effort to the business of the Fund as is reasonably necessary to perform its duties to the Fund, the services of the Sub-Adviser are not exclusive and the Sub-Adviser provides similar services to other investment companies and other clients and may engage in other activities.

The Sub-Advisory Agreement provides for an initial effective period of two years from its effective date, and if not sooner terminated, will continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved at least annually by both (1) the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act) and (2) by the vote of a majority of the Trustees who are not parties to such agreement or interested persons (as such term is defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Sub-Advisory Agreement may be terminated as a whole at any time by the Fund without the payment of any penalty, upon the vote of a majority of the Board or a majority of the outstanding voting securities of the Fund or by the Investment Adviser or the Sub-Adviser, on 60 days' written notice by either party to the other. The Sub-Advisory Agreement will also terminate automatically in the event of its assignment (as such term is defined in the 1940 Act and the rules thereunder).

***Board Approval of the Sub-Advisory Agreement***

Our Board, including our Independent Trustees, approved the continuation of the Sub-Advisory Agreement for an additional one-year period at a meeting held on October 28-29, 2025. In reaching a decision to approve the Sub-Advisory Agreement, the Board reviewed a significant amount of information and considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the nature, quality and extent of the advisory and other services to be provided to the Fund by the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the proposed investment sub-advisory fee rates to be paid by the Investment Adviser to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fee structures of comparable externally managed business development companies that engage in similar investing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our projected operating expenses and expense ratio compared to business development companies with similar investment objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•information about the services to be performed and the personnel who would be performing such services under the Sub-Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the organizational capability and financial condition of the Sub-Adviser and its affiliates.

Based on the information reviewed and the discussion thereof, the Board, including a majority of the non-interested trustees, concluded that the investment sub-advisory fee rates are reasonable in relation to the services to be provided and approved the Sub-Advisory Agreement as being in the best interests of our shareholders.

**Administration Agreement**

BlackRock Financial Management, Inc. serves as the Fund's Administrator. The principal executive offices of the Administrator are located at 50 Hudson Yards, New York, New York 10001. The Fund has entered into an administration agreement with the Administrator (the "Administration Agreement"). Pursuant to the Administration Agreement, the Administrator will perform (or oversee, or arrange for, the performance by third parties of) the administrative services necessary for the operation of the Fund. Without limiting the generality of the foregoing, the Administrator will provide the Fund with office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as the Administrator, subject to review by the Board of Trustees of the Fund, will from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator will also, on behalf of the Fund, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, stockholders and such other persons in any

------

such other capacity deemed to be necessary or desirable. The Administrator also makes reports to the Fund's Board of Trustees of its performance of obligations under the Administration Agreement and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it determines to be desirable. The Administrator is responsible for the financial and other records that the Fund is required to maintain and will prepare all reports and other materials required by any agreement or to be filed with the SEC or any other regulatory authority, including reports on Forms 8-K, 10-Q, 10-K and periodic reports to stockholders, determining the amounts available for distribution as dividends and distributions to be paid by the Fund to its shareholders, review and implementation of any share purchase programs authorized by the Board of Trustees and maintaining or overseeing the maintenance of the books and records of the Fund as required under the 1940 Act and maintaining (or overseeing maintenance by other persons) such other books and records required by law or for the proper operation of the Fund. In addition, the Administrator will assist the Fund in determining and publishing the Fund's net asset value, overseeing the preparation and filing of the Fund's tax returns, and the printing and dissemination of reports to stockholders of the Fund, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others.

Pursuant to the Administration Agreement, in full consideration of the provision of the services of the Administrator, the Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities thereunder, including payments to the Administrator in an amount equal to the Fund's allocable portion of overhead and other expenses incurred by the Administrator or its affiliate in performing its obligations and services under the Administration Agreement, such as rent, license fees and other costs associated with computer software utilized in providing such obligations and services and the Fund's allocable portion of the cost of personnel attributable to performing such obligations and services, including, but not limited to, marketing, legal and other services performed by the Administrator for the Fund. For the avoidance of doubt, the Fund will bear its allocable portion of the costs of the compensation, benefits, and related administrative expenses (including travel expenses) of the Fund's officers who provide operational and administrative services, their respective staffs and other professionals who provide services to the Fund (including, in each case, employees of the Administrator or its affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other "back office" or "middle office" financial or operational services to the Fund. The Board of Trustees will periodically receive and review information regarding the allocation of such reimbursable expenses and will consider whether such allocations are fair and reasonable. Additionally, the Administrator has entered into a Sub-Administration Agreement with State Street Bank and Trust Company. The Fund will bear all of the costs and expenses of the Sub-Administration Agreement.

Our Board, including our Independent Trustees, approved the continuation of the Administration Agreement for an additional one-year period at a meeting held on October 28-29, 2025, on the basis that it (i) is in the best interests of the Fund and its shareholders; (ii) provides for services that are required for the Fund's operations; and (iii) provides for fees that are fair and reasonable.

***Sub-Administration Agreement***

The Administrator has entered into the Sub-Administration Agreement with State Street Bank and Trust Company. State Street Bank and Trust Company will receive compensation for its sub-administrative services.

**Compliance with the NASAA Omnibus Guidelines Published**

***Net Worth of Sponsors***

The NASAA, in its Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time (the "NASAA Omnibus Guidelines"), requires that our affiliates and Investment Adviser, or our Sponsor as defined under the NASAA Omnibus Guidelines, have an aggregate financial net worth, exclusive of home, automobiles and home furnishings, of the greater of either $100,000, or 5.0% of the first $20 million of both the gross amount of securities currently being offered in this offering and the gross amount of any originally issued direct participation program securities sold by our affiliates and sponsors within the past 12 months, plus 1.0% of all amounts in excess of the first $20 million. Based on these requirements, our Investment Adviser and its affiliates, while not liable directly or indirectly for any indebtedness we may incur, have an aggregate financial net worth in excess of those amounts required by the NASAA Omnibus Guidelines.

***Prohibited Activities***

Our activities are subject to compliance with the 1940 Act. In addition, our Declaration of Trust prohibits the following activities among

us, the Investment Adviser and its affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not purchase or lease assets in which the Investment Adviser or its affiliates has an interest unless (i) the transaction occurs at the formation of the Fund and we disclose the terms of the transaction to our shareholders, the terms are reasonable to us and the price does not exceed the lesser of cost or fair market value, as determined by an independent expert or (ii) such purchase or lease of assets is consistent with the 1940 Act or an exemptive order under the 1940 Act issued to us by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not invest in general partnerships or joint ventures with affiliates and non-affiliates unless certain conditions are met;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Investment Adviser and its affiliates may not acquire assets from us unless (i) approved by our shareholders entitled to cast a majority of the votes entitled to be cast on the matter or (ii) such acquisition is consistent with the 1940 Act or an exemptive order under the 1940 Act issued to us by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not lease assets to the Investment Adviser or its affiliates unless the transaction occurs at the formation of the Fund, we disclose the terms of the transaction to our shareholders and such terms are fair and reasonable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not make any loans, credit facilities, credit agreements or otherwise to the Investment Adviser or its affiliates except for the advancement of funds as permitted by our Declaration of Trust or unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not acquire assets in exchange for our Common Shares without approval of a majority of the Board of Trustees, including a majority of the Independent Trustees with consideration to an independent appraisal of such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not pay a commission or fee, either directly or indirectly to the Investment Adviser or its affiliates, except as otherwise permitted by our Declaration of Trust, in connection with the reinvestment of cash flows from operations and available reserves or of the proceeds of the resale, exchange or refinancing of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Investment Adviser may not charge duplicate fees to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Investment Adviser may not provide financing to us with a term in excess of 12 months.

In addition, in the Advisory Agreement, the Investment Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state securities laws governing its operations and investments.

***Rebates, Kickbacks and Reciprocal Arrangements***

Our Declaration of Trust prohibits our Investment Adviser from: (i) receiving or accepting any rebate, give-ups or similar arrangement that is prohibited under applicable federal or state securities laws, (ii) participating in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws governing conflicts of interest or investment restrictions or (iii) entering into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws. In addition, our Investment Adviser may not directly or indirectly pay or award any fees or commissions or other compensation to any person or entity engaged to sell our shares or give investment advice to a potential shareholder; provided, however, that our Investment Adviser may pay a registered broker or other properly licensed agent sales commissions or other compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing our Common Shares, including out of the Investment Adviser's own assets, including those amounts paid to the Investment Adviser under the Advisory Agreement. The Investment Adviser will not enter into any agreement, arrangement or understanding that could circumvent the restrictions against dealing with affiliates or promoters under the NASAA Omnibus Guidelines.

***Commingling*** 

The Investment Adviser may not permit our funds to be commingled with the funds of any other entity.

**Fee Waiver and Expense Support and Reimbursement Agreement**

We entered into a Fee Waiver and Expense Support and Reimbursement Agreement (the "Expense Support Agreement") with the Investment Adviser. Pursuant to the Expense Support Agreement, the Investment Adviser paid all of our organizational and offering expenses on our behalf (each, an "Expense Support Agreement Expense Payment").

During each of the 36 months following the commencement of the Fund's operations (the "Reimbursement Period"), we agreed to reimburse the Investment Adviser for any and all Expense Support Agreement Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that our annual Operating Expenses (as defined below) did not exceed 1.25% of the value of our net assets, calculated monthly based on month-end net assets. For the year ended December 31, 2025, the Fund's annual operating expenses did not exceed 1.25% of the value of the Fund's net assets, and the Fund was therefore obligated to reimburse the Investment Adviser for such portion of Expense Support Agreement Expense Payments incurred by the Investment Adviser under the Expense Support Agreement. Organizational and offering expenses reimbursed by the Fund in the aggregate did not exceed 1.50% of the proceeds of this offering. Any payments required to be made by the Fund shall be referred to herein as a "Reimbursement Payment." "Operating Expenses" for purposes of the Fee Waiver and Expense Support and Reimbursement Agreement means all annual operating expenses of the Fund incurred in the ordinary course of business, excluding offering costs incurred by the Fund, interest expense and other financing costs, portfolio transaction and other investment-related costs, base management fee and incentive fee payable pursuant to the Advisory Agreement, shareholder servicing and/or

------

distribution fees, taxes and any other extraordinary expenses not incurred in the ordinary course of business (including, without limitation, litigation expenses). The Reimbursement Period expired on March 18, 2025.

**Expense Support and Conditional Reimbursement Agreement**

On August 26, 2025, the Fund entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support and Conditional Reimbursement Agreement") with the Investment Adviser. Pursuant to the Expense Support and Conditional Reimbursement Agreement, the Investment Adviser may elect to pay certain expenses on the Fund's behalf (an "Expense Payment"), provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Investment Adviser has committed to pay shall be paid by the Investment Adviser to the Fund in any combination of cash or other immediately available funds no later than seventy-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund'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 Fund shall pay such Excess Operating Funds, or a portion thereof, as applicable, to the Investment Adviser until such time as all Expense Payments made by the Investment Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a "Reimbursement Payment."

"Available Operating Funds" means the sum of (i) the Fund's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund'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 Fund 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).

No Reimbursement Payment for any month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment is lower than the Effective Rate of Distributions Per Share at the time the related Expense Payment was made, provided that to the extent that the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment has declined relative to the Effective Rate of Distributions Per Share declared by the Fund at the time of the related Expense Payment in an amount (measured in basis points) equal to or less than a corresponding decline in the 3-month Secured Overnight Financing Rate (measured in basis points) over the same period, this condition (1) shall not restrict the payment of such Reimbursement Payment; or (2) the Fund's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the related Expense Payment was made. "Effective Rate of Distributions Per Share" means the annualized rate of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to shareholder servicing and/or distribution fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Investment Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Fund's net assets. "Operating Expenses" means all of the Fund's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. The Investment Adviser has waived any portion of the income component of the incentive fee attributable to the inclusion of Expense Payments in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return.

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

**Expenses** 

The Fund will be responsible for paying the compensation of the Investment Adviser. In addition, the Fund will generally be responsible for all operating expenses of the Fund, and shall pay, and shall reimburse the Investment Adviser or the Administrator and their respective affiliates for, all fees, costs, expenses, liabilities and obligations of the Fund relating or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's business, affairs and operations, including any private placement fees, sales commissions, appraisal fees, taxes, brokerage fees and commissions, underwriting commissions and discounts, expenses related to short sales, indemnification obligations, legal, accounting, research, auditing, information, appraisal, advisory, valuation (including third-party valuations, appraisals or pricing services), consulting (including consulting and retaining fees and other compensation paid to consultants performing investment initiatives and other similar consultants), tax, investment banking, information services, title, transfer, registration, loan agency services (including any third party service providers related to the foregoing) and other professional fees, expenses of filings and registrations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•activities with respect to the structuring, organizing, negotiating, consummating, financing, refinancing, acquiring, bidding on, owning, managing, monitoring, operating, holding, hedging, restructuring, trading, taking public or private, selling, valuing, winding up, liquidating, or otherwise disposing of, as applicable, of actual and potential investments (including any associated legal, financing, commitment, transaction or other fees and expenses payable to attorneys, accountants, investment bankers, lenders, third-party diligence software and service providers, consultants and similar professionals in connection therewith and any fees and expenses related to transactions that may have been offered to co-investors), whether or not any contemplated transaction or project is consummated and whether or not such activities are successful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment transactions that are not consummated, including break-up fees and other "broken deal" costs, and legal, accounting, investment banking, consulting, information services and other professional fees related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compensation of the Independent Trustees of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the preparation of audits, financial and tax reports, portfolio valuations and tax returns of the Fund, including fees and out-of- pocket expenses of any service company retained to provide accounting and bookkeeping services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all ongoing legal and compliance costs of the Fund (including any costs associated with complying with any tax reporting regime) and the costs of prosecuting or defending any legal action for or against the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all extraordinary professional fees incurred in connection with the business or management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all indemnification, contribution and similar obligations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•indebtedness of, or guarantees made by, the Fund (including any credit facility, letter of credit or similar credit support), including interest with respect thereto, or seeking to put in place any such indebtedness or guarantee, and principal and interest on, and fees and expenses arising out of, all permitted borrowings (including any credit facility, letter of credit or similar credit support) made by the Fund and costs and expenses incurred in connection with seeking to put in place such borrowings (including, but not limited to, financing, commitment, origination and similar fees and expenses) and costs of reporting to the Fund's creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any hedging transactions (including currency hedging and other types of hedging), including in respect of the Fund and/or its investments; any litigation, indemnification, judgments, settlements, director and officer liability or other insurance, including reasonable premiums for insurance protecting the Fund, any of its affiliates and any of its employees and agents, and all other extraordinary expenses or liabilities of the Fund (including fees, costs and expenses that are classified as extraordinary expenses under accounting principles generally accepted in the United States of America ("U.S. GAAP"));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all administrative costs and expenses of the Fund, including the fees of, and reasonable out of pocket expenses incurred by, any administrator (including the Administrator) and/or any other agent appointed by the Fund properly incurred by them, including any fees and expenses of custodians, transfer and distribution agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reporting to the Fund's shareholders, conducting shareholder meetings and the solicitation of shareholder consents, proxy expenses and expenses of communications to investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any governmental and regulatory filings and reporting requirements and other tax or regulatory requirements in respect of the Fund (including costs related to regulatory compliance and government filings) and costs of responding to regulatory inquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all expenses of dissolving and winding up the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any taxes, fees or other governmental charges levied against the Fund and all expenses incurred in connection with any tax audit, investigation, settlement or review of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any supplements or amendments to or restatements of, and waivers, consents or approvals pursuant to, the constituent documents of the Fund and any related entities, including the preparation, distribution and implementation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distributions or dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all ongoing legal, regulatory, listing, share trustee and compliance costs, including the costs of any third-party consultants (including any costs associated with the implementation of and/or compliance with any change of law or regulation applicable to the Fund) of the Fund, including third-party consultants engaged by the Fund or the Advisers in connection with the Fund's regulatory or compliance reporting or the Advisers' regulatory or compliance reporting arising from the operation of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•agreements (including letter agreements) entered into with any investor or potential investor, and modifications and amendments to, and compliance with, such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•printing and mailing, communications, marketing and publicity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses relating to transfers of interests (although as determined by the Investment Adviser in its sole discretion, the Fund may require the transferor of (or the party withdrawing) Interests to pay the expenses relating to the transfer);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's allocable share of all costs and expenses (including taxes) related to entities in which the Fund holds an interest that are established to hold investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•travel, lodging, meals or entertainment expenses relating to any of the foregoing, provided that any applicable travel expenses incurred as organizational or operating expenses will not be charged to or borne by the Fund at a cost exceeding the cost of available first-class commercial airfare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any additional amounts in order for the Fund to comply with any transfer pricing requirements, to the extent required by applicable law, in each case to the extent any such additional amounts are calculated on an arm's-length basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any VAT payable in respect of any of the foregoing expenses, fees or costs.

On behalf of the Fund, the Investment Adviser or the Administrator may advance payment of any such fees and expenses of the Fund, and the Fund will reimburse the Investment Adviser or the Administrator therefor in accordance with the Advisory Agreement or the Administration Agreement.

Expenses associated with the general overhead of the Investment Adviser and the Administrator will not be covered by the Fund. Each of the Investment Adviser and the Administrator, as applicable, will be responsible for, without reimbursement by the Fund, all of its own day-to-day operating expenses, such as compensation of its professional staff and the cost of office space, office supplies, communications, utilities and other such normal overhead expenses (except for certain expenses set forth in the Administration Agreement). The Advisers will also be responsible for all legal, filing and other fees and expenses incurred in connection with the Advisers' registration and compliance with the Advisers Act and any related foreign laws, including: (i) all fees and expenses related to registration as an investment adviser under the Advisers Act and any related foreign laws, and the maintenance of such registration, and (ii) all fees and costs relating to the filing of the Form ADV of the Advisers (provided, that any compliance fees and costs that relate directly to the affairs of the Fund (and not BlackRock-managed entities generally), including (but not limited to) costs of custodians and foreign registrations, will be expenses of the Fund).

For the avoidance of doubt, Operating Expenses will be borne by the Fund and will not be considered administrative and overhead expenses of the Investment Adviser or the Administrator.

Pursuant to the Sub-Advisory Agreement, the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee in an amount equal to a percentage of the average daily value of the Fund's assets allocated to the Sub-Adviser.

**Custodian and Transfer, Distribution Paying Agent and Registrar**

Our securities are held under a custody agreement by State Street Bank and Trust Company. The address of the custodian is 100 Summer Street, Floor 5, Boston, MA 02110. State Street Bank and Trust Company acts as our transfer agent, distribution paying agent and registrar. The principal business address of our transfer agent is One Heritage Drive, North Quincy, MA 02171.

**Share Repurchase Program** 

At the discretion of our Board of Trustees, the Fund is conducting a share repurchase program in which the Fund is repurchasing, in each quarter, up to 5% of the Fund's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Fund does not intend to commence a share repurchase offer during any calendar quarter for which the Fund's liquid assets are less than 25% of the Fund's net assets plus available and undrawn leverage as of the date of the most recent publicly available NAV prior to the commencement of such calendar quarter. In addition, the Fund's Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the Fund's best interest and the best interest of the Fund's shareholders. As a result, share repurchases may not be available each quarter. The Fund conducts such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Fund's share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund expects to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last 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 is measured as of the subscription closing date immediately following the valuation date of the applicable tender offer. The Early Repurchase Deduction may be waived at the Fund's or Distributor's discretion (a) in the case of repurchase requests arising from the death, divorce or qualified disability of the holder, (b) due to trade or operational error, or (c) for repurchase requests with respect to shares held in accounts of asset allocation programs, such as model portfolio management programs (and similar arrangements). The Early Repurchase Deduction will be waived in the event that a shareholder's shares are purchased because the shareholder has failed to maintain the $500 minimum account balance. In the event that any shareholder fails to maintain

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the minimum balance of $500 of our shares, we may repurchase all of the shares held by that shareholder at the repurchase price in effect on the date we determine that the shareholder has failed to meet the minimum balance. Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in our NAV. In the event of a minimum account repurchase, the Early Repurchase Deduction will be waived. In addition, the Fund's Common Shares are sold to certain feeder vehicles primarily created to hold the Fund's Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Fund may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. The Fund commenced its initial quarterly repurchase offer on April 28, 2023.

The following table presents information with respect to the Fund's repurchases for the years ended December 31, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2025 | February 28, 2025 | 139189 | 0.5% | $24.42 | March 31, 2025 | $3398946 |  |
| April 30, 2025 | May 28, 2025 | 265506 | 0.7% | $24.24 | June 30, 2025 | $6434733 |  |
| July 31, 2025 | August 27, 2025 | 552561 | 1.1% | $24.07 | September 30, 2025 | $13290207 |  |
| October 31, 2025 | November 28, 2025 | 1215939 | 1.8% | $23.95 | December 31, 2025 | $29116490 |  |

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______________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Percentage is based on total shares as of the close of the previous calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Net of Early Repurchase Deduction (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)All repurchase requests were satisfied in full.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2024 | February 29, 2024 | 23540 | 0.2% | $24.98 | March 31, 2024 | $588036 |  |
| April 30, 2024 | May 31, 2024 | 11023 | 0.1% | $24.84 | June 30, 2024 | $273818 |  |
| July 31, 2024 | August 30, 2024 | 112301 | 0.5% | $24.77 | September 30, 2024 | $2781862 |  |
| October 31, 2024 | November 29, 2024 | 56295 | 0.2% | $24.79 | December 31, 2024 | $1393661 |  |

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______________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Net of Early Repurchase Deduction (if any).

(3) All repurchase requests were satisfied in full.

If during any consecutive four-quarter period (each, a "Four Quarter Period"), there is not at least one quarter in which the Fund fully accepts all properly submitted tenders in a repurchase offer, the Investment Adviser intends to recommend that the Board approve a plan pursuant to which the Fund will not make any new investments (excluding investment in any transactions for which there are binding written agreements (including investments funded in phases), follow-on investments made in existing portfolio companies, revolver or credit facility, letter of credit or similar credit support drawdowns, and obligations under any existing Fund guarantee and except as necessary for the Fund to (i) preserve its status as a RIC under the Code and as a BDC, (ii) repay indebtedness to allow for distributions or (iii) comply with applicable law) and will use all "capital available for investing" to accept properly submitted tenders until such time that all properly submitted tenders in any one repurchase offer have been fully accepted; provided that the Investment Adviser does not intend to make such recommendations to the Board if the Fund has, during such Four Quarter Period, accepted repurchase offers for at least (i) 5% of the aggregate Common Shares outstanding (either by number of shares or aggregate NAV) in each of the quarters in such Four Quarter Period or (ii) the equivalent aggregate percentage (i.e. 20%) of Common Shares outstanding (either by number of shares or aggregate NAV) during such Four Quarter Period.

For these purposes, "capital available for investing" will be determined based on the amount of cash on hand, less Fund expenses, including, without limitation, management fees, amounts that may become due under any borrowing or other financings or similar obligations, amounts needed to meet current or anticipated debt covenants, obligations imposed by law, including the requirement under the NASAA Omnibus Guidelines that the Fund not impair its capital or operations, courts, or arbitration or indemnity obligations. The purpose of this

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recommendation would be to allow the Fund to satisfy as many properly submitted tender requests as possible and it is expected that during this time, Fund management and the Board would also consider additional ways to improve shareholder liquidity.

If, during any Four Quarter Period, there is not at least one quarter in which the Fund fully accepts all properly submitted tenders in a repurchase offer, then beginning at the end of such Four Quarter Period the Investment Adviser will defer its incentive fee until all properly submitted tenders in any one repurchase offer have been accepted, after which such deferred incentive fee will become payable and no further incentive fee amounts will be required to be deferred; provided that the Investment Adviser is not required to defer its incentive fee if the Fund has, during such Four Quarter Period, accepted repurchase offers for at least (i) 5% of the aggregate Common Shares outstanding (either by number of shares or aggregate NAV) in each of the quarters in such Four Quarter Period or (ii) the equivalent aggregate percentage (i.e. 20%) of Common Shares outstanding (either by number of shares or aggregate NAV) during such Four Quarter Period.

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**Item 1A. Risk Factors**

*Investing in our securities may be speculative and involves a high degree of risk. You should carefully consider these risk factors, together with all of the other information included in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto. The risks set out below are not the only risks we face. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our net asset value and the trading price of our Common Shares could decline, and you may lose all or part of your investment in us.*

***Shareholders are dependent on the judgment and abilities of the Advisers.***

Shareholders will have no authority to make decisions or to exercise business discretion on behalf of the Fund, and will not have the opportunity to evaluate fully for themselves the relevant economic, financial and other information regarding the Fund's investments. Accordingly, no potential purchaser of the Fund's Common Shares should purchase such shares unless such purchaser is willing to entrust the management of the investments of the Fund to the Advisers.

The Fund's performance will depend in large part upon the skill and expertise of the team of investment professionals managing the Fund's portfolio. The future performance of the Fund depends on the continued service of such persons. The departure of any of the investment professionals of the Advisers may have an adverse effect on the profits of the Fund.

***The level of analytical sophistication, both financial and legal, necessary for successful investment in the Fund's investments is unusually high.***

There is no assurance that the Advisers will correctly judge the nature and magnitude of the many factors that could affect the prospects for successful Fund investments.

Investment analyses and decisions may be undertaken on an expedited basis in order for the Fund to take advantage of available investment opportunities. In such cases, the information available at the time of an investment decision may be limited, and the Advisers may not have access to the detailed information necessary for a thorough evaluation of the investment opportunity. Further, the Advisers may have to conduct its due diligence activities over a very brief period.

***Our Common Shares will not be insured or guaranteed by any person or entity, and shareholders could experience a total loss of their investment.***

Our Common Shares will not be insured or guaranteed by any person or entity. The Fund will have no substantial assets other than the Fund's investments. In the event of the dissolution of the Fund or otherwise, if the proceeds of the Fund's assets are insufficient to repay capital contributions made to the Fund by the shareholders, no other assets will be available for the payment of any deficiency. Neither the Advisers nor their affiliates have any liability for the repayment of capital contributions made to the Fund by the shareholders. Shareholders could experience a total loss of their investment in the Fund.

***An investment in our shares will have limited liquidity.***

No market exists for the Common Shares, and it is possible that none develops. Neither the Advisers, any placement agent nor any other person is under any obligation to make a market in the common shares of the Fund.

Consequently, a purchaser must be prepared to hold the shares for an indefinite period of time or until the termination date of the Fund. In addition, the Common Shares are subject to certain transfer restrictions and can only be transferred to certain transferees as described herein. Such restrictions on the transfer of the Common Shares may further limit the liquidity of the Common Shares.

***Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the value of our investments, which could adversely affect the determination of our net asset value.***

Our portfolio investments will generally not be in publicly traded securities. As a result, although we expect that some of our equity investments may trade on private secondary marketplaces, the fair value of our direct investments in portfolio companies will often not be readily determinable. Under the 1940 Act, investments for which there are no readily available market quotations, including securities that while listed on a private securities exchange have not actively traded, will be valued at fair value as determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our Board of Trustees. The Valuation Designee determines the value of our investments in accordance with such valuation policy. In connection with such determination, the Valuation Designee utilizes the services of an independent valuation firm, which prepares valuation reports on a quarterly basis for most of our portfolio investments that are not publicly traded or for which we do not have readily available market quotations, including securities that while listed on a private securities exchange, have not actively traded. However, the Valuation Designee retains ultimate authority as to the appropriate valuation of each such investment. The types of factors that the Valuation Designee takes into account in approving fair value with

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respect to such non-traded investments includes, as relevant and, to the extent available, the portfolio company's earnings, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company and other relevant factors. This information may not be available because it is difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, our fair value determinations with respect to any non-traded investments we hold may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our securities based on an overstated net asset value may pay a higher market price than the value of our investments might warrant. Conversely, investors selling securities based on a net asset value that understates the value of our investments may receive a lower market price for their securities than the value of our investments might warrant.

***As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.***

As a public company, we are subject to the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC. Our management is required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. Developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance and our ability to make distributions. This process also will result in a diversion of our management's time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.

We are not required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404, and will not be required to comply with all of those requirements until we have been subject to the reporting requirements of the Exchange Act for a specified period of time or the date we are no longer an emerging growth company under the JOBS Act. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet. We are in the process of addressing our internal controls over financial reporting and are establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Fund.

***A BlackRock credit event could adversely affect our business.***

Although the Fund and the Advisers are separate legal entities from BlackRock, in the event that BlackRock were to experience material financial distress or a downgrade in its credit rating, or if there were a change of control of BlackRock, the Fund could nonetheless be adversely affected. In that regard, financial distress, a credit rating downgrade or change of control of BlackRock or the Advisers could cause the Advisers to have difficulty retaining personnel or otherwise adversely affect the Fund and its ability to achieve its investment objective. Such an event may also cause a default with respect to indebtedness incurred by the Fund.

***Shareholders will not have any direct interest in our investments.***

The offering of Common Shares does not constitute a direct or indirect offering of interests in the Fund's investments. Shareholders will have no direct interest in the Fund's investments and generally will have no voting rights in, or standing or recourse against, any of the Fund's investments. Moreover, none of the shareholders will have the right to participate in the control, management or operations of any of the Fund's investments, or have any discretion over the management of any of the Fund's investments by reason of their investment in the Fund.

***We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares less attractive to investors.***

The Fund will be and will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) in which the Fund has total annual gross revenue of at least $1.235 billion, or (ii) in which the Fund is deemed to be a large accelerated filer, and (b) the date on which the Fund issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as the Fund remains an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. The Fund cannot predict if investors

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will find the Fund's shares less attractive because the Fund will rely on some or all of these exemptions. If some investors find the Fund's shares less attractive as a result, there may be a less active trading market for the Fund's shares and the Fund's share price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate the Fund since our financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

***Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.***

*General*. The Fund's investments may be risky, and shareholders could lose all or part of their investment. The Advisers will have broad discretion in making investments for the Fund. The Fund's investments will generally consist of debt obligations and other securities and assets that present significant risks as a result of business, financial, market and legal uncertainties. There can be no assurance that the Advisers will correctly evaluate the nature and magnitude of the various factors that could affect the value of and return on the Fund's investments. Prices of the Fund's investments may be volatile, and a variety of other factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Fund's activities and the value of the Fund's investments. The Fund's performance over a particular period may not necessarily be indicative of the results that may be expected in future periods. Similarly, the past performance of the Advisers and its affiliates may not necessarily be indicative of the results the Advisers may be able to achieve with the Fund's investments. While the Advisers expect to focus primarily on privately-originated, performing senior secured debt primarily in issuers headquartered in North America in making its investments, the Advisers have broad discretion to invest as they determine, consistent with the investment objective of the Fund, and no shareholder approval is required for any investment the Fund may make. Furthermore, the Advisers may invest in products or use investment techniques not specifically described in this Annual Report, including in financial instruments that have not yet been designed or have not yet become prevalent in the market. Any such instruments or techniques may subject the Fund to additional risks. Investors will not be notified prior to the Fund's making any investments in products or using investment techniques not specifically described in this report; however, the Board of Trustees, in exercising its fiduciary duties to shareholders and to the Fund, will oversee these investments at a heightened level. In addition, because the Fund's investments will be actively managed, frequent purchases and sales of investments may result in higher transaction costs to the Fund, which costs will decrease the value of the common shares of the Fund.

*Secured Loans Risk*. Loans held by the Fund may be secured. While secured loans purchased by the Fund will often intend to be over-collateralized, the Fund may be exposed to losses resulting from default and foreclosure. Therefore, the value of the underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Fund cannot guarantee the adequacy of the protection of the Fund's interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Fund cannot assure that claims may not be asserted that might interfere with enforcement of the Fund's rights. In the event of a foreclosure, the Fund or an affiliate of the Fund may assume direct ownership of the underlying asset. The liquidation proceeds upon sale of such asset may not satisfy the entire outstanding balance of principal and interest on the loan, resulting in a loss to the Fund. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying property will further reduce the proceeds and thus increase the loss.

*Unsecured Loans Risk*. While the Fund is expected to focus primarily on secured loans, the Fund may hold unsecured loans. Unsecured loans have lower priority in right of payment to any higher ranking obligations of the borrower and are not backed by a security interest in any specific collateral. They are subject to risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments after giving effect to any higher ranking obligations of the borrower. Unsecured loans are expected to have greater price volatility than senior loans and secured loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in unsecured loans, which would create greater credit risk exposure.

*Second Lien Loans Risk*. Second lien loans are subject to the same risks associated with investment in senior loans. However, second lien loans are second in right of payment to senior loans and therefore are subject to additional risk that the cash flow of the borrower and any property securing the loan may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans are expected to have greater price volatility than senior loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans, which would create greater credit risk exposure. In the event of default on a "second lien" loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder, which would therefore result in a loss of investment to the Fund.

*Borrower Fraud*. Of paramount concern when investing in loans is the possibility of material misrepresentation or omission on the part of borrower. Such inaccuracy or incompleteness may adversely affect, among other things, the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund to perfect or effectuate a lien on the collateral securing the loan. The Fund will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness.

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While the Fund will conduct due diligence with respect to the collateral before investing, including obtaining appraisals of inventory values from independent sources, and will seek to obtain appropriate monitoring rights, there can be no assurance that the Advisers will detect representational borrower fraud or inaccuracy or that the Fund's investments will not be adversely affected by such fraud or inaccuracy.

*Equity Securities*. The Fund will also be permitted to invest in common and preferred stock and other equity securities, including both public and private equity securities. Equity securities generally involve a high degree of risk and will be subordinate to the debt securities and other indebtedness of the issuers of such equity securities. Prices of equity securities generally fluctuate more than prices of debt securities and are more likely to be affected by poor economic or market conditions. In some cases, the issuers of such equity securities may be highly leveraged or subject to other risks such as limited product lines, markets or financial resources. In addition, some of these equity securities may be illiquid. Because of perceived or actual illiquidity or investor concerns regarding leveraged capitalization, these securities often trade at significant discounts to otherwise comparable investments or are not readily tradable. These securities generally do not produce current income for the Fund and may also be speculative. The Fund may experience a substantial or complete loss on individual equity securities.

*Preferred Stock Risk*. To the extent that the Fund invests in preferred securities, there are special risks, including:

**Deferral**. Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes although the Fund has not yet received such income.

**Subordination**. Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.

**Liquidity**. Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities.

**Limited Voting Rights**. Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights.

*Mezzanine Investments*. Mezzanine investments of the type in which the Fund intends to invest are primarily privately negotiated subordinated debt and equity securities issued in connection with leveraged transactions, such as management buyouts, acquisitions, refinancings, recapitalizations and later stage growth capital financings, and are generally rated below investment-grade. Mezzanine investments may also include investments with equity participation features such as warrants, convertible securities, senior equity investments and common stock. Such mezzanine investments may be issued with or without registration rights. Mezzanine investments may be subject to risks associated with illiquid investments, since there will usually be relatively few holders of any particular mezzanine investment. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years due to prepayment rights. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. Mezzanine investments share all of the risks of other high yield securities and are often even more subordinated than other high yield debt, as they often represent the most junior debt security in an issuer's capital structure.

*Risks Associated with Investments in Small to Medium Capitalization Companies*. The Fund may invest a portion of its assets in the securities of companies with small-to medium-sized market capitalizations. While the Investment Adviser believes these investments often provide significant potential for appreciation, those securities, particularly smaller-capitalization securities, involve higher risks in some respects than do investments in securities of larger companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our executive officers, directors and the Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in laws and regulations, as well as their interpretations, may adversely affect their respective businesses, financial structures or prospects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•they may have difficulty accessing the capital markets to meet future capital needs.

Limited public information exists about private middle-market companies, and we expect to rely on the Investment Adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern disclosures and financial controls of public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investment.

*Risks Associated with Investments in the Medium- and Large-Sized U.S. Corporate Debt Market*. Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of the Fund's portfolio, reducing our NAV through increased net unrealized depreciation. Conditions in the medium- and large-sized U.S. corporate debt market may deteriorate, as seen during the financial crisis of 2007-2008, which may cause pricing levels to similarly decline or be volatile. During the financial crisis, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests. This resulted in a forced deleveraging cycle of price declines, compulsory sales and further price declines, with falling underlying credit values, and other constraints resulting from the credit crisis generating further selling pressure. If similar events occurred in the medium- and large-sized U.S. corporate debt market, the Fund's NAV could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale of our investments, which could have a material adverse impact on the Fund's business, financial condition and results of operations.

*Below Investment Grade Risk*. In addition, the Fund intends to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and illiquid. The major risks of below investment grade securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Below investment grade securities may be issued by less creditworthy issuers. Issuers of below investment grade securities may have a larger amount of outstanding debt relative to their assets than issuers of investment grade securities. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of holders of below investment grade securities, leaving few or no assets available to repay holders of below investment grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prices of below investment grade securities are subject to extreme price fluctuations. Adverse changes in an issuer's industry and general economic conditions may have a greater impact on the prices of below investment grade securities than on other higher-rated fixed-income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Issuers of below investment grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Below investment grade securities frequently have redemption features that permit an issuer to repurchase the security from us before it matures. If the issuer redeems below investment grade securities, we may have to invest the proceeds in securities with lower yields and may lose income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Below investment grade securities may be less liquid than higher-rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the below investment grade securities market, and there may be significant differences in the prices quoted by the dealers. Judgment may play a greater role in valuing these securities and we may be unable to sell these securities at an advantageous time or price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

The credit rating of a high-yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

*Undervalued Assets*. The Fund will seek to invest in undervalued assets. The identification of investment opportunities in undervalued assets is a difficult task, and there is no assurance that such opportunities will be successfully recognized or acquired. While investments in undervalued assets offer the opportunity for above-average capital appreciation, these investments involve a high degree of financial risk and can result in substantial losses. The Fund may be forced to sell, at a substantial loss, assets identified as undervalued, if they are not in fact undervalued. In addition, the Fund may be required to hold such assets for a substantial period of time before realizing their anticipated value. During this period, a portion of the Fund's capital would be committed to these assets purchased, potentially preventing the Fund from investing in other opportunities.

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*CLO Risk*. The Fund's investments in CLOs may be riskier than a direct investment in the debt or other securities of the underlying companies. When investing in CLOs, the Fund may invest in any level of a CLO's subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). CLOs are typically highly levered and therefore, the junior debt and equity tranches that we may invest in are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, the Fund will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs. Furthermore, the investments the Fund makes in CLOs are at times thinly traded or have only a limited trading market. As a result, investments in such CLOs may be characterized as illiquid securities.

*Bridge Financings Risk*. From time to time, the Fund may lend to portfolio companies on a short-term, unsecured basis or otherwise invest on an interim basis in portfolio companies in anticipation of a future issuance of equity or long-term debt securities or other refinancing or syndication. Such bridge loans would typically be convertible into a more permanent, long-term security; however, for reasons not always in the Fund's control, such long-term securities issuance or other refinancing or syndication may not occur and such bridge loans and interim investments may remain outstanding. In such event, the interest rate on such loans or the terms of such interim investments may not adequately reflect the risk associated with the position taken by the Fund.

*Private Investments Risk*. The Fund intends to invest primarily in privately-held companies. Investments in private companies pose significantly greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Second, the depth and breadth of experience of management in private companies tends to be less than that at public companies, which makes such companies more likely to depend on the management talents and efforts of a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions made by such management teams and/or the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our investments and, in turn, on the Fund. Third, the investments themselves tend to be less liquid. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal amortization schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of our target portfolio companies may affect our investment returns. Fourth, little public information generally exists about private companies. Further, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Investment Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Investment Adviser would typically assess an investment in a portfolio company based on the Investment Adviser's estimate of the portfolio company's earnings and enterprise value, among other things, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Investment Adviser to make different investment decisions than it may have made with more complete information. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If the Fund unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

*Risks Associated with Repurchase Agreements*. Subject to the Fund's investment objective and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

*Risks Associated with Securities Lending Agreements*. The Fund may from time to time make secured loans of its marginable securities to brokers, dealers and other financial institutions if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such loan. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to brokers and other financial institutions that are believed by the Investment Adviser to be of high credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (e.g., negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. If the Fund enters into a securities lending arrangement, the Investment Adviser, as part of its responsibilities under the Advisory Agreement, will invest the Fund's cash collateral in accordance with the Fund's investment objective and strategies. The Fund will pay the borrower of the securities a fee based on the amount of the cash collateral posted in connection with the securities lending program. The borrower will pay to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent.

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The Fund may invest the cash collateral received only in accordance with its investment objective, subject to the Fund's agreement with the borrower of the securities. In the case of cash collateral, the Fund expects to pay a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Fund.

Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, will retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Fund may also call such loans in order to sell the securities involved. When engaged in securities lending, the Fund's performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Fund in permissible investments.

*Distressed Debt Securities Risk*. At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished. We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt we hold, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities.

*Payment-in-kind Interest Risk*. Our loans may contain a payment-in-kind, or PIK, interest provision. PIK investments carry additional risk as holders of these types of securities receive no cash until the cash payment date unless a portion of such securities is sold. If the issuer defaults the Fund may obtain no return on its investment. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income. To avoid the imposition of corporate-level tax on us, this non-cash source of income needs to be paid out to stockholders in cash distributions or, in the event that we determine to do so and in certain cases, in shares of our common stock, even though we have not yet collected and may never collect the cash relating to the PIK interest. As a result, we may have to distribute a taxable stock dividend to account for PIK interest even though we have not yet collected the cash.

***We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.***

We may from time to time enter into credit default swaps or other derivative transactions that seek to modify or replace the investment performance of a particular reference security or other asset. These transactions are typically individually negotiated, non-standardized agreements between two parties to exchange payments, with payments generally calculated by reference to a notional amount or quantity. Swap contracts and similar derivative contracts are not traded on exchanges; rather, banks and dealers act as principals in these markets. These investments may present risks in excess of those resulting from the referenced security or other asset. Because these transactions are not an acquisition of the referenced security or other asset itself, the investor has no right directly to enforce compliance with the terms of the referenced security or other asset and has no voting or other consensual rights of ownership with respect to the referenced security or other asset. In the event of insolvency of a counterparty, we will be treated as a general creditor of the counterparty and will have no claim of title with respect to the referenced security or other asset.

A credit default swap is a contract in which one party buys or sells protection against a credit event with respect to an issuer, such as an issuer's failure to make timely payments of interest or principal on its debt obligations, bankruptcy or restructuring during a specified period. Generally, if we sell credit protection using a credit default swap, we will receive fixed payments from the swap counterparty and if a credit event occurs with respect to the applicable issuer, we will pay the swap counterparty par for the issuer's defaulted debt securities and the swap counterparty will deliver the defaulted debt securities to us. Generally, if we buy credit protection using a credit default swap, we will make fixed payments to the counterparty and if a credit event occurs with respect to the applicable issuer, we will deliver the issuer's defaulted securities underlying the swap to the swap counterparty and the counterparty will pay us par for the defaulted securities. Alternatively, a credit default swap may be cash settled and the buyer of protection would receive the difference between the par value and the market value of the issuer's defaulted debt securities from the seller of protection.

Credit default swaps are subject to the credit risk of the underlying issuer. If we are selling credit protection, there is a risk that we will not properly assess the risk of the underlying issuer, a credit event will occur and we will have to pay the counterparty. If we are buying credit protection, there is a risk that we will not properly assess the risk of the underlying issuer, no credit event will occur and we will receive no benefit for the premium paid. The success of our hedging transactions will depend on our ability to correctly predict movements and interest rates. Therefore, while we may enter into such transactions to seek to reduce interest rate risks, unanticipated changes in interest rates may

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result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings or debt arrangements being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss.

A derivative transaction is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In some cases, we may post collateral to secure our obligations to the counterparty, and we may be required to post additional collateral upon the occurrence of certain events such as a decrease in the value of the reference security or other asset. In some cases, the counterparty may not collateralize any of its obligations to us. Derivative investments effectively add leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. In addition to the risks described above, such arrangements are subject to risks similar to those associated with the use of leverage.

***We may form one or more CLOs, which may subject us to certain structured financing risks.***

To finance investments, the Fund may securitize certain of its secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. It is possible that an interest in any such CLO held by us may be considered a "non-qualifying" portfolio investment for purposes of the 1940 Act.

If the Fund creates a CLO, the Fund will depend in part on distributions from the CLO's assets out of its earnings and cash flows to enable the Fund to make distributions to shareholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO's debt, which could impact our ability to receive distributions from the CLO. If the Fund does not receive cash flow from any such CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and the Fund is unable to obtain cash from other sources necessary to satisfy this requirement, the Fund may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the shares.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to the Fund for distribution to shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by the Fund as owner of equity interests in the CLO.

The manager for a CLO that the Fund creates may be the Fund, the Investment Adviser or an affiliate, and such manager may be entitled to receive compensation for structuring and/or management services. To the extent the Investment Adviser or an affiliate other than the Fund serves as manager and the Fund is obligated to compensate the Investment Adviser or the affiliate for such services, the Fund, the Investment Adviser or the affiliate will implement offsetting arrangements to assure that the Fund, and indirectly, Fund shareholders, pay no additional management fees to the Investment Adviser or the affiliate in connection therewith. To the extent the Fund serves as manager, the Fund will waive any right to receive fees for such services from the Fund (and indirectly its shareholders) or any affiliate.

***Debt obligations are subject to credit and interest rate risks which may adversely affect the performance of our investments.***

Debt portfolios are subject to credit and interest rate risks. "Credit risk" refers to the likelihood that an issuer will default in the payment of principal and/or interest on an instrument. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and debt obligations which are rated by rating agencies are often reviewed by such agencies and may be subject to downgrade.

"Interest rate risk" refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). General interest rate fluctuations may have a substantial negative impact on the Fund's investments, the value of the Fund's common shares and the Fund's rate of return on invested capital.

An increase in interest rates could decrease the value of any investments held by the Fund that earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high-yield bonds, and also could increase the Fund's interest expense, thereby decreasing its net income. In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner

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although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). This risk will be greater for long-term securities than for short-term securities. Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules. The Fund may attempt to minimize the exposure of the portfolios to interest rate changes through the use of interest rate swaps, interest rate futures, interest rate options and/or other hedging strategies. However, there can be no guarantee that the Advisers will be successful in mitigating the impact of interest rate changes on the portfolios.

Conversely, a decrease in the general level of interest rates typically leads to a higher rate of prepayments by borrowers. Accordingly, a decrease in interest rates may result in our reinvestment of the prepayment proceeds at lower rates of return than the return on the investments that were prepaid. A decrease in interest rates could lead to loans generating lower returns for us for the same level of risk. We may therefore be required to invest in risker loans to achieve the same level of returns.

Factors that may affect market interest rates include, without limitation, inflation, deflation, slow or stagnant economic growth or recession, unemployment, money supply, governmental monetary policies, international disorders and instability in domestic and foreign financial markets. There may be significant unexpected movements in interest rates, which movements could have adverse effects on portfolio companies and the economy as a whole. In light of the foregoing, and more generally, the Fund expects that it will periodically experience imbalances in the interest rate sensitivities of its assets and liabilities and the relationships of various interest rates to each other, which could adversely affect their performance.

In addition, to the extent that the Fund may be leveraged, movements in the level of interest rates may affect the returns from these assets more significantly than other assets in some instances. The structure and nature of the debt encumbering an investment may therefore be an important element to consider in assessing the interest risk of the investment. In particular, the type of facilities, maturity profile, rates being paid, fixed versus variable components and covenants in place (including the manner in which they affect returns to equity holders) are crucial factors in assessing any interest rate risk. You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold and may result in a substantial increase in the amount of Incentive Fees payable to our Investment Adviser with respect to the portion of the Incentive Fee based on income.

***Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.***

The Fund is subject to the risk that investments in our portfolio companies may be repaid prior to maturity. When this occurs, the Fund will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, the Fund's results of operations could be materially adversely affected if one or more portfolio companies elect to prepay amounts owed to the Fund. Additionally, prepayments, net of prepayment fees, could negatively impact the Fund's return on equity.

***Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impact our business, financial condition and earnings.***

General economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers, currency exchange controls and national and international political circumstances, may have long-term negative effects on the U.S. and worldwide financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including by making valuation of some of the Fund's securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund's holdings. If there is a significant decline in the value of the Fund's portfolio, this may impact the asset coverage levels for the Fund's outstanding leverage.

Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, an increase in interest rates and/or a return to unfavorable economic conditions could impair the Fund's ability to achieve its investment objective.

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The occurrence of events similar to those in recent years, such as localized wars, instability, pandemics, epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide.

In particular, the impact on inflation and increased disruption to supply chains and energy resources may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited "cold" wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund's returns and net asset value. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials and other individuals in Russia and Belarus. In addition, U.S. military action overseas and the conflict in the Middle East may cause exacerbated volatility and disruptions to both the domestic and global economy, spawn additional conflicts, result in possible sanctions and countersanctions, and trigger retaliatory cyberattacks. Any of the above factors, as well as other governmental actions, could have an adverse impact on macroeconomic factors that affect the Fund and our portfolio companies' businesses, financial conditions, cashflows, and operations. We cannot predict the nature, magnitude and duration of the hostilities stemming from these conflicts. Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets.

The current political climate has intensified concerns about potential trade wars between China and the U.S., as each country has imposed tariffs on the other country's products, and between the U.S. and other nations, with additional tariffs under the new administration in the U.S. also under discussion. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations.

The impact of the events described above on our portfolio companies could impact their ability to make payments on their loans on a timely basis and may impact their ability to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal.

***Tariffs may adversely affect us or our portfolio companies.***

The current United States administration has threatened or imposed tariffs on certain imports from a number of countries, including China. Tariffs and international trade arrangements may continue to change, potentially without warning and to an extent that is difficult to predict. Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain or our portfolio companies or reduce demand for their products, which could affect the results of their operations, and may cause a general economic slowdown or recession. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us, our portfolio companies or the economy.

***We may be impacted by general European economic conditions.***

The success of the Fund's investment activities could be affected by general economic and market conditions in Europe and in the rest of the world, as well as by changes in applicable laws and regulations (including laws relating to taxation of our investments), trade barriers, currency exchange controls, rate of inflation, currency depreciation, asset re-investment, resource self-sufficiency and national and international political and socioeconomic circumstances in respect of the European and other non-U.S. countries in which the Fund may invest. These factors will affect the level and volatility of securities prices and the liquidity of the Fund's investments, which could impair the Fund's profitability or result in losses. General fluctuations in the market prices of securities and interest rates may affect the Fund's investment opportunities and the value of the Fund's investments. The Fund may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss. Declines in the performance of national economies or the

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credit markets in certain jurisdictions have had a negative impact on general economic and market conditions globally, and as a result, could have a material adverse effect on the Fund's business, financial condition and results of operations. In particular, the consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chains may impact our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets.

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.***

Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impact our business.

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efforts by the Federal Reserve and other central banks globally to combat inflation and restore price stability, as well as other global events, may raise the prospect or severity of a recession. Wars have added, and other international tensions or escalations of conflict may add, instability to the uncertainty driving socioeconomic forces, which may continue to have an impact on global trade and result in inflation or economic instability. Present conditions and the state of the U.S. and global economies make it difficult to predict whether and/or to what extent a recession will occur in the near future.

Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•severe declines in the market price of our securities or net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Fund to accurately or reliably value its portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Fund to comply with certain asset coverage ratios that would prevent the Fund from paying dividends to our stockholders and that could result breaches of covenants or events of default under our credit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Fund to pay any dividends and distributions or service its debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Fund to maintain its status as a RIC under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•declines in the value of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased risk of default or bankruptcy by the companies in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limited availability of new investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general threats to the Fund's ability to continue investment operations and to operate successfully as a BDC.

In addition, economic problems in a single country are increasingly affecting other markets and economies. A continuation of this trend could adversely affect global economic conditions and world markets and, in turn, could adversely affect the Fund's performance.

Any of the foregoing events could result in substantial or total losses to the Fund in respect of certain investments, which losses will likely be exacerbated by the presence of leverage in a portfolio company's capital structure.

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***We are subject to risks related to inflation.***

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to shareholders. Periods of elevated inflation and high interest rates, such as those experienced in recent years, can contribute to significant volatility in debt and equity markets. If inflation increases, the real value of our shares and dividends therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Fund would likely increase, which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities.

Although inflation generally decelerated and stabilized throughout 2024 and 2025 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Until September 2025, the Federal Reserve had held interest rates steady in 2025. Despite the interest rate reductions in the third and fourth quarters of 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023.

***MiFID II obligations could have an adverse effect on the ability of the Advisers and its MiFID-authorized EEA affiliates to obtain and research in connection with the provision of an investment service.***

The Recast European Union Directive on Markets in Financial Instruments ("MiFID II") came into effect on January 3, 2018, and imposes regulatory obligations in respect of providing financial services in the European Economic Area ("EEA") by EEA banks and EEA investment firms providing regulated services (each an "Investment Firm"). Each of the Advisers is a non-EEA investment company and is, therefore, not subject to MiFID II but can be indirectly affected. The regulatory obligations imposed by MiFID II may impact, and constrain the implementation of, the investment strategy of the Fund. MiFID II restricts Investment Firms' ability to obtain research in connection with the provision of an investment service. For example, Investment Firms providing portfolio management or independent investment advice may purchase investment research only at their own expense or out of specifically dedicated research payment accounts agreed upon with their clients. Research will also have to be unbundled and paid separately from the trading commission. EEA broker-dealers will unbundle research costs and invoice them to Investment Firms separated from dealing commissions.

Therefore, in light of the above, MiFID II could have an adverse effect on the ability of the Advisers and their MiFID- authorized EEA affiliates to obtain and to provide research. The new requirements regarding the unbundling of research costs under MiFID II are not consistent with market practice in the United States and the regulatory framework concerning the use of commissions to acquire research developed by the SEC, although the SEC has issued temporary no-action letters to facilitate compliance by firms with the research requirements under MiFID II in a manner that is consistent with the U.S. federal securities laws. The Advisers' access to third-party research may nonetheless be significantly limited. Some EEA jurisdictions extend certain MiFID II obligations also to other market participants (e.g., Alternative Investment Fund Managers) under national law. There is very little guidance, and limited market practice, that has developed in preparation for MiFID II. As such, the precise impact of MiFID II on the Advisers and the Fund cannot be fully predicted at this stage.

***Compliance with the SEC's Regulation Best Interest may negatively impact our ability to raise capital, which would harm our ability to achieve our investment objectives.***

Since June 30, 2020, broker-dealers have been required to comply with Regulation Best Interest, which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. The impact of Regulation Best Interest on broker-dealers participating in our offerings cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend our offerings to retail customers. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonable alternatives in the best interests of their clients. Reasonable alternatives to the Fund exist and may have lower expenses and/or lower investment risk than the Fund. Under Regulation Best Interest, broker-dealers participating in our offerings must consider such alternatives in the best interests of their clients. If Regulation Best Interest reduces our ability to raise capital in our offerings, it would harm our ability to create a diversified portfolio of investments and achieve our investment objectives and would result in our fixed operating costs representing a larger percentage of our gross income.

***We are exposed to heightened credit and liquidity risks in the current environment.***

We are in the midst of significant market, economic and geopolitical uncertainty and instability and an investment environment that has recently undergone rapid change. Investing in highly volatile environments presents certain inherent risks, including reduced market liquidity and increased credit risk, as well as less certainty in core assumptions in respect of a particular investment or an investment strategy as a whole. While such investment environments provide the opportunity for significant returns, they also present significant risks, many of which cannot be predicted, managed or hedged against. Beginning in the fourth quarter of 2008, world financial markets experienced extraordinary market conditions, including, among other things, extreme losses and volatility in securities markets and the dislocation of credit markets. In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt in Greece, Ireland, Italy,

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Portugal and Spain, which created concerns about the ability of these European Union "peripheral nations" to continue to service their sovereign debt obligations. Despite assistance packages to Greece, Ireland and Portugal, the creation of a joint European Union-International Monetary Fund European Financial Stability Facility in May 2010, and expanded financial assistance to Greece, uncertainty over the outcome of the European Union governments' financial support programs and worries about sovereign finances persist. During 2011, a variety of macro and micro economic factors contributed to instability in the financial markets in the U.S. and in other jurisdictions worldwide. These factors include, but are not limited to, certain downgrades by credit agencies of sovereign debt and credit ratings, including the downgrade by Standard and Poor's of the credit rating of the United States, strained political processes relating to the market for sovereign debt, fluctuations in prices for certain commodities and concerns about economic growth and political stability. The shock to the global financial markets and the resulting instability in the developed global economies have increased the volatility of asset values and the risks of doing business generally, both of which are expected to continue in the short, medium and long terms.

The already challenged global economic and political environment may be adversely affected by events outside the Fund's control, such as changes in government policies, directives in the credit sector and other areas, the impact of pandemics, epidemics or outbreaks of infections disease, increases in sovereign debt, political instability, terrorist attacks, social unrest and rioting or military action affecting areas abroad and taxation and other political, economic or social developments in or affecting the world. Policymakers in many advanced economies have publicly acknowledged the need to urgently adopt credible strategies to contain public debt and excessive fiscal deficits and later bring them down to more sustainable levels. The implementation of these policies may restrict economic recovery.

A portfolio company's failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the ability of the Fund's portfolio company to meet its obligations under the debt securities that the Fund holds. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of the Fund's portfolio companies were to go bankrupt, even though the Fund or one of its affiliates may have structured its interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which the Fund or one of its affiliates actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize the Fund's debt holding as equity and subordinate all or a portion of the Fund's claim to claims of other creditors.

The Advisers cannot predict how long the financial markets will continue to be affected by these events and cannot predict the effects of these or similar events in the future on the Fund, the global economy and the global securities markets. An investment in the Fund may not be appropriate for all prospective investors. A prospective investor should carefully consider his or her ability to assume these risks before making an investment in the Fund.

***Investments in covenant-lite loans may expose us to different and increased risks.***

Although the Investment Adviser generally expects the transaction documentation of some portion of the Fund's investments to include covenants and other structural protections, a portion of the Fund's investments may be composed of so-called "covenant-lite loans." Generally, covenant-lite loans either do not have certain maintenance covenants that would require the issuer to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the issuer to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Fund to different risks, including with respect to liquidity, price volatility and ability to restructure loans, than is the case with loans that have financial maintenance covenants. As a result, the Fund's exposure to losses may be increased, which could result in an adverse impact on the issuer's ability to comply with its obligations under the loan. In addition, in the current economic environment, the market prices of covenant-lite loans may be depressed.

***Our investments in non-U.S. portfolio companies may expose us to additional risks.***

To the extent any portion of the Fund's investments may be in securities of non-U.S. portfolio companies in order to provide diversification or to complement the Fund's U.S. investments, the Fund may be exposed to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks may be more pronounced for portfolio companies located or operating primarily in emerging markets, whose economies, markets and legal systems may be less developed. The consequences of the conflict between Russia and Ukraine and the conflict in the Middle East, including international sanctions, the potential impact on inflation and increased disruption to global trade may exacerbate these risks.

In regards to the regulatory requirements for business development companies, some of these investments may not qualify as investments in "eligible portfolio companies," and thus may not be considered "qualifying assets." "Eligible portfolio companies" generally include U.S. companies that are not investment companies and that do not have securities listed on a national exchange. If at any time less than 70% of our gross assets are comprised of qualifying assets, including as a result of an increase in the value of any non-qualifying assets or decrease in the

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value of any qualifying assets, we would generally not be permitted to acquire any additional non-qualifying assets until such time as 70% of our then current gross assets were comprised of qualifying assets. We would not be required, however, to dispose of any non-qualifying assets in such circumstances.

Although most of the Fund's investments are denominated in U.S. dollars, its investments that are denominated in a non-U.S. currency are subject to the risk that the value of a particular currency may change in relation to the U.S. dollar. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. The Fund may employ hedging techniques to minimize these risks, but it can offer no assurance that it will, in fact, hedge currency risk or, that it does, that such strategies will be effective. As a result, a change in currency exchange rates may adversely affect the Fund's profitability.

***The effect of global climate change may impact the operations of our portfolio companies.***

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Other risks associated with climate change include risks related to the impact of climate-related legislation and regulation (both domestically and internationally), as well as risks related to climate-related business trends.

***The lack of liquidity in certain of our investments may adversely affect our business.***

The Fund may invest in securities, loans, derivatives or other assets, for which no (or only a limited) liquid market exists or that are subject to legal or other restrictions on the transfer of such assets and will generally less liquid than publicly traded securities.

The market value of the Fund's investments will fluctuate due to a variety of factors that are inherently difficult to predict including, among other things, changes in market rates of interest, general economic conditions, economic conditions in particular industries, the condition of financial markets, prevailing credit spreads, domestic or international economic or political events, and the financial condition of the issuers of the Fund's investments. In addition, the lack of an established, liquid secondary market for many of the Fund's investments may have an adverse effect on the market value of the Fund's investments and on the Fund's ability to dispose of them. Therefore, no assurance can be given that, if the Fund is determined to dispose of a particular investment, it could dispose of such investment at the previously prevailing market price. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund had previously recorded its investments.

The sale of illiquid assets and restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Moreover, during periods when the market for such assets is illiquid, the Investment Adviser and any placement agent, as applicable, may not be able to efficiently dispose of or accurately determine the value of the Fund's investments in such assets, in which case distributions may be delayed.

A portion of the Fund's investments will consist of securities that are subject to restrictions on resale by the Fund for reasons including that they were acquired in a "private placement" transaction or that the Fund is deemed to be an affiliate of the issuer of such securities. Generally, the Fund will be able to sell such securities without restriction to other large institutional investors but may be restrained in its ability to sell them to other investors. If restricted securities are sold to the public, the Fund may be deemed to be an underwriter or possibly a controlling person with respect thereto for the purposes of the Securities Act and be subject to liability as such under the Securities Act.

The Investment Adviser or its affiliates may, from time to time, possess material nonpublic information, limiting the Investment Adviser's investment discretion. The Investment Adviser's investment professionals, Investment Committee or their respective affiliates may serve as directors of, or in a similar capacity with, companies in which the Fund invests. In the event that material nonpublic information is obtained with respect to such companies, or the Fund became subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law, the Fund could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on the Fund and, consequently, your interests as an investor.

***As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.***

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Investments for which market quotations are not readily available will be valued at fair value based upon the principles and methods of valuation set forth in the Valuation Procedures. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material, and, as a result, there may be uncertainty regarding the value of the Fund's portfolio investments. The Fund's net asset value could be adversely affected if determinations regarding the fair value of these investments were materially higher than the values ultimately realized upon the disposal of such investments.

***Our ability to achieve our investment objective depends on the ability of the Advisers to manage and support our investment process. If the Advisers or BlackRock were to lose any members of their respective senior management teams, our ability to achieve our investment objective could be significantly harmed.***

The success of the Fund will be highly dependent on the financial and managerial expertise of the Advisers and their personnel. The loss of one or more Voting Members (as defined below in "Investment Committee and Decision-Making") could have a material adverse effect on the performance of the Fund. Although the Advisers will devote a significant amount of its efforts to the Fund's portfolio, it actively manages investments for other clients and investment professionals are not required to (and will not) devote all of their time to the Fund's portfolio. Our success will depend to a significant extent on the continued service and coordination of our Advisers, including their key professionals. The departure of a significant number of key professionals from the Advisers could have a material adverse effect on our ability to achieve our investment objective. The Advisers do not have employment agreements with any of these key professionals and we cannot guarantee that all, or any particular one, will remain affiliated with us and/or the Advisers. Further, we do not intend to separately maintain key person life insurance on any of these individuals.

***We are not managed by BlackRock, but rather one of its subsidiaries and may not replicate the success of that entity or BlackRock.***

Our investment strategies differ from those of BlackRock or its affiliates. As a BDC, we are subject to certain investment restrictions that do not apply to BlackRock. Our performance may be lower or higher than the performance of other entities managed by BlackRock or its affiliates and their past performance is no guarantee of our future results.

***Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms.***

We are substantially dependent on our informal relationships, which we use to help identify and gain access to investment opportunities. If we fail to maintain our relationships with key firms, or if we fail to establish strong referral relationships with other firms or other sources of investment opportunities, we will not be able to grow our portfolio of investments and achieve our investment objective. In addition, persons with whom we have informal relationships are not obligated to inform us of investment opportunities, and therefore such relationships may not lead to the origination of equity or other investments. Any loss or diminishment of such relationships could effectively reduce our ability to identify attractive portfolio companies that meet our investment criteria, either for direct investments or for investments through private secondary market transactions or other secondary transactions.

***Changes in interest rates and currency exchange rates may affect our cost of capital and net investment income.***

The Advisers are authorized to use various investment strategies such as short sales and derivative transactions to hedge interest rate and currency risks. These strategies are generally accepted as portfolio management techniques and are regularly used by many investment funds and other institutional investors. Techniques and instruments may change over time as new instruments and strategies are developed or regulatory changes occur. The Advisers may use any or all such types of interest rate and currency hedging transactions at any time and no particular strategy will dictate the use of one transaction rather than another. The choice of any particular interest rate and currency hedging transactions will be a function of numerous variables, including market conditions. However, the Fund may seek to acquire floating-rate assets based on the same index or currency as its floating-rate liabilities.

Although the Advisers intend to engage in interest rate and/or currency hedging transactions only for hedging and risk management purposes and not for speculation, use of interest rate and currency hedging transactions involves certain risks. These risks include (i) the possibility that the market will move in a manner or direction that would have resulted in gain for the Fund had interest rate or currency hedging transactions not been utilized, in which case it would have been better had the Fund not engaged in the interest rate or currency hedging transactions, (ii) the risk of imperfect correlation between the risk sought to be hedged and the interest rate or currency hedging transactions utilized and (iii) potential illiquidity for the hedging instrument utilized, which may make it difficult for the Fund to close out or unwind one or more interest rate or currency hedging transactions.

The Fund is also authorized to enter into certain hedging and short sale transactions, referred to herein as "Defensive Hedge Transactions," for the purpose of protecting the market value of a Fund investment for a period of time without having to currently dispose of such Fund investment. Such Defensive Hedge Transactions may be entered into when the Fund is legally restricted from selling a Fund investment or

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when the Fund otherwise determines that it is advisable to decrease its exposure to the risk of a decline in the market value of a Fund investment. There can be no assurance that the Fund will accurately assess the risk of a market value decline with respect to a Fund investment or enter into an appropriate Defensive Hedge Transaction to protect against such risk. Furthermore, the Fund is not obligated to enter into any Defensive Hedge Transaction.

The Fund may, from time to time, employ various investment programs including the use of derivatives, short sales and swap transactions. There can be no assurance that any such investment program will be undertaken successfully.

***We may invest in credit derivatives that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.***

In addition to hedging and short sale transactions entered into for the purpose of interest rate hedging and Defensive Hedge Transactions, the Fund is also authorized to make investments in the form of hedging and short sale transactions. These investments are referred to herein as "Structured Product Transactions" and are more generally known as credit derivatives. These transactions generally provide for the transfer from one counterparty to another of certain credit risks inherent in the ownership of a financial asset such as a bank loan or a high yield security. Such risks include, among other things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying collateral will decline or that credit spreads for like assets will change (thus affecting the market value of the financial asset). The transfer of credit risk pursuant to a credit derivative may be complete or partial, and may be for the life of the related asset or for a shorter period. Credit derivatives may be used as a risk management tool for a pool of financial assets, providing the Fund with the opportunity to gain or reduce exposure to one or more reference loans or other financial assets (each, a "Reference Asset") without actually owning or selling such assets in order, for example, to increase or reduce a concentration risk or to diversify a portfolio. Conversely, credit derivatives may be used by the Fund to reduce exposure to an owned asset without selling it in order, for example, to maintain relationships with clients, avoid difficult transfer restrictions, manage illiquid assets or hedge declining credit quality of the financial asset.

The Fund would typically enter into a Structured Product Transaction in order to permit the Fund to realize the same or similar economic benefit of owning one or more Reference Assets on a leveraged basis. However, because the Fund would not own the Reference Assets, the Fund may not have any voting rights with respect to the Reference Assets, and in such cases all decisions related to the obligors on the Reference Assets, including whether to exercise certain remedies, will be controlled by the swap counterparties. In addition, the Fund will not benefit from general rights applicable to the holders of the Reference Assets, such as the right to indemnity and rights of setoff. The economic performance of the Reference Assets will largely depend upon the ability of the actual lenders or holders or their agents or trustees to administer the Reference Assets. Moreover, in monitoring and enforcing the lenders' or holders' rights under related documentation and in consenting to or proposing amendments to the terms included in such documentation, the actual lenders or holders will not have any obligation to consider the economic interests of the Fund.

Credit derivatives are subject to many of the same types of risks described above in "Risk Factors—Changes in interest rates and currency exchange rates may affect our cost of capital and net investment income"; for example, in the event that the Fund enters into a credit derivative with a counterparty who subsequently becomes insolvent or files for bankruptcy, the credit derivative may be terminated in accordance with its terms and the Fund's ability to realize its rights under the credit derivative could be adversely affected.

The use of leverage will significantly increase the sensitivity of the market value of the credit derivatives to changes in the market value of the Reference Assets. The Reference Assets are subject to the risks related to the credit of their underlying obligors. These risks include the possibility of a default or bankruptcy of the obligors or a claim that the pledging of collateral to secure a loan constituted a fraudulent conveyance or preferential transfer that can be subordinated to the rights of other creditors of the obligors or nullified under applicable law. See "Item 1A. Risk Factors—Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment" and "—We could be subject to lender liability and equitable subordination" for a description of some of these risks.

Rule 18f-4 under the 1940 Act requires BDCs that use derivatives to comply with a value-at-risk leverage limit, implement a derivatives risk management program and satisfy testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined under Rule 18f-4. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit the Fund's ability to use derivatives and/or enter into certain other financial contracts.

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***Posting collateral exposes us to additional risks of our counterparties.***

Where the Fund enters into an OTC derivative contract or a securities financing transaction, it may be required to pass collateral to the relevant counterparty. Collateral that the Fund posts to a counterparty that is not segregated with a third-party custodian may not have the benefit of customer-protected "segregation" of such assets. Therefore in the event of the insolvency of a counterparty or broker, the Fund may become subject to the risk that it may not receive the return of its collateral or that the collateral may take some time to return if the collateral becomes available to the creditors of the relevant counterparty or broker. In addition the Fund is subject to the risk that it will be unable to liquidate collateral provided to it to cover a counterparty default. The Fund is also subject to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.

Where cash collateral received by the Fund is re-invested, the Fund will be exposed to the risk of a failure or default of the issuer of the relevant security in which the cash collateral has been invested.

Where collateral is posted to a counterparty by way of a title transfer collateral arrangement or where the Fund grants a right of re-use under a security collateral arrangement which is subsequently exercised by the counterparty, the Fund will only have an unsecured contractual claim for the return of equivalent assets. In the event of the insolvency of a counterparty, the Fund shall rank as an unsecured creditor and may not receive equivalent assets or recover the full value of the assets. Shareholders should assume that the insolvency of any counterparty would result in a loss to the Fund, which could be material. In addition, assets subject to a right of re-use by a counterparty may form part of a complex chain of transactions over which the Fund or its delegates will not have any visibility or control.

Because the passing of collateral is effected through the use of standard contracts, the Fund may be exposed to legal risks such as the contract may not accurately reflect the intentions of the parties or the contract may not be enforceable against the counterparty in its jurisdiction of incorporation.

***Borrowings expose us to additional risks and could adversely affect our business, financial condition and results of operations.***

An investment in the Fund is subject to the risks of leverage to the extent that leverage is employed by the Fund. Leverage arises as a consequence of borrowing money. Leverage has the effect of magnifying both gains and losses. The leverage in which the Fund may engage will increase returns to shareholders if the investments held by the Fund earn a greater return than expected, but will also magnify losses to shareholders if the investments held by the Fund fail to earn as much as expected or operate a loss.

Subject to the restrictions on borrowings described herein, the Fund may from time to time enter into loan agreements with third parties to provide working capital for the Fund. The Fund may borrow or use other forms of leverage on a secured or an unsecured basis for any purpose, including increasing investment capacity, covering operating expenses, making redemption or dividend payments or for clearance of transactions.

The use of leverage creates increased risk of loss and is considered a speculative investment technique. The use of leverage magnifies the potential gains and losses from an investment and increases the risk of loss of capital. Borrowing money to purchase securities may provide an opportunity for greater capital appreciation, but, at the same time, increases the Fund's exposure to capital risk and higher current expenses through interest charges, fees imposed by lenders and transaction costs. To the extent that income derived by the Fund from investments purchased with borrowed funds is greater than the cost of borrowing, the Fund's income will be greater than if borrowing had not been used. Conversely, if the income from investments purchased from these sources is not sufficient to cover the cost of the leverage, the Fund's investment income will be less than if leverage had not been used, and the amount available for ultimate distribution to the holders of Common Shares will be reduced. The extent to which the gains and losses associated with leveraged investing are increased will generally depend on the degree of leverage employed. The Fund may, under some circumstances, be required to dispose of investments under unfavorable market conditions in order to maintain its leverage, thus causing the Fund to recognize a loss that might not otherwise have occurred. In the event of a sale of investments upon default under the Fund's borrowing arrangements, secured creditors will be contractually entitled to direct such sales and may be expected to do so in their interest, rather than in the interests of the holders of Common Shares. Holders of Common Shares will incur losses if the proceeds from a sale in any of the foregoing circumstances are insufficient, after payment in full of amounts due and payable on leverage, including administrative expenses, to repay such holder's investments in the Common Shares. As a result, you could experience a total loss of your investment. Any decrease in the Fund's revenue would cause the Fund's net income to decline more than it would have had the Fund not borrowed funds and could negatively affect the Fund's ability to make distributions to shareholders. The ability to service any debt that the Fund has or may have outstanding depends largely on its financial performance and is subject to prevailing economic conditions and competitive pressures.

There is no limitation on the percentage of portfolio investments that can be pledged to secure borrowings. If loans are collateralized with portfolio investments that decrease in value, the Fund may be obliged to provide additional collateral to the lender or sell positions at a loss to avoid liquidation of the pledged investments. Any such liquidation could result in substantial losses. Except as described herein, such borrowings may not be subject to any limitations on the amount or terms of borrowings other than those imposed by the lender. The amount of

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leverage that the Fund employs at any particular time will depend on the Investment Adviser's assessments of market and other factors at the time of any proposed borrowing.

Pursuant to the terms of any borrowings, we may be required to comply with certain financial and operational covenants, including (i) restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets; (ii) restrictions on our ability to make distributions and other restricted payments under certain circumstances; (iii) restrictions on extraordinary events, such as mergers, consolidation and sales of assets; (iv) restrictions on our ability to incur liens and incur indebtedness; and (v) maintenance of a minimum level of shareholders' equity. There are no assurances that we will continue to comply with such covenants. Failure to comply with such covenants would result in a default under the applicable borrowing agreement which, if we were unable to obtain a waiver from the respective lenders thereunder, could result in an acceleration of repayments.

*Illustration*. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation is based on our level of leverage at December 31, 2025, which represented borrowings equal to 33.2% of our total assets. On such date, we also had $2,517.9 million in total assets; $2,244.7 million in total investments; an average cost of funds of 5.9% based on contractual terms at December 31, 2025; $836.1 million aggregate principal amount of debt outstanding; and $1578.7 million of total net assets. In order to compute the "Corresponding Return to Common Stockholders," the "Assumed Return on Portfolio (Net of Expenses Other than Interest)" is multiplied by the total value of our investment portfolio at December 31, 2025 to obtain an assumed return to us. From this amount, interest expense (calculated by multiplying the weighted-average interest rate of 5.9% by the $836.1 million of debt) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets at December 31, 2025 to determine the "Corresponding Return to Common Stockholders." Actual interest payments may vary.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assumed Return on Portfolio (Net of Expenses Other than Interest)** | -10.0% | -5.0% | 0.0% | 5.0% | 10.0% |
| **Corresponding Return to Common Shareholders** | -17.3% | -10.2% | -3.1% | 4.0% | 11.1% |

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The assumed portfolio return in the table is based on SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. The table also assumes that we will maintain a constant level of leverage. The amount of leverage that we use will vary from time to time.

***We generally will not control our portfolio companies.***

The Fund may not be in a position to exercise control over its portfolio companies or to prevent decisions by management of its portfolio companies that could decrease the value of the Fund's investments.

The Fund does not generally intend to take controlling equity positions in its portfolio companies. To the extent that the Fund does not hold a controlling equity interest in a portfolio company, the Fund is subject to the risk that such portfolio company may make business decisions with which the Fund disagrees, and the shareholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to the Fund's interests. Due to the lack of liquidity for the debt and equity investments that the Fund typically holds in its portfolio companies, the Advisers may not be able to dispose of its investments in the event the Advisers disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of its investments.

In addition, the Fund may not be in a position to control any portfolio company by investing in its debt securities. As a result, the Fund is subject to the risk that a portfolio company in which it invests may make business decisions with which it disagrees and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve the Fund's interests as debt investors.

***Board or committee participation may limit our ability to sell investments.***

It is possible that the Fund, through members of the Investment Adviser's Investment Committee, will be represented on the boards of directors or creditor committees of some of the companies in which the Fund makes investments (although the Fund has no obligation to seek representation on any such boards or committees). While such representation may be important to the Investment Adviser's investment strategy and should enhance the Investment Adviser's ability to manage the Fund's investments, it may also have the effect of impairing the ability of the Fund to sell the related investments when, and upon the terms, it might otherwise desire, including as a result of applicable securities laws. Under its current policies, the Investment Adviser restricts personal trading by the members of the Investment Committee and its other employees in issuers under the Investment Adviser's consideration or in which the Fund or Client Accounts have an investment.

***The Fund may become involved in third-party litigation.*** 

The Fund's investment activities subject it to the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where the Fund exercises control or significant influence over a portfolio company's direction, including as a result of board

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participation. The expense of defending against claims made against the Fund by third parties and paying any amounts pursuant to settlements or judgments would, to the extent that (i) the Fund has not been able to protect itself through indemnification or other rights against the portfolio company or (ii) is not entitled to such protections or (iii) the portfolio company is not solvent, be borne by the Fund pursuant to indemnification obligations and reduce net assets. The Advisers and others are indemnified by the Fund in connection with such litigation, subject to certain conditions.

***We could be subject to lender liability and equitable subordination.***

In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed "lender liability"). Generally, lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. While believed to be unlikely, because of the nature of certain of the Fund investments, the Fund could be subject to allegations of lender liability.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lending institution (i) intentionally takes an action that results in the under capitalization of a borrower to the detriment of other creditors of such borrower, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence to dominate or control a borrower to the detriment of the other creditors of such borrower, a court may elect to subordinate the claim of the offending lending institution to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination." Because of the nature of certain of the Fund investments and investments in an obligor by affiliates of the Fund, the Fund could be subject to claims from creditors of an obligor that Fund investments issued by such obligor that are held by the Fund should be equitably subordinated. A significant number of Fund investments are expected to involve investments in which the Fund would not be the lead creditor. It is, accordingly, possible that lender liability or equitable subordination claims affecting the Fund investments could arise without the direct involvement of the Fund.

***Inaccurate projections could adversely affect the performance of our investments.***

The Fund may rely upon projections, forecasts or estimates developed by the Advisers and/or a portfolio company concerning the portfolio company's future performance and cash flow. Projections, forecasts and estimates are forward-looking statements and are based upon certain assumptions. Actual events are difficult to predict and beyond the Fund's control. Actual events may differ from those assumed. Some important factors which could cause actual results to differ materially from those in any forward-looking statements include changes in interest rates; domestic and foreign business, market, financial or legal conditions; differences in the actual allocation of the Fund's investments among different asset categories from those assumed herein; changes in the degree of leverage actually used by the Fund from time to time; the degree to which the Fund's investments are hedged and the effectiveness of such hedges; and the terms of any borrowing agreements, among others. In addition, the degree of risk will be increased as a result of leveraging of the investments. Accordingly, there can be no assurance that estimated returns or projections can be realized or that actual returns or results will not be materially lower than those estimated therein.

Projections are inherently subject to uncertainty and factors beyond the control of the Advisers and the Fund. The inaccuracy of certain assumptions, the failure to satisfy certain financial requirements and the occurrence of other unforeseen events could impair the ability of the Fund to realize projected values and cash flow.

***We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.***

The investment strategy of the Fund is highly competitive. The identification of attractive investment opportunities is difficult and involves a high degree of uncertainty. Consequently, there can be no assurance that the Advisers will be able to fully invest the proceeds of our Common Shares or that suitable investment opportunities will be identified which satisfy the Fund's investment objective.

A reduction in market inefficiencies that provide opportunities may reduce the scope for the Fund's investment strategies. In the event that the perceived mispricings underlying the Fund's positions were to fail to converge toward, or were to diverge further from, relationships expected by the Advisers, the Fund may incur a loss. Further, the investments utilized in implementing such strategies may include derivatives, such as options, that are themselves inherently volatile in the context of specific market movements.

In making investments, the Fund or its affiliates compete with a broad spectrum of investors. Some of the Fund's existing and potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than the Fund does. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to BlackRock. In addition, some of the Fund's competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than the Fund. The Fund cannot assure you that the competitive pressures the Fund faces will not have a material adverse effect on its business, financial condition and results of operations.

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***Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.***

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of our initial investment.

We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. Our failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make such follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, because we are inhibited by compliance with BDC requirements or because we desire to maintain our tax status.

***The Advisers will exercise discretion in selecting brokers and dealers to execute transactions on our behalf.***

Pursuant to the Advisory Agreement and the Sub-Advisory Agreement, the Advisers have discretion to select brokers and dealers to execute transactions as agent on behalf of the Fund. This discretion is subject to the approval and oversight of the Board of Trustees. The Fund is not committed to continue its relationship with any broker or dealer it selects for any minimum period and the Advisers may select more than one broker to act as prime broker to the Fund.

In selecting brokers to effect portfolio transactions for the Fund, the Advisers make the decision on the basis of best execution and considers such factors as the ability of the brokers to effect the transactions, the brokers' facilities, reliability and financial responsibility and the provision or payment (or the rebate to the Fund for payment) of the costs of brokerage or research products or services. The Advisers need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. Accordingly, if the Advisers determine in good faith that the commissions charged by a broker are reasonable in relation to the value of the brokerage and research products or services provided by such broker, the Fund may pay commissions to such broker in an amount greater than the amount another broker might charge.

Research products or services provided to the Advisers may include research reports on particular industries and companies, economic surveys and analyses, recommendations as to specific securities and other products and services (*e.g.*, quotation equipment and expenses) and providing lawful and appropriate assistance to the Advisers in the performance of their investment decision-making responsibilities.

The Fund's securities transactions can be expected to generate brokerage commissions and other compensation, all of which the Fund, not the Advisers, is obligated to pay. The Advisers have complete discretion in deciding what brokers and dealers the Fund uses and in negotiating the rates of compensation the Fund pays. In addition to using brokers as "agents" and paying commissions, the Fund may buy or sell securities directly from or to dealers acting as principals at prices that include markups or markdowns, and may buy securities from underwriters or dealers in public offerings at prices that include compensation to the underwriters and dealers.

***We may incur losses as a result of errors.***

The Fund may on occasion experience errors with respect to trades placed on its behalf by the Advisers. An error is generally compensable from the Advisers to the Fund when it is a mistake (whether an action or inaction) in which the Advisers have, in the Advisers' reasonable view, deviated from the applicable standard of care in managing the Fund's assets.

Trade errors (and similar errors) may occur and, subject to applicable law, the Fund may be responsible for any resulting losses in the absence of the gross negligence (as determined in accordance with the laws of the State of Delaware) of the Advisers or their affiliates or personnel. Examples of such trade errors may include, without limitation, (i) the placement of orders (either purchases or sales) in excess of the amount of securities the Fund intended to trade; (ii) the sale (or purchase) of a security when it should have been purchased (or sold); (iii) the purchase or sale of the wrong security; (iv) the purchase or sale of a security contrary to regulatory restrictions or the Fund's investment guidelines or restrictions; (v) incorrect allocations of trades; (vi) keystroke errors that occur when entering trades into an electronic trading system; and (vii) typographical or drafting errors related to derivatives contracts or similar agreements. Mistakes may also occur in connection

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with other activities that may be undertaken by the Advisers and their affiliates and personnel, such as net asset value calculation, transfer agent activities (*i.e*., processing subscriptions and withdrawals), fund accounting, trade recording and settlement and other matters.

The Advisers make determinations regarding errors pursuant to their policies on a case-by-case basis, in their discretion, based on factors they consider reasonable, including regulatory requirements and business practices. The Advisers generally will endeavor to detect trade errors prior to settlement and correct and/or mitigate them in an expeditious manner. The Advisers may also consider whether it is possible to adequately address a mistake through cancellation, reallocation of losses and gains or other means. To the extent an error is caused by a counterparty, such as a broker-dealer, the Advisers may seek to recover any losses associated with such error from the counterparty. The determination whether to seek compensation from a counterparty and whether to accept any amount in settlement of such a matter will be made by the Advisers in their sole discretion.

*Compensation for Errors*. When the Advisers determines that reimbursement by the Advisers is appropriate, the Fund will be compensated as determined in good faith by the Advisers. The Advisers will follow their guidelines regarding these matters in light of all of the facts and circumstances related to an error. In general, compensation is expected to be limited to direct and actual losses, which may be calculated relative to comparable conforming investments, market factors and benchmarks and with reference to other factors the Advisers considers relevant. Compensation generally will not include any amounts or measures that the Advisers determine are speculative or uncertain, including potential opportunity losses resulting from delayed investment or sale as a result of correcting an error or other forms of consequential or indirect losses. In addition, losses may also be capped at the value of the actual loss, particularly when the outcome of a differing investment would in the Advisers' view be speculative or uncertain or in light of reasonable equitable considerations.

*Reprocessing Net Asset Value Errors and Compensation of Shareholders*. The Advisers follow materiality guidelines to determine when individual shareholder accounts will be restated (credited or debited) in respect of particular errors, and to handle certain net asset value-related errors that occur in the Fund's operation (including, without limitation, errors made in the processing of subscriptions and withdrawals). Under these guidelines, when a compensable error by the Advisers occurs, the Advisers may reimburse the Fund in an amount according to its policies without the Fund reprocessing individual shareholder accounts. Reprocessing of individual shareholder accounts generally will only occur when the error is of a size that exceeds the materiality threshold for reprocessing. This means that an error below the materiality threshold may disadvantage shareholders during the period the error persists, but reimbursement may benefit shareholders at the time of reimbursement and may not, in either event, be allocated to, or in proportion to, the specific shareholders whose interests were negatively affected by the error.

***We may be subject to the risks of the credit or liquidity problems of our contractual counterparties.***

The Fund may effect a portion of its transactions in "over-the-counter" or "interdealer" markets or through private transactions. The participants in such markets and the counterparties in such private transactions are typically not subject to credit evaluation and regulatory oversight as are members of "exchange-based" markets. This may expose the Fund to the risk that a counterparty will not settle a transaction because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. The Fund is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. The Fund manages counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of investments in portfolio companies. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their fair value recorded in the Consolidated Statements of Assets and Liabilities. The Fund is also exposed to credit risk related to maintaining all of its cash at a major financial institution.

***The U.S. and global capital markets are subject to systemic risk that could adversely affect our business, financial condition and results of operations.***

Issuers, national and regional banks, financial institutions and other participants in the U.S. and global capital markets are closely interrelated as a result of credit, trading, clearing, technology and other relationships. A significant adverse development (such as a bank run, insolvency, bankruptcy or default) with one or more national or regional banks, financial institutions or other participants in the financial or capital markets may spread to others and lead to significant concentrated or market-wide problems (such as defaults, liquidity problems, impairment charges, additional bank runs and/or losses) for other participants in these markets. Future developments, including actions taken by the U.S. Department of Treasury, FDIC, Federal Reserve Board, and systemic risk in the U.S. and global banking sectors and broader economies in general, are difficult to assess and quantify, and the form and magnitude of such developments or other actions of the U.S. Department of Treasury, FDIC and Federal Reserve Board may remain unknown for significant periods of time and could have an adverse effect on the Company.

For example, the financial markets recently experienced volatility in connection with concerns that some banks, especially small and regional banks, may have significant investment-related losses that might make it difficult to find demands to withdraw deposits and other

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liquidity needs. This and similar developments could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, including business development companies such as us, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could results in increased costs and require significant attention from our Investment Adviser.

***There can be no assurance that any risk control framework will achieve its objective.***

No risk control system is fail-safe, and no assurance can be given that any risk control framework employed by the Advisers will achieve its objective. Target risk limits developed by the Advisers may be based upon historical trading patterns for the securities and financial instruments in which the Fund invests. To the extent such risk control framework (or the assumptions underlying it) does not prove to be correct, the Fund may not perform as anticipated, which could result in substantial losses. All models ultimately depend upon the judgment of the Advisers and the assumptions embedded in the framework. No assurance can be given that such historical trading patterns will accurately predict future trading patterns.

***We will be obligated to pay certain fees and expenses regardless of our performance and results of operations.***

The Fund will incur obligations to pay operating, legal, accounting, auditing, custodial and other related fees and expenses, including the Advisory Fee. In addition, the Fund will incur obligations to pay brokerage commissions, option premiums and other transaction costs to securities brokers and dealers. The foregoing fees and expenses are payable regardless of whether the Fund realizes any profits from its investment operations. In accordance with the governing agreements, amounts owing to the Fund's creditors will be paid before amounts are distributed to shareholders. It is possible that the Fund will not realize any profits in excess of such amounts. Distributions in respect of the Fund's common shares are not guaranteed, and shareholders shall not have recourse to any assets or property of the Advisers, any of their affiliates or any of the Fund's other service providers in connection therewith.

***The Fund is subject to laws that restrict it from dealing with entities, individuals, organizations and/or investments which are subject to applicable sanctions regimes.***

Accordingly, the Fund will require shareholders to represent and warrant, on a continuing basis, that it is not, and that to the best of its knowledge or belief its beneficial owners, controllers or authorized persons ("Related Persons") (if any) are not; (i) named on any list of sanctioned entities or individuals maintained by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") or pursuant to EU and/or UK Regulations (as the latter are extended to the Cayman Islands by Statutory Instrument), (ii) operationally based or domiciled in a country or territory in relation to which sanctions imposed by the United Nations, OFAC, the EU and/or the UK apply, or (iii) otherwise subject to sanctions imposed by the United Nations, OFAC, the EU or the UK (including as the latter are extended to the Cayman Islands by Statutory Instrument) (collectively, a "Sanctions Subject").

Where the shareholder or a Related Person is or becomes a Sanctions Subject, the Fund may be required immediately and without notice to the shareholder to cease any further dealings with the shareholder and/or the shareholder's interest in the Fund until the shareholder ceases to be a Sanctions Subject, or a license is obtained under applicable law to continue such dealings (a "Sanctioned Persons Event"). The Fund, the Administrator and the Advisers shall have no liability whatsoever for any liabilities, costs, expenses, damages and/or losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of revenue, loss of reputation and all interest, penalties and legal costs and all other professional costs and expenses) incurred by the shareholder as a result of a Sanctioned Persons Event. In addition, should any investment made on behalf of the Fund subsequently become subject to applicable sanctions, the Fund may immediately and without notice to the shareholder cease any further dealings with that investment until the applicable sanctions are lifted or a license is obtained under applicable law to continue such dealings.

***Legislative and regulatory changes may adversely affect our costs of compliance or the value of our investments.***

The Fund may invest in assets and securities that may entail unusual risks, including contradictory legislation, incomplete, unclear and changing laws, ignorance or breaches of regulations on the part of other market participants, lack of established or effective avenues for legal redress and lack of standard practices and confidentiality customs. In addition, legal, tax, and regulatory changes, as well as judicial decisions, could adversely affect the Fund. In particular, the regulatory environment relevant to the Fund and the Advisers is evolving and may entail increased regulatory involvement or result in ambiguity or conflict among legal or regulatory schemes, all of which could adversely affect the investment or trading strategies pursued by the Advisers or the value of investments. Other potential changes that could be pursued by the current or a future presidential administration could include an increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and infrastructure. It is impossible to predict how changes in policy or regulation will affect the investments of the Fund, but such changes may significantly increase the Fund's costs of compliance or may necessitate the untimely liquidation of the Fund's investments.

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Additional risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on our business, financial condition and results of operations.

In addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The effect of any changes to such rules is uncertain, both in terms of the direct effect on the taxation of an investment in the Fund's shares and their indirect effect on the value of the Fund's assets, the Fund's shares or market conditions generally.

***We may not be able to obtain all required state licenses.***

The Fund intends to engage in loan origination activities. Certain jurisdictions have enacted laws or regulations that require lenders engaged in loan origination to obtain a finance lenders license and restrict loan origination activity absent a license. The costs, regulatory burden and restrictions imposed by these laws and regulations may have a significant negative impact on the Fund and the Advisers. In addition, the license application process may entail the disclosure of the identity of certain shareholders. The Fund may elect to forego or limit investments in certain jurisdictions rather than incur the costs and burden of obtaining and maintaining a required license.

***General economic conditions could adversely affect the performance of our investments.***

The success of the activities of the Fund will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls and national and international political circumstances (such as changes in foreign investment policies). These factors may affect the level and volatility of securities prices and the liquidity of the investments. Volatility or illiquidity could impair the Fund's profitability or result in losses.

The economies of individual countries in emerging and frontier markets may differ favorably or unfavorably from the economy of a developed country in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. Further, the economies of such countries generally are heavily dependent upon international trade and, accordingly, have been, and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade. The economies of certain of these countries may be based, predominantly, on only a few industries and may be vulnerable to changes in trade conditions and may have higher levels of debt or inflation.

Various social and political tensions around the world may contribute to increased market volatility, may have long-term effects on the worldwide financial markets and may cause further economic uncertainties worldwide. In particular, the consequences of the conflict between Russia and Ukraine and the conflict between Israel and Hamas, including international sanctions, the potential impact on inflation and increased disruption to supply chains may impact our portfolio companies. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to shareholders. If inflation increases, the real value of our shares and dividends therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Fund would likely increase, which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities.

Market disruptions and the dramatic increase in the capital allocated to alternative investment strategies during recent years have led to increased governmental as well as self-regulatory scrutiny of the private investment fund industry in general. Certain legislation proposing greater regulation of the industry periodically is considered by various jurisdictions. It is impossible to predict what, if any, changes in the regulations applicable to the Fund and/or the Advisers, the markets in which they trade and invest, or the counterparties with which they do business, may be instituted in the future. Any such regulation could have a material adverse impact on the profit potential of the Fund.

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***Uncertainty regarding the Euro and the Eurozone could adversely affect the value of our investments.***

The deterioration of the sovereign debt of several countries, together with the risk of contagion to other, more stable, countries, exacerbated the global economic crisis. There is a continued possibility that Eurozone countries could be subject to an increase in borrowing costs. This situation as well as the United Kingdom's withdrawal from the EU have raised a number of uncertainties regarding the stability and overall standing of the European Economic and Monetary Union. The departure or risk of departure from the Euro by one or more Eurozone countries could lead to the reintroduction of national currencies in one or more Eurozone countries or, in more extreme circumstances, the possible dissolution of the Euro entirely. These potential developments, or market perceptions concerning these and related issues, could adversely affect the value of the Fund's investments. Shareholders should carefully consider how any potential changes to the Eurozone and European Union may affect their investment in the Fund.

***Governmental intervention in the financial markets may increase volatility.***

In response to a recession, economic slowdown or financial market instability, governments and regulators may choose to intervene by implementing austerity measures and reforms, as seen in the 2007-2008 global financial crisis. There is no guarantee a government or regulatory intervention will have the desired effect and any such intervention may result in social unrest, limit future growth and economic recovery or have unintended consequences. Additionally, such interventions have sometimes been unclear in scope and application, resulting in confusion and uncertainty which in itself has been detrimental to the efficient functioning of financial markets. It is impossible to predict with certainty what temporary or permanent governmental restrictions may be imposed on the markets in the future and/or the effect of such restrictions on the Advisers' ability to implement the Fund's investment objective, the European or global economy or the global securities market. Instability in the global financial markets or government intervention may increase the volatility of the Fund and hence the risk of loss to the value of your investment.

***We may experience cybersecurity incidents and are subject to cyber-security risks.***

Our business operations rely upon secure information technology systems for data processing, storage, and reporting. Despite careful security and controls design, implementation and updating, our information technology systems could become subject to cyberattacks. Cyberattacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e. efforts to make network services unavailable to intended users). Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition.

Cybersecurity failures or breaches by the Investment Adviser, any sub-adviser(s) and other third-party service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate our net asset value, impediments to trading, the inability of our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While we have established a business continuity plan in the event of, and risk management systems to prevent, such cyberattacks, such plans and systems, could prove to be inadequate, and, if compromised, could be inoperable for extended periods of time, cease to function properly, fail to adequately secure private information or have other risks that have not been identified. Furthermore, we cannot control the cybersecurity plans and systems put in place by our third-party service providers and issuers in which we invest. We and our shareholders could be negatively impacted as a result.

***We are subject to the cybersecurity risks of our Service Providers, which could negatively impact the Fund and its shareholders.***

The Fund relies on the information and technology systems of the custodian, the Advisers, and the Fund's other service providers and counterparties (the "Service Providers"), each of which could be directly or indirectly adversely affected by information systems interruptions, cybersecurity incidents or other disruptions, which in turn could have a material adverse effect on the Fund.

The Fund and the Service Providers are susceptible to operational, information security and related cybersecurity risks both directly and through their own service providers. Cyber incidents can result from deliberate attacks or unintentional events. They include, but are not limited to, gaining unauthorized access to systems, corrupting or destroying data, and causing operational disruption. Geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing.

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Cybersecurity incidents may cause disruptions and impact business operations. They may result in any of the following: financial losses (including loss or theft of Fund assets), interference with the Fund's ability to calculate its NAV, disclosure of confidential information, impediments to trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of the Fund or the Service Providers to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and other legal and compliance costs. In addition, cyber incidents may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. The Fund may incur substantial costs in order to resolve or prevent cyber incidents.

The Advisers, indirect subsidiaries of BlackRock, are responsible for the overall management of the Fund. The Advisers rely on BlackRock's enterprise risk management framework for the Fund's cybersecurity risk management and strategy. Although BlackRock has implemented policies and controls and takes protective measures involving significant expense to prevent and address potential data breaches, inadvertent disclosures and sophisticated cyberattacks and cyber-related fraud, there can be no assurance that any of these measures proves fully effective. In addition, a successful cyber-attack may persist for an extended period of time before being detected, and it may take a considerable amount of time for an investigation to be completed and the severity and potential impact to be known. Furthermore, the Fund cannot control the cybersecurity plans and systems of its Service Providers. The Fund and its shareholders could be negatively impacted as a result.

***We may face a breach of our cyber security, which could result in adverse consequences to our operations and exposure of confidential information.***

The Fund or any of the service providers, including the Advisers, may be subject to risks resulting from cybersecurity incidents and/or technological malfunctions. A cybersecurity incident is an event that may cause a loss of proprietary information, data corruption or a loss of operational capacity. Cybersecurity incidents can result from deliberate cyberattacks or unintentional events. Cyberattacks include, but are not limited to, gaining unauthorized access to digital systems (e.g. through hacking or malicious software coding) for the purposes of misappropriating assets or sensitive information, corrupting data, releasing confidential information without authorization or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites, which may make network services unavailable to intended users. The issuers of securities and counterparties to other financial instruments in which the Fund invests may also be subject to cybersecurity incidents.

Cybersecurity incidents may cause the Fund to suffer financial losses, interfere with the Fund's ability to calculate its net asset value, impede trading, disrupt the ability of shareholders to subscribe for, exchange or redeem their units, violate privacy and other laws and incur regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Cyberattacks may render records of assets and transactions of the Fund, shareholder ownership of units, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. In addition, substantial costs may be incurred in order to prevent any cybersecurity incidents in the future which may adversely impact the Fund.

While the Fund and the Advisers have established business continuity plans and risk management strategies to seek to prevent cybersecurity incidents, such plans and strategies could prove to be inadequate, and, if compromised, could become inoperable for extended periods of time, cease to function properly, fail to adequately secure private information or have other risks that have not been identified given the evolving nature of the threat of cyberattacks. Furthermore, neither of the Fund or the Advisers can control the business continuity plans or cybersecurity strategies put in place by other service providers to the Fund or issuers of securities and counterparties to other financial instruments in which the Fund invests. The Advisers rely on third party service providers for many of their day-to-day operations and will be subject to the risk that the protections and policies implemented by those third party service providers will be ineffective to protect the Fund from cyber-attack.

***We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our ability to pay dividends.***

Our business is dependent on our and third parties' communications and information systems. Further, in the ordinary course of our business we or the Investment Adviser may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disease pandemics;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•events arising from local or larger scale political or social matters, including terrorist acts; and

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

These events, in turn, could have a material adverse effect on our operating results and negatively affect our ability to pay dividends to our stockholders.

***We are subject to risks associated with artificial intelligence and machine learning technology.*** 

Recent technological advances in artificial intelligence and machine learning technology pose risks to our Fund and our portfolio investments. These advancements could harm our Fund and our portfolio investments by reducing the demand for both the technology and software offerings of our portfolio investments. Additionally, these advancements could significantly disrupt our portfolio investments and subject them to increased competition, which could have a material adverse effect on our business, financial condition and results of operations. Also, artificial intelligence and machine learning technology advancements, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets.

Our Fund and our portfolio investments could be exposed to the risks of artificial intelligence and machine learning technology if third-party service providers or any counterparties, whether or not known to our Fund, also use artificial intelligence and machine learning technology in their business activities. We and our portfolio companies may not be in a position to control the use of artificial intelligence and machine learning technology in third-party products or services.

Use of artificial intelligence and machine learning technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming part accessible by other third-party artificial intelligence and machine learning technology applications and users.

Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence and machine learning technology. To the extent that we or our portfolio investments are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our Fund or our investments.

&nbsp;&nbsp;&nbsp;&nbsp;Regulations related to artificial intelligence and machine learning technology could also impose certain obligations and costs related to monitoring and compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on artificial intelligence demonstrating interest in monitoring the development and use of automated systems and enforcement of their respective laws and regulations. In October 2023, an executive order established new standards for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial Intelligence Act in 2024, which applies to certain artificial intelligence and machine learning technology and the data used to train, test and deploy them, which may create additional compliance burdens, higher administrative costs and significant penalties should the Fund, the Investment Adviser and our portfolio companies fail to comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. The full extent of current or future risks related thereto is not possible to predict and we may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes.

**Certain Tax Risks**

***Legislative or regulatory tax changes could adversely affect investors.***

Developments in the tax laws of the United States or other jurisdictions, which may be applied retroactively, could have a material effect on the tax consequences to shareholders, the Fund and/or the entities in which the Fund invests. Such legislation could affect shareholders, even if not specifically targeted at such shareholders. Moreover, the interpretation and application of tax laws and regulations by certain tax authorities may not be clear, consistent or transparent. For example, legislation has been proposed that would modify key aspects of the tax Code, including by increasing tax rates.

Each prospective shareholder should be aware that developments in the tax laws of the United States or other jurisdictions, may alter the tax consequences and other tax considerations discussed herein and that shareholders may be required to provide certain information to the Fund (which may be provided to the IRS or other taxing authorities) or may cause the Fund or the shareholders to be subject to other adverse consequences as a result of such change in tax laws.

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Based on the types of investments likely to be made directly or indirectly by the Fund and uncertainty as to the potential tax treatment of certain investment structures, no assurance can be given that any tax planning objectives of the Fund or any particular shareholders will be achieved. None of the Advisers or any of their affiliates are obligated to consider the potential tax or other objectives of any shareholder. Each prospective shareholder is urged to consult its tax advisor to determine the U.S. federal, state, local and non-U.S. income tax and other tax consequences of acquiring, holding and disposing of Common Shares in light of its particular circumstances, including as a result of changes in tax laws.

***We will be subject to corporate-level income tax if we are unable to maintain our status as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements.***

Although the Fund currently qualifies as a RIC, no assurance can be given that the Fund will be able to maintain RIC status. To maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to shareholders, the Fund generally must meet the annual distribution, source-of-income and asset diversification requirements

The annual distribution requirement for a RIC will generally be satisfied if the Fund distributes at least 90% of its ordinary income and net short-term capital gain in excess of net long-term capital loss, if any, to shareholders. To maintain status as a RIC, the Fund generally must also meet certain asset diversification requirements at the end of each calendar quarter and source-of-income tests on an annual basis. Failure to meet these tests may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of the Funds' investments are in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses.

If the Fund fails to maintain our status as a RIC for any reason and becomes subject to corporate-level income tax, the resulting corporate-level income taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

***We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.***

For U.S. federal income tax purposes, the Fund may include in income certain amounts that the Fund not yet received in cash, such as original issue discount, which may arise if the Fund receives warrants in connection with the making of a loan or possibly in other circumstances, or PIK interest, which represents contractual interest added to the loan balance and due in the future, often only at the end of the loan. Such original issue discount, which could be significant relative to the Fund's overall investment activities, or increases in loan balances as a result of PIK arrangements are generally included in the Fund's taxable income before the Fund receives any corresponding cash payments. The Fund also may be required to include in income certain other amounts that it does not receive in cash or may be subject to limitations on the deductibility of certain of the Fund's cash expenses.

Since the Fund may recognize taxable income before or without receiving cash representing such income or may be subject to limitations on the deductibility of the Fund's losses and expenses, the Fund may have difficulty meeting the tax requirement to distribute at least 90% of the Fund's ordinary income and net short-term capital gain in excess of net long-term capital loss, if any, to maintain the Fund's status as a RIC. Accordingly, the Fund may have to sell some of its investments at times the Advisers would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements.

All investors should review "U.S. Federal Income Tax Matters" for a discussion of certain additional risk factors.

**Risks Related to the Fund's Regulation and Operation as a BDC**

***Our Board of Trustees may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.*** 

The Board of Trustees has the authority to modify or waive the Fund's operating policies and strategies without prior notice and without shareholder approval. The Fund cannot predict the effect any changes to its current operating policies and strategies would have on the Fund's business, operating results or value of the Common Shares. Nevertheless, the effects could adversely affect the Fund's business and impact the Fund's ability to make distributions and cause you to lose all or part of your investment.

***The Advisers' potential liability under the Advisory Agreement and Sub-Advisory Agreement is limited.*** 

The Advisers have not assumed any responsibility to the Fund other than to render the services described in the Advisory Agreement and Sub-Advisory Agreement, respectively, and will not be responsible for any action of the Board of Trustees in declining to follow the Advisers' advice or recommendations. Pursuant to the Advisory Agreement and the Sub-Advisory Agreement, the Advisers and their members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it

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will not be liable to the Fund for their acts under the Advisory Agreement and Sub-Advisory Agreement, absent bad faith, misconduct, willful misfeasance, negligence or reckless disregard in the performance of their duties. The Fund has agreed to indemnify, defend and protect the Advisers and their members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it with respect to all damages, liabilities, costs and expenses resulting from acts of the Advisers not arising out of bad faith, misconduct, willful misfeasance, negligence or reckless disregard in the performance of their duties under the investment and management agreement. These protections may lead the Advisers to act in a riskier manner when acting on behalf of the Fund than it would when acting for their own account.

***The Advisers and their affiliates, including our officers and some of our Trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders. In addition, we may be obligated to pay the Investment Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.***

The incentive compensation payable by the Fund to the Investment Adviser may create an incentive for the Investment Adviser to make investments on the Fund's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive compensation is determined may encourage the Investment Adviser to take additional risk to increase the return on the Fund's investments. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to certain of the Fund's debt investments and may accordingly result in a substantial increase in the amount of incentive compensation payable to the Investment Adviser with respect to the Fund's cumulative investment income. Although the incentive compensation is subject to a total return hurdle, the Investment Adviser may have some ability to accelerate the realization of gains to obtain incentive compensation earlier than it otherwise would when it may be in the Fund's best interests to not yet realize gains. The Board of Trustees monitors the Investment Adviser's management of the Fund's investment program in the best interests of shareholders.

***We are dependent upon senior management personnel of the Investment Adviser for our future success; if the Investment Adviser is unable to retain qualified personnel or if the Investment Adviser loses any member of its senior management team, our ability to achieve our investment objective could be significantly harmed.***

The success of the Fund is highly dependent on the financial and managerial expertise of the Investment Adviser. The loss of one or more of the voting members of the Investment Committee could have a material adverse effect on the performance of the Fund. Although the Investment Adviser and the voting members of the Investment Committee devote a significant amount of their respective efforts to the Fund, they actively manage investments for other clients and are not required to (and will not) devote all of their time to the Fund's affairs. In addition, in connection with the acquisition of TCP (an indirect subsidiary of the Investment Adviser) by BlackRock in August 2018, certain senior members of the Investment Adviser's investment team and other key advisory personnel were granted retention bonuses. As the last of such retention bonuses have recently been paid, there may be less economic incentive for certain senior investment team members and certain other key personnel to remain with the Investment Adviser than in prior periods. Certain members of the Investment Adviser's investment team that received such bonuses have left the firm. The loss of key members of the Investment Adviser's investment team, or a material portion of other key advisory personnel, could have a material adverse effect on the performance of the Fund if the Investment Adviser were unable to replace such persons in a timely manner.

***The resignation of the Advisers could adversely affect our business, financial condition and results of operations.*** 

The Investment Adviser has the right, under the Advisory Agreement, to resign at any time upon not less than 120 days' written notice, whether the Fund has found a replacement or not. The Sub-Adviser has the right, under the Sub-Advisory Agreement, to resign at any time upon not less than 60 days' written notice, whether the Fund has found a replacement or not. If the Advisers resign, the Fund may not be able to find a new investment advisor or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within the necessary timeframe, or at all. If the Fund unable to do so quickly, its operations are likely to experience a disruption, its financial condition, business and results of operations as well as its ability to pay distributions are likely to be adversely affected. In addition, the coordination of the Fund's internal management and investment activities is likely to suffer if the Fund is unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Advisers and their affiliates. Even if the Fund is able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with the Fund's investment objective may result in additional costs and time delays that may adversely affect the Fund's financial condition, business and results of operations.

***The requirement that we invest a sufficient portion of our assets in Qualifying Assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.***

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As a BDC, the Fund is prohibited from acquiring any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70% of the Fund's total assets are qualifying assets. If the Fund does not invest a sufficient portion of its assets in qualifying assets, the Fund will be prohibited from investing in additional non-qualifying assets, which could have a material adverse effect on the Fund's business, financial condition and results of operations. Similarly, these rules could prevent the Fund from making follow-on investments in existing portfolio companies (which could result in the dilution of the Fund's position) or could require the Fund to dispose of investments at inopportune times in order to come into compliance with the 1940 Act. If the Fund needs to dispose of these investments quickly, it may be difficult to dispose of such investments on favorable terms. For example, the Fund may have difficulty in finding a buyer and, even if a buyer is found, the Fund may have to sell the investments at a substantial loss.

***Failure to maintain our status as a BDC could have an adverse effect on our business.***

The Fund intends to qualify as business development companies under the 1940 Act. The 1940 Act imposes numerous constraints on the operations of business development companies. For example, BDCs are prohibited from making any unqualifying investments unless at least 70% of their total assets are invested in qualifying investments which are primarily securities of private or thinly-traded U.S. companies, cash, cash equivalents, U.S. Government securities and other high quality debt investments that mature in one year or less. Failure to comply with the requirements imposed on business development companies by the 1940 Act could cause the SEC to bring an enforcement action against the Fund and/or expose the Fund to claims of private litigants.

***Our ability to enter into transactions with our affiliates is restricted.***

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates (including portfolio companies of Other Clients) without the prior approval of a majority of the independent members of our Board of Trustees and, in some cases, the SEC Any person that owns, directly or indirectly, 5% or more of the Fund's outstanding voting securities or is managed by the Advisers will generally be an affiliate of the Fund for purposes of the 1940 Act and the Fund is generally prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to, such affiliate, absent the prior approval of the Independent Trustees and, in some cases, of the SEC. However, the Advisers and the funds managed by the Advisers have received an exemption from certain SEC regulations prohibiting transactions with affiliates. The exemptive order requires that certain procedures be followed prior to making an investment subject to the order and such procedures could in certain circumstances adversely affect the price paid or received by the Fund or the availability or size of the position purchased or sold by the Fund. The Advisers may also face conflicts of interest in making investments pursuant to the exemptive order.

The 1940 Act also prohibits certain "joint" transactions with certain affiliates of the Fund, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of the Independent Trustees and, in some cases, of the SEC. The Fund is prohibited from buying or selling any security from or to any person who owns more than 25% of the Fund's voting securities and from or to certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC (other than certain limited situations pursuant to current regulatory guidance). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances relating to the particular transaction. Similar restrictions limit the Fund's ability to transact business with its officers or directors or their affiliates.

***Our Advisers and their affiliates and employees may have certain conflicts of interest.***

As a global provider of investment management, risk management and advisory services to institutional and retail clients, BlackRock, the Investment Adviser and their respective affiliates (for purposes of this discussion of potential conflicts, the "BlackRock Entities"), engage in a broad spectrum of activities, including sponsoring and managing a variety of public and private investment funds, funds of funds and separate accounts across fixed income, liquidity, equity, alternative investment and real estate strategies; providing financial advisory services; providing technology infrastructure and analytics under the BlackRock Solutions® brand and engaging in certain broker-dealer activities and other activities. Although the relationships and activities of the BlackRock Entities should help enable these entities to offer attractive opportunities and services to the Fund, such relationships and activities create certain inherent actual and potential conflicts of interest. In the ordinary course of business, the BlackRock Entities engage in activities where their interests or the interests of their clients may conflict with the interests of the Fund, certain investors or a group of investors, or the Fund's investments. The following discussion enumerates certain potential and actual conflicts of interest.

*Allocation of Investment Opportunities*. The BlackRock Entities manage and advise numerous accounts for clients around the world, such as registered and unregistered funds and owners of separately managed accounts (collectively, "Client Accounts"). Client Accounts include funds and accounts in which the BlackRock Entities or their personnel have an interest ("BlackRock Accounts"). Certain of these Client Accounts have investment objectives, and utilize investment strategies, that are similar to the Fund's. As a result, certain investments may be appropriate for the Fund and also for other Client Accounts. The BlackRock Entities' allocation of investment opportunities among various Client Accounts presents inherent potential and actual conflicts of interest, particularly where an investment opportunity is limited. These potential conflicts are exacerbated in situations where BlackRock is entitled to higher fees and incentive compensation from certain Client

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Accounts than from other Client Accounts (including the Fund), where the portfolio managers making an allocation decision are entitled to an incentive fee, carried interest or other similar compensation from such other Client Accounts, or where there are differences in proprietary investments in the Fund and other Client Accounts. The prospect of achieving higher compensation or greater investment return from another investment vehicle or separate account than from the Fund provides incentives for the Advisers or other BlackRock Entities to favor the other investment vehicle or separate account over the Fund when, for example, allocating investment opportunities that the Advisers believe could result in favorable performance. It is the policy of BlackRock not to make decisions based on the foregoing interests or greater fees or compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person that is an affiliate of the Fund for purposes of the 1940 Act generally is prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to, the Fund absent the prior approval of the Independent Trustees and, in some cases, of the SEC. However, the Investment Adviser and the funds managed by the Investment Adviser and certain affiliates have received an order providing an exemption from certain SEC regulations prohibiting transactions with affiliates (the "Order"). The Order requires that certain procedures be followed prior to making an investment subject to the Order . The Investment Adviser may face conflicts of interest in making investments pursuant to the Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the Order, there could be significant overlap in the Fund's investment portfolio and the investment portfolios of other Client Accounts, including, in some cases, proprietary accounts of the Investment Adviser or its affiliates. Because investments may be allocated across multiple other Client Accounts, the Fund will at times receive a lower allocation to an investment than desired; likewise, the Fund may also be limited in the degree to which it is able to participate in selling opportunities that it may otherwise wish to pursue due to allocations, including non-*pro rata* allocations, to other Client Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Investment Adviser identifies a co-investment opportunity and the Fund is unable to rely on Order or other no-action positions of the SEC staff for that particular co-investment opportunity, the Investment Adviser will be required to determine which Client Accounts should make the investment at the potential exclusion of other Client Accounts. In such circumstances, the Investment Adviser will adhere to the Allocation Policy (defined herein) in order to determine the Client Account to which to allocate investment opportunities. Accordingly, it is possible that the Fund may not be given the opportunity to participate in investments made by other Client Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1940 Act also prohibits certain "joint" transactions with certain of the Fund's affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of the Independent Trustees and, in some cases, of the SEC. The Fund is prohibited from buying or selling any security from or to any person who owns more than 25% of the Fund's voting securities and from or to certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC (other than certain limited situations pursuant to current regulatory guidance). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances relating to the particular transaction. Similar restrictions limit the Fund's ability to transact business with its officers or directors or their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To address actual and potential conflicts associated with allocation of investments, BlackRock has developed an investment allocation policy (the "Investment Allocation Policy") and related guidelines. In addition, certain BlackRock Entities and business units have supplemental allocation policies for making allocation decisions among Client Accounts managed by such BlackRock Entities (together with the Investment Allocation Policy and related guidelines, the "Allocation Policy"). The Allocation Policy is intended to ensure that investment opportunities are allocated on a fair and equitable basis among Client Accounts over time, taking into account various factors including the Client Account's investment objective, guidelines and restrictions and other portfolio construction considerations; available capital and liquidity needs; tax, regulatory and contractual considerations; risk or investment concentration parameters; supply or demand for a security at a given price level; size of available investment; unfunded capital commitments or cash availability and liquidity requirements; leverage limitations; regulatory restrictions; contractual restrictions (including with other clients); minimum investment size; relative size; and such other factors as may be relevant to a particular transaction or Client Account. The BlackRock Entities reserve the right to allocate investment opportunities appropriate for the investment objectives of the Fund and other Client Accounts in any other manner deemed fair and equitable by the BlackRock Entities consistent with the Allocation Policy, the Order and applicable law. The application of the Allocation Policy, the Order and the foregoing considerations may result in a particular Client Account, including the Fund, not receiving an allocation of an investment opportunity that has been allocated to other Client Accounts following the same or similar strategy, or receiving a smaller allocation than other Client Accounts or an allocation on an other than pro rata basis. Furthermore, as the investment programs of the Fund and the other applicable Client Accounts change and develop over time, additional issues and considerations may affect the Allocation Policy and the expectations of the BlackRock Entities with respect to the allocation of investment opportunities to the Fund and other Client Accounts. BlackRock and the Investment Adviser reserve the right to change the Allocation Policy and guidelines relating thereto from time to time without the consent of or notice to stockholders, subject to the disclosure requirements of applicable law.

*Allocation of Expenses*. Side-by-side management by the BlackRock Entities of the Fund and Client Accounts raises other potential and actual conflicts of interest, including those associated with allocating expenses attributable to the Fund and one or more other Client Accounts. The Investment Adviser and its affiliates will attempt to make such allocations on a basis that they consider to be fair and equitable to the Fund under the circumstances over time and considering such factors as it deems relevant. The allocations of such expenses may not be proportional,

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and any such determinations involve inherent matters of discretion, e.g., in determining whether to allocate pro rata based on number of Client Accounts or proportionately in accordance with asset size, or in certain circumstances determining whether a particular expense has a greater benefit to the Fund, other Client Accounts or the Investment Adviser and/or its affiliates.

*Activities of Other Client Accounts*. The BlackRock Entities will, from time to time, be actively engaged in transactions on behalf of other Client Accounts in the same investments, securities, derivatives and other instruments in which the Fund will directly or indirectly invest. Trading for certain other Client Accounts is carried out without reference to positions held directly or indirectly by the Fund and may have an effect on the value or liquidity of the positions so held or may result in another Client Account having an interest in an issuer adverse to that of the Fund.

Under certain circumstances and subject to the Order and applicable law, the Fund may invest directly or indirectly in a transaction in which one or more other Client Accounts are expected, or seek, to participate or already have made, or concurrently will make or seek to make, an investment. The Fund and the other Client Accounts may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the project or company involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. For example, the Investment Adviser's decisions on behalf of other Client Accounts to sell, redeem from or otherwise liquidate a security in which the Fund is invested may adversely affect the Fund, including by causing such investment to be less liquid or more concentrated, or by causing the Fund to no longer participate in a controlling position in the investment or to lose the benefit of certain negotiated terms, including, without limitation, fee discounts. Conflicts will also arise in cases where the Fund, directly or indirectly, and other Client Accounts invest in different parts of an issuer's capital structure, including circumstances in which one or more Client Accounts may own private securities or obligations of an issuer and other Client Accounts may own public securities of the same issuer. If an issuer in which the Fund, directly or indirectly, and one or more other Client Accounts hold different classes of securities (or other assets, instruments or obligations issued by such issuer) encounters financial problems, decisions over the terms of any workout will raise potential conflicts of interests (including, for example, conflicts regarding the terms of recapitalizations and proposed waivers, amendments or enforcement of debt covenants). As a result, one or more Client Accounts may pursue or enforce rights with respect to a particular issuer in which the Fund has directly or indirectly invested, and those activities may have an adverse effect on the Fund. Because of the different legal rights associated with debt and equity of the same portfolio company, BlackRock expects to face a potential conflict of interest in respect of the advice given to, and the actions taken on behalf of, the Fund versus another Client Account (e.g., the terms of debt instruments, the enforcement of covenants, the terms of recapitalizations and the resolution of workouts or bankruptcies). For example, if the Fund holds debt securities of an issuer and a Client Account directly or indirectly holds equity securities of the same issuer, then, if the issuer experiences financial or operational challenges, the Fund may seek a liquidation of the issuer in which it may be paid in full, whereas the Client Account, as a direct or indirect equity holder, might prefer a reorganization that holds the potential to create value for the equity holders. Similarly, if additional capital is necessary as a result of financial or other difficulties, or to finance growth of other opportunities, subject to the Order and applicable law and regulation, a Client Account may not provide such additional capital and the Fund may do so, or vice versa. In the event of an insolvency, bankruptcy or similar proceeding of an issuer, the Fund may be limited (by applicable law, courts or otherwise) in the positions or actions it may be permitted to take due to other interests held or actions or positions taken by other Client Accounts. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, the Investment Adviser and the other BlackRock Entities may find that their own interests, the interests of the Fund and/or the interests of one or more other Client Accounts could conflict. Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis. The resolution of such conflicts will take into consideration the interests of the relevant parties, the circumstances giving rise to the conflict, the Order to the extent applicable and applicable law. Stockholders should be aware that conflicts will not necessarily be resolved in favor of the Fund and that the Fund could be adversely affected by the actions taken by BlackRock Entities on behalf of Client Accounts.

In order to avoid or reduce the conflicts that may arise in cases where the Fund, directly or indirectly, and other Client Accounts invest in different parts of an issuer's capital structure, or for other reasons, the Fund may choose not to invest in issuers in which other Client Accounts hold an existing investment, even if the Investment Adviser believes such investment opportunity to be attractive and otherwise appropriate for the Fund and is permitted under applicable law and regulation, which may adversely affect the performance of the Fund.

Other transactions by one or more Client Accounts also may have the effect of diluting the values or prices of investments held directly or indirectly by the Fund or otherwise disadvantaging the Fund. This may occur when portfolio decisions regarding the Fund are based on research or other information that is also used to support portfolio decisions for other Client Accounts. When a BlackRock Entity implements a portfolio decision or strategy on behalf of a Client Account other than the Fund ahead of, or contemporaneously with, similar portfolio decisions or strategies for the Fund (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints or other factors could result in the Fund receiving less favorable investment results, and the cost of implementing such portfolio decisions or strategies for the Fund could increase, or the Fund could otherwise be disadvantaged.

Additionally, if the Fund makes an investment in a portfolio company in conjunction with an investment made by another Client Account, the Fund may not invest through the same investment vehicles, have the same access to credit or employ the same hedging or investment strategies as such other Client Account. This likely will result in differences in investment cost, investment terms, leverage and associated expenses between the Fund and any other Client Account. There can be no assurance that the Fund and the other Client Accounts will exit the

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investment at the same time or on the same terms, and there can be no assurance that the Fund's return on such an investment will be the same as the returns achieved by any other Client Accounts participating in the transactions. Given the nature of these conflicts, there can be no assurance that the resolution of these conflicts will be beneficial to the Fund.

The BlackRock Entities may also, in certain circumstances and subject to the Order and applicable law and regulation, pursue or enforce rights or take other actions with respect to a particular issuer or investment jointly on behalf of the Fund and other Client Accounts. In such circumstances, the Fund may be adversely impacted by the other Client Accounts' activities, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case had the other Client Accounts not pursued a particular course of action with respect to the issuer or investment. For example, one or more Client Accounts may dispose of or make an in-kind distribution of its portion of an investment that is also held by the Fund and other Client Accounts, and such action may adversely affect the Fund and such other Client Accounts that continue to hold such investment.

Conflicts may also arise because portfolio decisions made by the Investment Adviser on behalf of the Fund may benefit other BlackRock Entities or Client Accounts, including BlackRock Accounts. For example, subject to the Order and applicable law and regulation, the Fund may invest directly or indirectly in the securities, bank loans or other obligations of issuers in which a Client Account has an equity, debt or other interest, or vice versa. In certain circumstances, the Investment Adviser may be incentivized not to undertake certain actions on behalf of the Fund in connection with such investments, in view of a BlackRock Entity's or Client Account's involvement with the relevant issuer or investment. Further, the Fund may also engage in investment transactions that result in other Client Accounts being relieved of obligations or otherwise divesting of investments that the Fund also holds, or which cause the Fund to have to divest certain investments. The purchase, holding and sale of investments by the Fund may enhance the profitability of another Client Account's own investments in and activities with respect to such investments.

Without limiting the generality of the foregoing, the Fund may invest, directly or indirectly, in equity of investments or issuers affiliated with the BlackRock Entities or in which a BlackRock Entity or a Client Account has a direct or indirect debt or other interest, or vice versa, and may acquire such equity or debt either directly or indirectly through public or private acquisitions. Such investments may benefit the BlackRock Entities or Client Accounts. In addition, the Investment Adviser may be incentivized not to undertake certain actions on behalf of the Fund in connection with such investments, in view of a BlackRock Entity's or Client Account's involvement with the relevant issuer or investment.

Moreover, the Investment Adviser's investment professionals, its senior management and employees serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Fund. Accordingly, these individuals may have obligations to investors in those entities or funds, the fulfillment of which might not be in the best interests of the Fund or stockholders. In addition, certain of the personnel employed by the Investment Adviser or focused on the Fund's business may change in ways that are detrimental to the Fund's business.

*Transactions Between Client Accounts*. Each of the BlackRock Entities and the Investment Adviser reserve the right to conduct cross trades between the Fund and other Client Accounts in accordance with applicable legal and regulatory requirements. The Investment Adviser may cause the Fund to purchase securities or other assets from or sell securities or other assets to, or engage in other transactions with, other Client Accounts or vehicles when the Investment Adviser believes such transactions are appropriate and in the participants' best interest, subject to applicable law and regulation. The Fund may enter into "agency cross transactions," in which a BlackRock Entity may act as broker for the Fund and for the other party to the transaction, to the extent permitted under applicable law and regulation and the relevant Client Account governing documents. In such cases, the Investment Adviser and such other Client Accounts or BlackRock Entities, as applicable, may have a potentially conflicting division of loyalties and responsibilities regarding both parties to the transaction. To the extent that any provision of Section 11(a) of the Exchange Act, or any of the rules promulgated thereunder, is applicable to any transactions effected by the Investment Adviser, such transactions will be affected in accordance with the requirements of such provisions and rules.

*Proxy Voting.* The Board of Trustees has delegated to the Investment Adviser discretion with respect to voting and consent rights of the assets of the Fund. Consistent with applicable rules under the Advisers Act, BlackRock has adopted and implemented written proxy voting policies and procedures with respect to individual securities held by the Fund that are reasonably designed: (i) to ensure that proxies are voted, consistent with its fiduciary obligations, in the best interests of Client Accounts under the circumstances over time; and (ii) to prevent conflicts of interest from influencing proxy voting decisions made on behalf of clients. Nevertheless, when votes are cast in accordance with BlackRock's proxy voting policy and in a manner that BlackRock believes to be consistent with its fiduciary obligations, actual proxy voting decisions made on behalf of one Client Account may have the effect of favoring or harming the interests of other Client Accounts, including the Fund. With respect to the Fund, the Investment Adviser has adopted the BlackRock Active Investment Stewardship--Global Engagement and Voting Guidelines (the "Proxy Voting Policies and Procedures"). Shareholders may receive a copy of the Proxy Voting Policies and Procedures upon request and may also obtain a copy at: http://www.blackrock.com/corporate/en-us/about-us/responsible-investment/responsible-investment-reports.

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*Investment Terms of Other Client Accounts*. The investment terms offered to other Client Accounts or to investors in other Client Accounts with similar investment objectives as the Fund may be different than those applicable to our stockholders and may create conflicts. In particular, with respect to investors in other Client Accounts that are managed as dedicated funds or with respect to other Client Accounts investing through separate accounts with similar investment objectives to the Fund, information sharing may, to the extent permitted under applicable law and regulation, be more extensive, detailed and timely as compared to information available to our stockholders, and the other Client Accounts' liquidity may not be subject to the restrictions that apply to our stockholders.

*Management of the Fund*. In connection with the management of the Fund, the Board of Trustees and/or the Investment Adviser will have the right to make certain determinations on behalf of the Fund, in its discretion. Any such determinations may affect stockholders differently and some stockholders may be adversely affected by such determinations by the Board of Trustees or Investment Adviser. Stockholders may be situated differently in a number of ways, including being resident of, or organized in, various jurisdictions, being subject to different tax rules or regulatory structures and/or having different internally- or externally imposed investment policies, restrictions or guidelines. As a result, conflicts of interest may arise in connection with decisions made by the Board of Trustees or the Investment Adviser that may be more beneficial for certain stockholders. In making determinations on behalf of the Fund, including in structuring and completing investments, the Investment Adviser intends to consider the investment and tax objectives of the Fund and the stockholders as a whole, not the investment, tax or other objectives of any stockholder individually.

Subject to applicable law, including the 1940 Act, and the terms of the applicable contracts with the Fund, BlackRock Entities may from time to time, and without notice to the Fund or stockholders, insource or outsource to third-parties, including parties which are affiliated with BlackRock, certain processes or functions in connection with a variety of services that they provide to the Fund in their administrative or other capacities. Such in-sourcing or outsourcing may give rise to potential conflicts of interest.

*Limited Access to Information; Information Advantage of Certain BlackRock Clients*. As a result of receiving client reports, service on a Client Account's advisory board, affiliation with the Investment Adviser or otherwise, one or more BlackRock clients may have access to different information regarding the BlackRock Entities' transactions, strategies or views, and may act on such information in accounts not controlled by the BlackRock Entities, which may have a material adverse effect on the performance of the Fund. The Fund and its investments may also be adversely affected by market movements or by decreases in the pool of available securities or liquidity arising from purchases and sales by, as well as increases of capital in, and withdrawals of capital from, other Client Accounts and other accounts of BlackRock clients not controlled by BlackRock. These effects can be more pronounced in respect of investments with limited capacity and in thinly traded securities and less liquid markets.

Furthermore, our stockholders' rights to information regarding the Investment Adviser or the Fund generally will be limited to applicable reporting obligations and information requirements under the Exchange Act and applicable state law. It is anticipated that the Investment Adviser and its affiliates will obtain certain types of material information from or relating to the Fund's investments that will not be disclosed to stockholders because such disclosure is prohibited, including as a result of contractual, legal or similar obligations outside of BlackRock's control. Such limitations on the disclosure of such information may have adverse consequences for stockholders in a variety of circumstances and may make it difficult for a stockholder to monitor the Investment Adviser and its performance.

*Adviser Decisions May Benefit BlackRock Entities and BlackRock Accounts*. BlackRock Entities may derive ancillary benefits from certain decisions made on behalf of the Fund. While the Investment Adviser will make decisions for the Fund in accordance with its obligations to manage the Fund appropriately, the fees, allocations, compensation and other benefits to the BlackRock Entities (including benefits relating to business relationships of the BlackRock Entities) may be greater as a result of certain portfolio, investment, service provider or other decisions made by the Investment Adviser for the Fund than they would have been had other decisions been made which also might have been appropriate for the Fund. In addition, BlackRock Entities may invest in Client Accounts and therefore may indirectly derive ancillary benefits from certain decisions made by the Investment Adviser. The Investment Adviser may also make decisions and exercise discretion with respect to the Fund that could benefit BlackRock Entities that have invested in the Fund.

*Temporary Investments in Cash Management Products*. Subject to applicable law, the Fund may invest, on a temporary basis, in short-term, high-grade assets or other cash management products, including SEC-registered investment funds (open-end or closed-end) or unregistered funds, including any such funds that are sponsored, managed or serviced by advisory BlackRock Entities. In connection with any of these investments, the Fund will bear all fees pertaining to the investment, including advisory, administrative or 12b-1 fees, and no portion of any fees otherwise payable by the Fund will be offset against fees payable in accordance with any of these investments (i.e., there could be "double fees" involved in making any of these investments which would not arise in connection with a stockholder's direct investment in such money market or liquidity funds, because a BlackRock Entity could receive fees with respect to both the management of the Fund, on one hand, and such cash management products, on the other). In these circumstances, as well as in other circumstances in which any BlackRock Entities receive any fees or other compensation in any form relating to the provision of services, subject to the Fund's Governing Documents, no accounting, repayment to the Fund or offset of the Advisory Fee will be required.

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*Management Responsibilities*. The employees and directors of the Investment Adviser or its affiliates are not under any obligation to devote all of their professional time to the affairs of the Fund, but will devote such time and attention to the affairs of the Fund as BlackRock determines in its discretion is necessary to carry out the operations of the Fund effectively. Employees and directors of the Investment Adviser engage in other activities unrelated to the affairs of the Fund, including managing or advising other Client Accounts, which presents potential conflicts in allocating management time, services and functions among the Fund and other Client Accounts. These potential conflicts will be exacerbated in situations where employees may be entitled to greater incentive compensation or other remuneration from certain Client Accounts than from other Client Accounts (including the Fund).

The Investment Adviser may, subject to applicable law, utilize the personnel or services of its affiliates in a variety of ways to make available to the Fund BlackRock's global capabilities. Although the Investment Adviser believes this practice generally is in the best interests of its clients, it is possible that conflicts with respect to allocation of investment opportunities, portfolio execution, client servicing or other matters may arise due to differences in regulatory requirements in various jurisdictions, time differences or other reasons. The Investment Adviser will seek to ameliorate any conflicts that arise and may determine not to utilize the personnel or services of a particular affiliate in circumstances where it believes the potential conflict outweighs the potential benefits.

*Investments by Directors, Officers and Employees of BlackRock Entities*. The directors, officers and employees of BlackRock Entities are permitted to buy and sell public or private securities, commingled vehicles or other investments held by the Fund for their own accounts, or accounts of their family members and in which such BlackRock Entity personnel may have a pecuniary interest, including through accounts (or investments in funds) managed by BlackRock Entities, in accordance with BlackRock's personal trading policies. As a result of differing trading and investment strategies or constraints, positions taken by BlackRock Entity directors, officers, and employees may be the same as or different from, or made contemporaneously or at different times than, positions taken for the Fund.

Such persons and/or investment vehicles they manage also may invest in companies in the same industries as companies in which the Fund expects to invest, and may compete with the Fund for investment opportunities, and their investments may compete with the Fund's investments.

In addition, BlackRock personnel may serve on the boards of directors of companies in the same industries as companies in which the Fund expects to invest, which can give rise to conflicting obligations and interests.

As these situations may involve potential conflicts of interest, BlackRock has adopted policies and procedures relating to personal securities transactions, insider trading and other ethical considerations. These policies and procedures are intended to identify and reduce actual conflicts of interest with clients and to resolve such conflicts appropriately if they do occur.

*Issues Relating to the Valuation of Assets*. While securities and other property held by the Fund generally will be valued by reference to an independent third-party source, in certain circumstances holdings may be valued at fair value based upon the principles and methods of valuation set forth in policies adopted by the Investment Adviser as Valuation Designee under the supervision of our Board of Trustees. Moreover, a significant portion of the assets in which the Fund may directly or indirectly invest may not have a readily ascertainable market value and, subject to applicable law, may be valued at fair value based upon the principles and methods of valuation set forth in policies adopted by the Investment Adviser as Valuation Designee under the supervision of our Board of Trustees.

*Potential Restrictions on the Investment Adviser's Activities on Behalf of the Fund*. From time to time, the Investment Adviser expects to be restricted from purchasing or selling securities or taking other actions on behalf of the Fund because of regulatory and legal requirements applicable to BlackRock Entities, other Client Accounts and/or the Investment Adviser's internal policies designed to comply with or limit the applicability of, or which otherwise relate to, such requirements. An investment fund not advised by BlackRock Entities may not be subject to the same considerations. There may be periods when the Investment Adviser (on behalf of the Fund) may not initiate or recommend certain types of transactions, may limit or delay purchases, may sell or redeem existing investments, forego transactions or other investment opportunities, restrict or limit the exercise of rights (including voting rights), or may otherwise restrict or limit their advice with respect to securities or instruments issued by or related to issuers for which BlackRock Entities are performing advisory or other services. Such policies may restrict the Fund's activities more than required by applicable law. For example, when BlackRock Entities are engaged to provide advisory or risk management services for an issuer, the Fund may be prohibited from or limited in purchasing or selling interests of that issuer, particularly in cases where BlackRock Entities have or may obtain material nonpublic information about the issuer. Similar prohibitions or limitations could also arise if: (i) BlackRock Entity personnel serve as directors or officers of issuers, the securities or other interests of which the Fund wishes to purchase or sell, (ii) the Investment Adviser on behalf of the Fund participates in a transaction (including a controlled acquisition of a U.S. public company) that results in the requirement to restrict all purchases, sales and voting of equity securities of such target issuer, or (iii) regulations, including portfolio affiliation rules or stock exchange rules, prohibit participation in offerings by an issuer when other Client Accounts have prior holdings of such issuer's securities or desire to participate in such a public offering, or where other Client Accounts have or may have short positions in such issuer's securities. However, where permitted by applicable law, and where consistent with the BlackRock Entities' policies and procedures, the BlackRock Entities may, but are not obligated to, seek to avoid such prohibitions or limitations (such as through the implementation of appropriate information barriers), and in such cases, the Investment Adviser on behalf of the Fund may purchase

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or sell securities or instruments that are issued by such issuers. In addition, certain activities and actions may also be considered to result in reputational risk or disadvantage for the management of the Fund and/or for the Investment Adviser and its affiliates, and the Investment Adviser may decline or limit an investment opportunity or dispose of an existing investment as a result.

In addition, in regulated industries and in certain markets, and in certain futures and derivative transactions, there are limits on the aggregate amount of investment by affiliated investors that may not be exceeded without a regulatory filing, the grant of a license or other regulatory or corporate consent. For example, the U.S. Commodity Futures Trading Commission ("CFTC"), the U.S. commodities exchanges and certain non-U.S. exchanges have established limits referred to as "speculative position limits" or "position limits" on the maximum long or short (or, for some commodities, the gross) positions which any person or group of persons may own, hold or control in certain futures or options on futures contracts, and such rules generally require aggregation of the positions owned, held or controlled by related entities. Any such limits may prevent the Fund from acquiring positions that might otherwise have been desirable or profitable. Under certain circumstances, the Investment Adviser may restrict a purchase or sale of securities, derivative instruments or other assets on behalf of Client Accounts in anticipation of a future conflict that may arise if such purchase or sale would be made. Any such determination will take into consideration the interests of the relevant Client Accounts, the circumstances that would give rise to the future conflict and applicable law. Such determination will be made on a case-by-case basis.

*Other Services and Activities of the BlackRock Entities*. The BlackRock Entities (including the Investment Adviser) will, from time to time, provide financial, consulting and other services to, and receive compensation from, an entity which is the issuer of a security or other investment held by the Fund, counterparties to transactions with the Fund or third parties that also provide services to the Fund. In addition, the BlackRock Entities (including the Investment Adviser) may purchase property (including securities) from, sell property (including securities) or lend funds to, or otherwise deal with, any entity which is the issuer of a security held by the Fund, counterparties to transactions with the Fund or third parties that also provide services to the Fund. It is also likely that the Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which BlackRock Entities perform or seek to perform certain financial services. Conflicts are expected to arise in connection with the foregoing.

The BlackRock Entities may derive ancillary benefits from providing investment advisory, administrative and other services to the Fund, and providing such services to the Fund may enhance the BlackRock Entities' relationships with various parties, facilitate additional business development, and enable the BlackRock Entities to obtain additional business and generate additional revenue.

*Potential Restrictions and Issues Relating to Information Held by BlackRock*. The Investment Adviser may not have access to information and personnel of all BlackRock Entities, including as a result of informational barriers constructed between different investment teams and groups within BlackRock focusing on alternative investments and otherwise. Therefore, the Investment Adviser may not be able to manage the Fund with the benefit of information held by one or more other investment teams and groups within the BlackRock Entities. However, although it is under no obligation to do so, if it is permitted to do so, the Investment Adviser may consult with personnel on other investment teams and in other groups within BlackRock, or with persons unaffiliated with BlackRock, or may form investment policy committees composed of such personnel, and in certain circumstances, personnel of affiliates of the Investment Adviser may have input into, or make determinations regarding, portfolio management transactions for the Fund, and may receive information regarding the Investment Adviser's proposed investment activities for the Fund that generally is not available to the public. There will be no obligation on the part of such persons to make available for use by the Fund any information or strategies known to them or developed in connection with their own client, proprietary or other activities. In addition, BlackRock will be under no obligation to make available any research or analysis prior to its public dissemination.

The Investment Adviser makes decisions for the Fund based on the Fund's investment program. The Investment Adviser from time to time may have access to certain fundamental analysis, research and proprietary technical models developed by BlackRock Entities and their personnel. There will be no obligation on the part of the BlackRock Entities to make available for use by the Fund, or to effect transactions on behalf of the Fund on the basis of, any such information, strategies, analyses or models known to them or developed in connection with their own proprietary or other activities. In certain cases, such personnel will be prohibited from disclosing or using such information for their own benefit or for the benefit of any other person, including the Fund and other Client Accounts. In other cases, fundamental analyses, research and proprietary models developed internally may be used by various BlackRock Entities and their personnel on behalf of different Client Accounts, which could result in purchase or sale transactions in the same security at different times (and could potentially result in certain transactions being made by one portfolio manager on behalf of certain Client Accounts before similar transactions are made by a different portfolio manager on behalf of other Client Accounts), or could also result in different purchase and sale transactions being made with respect to the same security. The Investment Adviser may also effect transactions for the Fund that differ from fundamental analysis, research or proprietary models issued by the BlackRock Entities or by the Investment Adviser itself in various contexts. The foregoing transactions may negatively impact the Fund and its direct and indirect investments through market movements or by decreasing the pool of available securities or liquidity, which effects can be more pronounced in thinly traded securities and less liquid markets.

The BlackRock Entities and different investment teams and groups within the Investment Adviser have no obligation to seek information or to make available to or share with the Fund any third-party manager with which the Fund invests any information, research, investment strategies, opportunities or ideas known to BlackRock Entity personnel or developed or used in connection with other clients or activities. The

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BlackRock Entities and different investment teams and groups within the Investment Adviser may compete with the Fund or any third-party manager with which the Fund invests for appropriate investment opportunities on behalf of their other Client Accounts. The results of the investment activities of the Fund may differ materially from the results achieved by BlackRock Entities for other Client Accounts. BlackRock Entities may give advice and take action with respect to other Client Accounts that may compete or conflict with the advice the Investment Adviser may give to the Fund, including with respect to their view of the operations or activities of an investment, the return of an investment, the timing or nature of action relating to an investment or the method of exiting an investment.

BlackRock Entities may restrict transactions for themselves, but not for the Fund, or vice versa. BlackRock Entities and certain of their personnel, including the Investment Adviser's personnel or other BlackRock Entity personnel advising or otherwise providing services to the Fund, may be in possession of information not available to all BlackRock Entity personnel, and such personnel may act on the basis of such information in ways that have adverse effects on the Fund. The Fund could sustain losses during periods in which BlackRock Entities and other Client Accounts achieve significant profits.

*Material, Nonpublic Information*. The Investment Adviser and its personnel may not trade for the Fund or other Client Accounts or for their own benefit or recommend trading in financial instruments of a company while they are in possession of material, nonpublic or price sensitive information ("Inside Information") concerning such company, or disclose such Inside Information to any person not entitled to receive it. The BlackRock Entities (including the Investment Adviser) may have access to Inside Information. The Investment Adviser has instituted an internal information barrier policy designed to prevent securities laws violations based on access to Inside Information. Accordingly, there may be certain cases where the Investment Adviser may be restricted from effecting purchases and/or sales of interests in securities or other financial instruments, or entering into certain transactions or exercising certain rights under such transactions on behalf of the Fund and/or the other Client Accounts. There can be no assurance that the Investment Adviser will not receive Inside Information and that such restrictions will not occur. At times, the Investment Adviser, in an effort to avoid restriction for the Fund or the other Client Accounts, may elect not to receive Inside Information, which may be relevant to the Fund's portfolio, that other market participants are eligible to receive or have received and could affect decisions that would have otherwise been made.

Any partner, officer or employee of the BlackRock Entities may serve as an officer, director, advisor or in comparable management functions for the investments of other Client Accounts, and any such person may obtain Inside Information in connection therewith, or in connection with such partner's, officer's or employee's other activities in the financial markets. In an effort to manage possible risks arising from the internal sharing of material nonpublic information, BlackRock maintains a list of restricted securities with respect to which it has access to material nonpublic information and in which Client Accounts are restricted from trading. If partners, officers or employees of BlackRock obtain such material nonpublic information about a portfolio company which is an investment of a Client Account, the Fund may be prohibited by law, policy or contract, for a period of time, from (i) unwinding a position in such company, (ii) establishing an initial position or taking any greater position in such company and/or (iii) pursuing other investment opportunities, which could impact the returns to the Fund. In addition, in certain circumstances, particularly during the liquidation of a Client Account, the Fund may be prohibited from trading a position that it holds, directly or indirectly, in the Client Account because BlackRock determines that one or more partners, officers or employees of BlackRock holds material nonpublic information with respect to one or more remaining positions held by the Client Account.

*Transactions with Certain Stockholders*. The Fund is permitted to enter into transactions with certain stockholders, subject to applicable law. For example, the Investment Adviser may be presented with opportunities to receive financing and/or other services in connection with the Fund's operations and/or the Fund's investments from certain stockholders or their affiliates that are engaged in lending or related business, which subjects the Investment Adviser to conflicts of interest.

*The Fund's Use of Investment Consultants and BlackRock's Relationship with Investment Consultants*. Stockholders may work with pension or other institutional investment consultants (collectively, "Investment Consultants"). Investment Consultants provide a wide array of services to pension plans and other institutions, including assisting in the selection and monitoring of investment advisers such as the Investment Adviser. From time to time, Investment Consultants who recommend the Investment Adviser to, and provide oversight of the Investment Adviser for, stockholders may also provide services to or purchase services from the BlackRock Entities. For example, the BlackRock Entities purchase certain index and performance-related databases and human resources-related information from Investment Consultants and their affiliates. The BlackRock Entities also utilize brokerage execution services of Investment Consultants or their affiliates, and BlackRock Entities personnel may attend conferences sponsored by Investment Consultants. Conversely, from time to time, the BlackRock Entities may be hired by Investment Consultants and their affiliates to provide investment management and/or risk management services, creating possible conflicts of interest.

*Other Relationships with BlackRock Entities, Clients and Market Participants*. The BlackRock Entities have developed, and will in the future develop, relationships with (or may invest in) a significant number of clients and other market participants (e.g., financial institutions, service providers, managers of investment funds, banks, brokers, advisors, joint venturers, consultants, finders (including executive finders), executives, attorneys, accountants, institutional investors, family offices, lenders, current and former employees, and current and former portfolio investment executives, as well as certain family members or close contacts of these persons), including those that may hold or may have held investments similar to the investments intended to be made by the Fund, that may themselves represent appropriate investment

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opportunities for the Fund, or that may compete with the Fund for investment opportunities. Furthermore, the Investment Adviser generally exercises its discretion to recommend to the Fund or to an investment thereof that it contracts for services with such clients and market participants, and/or with other BlackRock Entities. It is difficult to predict the circumstances under which these relationships could become material conflicts for the Fund, but it is possible that as a result of such relationships (or agreements with other Client Accounts) the Investment Adviser may refrain from making all or a portion of any investment or a disposition on behalf of the Fund, which may materially adversely affect the performance of the Fund. Certain of these persons or entities will invest (or will be affiliated with an investor) in, engage in transactions with and/or provide services (including services at reduced rates) to, the BlackRock Entities and/or Client Accounts and/or their affiliates. BlackRock expects to be subject to a potential conflict of interest with the Fund in recommending the retention or continuation of a third-party service provider to such Fund or a portfolio investment if such recommendation, for example, is motivated by a belief that the service provider or its affiliate(s) will continue to invest in the Fund or one or more Client Accounts, will provide the BlackRock Entities information about markets and industries in which the BlackRock Entities operate (or are contemplating operations) or will provide other services that are beneficial to the BlackRock Entities, the Fund or one or more Client Accounts. The Investment Adviser expects to be subject to a potential conflict of interest in making such recommendations, in that Investment Adviser has an incentive to maintain goodwill between it and clients and other market participants, while the products or services recommended may not necessarily be the best available or most cost effective to the Fund or its investments.

*Legal Representation*. The Fund, as well as the Investment Adviser and/or other BlackRock Entities, have engaged several counsel to represent them. In connection with such representation, counsel has relied upon certain information furnished to them by the Investment Adviser and the BlackRock Entities, and has not investigated or verified the accuracy or completeness of such information. Such counsel's engagement is limited to the specific matters as to which they are consulted and, therefore, there may exist facts or circumstances that could have a bearing on the Fund's or BlackRock's financial condition or operations with respect to which counsel has not been consulted and for which they expressly disclaim any responsibility. Counsel has not represented and will not be representing stockholders. No independent counsel has been retained (or is expected to be retained) to represent stockholders. No attorney-client relationship exists between any counsel and any stockholder solely by such stockholder making an investment in the Fund. As a result, stockholders are urged to retain their own counsel.

*Resolution of Conflicts.* Any conflicts of interest that arise between the Fund or particular stockholders, on the one hand, and other Client Accounts or BlackRock Entities or affiliates thereof, on the other hand, will be discussed and resolved on a case-by-case basis by business, legal and compliance officers of the Investment Adviser and its affiliates, as applicable. Any such discussions will take into consideration the interests of the relevant parties and the circumstances giving rise to the conflicts. Stockholders should be aware that conflicts will not necessarily be resolved in favor of the interests of the Fund or any affected stockholder. There can be no assurance that any actual or potential conflicts of interest will not result in the Fund receiving less favorable investment or other terms with respect to investments, transactions or services than if such conflicts of interest did not exist.

*Potential Impact on the* Fund. It is difficult to predict the circumstances under which one or more of the foregoing conflicts could become material, but it is possible that such relationships could require the Fund to refrain from making all or a portion of any investment or a disposition in order for BlackRock to comply with its fiduciary duties, the 1940 Act, the Advisers Act or other applicable law. The Investment Adviser may, under certain circumstances, seek to have conflicts or transactions involving conflicts approved in accordance with the governing agreements of the Fund. Copies of Part 2A of the Investment Adviser's Form ADV, which includes additional detail regarding conflicts of interest that are relevant to BlackRock's investment management business, are available at www.sec.gov and will be provided to current and prospective stockholders upon request.

The foregoing list of potential and actual conflicts of interest does not purport to be a complete enumeration of the conflicts attendant to an investment in the Fund. Additional conflicts may exist that are not presently known to the Investment Adviser, BlackRock or their respective affiliates or are deemed immaterial. Prospective investors should consult with their independent advisors before deciding whether to invest in the Fund. In addition, as the investment program of the Fund develops and changes over time, an investment in the Fund may be subject to additional and different actual and potential conflicts of interest.

***Changes in laws may negatively impact our business, results of operations or financial condition.***

The Fund is subject to changing rules and regulations of federal and state governments. These entities, including the Public Fund Accounting Oversight Board and the SEC have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations.

Changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect the Fund's operations and cost of doing business. The Fund is subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect the Fund's operations, including its loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or the Fund expands its business into jurisdictions that have adopted more stringent requirements than those in which the Fund currently conducts business, the Fund may have to incur significant expenses

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in order to comply, or the Fund might have to restrict its operations. In addition, if the Fund does not comply with applicable law, the Fund may lose licenses needed for the conduct of its business and may be subject to civil fines and criminal penalties, any of which could have a material adverse effect upon the Fund's business, results of operations or financial condition.

***Our compensation arrangements with our Advisers may create certain conflicts of interest.***

The Investment Adviser and its affiliates receive substantial fees from us in return for their services, and these fees could influence the advice provided to us. We pay to the Investment Adviser an incentive fee that is based on the performance of our portfolio and an annual base management fee that is based on the value of our net assets at the end of the two most recently completed calendar quarters. Because the incentive fee is based on the performance of our portfolio, the Investment Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee is determined may also encourage the Investment Adviser to use leverage to increase the return on our investments. Our compensation arrangements could therefore result in our making riskier or more speculative investments than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns.

***We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer.***

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Under the 1940 Act, a "diversified" investment company is required to invest at least 75% of the value of its total assets in cash and cash items, government securities, securities of other investment companies and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, we are not subject to this requirement. To the extent that we assume large positions in the securities of a small number of issuers, or within a particular industry, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company or to a general downturn in the economy. However, we will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code.

***When we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses.***

The Fund has obtained a Credit Facility (as defined below) in order to finance investments or pay expenses with borrowings (such indebtedness under the Credit Facility, the "Credit Facility Debt"). Such Credit Facility Debt may be important for the Fund's operations because it allows the Advisers to manage cash. A number of factors may result in the inability of the Fund to access Credit Facility Debt comparable to those available to other Client Accounts. These factors may include, among others: insufficient diversity of investments, the profile and creditworthiness of shareholders, the size of the Fund, the availability of Credit Facility Debt to the Fund in light of the current state of the global credit markets, whether or not any financing is with recourse to the Fund and how a lender views the worth of recourse provided, the scope of assurances shareholders are willing to provide to financing sources, the Fund's lack of operating history or trading history with counterparties and the time at which the Fund seeks financing.

The Advisers may obtain Credit Facility Debt for one or more Client Accounts and is under no obligation to make such financing available to the Fund. Differences in availability and terms of Credit Facility Debt resulting from such factors may affect the performance of the Fund relative to other Client Accounts. In the event that the Advisers are unable to obtain sufficient Credit Facility Debt for the Fund, the Fund may need to hold larger amount of cash reserves than it would if the Fund were able to obtain sufficient Credit Facility Debt. The failure by the Fund to obtain Credit Facility Debt on favorable terms (or at all) could adversely affect the returns of the Fund.

As a BDC, the Fund may issue "senior securities," including borrowing money from banks or other financial institutions only in amounts such that the Fund meets applicable asset coverage requirements under the 1940 Act. A BDC is generally not permitted to issue senior securities unless after giving effect thereto the BDC meets a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. Provided that a BDC meets certain disclosure requirements and obtains certain approvals, the asset coverage requirement applicable to such BDC is reduced from 200% to 150%. The reduced asset coverage requirement permits a BDC to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. On March 16, 2022, our sole shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day.

1940 Act asset coverage requirements limit the amount that the Fund may borrow and may unfavorably limit the Fund's ability to utilize Credit Facility Debt. If the value of the Fund's assets declines, the Fund may be unable to satisfy the asset coverage test, which could prohibit

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the Fund from paying distributions. If the Fund cannot satisfy the asset coverage test, the Fund may be required to sell a portion of its investments and repay a portion of its indebtedness at a time when such sales may be disadvantageous. Accordingly, any failure to satisfy this test could have a material adverse effect on the Fund's business, financial condition or results of operations.

***We may default under our credit facilities.***

In the event the Fund defaults under the Credit Facility or other borrowings, the Fund's business could be adversely affected as the Fund may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to the Fund in order to meet our outstanding payment obligations and/or support working capital requirements under such borrowing facility, any of which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such borrowing facility could assume control of the disposition of any or all of the Fund's assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***We are uncertain of our sources for funding future distributions.***

The Fund has not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from our offerings, to fund distributions (which may reduce the amount of capital we ultimately invest in assets). Shareholders should understand that any distributions made from sources other than cash flow from operations or relying on fee or expense reimbursement waivers, if any, from the Investment Adviser or the Administrator are not based on the Fund's investment performance, and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Investment Adviser or the Administrator continues to makes such expense reimbursements, if any. The extent to which the Fund pays distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in the Fund's distribution reinvestment plan, how quickly the Fund invests the proceeds from any offering and the performance of the Fund's investments. Shareholders should also understand that our future repayments to the Investment Adviser will reduce the distributions that they would otherwise receive. Shareholders should also understand that the Fund's future repayments to the Investment Adviser will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund will achieve such performance in order to sustain these distributions, or be able to pay distributions at all. The Investment Adviser and the Administrator have no obligation to waive fees or receipt of expense reimbursements, if any.

***Although we have adopted a share repurchase program, we have discretion to not repurchase your shares, to suspend the program, and to cease repurchases.***

Although we have adopted a share repurchase program, we have discretion to not repurchase your shares, to suspend the program, and to cease repurchases. Our Board of Trustees may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your shares at all in the event our Board of Trustees amends, suspends or terminates the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our Declaration of Trust or otherwise to effect a liquidity event at any time. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Common Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The share repurchase program has many limitations and should not be relied upon as a method to sell shares promptly or at a desired price. Shareholders should also understand that if during any consecutive four-quarter period, there is not at least one quarter in which the Fund fully accepts all properly submitted tenders in a repurchase offer, the Investment Adviser will intend to recommend that the Board approve a plan pursuant to which the Fund will not make any new investments (excluding some investments—see Item 1. Business – Share Repurchase Program) and will use all "capital available for investing" to accept properly submitted tenders until such time that all properly submitted tenders in any one repurchase offer have been fully accepted. In addition, shareholders should also understand that if, during any four-quarter period, there is not at least one quarter in which the Fund fully accepts all properly submitted tenders in a repurchase offer, then beginning at the end of such Four Quarter Period the Investment Adviser will defer its incentive fee until all properly submitted tenders in any one repurchase offer have been accepted, after which such deferred incentive fee will become payable and no further incentive fee amounts will be required to be deferred. If the Fund takes either action, it could negatively impact the Fund's ability to achieve its investment objectives.

***The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.***

The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders. In the event a shareholder chooses to participate in our share repurchase program, the shareholder will be required to provide us with notice of intent to participate prior to knowing what the NAV per share of the class of shares being repurchased will be on the Repurchase Date. Although a shareholder will have the ability to withdraw a repurchase request prior to the Repurchase Date, to the extent a shareholder seeks to sell shares to us as part of our periodic share repurchase program, the shareholder will be required to do so without knowledge of what the repurchase price of our shares will be on the Repurchase Date.

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***If we are unable to raise substantial funds, then we will be more limited in the number and type of investments we may make, our expenses may be higher relative to our total assets, and the value of your investment in us may be reduced in the event our assets under-perform.***

Amounts that the Fund raises may not be sufficient for us to purchase a broad portfolio of investments. To the extent that less than the maximum number of Common Shares is subscribed for, the opportunity for the Fund to purchase a broad portfolio of investments may be decreased and the returns achieved on those investments may be reduced as a result of allocating all of our expenses among a smaller capital base. If the Fund is unable to raise substantial funds, we may not achieve certain economies of scale and our expenses may represent a larger proportion of our total assets.

***We may have difficulty sourcing investment opportunities.***

We cannot assure investors that we will be able to locate a sufficient number of suitable investment opportunities to allow us to deploy all investments successfully. In addition, privately-negotiated investments in loans and illiquid securities of private middle market companies require substantial due diligence and structuring, and we cannot assure investors that we will achieve our anticipated investment pace. As a result, investors will be unable to evaluate any future portfolio company investments prior to purchasing our shares. Additionally, our Advisers will select our investments subsequent to our offerings, and our shareholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our shares. To the extent we are unable to deploy all investments, our investment income and, in turn, our results of operations, will likely be materially adversely affected.

***Special considerations exist for certain benefit plan investors.***

We intend to conduct our affairs so that our assets should not be deemed to constitute "plan assets" under ERISA and the Plan Asset Regulations. In this regard, until such time as all classes of our Common Shares are considered "publicly-offered securities" within the meaning of the Plan Asset Regulations, we intend to limit investment in each class of our Common Shares so that holdings by "benefit plan investors" are not "significant" (within the meaning of the Plan Asset Regulations).

If, notwithstanding our intent, the assets of the Fund were deemed to be "plan assets" of any shareholder that is a "benefit plan investor" under the Plan Asset Regulations, this would result, among other things, in (i) the application of the prudence and other fiduciary responsibility standards of ERISA to investments made by the Fund, and (ii) the possibility that certain transactions in which the Fund might seek to engage could constitute "prohibited transactions" under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, among other things, the Advisers and/or any other fiduciary that has engaged in the prohibited transaction could be required to (i) restore to the "benefit plan investor" any profit realized on the transaction and (ii) reimburse the Covered Plan for any losses suffered by the "benefit plan investor" as a result of the investment. In addition, each disqualified person (within the meaning of Section 4975 of the Code) involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%. The Fiduciary of a "benefit plan investor" who decides to invest in the Fund could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in the Fund or as co-fiduciaries for actions taken by or on behalf of the Fund or the Advisers. With respect to a "benefit plan investor" that is an individual retirement account (an "IRA") that invests in the Fund, the occurrence of a prohibited transaction involving the individual who established the IRA, or his or her beneficiaries, would cause the IRA to lose its tax-exempt status.

Until such time as all the classes of our Common Shares constitute "publicly traded securities" within the meaning of the Plan Asset Regulations, we have the power to (a) exclude any shareholder or potential shareholder from purchasing or transferring our Common Shares; (b) prohibit any redemption of our Common Shares; and (c) redeem some or all Common Shares held by any holder in each case if, and to the extent that, our Board of Trustees determines that there is a substantial risk that such holder's purchase, ownership or redemption of Common Shares would result in our assets to be characterized as "plan assets," for purposes of the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code, and all Common Shares of the Fund shall be subject to such terms and conditions.

Prospective investors should carefully review the matters discussed under "Restrictions on Share Ownership" and should consult with their own advisors as to the consequences of making an investment in the Fund.

***Shareholders may experience dilution.***

All distributions declared in cash payable to shareholders that are participants in our distribution reinvestment plan will generally be automatically reinvested in our Common Shares. As a result, shareholders that do not participate in our distribution reinvestment plan may experience dilution over time. Holders of our Common Shares will not have preemptive rights to any shares we issue in the future. Our Declaration of Trust allows us to issue an unlimited number of Common Shares. Our Board of Trustees may elect, without shareholder approval, to: (1) sell additional shares in future public offerings; (2) issue Common Shares or interests in any of our subsidiaries in private offerings; (3) issue Common Shares upon the exercise of the options we may grant to our Independent directors or future employees; or (4) subject to applicable law, issue Common Shares in payment of an outstanding obligation to pay fees for services rendered to us. To the extent we issue

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additional Common Shares, your percentage ownership interest in us will be diluted. Because of these and other reasons, our shareholders may experience substantial dilution in their percentage ownership of our shares or their interests in the underlying assets held by our subsidiaries.

***The NAV of our Common Shares may fluctuate significantly.***

The NAV and liquidity, if any, of the market for the Fund's Common Shares may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of RIC or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the value of the Fund's portfolio of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•departure of either of our adviser or certain of its respective key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of a major funding source.

***Our shares may be held by a diverse shareholder group.*** 

The Fund's shareholders are expected to be based in a wide variety of jurisdictions and take a wide variety of forms. The shareholders may have conflicting investment, tax and other interests with respect to their investments in the Fund and with respect to the interests of investors in other investment vehicles managed or advised by the Advisers and BlackRock that may participate in the same investments as the Fund. The conflicting interests of individual shareholders with respect to other shareholders and relative to investors in other investment vehicles would generally relate to or arise from, among other things, the nature of investments made by the Fund and such other partnerships, the structuring or the acquisition of investments and the timing of disposition of investments. As a consequence, conflicts of interest may arise in connection with the decisions made by the Advisers or BlackRock, including with respect to the nature or structuring of investments that may be more beneficial for one investor than for another investor, especially with respect to investors' individual tax situations.

In addition, the Fund may make investments that may have a negative impact on related investments made by the shareholders in separate transactions. In selecting and structuring investments appropriate for the Fund, the Advisers will consider the investment and tax objectives of the Fund and the shareholders as a whole, not the investment, tax or other objectives of any shareholder individually. In addition, certain shareholders also may be investors in other Client Accounts, including supplemental capital vehicles and co-investment vehicles that may invest alongside the Fund in one or more investments, consistent with applicable law and/or any applicable SEC-granted order. Shareholders also may include affiliates of the Advisers, including other Client Accounts. BlackRock related shareholders will have equivalent rights to vote and withhold consents as nonrelated shareholders. Nonetheless, BlackRock may have the ability to influence, directly or indirectly, BlackRock related shareholders.

We may also offer Institutional shares to other investment vehicles. We may also offer our Institutional shares to certain feeder vehicles primarily created to hold our Institutional shares, which in turn offer interests in themselves to investors. We expect to conduct such offerings to feeder vehicles pursuant to exceptions to registration under the Securities Act. Affiliates of the Advisers may sponsor feeder vehicles primarily created to hold our Institutional shares. Other financial institutions may also sponsor feeder vehicles primarily created to hold our Institutional shares. Such feeder vehicles may have additional costs and expenses, including performance based fees, which would be disclosed by such feeder vehicles in connection with the offering of their interests. BlackRock, out of its own resources and not out of Fund assets, may incur costs and expenses in connection with the formation and operation of such feeder vehicles. BlackRock may have incentives to refer potential investors to feeder vehicles.

***Our shares may be purchased by the Advisers or their affiliates.***

BlackRock Financial Management, Inc., our Administrator and an affiliate of the Advisers, has purchased our Common Shares, and as of December 31, 2025 holds approximately 8.88% of our outstanding common shares. The Advisers, our Administrator and their affiliates may purchase our Common Shares in the future. The Advisers, our Administrator and their affiliates will not acquire Common Shares with the intention to resell or re-distribute such shares. The purchase of Common Shares by the Advisers, our Administrator and their affiliates could create certain risks, including, but not limited to, that the Advisers, our Administrator and their affiliates may have an interest in disposing of our assets at an earlier date so as to recover their investment in our Common Shares. Shareholders who beneficially own 25% or more of the

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outstanding Common Shares of the Fund may be deemed to "control" the Fund for purposes of the 1940 Act. For so long as the Advisers, our Administrator or their affiliates hold a significant portion of our Common Shares, they may exert a significant influence on the outcome of any matters submitted to a vote of our shareholders.

***BlackRock Acquisition of HPS.***

On July 1, 2025, BlackRock acquired 100% of the business and assets of HPS LLC. There is no guarantee that BlackRock will be able to successfully maintain and continue to build its business after the BlackRock/HPS Transaction or that BlackRock or the Advisers will be able to successfully optimize their business operations following the completion of the BlackRock/HPS Transaction. In particular, as with any business combination, BlackRock and the Advisers will be subject to substantial risks, including with respect to the long-term retention of key employees, the successful consolidation of corporate, technological and administrative infrastructures and the retention of existing business and operational relationships. It is possible that employees currently involved in the operation of the Advisers may not continue with the Advisers after the BlackRock/HPS Transaction and the operations and business relationships of BlackRock and the Advisers may be disrupted following the BlackRock/HPS Transaction. The integration of HPS LLC into BlackRock will be a complex, costly and time-consuming process and if BlackRock experiences difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on BlackRock and the Advisers for an undetermined period. There can be no assurances that BlackRock or the Advisers will realize the potential operating efficiencies, synergies and other benefits currently anticipated from the BlackRock/HPS Transaction, and a failure to obtain such synergies may adversely affect the operations of BlackRock or the Advisers. Some of the challenges presented by the integration of the businesses are outside of BlackRock's control, and any of them could result in delays, increased costs, decreases in the amount of potential synergies and diversion of management's time and energy, which could materially affect BlackRock or the Advisers. In the event that the BlackRock/HPS Transaction has an adverse impact on the Advisers, including for the foregoing reasons, our operations and investment results may be adversely affected.

**Item 1B. Unresolved Staff Comments**

None

**Item 1C. Cybersecurity**

**Cybersecurity Risk Management and Strategy** 

The Fund is externally managed by the Advisers and has no employees or internal information systems. Thus, the Fund relies on the Advisers, BlackRock, Inc. ("BlackRock") as well as the custodian and other service providers to protect the Fund's information from cybersecurity threats. The Fund's chief compliance officer (the "CCO") oversees the Fund's risk management policies and procedures related to cybersecurity risks, subject to the oversight of the Board of Trustees. The CCO and the Advisers also review key Fund service providers' compliance and risk management policies and procedures related to cybersecurity matters, evaluate such service providers' use of information systems, which have the potential to subject the Fund to information technology vulnerabilities, and receive reports from the Fund's service providers regarding any cybersecurity threats and incidents.

Specifically, the Fund's relies on the enterprise risk management ("ERM") framework of BlackRock for the Fund's cybersecurity risk management and strategy. The Board of Trustees of the Fund periodically receives reports from BlackRock and from the Advisers regarding BlackRock's cybersecurity program. Key aspects of the ERM framework are summarized below.

<u>BlackRock's Enterprise Risk Management Framework</u>

BlackRock recognizes the importance of identifying, assessing, and managing material risks associated with cybersecurity threats. Cybersecurity represents an important component of BlackRock's approach to ERM. BlackRock leverages a multi-layered defense model in which cybersecurity operational processes are executed by global information security and other firmwide teams, supported by dedicated internal audit and technology risk management ("TRM") teams that independently review technology risks. BlackRock's cybersecurity program is fully integrated into its ERM framework and is aligned with recognized frameworks, including NIST Cybersecurity Framework, Cyber Risk Institute Profile, ISO/IEC 27001/27002, and other leading frameworks. BlackRock aims to inform and continuously improve its cybersecurity program through engagement with regulatory, client, insurer, vendor, partner, peer, government and industry organizations and associations, as well as external audit, technology risk, information security and other assessments.

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BlackRock seeks to address cybersecurity risks through a global, multilayered strategy of control programs that is designed to preserve the confidentiality, integrity and availability of the information that BlackRock collects and stores by identifying, preventing and mitigating cybersecurity threats and incidents. As one of the critical elements of BlackRock's overall ERM framework, BlackRock's cybersecurity program is focused on the following key areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Governance:** As discussed in more detail under the heading "BlackRock's Cybersecurity Governance" below, the oversight by BlackRock's Board of Directors ("BlackRock's Board") of cybersecurity risk management is supported by BlackRock's Risk Committee, which regularly interacts with BlackRock's risk management function, BlackRock's Chief Risk Officer ("CRO") and Chief Information Security Officer ("CISO"), along with other members of management. In addition, technology and cybersecurity risks are formally overseen by a dedicated management risk governance committee, the Technology Risk and Cybersecurity Committee ("TRCC"), which is a sub-committee of the firmwide Enterprise Risk Committee ("ERC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Cross-Functional Approach:** BlackRock has implemented a global, cross-functional approach to identifying, preventing, and mitigating cybersecurity threats and incidents, while also implementing layered preventative, detective, reactive and recovery controls to identify and manage cybersecurity risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Safeguards:** The Fund deploys a range of people, process and technical controls that are designed to protect the Fund's information systems from cybersecurity threats, which may include, among others: physical security controls; perimeter controls, including technical assessments, firewalls, network segregation, intrusion detection and prevention; tabletop exercises, ongoing vulnerability and patch management; vendor due diligence; multi-factor authentication; device encryption; application security, code testing and penetration testing; endpoint security, including anti-malware protection, threat intel and response, managed detection and response, security configuration management, portable storage device lockdown, restricted administrative privileges; employee awareness, training, and phishing testing; data loss prevention program and monitoring; information security incident reporting and monitoring; and layered and comprehensive access controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Incident Response and Recovery Planning:** BlackRock has established and maintains incident response and recovery plans that address the Fund's response to a cybersecurity incident, including processes designed to assess, escalate, contain, investigate and remediate the incident, as well as to comply with applicable legal obligations and mitigate potential reputational damage. Such plans are evaluated on a periodic basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Third-Party Risk Management:** BlackRock maintains a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties and clients, as well as the systems of third parties that could significantly and adversely impact BlackRock's business in the event of a cybersecurity incident affecting those third-party systems. Operational incidents can arise as a result of failures by third parties with which BlackRock does business, such as failures by internet, communication technology and cloud service providers or other vendors to adequately follow processes and procedures, safeguard their systems or prevent system disruptions or cyberattacks. Third-party risks are included within BlackRock's ERM framework, and risk identification and mitigation are supported by BlackRock's cybersecurity program. BlackRock also performs diligence on certain third parties and monitors cybersecurity threats and risks identified through such diligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** **Education and Awareness:** BlackRock's employees and contractors receive communications on its evolving information security policies and procedures and are required to complete an annual information security training to equip them with effective tools to address cybersecurity threats.

BlackRock's global information security team, in collaboration with the technology risk and internal audit teams, engages in the periodic assessment and testing of BlackRock's cyber risks and cybersecurity program. These efforts may include a wide range of activities, including audits, assessments, wargames and "tabletop" exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. BlackRock also participates in financial services industry and government forums to improve both internal and sector cybersecurity defense. BlackRock regularly engages third parties and advisors to assess its cybersecurity control environment. The results of certain program and control assessments are reported to the Risk Committee, and BlackRock adjusts its cybersecurity program as appropriate based on the information provided by these assessments.

As of December 31, 2025, the Fund is not aware of any cybersecurity risks that have materially affected or are reasonably likely to materially affect the Fund's business strategy, results of operations, or financial condition.

**Cybersecurity Governance**

The Board of Trustees of the Fund periodically receives reports from BlackRock and from the Advisers regarding BlackRock's cybersecurity program. Team members who support the Fund's information security program have relevant educational and industry experience.

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At the BlackRock parent level, BlackRock's Board is actively engaged in the oversight of BlackRock's risk management program. The Risk Committee assists the Board with its oversight of BlackRock's levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats. The Risk Committee receives regular reports on BlackRock's cybersecurity program, technology resilience risk management and related developments from members of our information security team, including the CISO. The Board and the Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds. On an annual basis, senior members of BlackRock's technology, risk and information security teams provide a comprehensive overview of BlackRock's cyber risk and related programs to a joint session of the Board's Risk and Audit Committees.

Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub-committee of the firmwide ERC. The chair of the TRCC is appointed by the head of Enterprise Risk Management at BlackRock and its members include the CISO as well as a broad range of senior business stakeholders across BlackRock. The TRCC is responsible for oversight of BlackRock's technology and cybersecurity risk management practices and helps ensure that technology and cybersecurity risks remain within firmwide risk tolerances and technology and cybersecurity risk issues are escalated as appropriate to the ERC and other committees. The TRCC also reviews any relevant technology and cybersecurity risk related issues and helps ensure that they are appropriately escalated, reported, and remediated.

BlackRock's cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by BlackRock's CISO. As of December 31, 2025, the CISO had over 31 years of experience in information technology with a 25-year concentration in information security, including previously serving as the CISO at several global financial institutions, and held the Certified Information Systems Security Professional certification. The CISO works closely with the leadership team and other subject matter experts in the global cybersecurity group, who collectively have extensive prior work experience in various roles involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and overseeing cybersecurity controls in technology risk and audit functions, as well as having relevant degrees and industry-leading certifications.

The CISO and members of the TRCC monitor the prevention, detection, mitigation and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management processes described above, including the operation of BlackRock's incident response plan.

**Item 2. Properties**

We do not own any real estate or other physical properties materially important to our operation. Our executive offices are located at 50 Hudson Yards, New York, NY 10018, and are provided by the Investment Adviser in accordance with the terms of the Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

**Item 3. Legal Proceedings**

We and the Investment Adviser are not currently subject to any material pending or threatened legal proceedings against us. From time to time, we may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities**

**Share Issuances**

Our offering consists of three classes of Common Shares, Institutional Class shares, Class S shares and Class D shares. The share classes have different ongoing stockholder servicing fees. Other than the differences in ongoing stockholder servicing fees, each class of Common Shares has the same economics and voting rights. Our Common Shares are not listed for trading on a stock exchange or other securities market and there is no established public trading market for our Common Shares. As of December 31, 2025, there were 1026 holders of record of our Institutional Class shares, 945 holders of record of our Class S shares, and 69 holders of record of our Class D shares.

**Net Asset Value**

We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. 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 our monthly NAV per share for each of the three classes of shares since our inception through December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **NAV per Share** | **NAV per Share** | **NAV per Share** |
| **For the Month Ended** | **Institutional Class** | **Class S** | **Class D** |
| June 30, 2022 | $23.49 | N/A | N/A |
| July 31, 2022 | 24.40 | N/A | N/A |
| August 31, 2022 | 24.86 | N/A | N/A |
| September 30, 2022 | 23.74 | N/A | N/A |
| October 31, 2022 | 23.89 | N/A | N/A |
| November 30, 2022 | 23.93 | N/A | N/A |
| December 31, 2022 | 23.69 | N/A | N/A |
| January 31, 2023 | 24.28 | N/A | N/A |
| February 28, 2023 | 24.25 | N/A | N/A |
| March 31, 2023 | 24.23 | N/A | N/A |
| April 30, 2023 | 24.38 | N/A | N/A |
| May 31, 2023 | 24.05 | N/A | N/A |
| June 30, 2023 | 24.49 | N/A | N/A |
| July 31, 2023 | 24.73 | N/A | N/A |
| August 31, 2023 | 24.85 | N/A | N/A |
| September 30, 2023 | 24.99 | N/A | N/A |
| October 31, 2023 | 24.70 | N/A | N/A |
| November 30, 2023 | 24.87 | N/A | N/A |
| December 31, 2023 | 24.85 | N/A | N/A |
| January 31, 2024 | 24.92 | N/A | N/A |
| February 29, 2024 | 24.93 | N/A | N/A |
| March 31, 2024 | 24.98 | N/A | N/A |
| April 30, 2024 | 24.93 | N/A | N/A |
| May 31, 2024 | 24.95 | N/A | N/A |
| June 30, 2024 | 24.84 | 24.84 | N/A |
| July 31, 2024 | 24.75 | 24.75 | N/A |
| August 31, 2024 | 24.79 | 24.79 | 24.79 |
| September 30, 2024 | 24.77 | 24.77 | 24.77 |
| October 31, 2024 | 24.83 | 24.83 | 24.83 |
| November 30, 2024 | 24.84 | 24.84 | 24.84 |
| December 31, 2024 | 24.79 | 24.79 | 24.79 |
| January 31, 2025 | 24.77 | 24.77 | 24.77 |
| February 28, 2025 | 24.64 | 24.64 | 24.64 |
| March 31, 2025 | 24.42 | 24.42 | 24.42 |
| April 30, 2025 | 24.11 | 24.11 | 24.11 |
| May 31, 2025 | 24.27 | 24.27 | 24.27 |
| June 30, 2025 | 24.24 | 24.24 | 24.24 |
| July 31, 2025 | 24.22 | 24.22 | 24.22 |
| August 31, 2025 | 24.20 | 24.20 | 24.20 |
| September 30, 2025 | 24.07 | 24.07 | 24.07 |
| October 31, 2025 | 23.99 | 23.99 | 23.99 |
| November 30, 2025 | 23.98 | 23.98 | 23.98 |
| December 31, 2025 | 23.95 | 23.95 | 23.95 |

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**Distributions**

We expect to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

Our Board of Trustees' discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our treatment as a RIC, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of our net investment income. See "U.S. Federal Income Tax Matters."

The per share amount of distributions on Class S, Class D and Institutional shares generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class. Specifically, distributions on Class S and Class D shares will be lower than Institutional shares because we are required to pay higher ongoing shareholder servicing and/or distribution fees with respect to the Class S and Class D shares compared to Institutional shares. There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and, subject to certain limitations imposed under the NASAA Omnibus Guidelines, we have no limits on the amounts we may pay from such sources. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Funding distributions from the sales of assets, borrowings, return of capital or proceeds of this offering will result in us having less funds available to acquire investments. As a result, the return you realize on your investment may be reduced. Doing so may also negatively impact our ability to generate cash flows. Likewise, funding distributions from the sale of additional securities will dilute your interest in us on a percentage basis and may impact the value of your investment especially if we sell these securities at prices less than the price you paid for your shares. We believe the likelihood that we pay distributions from sources other than cash flow from operations will be higher in the early stages of the offering.

From time to time, we may also pay special interim distributions in the form of cash or Common Shares at the discretion of our Board of Trustees.

We have not established limits on the amount of funds we may use from any available sources to make distributions. There can be no assurance that we will achieve the performance necessary to sustain our distributions or that we will be able to pay distributions at a specific rate or at all. The Investment Adviser and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods. See "Advisory Agreement, Sub-Advisory Agreement and Administration Agreement."

Consistent with the Code, shareholders will be notified of the source of our distributions. Our distributions may exceed our earnings and profits, especially during the period before we have substantially invested the proceeds from this offering. As a result, a portion of the distributions we make may represent a return of capital for tax purposes. The tax basis of shares must be reduced by the amount of any return of capital distributions, which will result in an increase in the amount of any taxable gain (or a reduction in any deductible loss) on the sale of shares.

We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our investment company taxable income (net ordinary taxable income and net short-term capital gains in excess of net long-term capital losses), if any, to our shareholders. A RIC may satisfy the 90% distribution requirement by actually distributing dividends (other than capital gain dividends) during the taxable year. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillback dividend" provisions of Subchapter M. If a RIC makes a spillback dividend, the amounts will be included in a shareholder's gross income for the year in which the spillback dividend is paid. We currently intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short- term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain such capital gains for investment and elect to treat such gains as deemed distributions to you. If this happens, you will be treated for U.S. federal income tax purposes as if you had received an actual distribution of the capital gains that we retain and reinvested the net after tax proceeds in us. In this situation, you would be eligible to claim a tax credit (or, in certain circumstances, a tax refund) equal to your allocable share of the tax we paid on the capital gains deemed distributed to you. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions. See "U.S. Federal Income Tax Matters."

If we issue senior securities, we may be prohibited from making distributions if doing so causes us to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.

We have adopted a distribution reinvestment plan pursuant to which you may elect to have the full amount of your cash distributions reinvested in additional Common Shares. See "Distribution Reinvestment Plan."

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The per share amount of distributions on Class S, Class D and Institutional Class shares generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class. Specifically, distributions on Class S and Class D shares will be lower than Institutional Class shares because we are required to pay higher ongoing shareholder servicing and/or distribution fees with respect to the Class S and Class D shares compared to Institutional Class shares.

*Institutional Class Shares*

The following table summarizes the Fund's dividends declared for the years ended December 31, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Amount Per Share** | **Total Amount** |
| January 26, 2024 | January 30, 2024 | February 27, 2024 | Regular | $0.2300 | $2348876 |
| February 23, 2024 | February 28, 2024 | March 27, 2024 | Regular | 0.2300 | 2471608 |
| March 26, 2024 | March 28, 2024 | April 26, 2024 | Regular | 0.2300 | 2572189 |
| April 24, 2024 | April 29, 2024 | May 29, 2024 | Regular | 0.2300 | 2817179 |
| May 24, 2024 | May 30, 2024 | June 26, 2024 | Regular | 0.2300 | 2983344 |
| June 26, 2024 | June 27, 2024 | July 29, 2024 | Regular | 0.2300 | 3183325 |
| July 26, 2024 | July 30, 2024 | August 28, 2024 | Regular | 0.2300 | 3812774 |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | 0.2300 | 4370691 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 4658792 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 4925216 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 5342972 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 5596850 |
|  |  |  |  | $2.7600 | $45083816 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $5923347 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 6249265 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 6588559 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 7190565 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 7422523 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 7802691 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 9024581 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 8822622 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 9423839 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 10429938 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 11205904 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 11957706 |
|  |  |  |  | $2.5940 | $102041540 |

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*Class S Shares*

The following table summarizes the Fund's dividends declared for the Class S shares for the year ended December 31, 2025 and 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** <sup>(1)</sup> | **Record Date** | **Payment Date** | **Type** | **Gross Amount<br>Per Share** | **Amount Per Share Net of Shareholder Servicing<br> and/or Distribution Fees** | **Gross<br>Amount** | **Net<br> Amount** |
| June 26, 2024 | June 27, 2024 | July 29, 2024 | Regular | $0.2300 | $0.2100 | $68922 | $63626 |
| July 26, 2024 | July 30, 2024 | August 28, 2024 | Regular | 0.2300 | 0.2100 | 142491 | 131591 |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | 0.2300 | 0.2100 | 201157 | 185825 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 0.2100 | 255347 | 235807 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 0.2100 | 320062 | 295709 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 0.2100 | 377573 | 348681 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 0.2100 | 415880 | 384088 |
| . |  |  |  | $1.6100 | $1.4700 | $1781432 | $1645327 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $0.2124 | $472537 | $436377 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 0.2125 | 527138 | 487029 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 0.2125 | 599042 | 553463 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 0.2127 | 683484 | 632083 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 0.2129 | 731457 | 677139 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 0.2128 | 783555 | 724982 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 0.2128 | 847411 | 784161 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 0.1808 | 783407 | 715516 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 0.1805 | 836967 | 764370 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 0.1796 | 864300 | 789349 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 0.1789 | 910079 | 831135 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 0.1789 | 936819 | 855583 |
|  |  |  |  | $2.5940 | $2.3873 | $8976196 | $8251187 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Class S commenced operations on June 1, 2024.

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*Class D Shares*

The following table summarizes the Fund's dividends declared for the Class D shares for the year ended December 31, 2025 and 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** <sup>(1)</sup> | **Record Date** | **Payment Date** | **Type** | **Gross Amount<br>Per Share** | **Amount Per Share Net of Shareholder Servicing<br> and/or Distribution Fees** | **Gross<br>Amount** | **Net<br> Amount** |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | $0.2300 | $0.2248 | $28 | $27 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 0.2248 | 51 | 50 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 0.2200 | 27906 | 27275 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 0.2200 | 29249 | 28588 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 0.2200 | 29297 | 28638 |
| . |  |  |  | $1.1500 | $1.0996 | $86531 | $84578 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $0.2248 | $30170 | $29488 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 0.2248 | 32328 | 31597 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 0.2249 | 34059 | 33304 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 0.2249 | 37499 | 36670 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 0.2250 | 37558 | 36737 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 0.2249 | 46315 | 45297 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 0.2250 | 24559 | 23409 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 0.1930 | 24447 | 23762 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 0.1926 | 22624 | 21940 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 0.1916 | 22433 | 21861 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 0.1909 | 18547 | 18073 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 0.1909 | 18287 | 17821 |
|  |  |  |  | $2.5940 | $2.5332 | $348827 | $339959 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Class D commenced operations on August 1, 2024.

Tax characteristics of all dividends are reported to shareholders on Form 1099-DIV or Form 1042-S after the end of the calendar year.

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our shareholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our shareholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

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In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to pay a large portion of a dividend in our Common Shares instead of in cash. As long as a sufficient portion of such dividend is paid in cash (which portion can generally be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

We currently intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short- term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain such capital gains for investment and elect to treat such gains as deemed distributions to you. If this happens, you will be treated for U.S. federal income tax purposes as if you had received an actual distribution of the capital gains that we retain and reinvested the net after tax proceeds in us. In this situation, you would be eligible to claim a tax credit (or, in certain circumstances, a tax refund) equal to your allocable share of the tax we paid on the capital gains deemed distributed to you. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions.

**Shareholder Servicing and/or Distribution Fees**

The following table shows the shareholder servicing and/or distribution fees we pay the Distributor with respect to the Class S shares, Class D shares and Institutional Class shares on an annualized basis as a percentage of our NAV for such class. The shareholder servicing and/or distribution fees will be calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.

Subject to FINRA and other limitations on underwriting compensation, we will pay a shareholder servicing and/or distribution fee equal to: (a) for Class S shares, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV of the Class S shares calculated monthly as of the beginning of the first calendar day of the month and (b) for Class D shares, a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV of the Class D shares calculated monthly as of the beginning of the first calendar day of the month. Eligibility to receive the ongoing servicing fee is conditioned on a participating broker or other intermediary providing the following ongoing services with respect to the Class S or Class D shares: responding to customer inquiries of a general nature regarding the Fund; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer's account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Fund documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses; and providing such other similar services as we may reasonably request to the extent an authorized service provider is permitted to do so under applicable statutes, rules or regulations. The Distributor will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers or intermediaries for ongoing shareholder services performed by such brokers or intermediaries, and will waive shareholder servicing and/or distribution fees to the extent a broker or intermediary is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S 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 our distribution reinvestment plan. Shareholder servicing and/or distribution fees are similar to a commission in that the amount an investor pays may exceed the value of services they receive.

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| | |
|:---|:---|
|  | **Shareholder Servicing and/or Distribution Fee as a % of NAV** |
| Class S Shares | 0.85% |
| Class D Shares | 0.25% |
| Institutional Shares |  |

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**Distribution Reinvestment Plan**

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends declared by the Board of Trustees on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan 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 shares, except shareholders in certain states. Shareholders can elect to "opt out" of the Fund's distribution reinvestment plan in their subscription agreements (other than Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan). Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment

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in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.

If any shareholder initially elects not to participate, they may later become a participant by subsequently completing and executing an enrollment form or any distribution authorization form as may be available from the Fund or State Street Bank and Trust Company (the "Plan Administrator"). Participation in the distribution reinvestment plan will begin with the next distribution payable after acceptance of a participant's subscription, enrollment or authorization. Shares will be purchased under the distribution reinvestment plan as of the first business day of the month following the record date of the distribution.

If a shareholder seeks to terminate its participation in the distribution reinvestment plan, notice of termination must be received by the Plan Administrator five business days in advance of the first business day of the next month in order for a shareholder's termination to be effective for such month. Any transfer of shares by a participant to a non-participant will terminate participation in the distribution reinvestment plan with respect to the transferred shares. If a participant elects to tender its Common Shares in full, any Common Shares issued to the participant under the Plan subsequent to the expiration of the tender offer will be considered part of the participant's prior tender, and participant's participation in the distribution reinvestment plan will be terminated as of the valuation date of the applicable tender offer. Any distributions to be paid to such shareholder on or after such date will be paid in cash on the scheduled distribution payment date.

If you elect to opt out of the distribution reinvestment plan, you will receive any distributions we declare in cash. There will be no upfront selling commissions or Distributor fees charged to you if you participate in the distribution reinvestment plan. We will pay the Plan Administrator fees under the distribution reinvestment plan. If your shares are held by a broker or other financial intermediary, you may change your election by notifying your broker or other financial intermediary of your election.

Any purchases of our shares pursuant to our distribution reinvestment plan are dependent on the continued registration of our securities or the availability of an exemption from registration in the recipient's home state.

The purchase price for shares purchased under our distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable. Common Shares issued pursuant to our distribution reinvestment plan will have the same voting rights as the Common Shares offered pursuant to this our effective registration statement.

**Share Repurchases**

While we intend to continue to conduct quarterly repurchase offers as described herein, we are not required to do so and our Board of Trustees has complete discretion to determine whether we will engage in any share repurchase and may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. We do not commence share repurchase offer during any calendar quarter for which our liquid assets plus available and undrawn leverage are less than 25% of our net assets as of the date of the most recent publicly available NAV prior to the commencement of such calendar quarter. For purposes of this calculation, "undrawn leverage" is equal to (x) the lesser of (a) the maximum amount the Fund may borrow under its then effective credit agreement or other borrowing facility or (b) the maximum amount the Fund may borrow under the 1940 Act, less (y) the Fund's then outstanding borrowings.

As a hypothetical example, if as of the date of the most recent publicly available NAV, the Fund had (i) $100 million in net assets, (ii) $18 million in liquid assets, (iii) a credit facility under which the Fund could borrow up to $45 million, and (iv) outstanding borrowings under that credit facility of $25 million, the Fund's ability to conduct a repurchase offer would not be limited by the foregoing policy, as liquid assets of $18 million plus undrawn leverage of $20 million would equal 38% of the Fund's net assets.

We conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Fund's share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund expects to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last 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 is measured as of the subscription closing date immediately following the valuation date of the applicable tender offer. The Early Repurchase Deduction may be waived at the Fund's or Distributor's discretion (a) in the case of repurchase requests arising from the death, divorce or qualified disability of the holder, (b) due to trade or operational error, or (c) for repurchase requests with respect to shares held in accounts of asset allocation programs, such as model portfolio management programs (and similar arrangements). The Early Repurchase Deduction will be waived in the event that a shareholder's shares are purchased because the shareholder has failed to maintain the $500 minimum account balance. In the event that any shareholder fails to maintain the minimum balance of $500 of our shares, we may repurchase all of the shares held by that shareholder at the repurchase price in effect on the

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date we determine that the shareholder has failed to meet the minimum balance. Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in our NAV. In the event of a minimum account repurchase, the Early Repurchase Deduction will be waived. In addition, the Fund's Common Shares are sold to certain feeder vehicles primarily created to hold the Fund's Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Fund may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

The following table presents information with respect to the Fund's repurchases for the years ended December 31, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2025 | February 28, 2025 | 139189 | 0.5% | $24.42 | March 31, 2025 | $3398946 |  |
| April 30, 2025 | May 28, 2025 | 265506 | 0.7% | $24.24 | June 30, 2025 | $6434733 |  |
| July 31, 2025 | August 27, 2025 | 552561 | 1.1% | $24.07 | September 30, 2025 | $13290207 |  |
| October 31, 2025 | November 28, 2025 | 1215939 | 1.8% | $23.95 | December 31, 2025 | $29116490 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Percentage is based on total shares as of the close of the previous calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Net of Early Repurchase Deduction (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)All repurchase requests were satisfied in full.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2024 | February 29, 2024 | 23540 | 0.2% | $24.98 | March 31, 2024 | $588036 |  |
| April 30, 2024 | May 31, 2024 | 11023 | 0.1% | $24.84 | June 30, 2024 | $273818 |  |
| July 31, 2024 | August 30, 2024 | 112301 | 0.5% | $24.77 | September 30, 2024 | $2781862 |  |
| October 31, 2024 | November 29, 2024 | 56295 | 0.2% | $24.79 | December 31, 2024 | $1393661 |  |

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______________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Net of Early Repurchase Deduction (if any).

(3) All repurchase requests were satisfied in full.

If during any consecutive four-quarter period (each, a "Four Quarter Period"), there is not at least one quarter in which the Fund fully accepts all properly submitted tenders in a repurchase offer, the Investment Adviser intends to recommend that the Board approve a plan pursuant to which the Fund will not make any new investments (excluding investment in any transactions for which there are binding written agreements (including investments funded in phases), follow-on investments made in existing portfolio companies, revolver or credit facility, letter of credit or similar credit support drawdowns, and obligations under any existing Fund guarantee and except as necessary for the Fund to (i) preserve its status as a RIC under the Code and as a BDC, (ii) repay indebtedness to allow for distributions or (iii) comply with applicable law) and will use all "capital available for investing" to accept properly submitted tenders until such time that all properly submitted tenders in any one repurchase offer have been fully accepted; provided that the Investment Adviser does not intend to make such recommendations to the Board if the Fund has, during such Four Quarter Period, accepted repurchase offers for at least (i) 5% of the aggregate Common Shares outstanding (either by number of shares or aggregate NAV) in each of the quarters in such Four Quarter Period or (ii) the equivalent aggregate percentage (i.e. 20%) of Common Shares outstanding (either by number of shares or aggregate NAV) during such Four Quarter Period.

For these purposes, "capital available for investing" will be determined based on the amount of cash on hand, less Fund expenses, including, without limitation, management fees, amounts that may become due under any borrowing or other financings or similar obligations, amounts needed to meet current or anticipated debt covenants, obligations imposed by law, including the requirement under the NASAA Omnibus Guidelines that the Fund not impair its capital or operations, courts, or arbitration or indemnity obligations. The purpose of this recommendation would be to allow the Fund to satisfy as many properly submitted tender requests as possible and it is expected that during this time, Fund management and the Board would also consider additional ways to improve shareholder liquidity.

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If, during any Four Quarter Period, there is not at least one quarter in which the Fund fully accepts all properly submitted tenders in a repurchase offer, then beginning at the end of such Four Quarter Period the Investment Adviser will defer its incentive fee until all properly submitted tenders in any one repurchase offer have been accepted, after which such deferred incentive fee will become payable and no further incentive fee amounts will be required to be deferred; provided that the Investment Adviser is not required to defer its incentive fee if the Fund has, during such Four Quarter Period, accepted repurchase offers for at least (i) 5% of the aggregate Common Shares outstanding (either by number of shares or aggregate NAV) in each of the quarters in such Four Quarter Period or (ii) the equivalent aggregate percentage (i.e. 20%) of Common Shares outstanding (either by number of shares or aggregate NAV) during such Four Quarter Period.

**Unregistered Sales of Equity Securities**

Refer to our Current Reports on Form 8-K filed with the SEC on January 24, 2025, February 25, 2025, March 24, 2025, April 24, 2025, May 23, 2025, June 26, 2025, July 25, 2025, August 26, 2025, September 26, 2025, October 24, 2025, November 25, 2025, and December 29, 2025 for information about unregistered sales of our equity securities during the fiscal year ended December 31, 2025.

**Item 6. Reserved**

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The information contained in this section should be read in conjunction with our audited consolidated financial statements and notes thereto appearing elsewhere in this Annual Report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of BlackRock Private Credit Fund (the "Fund," "we," "us" or "our"). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's, or the Fund's portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of a protracted decline in the liquidity of credit markets on the Fund's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of fluctuations in interest rates on the Fund's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changes in laws or regulations governing the Fund's operations or the operations of the Fund's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the general economy and its impact on the industries in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the financial condition of and ability of the Fund's portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of the Fund's financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of BlackRock Capital Investment Advisors, LLC, the Fund's investment adviser (the "Investment Adviser")

and BlackRock Advisors, LLC, the Fund's sub-adviser (the "Sub-Adviser" and, together with the Investment Adviser, the "Advisers") to locate suitable investments for the Fund and to monitor and administer the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of the Fund's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing, form and amount of any dividend distributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's ability to maintain the Fund's qualification as a regulated investment company ("RIC") and as a business development company ("BDC").

We use words such as "anticipate," "believe," "expect," "intend," "will," "should," "could," "may," "plan" and similar words to identify forward-looking statements. The forward-looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as "Risk Factors" in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (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.

**Overview**

The Fund is a Delaware statutory trust formed on December 23, 2021 and is an externally managed, closed-end, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). Our investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. We seek to achieve our investment objective through investments in privately-originated, performing senior secured debt primarily in North America-based companies with target enterprise values between $100 million and $1.5 billion. Performing debt is debt that at the time of investment is not defaulted or, in the view of the Advisers, distressed. The Fund targets positions in first lien, second lien and unitranche debt, with a preference for floating-rate debt, which the Advisers believe provides flexibility to adapt to changing market conditions. The Fund may invest in securities of any maturity and credit quality. Our investment activities will benefit from what we believe are the competitive advantages of our Advisers, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies.

The Fund has elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

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To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders generally at least 90% of our investment company taxable income, as defined by the Internal Revenue Code of 1986, as amended (the "Code"), for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our shareholders provided that we satisfy those requirements.

On July 1, 2025, BlackRock, Inc. completed its previously announced acquisition of 100% of the business and assets of HPS Investment Partners ("HPS"), a leading global credit investment manager (the "BlackRock/HPS Transaction"). In connection with the BlackRock/HPS Transaction, certain senior personnel of HPS joined the Advisor's investment committee for the Company's portfolio as voting members.

***Investments***

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in "qualifying assets," including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934 (the "Exchange Act"), public domestic operating companies having a market capitalization of less than $250 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of December 31, 2025, approximately 89.2% of our total assets were invested in qualifying assets.

***Revenues***

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

***Expenses***

The Fund will be responsible for paying the compensation of the Investment Advisers. In addition, the Fund will generally be responsible for all operating expenses of the Fund, and shall pay, and shall reimburse the Investment Adviser or BlackRock Financial Management Inc., the Fund's administrator (the "Administrator") and their respective affiliates for, all fees, costs, expenses, liabilities and obligations of the Fund relating or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating our net asset value (including the cost and expenses of any independent valuation firms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest payable on debt, if any, incurred to finance our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the base management fee and any incentive fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dividends and distributions on our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees payable under the administration agreement with the Administrator (the "Administration Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees payable to third parties relating to, or associated with, making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•director fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing and filing reports or other documents with the SEC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of any reports, proxy statements or other notices to our shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our fidelity bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including audit and legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

The Investment Advisory Agreement with the Investment Adviser (the "Advisory Agreement") provides that the management fee is calculated at an annual rate of 1.25% of the value of the Fund's net assets at the end of the most recently completed calendar month and payable monthly in arrears. For purposes of calculating the base management fee, "net assets" means the Fund's total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Fund had operations, net assets were measured as the beginning net assets as of the date on which the Fund first issued Common Shares to one or more investors (other than the Investment Adviser and its affiliates). The Investment Adviser agreed to waive its management fee for the first twelve months following the date of the commencement of the Fund's operations.

Additionally, the Advisory Agreement provides that the Investment Adviser may be entitled to incentive fee under certain circumstances. According to the terms of such agreement, the incentive fee equals the sum of (i) 12.5% of all net investment income and (ii) 12.5% of all net realized capital gains (net of any net unrealized capital depreciation) less net investment income incentive fee and capital gains incentive fee previously paid. However, incentive fee will only be paid to the extent the cumulative total return of the Fund after the incentive fee and including such payment would equal or exceed a 5% annual return on daily weighted-average unreturned contributed capital contributions. The determination of the incentive fee is subject to limitations under the 1940 Act and the Advisers Act.

Pursuant to the Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement between the Fund and the Investment Adviser, dated as of August 29, 2022, as amended on April 25, 2023, the Investment Adviser agreed to waive its base management fee and incentive fee for the period from the date of the commencement of the Fund's operations through December 31, 2023.

Pursuant to the Sub-Advisory Agreement, the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee to the Sub-Adviser in an amount equal to a percentage of the average daily value of the Fund's assets allocated to the Sub-Adviser.

Pursuant to the Expense Support and Conditional Reimbursement Agreement between the Fund and the Investment Adviser (the "Expense Support and Conditional Reimbursement Agreement"), the Investment Adviser may elect to pay certain expenses on the Fund's behalf (an "Expense Payment"), provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. For additional information see "Note 3. Management Fees, Incentive Fees and Other Expenses" to the consolidated financial statements.

The Adviser has agreed to waive any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments (as set forth in the Expense Support and Conditional Reimbursement Agreement) in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return.

**Critical accounting policies and estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management 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. Management considers the following critical accounting policies important to understanding the consolidated financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

***Valuation of portfolio investments***

Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's board of trustees (the "Board of Trustees") has designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations. As required by Rule 2a-5, the Valuation Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties.

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We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

When market quotations are not readily available or are believed by the Valuation Designee to be inaccurate or unreliable, the Fund's investments are valued at fair value ("Fair Value Assets"). Fair Value Assets are valued by the Valuation Designee in accordance with documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). The Valuation Designee may conclude that a market quotation is not readily available, inaccurate or unreliable if a security or other asset or liability does not have a price source due to its complete lack of trading, if the Valuation Designee believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset or liability subsequent to the most recent market quotation), where the security or other asset or liability is only thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation.

For this purpose, a "significant event subsequent to the most recent market quotation" is deemed to occur if the Valuation Designee determines, in its business judgment prior to or at the time of pricing the Fund's assets or liabilities, that it is likely that the event will cause a material change to the last exchange closing price or closing market price of one or more assets or liabilities held by the Fund. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where markets quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread. On any date the NYSE is open and the primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior day's price, provided that the Valuation Designee is not aware of any significant event or other information that would cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated as a Fair Value Asset. For certain foreign securities, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign securities following the close of the local markets to the price that might have prevailed as of the Fund's pricing time.

A substantial portion of the Fund's assets are expected to consist of securities of private companies for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Fund monthly at fair value as determined pursuant to the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. In determining fair value each month, the Valuation Designee is required to consider all appropriate factors relevant to value and all indicators of value available to the Fund. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. The most relevant information may often be that information which is provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated. Because the Fund will value all of its assets monthly, the Fund is subject to greater risk that the information available to determine fair value on any given day is uncertain, incomplete and potentially unreliable and, as a result, that the prices assigned to fair valued securities may not in fact represent approximately the price that the Fund could receive upon their current sale.

Certain investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued on a monthly basis utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data (e.g., information available through regulatory filings, press releases, news feeds and financial press), including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, information provided by the company (e.g., letters to investors, financials, information provided pursuant to financial document reporting obligations), security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables and enterprise values.

With respect to the Fund's investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, the Valuation Designee has approved a valuation process that takes into account a variety of inputs.

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When determining the price for a Fair Value Asset, the Valuation Committee shall seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm's-length transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant at the time of the determination, and may be based on analytical values determined by the Valuation Designee using proprietary or third party valuation models.

Fair value represents a good faith approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Fund's NAV, and the differences between the fair value of the assets and the prices at which those assets are ultimately sold may be significant. As a result, the Fund's sale or repurchase of its shares at NAV, at a time when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders. Information that becomes known to the Fund or its agents after the NAV has been calculated in a particular month will not be used to retroactively adjust the price of a security or the NAV determined earlier that month.

The Fund's annual audited financial statements, which are prepared in accordance with GAAP, follow the requirements for valuation set forth in ASC 820, which defines and establishes a hierarchical disclosure framework for measuring fair value under GAAP and expands financial statement disclosure requirements relating to fair value measurements.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1: Quoted prices in active markets for identical assets

Level 2: Other direct and indirect observable market inputs (for example, quoted prices in inactive markets or quotes for comparable investments)

Level 3: Independent third-party valuation sources that employ significant unobservable inputs

As of December 31, 2025, none of our investments were categorized as Level 1, 26.9% were categorized as Level 2 and 73.1% were Level 3 investments valued based on valuations by independent third party sources.

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 Valuation Designee's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the consolidated financial statements.

***Revenue recognition***

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan's amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Fund does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Fund's judgement, the repayment of the remaining contractual principal and interest is expected. The

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Fund may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

***Net realized gains or losses and net change in unrealized appreciation or depreciation***

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

**Portfolio and investment activity**

During the year ended December 31, 2025, we invested approximately $1,623.1 million, comprised of new investments in 127 new portfolio companies, as well as draws made on existing commitments and payment in kind ("PIK") received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $406.1 million in proceeds from sales or repayments during the year ended December 31, 2025.

During the year ended December 31, 2024, we invested approximately $775.3 million, comprised of new investments in 81 new portfolio companies, as well as draws made on existing commitments and PIK received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $142.7 million in proceeds from sales or repayments during the year ended December 31, 2024.

At December 31, 2025, our investment portfolio of $2,244.7 million (at fair value) consisted of 268 portfolio companies and was invested 100.0% in senior secured loans and 0.0% in equity investments. Our average portfolio company investment at fair value was approximately $8.4 million. Our largest portfolio company investment by fair value was approximately 2.1% of our portfolio and our five largest portfolio company investments by fair value comprised approximately 10.2% of our portfolio at December 31, 2025.

At December 31, 2024, our investment portfolio of $1,040.4 million (at fair value) consisted of 197 portfolio companies and was invested 100.0% in senior secured loans and 0.0% in equity investments. Our average portfolio company investment at fair value was approximately $5.3 million. Our largest portfolio company investment by fair value was approximately 2.8% of our portfolio and our five largest portfolio company investments by fair value comprised approximately 11.5% of our portfolio at December 31, 2024.

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The industry composition of our portfolio at fair value at December 31, 2025 was as follows:

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| | |
|:---|:---|
| **Industry** | **December 31, 2025** |
| Software | 20.4% |
| Professional Services | 10.0% |
| Diversified Financial Services | 7.9% |
| Construction and Engineering | 6.7% |
| Capital Markets | 4.7% |
| Insurance | 4.7% |
| Health Care Technology | 4.3% |
| Commercial Services and Supplies | 4.1% |
| IT Services | 3.4% |
| Hotels, Restaurants and Leisure | 3.2% |
| Internet Software and Services | 2.7% |
| Automobiles | 2.1% |
| Aerospace and Defense | 2.1% |
| Road and Rail | 2.0% |
| Wireless Telecommunication Services | 1.9% |
| Healthcare Providers and Services | 1.7% |
| Media | 1.6% |
| Electrical Equipment | 1.5% |
| Communications Equipment | 1.5% |
| Machinery | 1.5% |
| Internet and Catalog Retail | 1.4% |
| Diversified Consumer Services | 1.2% |
| Textiles, Apparel and Luxury Goods | 1.2% |
| Building Products | 1.2% |
| Chemicals | 1.1% |
| Other | 5.9% |
| **Totals** | 100.0% |

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The weighted average effective yield of our debt and total portfolio was 8.8% at December 31, 2025 and 10.6% at December 31, 2024. At December 31, 2025, 100.0% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, the Federal Funds Rate or PRIME Rate, and 0.0% of the debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 80.0% at December 31, 2025. At December 31, 2024, 100.0% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, the Federal Funds Rate or PRIME Rate, and 0.0% of the debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 81.2% at December 31, 2024. Debt investments in two portfolio companies were on non-accrual status as of December 31, 2025, representing 0.1% of the portfolio at fair value and 0.3% at cost. Debt investments in one portfolio company were on non-accrual status as of December 31, 2024, representing 0.0% of the portfolio at fair value and 0.0% at cost.

**Results of operations**

***Investment income***

Investment income totaled $163.5 million, $74.3 million, and $34.2 million, respectively, for the years ended December 31, 2025, 2024 and 2023, all of which was attributable to interest and fees on our debt investments. The increase in investment income in the year ended December 31, 2025 compared to the year ended December 31, 2024 reflects the significant increase in portfolio size as the Fund continues to ramp up.

***Expenses***

Total net operating expenses for the years ended December 31, 2025, 2024 and 2023 were $65.8 million, $30.9 million and $11.3 million, respectively, comprised of $43.1 million, $15.7 million and $8.4 million in interest and other debt expenses, $13.7 million, $6.3 million and $3.3 million in incentive fees, $12.3 million, $4.9 million and $2.0 million in management fees, $2.5 million, $0.0 million and $0.0 million in amortization of offering costs, $1.5 million, $1.1 million and $1.3 million in administrative expenses, $1.3 million, $0.8 million and $0.7 million in professional fees, $(0.5) million, $0.5 million and $0.0 million in incentive fees on capital gains, and $3.9 million, $1.6 million and $1.0 million in other operating expenses, offset by $(10.8) million, $0.0 million, and $0.0 million in expense support, $(1.3) million, $0.0 million,

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and $(3.3) million in incentive fee waivers, respectively. The increase in expenses in the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily reflects the significant increase in portfolio size, amount of debt outstanding, and other Fund activities as the Fund continues to ramp up.

***Net investment income (loss)***

Net investment income was $97.7 million, $43.4 million and $22.8 million respectively, for the years ended December 31, 2025, 2024 and 2023. The increase in net investment income reflects the higher investment income, partially offset by the higher operating expenses in the year ended December 31, 2025 compared to the year ended December 31, 2024.

***Net realized and unrealized gain or loss***

Net realized gain (loss) for the years ended December 31, 2025, 2024 and 2023 were $(4.7) million, $(1.4) million and $0.1 million respectively. Net realized losses for the year ended December 31, 2025 was comprised primarily of $(1.3) million in losses from the restructuring of our investments in Streamland Media Midco and $(1.0) million in losses from the sales of our investments in Magenta Security Holdings.

For the years ended December 31, 2025, 2024 and 2023 the change in net unrealized appreciation (depreciation) was $(15.5) million, $3.3 million and $5.3 million, respectively. The change in net unrealized appreciation (depreciation) for the year ended December 31, 2025 was primarily driven by $(6.2) million change in unrealized depreciation in Engineering Research Holding LLC, $(3.3) million on our investment in Spark Buyer, LLC, $(2.3) million on our investment in Alpine Acquisition Corp II, $(1.9) million on our investment in GI Consilio Parent LLC, $(1.6) million on our investment in DTI Holdco, Inc, $(1.3) million on our investment in Express Wash Acquisition Company, LLC, as well as change in unrealized losses across the portfolio, partially offset by $1.1 million reversal of previously recognized unrealized depreciation from the restructuring of our investment in Streamland Media Midco LLC. The change in net unrealized appreciation (depreciation) for the year ended December 31, 2024 was primarily driven by $0.9 million in reversal of previously recognized unrealized depreciation from the repayment of our investment in Nephron Pharmaceuticals Corp. and $0.7 million change in unrealized appreciation in our investment in Research Now Group, as well as change in unrealized gains across the portfolio, offset by $(1.2) million change in unrealized depreciation in our investment in Streamland Media Midco and $(0.5) million on our investment in Alpine Acquisition Corp II. The change in net unrealized appreciation (depreciation) for the year ended December 31, 2023 was primarily driven by $0.4 million change in unrealized appreciation on our investment in Fender Musical Instruments Corp and $0.4 million change in unrealized appreciation in our investment in Accordion Partners, as well as change in unrealized gains across the portfolio, offset by $(0.9) million change in unrealized depreciation in our investment in Nephron Pharmaceuticals Corp and $(0.5) million on our investment in Magenta Buyer.

***Incentive compensation***

The income component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The income component of the incentive fee is subject to a 5.0% total return hurdle on daily weighted average unreturned capital contributions (the "Hurdle Rate"). The capital gains component of the incentive fee will be the amount, if positive, equal to the lesser of (i) 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters or (ii) 12.5% of cumulative aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) since commencement of the Fund, less capital gains incentive compensation previously paid or distributed since commencement of the Fund. The capital gains component will be paid in full prior to payment of the income component. In any case, incentive compensation (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period. For the year ended December 31, 2025, $13.7 million in incentive fees were earned, compared to $6.3 million earned for the year ended December 31, 2024 and $3.3 million earned for the year ended December 31, 2023. For the years ended December 31, 2025, 2024 and 2023, $(0.5) million, $0.5 million and $0, respectively, incentive fees on capital gains were accrued on a liquidation basis (but not payable) under GAAP. The Investment Adviser has waived any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return. For the years ended December 31, 2025, 2024 and 2023, the Advisor waived incentive fees in an amount of $(1.3) million, $0.0 million, and $(3.3) million, respectively.

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***Income tax expense, including excise tax***

The Fund has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Fund must, among other things, timely distribute to its shareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders which will generally relieve the Fund from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. For the years ended December 31, 2025 and 2024, no excise tax was recorded. For the year ended December 31, 2023, excise tax expenses of $0.1 million was recorded, based on the amount of tax-basis ordinary income carried forward at the year-end.

***Net increase (decrease) in net assets resulting from operations***

The net increase in net assets applicable to common shareholders resulting from operations was $77.5 million, $45.4 million and $28.3 million respectively for the years ended December 31, 2025, 2024 and 2023.

**Liquidity and capital resources**

Our liquidity and capital resources are expected to be generated primarily through the offerings of the Fund's common shares, borrowings under the Credit Facility, Revolving Credit Facility, SG Revolving Facility, and cash flows from operations, including investments sales and repayments and income earned from investments and cash equivalents. The primary uses of cash have been investments in portfolio companies and other general corporate purposes.

Our primary uses of cash are expected to be for investments in portfolio companies and other investments, for operational costs such as paying the Investment Adviser and Administrator, for costs related to our credit facility and for distributions to our shareholders.

The Investment Adviser has agreed to pay all of our organization and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund's systems and those of our participating brokers, reasonable bona fide due diligence expenses of participating brokers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of our transfer agent, fees to attend retail seminars sponsored by participating brokers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, brokers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through the commencement of the Fund's operations.

Pursuant to the Expense Support Agreement we entered into with the Investment Adviser, we were obligated to reimburse the Investment Adviser for expenses during the 36 months following the commencement of the Fund's operations (the "Reimbursement Period"), to the extent that the Fund's annual Operating Expenses do not exceed 1.25% of the value of the Fund's net assets, calculated monthly based on month-end net assets of the Fund. The Reimbursement Period expired on March 18, 2025. From inception of the Fund through the expiration of the Reimbursement Period, the Fund reimbursed the Investment Adviser for $0.8 million related to organizational and offering expenses of the Fund pursuant to the Expense Support Agreement.

Pursuant to Expense Support and Conditional Reimbursement Agreement, the Investment Adviser may also elect to pay certain expenses on the Fund's behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. For the year ended December 31, 2025, the Fund received $10.8 million in expense support from the Investment Adviser.

On June 3, 2022, BlackRock Private Credit Fund Leverage I, LLC (the "Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $200 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent (the "Credit Facility"). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of Middle Market Loans is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%. The Credit Facility also accrues commitment fees on any undrawn amounts at an annual rate of 0.50%, or 0.35% for the period from the closing date of the Credit Facility to the three-month anniversary of the closing date. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

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On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility (the "Amendment"). The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility (the "Second Amendment"). The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million, and increased the facility margin level applicable to the borrower.

On November 27, 2024, the Borrower entered into Amendment No. 3 to the Credit Facility (the "First Amended and Restated Credit and Security Agreement"). The amendment increased the total revolving commitments from $75.0 million to $125.0 million, increased total term commitments from $225.0 million to $325.0 million, and modified certain other terms of the Credit Facility, including (i) extending the final maturity date to June 3, 2033, (ii) extending the reinvestment period to June 3, 2026, and (iii) extending the delayed draw term loan commitment termination date until December 15, 2025. The credit facility commitment fees accrual rate was amended at a rate equal to 0.35% per annum, if as of such date the outstanding principal amount of the Revolving Advances is greater than 50% of the Revolving Commitment otherwise the rate is 0.50% per annum. The rate for Term Commitment was amended at 0.35% per annum for the first three months following any Incremental Commitment Effective Date, and thereafter 0.50% per annum. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

On May 2, 2025, the Fund entered into Amendment No. 1 to the First Amended and Restated Credit and Security Agreement (the "Credit Facility Amendment"). Pursuant to the Credit Facility Amendment, under the Credit Facility, the total revolving commitments increased from $125.0 million to $150.0 million, and the total term commitments increased from $325.0 million to $500.0 million. The Credit Facility Amendment modified certain other terms of the Credit Facility, including extending the prepayment lockout period until the first anniversary of the closing date of the Credit Facility Amendment.

On December 12, 2025, the Fund entered into Amendment No. 2 to First Amended and Restated Credit and Security Agreement (the "Second Amendment") to extend the commitment period for certain undrawn term loan commitments to May 2, 2026. As of December 31, 2025, there was $260.0 million drawn on the Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 19, 2024, the Fund entered into a Senior Secured Credit Agreement for a $75 million revolving credit facility (the "Revolving Credit Facility") with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The Revolving Credit Facility matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the "Guarantors"). The Revolving Credit Facility is secured by substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions. On November 4, 2024, the Fund increased the commitment on the Revolving Credit Facility from $75 million to $150 million.

On August 7, 2025, the Fund entered into the First Amendment to the Revolving Credit Facility (the "First Amendment"), which, among other things, (i) extends the revolver availability period from April 2028 to August 2029, (ii) extends the scheduled maturity date from April 2029 to August 2030, (iii) increases the accordion provision to permit increases to a total facility amount of up to $600.0 million, (iv) increases the total facility amount from $150.0 million to $315.0 million, and (v) resets the minimum shareholders' equity test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December 5, 2025, the Fund entered into a joinder agreement ("Joinder Agreement") which increased the aggregate amount of outstanding total revolving commitments under the Revolving Credit Facility to $365.0 million. The other material terms of the Revolving Credit Facility remain unchanged. As of December 31, 2025, there was $51.0 million drawn on the Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 18, 2024, the Fund entered into a Master Note Purchase Agreement (the "Master Note Purchase Agreement"), governing the issuance (a) on November 18, 2024, of $70.0 million aggregate principal amount of its 7.14% Series 2024A Senior Notes, Tranche A, due November 18, 2027 (the "Tranche A Notes"), and (b) on January 22, 2025 (subject to customary closing conditions), of $55.0 million aggregate principal amount of its 7.33% Series 2024A Senior Notes, Tranche B, due January 22, 2030 (the "Tranche B Notes" and, together with the Tranche A Notes, the "Notes"), to qualified institutional investors in a private placement. The Tranche A Notes bear interest at a rate equal to 7.14% per annum that is payable semi-annually on May 18 and November 18 of each year, beginning on May 18, 2025. The Tranche B Notes bear interest at a rate equal to 7.33% per annum that is payable semi-annually on January 22 and July 22 of each year, beginning on July 22, 2025. The Notes will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the "Guarantors"). The Tranche A Notes were issued at a closing on November 18, 2024, and the Tranche B Notes were issued at a closing which occurred on January 22, 2025. As of December 31, 2025, there was $70.0 million and $55.0 million, respectively, outstanding on the Tranche A Notes and Tranche B Notes.

On May 28, 2025, BlackRock Private Credit Fund Leverage II, LLC (the "SG Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established the SG Revolving Credit Facility, a $200.0 million revolving credit facility with Societe

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Generale as Administrative agent (the "SG Revolving Credit Facility"). The SG Revolving Credit Facility matures on May 29, 2027 and generally bears interest at term SOFR plus, for a period of 1 year from the date of entry into the SG Revolving Credit Facility, 1.15% and, thereafter, 1.25%. The proceeds of the SG Revolving Credit Facility were used to acquire a portfolio of broadly syndicated leveraged loans (the "SG Portfolio Assets"). Pursuant to a collateral management agreement between the SG Borrower and the Fund, the Fund was responsible for the selection, management and reporting of the SG Portfolio Assets. The SG Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the SG Borrower of additional indebtedness and on the SG Borrower's ability to make distributions, as well as customary events of default. As of September 30, 2025, the SG Borrower was in full compliance with such covenants. As of December 31, 2025, there was $200.0 million drawn on the SG Revolving Credit Facility.

On October 1, 2025, the Fund closed on an offering 110 promissory notes due October 1, 2055 (the "Promissory Notes") in a private offering, with each Promissory Note being issued in connection with the issuance of one common share of the Fund (the "Promissory Notes Offering") to accredited investors (as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended ("Securities Act"). The aggregate principal amount of the Promissory Notes is $110,000 less the net asset value, as of October 1, 2025, of the common shares issued in the Promissory Notes Offering. The Fund will pay an interest totaling $120 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year, beginning on December 31, 2025.

On October 8, 2025, the Fund entered into the First Supplement (the "First Supplement") to the Master Note Purchase Agreement, dated November 18, 2024, as supplemented by the First Supplement, the "Purchase Agreement"), governing the issuance (a) on October 8, 2025, of $150.0 million aggregate principal amount of its 6.14% Series 2025A Senior Notes, Tranche B, due October 8, 2030 (the "2025A Tranche B Notes"), and (b) on December 17, 2025 (subject to customary closing conditions), of $50.0 million aggregate principal amount of its 5.78% Series 2025A Senior Notes, Tranche A, due December 17, 2028 (the "2025A Tranche A Notes" and, together with the 2025A Tranche B Notes, the "2025A Notes"), to qualified institutional investors in a private placement. The 2025A Tranche B Notes were issued on October 8, 2025 and the 2025A Tranche A Notes were issued on December 17, 2025, subject to customary closing conditions.

The 2025A Tranche B Notes bear an interest rate of 6.14% per year and are payable semi-annually on April 8 and October 8, beginning April 8, 2026. The 2025A Tranche A Notes bear an interest rate of 5.78% per year payable semi-annually on June 17 and December 17 of each year, beginning on June 17, 2026. The 2025A Notes may be redeemed in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Fund is obligated to offer to prepay the 2025A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2025A Notes are general unsecured obligations of the Fund that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness issued by the Fund.

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act ("SBCAA") was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. After obtaining shareholder approval by written consent on March 16, 2022, the Fund's asset coverage requirement was reduced from 200% to 150%, as set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As of December 31, 2025, the Fund's asset coverage ratio was 286%.

Net cash used in operating activities for the year ended December 31, 2025 was $1,118.7 million, consisting primarily of the settlement of acquisitions of investments (net of dispositions) of $1,206.8 million and net investment income (net of non-cash income and expenses) of approximately $88.1 million.

Net cash provided by financing activities was $1,298.8 million for the year ended December 31, 2025, consisting primarily of $933.0 million in proceeds from share issuances, $191.0 million in credit facility draws (net of repayments), $255.1 million in proceeds from the Senior Notes, offset by $51.6 million dividends paid in cash to shareholders, $24.5 million payments of repurchased shares and $4.1 million payments of debt issuance costs.

At December 31, 2025, we had $221.2 million in cash and cash equivalents.

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**Share Transactions**

The following table summarizes transactions in Common Shares for the years ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** <sup>(1)</sup> | **Year ended December 31,** <sup>(1)</sup> | **Year ended December 31,** <sup>(1)</sup> | **Year ended December 31,** <sup>(1)</sup> |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| ***Institutional Class*** |  |  |  |  |
| Subscriptions | 35326769 | $855541552 | 13602003 | $337869390 |
| Share transfers between classes | 179403 | 4341091 |  |  |
| Distributions reinvested | 2102102 | 51063803 | 1270509 | 31574888 |
| Share Repurchases | (902557) | (21853128) | (146864) | (3643716) |
| **Net Increase (Decrease)** | 36705717 | $889093318 | 14725648 | $365800562 |
| ***Class S*** |  |  |  |  |
| Subscriptions | 3040787 | 73986811 | 1806766 | 44856000 |
| Distributions reinvested | 44165 | 1068261 | 1410 | 35010 |
| Share Repurchases | (110995) | (2664421) |  |  |
| **Net Increase (Decrease)** | 2973957 | $72390651 | 1808176 | $44891010 |
| ***Class D*** |  |  |  |  |
| Subscriptions | 140964 | 3429598 | 127369 | 3155500 |
| Share transfers between classes | (179403) | (4341091) |  |  |
| Distributions reinvested | 4408 | 106430 | 12 | 295 |
| **Net Increase (Decrease)** | (34031) | $(805063) | 127381 | $3155795 |

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______________________

(1)Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.

The following table presents information with respect to the Fund's repurchases for the years ended December 31, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2025 | February 28, 2025 | 139189 | 0.5% | $24.42 | March 31, 2025 | $3398946 |  |
| April 30, 2025 | May 28, 2025 | 265506 | 0.7% | $24.24 | June 30, 2025 | $6434733 |  |
| July 31, 2025 | August 27, 2025 | 552561 | 1.1% | $24.07 | September 30, 2025 | $13290207 |  |
| October 31, 2025 | November 28, 2025 | 1215939 | 1.8% | $23.95 | December 31, 2025 | $29116490 |  |

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______________________

(1)Percentage is based on total shares as of the close of the previous calendar quarter.

(2)Net of Early Repurchase Deduction (if any).

(3)All repurchase requests were satisfied in full.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2024 | February 29, 2024 | 23540 | 0.2% | $24.98 | March 31, 2024 | $588036 |  |
| April 30, 2024 | May 31, 2024 | 11023 | 0.1% | $24.84 | June 30, 2024 | $273818 |  |
| July 31, 2024 | August 30, 2024 | 112301 | 0.5% | $24.77 | September 30, 2024 | $2781862 |  |
| October 31, 2024 | November 29, 2024 | 56295 | 0.2% | $24.79 | December 31, 2024 | $1393661 |  |

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______________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Net of Early Repurchase Deduction (if any).

(3) All repurchase requests were satisfied in full.

**Contractual obligations**

We have entered into several contracts under which we have future commitments. Pursuant to the Advisory Agreement, the Investment Adviser manages our day-to-day operations and provides investment advisory services to us. Payments under the Advisory Agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive fee, plus reimbursement of certain expenses incurred by the Investment Adviser. Under our Administration Agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the Administration Agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us, and may include rent and our allocable portion of the cost of certain of our

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officers and their respective staffs. We are responsible for reimbursing the Investment Adviser for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Investment Adviser is not responsible for any of the foregoing expenses. The Fund may terminate each of the Advisory Agreement and Administration Agreement without penalty upon not less than 60 days' written notice to the other party and the Investment Adviser and the Administrator may terminate the Advisory Agreement or Administration Agreement, as applicable, without penalty upon not less than 120 days' written notice to the other party. The Sub-Advisory Agreement may be terminated as a whole at any time by the Fund without the payment of any penalty, upon the vote of a majority of the Board of Trustees or a majority of the outstanding voting securities of the Fund or by the Investment Adviser or the Sub-Adviser, on 60 days' written notice by either party to the other.

On June 3, 2022, the Fund entered into the Credit Facility, a $200 million revolving credit facility that matures on June 3, 2032 and generally bears interest at a floating rate. On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility. The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility. The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million, and increased the facility margin level applicable to the borrower. On November 27, 2024, the Fund entered into the First Amended and Restated Credit and Security Agreement to the Credit Facility, which, among other things, increased the total revolving commitments from $75.0 million to $125.0 million and increased total term commitments from $225.0 million to $325.0 million. On May 2, 2025, the Fund entered into the Amendment No. 1 to First Amended and Restated Credit and Security Agreement to the Credit Facility, which, among other things, increased the total revolving commitments from $125.0 million to $150.0 million and increased total term commitments from $325.0 million to $500.0 million.

On December 12, 2025, the Fund entered into Amendment No. 2 to First Amended and Restated Credit and Security Agreement (the "Second Amendment") to extend the commitment period for certain undrawn term loan commitments to May 2, 2026. As of December 31, 2025, there was $260.0 million drawn on the Credit Facility.

On April 19, 2024, the Fund entered into the Revolving Credit Facility that matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility includes usual and customary events of default for credit facilities of this nature. On November 4, 2024, the Fund increased the commitment on the Revolving Credit Facility from $75 million to $150 million.

On August 7, 2025, the Fund (i) extended the revolver availability period from April 2028 to August 2029, (ii) extended the scheduled maturity date from April 19, 2029 to August 19, 2030, (iii) increased the accordion provision to permit increases to a total facility amount of up to $600 million, (iv) increased the total facility amount from $150 million to $315 million and (v) reset the minimum shareholders' equity test.

On December 5, 2025, the Fund entered into a joinder agreement ("Joinder Agreement") which increased the aggregate amount of outstanding total revolving commitments under the Revolving Credit Facility to $365.0 million. The other material terms of the Revolving Credit Facility remain unchanged. As of December 31, 2025, there was $51.0 million drawn on the Revolving Credit Facility.

On November 18, 2024, the Fund entered into the Master Note Purchase Agreement, governing the issuance (a) on November 18, 2024, of $70,000,000 aggregate principal amount of its 7.14% Tranche A Notes, due November 18, 2027, and (b) on January 22, 2025, of $55,000,000 aggregate principal amount of its 7.33% Tranche B Notes, due January 22, 2030. As of December 31, 2025, there was $70.0 million and $55.0 million, respectively outstanding on the Tranche A Notes and Tranche B Notes.

On May 28, 2025, SG Borrower entered into the SG Revolving Credit Facility, a $200.0 million revolving credit facility with Societe Generale as Administrative agent. The SG Revolving Credit Facility matures on May 29, 2027 and generally bears interest at term SOFR plus, for a period of 1 year from the date of entry into the SG Revolving Credit Facility, 1.15% and, thereafter, 1.25%. The SG Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the SG Borrower of additional indebtedness and on the SG Borrower's ability to make distributions, as well as customary events of default. As of December 31, 2025, there was $200.0 million drawn on the SG Revolving Credit Facility.

On October 1, 2025, the Fund closed on an offering 110 promissory notes due October 1, 2055 (the "Promissory Notes") in a private offering, with each Promissory Note being issued in connection with the issuance of one common share of the Fund (the "Promissory Notes Offering") to accredited investors (as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended

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("Securities Act"). The aggregate principal amount of the Promissory Notes is $110,000 less the net asset value, as of October 1, 2025, of the common shares issued in the Promissory Notes Offering. The Fund will pay an interest totaling $120 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year, beginning on December 31, 2025.

On October 8, 2025, the Fund entered into the First Supplement to the Master Note Purchase Agreement, dated November 18, 2024, governing the issuance of $150.0 million in aggregate principal amount of its 6.14% Series 2025A Senior Notes, Tranche B (the "2025A Tranche B Notes"), and $50.0 million aggregate principal amount of its 5.78% Series 2025A Senior Notes, Tranche A (the "2025A Tranche A Notes" and, together with the 2025A Tranche B Notes, the "2025A Notes"), to qualified institutional investors in a private placement. The 2025A Tranche B Notes were issued on October 8, 2025 and the 2025A Tranche A Notes will be issued on December 17, 2025, subject to customary closing conditions. The 2025A Tranche B Notes bear an interest rate of 6.14% per year and are due on October 8, 2030, unless redeemed, purchased, or prepaid prior to such date by the Fund or its affiliates in accordance with their terms. The 2025A Tranche A Notes will bear an interest rate of 5.78% per year and will be due on December 17, 2028, unless redeemed, purchased, or prepaid prior to such date by the Fund or its affiliates in accordance with their terms. Interest on the 2025A Tranche B Notes will be due semiannually, beginning April 8, 2026. Interest on the 2025A Tranche A Notes will be due semiannually, beginning June 17, 2026. The Fund is obligated to offer to prepay the 2025A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2025A Notes are general unsecured obligations of the Fund that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness issued by the Fund. In addition, in the event that a Below Investment Grade Event occurs, the 2025A Notes will bear interest at the rate per annum which is 1.00% above the interest rate then in effect on the applicable 2025A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing. As of December 31, 2025, there was $150.0 million and $50.0 million, respectively, outstanding on the 2025A Tranche B Notes and 2025A Tranche A Notes.

We cannot assure shareholders that we will be able to enter into any other credit facilities on favorable terms or at all. In connection with any other credit facilities or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations. Borrowings under the Credit Facility, the Revolving Credit Facility and SG Revolving Credit Facility are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

**Distributions**

Our dividends and distributions to shareholders, if any, are determined and declared by our Board of Trustees and are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to shareholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure shareholders that they will receive any distributions or distributions at a particular level.

*Institutional Class Shares*

The following tables summarize the Fund's dividends declared and paid for the Institutional Class shares for the years ended December 31, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Amount Per Share** | **Total Amount** |
| January 26, 2024 | January 30, 2024 | February 27, 2024 | Regular | $0.2300 | $2348876 |
| February 23, 2024 | February 28, 2024 | March 27, 2024 | Regular | 0.2300 | 2471608 |
| March 26, 2024 | March 28, 2024 | April 26, 2024 | Regular | 0.2300 | 2572189 |
| April 24, 2024 | April 29, 2024 | May 29, 2024 | Regular | 0.2300 | 2817179 |
| May 24, 2024 | May 30, 2024 | June 26, 2024 | Regular | 0.2300 | 2983344 |
| June 26, 2024 | June 27, 2024 | July 29, 2024 | Regular | 0.2300 | 3183325 |
| July 26, 2024 | July 30, 2024 | August 28, 2024 | Regular | 0.2300 | 3812774 |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | 0.2300 | 4370691 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 4658792 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 4925216 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 5342972 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 5596850 |
|  |  |  |  | $2.7600 | $45083816 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $5923347 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 6249265 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 6588559 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 7190565 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 7422523 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 7802691 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 9024581 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 8822622 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 9423839 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 10429938 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 11205904 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 11957706 |
|  |  |  |  | $2.5940 | $102041540 |

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*Class S Shares*

The following table summarizes the Fund's dividends declared for the Class S shares for the years ended December 31, 2025 and 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** <sup>(1)</sup> | **Record Date** | **Payment Date** | **Type** | **Gross Amount<br>Per Share** | **Amount Per Share Net of Shareholder Servicing<br> and/or Distribution Fees** | **Gross<br>Amount** | **Net<br> Amount** |
| June 26, 2024 | June 27, 2024 | July 29, 2024 | Regular | $0.2300 | $0.2100 | $68922 | $63626 |
| July 26, 2024 | July 30, 2024 | August 28, 2024 | Regular | 0.2300 | 0.2100 | 142491 | 131591 |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | 0.2300 | 0.2100 | 201157 | 185825 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 0.2100 | 255347 | 235807 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 0.2100 | 320062 | 295709 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 0.2100 | 377573 | 348681 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 0.2100 | 415880 | 384088 |
| . |  |  |  | $1.6100 | $1.4700 | $1781432 | $1645327 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $0.2124 | $472537 | $436377 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 0.2125 | 527138 | 487029 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 0.2125 | 599042 | 553463 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 0.2127 | 683484 | 632083 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 0.2129 | 731457 | 677139 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 0.2128 | 783555 | 724982 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 0.2128 | 847411 | 784161 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 0.1808 | 783407 | 715516 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 0.1805 | 836967 | 764370 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 0.1796 | 864300 | 789349 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 0.1789 | 910079 | 831135 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 0.1789 | 936819 | 855583 |
|  |  |  |  | $2.5940 | $2.3873 | $8976196 | $8251187 |

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_____________________________________________

(1)Class S commenced operations on June 1, 2024.

*Class D Shares*

The following table summarizes the Fund's dividends declared for the Class D shares for the years ended December 31, 2025 and 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** <sup>(1)</sup> | **Record Date** | **Payment Date** | **Type** | **Gross Amount<br>Per Share** | **Amount Per Share Net of Shareholder Servicing<br> and/or Distribution Fees** | **Gross<br>Amount** | **Net<br> Amount** |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | $0.2300 | $0.2248 | $28 | $27 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 0.2248 | 51 | 50 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 0.2200 | 27906 | 27275 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 0.2200 | 29249 | 28588 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 0.2200 | 29297 | 28638 |
| . |  |  |  | $1.1500 | $1.0996 | $86531 | $84578 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $0.2248 | $30170 | $29488 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 0.2248 | 32328 | 31597 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 0.2249 | 34059 | 33304 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 0.2249 | 37499 | 36670 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 0.2250 | 37558 | 36737 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 0.2249 | 46315 | 45297 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 0.2250 | 24559 | 23409 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 0.1930 | 24447 | 23762 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 0.1926 | 22624 | 21940 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 0.1916 | 22433 | 21861 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 0.1909 | 18547 | 18073 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 0.1909 | 18287 | 17821 |
|  |  |  |  | $2.5940 | $2.5332 | $348827 | $339959 |

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_____________________________________________

(1)Class D commenced operations on August 1, 2024.

Tax characteristics of any distributions are reported to shareholders on Form 1099-DIV or Form 1042-S after the end of the calendar year.

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our shareholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our shareholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to pay a large portion of a dividend in our common Shares instead of in cash. As long as a sufficient portion of such dividend is paid in cash (which portion can generally be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

**Related Parties**

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;•The Fund has entered into an Advisory Agreement with the Investment Adviser.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund and the Investment Adviser have entered into the Sub-Advisory Agreement with the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of certain of our officers and the Administrator's administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have entered into a royalty-free license agreement with BlackRock and the Investment Adviser, pursuant to which each of BlackRock and the Investment Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund and the Distributor have entered into the Distribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund has entered into the Expense Support and Conditional Reimbursement Agreement with the Investment Adviser.

The Advisers and their affiliates, employees and associates currently do and, in the future, may manage other funds and accounts. The Advisers and their affiliates may determine that an investment is appropriate for us and for one or more of those other funds or accounts. Accordingly, conflicts may arise regarding the allocation of investments or opportunities among us and those accounts. In general, the Advisers will allocate investment opportunities pro rata among us and the other funds and accounts (assuming the investment satisfies the objectives of each) based on the amount of committed capital each then has available. The allocation of certain investment opportunities in private placements is subject to independent director approval pursuant to the terms of the co-investment exemptive order applicable to us. In certain cases, investment opportunities may be made other than on a pro rata basis. For example, we may desire to retain an asset at the same time that one or more other funds or accounts desire to sell it or we may not have additional capital to invest at a time the other funds or accounts do. If the Advisers are unable to manage our investments effectively, we may be unable to achieve our investment objective. In addition, the Advisers may face conflicts in allocating investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflict of interests and investments made pursuant to the exemptive order conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.

**Recent Developments**

On January 2, 2026, the Fund accepted $33.2 million of additional subscriptions, to purchase $30.0 million of additional Institutional shares, $3.1 million of additional Class S shares and $0.1 million of additional Class D shares, par value $0.001 per share. On January 21, 2026, the number of shares being purchased was fixed when the purchase price of $23.95 per Institutional, Class S shares and Class D shares were determined by the Fund. As a result, the Fund issued 1.3 million Institutional shares, 0.1 million Class S shares and 0.0 million Class D shares and received $33.2 million in proceeds.

On January 26, 2026, the Fund declared a regular distribution as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Distribution** | **Shareholder Servicing and/or Distribution Fee** | **Net Distribution** |
| Institutional Shares | $0.1956 | $— | $0.1956 |
| Class S Shares | 0.1956 | 0.0170 | 0.1786 |
| Class D Shares | 0.1956 | 0.0050 | 0.1906 |

---

The distribution was paid on February 25, 2026 to shareholders of record at the close of business on January 29, 2026. The distribution was paid in cash or reinvested in Fund shares for shareholders participating in the Fund's distribution reinvestment plan.

On February 2, 2026, the Fund accepted $48.4 million of additional subscriptions, to purchase $45.1 million of additional Institutional shares, $3.3 million of additional Class S shares and $0.0 million of additional Class D shares, par value $0.001 per share. On February 20, 2026, the number of shares being purchased was fixed when the purchase price of $23.90 per Institutional, Class S shares and Class D shares were determined by the Fund. As a result, the Fund issued 1.9 million Institutional shares, 0.1 million Class S shares and 0.0 million Class D shares and received $48.4 million in proceeds.

On February 24, 2026, the Fund declared a regular distribution as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Distribution** | **Shareholder Servicing and/or Distribution Fee** | **Net Distribution** |
| Institutional Shares | $0.1951 | $— | $0.1951 |
| Class S Shares | 0.1951 | 0.0169 | 0.1782 |
| Class D Shares | 0.1951 | 0.0050 | 0.1901 |

---

------

The distribution will be payable to shareholders of record at the close of business on February 26, 2026 and will be paid on March 27, 2026. The distribution will be paid in cash or reinvested in Fund shares for shareholders participating in the Fund's distribution reinvestment plan.

On February 24, 2026, the Board approved an amendment and restatement of the Fund's multi-class plan (the "Multi-Class Plan"). The Multi-Class Plan, among other things, allows the Fund's shares to be exchanged to other share classes. The Multi-Class Plan became effective immediately.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including changes in interest rates. At December 31, 2025, 100.0% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At December 31, 2025, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 80.0%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our Consolidated Statement of Assets and Liabilities as of December 31, 2025, the following table shows the annual impact on net investment income (excluding the related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:

---

| | | |
|:---|:---|:---|
| **Basis Point Change** | **Net Investment Income** | **Net Investment Income Per Share** |
| Up 300 basis points | $52656346 | $0.80 |
| Up 200 basis points | 34984073 | 0.53 |
| Up 100 basis points | 17311799 | 0.26 |
| Down 100 basis points | (17116522) | (0.26) |
| Down 200 basis points | (33726070) | (0.51) |
| Down 300 basis points | (46781252) | (0.71) |

---

------

**Item 8. Financial Statements and Supplementary Data**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | Page |
| [<u>Report of Independent Registered Public Accounting Firm (PCAOB ID</u> 34<u>)</u>](#registered_public_accounting_firm) | 111 |
| [<u>Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024</u>](#soal) | 112 |
| [<u>Consolidated Statements of Operations for the year ended December 31, 2025, 2024 and 2023</u>](#statement_operations) | 114 |
| [<u>Consolidated Statements of Changes in Net Assets for the year ended December 31, 2025, 2024 and 2023</u>](#statement_changes_in_net_assets_unaudite) | 115 |
| [<u>Consolidated Statements of Cash Flows for the year ended December 31, 2025, 2024 and 2023</u>](#statement_cash_flows_unaudited) | 116 |
| [<u>Consolidated Schedule of Investments as of December 31, 2025 and 2024</u>](#schedule_of_investments) | 117 |
| [<u>Notes to Financial Statements</u>](#footnotes) | 144 |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the Board of Trustees of BlackRock Private Credit Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities of BlackRock Private Credit Fund and subsidiaries (the "Fund"), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, cash flows, and changes in net assets for each of the three years in the period then ended, financial highlights (in Note 9) for each of the three years in the period then ended and for the period from March 18, 2022 (inception) through December 31, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025 and 2024, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from March 18, 2022 (inception) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 and 2024, by correspondence with the custodian, loan agents, and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Los Angeles, California

March 2, 2026

We have served as the Fund's auditor since 2022.

------

**BlackRock Private Credit Fund**

**Consolidated Statements of Asset** **s and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (cost of $2,254,646,820 and $1,035,050,829, respectively) | $2244701289 | $1040393586 |
| Total investments (cost of $2,254,646,820 and $1,035,050,829, respectively) | 2244701289 | 1040393586 |
| Cash and cash equivalents | 221222080 | 41078437 |
| Receivable for investments sold | 22267609 | 7996181 |
| Interest, dividends and fees receivable | 14713952 | 6523832 |
| Deferred debt issuance costs | 5936159 | 4147931 |
| Prepaid expenses and other assets | 9070139 | 2314798 |
| Total assets | 2517911228 | 1102454765 |
| **Liabilities** |  |  |
| Debt (net of deferred issuance costs of $1,864,718 and $866,702, respectively) | 834215865 | 389133298 |
| Payable for investments purchased | 65091915 | 43346561 |
| Interest and debt related payables | 14992092 | 4009503 |
| Distribution payable | 12831110 | 6009553 |
| Incentive fees payable | 4430296 | 3978275 |
| Management fees payable | 4290672 | 1791192 |
| Reimbursements due to the Investment Adviser | 140296 | 1125355 |
| Accrued capital gains incentive fees |  | 498552 |
| Accrued expenses and other liabilities | 3186235 | 1370802 |
| Total liabilities | $939178481 | $451263091 |
| Commitments and contingencies (Note 5) |  |  |
| **Net assets** | $1578732747 | $651191674 |
| **Composition of net assets applicable to common shareholders** |  |  |
| Common shares of beneficial interest, $0.001 par value; 65,915,332 and 26,269,689 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $65914 | $26269 |
| Paid-in capital in excess of par | 1605160851 | 648200991 |
| Distributable earnings (loss) | (26494018) | 2964414 |
| Total net assets | 1578732747 | 651191674 |
| Total liabilities and net assets | $2517911228 | $1102454765 |
| **Net assets per share** | $23.95 | $24.79 |

---

*See accompanying notes to the consolidated financial statements.*

------

**BlackRock Private Credit Fund**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **NET ASSET VALUE PER SHARE** |  |  |
| **Institutional Shares:** |  |  |
| Net assets | $1461960470 | $603211729 |
| Common shares outstanding ($0.001 par value, unlimited shares authorized) | 61039850 | 24334133 |
| Net asset value per share | $23.95 | $24.79 |
| **Class S Shares:** |  |  |
| Net assets | $114536454 | $44822335 |
| Common shares outstanding ($0.001 par value, unlimited shares authorized) | 4782132 | 1808175 |
| Net asset value per share | $23.95 | $24.79 |
| **Class D Shares:** |  |  |
| Net assets | $2235823 | $3157610 |
| Common shares outstanding ($0.001 par value, unlimited shares authorized) | 93350 | 127381 |
| Net asset value per share | 23.95 | 24.79 |

---

*See accompanying notes to the consolidated financial statements.*

------

**BlackRock Private Credit Fund**

**Consolidated Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $160771247 | $73019203 | $33655119 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 2686735 | 1305287 | 583204 |
| Total investment income | 163457982 | 74324490 | 34238323 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other debt expenses | 43125784 | 15678170 | 8398203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees earned | 13692577 | 6276956 | 3332075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 12272372 | 4852983 | 2041069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 2539429 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 1468248 | 1076464 | 1289972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1349031 | 798480 | 658223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody Fees | 1253435 | 417858 | 224751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and servicing fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 725009 | 136105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 8868 | 1953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Director fees | 284593 | 315451 | 271500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational expenses | 161704 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 32666 | 28930 | 28933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees on capital gains <sup>(1)</sup> | (498552) | 498552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 1475316 | 802451 | 426002 |
| **Total operating expenses** | 77890480 | 30884353 | 16670728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense Support (Note 3) | (10779084) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee waivers | (1347386) |  | (3332075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee waivers |  |  | (2041069) |
| **Net operating expenses** | 65764010 | 30884353 | 11297584 |
| **Net investment income before taxes** | 97693972 | 43440137 | 22940739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense |  |  | 106746 |
| **Net investment income** | 97693972 | 43440137 | 22833993 |
| **Realized and unrealized gain (loss) on investments and foreign currency** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (3971809) | (1431808) | 77570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (738734) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4710543) | (1431808) | 77570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (15776725) | 3345673 | 5346656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 288149 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (15488576) | 3345673 | 5346656 |
| Net realized and unrealized gain (loss) | (20199119) | 1913865 | 5424226 |
| **Net increase (decrease) in net assets resulting from operations** | $77494853 | $45354002 | $28258219 |

---

*_______________________________________*

(1) Net investment income amounts displayed above are net of the accrual for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with Generally Accepted Accounting Principles ("GAAP") for the years ended December 31, 2025, 2024 and 2023 (see Note 3).

*See accompanying notes to the consolidated financial statements.*

------

**BlackRock Private Credit Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Paid in Capital** | **Distributable** | **Total Net** |
|  | **Shares** | **Par Amount** | **in Excess of Par** | **Earnings (loss)** | **Assets** |
| Balance at December 31, 2022 | 4968576 | $4969 | $120449278 | $(2768970) | $117685277 |
| **Share Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 3934546 | 3934 | 96733131 |  | 96737065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares from dividend reinvestment plan | 705362 | 705 | 17294622 |  | 17295327 |
| Net investment income |  |  |  | 22833993 | 22833993 |
| Net realized and unrealized gain (loss) |  |  |  | 5424226 | 5424226 |
| Dividends paid to common shareholders |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  | (21171862) | (21171862) |
| Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles |  |  | (106746) | 106746 |  |
| Balance at December 31, 2023 | 9608484 | $9608 | $234370285 | $4424133 | $238804026 |
| . |  |  |  |  |  |
| **Share Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 13602003 | 13602 | 337855788 |  | 337869390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares from dividend reinvestment plan | 1270509 | 1271 | 31573617 |  | 31574888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (146864) | (147) | (3643569) |  | (3643716) |
| &nbsp;&nbsp;&nbsp;Class S: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 1806766 | 1807 | 44854193 |  | 44856000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares from dividend reinvestment plan | 1410 | 1 | 35009 |  | 35010 |
| &nbsp;&nbsp;&nbsp;Class D: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 127369 | 127 | 3155373 |  | 3155500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares from dividend reinvestment plan | 12 |  | 295 |  | 295 |
| Net investment income |  |  |  | 43440137 | 43440137 |
| Net realized and unrealized gain (loss) |  |  |  | 1913865 | 1913865 |
| Dividends paid to common shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  | (45083816) | (45083816) |
| &nbsp;&nbsp;&nbsp;Class S |  |  |  | (1645327) | (1645327) |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  | (84578) | (84578) |
| Balance at December 31, 2024 | 26269689 | $26269 | $648200991 | $2964414 | $651191674 |
| **Share Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 35326769 | 35327 | 855506225 |  | 855541552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares from dividend reinvestment plan | 2102102 | 2102 | 51061701 |  | 51063803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | 179403 | 179 | 4340912 |  | 4341091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (902557) | (903) | (21852225) |  | (21853128) |
| &nbsp;&nbsp;&nbsp;Class S: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 3040787 | 3041 | 73983770 |  | 73986811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares from dividend reinvestment plan | 44165 | 44 | 1068217 |  | 1068261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (110995) | (111) | (2664310) |  | (2664421) |
| &nbsp;&nbsp;&nbsp;Class D: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 140964 | 141 | 3429457 |  | 3429598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares from dividend reinvestment plan | 4408 | 4 | 106426 |  | 106430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | (179403) | (179) | (4340912) |  | (4341091) |
| Net investment income |  |  |  | 97693972 | 97693972 |
| Net realized and unrealized gain (loss) |  |  |  | (20199119) | (20199119) |
| Dividends paid to common shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  | (102041540) | (102041540) |
| &nbsp;&nbsp;&nbsp;Class S |  |  |  | (8251187) | (8251187) |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  | (339959) | (339959) |
| Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles |  |  | (3679401) | 3679401 |  |
| Balance at December 31, 2025 | 65915332 | $65914 | $1605160851 | $(26494018) | $1578732747 |

---

*See accompanying notes to the consolidated financial statements.*

------

**BlackRock Private Credit Fund**

**Consolidated Statements of Cash F** **lows**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Operating activities** |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $77494853 | $45354002 | $28258219 |
| Adjustments to reconcile net increase (decrease) in net assets resulting <br> from operations to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss | 4710543 | 1431808 | (77570) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized (appreciation) depreciation of investments | 14549554 | (3345673) | (5346656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of investment discounts and premiums | (6534656) | (5020865) | (3167347) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income paid in kind | (2758282) | (1375308) | (694111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 1333663 | 438149 | 193554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (1620367679) | (773893941) | (248934358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investments | 406092817 | 142736794 | 64848048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in interest, dividends and fees receivable | (8190120) | (3124063) | (2134446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in receivable for investments sold | (14271428) | (7377342) | (596291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in prepaid expenses and other assets | (6755341) | (1541422) | (489986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and debt related payables | 10982589 | 1843476 | 1075837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees payable | 452021 | 3978275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 2499480 | 1791192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued capital gains incentive fees | (498552) | 498552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in reimbursements due to the Investment Adviser | (985059) | 877413 | 199376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | 21745354 | 29486011 | 6686087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 1815433 | 6822 | 214362 |
| Net cash provided by (used in) operating activities | (1118684810) | (567236120) | (159965282) |
| **Financing activities** |  |  |  |
| Proceeds from common shares sold | 932957961 | 373956051 | 91787065 |
| Contribution received in advance |  |  | 11924839 |
| Proceeds from issuance of Notes | 255110000 | 70000000 |  |
| Draws on credit facilities | 1010890948 | 396000000 | 121000000 |
| Repayments of credit facility draws | (819920365) | (232000000) | (60000000) |
| Payments of debt issuance costs | (4119907) | (3546409) | (320295) |
| Dividends paid in cash to shareholders | (51572635) | (12845227) | (1666198) |
| Payments of repurchased shares | (24517549) | (3643716) |  |
| Net cash provided by (used in) financing activities | 1298828453 | 587920699 | 162725411 |
| Net increase (decrease) in cash and cash equivalents (including restricted cash) | 180143643 | 20684579 | 2760129 |
| Cash and cash equivalents (including restricted cash) at beginning of period | 41078437 | 20393858 | 17633729 |
| Cash and cash equivalents (including restricted cash) at end of period | $221222080 | $41078437 | $20393858 |
| **Supplemental cash flow information** |  |  |  |
| Interest payments | $30804212 | $13396545 | $7128811 |
| Excise tax payments | $— | $— | $18395 |
| Distribution payable | $12831110 | $6009553 | $3651224 |
| Reinvestment of dividends during the period | $52238494 | $31610193 | $17295327 |

---

*See accompanying notes to the consolidated financial statements.* 

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace and Defense** | **Aerospace and Defense** |  |  |  |  |  |  |  |  |  |  |
| Arcline FM Holdings, LLC (Fairbanks Morse) | First Lien Term Loan | SOFR(Q) | 0.75% | 2.75% | 6.42% | 6/23/2030 | $2887923 | $2893381 | $2903489 | 0.12% |  |
| Cobham Ultra US Co-Borrower LLC (Ultra Electronics) | First Lien Term Loan | SOFR(S) |  | 4.18% | 8.37% | 8/4/2029 | $3228596 | 3230317 | 3242721 | 0.13% |  |
| Engineering Research Holding LLC (Astrion, Inc.) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 8.67% | 8/29/2031 | $22807353 | 22528778 | 16649368 | 0.68% | E |
| Kaman Corporation | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.32% | 1/30/2032 | $5772929 | 5754549 | 5803266 | 0.24% |  |
| Kaman Corporation | First Lien Delayed Draw Term Loan | SOFR(Q) |  | 2.50% | 6.43% | 2/26/2032 | $52283 | 49913 | 55158 |  |  |
| Propulsion BC Finco Sarl (Luxembourg) | First Lien Term Loan | SOFR(Q) |  | 5.00% | 8.69% | 11/20/2032 | $1586823 | 1592220 | 1596741 | 0.06% | C |
| Skydio, Inc | First Lien Term Loan | SOFR(M) | 2.50% | 2.75% Cash +2.75% PIK | 9.17% | 12/4/2029 | $7711220 | 7652362 | 7641819 | 0.31% | E |
| Skydio, Inc | First Lien Delayed Draw Term Loan B | SOFR(M) | 2.50% | 5.00% Cash | 8.73% | 12/4/2029 | $— | (29429) | (33750) |  | D/E |
| Skydio, Inc | First Lien Delayed Draw Term Loan A | SOFR(M) | 2.50% | 5.00% Cash | 8.73% | 12/4/2029 | $3750000 | 3720571 | 3716250 | 0.15% | E |
| Signia Aerospace, LLC | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.44% | 11/21/2031 | $5459791 | 5473122 | 5486708 | 0.22% |  |
| Signia Aerospace, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) |  | 2.75% | 6.44% | 11/21/2031 | $— | 659 | 590 |  |  |
|  |  |  |  |  |  |  |  | 52866443 | 47062360 | 1.91% |  |
| **Automobiles** | **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| ABC Technologies Inc. (TI Automotive) (Canada) | First Lien Term Loan | EURIBOR(M) | 0.75% | 5.88% | 7.78% | 8/22/2031 | 17275741 | 19439337 | 19604164 | 0.80% | C/E |
| ABC Technologies Inc. (TI Automotive) (Canada) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.75% | 9.47% | 8/22/2031 | $29249834 | 28219047 | 28228108 | 1.14% | C/E |
|  |  |  |  |  |  |  |  | 47658384 | 47832272 | 1.94% |  |
| **Auto Components** | **Auto Components** |  |  |  |  |  |  |  |  |  |  |
| Clarios Global LP (Canada) | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.47% | 1/14/2032 | $6214425 | 6252714 | 6254228 | 0.25% | C |
| **Beverages** | **Beverages** |  |  |  |  |  |  |  |  |  |  |
| Triton Water Holdings Inc | First Lien Term Loan | SOFR(Q) |  | 2.25% | 5.92% | 3/31/2028 | $622540 | 622540 | 625033 | 0.03% |  |
| **Building Products** | **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Gulfside Supply Inc | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.67% | 5/29/2031 | $1599360 | 1594580 | 1580376 | 0.06% |  |
| TL Alpine Holding Corp. | First Lien Term Loan | SOFR(M) | 1.00% | 6.00% | 9.72% | 8/1/2030 | $9624423 | 9477443 | 9662921 | 0.39% | E |
| Trulite Holding Corp. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 9.98% | 3/1/2030 | $9975199 | 9836159 | 9675943 | 0.40% | E |
| Wilsonart LLC | First Lien Term Loan | SOFR(Q) |  | 4.25% | 7.92% | 7/25/2031 | $5261473 | 5189992 | 5109259 | 0.21% |  |
|  |  |  |  |  |  |  |  | 26098174 | 26028499 | 1.06% |  |
| **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |  |  |  |  |
| Apex Group Treasury LLC | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.39% | 2/20/2032 | $1005419 | 983504 | 950121 | 0.04% |  |
| Ardonagh Group FinCo Pty Ltd (Australia) | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.42% | 2/27/2031 | $4622921 | 4615454 | 4621973 | 0.19% | C |
| Ascensus Holdings, Inc | First Lien Term Loan | SOFR(M) | 0.50% | 3.00% | 6.72% | 8/2/2028 | $2951085 | 2954873 | 2951675 | 0.12% |  |
| Allspring Buyer, LLC | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.81% | 11/1/2030 | $815550 | 817113 | 820953 | 0.03% |  |
| BCPE Pequod Buyer Inc. (Envestnet Inc.) | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 9/19/2031 | $2166438 | 2171851 | 2173880 | 0.09% |  |
| Brookfield Properties Retail Holding LLC | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.22% | 5/28/2030 | $309445 | 305326 | 311472 | 0.01% |  |
| Focus Financial Partners, LLC | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.22% | 9/15/2031 | $6308415 | 6312705 | 6326142 | 0.26% |  |
| Grant Thornton Advisors LLC | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.47% | 6/2/2031 | $5352996 | 5347282 | 5369751 | 0.22% |  |
| Grant Thornton Advisors LLC | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 5/30/2031 | $919695 | 909316 | 924459 | 0.04% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Capital Markets (Continued)** | **Capital Markets (Continued)** |  |  |  |  |  |  |  |  |  |  |
| OVG Business Services LLC (Oak View) | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 6/15/2031 | $1828491 | $1828360 | $1834205 | 0.07% |  |
| PMA Parent Holdings, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.42% | 1/31/2031 | $44967275 | 44495836 | 44595800 | 1.80% | E |
| PMA Parent Holdings, LLC | First Lien Revolver | SOFR(Q) | 0.75% | 4.75% | 8.42% | 1/31/2031 | $— | (53869) | (41575) |  | D/E |
| Wharf Street Rating Acquisition, LLC (KBRA) | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 4.75% | 8.47% | 9/16/2032 | $— | (38662) | (27661) |  | D/E |
| Wharf Street Rating Acquisition, LLC (KBRA) | First Lien Revolver | SOFR(M) | 0.75% | 4.75% | 8.47% | 9/16/2032 | $— | (37713) | (27661) |  | D/E |
| Wharf Street Rating Acquisition, LLC (KBRA) | First Lien Term Loan | SOFR(M) | 0.75% | 4.75% | 8.47% | 9/16/2032 | $35437574 | 35098029 | 35188625 | 1.43% | E |
|  |  |  |  |  |  |  |  | 105709405 | 105972159 | 4.30% |  |
| **Chemicals** | **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Advancion (f/k/a Aruba Investments Holdings, LLC) | First Lien Term Loan | SOFR(M) | 0.75% | 4.10% | 7.82% | 11/24/2027 | $1230720 | 1227201 | 1133801 | 0.05% |  |
| Ascend Learning, LLC | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 12/11/2028 | $2804601 | 2781774 | 2817867 | 0.11% |  |
| CP Iris Holdco I, Inc | First Lien Delayed Draw Term Loan | SOFR(M) |  | 4.00% | 7.72% | 10/27/2032 | $74543 | 74693 | 73048 |  |  |
| CP Iris Holdco I, Inc | First Lien Term Loan | SOFR(M) |  | 4.00% | 7.72% | 10/18/2032 | $2625211 | 2630656 | 2615366 | 0.11% |  |
| Derby Buyer LLC | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.75% | 11/1/2030 | $4719861 | 4727660 | 4740345 | 0.18% |  |
| Discovery Purchaser Corporation | First Lien Term Loan | SOFR(Q) | 0.50% | 3.75% | 7.61% | 10/4/2029 | $3808974 | 3755238 | 3669547 | 0.15% |  |
| INEOS Composites International Holdings LLC (FORTIS) | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.17% | 2/6/2032 | $722370 | 720757 | 717313 | 0.03% |  |
| Olympus Water US Holding Corporation (Solenis) | First Lien Term Loan | SOFR(Q) | 0.50% | 3.00% | 6.67% | 6/9/2031 | $4227335 | 4215451 | 4197067 | 0.17% |  |
| Sparta U.S. Holdco LLC | First Lien Term Loan | SOFR(M) | 0.75% | 3.00% | 6.86% | 8/2/2028 | $2154660 | 2136167 | 2142088 | 0.09% |  |
| W. R. Grace Holdings, LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 3.00% | 6.67% | 8/19/2032 | $1663830 | 1653877 | 1668505 | 0.07% |  |
|  |  |  |  |  |  |  |  | 23923474 | 23774947 | 0.96% |  |
| **Commercial Services and Supplies** | **Commercial Services and Supplies** |  |  |  |  |  |  |  |  |  |  |
| Allied Universal Holdco LLC | First Lien Term Loan | SOFR(M) | 0.75% | 3.25% | 6.97% | 8/5/2032 | $6683639 | 6689196 | 6726448 | 0.27% |  |
| Anticimex Inc. (Sweden) | First Lien Term Loan | SOFR(Q) |  | 2.90% | 6.81% | 11/17/2031 | $184729 | 184729 | 185884 | 0.01% | C |
| Apollo Group Holdco, LLC (Topsail) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.75% | 9.42% | 12/26/2030 | $15477503 | 15220345 | 15353683 | 0.62% | E |
| Cohnreznick Advisory LLC | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.17% | 3/31/2032 | $21081233 | 21006950 | 21226272 | 0.85% |  |
| Cohnreznick Advisory LLC | First Lien Delayed Draw Term Loan | SOFR(Q) |  | 3.50% | 7.17% | 3/31/2032 | $(3144) | (14726) | 19937 |  | D |
| Creative Artists Agency, LLC. | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.22% | 10/1/2031 | $4126534 | 4128258 | 4147167 | 0.17% |  |
| Dealer Tire Financial, LLC | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 7/2/2031 | $1881242 | 1875181 | 1885945 | 0.08% |  |
| EnergySolutions, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.25% | 6.97% | 9/18/2030 | $647427 | 644621 | 652687 | 0.03% |  |
| Ensemble RCM, LLC | First Lien Term Loan B | SOFR(Q) |  | 3.00% | 6.84% | 8/3/2029 | $5337605 | 5343943 | 5370004 | 0.22% |  |
| GFL Environmental Services Inc (Canada) | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.27% | 2/4/2032 | $6194475 | 6216156 | 6228545 | 0.25% | C |
| Interstate Waste Services Inc | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.92% | 10/4/2030 | $1360475 | 1362286 | 1364733 | 0.06% |  |
| Madison Safety & Flow LLC | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.23% | 9/26/2031 | $3753631 | 3764526 | 3784918 | 0.15% |  |
| Modigent, LLC (Pueblo) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 8.92% | 8/23/2028 | $5451836 | 5389531 | 5380537 | 0.22% | E |
| Modigent, LLC (Pueblo) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 8.92% | 8/23/2028 | $1415717 | 1400135 | 1397202 | 0.06% | E |
| Modigent, LLC (Pueblo) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 8.92% | 8/23/2028 | $982031 | 970820 | 969188 | 0.04% | E |
| Modigent, LLC (Pueblo) | First Lien Revolver | SOFR(Q) | 0.75% | 5.25% | 8.92% | 8/23/2027 | $— | (10153) | (9853) |  | D/E |
| TA TT Buyer, LLC (TouchTunes, Octave Music) | First Lien Tranche B-1 Term Loan | SOFR(Q) | 0.50% | 4.75% | 8.42% | 4/1/2029 | $16717565 | 16719731 | 16346686 | 0.66% |  |
|  |  |  |  |  |  |  |  | 90891529 | 91029983 | 3.69% |  |
| **Construction Materials** | **Construction Materials** |  |  |  |  |  |  |  |  |  |  |
| Covia Holdings LLC | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.71% | 2/12/2032 | $2330322 | 2333466 | 2317214 | 0.10% |  |
| Potters Industries, LLC | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.17% | 12/9/2032 | $275000 | 274313 | 276031 | 0.01% |  |
|  |  |  |  |  |  |  |  | 2607779 | 2593245 | 0.11% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Construction and Engineering** | **Construction and Engineering** |  |  |  |  |  |  |  |  |  |  |
| Brand Industrial Services Inc | First Lien Term Loan | SOFR(Q) | 0.50% | 4.50% | 8.35% | 8/1/2030 | $4645232 | $4605767 | $4245626 | 0.17% |  |
| Brown & Settle, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.26% | 5/16/2030 | $21998615 | 21517923 | 22174604 | 0.90% | E |
| Brown & Settle, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 6.25% | 10.12% | 5/16/2030 | $1838836 | 1785263 | 1838836 | 0.07% | E |
| Compsych Holdings Corp | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.61% | 7/22/2031 | $12925854 | 12874575 | 13055113 | 0.54% | E |
| Compsych Holdings Corp | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.61% | 7/22/2031 | $— | (7414) | 37376 |  | D/E |
| JF Acquisition, LLC (JF Petroleum) | First Lien Term Loan | SOFR(M) | 1.00% | 5.75% | 9.48% | 6/18/2030 | $35990440 | 35422152 | 35630536 | 1.44% | E |
| JF Acquisition, LLC (JF Petroleum) | First Lien Revolver | SOFR(M) | 1.00% | 5.75% | 9.48% | 6/18/2030 | $— | (75397) | (41587) |  | D/E |
| JF Acquisition, LLC (JF Petroleum) | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.75% | 9.48% | 6/18/2030 | $— | (110852) | (67232) |  | D/E |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.34% | 2/1/2030 | $2381164 | 2364060 | 2381164 | 0.10% | E |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.46% | 2/1/2030 | $1648177 | 1633251 | 1648177 | 0.07% | E |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.27% | 2/1/2030 | $983549 | 959834 | 983549 | 0.04% | E |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Revolver | SOFR(Q) | 1.00% | 4.50% | 8.29% | 2/1/2029 | $— | (1898) |  |  | D/E |
| Legence Holdings LLC (Refficiency) | First Lien Term Loan | SOFR(M) |  | 2.25% | 5.97% | 12/16/2031 | $3028997 | 3039748 | 3053608 | 0.12% |  |
| Pioneer Acquisitionco, LLC | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.94% | 10/23/2032 | $188000 | 187540 | 189058 | 0.01% |  |
| RBS Buyer Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 8.84% | 7/31/2031 | $— | (19794) | 34064 |  | D/E |
| RBS Buyer Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 5.00% | 8.84% | 7/31/2031 | $— | (65979) |  |  | D/E |
| RBS Buyer Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 8.84% | 7/31/2031 | $19254896 | 19031127 | 19447445 | 0.79% | E |
| Titan Home Improvement, LLC (Renuity) | First Lien Term Loan | SOFR(Q) | 1.00% | 4.75% | 8.57% | 5/31/2030 | $9533188 | 9392997 | 9628520 | 0.39% | E |
| Titan Home Improvement, LLC (Renuity) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.75% | 8.57% | 5/31/2030 | $— | (13309) | 18101 |  | D/E |
| Titan Home Improvement, LLC (Renuity) | First Lien Revolver | SOFR(Q) | 1.00% | 4.75% | 8.57% | 5/31/2030 | $— | (22172) |  |  | D/E |
| Tecta America Corp. | First Lien Term Loan | SOFR(M) | 1.00% | 2.75% | 6.47% | 2/18/2032 | $1376085 | 1381131 | 1383069 | 0.06% |  |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $11069460 | 10940583 | 11124807 | 0.45% | E |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $4972668 | 4914773 | 4997531 | 0.20% | E |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $2671969 | 2671969 | 2685329 | 0.11% | E |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $943685 | 930012 | 948403 | 0.04% | E |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $9086694 | 8970998 | 9132127 | 0.37% | E |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $2587408 | 2551505 | 2600345 | 0.11% | E |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $611620 | 602754 | 614678 | 0.02% | E |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $832881 | 762966 | 860337 | 0.03% | E |
| Vortex Companies, LLC | First Lien Revolver | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/4/2029 | $839464 | 815675 | 839464 | 0.03% | E |
|  |  |  |  |  |  |  |  | 147039788 | 149443048 | 6.06% |  |
| **Consumer Finance** | **Consumer Finance** |  |  |  |  |  |  |  |  |  |  |
| Lucky US BuyerCo, LLC (Global Payments) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.50% | 11.22% | 3/30/2029 | $3118582 | 3067974 | 3069259 | 0.13% | E |
| Lucky US BuyerCo, LLC (Global Payments) | First Lien Revolver | SOFR(Q) | 1.00% | 7.50% | 11.22% | 3/30/2029 | $371870 | 365203 | 365393 | 0.01% | E |
|  |  |  |  |  |  |  |  | 3433177 | 3434652 | 0.14% |  |
| **Containers and Packaging** | **Containers and Packaging** |  |  |  |  |  |  |  |  |  |  |
| Charter Next Generation, Inc. (fka Charter NEX US, Inc.) | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.50% | 12/1/2030 | $8161664 | 8156985 | 8188802 | 0.33% |  |
| Clydesdale Acquisition Holdings, Inc | First Lien Term Loan | SOFR(M) |  | 3.25% | 6.97% | 4/13/2029 | $1123954 | 1123738 | 1124353 | 0.05% |  |
| Clydesdale Acquisition Holdings, Inc | First Lien Delayed Draw Term Loan | SOFR(M) |  | 3.25% | 6.97% | 4/13/2029 | $17881 | 17647 | (4852) |  | D |
| Mauser Packaging Solutions Holding Co | First Lien Term Loan | SOFR(Q) |  | 5.00% | 8.69% | 4/15/2030 | $800000 | 780339 | 786168 | 0.03% |  |
|  |  |  |  |  |  |  |  | 10078709 | 10094471 | 0.41% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Communications Equipment** | **Communications Equipment** |  |  |  |  |  |  |  |  |  |  |
| Digicert Inc | First Lien Term Loan | SOFR(M) | 0.75% | 5.75% | 9.47% | 7/30/2030 | $33854115 | $33378564 | $33471665 | 1.36% | E |
| **Distributors** | **Distributors** |  |  |  |  |  |  |  |  |  |  |
| Bradyplus Holdings LLC | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.26% | 12/13/2032 | $652000 | 642220 | 646158 | 0.03% |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Belron Finance 2019 LLC (United Kingdom) | First Lien Term Loan | SOFR(Q) |  | 2.25% | 6.12% | 10/16/2031 | $2054837 | 2072303 | 2068964 | 0.08% | C |
| Express Wash Acquisition Company, LLC (Whistle) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.18% | 4/10/2031 | $21560745 | 21371400 | 20137736 | 0.81% | E |
| Express Wash Acquisition Company, LLC (Whistle) | First Lien Revolver | SOFR(Q) | 1.00% | 6.25% | 10.18% | 4/10/2031 | $— | (11194) | (84124) |  | D/E |
| Fusion Holding Corp. (Finalsite) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 9.92% | 9/29/2028 | $4409996 | 4357511 | 4088410 | 0.17% | E |
| Fusion Holding Corp. (Finalsite) | First Lien Revolver | Prime | 0.75% | 5.25% | 12.00% | 9/15/2027 | $204123 | 201279 | 189355 | 0.01% | E |
| Planet US Buyer LLC | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.82% | 1/31/2031 | $1118644 | 1121092 | 1127330 | 0.05% |  |
|  |  |  |  |  |  |  |  | 29112391 | 27527671 | 1.12% |  |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Accuserve Solutions, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.09% | 3/15/2030 | $494954 | 494954 | 438034 | 0.02% | E |
| Beekeeper Buyer Inc. (Archway) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 8.92% | 6/30/2031 | $5809164 | 5755977 | 5814973 | 0.24% | E |
| Beekeeper Buyer Inc. (Archway) | First Lien Revolver | SOFR(Q) | 0.75% | 5.25% | 8.92% | 6/30/2031 | $— | (13297) |  |  | D/E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan E | SOFR(Q) | 1.00% | 4.50% | 8.17% | 6/1/2028 | $4934075 | 4893263 | 4890246 | 0.20% | E |
| EdgeCo Buyer, Inc. | First Lien Term Loan B | SOFR(Q) | 1.00% | 4.50% | 8.17% | 6/1/2028 | $2522567 | 2504839 | 2503673 | 0.10% | E |
| EdgeCo Buyer, Inc. | First Lien Term Loan | SOFR(Q) |  | 4.50% | 8.17% | 6/1/2028 | $1102343 | 1094596 | 1094086 | 0.04% | E |
| EdgeCo Buyer, Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 4.50% | 8.17% | 6/1/2028 | $— | (4116) | (4387) |  | D/E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan A | SOFR(Q) | 1.00% | 4.50% | 8.17% | 6/1/2028 | $214467 | 212960 | 212861 | 0.01% | E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan B | SOFR(Q) | 1.00% | 4.50% | 8.17% | 6/1/2028 | $186266 | 184957 | 184871 | 0.01% | E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan C | SOFR(Q) | 1.00% | 4.50% | 8.17% | 6/1/2028 | $61928 | 61492 | 61464 |  | E |
| GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(S) | 1.00% | 5.00% | 9.22% | 8/19/2028 | $— | (36363) | (28487) |  | D/E |
| GC Champion Acquisition LLC (Numerix) | First Lien Incremental Term Loan | SOFR(S) | 1.00% | 5.00% | 9.22% | 8/21/2028 | $8786733 | 8649295 | 8718768 | 0.35% | E |
| GC Champion Acquisition LLC (Numerix) | First Lien Term Loan | SOFR(S) | 1.00% | 5.00% | 9.22% | 8/21/2028 | $10031377 | 10011156 | 9953784 | 0.40% | E |
| GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(S) | 1.00% | 5.00% | 9.22% | 8/21/2028 | $639841 | 634224 | 634892 | 0.03% | E |
| GC Waves Holdings, Inc. (Mercer) | First Lien Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 9/30/2030 | $18925793 | 18925793 | 19115051 | 0.78% | E |
| GC Waves Holdings, Inc. (Mercer) | First Lien Revolver | SOFR(M) | 0.75% | 4.50% | 8.22% | 8/10/2029 | $— |  |  |  | E |
| GC Waves Holdings, Inc. (Mercer) | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 10/4/2030 | $1536670 | 1393142 | 1838101 | 0.07% | E |
| Gryphon Debt Merger Sub Inc. (Altera Corporation LLC) | First Lien Term Loan | SOFR(S) |  | 3.00% | 6.88% | 8/17/2028 | $840000 | 835829 | 846741 | 0.03% |  |
| HP PHRG Borrower LLC | First Lien Term Loan | SOFR(Q) |  | 4.00% | 7.67% | 2/20/2032 | $19216009 | 19045554 | 19135974 | 0.78% |  |
| Orion Us Finco Inc. | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.43% | 10/10/2032 | $442000 | 439852 | 444590 | 0.02% |  |
| Oak Funding LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 4.50% | 8.29% | 12/2/2032 | $17487635 | 17315538 | 17314735 | 0.70% | E |
| Oak Funding LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.50% | 4.50% | 8.29% | 12/2/2032 | $— | (16861) | (16868) |  | D/E |
| Payroc, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 4.75% | 8.47% | 11/1/2027 | $7515599 | 7460323 | 7500568 | 0.30% | E |
| Payroc, LLC | First Lien Revolver | SOFR(M) | 1.00% | 4.75% | 8.47% | 11/1/2027 | $— | (1231) | (333) |  | D/E |
| Payroc, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 4.75% | 8.47% | 10/31/2027 | $540952 | 538574 | 539870 | 0.02% | E |
| SitusAMC Holdings Corporation | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.17% | 5/14/2031 | $14798438 | 14775028 | 14902027 | 0.60% | E |
| SitusAMC Holdings Corporation | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.17% | 5/14/2031 | $32535805 | 32435058 | 32763556 | 1.33% | E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.49% | 10/4/2028 | $13961875 | $13961875 | $13898907 | 0.56% | E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.17% | 10/2/2028 | $2669859 | 2657834 | 2640245 | 0.11% | E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.49% | 10/4/2028 | $3629871 | 3610401 | 3613500 | 0.15% | E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.49% | 10/2/2028 | $1082893 | 1082893 | 1078009 | 0.04% | E |
| Wealth Enhancement Group, LLC | First Lien Revolver | SOFR(Q) | 1.00% | 4.50% | 8.17% | 10/4/2028 | $— | (612) | (5948) |  | D/E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.17% | 10/2/2028 | $— | (16919) | (34318) |  | D/E |
| White Cap Supply Holdings, LLC | First Lien Tranche B Term Loan | SOFR(M) |  | 3.25% | 6.97% | 10/19/2029 | $7797923 | 7770114 | 7838511 | 0.32% |  |
|  |  |  |  |  |  |  |  | 176656122 | 177887696 | 7.21% |  |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| Level 3 Financing Inc. | First Lien Term Loan | SOFR(M) |  | 3.25% | 6.97% | 3/27/2032 | $1664000 | 1665077 | 1670864 | 0.07% |  |
| Venga Finance Sarl (Luxembourg) | First Lien Term Loan | SOFR(Q) |  | 4.01% | 7.83% | 6/28/2029 | $1246851 | 1250735 | 1252618 | 0.05% | C |
|  |  |  |  |  |  |  |  | 2915812 | 2923482 | 0.12% |  |
| **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Griffon Bidco Inc. (Layerzero) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.67% | 7/31/2031 | $— | (41944) |  | 0.00% | D/E |
| Griffon Bidco Inc. (Layerzero) | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 8.67% | 7/31/2031 | $— | (41944) |  | 0.00% | D/E |
| Griffon Bidco Inc. (Layerzero) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.67% | 7/31/2031 | $25285726 | 25048459 | 25285726 | 1.04% | E |
| Spark Buyer, LLC (Sparkstone) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.13% | 10/15/2031 | $11636468 | 11492173 | 9472085 | 0.38% | E |
| Spark Buyer, LLC (Sparkstone) | First Lien Revolver | SOFR(Q) | 0.75% | 5.25% | 8.94% | 10/15/2031 | $799273 | 770122 | 362024 | 0.01% | E |
| Spark Buyer, LLC (Sparkstone) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 8.94% | 10/15/2031 | $— | (58301) | (874498) | -0.04% | D/E |
|  |  |  |  |  |  |  |  | 37168565 | 34245337 | 1.39% |  |
| **Energy Equipment and Services** | **Energy Equipment and Services** |  |  |  |  |  |  |  |  |  |  |
| PG Polaris Bidco SARL (Rosen Group) (Luxembourg) | First Lien Term Loan | SOFR(Q) |  | 2.25% | 5.92% | 3/26/2031 | $2735825 | 2745388 | 2748437 | 0.11% | C |
| **Entertainment** | **Entertainment** |  |  |  |  |  |  |  |  |  |  |
| City Football Group Ltd (United Kingdom) | First Lien Term Loan | SOFR(Q) | 0.50% | 3.26% | 6.93% | 7/21/2030 | $2074734 | 2076369 | 2077327 | 0.08% | C |
| Endeavor Operating Company LLC | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 1/28/2032 | $6270323 | 6269522 | 6314215 | 0.26% |  |
| International Entertainment JJJCO 3 Ltd (ATG Entertainment LLC) (United Kingdom) | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.84% | 4/19/2032 | $457703 | 455622 | 455987 | 0.02% | C/E |
| Renaissance Holding Corp. | First Lien Term Loan | SOFR(M) |  | 4.00% | 7.72% | 12/11/2031 | $960202 | 941381 | 841324 | 0.03% |  |
|  |  |  |  |  |  |  |  | 9742894 | 9688853 | 0.39% |  |
| **Food Products** | **Food Products** |  |  |  |  |  |  |  |  |  |  |
| Sauer Brands Inc | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 2/4/2032 | $251574 | 251106 | 252936 | 0.01% |  |
| Saratoga Food Specialties LLC (Solina France SASU) (France) | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.98% | 3/7/2029 | $932950 | 936157 | 941500 | 0.04% | C |
| Wellness Pet LLC (Woof) | First Lien First Out Term Loan | SOFR(Q) |  | 3.95% | 7.62% | 12/1/2029 | $479108 | 443529 | 295849 | 0.01% |  |
|  |  |  |  |  |  |  |  | 1630792 | 1490285 | 0.06% |  |
| **Health Care Equipment and Supplies** | **Health Care Equipment and Supplies** |  |  |  |  |  |  |  |  |  |  |
| Avalara, Inc. | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.42% | 3/26/2032 | $462678 | 460615 | 465216 | 0.02% |  |
| Chariot Buyer, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 2.75% | 6.47% | 7/22/2032 | $5442636 | 5420839 | 5460216 | 0.23% |  |
| Opal Bidco SAS (Opella) (France) | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.69% | 4/23/2032 | $6503700 | 6528276 | 6552478 | 0.26% | C |
|  |  |  |  |  |  |  |  | 12409730 | 12477910 | 0.51% |  |
| **Healthcare Providers and Services** | **Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |  |
| Acp Tara Holdings Inc. (Arcadia) | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.97% | 9/17/2032 | $152000 | 151621 | 153045 | 0.01% | E |
| AHP Health Partners, Inc. | First Lien Term Loan | SOFR(M) |  | 2.25% | 5.97% | 9/20/2032 | $1915200 | 1922456 | 1918494 | 0.08% |  |
| CHG Healthcare Services, Inc. | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.59% | 9/29/2028 | $2711392 | 2694913 | 2726955 | 0.11% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Healthcare Providers and Services (Continued)** | **Healthcare Providers and Services (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Electron Bidco Inc. | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.22% | 10/7/2028 | $2059385 | $2064427 | $2072493 | 0.08% |  |
| LifePoint Health Inc | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.33% | 5/19/2031 | $1525099 | 1525113 | 1529232 | 0.06% |  |
| LifePoint Health Inc | First Lien Term Loan | SOFR(Q) |  | 3.75% | 7.65% | 5/16/2031 | $1917929 | 1918013 | 1926368 | 0.08% |  |
| Ingenovis Health, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 4.25% | 8.19% | 3/5/2028 | $238091 | 236197 | 69939 |  |  |
| IvyRehab Intermediate II, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.35% | 9.02% | 4/23/2029 | $14014906 | 13863384 | 14014906 | 0.56% | E |
| IvyRehab Intermediate II, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.10% | 8.77% | 4/23/2029 | $9317238 | 8934995 | 9135995 | 0.36% | E |
| Raven Acquisition Holdings LLC (R1 RCM) | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 11/19/2031 | $1890777 | 1890578 | 1899125 | 0.08% |  |
| Raven Acquisition Holdings LLC (R1 RCM) | First Lien Delayed Draw Term Loan | SOFR(M) |  | 3.00% | 6.72% | 11/19/2031 | $— | 235 | 602 |  |  |
| Surgery Partners Holdings, LLC | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.22% | 12/19/2030 | $3363047 | 3375052 | 3380165 | 0.15% |  |
|  |  |  |  |  |  |  |  | 38576984 | 38827319 | 1.57% |  |
| **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Athenahealth Group Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 2.75% | 6.47% | 2/15/2029 | $9924727 | 9918729 | 9955742 | 0.40% |  |
| Cotiviti Holdings, Inc | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.62% | 2/24/2031 | $1540082 | 1528655 | 1483615 | 0.06% |  |
| Cotiviti Holdings, Inc | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.62% | 2/13/2032 | $906947 | 898813 | 872941 | 0.04% |  |
| MRO Parent Corporation | First Lien Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/9/2032 | $34673825 | 34195620 | 34465782 | 1.40% | E |
| MRO Parent Corporation | First Lien Revolver | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/9/2032 | $— | (41687) | (18136) |  | D/E |
| MRO Parent Corporation | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/9/2032 | $— | (20844) | (18136) |  | D/E |
| Mpulse Mobile Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 3.25% | 6.97% | 8/26/2032 | $— | (36284) | (36732) |  | D/E |
| Mpulse Mobile Inc. | First Lien Revolver | SOFR(Q) | 0.75% | 4.75% | 8.42% | 8/26/2032 | $— | (54426) | (55201) |  | D/E |
| Mpulse Mobile Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.42% | 8/26/2032 | $40121205 | 39746068 | 39735520 | 1.61% | E |
| Polaris Newco, LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 3.75% | 7.85% | 6/2/2028 | $2920685 | 2921313 | 2823222 | 0.11% |  |
| PointClickCare Technologies Inc. (Canada) | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.42% | 11/3/2031 | $4393621 | 4401487 | 4408274 | 0.18% | C |
| Press Ganey Holdings, Inc. | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 4/30/2031 | $2049918 | 2052850 | 2056324 | 0.08% |  |
| Zelis Healthcare Corp | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.47% | 9/15/2029 | $1946433 | 1935510 | 1930219 | 0.08% |  |
|  |  |  |  |  |  |  |  | 97445804 | 97603434 | 3.96% |  |
| **Hotels, Restaurants and Leisure** | **Hotels, Restaurants and Leisure** |  |  |  |  |  |  |  |  |  |  |
| Alterra Mountain Company | First Lien Term Loan | SOFR(Q) |  | 5.00% | 8.69% | 5/31/2030 | $1246875 | 1255994 | 1254668 | 0.05% | E |
| Fertitta Entertainment, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.25% | 6.97% | 1/27/2029 | $7914353 | 7892164 | 7921555 | 0.32% |  |
| Great Canadian Gaming Corp. (Canada) | First Lien Term Loan | SOFR(Q) |  | 4.75% | 8.44% | 11/1/2029 | $429281 | 429243 | 423110 | 0.02% | C |
| Herschend Entertainment Company LLC | First Lien Term Loan | SOFR(M) |  | 3.25% | 6.97% | 5/20/2032 | $2484600 | 2490526 | 2505048 | 0.10% |  |
| Motion Finco LLC | First Lien Term Loan B | SOFR(Q) |  | 3.50% | 7.17% | 11/12/2029 | $686692 | 689218 | 610730 | 0.02% |  |
| Scientific Games Holdings LP | First Lien Term Loan | SOFR(Q) | 0.50% | 3.00% | 6.93% | 4/4/2029 | $3887771 | 3869912 | 3824614 | 0.16% |  |
| Showtime Acquisition LLC (World Choice) | First Lien Term Loan | SOFR(Q) |  | 4.75% | 8.63% | 8/13/2031 | $44822847 | 44458777 | 44442122 | 1.80% | E |
| Stonebridge Companies, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 8.72% | 5/16/2031 | $6274616 | 6190377 | 6299714 | 0.26% | E |
| Stonebridge Companies, LLC | First Lien Revolver | SOFR(M) | 0.75% | 5.00% | 8.72% | 5/16/2030 | $— | (15669) |  |  | D/E |
| Stonebridge Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.00% | 8.72% | 5/16/2031 | $— | (12034) | 7171 |  | D/E |
| TRQ Sales LLC | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.94% | 8/13/2032 | $1050000 | 1038980 | 1038188 | 0.04% | E |
| Voyager Parent LLC | First Lien Term Loan | SOFR(Q) |  | 4.75% | 8.42% | 5/8/2032 | $1754603 | 1740873 | 1758060 | 0.07% |  |
| Whatabrands LLC | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.46% | 8/3/2028 | $1236877 | 1241974 | 1241534 | 0.05% |  |
|  |  |  |  |  |  |  |  | 71270335 | 71326514 | 2.89% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |  |  |  |
| Hunter Douglas Holding BV (Netherlands) | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.21% | 1/17/2032 | $4092307 | $4087429 | $4120073 | 0.17% | C |
| Pye-Barker Fire & Safety LLC | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.21% | 12/10/2032 | $848250 | 844022 | 854523 | 0.03% |  |
| Pye-Barker Fire & Safety LLC | First Lien Delayed Draw Term Loan | SOFR(M) |  | 2.50% | 7.74% | 12/10/2032 | $— |  | 937 |  |  |
| Weber Stephen Products, LLC | First Lien Term Loan | SOFR(Q) |  | 3.75% | 0.00% | 9/17/2032 | $1244000 | 1235289 | 1247421 | 0.05% |  |
|  |  |  |  |  |  |  |  | 6166740 | 6222954 | 0.25% |  |
| **Industrial Conglomerates** | **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Beach Acquisition Bidco LLC | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.23% | 6/25/2032 | $582000 | 580604 | 587459 | 0.02% |  |
| Chromalloy Holdings LLC | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.91% | 3/31/2031 | $3801758 | 3817350 | 3828788 | 0.16% |  |
| Cube Industrials Buyer Inc. (Circor) | First Lien Term Loan | SOFR(Q) |  | 3.00% | 7.37% | 10/20/2031 | $934947 | 933594 | 942151 | 0.04% |  |
| LSF12 Crown US Commercial Bidco, LLC | First Lien Term Loan | SOFR(M) |  | 3.50% | 0.00% | 12/2/2031 | $842313 | 843713 | 848630 | 0.03% |  |
|  |  |  |  |  |  |  |  | 6175261 | 6207028 | 0.25% |  |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |  |  |  |
| Alliant Holdings Intermediate, LLC | First Lien Term Loan | SOFR(M) |  | 2.50% | 8.79% | 9/19/2031 | $11973302 | 11938624 | 12013832 | 0.49% |  |
| AmeriLife Holdings, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.79% | 8/31/2029 | $23732225 | 23521749 | 23732225 | 0.95% | E |
| AmeriLife Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.79% | 8/31/2029 | $— | (12678) |  |  | D/E |
| AmeriLife Holdings, LLC | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 8.79% | 8/31/2028 | $322848 | 313299 | 322848 | 0.01% | E |
| AmeriLife Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 6.67% | 8/31/2029 | $921627 | 910113 | 921627 | 0.04% | E |
| Amynta Agency Borrower Inc. (Mayfield) | First Lien Term Loan | SOFR(M) |  | 2.75% | 8.67% | 12/29/2031 | $4312013 | 4316591 | 4326825 | 0.18% |  |
| EBS Parent Holdings Inc. (The Difference Card) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.67% | 7/1/2032 | $14565788 | 14430612 | 14420130 | 0.58% | E |
| EBS Parent Holdings Inc. (The Difference Card) | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 8.67% | 7/1/2032 | $— | (11265) | (12138) |  | D/E |
| EBS Parent Holdings Inc. (The Difference Card) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.17% | 7/1/2032 | $— | (16897) | (36414) |  | D/E |
| Galway Borrower LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.17% | 9/29/2028 | $5227629 | 5178749 | 5227629 | 0.21% | E |
| Galway Borrower LLC | First Lien Term Loan | SOFR(Q) |  | 4.50% | 8.22% | 9/29/2028 | $3154034 | 3122047 | 3154034 | 0.13% | E |
| Higginbotham Insurance Agency, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 4.50% | 8.22% | 6/11/2031 | $15352328 | 15352328 | 15352328 | 0.62% | E |
| Higginbotham Insurance Agency, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 4.50% | 8.22% | 9/30/2026 | $— | (59373) |  |  | D/E |
| Higginbotham Insurance Agency, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 4.50% | 8.82% | 12/10/2027 | $— |  |  |  | E |
| Integrity Marketing Acquisition, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.82% | 8/25/2028 | $9690530 | 9665397 | 9615380 | 0.39% | E |
| Integrity Marketing Acquisition, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) |  | 5.00% | 8.82% | 8/26/2033 | $— | (8979) | (21013) |  | D/E |
| Integrity Marketing Acquisition, LLC | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 6.78% | 8/25/2028 | $— | (84775) | (32452) |  | D/E |
| Jones Deslauriers Insurance Management Inc (Canada) | First Lien Term Loan | SOFR(Q) |  | 3.00% | 7.42% | 12/9/2032 | $1113988 | 1111295 | 1116773 | 0.05% | C |
| Summit Acquisition Inc. | First Lien Term Loan | SOFR(M) |  | 3.50% | 6.22% | 10/16/2031 | $151620 | 151620 | 152947 | 0.01% | E |
| Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.42% | 7/13/2031 | $7667052 | 7665578 | 7699829 | 0.31% |  |
| Truist Insurance Holdings, LLC | First Lien Term Loan | SOFR(Q) |  | 2.75% | 0.00% | 5/6/2031 | $7663726 | 7678281 | 7686104 | 0.31% |  |
|  |  |  |  |  |  |  |  | 105162316 | 105640494 | 4.28% |  |
| **Internet and Catalog Retail** | **Internet and Catalog Retail** |  |  |  |  |  |  |  |  |  |  |
| Syndigo, LLC | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 8.82% | 9/2/2032 | $— | (40084) | (46283) |  | D/E |
| Syndigo, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 0.00% | 9/2/2032 | $31304022 | 31005795 | 30959678 | 1.25% | E |
|  |  |  |  |  |  |  |  | 30965711 | 30913395 | 1.25% |  |
| **Internet and Direct Marketing Retail** | **Internet and Direct Marketing Retail** |  |  |  |  |  |  |  |  |  |  |
| Pug LLC | First Lien Term Loan | SOFR(M) |  | 4.75% | 0.00% | 3/15/2030 | $3698286 | 3693285 | 3672860 | 0.15% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Internet Software and Services** | **Internet Software and Services** |  |  |  |  |  |  |  |  |  |  |
| Bynder Bidco B.V. (Netherlands) | First Lien Term Loan B | SOFR(Q) | 1.00% | 6.00% | 9.86% | 1/26/2029 | $2110569 | $2078217 | $2113064 | 0.09% | C/E |
| Bynder Bidco B.V. (Netherlands) | First Lien Revolver B | SOFR(Q) | 1.00% | 6.00% | 9.86% | 1/26/2029 | $— | (723) |  |  | C/D/E |
| Bynder Bidco, Inc. (Netherlands) | First Lien Term Loan A | SOFR(Q) | 1.00% | 6.00% | 9.86% | 1/26/2029 | $582226 | 573301 | 582914 | 0.02% | C/E |
| Bynder Bidco, Inc. (Netherlands) | First Lien Revolver A | SOFR(Q) | 1.00% | 6.00% | 9.86% | 1/26/2029 | $— | (2624) |  |  | C/D/E |
| Civicplus LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 6.00% | 9.82% | 8/24/2030 | $10703864 | 10633609 | 10625758 | 0.43% | E |
| Civicplus LLC | First Lien Revolver | SOFR(Q) | 0.75% | 5.50% | 9.20% | 8/24/2030 | $— | (4436) | (5098) |  | D/E |
| Civicplus LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.20% | 8/24/2030 | $3664069 | 3609472 | 3619138 | 0.15% | E |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.07% | 8/23/2029 | $8579230 | 8448506 | 8665022 | 0.35% | E |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Initial Term Loan | SOFR(Q) | 1.00% | 5.50% | 9.32% | 9/1/2028 | $6640840 | 6640840 | 6592362 | 0.27% | E |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Revolver | SOFR(Q) | 1.00% | 6.25% | 10.07% | 8/23/2029 | $768775 | 751774 | 768775 | 0.03% | E |
| Gympass US, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.34% | 8/29/2029 | $2849124 | 2841564 | 2877615 | 0.12% | E |
| Gympass US, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.34% | 8/29/2029 | $12792857 | 12729836 | 12920786 | 0.51% | E |
| Magenta Buyer, LLC (McAfee) | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 3/1/2029 | $2282612 | 2279594 | 2114007 | 0.09% |  |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | First Lien Incremental Term Loan | SOFR(Q) | 0.75% | 6.65% | 10.51% | 1/24/2028 | $10038061 | 9935064 | 10018186 | 0.41% | C/E |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | First Lien Revolver | SOFR(S) | 0.75% | 6.50% | 10.23% | 1/24/2028 | $187753 | 180990 | 186667 | 0.01% | C/E |
|  |  |  |  |  |  |  |  | 60694984 | 61079196 | 2.48% |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Anthracite Buyer, Inc. (Coalfire) | First Lien Term Loan | SOFR(Q) | 0.75% | 4.50% | 8.34% | 12/3/2032 | $17151957 | 17067169 | 17066197 | 0.68% | E |
| Anthracite Buyer, Inc. (Coalfire) | First Lien Revolver | SOFR(Q) | 0.75% | 4.50% | 8.34% | 12/3/2032 | $— | (21197) | (21440) |  | D/E |
| CrewLine Buyer, Inc. (New Relic) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.75% | 10.59% | 11/8/2030 | $9559143 | 9393531 | 9520906 | 0.39% | E |
| CrewLine Buyer, Inc. (New Relic) | First Lien Revolver | SOFR(Q) | 1.00% | 6.75% | 10.59% | 11/8/2030 | $— | (17251) | (3983) |  | D/E |
| Ensono Holdings, Inc. | First Lien Term Loan | SOFR(M) | 0.75% | 4.11% | 7.83% | 5/26/2028 | $18852332 | 18734370 | 18870807 | 0.76% |  |
| Fortress Intermediate 3, Inc | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.78% | 6/27/2031 | $3130808 | 3140604 | 3137680 | 0.13% |  |
| Intercept Bidco, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 9.77% | 6/3/2030 | $11229177 | 11063738 | 11094427 | 0.45% | E |
| Intercept Bidco, Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 6.00% | 9.77% | 6/3/2030 | $— | (25452) | (20731) |  | D/E |
| Intercept Bidco, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.00% | 9.77% | 6/3/2030 | $— | (19089) | (31096) |  | D/E |
| Madison Logic Holdings, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 4.73% Cash + 2.37% PIK | 10.72% | 12/29/2028 | $2274371 | 2241294 | 1976428 | 0.08% | E |
| Madison Logic Holdings, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 4.73% Cash + 2.37% PIK | 10.72% | 12/30/2027 | $— | (1026) | (11240) |  | D/E |
| Neon Maple US Debt Mergersub Inc. | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.22% | 11/17/2031 | $1738048 | 1736053 | 1742315 | 0.07% |  |
| Research Now Group, LLC (Dynata) | Second Out Term Loan | SOFR(Q) | 1.00% | 5.76% | 9.64% | 10/15/2028 | $1649563 | 1501552 | 1025311 | 0.04% |  |
| Research Now Group, LLC (Dynata) | First Lien Term Loan | SOFR(Q) |  | 5.26% | 9.14% | 7/15/2028 | $232897 | 218770 | 232082 | 0.01% |  |
| Serrano Parent, LLC (Sumo Logic) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.50% | 10.36% | 5/12/2030 | $4099217 | 4035397 | 3849165 | 0.16% | E |
| Serrano Parent, LLC (Sumo Logic) | First Lien Revolver | SOFR(Q) | 1.00% | 6.50% | 10.36% | 5/12/2030 | $— | (6382) | (25005) |  | D/E |
| Trident Technologies LLC | First Lien Term Loan | SOFR(M) |  | 4.50% | 8.42% | 2/6/2032 | $7350703 | 7293674 | 7283297 | 0.30% |  |
|  |  |  |  |  |  |  |  | 76335755 | 75685120 | 3.07% |  |
| **Life Sciences Tools and Services** | **Life Sciences Tools and Services** |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation | First Lien Term Loan | SOFR(Q) | 1.00% | 7.15% | 10.97% | 12/21/2028 | $968857 | 952064 | 968857 | 0.04% | E |
| Alcami Corporation | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 7.10% | 10.83% | 12/21/2028 | $71311 | 70075 | 71311 |  | E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Life Sciences Tools and Services (Continued)** | **Life Sciences Tools and Services (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation | First Lien Revolver | SOFR(M) | 1.00% | 7.10% | 10.83% | 12/21/2028 | $28300 | $25993 | $28300 |  | E |
| DNAnexus, Inc | First Lien Delayed Draw Term Loan | SOFR(M) | 3.00% | 5.25% | 8.98% | 12/18/2029 | $1199513 | 1056775 | 1163528 | 0.05% | E |
| DNAnexus, Inc | First Lien Term Loan | SOFR(M) | 3.00% | 5.25% | 8.98% | 12/20/2029 | $5997566 | 5949829 | 5985571 | 0.24% | E |
| Parexel International, Inc. | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.53% | 12/9/2031 | $1450000 | 1458127 | 1456648 | 0.06% |  |
| Star Parent Inc | First Lien Term Loan | SOFR(Q) |  | 4.00% | 7.67% | 9/27/2030 | $2274213 | 2276858 | 2279455 | 0.09% |  |
| Sotera Health Holdings, LLC | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.34% | 5/30/2031 | $2889682 | 2899316 | 2909563 | 0.12% |  |
|  |  |  |  |  |  |  |  | 14689037 | 14863233 | 0.60% |  |
| **Machinery** | **Machinery** |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom) | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% | 6.85% | 7/30/2028 | $7129546 | 7101267 | 7153287 | 0.30% | C |
| Coorstek Inc. | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.86% | 10/28/2032 | $670000 | 666722 | 676285 | 0.03% |  |
| Filtration Group Corporation | First Lien Term Loan | SOFR(M) | 0.50% | 2.75% | 6.47% | 10/23/2028 | $5400776 | 5421623 | 5436205 | 0.22% |  |
| Hobbs & Associates, LLC | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.47% | 7/23/2031 | $2065643 | 2058618 | 2067905 | 0.08% |  |
| Hobbs & Associates, LLC | First Lien Delayed Draw Term Loan | SOFR(M) |  | 2.75% | 6.47% | 7/23/2031 | $— | 200 |  |  | E |
| Husky Injection Molding Systems Ltd. (Canada) | First Lien Term Loan | SOFR(M) |  | 3.75% | 7.47% | 2/15/2029 | $5213162 | 5223223 | 5259142 | 0.21% | C |
| Indicor, LLC (Roper Industrial Pro) | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.42% | 11/22/2029 | $3365634 | 3373403 | 3389816 | 0.14% |  |
| KKR Apple Bidco, LLC | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.22% | 9/23/2031 | $331196 | 331196 | 333278 | 0.01% |  |
| Madison IAQ LLC | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.64% | 11/8/2032 | $5450022 | 5439238 | 5491197 | 0.22% |  |
| TK Elevator US Newco Inc | First Lien Term Loan | SOFR(S) | 0.50% | 2.75% | 6.95% | 4/30/2030 | $3484743 | 3485427 | 3510373 | 0.14% |  |
|  |  |  |  |  |  |  |  | 33100917 | 33317488 | 1.35% |  |
| **Media** | **Media** |  |  |  |  |  |  |  |  |  |  |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(S) | 1.00% | 5.00% | 9.20% | 10/1/2029 | $16657453 | 16657453 | 16504204 | 0.66% | E |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(S) | 1.00% | 5.00% | 9.20% | 10/1/2029 | $1121303 | 1121303 | 1110987 | 0.05% | E |
| Kid Distro Holdings, LLC | First Lien Revolver | SOFR(S) | 1.00% | 5.00% | 9.20% | 10/1/2029 | $— |  | (14227) |  | D/E |
| Speedster Bidco GMBH (Germany) | First Lien Term Loan | SOFR(Q) |  | 5.00% | 8.69% | 12/10/2031 | $3110000 | 3130647 | 3121663 | 0.13% | C |
| Streamland Media Midco LLC | First Out Term Loan | SOFR(Q) | 1.00% | 6.76% PIK | 10.43% | 3/31/2029 | $1461957 | 1461957 | 1461957 | 0.06% | E |
| Streamland Media Midco LLC | Last Out Term Loan | SOFR(Q) |  | 6.76% PIK | 10.43% | 3/31/2029 | $1331823 | 1263126 | 969567 | 0.04% | E/G |
| Streamland Media Midco LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.76% PIK | 10.43% | 3/31/2029 | $116958 | 116958 | 116958 |  | E |
| Streamland Media Midco LLC | First Lien Revolver | SOFR(Q) |  | 6.76% PIK | 10.43% | 3/31/2029 | $206470 | 206470 | 206470 | 0.01% | E |
| TL Voltron Purchaser, LLC (GES) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.09% | 12/31/2030 | $11637067 | 11443205 | 11474148 | 0.47% | E |
| Zayo Group Holdings, Inc. | First Lien Term Loan | SOFR(M) |  | 3.11% | 6.83% | 3/11/2030 | $267470 | 265488 | 254583 | 0.01% |  |
|  |  |  |  |  |  |  |  | 35666607 | 35206310 | 1.43% |  |
| **Metals and Mining** | **Metals and Mining** |  |  |  |  |  |  |  |  |  |  |
| Grinding Media Inc. (Molycop LTD) | First Lien Term Loan | SOFR(Q) | 0.75% | 3.50% | 7.34% | 10/21/2028 | $978838 | 982953 | 980673 | 0.04% | E |
| **Oil, Gas and Consumable Fuels** | **Oil, Gas and Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |
| Deep Blue Operating I, LLC | First Lien Term Loan | SOFR(M) |  | 2.75% | 6.59% | 3/31/2029 | $1151000 | 1152661 | 1156513 | 0.04% |  |
| Palmdale Oil Company, LLC | First Lien Term Loan | SOFR(Q) |  | 4.75% | 8.38% | 12/12/2031 | $763292 | 759492 | 759476 | 0.03% | E |
| Palmdale Oil Company, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) |  | 4.75% | 8.38% | 12/12/2031 | $— |  |  | 0.01% | E |
| Palmdale Oil Company, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) |  | 4.75% | 8.38% | 12/12/2031 | $— |  |  |  | E |
| Stakeholder Midstream, LLC | First Lien Term Loan | SOFR(S) |  | 4.00% | 8.04% | 8/19/2032 | $461843 | 457224 | 464586 | 0.02% |  |
|  |  |  |  |  |  |  |  | 2369377 | 2380575 | 0.10% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Paper and Forest Products** | **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |  |
| Alpine Acquisition Corp II (48Forty) | First Lien 2nd Incremental Term Loan | SOFR(Q) | 1.00% | 6.15% | 9.94% | 11/30/2029 | $5011624 | $4909789 | $2153996 | 0.09% | E/G |
| Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.15% | 9.94% | 11/30/2029 | $210389 | 206324 | 90425 |  | E/G |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.25% | 6.75% | 10.83% | 12/23/2026 | $1462677 | 1451859 | 1453164 | 0.06% | E |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.40% | 10.09% | 12/23/2026 | $1168766 | 1168766 | 1163317 | 0.05% | E |
|  |  |  |  |  |  |  |  | 7736738 | 4860902 | 0.20% |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Allied Benefit Systems Intermediate, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.73% | 10/31/2030 | $41671397 | 41472491 | 41254683 | 1.67% | E |
| Allied Benefit Systems Intermediate, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.73% | 10/31/2030 | $— |  | (51631) |  | D/E |
| Applause App Quality, Inc. | First Lien Term Loan | SOFR(Q) | 1.50% | 5.75% | 9.43% | 10/24/2029 | $15007034 | 14778230 | 14931999 | 0.61% | E |
| Applause App Quality, Inc. | First Lien Revolver | SOFR(Q) | 1.50% | 5.75% | 9.69% | 10/24/2029 | $300140 | 282404 | 292636 | 0.01% | E |
| Acuren Delaware Holdco Inc. | First Lien Term Loan | SOFR(M) | 0.75% | 2.75% | 6.47% | 1/31/2030 | $171136 | 171136 | 172238 | 0.01% |  |
| Bullhorn, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) |  | 5.00% | 8.72% | 9/30/2029 | $12136269 | 12125167 | 12075588 | 0.49% | E |
| Bullhorn, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 10/1/2029 | $10262184 | 10244292 | 10210873 | 0.41% | E |
| Bullhorn, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/30/2029 | $— |  | (5620) |  | D/E |
| Bullhorn, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 5.00% | 8.72% | 10/1/2029 | $197141 | 195213 | 152784 | 0.01% | E |
| Bullhorn, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 8.72% | 9/30/2029 | $1400965 | 1398570 | 1393960 | 0.06% | E |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/28/2030 | $2114842 | 2091101 | 2094529 | 0.08% | E |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/28/2030 | $871417 | 861628 | 863047 | 0.03% | E |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/28/2030 | $960698 | 950545 | 951470 | 0.04% | E |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/28/2030 | $737825 | 730027 | 730738 | 0.03% | E |
| Cherry Bekaert Advisory, LLC | First Lien Revolver | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/28/2030 | $— | (5021) | (4296) |  | D/E |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/28/2030 | $7868480 | 7793151 | 7792903 | 0.32% | E |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 4.50% | 8.22% | 6/28/2030 | $4241111 | 4165781 | 4165534 | 0.17% | E |
| Chronicle Parent LLC (Lexitas) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 8.90% | 4/15/2031 | $30633102 | 30363262 | 30663735 | 1.24% | E |
| Chronicle Parent LLC (Lexitas) | First Lien Revolver | SOFR(Q) | 1.00% | 5.00% | 8.87% | 4/15/2031 | $— | (28547) |  |  | D/E |
| Chronicle Parent LLC (Lexitas) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 8.87% | 4/15/2031 | $797222 | 754402 | 806944 | 0.03% | E |
| Citrin Cooperman Advisors LLC | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.67% | 3/6/2032 | $4814692 | 4811784 | 4834745 | 0.20% |  |
| CoreLogic, Inc. (fka First American Corporation) | First Lien Term Loan | SOFR(M) | 0.50% | 3.61% | 7.33% | 6/2/2028 | $7153055 | 7114789 | 7169292 | 0.29% |  |
| DTI Holdco, Inc. (Epiq) | First Lien Term Loan | SOFR(M) | 0.75% | 4.00% | 7.72% | 4/26/2029 | $21995849 | 21923040 | 20597573 | 0.83% |  |
| Element Materials Technology Group US Holdings Inc. | First Lien Term Loan | SOFR(Q) | 0.50% | 3.68% | 7.35% | 6/24/2029 | $1867430 | 1864930 | 1886104 | 0.08% |  |
| GI Consilio Parent LLC (Skopima Consilio Parent LLC) | First Lien Term Loan | SOFR(M) | 0.50% | 3.75% | 7.47% | 5/12/2028 | $20552215 | 20422673 | 18830967 | 0.76% |  |
| HSI Halo Acquisitions, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.84% | 6/28/2031 | $6119117 | 6100467 | 6119117 | 0.25% | E |
| HSI Halo Acquisitions, Inc. | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 8.84% | 6/28/2031 | $— |  |  |  | E |
| HSI Halo Acquisitions, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.84% | 6/28/2031 | $549054 | 549054 | 549054 | 0.02% | E |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 8.94% | 1/16/2030 | $4611775 | 4549667 | 4611775 | 0.19% | E |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 8.94% | 1/16/2030 | $— | (13742) |  |  | D/E |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Revolver | SOFR(Q) | 1.00% | 5.25% | 8.94% | 1/16/2030 | $— | (8245) |  |  | D/E |
| ICIMS, Inc. | First Lien Incremental Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.11% | 8/18/2028 | $1152092 | 1142984 | 1114762 | 0.05% | E |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.65% | 12/20/2031 | $5564864 | 5505485 | 5531475 | 0.22% | E |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.51% | 12/20/2031 | $1007798 | 993330 | 991550 | 0.04% | E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Professional Services (Continued)** | **Professional Services (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Revolver | SOFR(Q) | 0.75% | 4.75% | 8.51% | 12/20/2031 | $— | $(11596) | $(6511) |  | D/E |
| OMNIA Partners, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 2.75% | 6.45% | 7/25/2030 | $1651160 | 1656312 | 1659713 | 0.07% |  |
| Secretariat Advisors LLC | First Lien Term Loan | SOFR(Q) |  | 4.00% | 7.67% | 2/24/2032 | $7296808 | 7265420 | 7326470 | 0.30% |  |
| Secretariat Advisors LLC | First Lien Delayed Draw Term Loan | SOFR(Q) |  | 4.00% | 7.67% | 2/24/2032 | $— |  | 3601 |  |  |
| Vensure Employer Services, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.67% | 9/27/2031 | $15618411 | 15517365 | 15398847 | 0.62% | E |
| Vensure Employer Services, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 8.67% | 9/19/2031 | $— | 281 | (3519) |  | D/E |
|  |  |  |  |  |  |  |  | 227727830 | 225107129 | 9.13% |  |
| **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Boots Group Finco LP | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.21% | 7/22/2032 | $2056000 | 2061125 | 2069703 | 0.08% |  |
| **Real Estate Management and Development** | **Real Estate Management and Development** |  |  |  |  |  |  |  |  |  |  |
| Community Merger Sub Debt LLC (CINC Systems) | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 8.97% | 1/18/2030 | $10119171 | 9997913 | 10137375 | 0.41% | E |
| Community Merger Sub Debt LLC (CINC Systems) | First Lien Revolver | SOFR(M) | 0.75% | 5.25% | 8.97% | 1/18/2030 | $— | (26952) |  |  | D/E |
|  |  |  |  |  |  |  |  | 9970961 | 10137375 | 0.41% |  |
| **Road and Rail** | **Road and Rail** |  |  |  |  |  |  |  |  |  |  |
| Motive Technologies, Inc. (Keep Truckin) | First Lien Term Loan | SOFR(M) | 1.00% | 7.36% | 11.08% | 4/8/2027 | $44864231 | 44204127 | 44774503 | 1.82% | E |
| **Software** | **Software** |  |  |  |  |  |  |  |  |  |  |
| Applied Systems, Inc. | First Lien Term Loan | SOFR(Q) | 0.50% | 2.50% | 6.17% | 2/24/2031 | $489434 | 489433 | 492774 | 0.02% |  |
| Barracuda Parent LLC | First Lien Term Loan | SOFR(Q) |  | 4.50% | 8.34% | 8/15/2029 | $671201 | 661134 | 549442 | 0.02% |  |
| Bluefin Holding, LLC (Allvue) | First Lien Term Loan | SOFR(Q) | 1.00% | 4.25% | 7.98% | 9/12/2029 | $17648902 | 17397772 | 17754795 | 0.72% | E |
| Bluefin Holding, LLC (Allvue) | First Lien Revolver | SOFR(Q) | 1.00% | 4.25% | 7.98% | 9/12/2029 | $— | (18333) |  |  | D/E |
| Boxer Parent Company, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.82% | 7/30/2031 | $4863121 | 4871237 | 4856191 | 0.20% |  |
| Cart.Com, Inc. | First Lien Term Loan (2.5% Exit Fee) | SOFR(M) | 1.50% | 7.75% | 11.47% | 5/30/2029 | $12000000 | 11910944 | 11772000 | 0.48% | E/H |
| Cart.Com, Inc. | First Lien Term Loan (2.5% Exit Fee) | SOFR(M) | 1.50% | 7.75% | 11.47% | 5/30/2029 | $5876756 | 5827063 | 5788605 | 0.23% | E/H |
| Central Parent, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.92% | 7/6/2029 | $980094 | 968930 | 833364 | 0.03% |  |
| Clever Devices Ltd. | First Lien Term Loan | SOFR(M) | 1.00% | 6.00% | 9.72% | 6/12/2030 | $2192902 | 2152292 | 2162201 | 0.09% | E |
| Clever Devices Ltd. | First Lien Revolver | SOFR(M) | 1.00% | 6.00% | 9.72% | 6/12/2030 | $494733 | 477554 | 481746 | 0.02% | E |
| Cloudera, Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 3.85% | 7.57% | 10/8/2028 | $3927576 | 3894639 | 3773536 | 0.15% |  |
| Clover Holding 2, LLC (COHESITY) | First Lien Term Loan | SOFR(M) |  | 4.00% | 7.77% | 10/31/2031 | $6790603 | 6796169 | 6804388 | 0.28% |  |
| Connectwise LLC | First Lien Term Loan | SOFR(Q) |  | 3.76% | 7.43% | 9/30/2028 | $1305465 | 1308773 | 1285074 | 0.05% |  |
| Delta Topco, Inc | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.44% | 12/24/2029 | $3918760 | 3924292 | 3905005 | 0.16% |  |
| Deepl Se (Germany) | First Lien Term Loan | SOFR(Q) | 2.50% | 5.00% | 8.69% | 6/26/2030 | $16895175 | 16677365 | 16658643 | 0.68% | C/E |
| Deepl Se (Germany) | First Lien Delayed Draw Term Loan | SOFR(Q) | 2.50% | 5.00% | 8.69% | 6/26/2030 | $— |  | (206966) | -0.01% | C/D/E |
| Deepl Se (Germany) | First Lien Delayed Draw Term Loan | SOFR(Q) | 2.50% | 5.00% | 8.69% | 6/26/2030 | $— |  | 20832 |  | C/E |
| Douglas Holdings, Inc (Docupace) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.75% | 9.44% | 8/27/2030 | $8550747 | 8451287 | 8431037 | 0.34% | E |
| Douglas Holdings, Inc (Docupace) | First Lien Delayed Draw Term Loan B | SOFR(Q) | 1.00% | 5.75% | 9.44% | 8/27/2030 | $223063 | 210955 | 197039 | 0.01% | E |
| Douglas Holdings, Inc (Docupace) | First Lien PIK Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.75% | 9.44% | 8/27/2030 | $774174 | 774174 | 759392 | 0.03% | E |
| Douglas Holdings, Inc (Docupace) | First Lien Revolver | SOFR(Q) | 1.00% | 5.75% | 9.44% | 8/27/2030 | $— | (8649) | (10410) |  | D/E |
| Dragos, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 8.85% | 6/30/2030 | $29886213 | 29617630 | 29587351 | 1.21% | E |
| Dragos, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 8.85% | 6/30/2030 | $— | (179055) | (199241) | -0.01% | D/E |
| Dragos, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 8.85% | 6/30/2030 | $— |  | (73152) |  | D/E |
| Dawn Bidco, LLC | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.66% | 10/7/2032 | $2083000 | 2078012 | 2079292 | 0.08% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Software (Continued)** | **Software (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Darktrace Finco US LLC | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.19% | 10/9/2031 | $384033 | $383329 | $385921 | 0.02% |  |
| Emburse Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 4.25% | 7.92% | 4/10/2032 | $26049261 | 25989690 | 26492098 | 1.07% | E |
| Emburse Inc. | First Lien Revolver | SOFR(Q) | 0.75% | 4.25% | 7.92% | 5/28/2032 | $— | (5319) |  |  | D/E |
| Emburse Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.25% | 7.92% | 5/28/2032 | $— | (10638) | 79078 |  | D/E |
| Epicor Software Corporation (fka Eagle Parent Inc.) | First Lien Term Loan | SOFR(M) | 0.75% | 2.50% | 6.22% | 5/30/2031 | $6780761 | 6759900 | 6810596 | 0.28% |  |
| Flexport Capital, LLC | First Lien Term Loan | SOFR(M) | 2.00% | 5.50% | 9.25% | 6/30/2029 | $25317664 | 25095107 | 25140440 | 1.02% | E |
| Flexport Capital, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 2.00% | 5.50% | 9.25% | 6/30/2029 | $— | (170175) | (135524) | -0.01% | D/E |
| Fusion Risk Management, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 9.82% | 5/22/2029 | $4036148 | 3997679 | 4052293 | 0.16% | E |
| Fusion Risk Management, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 6.00% | 9.72% | 5/22/2029 | $122027 | 114837 | 122027 |  | E |
| FirstUp, Inc | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 9.92% | 7/13/2027 | $9817959 | 9754457 | 9759051 | 0.40% | E |
| FirstUp, Inc | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 9.92% | 7/13/2027 | $1009278 | 1002750 | 1003222 | 0.04% | E |
| FirstUp, Inc | First Lien Revolver | SOFR(Q) | 1.00% | 6.25% | 9.92% | 7/13/2027 | $— | (5876) | (5451) |  | D/E |
| Finastra USA Inc. | First Lien Term Loan | SOFR(Q) |  | 4.00% | 7.72% | 7/30/2032 | $2097000 | 2076684 | 2056769 | 0.08% |  |
| Freedom Bidco Limited (Ireland) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 6.28% | 10.12% | 12/31/2028 | $20829384 | 20589601 | 20589575 | 0.83% | C/E |
| GTY Technology Holdings Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 2.50% Cash +4.13% PIK | 10.30% | 7/9/2029 | $3821002 | 3781306 | 3773515 | 0.15% | E |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 2.50% Cash +4.13% PIK | 10.30% | 7/9/2029 | $1306234 | 1294733 | 1290000 | 0.05% | E |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 2.50% Cash +4.13% PIK | 10.30% | 7/9/2029 | $1134951 | 1121283 | 1120846 | 0.05% | E |
| GTY Technology Holdings Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 2.50% Cash +4.13% PIK | 10.30% | 7/9/2029 | $— | (12269) | (13125) |  | D/E |
| Guardian US Holdco LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 3.50% | 7.17% | 1/31/2030 | $2289084 | 2288260 | 2295757 | 0.09% |  |
| G-3 Apollo Acquisition Corp (Appriss Retail) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 8.74% | 3/10/2031 | $13326632 | 13153830 | 13313305 | 0.54% | E |
| G-3 Apollo Acquisition Corp (Appriss Retail) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 8.69% | 3/10/2031 | $— | (27911) | (2870) |  | D/E |
| G-3 Apollo Acquisition Corp (Appriss Retail) | First Lien Revolver | SOFR(Q) | 1.00% | 5.00% | 8.69% | 3/10/2031 | $287006 | 249791 | 284136 | 0.01% | E |
| Genesys Cloud Services Inc. | First Lien Term Loan | SOFR(M) |  | 2.50% | 6.22% | 1/23/2032 | $2047631 | 2038638 | 2046034 | 0.08% |  |
| Honey Intermediate, Inc. (iLobby) (Canada) | First Lien Term Loan | SOFR(M) | 1.00% | 2.88% Cash +3.38% PIK | 9.97% | 9/30/2030 | $14656842 | 14484145 | 14422333 | 0.58% | C/E |
| Honey Intermediate, Inc. (iLobby) (Canada) | First Lien Revolver | SOFR(M) | 1.00% | 2.88% Cash +3.38% PIK | 9.97% | 9/26/2030 | $— | (21007) | (29958) |  | C/D/E |
| Hyphen Solutions, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 4.50% | 8.22% | 8/6/2032 | $— | (15115) |  |  | D/E |
| Hyphen Solutions, LLC | First Lien Revolver | SOFR(M) | 1.00% | 4.50% | 8.22% | 8/6/2032 | $— | (18138) |  |  | D/E |
| Hyphen Solutions, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 4.50% | 8.22% | 8/6/2032 | $34655092 | 34491845 | 34655092 | 1.42% | E |
| JOBVITE, Inc. (Employ, Inc.) | First Lien Last Out Term Loan | SOFR(Q) | 0.75% | 7.50% | 11.37% | 8/5/2028 | $2321515 | 2295910 | 2165904 | 0.09% | E |
| IQN Holding Corporation (Beeline) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 2.63% Cash +3.13% PIK | 9.42% | 5/2/2029 | $38464385 | 38145879 | 38129745 | 1.56% | E |
| IVXS UK Limited (ComplyAdvantage) (United Kingdom) | First Lien Term Loan (4.5% Exit Fee) | SOFR(Q) | 4.00% | 5.75% | 9.75% | 5/19/2029 | $9466533 | 9385993 | 9450440 | 0.38% | C/E/H |
| IVXS UK Limited (ComplyAdvantage) (United Kingdom) | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | SOFR(Q) | 4.00% | 5.75% | 9.75% | 5/19/2029 | $— | (26847) | (5364) |  | C/D/E/H |
| ION Platform Finance US Inc. | First Lien Term Loan | SOFR(Q) |  | 3.75% | 7.42% | 9/30/2032 | $1702000 | 1679204 | 1602314 | 0.06% |  |
| Kaseya, Inc. | First Lien Term Loan | SOFR(M) |  | 3.00% | 6.72% | 3/20/2032 | $2475595 | 2474995 | 2480695 | 0.10% |  |
| Logicmonitor, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.34% | 11/19/2031 | $36628138 | 36287873 | 36188600 | 1.48% | E |
| Logicmonitor, Inc | First Lien Revolver | SOFR(Q) | 0.75% | 5.50% | 9.34% | 11/19/2031 | $— | (15614) | (22278) |  | D/E |
| Logicmonitor, Inc | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.34% | 10/7/2032 | $— | (40379) | (130656) | -0.01% | D/E |
| MH Sub I, LLC (Micro Holding Corp.) | First Lien Term Loan | SOFR(M) |  | 4.25% | 7.97% | 12/11/2031 | $2392390 | 2377074 | 2058580 | 0.08% |  |
| MH Sub I, LLC (Micro Holding Corp.) | First Lien 2023 Incremental Term Loan | SOFR(Q) | 1.00% | 4.25% | 7.97% | 5/3/2028 | $2159635 | 2158392 | 2014400 | 0.08% |  |
| Mitchell International Inc | First Lien Term Loan | SOFR(M) | 0.50% | 3.25% | 6.97% | 6/17/2031 | $3049177 | 3040693 | 3062914 | 0.12% |  |
| Planview Parent, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.17% | 12/17/2027 | $3262299 | 3251543 | 3139457 | 0.13% |  |
| Project Boost Purchaser, LLC (JD Power, AutoData Inc) | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.42% | 7/2/2031 | $4833200 | 4835604 | 4850720 | 0.20% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Software (Continued)** | **Software (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Ping Identity Holding Corp | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.59% | 11/5/2032 | $1657000 | $1661442 | $1663214 | 0.07% |  |
| Proofpoint, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.00% | 6.67% | 8/21/2028 | $5062196 | 5052025 | 5096644 | 0.21% |  |
| Pyramid Analytics BV (Netherlands) | First Lien Delayed Draw Term Loan | SOFR(Q) | 4.25% | 6.50% | 10.75% | 5/14/2029 | $722984 | 714145 | 771527 | 0.03% | C/E |
| Qlik Technologies Inc. (Project Alpha) | First Lien Term Loan | SOFR(Q) |  | 3.25% | 6.92% | 10/28/2030 | $1001805 | 1003854 | 1001374 | 0.04% |  |
| RealPage, Inc | First Lien Term Loan | SOFR(Q) |  | 3.75% | 7.42% | 4/22/2028 | $5699105 | 5708283 | 5724637 | 0.23% |  |
| Shackleton Bidco Inc. (Payworks) (Canada) | First Lien Revolver | CORRA (Q) | 0.75% | 4.50% | 6.76% | 11/5/2032 | CAD$- | (37370) | (37370) |  | C/D/E |
| Shackleton Bidco Inc. (Payworks) (Canada) | First Lien Delayed Draw Term Loan | CORRA (Q) | 0.75% | 4.50% | 6.76% | 11/5/2032 | CAD$- | (149481) | (149481) | -0.01% | C/D/E |
| Shackleton Bidco Inc. (Payworks) (Canada) | First Lien Term Loan | CORRA (Q) | 0.75% | 4.50% | 6.76% | 10/25/2032 | CAD$43,064,004 | 30311270 | 31109089 | 1.26% | C/E |
| Sophia, L.P. (Ellucian) | First Lien Term Loan | SOFR(M) | 0.50% | 2.75% | 6.47% | 10/7/2029 | $5630975 | 5627127 | 5669688 | 0.23% |  |
| Thunder Purchaser, Inc. (Vector Solutions) | First Lien Incremental Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.40% | 9.07% | 6/30/2028 | $1016317 | 1007067 | 1006006 | 0.04% | E |
| Thunder Purchaser, Inc. (Vector Solutions) | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 5.40% | 9.07% | 6/30/2028 | $569137 | 565262 | 564817 | 0.02% | E |
| TIBCO Software Inc. | First Lien Term Loan | SOFR(M) |  | 3.25% | 6.92% | 8/13/2032 | $1754561 | 1750580 | 1758807 | 0.07% |  |
| Trintech, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.50% | 9.22% | 7/25/2029 | $9218393 | 9054253 | 9214761 | 0.37% | E |
| Trintech, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 5.50% | 9.22% | 7/25/2029 | $206737 | 193853 | 206452 | 0.01% | E |
| UKG Inc. | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.34% | 1/30/2031 | $1377103 | 1377007 | 1380140 | 0.06% |  |
| Xplor T1, LLC | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.34% | 10/28/2032 | $1450365 | 1447636 | 1453991 | 0.06% | E |
|  |  |  |  |  |  |  |  | 457802308 | 458627865 | 18.60% |  |
| **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Mavis Tire Express Services Topco Corp | First Lien Term Loan | SOFR(M) | 0.75% | 3.00% | 6.72% | 5/4/2028 | $5635663 | 5630686 | 5662630 | 0.23% |  |
| **Trading Companies and Distributors** | **Trading Companies and Distributors** |  |  |  |  |  |  |  |  |  |  |
| BCPE Empire Holdings, Inc. | First Lien Term Loan | SOFR(M) |  | 3.25% | 6.97% | 12/11/2030 | $1207478 | 1204722 | 1196913 | 0.05% |  |
| Flow Merger Sub Inc. | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.55% | 3/31/2028 | $52000 | 52000 | 52270 |  |  |
| Veritiv Corp. | First Lien Term Loan | SOFR(Q) |  | 4.00% | 7.67% | 11/17/2030 | $394491 | 392861 | 395006 | 0.02% |  |
|  |  |  |  |  |  |  |  | 1649583 | 1644189 | 0.07% |  |
| **Textiles, Apparel and Luxury Goods** | **Textiles, Apparel and Luxury Goods** |  |  |  |  |  |  |  |  |  |  |
| WH Borrower, LLC (WHP) | First Lien Term Loan | SOFR(Q) | 0.50% | 4.50% | 8.39% | 2/20/2032 | $26648628 | 26531577 | 26808919 | 1.09% |  |
| **Technology Hardware, Storage and Peripherals** | **Technology Hardware, Storage and Peripherals** |  |  |  |  |  |  |  |  |  |  |
| SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.00% | 9.82% | 4/25/2031 | $12800000 | 12733172 | 12876800 | 0.52% | C/E |
| **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| Bleriot US Bidco Inc. | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.17% | 10/30/2026 | $3298317 | 3298220 | 3318239 | 0.13% |  |
| Brown Group Holding, LLC | First Lien Term Loan | SOFR(Q) |  | 2.50% | 6.22% | 7/1/2031 | $1236877 | 1236877 | 1244471 | 0.05% |  |
| Brown Group Holding, LLC | First Lien Term Loan | SOFR(Q) |  | 2.75% | 6.57% | 7/2/2029 | $2882702 | 2900419 | 2900416 | 0.12% |  |
|  |  |  |  |  |  |  |  | 7435516 | 7463126 | 0.30% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

 **December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| OpenMarket, Inc. (Infobip) (United Kingdom) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.17% | 6/11/2029 | $43800168 | $43235290 | $43368561 | 1.76% | C/E |
| **Total Debt Investments - 142.2% of Net Assets** | **Total Debt Investments - 142.2% of Net Assets** |  |  |  |  |  |  | 2253599573 | 2244580686 | 91.04% |  |
| **Equity Securities** | **Equity Securities** |  |  |  |  |  |  |  |  |  |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |  |  |  |
| New Insight Holdings, Inc. (Dynata) | Common Stock |  |  |  |  |  | $22972 | 402032 | 120603 |  | I/J |
| **Media** | **Media** |  |  |  |  |  |  |  |  |  |  |
| Streamland Media Holdings LLC | Common Units |  |  |  |  |  | $12363 | 645215 |  |  | E/I/J |
| **Paper and Forest Products** | **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |  |
| 48forty Intermediate Holdings, Inc. | Common Stock |  |  |  |  |  | $685 |  |  |  | E/I/J |
| **Total Equity Securities - 0.0% of Net Assets** | **Total Equity Securities - 0.0% of Net Assets** |  |  |  |  |  |  | 1047247 | 120603 |  |  |
| **Total Investments - 142.2% of Net Assets** | **Total Investments - 142.2% of Net Assets** |  |  |  |  |  |  | 2254646820 | 2244701289 | 91.04% |  |
| **Cash and Cash Equivalents - 14.0% of Net Assets** | **Cash and Cash Equivalents - 14.0% of Net Assets** |  |  |  |  |  |  |  | 221222080 | 8.96% |  |
| **Total Cash and Investments - 156.2% of Net Assets** | **Total Cash and Investments - 156.2% of Net Assets** |  |  |  |  |  |  |  | 2465923369 | 100.00% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

*Notes to Schedule of Investments:*

(A)Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the "Securities Act"). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)100.0% of the fair value of total senior secured loans in the Fund's portfolio bear interest at a floating rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), "S", or other base rate (commonly the Federal Funds Rate or the Prime Rate), "P". In addition, 80.0% of the fair value of such senior secured loans have floors of 0.50% to 4.25%, with a weighted average of 0.90%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2025 of all contracts within the specified loan facility. SOFR resets monthly (M), quarterly (Q) or semiannually (S).

(C)Non-U.S. company or principal place of business outside the U.S. and as a result, the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets.

(D)Negative balances represent unfunded commitments that were acquired and/or valued at a discount.

(E)Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).

(F)The Fund generally uses GICS codes to identify the industry groupings.

(G)Non-accruing debt investment.

(H)In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(I)Restricted security (See Note 2).

(J)Non-income producing investment.

(K)Deemed an investment company under Section 3(c) of the 1940 Act and as a result, the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets

(L)Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

Aggregate acquisitions and aggregate dispositions of investments totaled $1,623,125,961 and $406,092,817, respectively for the year ended December 31, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on investments. The total value of restricted securities and bank debt as of December 31, 2025 was $2,244,701,289 or 91.0% of total cash and investments of the Fund. As of December 31, 2025, approximately 10.8% of the total assets of the Fund were not qualifying assets under Section 55(a) of the 1940 Act.

*See accompanying notes to the consolidated financial statements.*

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace and Defense** | **Aerospace and Defense** |  |  |  |  |  |  |  |  |  |  |
| Arcline FM Holdings, LLC (Fairbanks Morse, LLC) | First Lien Term Loan | SOFR(Q) |  | 4.50% | 9.05% | 6/28/2028 | $19830256 | $19684547 | $19974819 | 1.85% |  |
| Engineering Research Holding LLC (Astrion, Inc.) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.51% | 8/29/2031 | $23037731 | 22705627 | 22980137 | 2.11% | E |
| Peraton Corp. | First Lien Term Loan | SOFR(M) | 0.75% | 3.75% | 8.21% | 2/1/2028 | $1352374 | 1332242 | 1261792 | 0.12% |  |
| Signia Aerospace LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 3.00% | 7.40% | 11/21/2031 | $1388260 | 1384807 | 1390870 | 0.13% |  |
| Signia Aerospace LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.50% | 3.00% | 7.40% | 11/21/2031 | $— | (288) | 217 |  | D |
| Skydio, Inc | First Lien Term Loan | SOFR(M) | 2.50% | 2.75% Cash + 2.75% PIK | 10.02% | 12/4/2029 | $7500000 | 7426150 | 7425000 | 0.69% | E |
| Skydio, Inc | First Lien Delayed Draw Term Loan B | SOFR(M) | 2.50% | 2.75% Cash + 2.75% PIK | 10.02% | 12/4/2029 | $— | (36925) | (37500) |  | D/E |
| Skydio, Inc | First Lien Delayed Draw Term Loan A | SOFR(M) | 2.50% | 2.75% Cash + 2.75% PIK | 10.02% | 12/4/2029 | $— | (36925) | (37500) |  | D/E |
|  |  |  |  |  |  |  |  | 52459235 | 52957835 | 4.90% |  |
| **Automobiles** | **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| Wand Newco 3, Inc. (aka Caliber Collision) | First Lien Term Loan | SOFR(M) | 1.00% | 3.25% | 7.61% | 1/30/2031 | $1380008 | 1377872 | 1387377 | 0.13% |  |
| **Beverages** | **Beverages** |  |  |  |  |  |  |  |  |  |  |
| Triton Water Holdings Inc | First Lien Term Loan | SOFR(Q) |  | 3.51% | 7.84% | 3/31/2028 | $827856 | 827701 | 835414 | 0.08% |  |
| **Building Products** | **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Air Distribution Technologies Inc | First Lien Term Loan | SOFR(M) | 1.00% | 6.00% | 10.55% | 8/1/2030 | $9721886 | 9541026 | 9605223 | 0.89% | E |
| Trulite Holding Corp. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.59% | 2/22/2030 | $10235988 | 10059052 | 10223193 | 0.94% | E |
| Wilsonart LLC | First Lien Term Loan | SOFR(Q) |  | 4.25% | 8.58% | 7/25/2031 | $3307363 | 3270315 | 3319567 | 0.31% |  |
|  |  |  |  |  |  |  |  | 22870393 | 23147983 | 2.14% |  |
| **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |  |  |  |  |
| BCPE Pequod Buyer Inc. (Envestnet Inc.) | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.86% | 9/19/2031 | $453000 | 450735 | 457288 | 0.04% |  |
| Focus Financial Partners, LLC | First Lien Term Loan | SOFR(M) |  | 3.25% | 7.61% | 9/10/2031 | $2222733 | 2222554 | 2245927 | 0.21% |  |
| Focus Financial Partners, LLC | First Lien Delayed Draw Term Loan | SOFR(M) |  | 3.25% | 7.61% | 9/10/2031 | $— | 313 | 2491 |  |  |
| Grant Thornton Advisors LLC | First Lien Term Loan | SOFR(M) |  | 3.25% | 7.61% | 6/2/2031 | $827925 | 831160 | 829142 | 0.08% |  |
| Grant Thornton Advisors LLC | First Lien Term Loan | SOFR(M) |  | 3.25% | 7.61% | 6/2/2031 | $286474 | 286474 | 286895 | 0.03% |  |
| Grant Thornton Advisors LLC | First Lien Term Loan | SOFR(M) |  | 3.25% | 7.61% | 6/2/2031 | $— |  | 51 |  |  |
| Learning Care Group (US) No. 2 Inc. | First Lien Initial Term Loan | SOFR(Q) | 0.50% | 4.00% | 8.33% | 8/11/2028 | $29626 | 29303 | 29959 |  |  |
| OVG Business Services LLC (Oak View) | First Lien Term Loan | SOFR(M) |  | 3.00% | 7.36% | 6/15/2031 | $498750 | 498145 | 500620 | 0.05% |  |
| PMA Parent Holdings, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 1/31/2031 | $8869062 | 8714989 | 8886800 | 0.81% | E |
| PMA Parent Holdings, LLC | First Lien Revolver | SOFR(Q) | 0.75% | 5.25% | 9.58% | 1/31/2031 | $— | (22066) |  |  | D/E |
|  |  |  |  |  |  |  |  | 13011607 | 13239173 | 1.22% |  |
| **Chemicals** | **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Advancion (f/k/a Aruba Investments Holdings, LLC) | First Lien Term Loan | SOFR(M) | 0.75% | 4.10% | 8.46% | 11/24/2027 | $1243573 | 1238142 | 1249791 | 0.12% |  |
| CP Iris Holdco I, Inc | First Lien Term Loan | SOFR(M) | 0.50% | 3.50% | 7.86% | 9/21/2028 | $1243606 | 1244991 | 1252355 | 0.12% |  |
| Discovery Purchaser Corporation | First Lien Term Loan | SOFR(Q) | 0.50% | 4.38% | 8.95% | 10/4/2029 | $1494518 | 1446957 | 1505450 | 0.14% |  |
| LSF11 A5 Holdco LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.61% | 7.97% | 10/15/2028 | $997436 | 998635 | 1004827 | 0.09% |  |
| Momentive Performance Materials, Inc. | First Lien Term Loan | SOFR(M) |  | 4.00% | 8.36% | 3/22/2028 | $1232056 | 1213886 | 1247457 | 0.12% | E |
| Olympus Water US Holding Corporation (Solenis) | First Lien Term Loan | SOFR(M) | 0.50% | 3.00% | 7.34% | 6/9/2031 | $1700241 | 1706017 | 1707680 | 0.16% |  |
| W. R. Grace Holdings LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 3.75% | 7.58% | 9/22/2028 | $2068474 | 2061088 | 2088642 | 0.18% |  |
|  |  |  |  |  |  |  |  | 9909716 | 10056202 | 0.93% |  |
| **Commercial Services and Supplies** | **Commercial Services and Supplies** |  |  |  |  |  |  |  |  |  |  |
| Allied Universal Holdco LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.85% | 8.21% | 5/12/2028 | $1004807 | 996104 | 1009339 | 0.09% |  |
| Apollo Group Holdco, LLC (Topsail) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.33% | 12/26/2030 | $16292109 | 15967158 | 15966267 | 1.48% | E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Commercial Services and Supplies (Continued)** | **Commercial Services and Supplies (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Creative Artists Agency, LLC. | First Lien Term Loan | SOFR(M) |  | 2.75% | 7.11% | 10/1/2031 | $1490577 | $1484293 | $1499580 | 0.14% |  |
| Dealer Tire Financial, LLC | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.86% | 7/2/2031 | $2490008 | 2469138 | 2498574 | 0.23% |  |
| Ensemble RCM, LLC | First Lien Term Loan B | SOFR(Q) |  | 3.00% | 7.59% | 8/3/2029 | $2236608 | 2239831 | 2255765 | 0.21% |  |
| Madison Safety & Flow LLC | First Lien Term Loan | SOFR(M) |  | 3.25% | 7.61% | 9/26/2031 | $460845 | 459730 | 464806 | 0.04% |  |
| Modigent, LLC (Pueblo) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.50% | 10.83% | 8/23/2028 | $1430349 | 1408653 | 1411883 | 0.13% | E |
| Modigent, LLC (Pueblo) | First Lien Revolver | SOFR(Q) | 0.75% | 6.50% | 10.83% | 8/23/2027 | $859755 | 843415 | 847906 | 0.08% | E |
| Modigent, LLC (Pueblo) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 6.50% | 10.83% | 8/23/2028 | $2465375 | 2370235 | 2364438 | 0.22% | E |
| Modigent, LLC (Pueblo) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 6.50% | 10.83% | 8/23/2028 | $992123 | 976512 | 979315 | 0.09% | E |
| TA TT Buyer, LLC (TouchTunes, Octave Music) | First Lien Tranche B-1 Term Loan | SOFR(Q) | 0.50% | 4.75% | 9.08% | 4/1/2029 | $16887287 | 16890118 | 16959058 | 1.57% |  |
|  |  |  |  |  |  |  |  | 46105187 | 46256931 | 4.28% |  |
| **Construction and Engineering** | **Construction and Engineering** |  |  |  |  |  |  |  |  |  |  |
| Brand safway (Brand Industrial Services) | First Lien Term Loan | SOFR(Q) | 0.50% | 4.50% | 9.07% | 8/1/2030 | $3391195 | 3384435 | 3306737 | 0.31% |  |
| Compsych Holdings Corp | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 9.38% | 7/22/2031 | $13056670 | 12995550 | 13017500 | 1.19% | E |
| Compsych Holdings Corp | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.75% | 9.38% | 7/22/2031 | $— | (8748) | (11213) |  | D/E |
| Groupe Solmax Inc. (Canada), Solmax U.S. LP | First Lien Term Loan | SOFR(M) | 1.00% | 4.86% | 9.22% | 6/27/2028 | $2395034 | 2308018 | 2212029 | 0.20% | C |
| Legence Holdings LLC (Refficiency) | First Lien Term Loan | SOFR(M) | 0.75% | 3.60% | 7.96% | 12/16/2027 | $931387 | 930135 | 936510 | 0.09% |  |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.53% | 2/1/2030 | $745634 | 729388 | 748617 | 0.07% | E |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Revolver | SOFR(Q) | 1.00% | 5.00% | 9.53% | 2/1/2029 | $— | (2513) |  |  | D/E |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.51% | 2/1/2030 | $305228 | 298567 | 306449 | 0.03% | E |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.51% | 2/1/2030 | $— | (10569) | 9198 |  | D/E |
| PlayPower, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 8/28/2030 | $13662118 | 13468972 | 13593807 | 1.25% | E |
| PlayPower, Inc | First Lien Revolver | SOFR(Q) | 0.75% | 5.25% | 9.58% | 8/28/2030 | $— | (29270) | (27329) |  | D/E |
| Titan Home Improvement, LLC (Renuity) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.75% | 10.26% | 5/31/2030 | $9629727 | 9456031 | 9639357 | 0.89% | E |
| Titan Home Improvement, LLC (Renuity) | First Lien Revolver | SOFR(Q) | 1.00% | 5.75% | 10.26% | 5/31/2030 | $— | (27196) |  |  | D/E |
| Titan Home Improvement, LLC (Renuity) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.75% | 10.26% | 5/31/2030 | $— | (16325) | 1810 |  | D/E |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $5022897 | 4948512 | 4972668 | 0.46% | E |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $2699234 | 2699234 | 2672242 | 0.25% | E |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $953339 | 935769 | 943806 | 0.09% | E |
| Vortex Companies, LLC | First Lien Revolver | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $187537 | 157278 | 168522 | 0.02% | E |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | Prime | 1.00% | 5.00% | 12.50% | 9/4/2029 | $3527190 | 3361890 | 3415570 | 0.32% | E |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $2613625 | 2567493 | 2587489 | 0.24% | E |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $617867 | 606474 | 611688 | 0.06% | E |
|  |  |  |  |  |  |  |  | 58753125 | 59105457 | 5.47% |  |
| **Consumer Finance** | **Consumer Finance** |  |  |  |  |  |  |  |  |  |  |
| Freedom Financial Network Funding, LLC | First Lien Term Loan | SOFR(S) | 1.00% | 9.25% | 13.53% | 9/21/2027 | $2608485 | 2572925 | 2543273 | 0.24% | E |
| Freedom Financial Network Funding, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | 1.00% | 9.25% | 13.66% | 9/21/2027 | $869495 | 857642 | 847758 | 0.08% | E |
| Lucky US BuyerCo, LLC (Global Payments) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.50% | 11.83% | 3/30/2029 | $3150649 | 3083709 | 3090031 | 0.28% | E |
| Lucky US BuyerCo, LLC (Global Payments) | First Lien Revolver | SOFR(Q) | 1.00% | 7.50% | 11.83% | 3/30/2029 | $245729 | 237000 | 237849 | 0.02% | E |
|  |  |  |  |  |  |  |  | 6751276 | 6718911 | 0.62% |  |
| **Containers and Packaging** | **Containers and Packaging** |  |  |  |  |  |  |  |  |  |  |
| Charter Next Generation, Inc. (fka Charter NEX US, Inc.) | First Lien Term Loan | SOFR(M) |  | 3.00% | 7.53% | 12/1/2030 | $5396046 | 5378790 | 5431903 | 0.50% |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Ascend Learning, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.60% | 7.96% | 12/11/2028 | $1412404 | 1379990 | 1421789 | 0.13% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Diversified Consumer Services (Continued)** | **Diversified Consumer Services (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Fusion Holding Corp. (Finalsite) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.58% | 9/14/2029 | $4455460 | $4388119 | $4379584 | 0.41% | E |
| Fusion Holding Corp. (Finalsite) | First Lien Revolver | SOFR(Q) | 0.75% | 6.25% | 10.58% | 9/15/2027 | $— | (4514) | (5085) |  | D/E |
|  |  |  |  |  |  |  |  | 5763595 | 5796288 | 0.54% |  |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Accordion Partners LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 11/15/2031 | $19076087 | 18982496 | 18980707 | 1.76% | E |
| Accordion Partners LLC | First Lien Revolver | SOFR(Q) | 0.75% | 5.25% | 9.58% | 11/15/2031 | $— | (10399) | (10598) |  | D/E |
| Accordion Partners LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 11/15/2031 | $— | (31197) | (15897) |  | D/E |
| Accuserve Solutions, Inc. | First Lien Term Loan | SOFR(S) | 1.00% | 5.25% | 10.03% | 3/15/2030 | $436231 | 436231 | 439721 | 0.04% | E |
| Accuserve Solutions, Inc. | First Lien Delayed Draw Term Loan | SOFR (Q) | 1.00% | 5.25% | 10.03% | 3/15/2030 | $— | (2101) | 3885 |  | D/E |
| Acuris Finance US, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.75% | 8.08% | 2/16/2028 | $602673 | 585494 | 607401 | 0.06% |  |
| EdgeCo Buyer, Inc. | First Lien Term Loan B | SOFR(Q) | 1.00% | 4.50% | 8.83% | 6/1/2028 | $2554499 | 2529116 | 2529056 | 0.23% | E |
| EdgeCo Buyer, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 4.60% | 8.93% | 6/1/2026 | $1113943 | 1102973 | 1102848 | 0.10% | E |
| EdgeCo Buyer, Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 4.60% | 8.93% | 6/1/2028 | $— | (5819) | (5833) |  | D/E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan E | SOFR(Q) | 1.00% | 4.60% | 8.93% | 6/1/2028 | $— | (58148) | (58334) | (0.01)% | D/E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan C | SOFR(Q) | 1.00% | 4.50% | 8.83% | 6/1/2028 | $62571 | 61949 | 61948 | 0.01% | E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan B | SOFR(Q) | 1.00% | 4.50% | 8.83% | 6/1/2028 | $188196 | 186326 | 186322 | 0.02% | E |
| EdgeCo Buyer, Inc. | First Lien Delayed Draw Term Loan A | SOFR(Q) | 1.00% | 4.50% | 8.83% | 6/1/2028 | $216724 | 214571 | 214565 | 0.02% | E |
| GC Champion Acquisition LLC (Numerix) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.87% | 8/21/2028 | $2326991 | 2298821 | 2294855 | 0.21% | E |
| GC Champion Acquisition LLC (Numerix) | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.87% | 8/21/2028 | $8876623 | 8685234 | 8754037 | 0.81% | E |
| GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.87% | 8/19/2028 | $7806611 | 7650171 | 7647941 | 0.71% | E |
| GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.87% | 8/21/2028 | $646386 | 638561 | 637459 | 0.06% | E |
| GC Waves Holdings, Inc. (Mercer) | First Lien Term Loan | SOFR(M) | 0.75% | 4.85% | 9.21% | 9/30/2030 | $19120659 | 19120659 | 19311866 | 1.78% | E |
| GC Waves Holdings, Inc. (Mercer) | First Lien Revolver | SOFR(M) | 0.75% | 4.85% | 9.21% | 8/10/2029 | $— |  |  |  | E |
| Payroc, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 4.75% | 9.11% | 11/1/2027 | $7591707 | 7505408 | 7530973 | 0.70% | E |
| Payroc, LLC | First Lien Revolver | SOFR(M) | 1.00% | 4.75% | 9.11% | 11/1/2027 | $— | (1903) | (1332) |  | D/E |
| Rialto Management Group, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 9.53% | 12/5/2030 | $11472352 | 11359042 | 11357628 | 1.05% | E/K |
| Rialto Management Group, LLC | First Lien Revolver | SOFR(M) | 0.75% | 5.00% | 9.53% | 12/5/2030 | $— | (3907) | (3956) |  | D/E/K |
| SitusAMC Holdings Corporation | First Lien Term Loan B | SOFR(Q) | 0.75% | 5.60% | 9.93% | 6/28/2025 | $7963710 | 7928268 | 8027420 | 0.74% | E |
| SitusAMC Holdings Corporation | First Lien Term Loan | SOFR(Q) | 0.75% | 5.60% | 9.93% | 11/30/2027 | $16871817 | 16798112 | 17006792 | 1.57% | E |
| Wealth Enhancement Group, LLC | First Lien Revolver | SOFR(Q) | 1.00% | 5.00% | 9.50% | 10/4/2028 | $— | (1928) | (10309) |  | D/E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.50% | 10/4/2028 | $14104849 | 14104849 | 13996524 | 1.29% | E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.41% | 10/4/2028 | $2625146 | 2598281 | 2597245 | 0.24% | E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.50% | 10/4/2028 | $1094115 | 1094115 | 1085712 | 0.10% | E |
| Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.41% | 10/2/2028 | $— | (32793) | (50115) |  | D/E |
| White Cap Supply Holdings, LLC | First Lien Tranche B Term Loan | SOFR(M) |  | 3.25% | 7.61% | 10/19/2029 | $3672241 | 3651189 | 3683864 | 0.34% |  |
|  |  |  |  |  |  |  |  | 127383671 | 127902395 | 11.83% |  |
| **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC (Sparkstone) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.77% | 10/15/2031 | $11754008 | 11583078 | 11612960 | 1.08% | E |
| Spark Buyer, LLC (Sparkstone) | First Lien Revolver | SOFR(Q) | 0.75% | 5.25% | 9.77% | 10/15/2031 | $— | (34186) | (28210) |  | D/E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Electrical Equipment (Continued)** | **Electrical Equipment (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC (Sparkstone) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.77% | 10/15/2031 | $— | $(68372) | $(56419) | (0.01)% | D/E |
|  |  |  |  |  |  |  |  | 11480520 | 11528331 | 1.07% |  |
| **Energy Equipment and Services** | **Energy Equipment and Services** |  |  |  |  |  |  |  |  |  |  |
| Liquid Tech Solutions Holdings, LLC (Diesel Direct) | First Lien Term Loan | SOFR(Q) |  | 3.75% | 8.12% | 3/18/2028 | $13581250 | 13581250 | 13615203 | 1.25% | E |
| Liquid Tech Solutions Holdings, LLC (Diesel Direct) | First Lien Term Loan | SOFR(M) | 0.75% | 4.75% | 9.44% | 3/20/2028 | $6418750 | 6328091 | 6434797 | 0.60% | E |
|  |  |  |  |  |  |  |  | 19909341 | 20050000 | 1.85% |  |
| **Environmental, Maintenance and Security Services** | **Environmental, Maintenance and Security Services** |  |  |  |  |  |  |  |  |  |  |
| TruGreen Limited Partnership | First Lien Term Loan | SOFR(M) | 0.75% | 4.10% | 8.46% | 11/2/2027 | $475454 | 467898 | 464162 | 0.04% |  |
| **Food Products** | **Food Products** |  |  |  |  |  |  |  |  |  |  |
| Chobani, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 3.36% | 7.72% | 10/25/2027 | $572518 | 553418 | 577742 | 0.05% |  |
| Chobani, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 3.75% | 8.11% | 10/25/2027 | $291060 | 289992 | 293789 | 0.03% |  |
|  |  |  |  |  |  |  |  | 843410 | 871531 | 0.08% |  |
| **Health Care Equipment and Supplies** | **Health Care Equipment and Supplies** |  |  |  |  |  |  |  |  |  |  |
| Chariot Buyer, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.25% | 7.71% | 11/3/2028 | $1747101 | 1714193 | 1759663 | 0.16% |  |
| **Healthcare Providers and Services** | **Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |  |
| CHG Healthcare Services, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.00% | 7.40% | 9/29/2028 | $1990121 | 1966525 | 1999793 | 0.18% |  |
| CHG Healthcare Services, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.76% | 8.28% | 9/30/2028 | $388040 | 388040 | 391757 | 0.04% |  |
| CNT Holdings I Corp. | First Lien Term Loan | SOFR(Q) | 0.75% | 3.50% | 8.09% | 11/8/2027 | $806850 | 803755 | 813131 | 0.08% |  |
| ImageFirst Holdings, LLC | First Lien Term Loan | Prime |  | 4.25% | 8.58% | 4/27/2028 | $8246732 | 8130888 | 8267349 | 0.77% | E |
| Ingenovis Health, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 4.25% | 9.03% | 3/5/2028 | $240591 | 237767 | 142951 | 0.01% |  |
| IvyRehab Intermediate II, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.35% | 9.68% | 4/23/2029 | $5425261 | 5226361 | 5288217 | 0.49% | E |
| Raven Acquisition Holdings LLC (R1 RCM) | First Lien Term Loan | SOFR(M) |  | 3.25% | 7.61% | 11/19/2031 | $1475731 | 1478485 | 1480903 | 0.14% |  |
| Raven Acquisition Holdings LLC (R1 RCM) | First Lien Delayed Draw Term Loan | SOFR(M) |  | 3.25% | 7.61% | 11/19/2031 | $— | 195 | 370 |  |  |
| RecordXTechnologies, LLC (Ontellus) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 5/20/2030 | $4328938 | 4292858 | 4350583 | 0.40% | E |
| U.S. Anesthesia Partners, Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 4.25% | 8.92% | 9/23/2028 | $2430904 | 2379480 | 2422335 | 0.22% |  |
|  |  |  |  |  |  |  |  | 24904354 | 25157389 | 2.33% |  |
| **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Athenahealth Group Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 3.25% | 7.61% | 2/15/2029 | $4935187 | 4922934 | 4957223 | 0.45% |  |
| Cotiviti Holdings, Inc | First Lien Term Loan | SOFR(M) |  | 2.75% | 7.30% | 2/24/2031 | $3456152 | 3465785 | 3479930 | 0.32% |  |
| PointClickCare Technologies Inc. (Canada) | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.58% | 10/16/2031 | $1588777 | 1589002 | 1600693 | 0.15% | C |
| Polaris Newco, LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 4.00% | 8.85% | 6/2/2028 | $3449921 | 3417855 | 3460495 | 0.32% |  |
| Press Ganey Holdings Inc | First Lien Term Loan | SOFR(M) |  | 3.25% | 7.61% | 4/24/2031 | $498750 | 499057 | 500777 | 0.05% |  |
|  |  |  |  |  |  |  |  | 13894633 | 13999118 | 1.29% |  |
| **Hotels, Restaurants and Leisure** | **Hotels, Restaurants and Leisure** |  |  |  |  |  |  |  |  |  |  |
| Fertitta Entertainment, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.50% | 7.86% | 1/27/2029 | $3840518 | 3816646 | 3859529 | 0.36% |  |
| Great Canadian Gaming Corp. (Canada) | First Lien Term Loan | SOFR(Q) |  | 4.75% | 9.09% | 11/1/2029 | $695760 | 693899 | 696195 | 0.06% | C |
| Motion Acquisition (Merlin Finco) | First Lien Term Loan B | SOFR(Q) |  | 3.50% | 7.83% | 11/12/2029 | $845755 | 849671 | 838177 | 0.08% |  |
| Scientific Games Lottery | First Lien Term Loan | SOFR(Q) | 0.50% | 3.00% | 7.59% | 4/4/2029 | $2068815 | 2067722 | 2076314 | 0.19% |  |
| Showtime Acquisition LLC (World Choice) | First Lien Term Loan | SOFR(Q) |  | 4.75% | 9.24% | 8/13/2031 | $29281978 | 28933179 | 29006141 | 2.68% | E |
|  |  |  |  |  |  |  |  | 36361117 | 36476356 | 3.37% |  |
| **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |  |  |  |
| Bad Boy Mowers JV Acquisition, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 6.00% | 10.45% | 11/9/2029 | $7434959 | 7283856 | 7472134 | 0.69% | E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Industrial Conglomerates** | **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Cube Industrials Buyer Inc. (Circor) | First Lien Term Loan | SOFR(Q) |  | 3.50% | 8.13% | 10/9/2031 | $332000 | $331191 | $334628 | 0.03% |  |
| LSF12 Crown US Commercial Bidco LLC | First Lien Term Loan | SOFR(Q) |  | 4.25% | 8.80% | 12/2/2031 | $597000 | 597641 | 597003 | 0.06% |  |
|  |  |  |  |  |  |  |  | 928832 | 931631 | 0.09% |  |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |  |  |  |
| Alera Group, Inc. | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 9/30/2028 | $271583 | 268237 | 271583 | 0.03% | E |
| Alera Group, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.75% | 10.09% | 11/17/2025 | $8498033 | 8428966 | 8587819 | 0.79% | E |
| Alera Group, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 9/30/2028 | $544797 | 538085 | 544797 | 0.05% | E |
| Alliant Holdings Intermediate, LLC | First Lien Term Loan | SOFR(M) |  | 2.75% | 7.11% | 9/19/2031 | $2954012 | 2934863 | 2965267 | 0.27% |  |
| AmeriLife Holdings, LLC | First Lien Term Loan | SOFR(S) | 0.75% | 5.00% | 9.70% | 8/31/2029 | $14615944 | 14392901 | 14615944 | 1.35% | E |
| AmeriLife Holdings, LLC | First Lien Revolver | SOFR(S) | 0.75% | 5.00% | 9.70% | 8/31/2028 | $— | (4614) |  |  | D/E |
| AmeriLife Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | 0.75% | 5.00% | 9.70% | 8/31/2029 | $931031 | 916227 | 931031 | 0.09% | E |
| Amynta Agency Borrower Inc. (Mayfield) | First Lien Term Loan | SOFR(M) |  | 3.00% | 7.34% | 12/16/2031 | $2985067 | 2990709 | 2988798 | 0.28% |  |
| AssuredPartners, Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 3.50% | 7.86% | 12/27/2031 | $5310819 | 5328231 | 5328238 | 0.49% |  |
| Galway Borrower LLC | First Lien Term Loan | SOFR(Q) |  | 4.50% | 8.83% | 9/29/2028 | $3189674 | 3145541 | 3197648 | 0.30% | E |
| Galway Borrower LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.82% | 9/29/2028 | $5281629 | 5214254 | 5294833 | 0.49% | E |
| Higginbotham Insurance Agency, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 4.50% | 8.86% | 11/25/2028 | $14560321 | 14479586 | 14472959 | 1.33% | E |
| Higginbotham Insurance Agency, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 4.75% | 9.11% | 11/25/2026 | $373653 | 362869 | 373653 | 0.03% | E |
| HUB International Limited | First Lien Term Loan | SOFR(Q) | 0.75% | 2.75% | 7.37% | 6/20/2030 | $4478631 | 4485177 | 4511415 | 0.42% |  |
| Integrity Marketing Acquisition, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.51% | 8/25/2028 | $7973881 | 7928417 | 8005777 | 0.74% | E |
| Integrity Marketing Acquisition, LLC | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 9.51% | 8/25/2028 | $— | (121196) |  |  | D/E |
| Integrity Marketing Acquisition, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.51% | 8/25/2028 | $— | (29687) | 30747 |  | D/E |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Term Loan | SOFR(M) | 0.75% | 6.50% | 10.86% | 7/19/2030 | $3388616 | 3339505 | 3422502 | 0.32% | E |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.83% | 11/1/2028 | $6262360 | 6196232 | 6246744 | 0.58% | E |
| RSC Acquisition, Inc. (Risk Strategies) | First Lien Initial Term Loan | SOFR(Q) | 0.75% | 4.75% | 9.08% | 11/1/2029 | $1626202 | 1626202 | 1628235 | 0.15% |  |
| RSC Acquisition, Inc. (Risk Strategies) | First Lien Initial Term Loan | SOFR(Q) | 1.00% | 4.75% | 9.08% | 11/1/2029 | $1100172 | 1100172 | 1101547 | 0.10% |  |
| RSC Acquisition, Inc. (Risk Strategies) | First Lien Initial Term Loan | SOFR(Q) | 0.75% | 4.75% | 9.08% | 11/1/2029 | $764696 | 764696 | 765652 | 0.07% |  |
| RSC Acquisition, Inc. (Risk Strategies) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.75% | 9.08% | 11/1/2029 | $656214 | 656214 | 656214 | 0.06% | E |
| RSC Acquisition, Inc. (Risk Strategies) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.75% | 9.08% | 11/1/2029 | $182652 | 182652 | 182880 | 0.02% |  |
| Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) | First Lien Term Loan | SOFR(Q) |  | 3.00% | 7.59% | 7/13/2031 | $4423240 | 4399976 | 4455375 | 0.41% |  |
| Truist Insurance Holdings, LLC | First Lien Term Loan | SOFR(Q) |  | 2.75% | 7.08% | 5/6/2031 | $1483726 | 1488305 | 1490447 | 0.14% |  |
|  |  |  |  |  |  |  |  | 91012520 | 92070105 | 8.51% |  |
| **Internet and Catalog Retail** | **Internet and Catalog Retail** |  |  |  |  |  |  |  |  |  |  |
| Syndigo, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 4.76% | 9.28% | 12/14/2027 | $6233436 | 6227516 | 6252915 | 0.58% | E |
| **Internet and Direct Marketing Retail** | **Internet and Direct Marketing Retail** |  |  |  |  |  |  |  |  |  |  |
| Pug LLC | First Lien Term Loan | SOFR(M) |  | 4.75% | 9.11% | 3/15/2030 | $2747463 | $2735065 | $2757766 | 0.26% |  |
| **Internet Software and Services** | **Internet Software and Services** |  |  |  |  |  |  |  |  |  |  |
| Bynder Bidco B.V. (Netherlands) | First Lien Term Loan B | SOFR(Q) | 1.00% | 6.00% | 10.62% | 1/26/2029 | $2110569 | $2067684 | $2113693 | 0.20% | C/E |
| Bynder Bidco B.V. (Netherlands) | First Lien Revolver B | SOFR(Q) | 1.00% | 6.00% | 10.62% | 1/26/2029 | $— | $(958) | $— |  | C/D/E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Internet Software and Services (Continued)** | **Internet Software and Services (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Bynder Bidco, Inc. (Netherlands) | First Lien Term Loan A | SOFR(Q) | 1.00% | 6.00% | 10.62% | 1/26/2029 | $582226 | $570396 | $583088 | 0.05% | C/E |
| Bynder Bidco, Inc. (Netherlands) | First Lien Revolver A | SOFR(Q) | 1.00% | 6.00% | 10.62% | 1/26/2029 | $— | (3478) |  |  | C/D/E |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.76% | 8/29/2029 | $8579230 | 8412792 | 8750815 | 0.81% | E |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Revolver | SOFR(Q) | 1.00% | 6.25% | 10.76% | 8/29/2029 | $— | (21646) |  |  | D/E |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Initial Term Loan | SOFR(Q) | 1.00% | 5.50% | 10.01% | 9/1/2028 | $6640840 | 6585752 | 6612683 | 0.61% | E |
| Gympass US, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.97% | 8/29/2029 | $2757392 | 2744842 | 2762907 | 0.26% | E |
| Gympass US, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.97% | 8/29/2029 | $12376482 | 12271865 | 12401235 | 1.14% | E |
| Magenta Buyer, LLC (McAfee) | Second Lien Third Out Term Loan | SOFR(Q) | 0.75% | 1.76% Cash + 5.50% PIK | 11.85% | 7/27/2028 | $338404 | 317820 | 119045 | 0.01% | G |
| Magenta Buyer, LLC (McAfee) | Second Lien Second Out Term Loan | SOFR(Q) | 0.75% | 1.76% Cash + 6.25% PIK | 12.60% | 7/27/2028 | $1073332 | 1039698 | 645786 | 0.06% |  |
| Magenta Buyer, LLC (McAfee) | First Lien Term Loan | SOFR(Q) |  | 3.00% | 7.37% | 3/1/2029 | $4643769 | 4628527 | 4653637 | 0.43% |  |
| Magenta Buyer, LLC (McAfee) | First Lien Term Loan | SOFR(Q) | 0.75% | 7.01% | 11.60% | 7/27/2028 | $1393410 | 1349154 | 1288904 | 0.12% |  |
| Magenta Buyer, LLC (McAfee) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.84% | 7/27/2028 | $405750 | 401156 | 413993 | 0.04% |  |
| Oranje Holdco, Inc. (KnowBe4) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.75% | 12.32% | 2/1/2029 | $1445490 | 1420893 | 1451272 | 0.13% | E |
| Oranje Holdco, Inc. (KnowBe4) | First Lien Revolver | SOFR(Q) | 1.00% | 7.75% | 12.32% | 2/1/2029 | $— | (3075) |  |  | D/E |
| Oranje Holdco, Inc. (KnowBe4) | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 7.25% | 11.82% | 2/1/2029 | $1116745 | 1096909 | 1102227 | 0.10% | E |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | First Lien Revolver | SOFR(M) | 0.75% | 6.90% | 11.25% | 1/24/2028 | $— | (10042) | (1393) |  | C/D/E |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | First Lien Incremental Term Loan | SOFR(Q) | 0.75% | 0.90% Cash + 6.25% PIK | 11.78% | 1/24/2028 | $9951664 | 9798741 | 9899074 | 0.92% | C/E |
|  |  |  |  |  |  |  |  | 52667030 | 52796966 | 4.88% |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Avalara, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.58% | 10/19/2028 | $3776510 | 3716797 | 3804834 | 0.35% | E |
| Avalara, Inc. | First Lien Revolver | SOFR(Q) | 0.75% | 6.25% | 10.58% | 10/19/2028 | $— | (5971) |  |  | D/E |
| CrewLine Buyer, Inc. (New Relic) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.75% | 11.35% | 11/8/2030 | $9559143 | 9359418 | 9683412 | 0.90% | E |
| CrewLine Buyer, Inc. (New Relic) | First Lien Revolver | SOFR(Q) | 1.00% | 6.75% | 11.35% | 11/8/2030 | $— | (20805) |  |  | D/E |
| Fortress Intermediate 3, Inc | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.86% | 6/9/2031 | $1246875 | 1249794 | 1252336 | 0.12% |  |
| Intercept Bidco, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.47% | 6/3/2030 | $11229177 | 11026324 | 10993364 | 1.02% | E |
| Intercept Bidco, Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 6.00% | 10.47% | 6/3/2030 | $— | (31208) | (36279) |  | D/E |
| Intercept Bidco, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.47% | 6/3/2030 | $— | (23406) | (54418) | (0.01)% | D/E |
| Madison Logic Holdings, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.59% Cash + 1.51% PIK | 11.84% | 12/29/2028 | $2243977 | 2199411 | 2156462 | 0.20% | E |
| Madison Logic Holdings, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 7.50% | 11.84% | 12/30/2027 | $— | (1541) | (3346) |  | D/E |
| Research Now Group, LLC (Dynata) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.76% | 10.29% | 10/15/2028 | $1666310 | 1463189 | 1559566 | 0.14% |  |
| Research Now Group, LLC (Dynata) | First Lien Term Loan | SOFR(Q) |  | 5.26% | 9.79% | 5/22/2028 | $235262 | 215461 | 236635 | 0.02% |  |
| Serrano Parent, LLC (Sumo Logic) | First Lien Term Loan | SOFR(S) | 1.00% | 6.50% | 10.92% | 5/13/2030 | $4099217 | 4020774 | 4119713 | 0.38% | E |
| Serrano Parent, LLC (Sumo Logic) | First Lien Revolver | SOFR(S) | 1.00% | 6.50% | 10.92% | 5/13/2030 | $— | (7844) |  |  | D/E |
|  |  |  |  |  |  |  |  | 33160393 | 33712279 | 3.12% |  |
| **Life Sciences Tools and Services** | **Life Sciences Tools and Services** |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation | First Lien Term Loan | SOFR(Q) | 1.00% | 7.15% | 11.66% | 12/21/2028 | $978845 | 956172 | 985697 | 0.09% | E |
| Alcami Corporation | First Lien Revolver | SOFR(M) | 1.00% | 7.10% | 11.44% | 12/21/2028 | $9988 | 6905 | 9988 |  | E |
| Alcami Corporation | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 7.10% | 11.55% | 12/21/2028 | $72037 | 70369 | 72541 | 0.01% | E |
| Curia Global, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 3.75% | 8.44% | 8/30/2026 | $997111 | 982002 | 956085 | 0.09% |  |
| DNAnexus, Inc | First Lien Term Loan | SOFR(M) | 3.00% | 5.25% | 9.62% | 12/20/2029 | $5997566 | 5937590 | 5937590 | 0.55% | E |
| DNAnexus, Inc | First Lien Delayed Draw Term Loan | SOFR(M) | 3.00% | 5.25% | 9.62% | 12/20/2029 | $1199513 | 1019586 | 1019586 | 0.09% | E |
| Parexel International, Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 3.00% | 7.36% | 11/15/2028 | $1240988 | 1236936 | 1251071 | 0.12% |  |
|  |  |  |  |  |  |  |  | 10209560 | 10232558 | 0.95% |  |
| **Machinery** | **Machinery** |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom) | First Lien Term Loan | SOFR(M) | 0.50% | 3.50% | 8.05% | 7/31/2028 | $2158837 | 2126591 | 2163349 | 0.20% | C |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Machinery (Continued)** | **Machinery (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Alliance Laundry Systems, LLC | First Lien Term Loan B | SOFR(M) |  | 3.50% | 7.84% | 8/19/2031 | $129000 | $128388 | $130026 | 0.01% |  |
| Blackbird Purchaser, Inc. | First Lien Term Loan | Prime | 0.75% | 5.50% | 9.83% | 12/19/2030 | $2370874 | 2330485 | 2328198 | 0.22% | E |
| Blackbird Purchaser, Inc. | First Lien Revolver | SOFR(Q) | 0.75% | 5.50% | 9.83% | 12/19/2030 | $78777 | 73560 | 73105 | 0.01% | E |
| Blackbird Purchaser, Inc. | First Lien Delayed Draw Term Loan | Prime | 0.75% | 5.50% | 9.83% | 12/19/2030 | $161348 | 153418 | 152970 | 0.01% | E |
| Filtration group corporation | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.97% | 10/21/2028 | $1236804 | 1239550 | 1248090 | 0.12% |  |
| Husky Injection Molding Systems Ltd. (Canada) | First Lien Term Loan | SOFR(S) |  | 4.50% | 8.78% | 2/15/2029 | $4329734 | 4345337 | 4371689 | 0.40% | C |
| Indicor, LLC (Roper Industrial Pro) | First Lien Term Loan | SOFR(Q) |  | 2.75% | 7.08% | 11/22/2029 | $492537 | 490209 | 494384 | 0.05% |  |
| INNIO North American Holding Inc. | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.90% | 11/2/2028 | $1221889 | 1226038 | 1230296 | 0.11% |  |
| Madison IAQ LLC | First Lien Term Loan | SOFR(S) | 0.50% | 2.75% | 7.89% | 6/21/2028 | $1016304 | 976834 | 1021228 | 0.09% |  |
|  |  |  |  |  |  |  |  | 13090410 | 13213335 | 1.22% |  |
| **Media** | **Media** |  |  |  |  |  |  |  |  |  |  |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 4.90% | 9.49% | 10/1/2029 | $6374983 | 6374983 | 6374983 | 0.59% | E |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 4.90% | 9.49% | 10/1/2029 | $1132492 | 1132492 | 1132934 | 0.10% | E |
| Kid Distro Holdings, LLC | First Lien Revolver | SOFR(Q) | 1.00% | 4.90% | 9.49% | 10/1/2029 | $— |  |  |  | E |
| NEP Group, Inc. et al | First Lien Term Loan (2.0% Exit Fee) | SOFR(M) | 1.00% | 3.36% Cash + 1.50% PIK | 9.22% | 8/19/2026 | $4431352 | 4206444 | 4061334 | 0.38% | H |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 9.76% PIK | 14.09% | 3/31/2025 | $3487343 | 3487374 | 2095893 | 0.19% | E |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 9.76% PIK | 14.09% | 3/31/2025 | $204289 | 204289 | 204289 | 0.02% | E |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 9.76% PIK | 14.09% | 3/31/2025 | $204289 | 204289 | 204289 | 0.02% | E |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(M) | 1.00% | 9.76% PIK | 14.09% | 3/31/2025 | $134867 | 134838 | 134867 | 0.01% | E |
| TL Voltron Purchaser, LLC (GES) | First Lien Term Loan | SOFR(M) | 1.00% | 5.25% | 9.61% | 12/31/2030 | $11754613 | 11519612 | 11519521 | 1.07% | E |
| Zayo Group Holdings, Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 4.25% | 8.61% | 3/9/2027 | $709925 | 701285 | 668618 | 0.06% |  |
|  |  |  |  |  |  |  |  | 27965606 | 26396728 | 2.44% |  |
| **Metals and Mining** | **Metals and Mining** |  |  |  |  |  |  |  |  |  |  |
| Grinding Media Inc. (Molycop LTD) | First Lien Term Loan | SOFR(Q) | 0.75% | 3.50% | 8.02% | 10/21/2028 | $498750 | 499989 | 501867 | 0.05% |  |
| **Oil, Gas and Consumable Fuels** | **Oil, Gas and Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |
| Palmdale Oil Company, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 6.75% | 11.23% | 10/2/2029 | $1264178 | 1233616 | 1259121 | 0.12% | E |
| **Paper and Forest Products** | **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |  |
| Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(M) | 1.00% | 1.00 Cash + 5.33% PIK | 10.65% | 11/30/2026 | $4841951 | 4713974 | 4211529 | 0.38% | E |
| Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(M) | 1.00% | 1.00 Cash + 5.33% PIK | 10.65% | 11/30/2026 | $203569 | 198453 | 177064 | 0.02% | E |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.25% | 6.65% | 11.33% | 12/23/2026 | $1570713 | 1547185 | 1571970 | 0.15% | E |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.48% | 12/19/2025 | $1255570 | 1255570 | 1255570 | 0.12% | E |
|  |  |  |  |  |  |  |  | 7715182 | 7216133 | 0.67% |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Allied Benefit Systems Intermediate, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 10/31/2030 | $7925903 | 7826914 | 8005162 | 0.74% | E |
| Allied Benefit Systems Intermediate, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.50% | 5.25% | 9.73% | 10/31/2030 | $1453512 | 1435359 | 1468047 | 0.14% | E |
| Applause App Quality, Inc. | First Lien Term Loan | SOFR(Q) | 1.50% | 6.00% | 10.33% | 10/24/2029 | $15007034 | 14718235 | 14721900 | 1.35% | E |
| Applause App Quality, Inc. | First Lien Revolver | SOFR(Q) | 1.50% | 6.00% | 10.33% | 10/24/2029 | $— | (28062) | (28513) |  | D/E |
| Bullhorn, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 10/1/2029 | $10262184 | 10239522 | 10262184 | 0.95% | E |
| Bullhorn, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 5.00% | 9.36% | 10/1/2029 | $— | (2442) | (29571) |  | D/E |
| Bullhorn, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) |  | 5.00% | 9.36% | 9/30/2029 | $11721795 | 11717757 | 11721795 | 1.08% | E |
| Bullhorn, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/30/2029 | $414474 | 411440 | 414474 | 0.04% | E |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $2136757 | 2111880 | 2110069 | 0.20% | E |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $745373 | 734340 | 736063 | 0.07% | E |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Professional Services (Continued)** | **Professional Services (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Cherry Bekaert Advisory, LLC | First Lien Revolver | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $— | $(5207) | $(5586) |  | D/E |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $880362 | 870106 | 869366 | 0.08% | E |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $859867 | 845510 | 847754 | 0.08% | E |
| CoreLogic, Inc. (fka First American Corporation) | First Lien Term Loan | SOFR(M) | 0.50% | 3.61% | 7.97% | 6/2/2028 | $2481838 | 2467179 | 2455022 | 0.23% |  |
| Deerfield Dakota Holding, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 3.75% | 8.08% | 4/9/2027 | $2646803 | 2595083 | 2594701 | 0.24% |  |
| DTI Holdco, Inc. (Epiq) | First Lien Term Loan | SOFR(M) | 0.75% | 4.75% | 9.11% | 4/26/2029 | $16577937 | 16490822 | 16733355 | 1.54% |  |
| Element Materials Technology Group US Holdings Inc. | First Lien Term Loan | SOFR(Q) | 0.50% | 3.75% | 8.08% | 6/24/2029 | $686681 | 682812 | 692047 | 0.06% |  |
| GI Consilio Parent LLC (Skopima Consilio Parent LLC) | First Lien Term Loan | SOFR(M) | 0.50% | 4.61% | 9.19% | 5/14/2029 | $10917500 | 10760180 | 10972088 | 1.01% |  |
| GI Consilio Parent LLC (Skopima Consilio Parent LLC) | First Lien Term Loan | SOFR(M) | 0.50% | 3.75% | 8.12% | 5/15/2028 | $9082500 | 9059794 | 9127913 | 0.84% |  |
| HSI Halo Acquisitions, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.59% | 6/28/2031 | $6180927 | 6133675 | 6211832 | 0.57% | E |
| HSI Halo Acquisitions, Inc. | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 9.59% | 6/28/2031 | $— |  |  |  | E |
| HSI Halo Acquisitions, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.64% | 6/28/2031 | $191314 | 191314 | 196833 | 0.02% | E |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 1/16/2030 | $4658714 | 4580459 | 4640079 | 0.43% | E |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Revolver | SOFR(Q) | 1.00% | 5.25% | 9.58% | 1/16/2030 | $— | (10284) | (2449) |  | D/E |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 1/16/2030 | $— | (17140) | (4082) |  | D/E |
| ICIMS, Inc. | First Lien Incremental Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.88% | 8/18/2028 | $1152092 | 1139521 | 1137576 | 0.11% | E |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 9.37% | 12/20/2031 | $5606915 | 5537076 | 5536829 | 0.51% | E |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Revolver | SOFR(M) | 0.75% | 5.00% | 9.37% | 12/20/2031 | $— | (13539) | (13565) |  | D/E |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.00% | 9.37% | 12/20/2031 | $— | (16923) | (33913) |  | D/E |
| OMNIA Partners, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 2.75% | 7.37% | 7/25/2030 | $484560 | 482416 | 487545 | 0.05% |  |
| Secretariat Advisors LLC | First Lien Term Loan | SOFR(M) | 0.75% | 4.86% | 9.22% | 12/16/2028 | $1290315 | 1293521 | 1288702 | 0.12% | E |
| Secretariat Advisors LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 4.86% | 9.22% | 12/16/2028 | $205834 | 206346 | 205577 | 0.02% | E |
| Vensure Employer Services, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.33% | 9/27/2031 | $13266446 | 13146345 | 13140415 | 1.21% | E |
| Vensure Employer Services, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.33% | 9/19/2031 | $— | 13333 | (26170) |  | D/E |
|  |  |  |  |  |  |  |  | 125597342 | 126433479 | 11.69% |  |
| **Real Estate Management and Development** | **Real Estate Management and Development** |  |  |  |  |  |  |  |  |  |  |
| Community Merger Sub Debt LLC (CINC Systems) | First Lien Term Loan | SOFR(M) | 0.75% | 5.75% | 10.11% | 1/18/2030 | $7324992 | 7201932 | 7213872 | 0.67% | E |
| Community Merger Sub Debt LLC (CINC Systems) | First Lien Revolver | SOFR(M) | 0.75% | 5.75% | 10.11% | 1/18/2030 | $— | (33608) | (30305) |  | D/E |
| Forest City Enterprises, L.P. | First Lien Term Loan | SOFR(M) |  | 3.61% | 7.96% | 12/8/2025 | $902764 | 897353 | 886966 | 0.08% |  |
|  |  |  |  |  |  |  |  | 8065677 | 8070533 | 0.75% |  |
| **Software** | **Software** |  |  |  |  |  |  |  |  |  |  |
| Applied Systems, Inc. | First Lien Term Loan | SOFR(Q) | 0.50% | 3.00% | 7.33% | 9/19/2026 | $1243894 | 1244605 | 1257396 | 0.12% |  |
| Barracuda Parent LLC | First Lien Term Loan | SOFR(Q) |  | 4.50% | 9.09% | 8/15/2029 | $678120 | 665149 | 629085 | 0.06% |  |
| Bluefin Holding, LLC (Allvue) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.64% | 9/12/2029 | $17648902 | 17329874 | 17666551 | 1.62% | E |
| Bluefin Holding, LLC (Allvue) | First Lien Revolver | SOFR(Q) | 1.00% | 6.25% | 10.64% | 9/12/2029 | $— | (23289) |  |  | D/E |
| Boxer Parent Company, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.75% | 8.34% | 7/30/2031 | $2465147 | 2469162 | 2488541 | 0.23% |  |
| Cart.Com, Inc. | First Lien Term Loan (2.5% Exit Fee) | SOFR(M) | 1.50% | 7.75% | 12.11% | 5/22/2029 | $12000000 | 11894137 | 11856000 | 1.10% | E, H |
| Central Parent, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.58% | 7/6/2029 | $990019 | 975531 | 978203 | 0.09% |  |
| Clever Devices Ltd. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.66% | 6/12/2030 | $2215165 | 2164917 | 2237317 | 0.21% | E |
| Clever Devices Ltd. | First Lien Revolver | SOFR(M) | 1.00% | 6.00% | 10.36% | 6/12/2030 | $371050 | 350008 | 371050 | 0.03% | E |
| Cloudera, Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 3.85% | 8.21% | 10/8/2028 | $3527723 | 3480306 | 3524971 | 0.33% |  |
| Clover Holding 2, LLC (COHESITY) | First Lien Term Loan | SOFR(Q) |  | 4.00% | 8.43% | 10/31/2031 | $4954000 | 4941618 | 5015925 | 0.46% | E |
| Connectwise | First Lien Term Loan | SOFR(Q) |  | 3.76% | 8.09% | 9/30/2028 | $1477796 | 1482874 | 1489345 | 0.14% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Software (Continued)** | **Software (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Delta Topco, Inc | First Lien Term Loan | SOFR(S) |  | 3.50% | 8.20% | 12/24/2029 | $3450899 | $3464158 | $3482181 | 0.32% |  |
| Disco Parent, Inc. (Duck Creek Technologies) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.50% | 12.01% | 3/30/2029 | $2780810 | 2731101 | 2791933 | 0.26% | E |
| Disco Parent, Inc. (Duck Creek Technologies) | First Lien Revolver | SOFR(Q) | 1.00% | 7.50% | 12.01% | 3/30/2029 | $— | (4111) |  |  | D/E |
| Douglas Holdings, Inc (Docupace) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $8550747 | 8429920 | 8431037 | 0.78% | E |
| Douglas Holdings, Inc (Docupace) | First Lien Revolver | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $— | (10507) | (10410) |  | D/E |
| Douglas Holdings, Inc (Docupace) | First Lien PIK Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $165063 | 165064 | 150281 | 0.01% | E |
| Douglas Holdings, Inc (Docupace) | First Lien Delayed Draw Term Loan B | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $— | (13133) | (26024) |  | D/E |
| Douglas Holdings, Inc (Docupace) | First Lien Delayed Draw Term Loan A | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $— | (14447) | (28626) |  | D/E |
| Epicor Software Corporation (fka Eagle Parent Inc.) | First Lien Term Loan | SOFR(M) | 0.75% | 2.75% | 7.11% | 5/30/2031 | $3769936 | 3742530 | 3801547 | 0.35% |  |
| Fusion Risk Management, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% Cash + 3.25% PIK | 11.08% | 5/22/2029 | $4036148 | 3983233 | 3975606 | 0.37% | E |
| Fusion Risk Management, Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 3.00% Cash + 3.25% PIK | 11.08% | 5/22/2029 | $— | (9889) | (6864) |  | D/E |
| Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories Inc) | First Lien Term Loan | SOFR(M) |  | 3.00% | 7.36% | 12/1/2027 | $3130662 | 3101596 | 3160857 | 0.29% |  |
| GTY Technology Holdings Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 2.58% Cash + 4.30% PIK | 11.21% | 7/9/2029 | $1619552 | 1600751 | 1577185 | 0.15% | E |
| GTY Technology Holdings Inc. | First Lien Revolver | SOFR(Q) | 1.00% | 2.58% Cash + 4.30% PIK | 11.21% | 7/9/2029 | $— | (3419) | (6916) |  | D/E |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 2.58% Cash + 4.30% PIK | 11.21% | 7/9/2029 | $1252635 | 1237862 | 1219866 | 0.11% | E |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 2.67% Cash + 4.55% PIK | 11.68% | 7/9/2029 | $325564 | 308014 | 306895 | 0.03% | E |
| Honey Intermediate, Inc. (iLobby) (Canada) | First Lien Term Loan | SOFR(M) | 1.00% | 2.88% Cash + 3.38% PIK | 10.61% | 9/26/2030 | $14164479 | 13961736 | 13980341 | 1.28% | C/E |
| Honey Intermediate, Inc. (iLobby) (Canada) | First Lien Revolver | SOFR(M) | 1.00% | 2.88% Cash + 3.38% PIK | 10.61% | 9/26/2030 | $— | (26612) | (24341) |  | C/D/E |
| JOBVITE, Inc. (Employ, Inc.) | First Lien Term Loan | SOFR(Q) | 0.75% | 7.50% | 12.02% | 8/5/2028 | $2321515 | 2286062 | 2284881 | 0.21% | E |
| Kong Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.50% Cash + 3.25% PIK | 13.42% | 11/1/2027 | $970973 | 958382 | 970488 | 0.09% | E |
| Kong Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.50% Cash + 3.25% PIK | 13.42% | 11/1/2027 | $515193 | 506867 | 514935 | 0.05% | E |
| Logicmonitor, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.99% | 11/19/2031 | $14852100 | 14705970 | 14669419 | 1.35% | E |
| Logicmonitor, Inc | First Lien Revolver | SOFR(Q) | 0.75% | 5.50% | 9.99% | 11/19/2031 | $— | (18266) | (22835) |  | D/E |
| Maverick Bidco, Inc. (Mitratech) | First Lien No. 2 Term Loan | SOFR(Q) | 0.75% | 4.51% | 9.10% | 5/18/2028 | $12312500 | 12112627 | 12327891 | 1.14% |  |
| MH Sub I, LLC (Micro Holding Corp.) | First Lien Term Loan | SOFR(M) |  | 4.25% | 8.82% | 12/11/2031 | $— | (1417) | (1887) |  | D |
| MH Sub I, LLC (Micro Holding Corp.) | First Lien 2023 Incremental Term Loan | SOFR(M) | 1.00% | 4.25% | 8.82% | 5/3/2028 | $2750375 | 2729707 | 2754913 | 0.25% |  |
| Mitchell International Inc | First Lien Term Loan | SOFR(M) | 0.50% | 3.25% | 7.61% | 6/17/2031 | $1678793 | 1674123 | 1681781 | 0.16% |  |
| Planview Parent, Inc. | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.83% | 12/17/2027 | $2255857 | 2244641 | 2274772 | 0.21% |  |
| Project Boost Purchaser, LLC (JD Power, AutoData Inc) | First Lien Term Loan | SOFR(Q) |  | 3.50% | 8.15% | 7/2/2031 | $1361559 | 1362612 | 1372935 | 0.13% |  |
| Proofpoint, Inc. | First Lien Term Loan | SOFR(M) | 0.50% | 3.00% | 7.36% | 8/21/2028 | $4824141 | 4804348 | 4853110 | 0.45% |  |
| Qlik Technologies Inc. (Project Alpha) | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.58% | 10/28/2030 | $1243750 | 1249042 | 1253271 | 0.12% |  |
| Qlik Technologies Inc. (Project Alpha) | First Lien Term Loan | SOFR(Q) |  | 3.25% | 7.58% | 10/26/2030 | $353000 | 352118 | 355702 | 0.03% |  |
| RealPage, Inc | First Lien Term Loan | SOFR(Q) |  | 3.75% | 8.08% | 4/22/2028 | $648000 | 644781 | 651849 | 0.06% |  |
| Sophia, L.P. (Ellucian) | First Lien Term Loan | SOFR(M) | 0.50% | 3.00% | 7.36% | 10/7/2029 | $2003526 | 2008353 | 2019554 | 0.19% |  |
| Sovos Compliance, LLC (fka Taxware, LLC) | First Lien Term Loan | SOFR(M) | 0.50% | 4.61% | 8.97% | 8/11/2028 | $306383 | 301738 | 309012 | 0.03% |  |
| Thunder Purchaser, Inc. (Vector Solutions) | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 6/30/2028 | $574886 | 569404 | 564998 | 0.05% | E |
| Thunder Purchaser, Inc. (Vector Solutions) | First Lien Incremental Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 6/30/2028 | $— | (13054) | (23543) |  | D/E |
| TIBCO Software Inc. | First Lien Term Loan | SOFR(Q) |  | 3.50% | 7.83% | 3/30/2029 | $3289752 | 3289752 | 3303585 | 0.31% |  |
| TIBCO Software Inc. | First Lien Term Loan | SOFR(Q) |  | 3.75% | 8.08% | 3/21/2031 | $870400 | 870400 | 874286 | 0.08% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer(F)** | **Instrument** | **Ref(B)** | **Floor** | **Spread** | **Total Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total Cash and Investment** | **Notes** |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |  |  |  |  |  |  |  |  |  |  |
| **Software (Continued)** | **Software (Continued)** |  |  |  |  |  |  |  |  |  |  |
| Trintech, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.50% | 9.86% | 7/25/2029 | $9312458 | $9100124 | $9076853 | 0.84% | E |
| Trintech, Inc. | First Lien Revolver | SOFR(M) | 1.00% | 5.50% | 9.86% | 7/25/2029 | $206737 | 190238 | 188430 | 0.02% | E |
| UKG Inc. | First Lien Term Loan | SOFR(Q) |  | 3.00% | 7.62% | 1/30/2031 | $5406199 | 5389588 | 5451097 | 0.50% |  |
| VS Buyer, LLC | First Lien Term Loan | SOFR(M) |  | 2.75% | 7.12% | 4/12/2031 | $1496250 | 1503220 | 1509342 | 0.14% |  |
| Zendesk Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.33% | 11/22/2028 | $2501299 | 2469693 | 2526312 | 0.23% | E |
| Zendesk Inc. | First Lien Revolver | SOFR(Q) | 0.75% | 5.00% | 9.33% | 11/22/2028 | $— | (3262) |  |  | D/E |
| Zendesk Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.33% | 11/22/2028 | $— | (3961) | 6109 |  | D/E |
|  |  |  |  |  |  |  |  | 160902569 | 162036192 | 14.98% |  |
| **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Fender Musical Instruments Corp. | First Lien Term Loan B | SOFR(M) | 0.50% | 4.10% | 8.46% | 12/1/2028 | $1657878 | 1609359 | 1628873 | 0.15% |  |
| Les Schwab Tire Centers (LS Group) | First Lien Term Loan | SOFR(M) |  | 3.00% | 7.36% | 4/17/2031 | $1243750 | 1248106 | 1251523 | 0.12% |  |
| Mavis Discount Tire Inc | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.86% | 5/4/2028 | $1231790 | 1231790 | 1241607 | 0.11% |  |
| Woof Holdings, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 4.01% | 8.34% | 12/21/2027 | $934908 | 916966 | 601263 | 0.06% |  |
|  |  |  |  |  |  |  |  | 5006221 | 4723266 | 0.44% |  |
| **Trading Companies and Distributors** | **Trading Companies and Distributors** |  |  |  |  |  |  |  |  |  |  |
| BCPE Empire Holdings, Inc. | First Lien Term Loan | SOFR(M) |  | 3.50% | 7.86% | 2/1/2027 | $1240780 | 1237324 | 1249186 | 0.12% |  |
| Foundation Building Materials, Inc | First Lien Term Loan | SOFR(Q) |  | 4.00% | 8.59% | 1/29/2031 | $1996317 | 1979128 | 1970125 | 0.17% |  |
| Veritiv Corp. | First Lien Term Loan | SOFR(Q) |  | 4.50% | 8.83% | 11/17/2030 | $490767 | 488327 | 492914 | 0.05% |  |
|  |  |  |  |  |  |  |  | 3704779 | 3712225 | 0.34% |  |
| **Textiles, Apparel and Luxury Goods** | **Textiles, Apparel and Luxury Goods** |  |  |  |  |  |  |  |  |  |  |
| WH Borrower, LLC (WHP) | First Lien Term Loan | SOFR(Q) | 0.50% | 5.50% | 10.15% | 2/15/2027 | $99494 | (150506) | 100986 | 0.01% | D/E |
| **Technology Hardware, Storage and Peripherals** | **Technology Hardware, Storage and Peripherals** |  |  |  |  |  |  |  |  |  |  |
| SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.50% | 11.01% | 4/25/2031 | $12800000 | 12688337 | 12976000 | 1.20% | C/E |
| **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| Apple Bidco, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 3.50% | 7.86% | 9/22/2028 | $440425 | 439563 | 443490 | 0.04% |  |
| Bleriot US Bidco Inc. | First Lien Term Loan | SOFR(Q) |  | 2.75% | 7.08% | 10/30/2026 | $1657849 | 1651141 | 1668600 | 0.15% |  |
| Brown Group Holding, LLC | First Lien Term Loan | SOFR(M) | 0.50% | 2.50% | 6.86% | 7/2/2029 | $1857499 | 1846465 | 1865105 | 0.18% |  |
|  |  |  |  |  |  |  |  | 3937169 | 3977195 | 0.37% |  |
| **Total Debt Investments - 159.7% of Net Assets** | **Total Debt Investments - 159.7% of Net Assets** |  |  |  |  |  |  | 1034648797 | 1039985833 | 96.19% |  |
| **<u>Equity Securities</u>** | **<u>Equity Securities</u>** |  |  |  |  |  |  |  |  |  |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |  |  |  |
| New Insight Holdings, Inc. (Dynata) | Common Stock |  |  |  |  |  | $22972 | 402032 | 407753 | 0.04% | E, I, J |
| **Paper and Forest Products** | **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |  |
| 48forty Intermediate Holdings, Inc. | Common Stock |  |  |  |  |  | $362 |  |  |  | E, I, J |
| **Total Equity Securities - 0.1% of Net Assets** | **Total Equity Securities - 0.1% of Net Assets** |  |  |  |  |  |  | 402032 | 407753 | 0.04% |  |
| **Total Investments - 159.8% of Net Assets** | **Total Investments - 159.8% of Net Assets** |  |  |  |  |  |  | 1035050829 | 1040393586 | 96.23% |  |
| **Cash and Cash Equivalents - 6.3% of Net Assets** | **Cash and Cash Equivalents - 6.3% of Net Assets** |  |  |  |  |  |  |  | 41078437 | 3.77% |  |
| **Total Cash and Investments - 166.1% of Net Assets** | **Total Cash and Investments - 166.1% of Net Assets** |  |  |  |  |  |  |  | 1081472023 | 100.00% |  |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

*Notes to Schedule of Investments:*

(A)Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the "Securities Act"). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)100.0% of the fair value of total senior secured loans in the Fund's portfolio bear interest at a floating rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), "S", or other base rate (commonly the Federal Funds Rate or the Prime Rate), "P". In addition, 81.2% of the fair value of such senior secured loans have floors of 0.50% to 2.00%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2024 of all contracts within the specified loan facility. SOFR resets monthly (M), quarterly (Q) or semiannually (S).

(C)Non-U.S. company or principal place of business outside the U.S. and as a result, the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets.

(D)Negative balances represent unfunded commitments that were acquired and/or valued at a discount.

(E)Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).

(F)As of December 31, 2024, the Fund generally uses GICS codes to identify the industry groupings.

(G)Non-accruing debt investment.

(H)In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(I)Restricted security (See Note 12).

(J)Non-income producing investment.

(K)Deemed an investment company under Section 3(c) of the 1940 Act and as a result, the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets

Aggregate acquisitions and aggregate dispositions of investments totaled $775,269,249 and $142,736,794, respectively for the year ended December 31, 2024. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on investments. The total value of restricted securities and bank debt as of December 31, 2024 was $1,040,393,586 or 96.2% of total cash and investments of the Fund. As of December 31, 2024, approximately 5.7% of the total assets of the Fund were not qualifying assets under Section 55(a) of the 1940 Act.

*See accompanying notes to the consolidated financial statements.*

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**1. Organization and Basis of Presentation** 

BlackRock Private Credit Fund ("BDEBT" or the "Fund"), is a Delaware statutory trust formed on December 23, 2021. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940 (the "1940 Act"). The Fund is externally managed by BlackRock Capital Investment Advisors, LLC (the "Investment Adviser"). BlackRock Advisors, LLC (the "Sub-Adviser" and, together with the Investment Adviser, the "Advisers") serves as the Fund's sub-adviser. The Advisers are subsidiaries of BlackRock, Inc. (together with its subsidiaries, including but not limited to the Advisers, "BlackRock"). BlackRock Financial Management, Inc. serves as the administrator of the Fund (the "Administrator"), and is affiliated with the Advisers.

The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

The Fund's investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. The Fund intends to meet its investment strategy by focusing primarily on originating and making loans to U.S. middle market companies. BDEBT defines "middle market companies" to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or "EBITDA", between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment. The Fund generally targets the core segment of the middle market, which is defined as companies with EBITDA of between $25 million and $75 million, though the Fund may invest in smaller or larger companies if an attractive opportunity presents itself, especially where there are dislocations in the capital markets. While BDEBT focuses its investments in U.S. companies, the Fund may make investments in portfolio companies that are domiciled outside of the United States. The Fund invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants.

The Fund offers on a continuous basis up to $5.0 billion of common shares of beneficial interest ("Common Shares") pursuant to an offering registered with the Securities and Exchange Commission. The Fund offers to sell any combination of three classes of Common Shares, Institutional Class 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 initial purchase price for the Institutional Class shares was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value per share, as of the effective date of the monthly share purchase date. The Fund also engages in private offerings of its Common Shares.

**2. Summary of Significant Accounting Policies**

***Basis of Presentation*** 

The consolidated financial statements of the Fund have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies* ("ASC Topic 946"). The Fund has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Fund.

***Reclassifications***

Certain prior period balances in the investment level tables were reclassified to conform to the current period presentation.

***Use of Estimates*** 

The preparation of the 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 consolidated financial statements, as well the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

***Investment Valuation***

Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's board of trustees (the "Board of Trustees") designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations. As required by the Rule 2a-5, the Valuation

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties.

The Valuation Designee values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least monthly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the capitalization of the Fund. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.

Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Fund, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee").

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee's valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events, rising interest rates and risks related to inflation that may significantly impact the profitability or viability of businesses in which the Fund is invested, and therefore may significantly impact the return on and realizability of the Fund's investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Fund's assets.

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

In following these approaches, the types of factors that may be taken into account also include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

At December 31, 2025, the Fund's investments were categorized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level** | **Basis for Determining Fair Value** | **Broadly Syndicated Loans**<sup>(1)</sup> | **Middle Market Loans**<sup>(2)</sup> | **Equity Securities** | **Total** |
| 1 | Quoted prices in active markets for identical assets | $— | $— | $— | $— |
| 2 | Other direct and indirect observable market inputs<sup>(3)</sup> | 446946363 | 157707896 | 120603 | 604774862 |
| 3 | Valuation sources that employ significant unobservable inputs | 5489499 | 1634436928 |  | 1639926427 |
| Total |  | $452435862 | $1792144824 | $120603 | $2244701289 |

---

______________________

(1)Includes senior secured loans that are broadly syndicated

(2)Includes other senior secured loans

(3)For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025 included the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Weighted Average Range**<sup>(1)</sup> |
| Broadly Syndicated Loans | $5489499 | Market Quotations | Indicative bid/ask quotes | 1 (1) |
| Middle Market Loans | 1525958709 | Income Approach | Discount rate | 7.7% - 17.2% (9.6%) |
|  | 2244421 | Market Comparable Companies | EBITDA Multiple | 10.0x (10.0x) |
|  | 2754952 | Market Comparable Companies | Revenue Multiple | 0.9x (0.9x) |
|  | 85674613 | Market Quotations | Indicative bid/ask quotes | 1 (1) |
|  | 17804233 | Transaction Approach | N/A | N/A |
| Equity Securities |  | Market Comparable Companies | EBITDA Multiple | 10.0x (10.0x) |
|  |  | Market Comparable Companies | Revenue Multiple | 0.9x (0.9x) |
|  | $1639926427 |  |  |  |

---

______________________

(1)Representing the weighted average of each significant unobservable input range at the investment level by fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2025, two senior debt positions with an aggregate fair value of $8.4 million transitioned from market quotes to an income approach, and one senior debt position with a fair value of $0.8 million transitioned from an income approach to a transaction price valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:

---

| | | |
|:---|:---|:---|
| **Input** | **Impact to Value if Input Increases** | **Impact to Value if Input Decreases** |
| Discount rate | Decrease | Increase |
| Revenue multiples | Increase | Decrease |
| EBITDA multiples | Increase | Decrease |
| Book value multiples | Increase | Decrease |
| Implied volatility | Increase | Decrease |
| Term | Increase | Decrease |
| Yield | Increase | Decrease |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Changes in investments categorized as Level 3 for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** |  |
|  | **Broadly Syndicated Loans** | **Middle Market Loans** | **Equity<br>Securities** | **Total** |
| Beginning balance | $6263383 | $742747140 | $407753 | $749418276 |
| Net realized and unrealized gains (losses) | (30579) | (10269471) | (645215) | (10945265) |
| Acquisitions<sup>(1)</sup> | 5020358 | 1085718520 | 645215 | 1091384093 |
| Dispositions | (1249605) | (183759261) |  | (185008866) |
| Transfers into Level 3<sup>(2)</sup> | 501867 |  |  | 501867 |
| Transfers out Level 3<sup>(3)</sup> | (5015925) |  | (407753) | (5423678) |
| Ending balance | $5489499 | $1634436928 | $— | $1639926427 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $1570 | $(8394514) | $(645215) | $(9038159) |

---

______________________

(1)Includes payments received in kind and accretion of original issue and market discounts.

(2)Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

At December 31, 2024, the Fund's investments were categorized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level** | **Basis for Determining Fair Value** | **Broadly Syndicated Loans**<sup>(1)</sup> | **Middle Market Loans**<sup>(2)</sup> | **Equity Securities** | **Total** |
| 1 | Quoted prices in active markets for identical assets | $— | $— | $— | $— |
| 2 | Other direct and indirect observable market inputs<sup>(3)</sup> | 182811825 | 108163485 |  | 290975310 |
| 3 | Valuation sources that employ significant unobservable inputs | 6263383 | 742747140 | 407753 | 749418276 |
| Total |  | $189075208 | $850910625 | $407753 | $1040393586 |

---

______________________

(1)Includes senior secured loans that are broadly syndicated

(2)Includes other senior secured loans

(3)For example, quoted prices in inactive markets or quotes for comparable investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2024 included the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Weighted Average Range**<sup>(1)</sup> |
| Broadly Syndicated Loans | $6263383 | Market Quotations | Indicative bid/ask quotes | 1 (1) |
| Middle Market Loans | 610403130 | Income Approach | Discount rate | 8.6% - 14.0% (10.2%) |
|  | 4388593 | Asset Approach | EBITDA Multiple | 7.50x (7.50x) |
|  | 125316079 | Market Quotations | Indicative bid/ask quotes | 1 (1) |
|  | 2639338 | Market Comparable Companies | Revenue Multiple | 0.9x (0.9x) |
| Equity Securities |  | Asset Approach | EBITDA Multiple | 7.50x (7.50x) |
|  | 407753 | Market Quotations | Indicative bid/ask quotes | 1 (1) |
|  | $749418276 |  |  |  |

---

______________________

(1) Representing the weighted average of each significant unobservable input range at the investment level by fair value.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Changes in investments categorized as Level 3 for the year ended December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** |  |
|  | **Broadly Syndicated Loans** | **Middle Market Loans** | **Equity<br>Securities** | **Total** |
| Beginning balance | $960209 | $248713244 | $— | $249673453 |
| Net realized and unrealized gains (losses) | 99709 | 2910742 | 5721 | 3016172 |
| Acquisitions<sup>(1)</sup> | 5394954 | 569899492 | 402032 | 575696478 |
| Dispositions | (966986) | (67725568) |  | (68692554) |
| Transfers into Level 3<sup>(2)</sup> | 775497 | 2370776 |  | 3146273 |
| Transfers out Level 3<sup>(3)</sup> |  | (13421546) |  | (13421546) |
| Ending balance | $6263383 | $742747140 | $407753 | $749418276 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $2034 | $1747385 | $5721 | $1755140 |

---

______________________

(1)Includes payments received in kind and accretion of original issue and market discounts.

(2)Comprised of three investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

***Investment Transactions***

Investment transactions are accounted for on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

***Cash and Cash Equivalents***

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At December 31, 2025, included in cash and cash equivalents was $201.4 million (12.8% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 3.63%. At December 31, 2024, included in cash and cash equivalents was $19.7 million (3.0% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.35%.

***Restricted Investments***

The Fund may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Schedules of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

***Foreign Currency Investments***

The Fund may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency

denominated investments comprised approximately 2.3% and 0.0% of total investments at December 31, 2025 and December 31, 2024,

respectively. Such positions were converted at the respective closing foreign exchange rates in effect at December 31, 2025 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government.

***Organization and Offering Costs*** 

The Fund entered into a Fee Waiver and Expense Support and Reimbursement Agreement (the "Expense Support Agreement") with the Investment Adviser. Pursuant to the Expense Support Agreement, the Investment Adviser paid all of the Fund's organizational and offering expenses on the Fund's behalf (each, an "Expense Support Agreement Expense Payment").

During each of the 36 months following the commencement of the Fund's operations (the "Reimbursement Period"), the Fund agreed to reimburse the Investment Adviser for any and all Expense Support Agreement Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund's annual Operating Expenses (as defined below) did not exceed 1.25% of the value of the Fund's net assets, calculated monthly based on month-end net assets. "Operating Expenses" for purposes of the Expense Support Agreement means all annual operating expenses of the Fund incurred in the ordinary course of business, excluding offering costs incurred by the Fund, interest expense and other financing costs, portfolio transaction and other investment-related costs, base management fee and incentive fee payable pursuant to the Advisory Agreement, shareholder servicing and/or distribution fees, taxes and any other extraordinary expenses not incurred in the ordinary course of business (including, without limitation, litigation expenses). The Reimbursement Period expired on March 18, 2025. From inception of the Fund through the expiration of the Reimbursement Period, the Fund reimbursed the Investment Adviser for $0.2 million related to organizational expenses and $0.6 million related to offering expenses of the Fund pursuant to the Expense Support Agreement.

***Deferred Debt Issuance Costs***

Certain costs incurred in connection with the issuance of debt of the Fund were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Fund.

***Revenue Recognition***

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan's amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Fund does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Fund's judgement, the repayment of the remaining contractual principal and interest is expected. The Fund may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

***Income Taxes***

The Fund elected to be regulated as a BDC under the 1940 Act. The Fund also has elected to be treated as a RIC under the Code. So long as the Fund maintains its status 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 Fund would represent obligations of the Fund's investors and would not be reflected in the consolidated financial statements of the Fund.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its 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.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund 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, if any.

In addition, based on the excise tax distribution requirements, the Fund is subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2025 and December 31, 2024, permanent difference attributable to non-deductible expenses were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Paid-in capital | $(3679401) | $- |
| Accumulated earnings | 3679401 | - |

---

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Ordinary income | $110388295 | $46687309 |
| Long Term Capital Gains | - | 126412 |
| Return of Capital | 244391 | - |
| Total | $110632686 | $46813721 |

---

As of December 31, 2025 and December 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Undistributed ordinary income | $- | $- |
| Capital Loss Carryforward <sup>(1)</sup> | (2743063) | (255056) |
| Net unrealized gains (losses)<sup>(2)</sup> | (23750955) | 3219470 |
| Total accumulated earnings (losses) | $(26494018) | 2964414 |

---

(1) Amount available to offset future realized capital gains.

(2) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to amortization methods on fixed income securities and the accrual of income on securities in default.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Important Tax Information

As of December 31, 2025 and 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Tax basis of investments | $2255420846 | $1035957647 |
| Unrealized appreciation | 14461831 | 9539829 |
| Unrealized depreciation | (25181388) | (5103890) |
| Net unrealized appreciation (depreciation) | $(10719557) | $4435939 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal years ended December 31, 2025:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| Interest Dividends | $99583035 |

---

The fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal years ended December 31, 2025:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| Interest-Related Dividends | $93397470 |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

***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 Fund's earnings, financial condition, maintenance of the Fund'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.

***Recent Accounting Pronouncements***

The Fund considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board (the "FASB"). ASUs not listed were assessed by the Fund and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and permits early adoption. The Fund adopted the ASU 2023-09 for the annual reporting period beginning on January 1, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40)," which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

**3. Management Fees, Incentive Fees and Other Expenses**

***Investment Advisory Agreement***

On March 16, 2022, the Fund entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Investment Adviser. Under the terms of the Advisory Agreement, the Investment Adviser determines the composition of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes; identifies, evaluates and negotiates the structure of the investments the Fund makes (including performing due diligence on prospective portfolio companies); and closes, monitors and administers the investments the Fund makes, including the exercise of any voting or consent rights.

Pursuant to the Advisory Agreement, the Fund pays the Investment Adviser compensation for investment advisory and management services consisting of base management fee and incentive fee (together, the "Advisory Fee"), which are further described below.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**3. Management Fees, Incentive Fees and Other Expenses (Continued)**

***Base Management Fee***

The management fee is calculated at an annual rate of 1.25% of the value of the Fund's net assets at the end of the most recently completed calendar month and payable monthly in arrears. For purposes of calculating the base management fee, "net assets" means the Fund's total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Investment Adviser waived its management fee for the first twelve months following the date of the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement, which extended the waiver through December 31, 2023.

For the years ended December 31, 2025 and 2024, the Investment Adviser earned $12.3 million and $4.9 million in management fees, respectively. For the year ended December 31, 2023, the Investment Adviser earned and waived $2.0 million in management fees.

***Incentive Fees***

Incentive compensation is payable to the Investment Adviser pursuant to the Advisory Agreement. The incentive fee consists of two components, an income component and a capital gains component. Each component of the incentive fee will be calculated and, if due, will be payable quarterly in arrears. The Investment Adviser waived all incentive fee for the first twelve months following the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Expense Support Agreement, which extended the waiver through December 31, 2023.

The income component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters.

The income component of the incentive fee is subject to a 5.0% total return hurdle on daily weighted average unreturned capital contributions (the "Hurdle Rate"). As such, the Fund will not be obligated to pay any income incentive fee to the extent the annualized trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since the commencement of the Fund) total return of the Fund (as defined below), including net realized gains and losses and net unrealized appreciation and depreciation, does not exceed the Hurdle Rate. To the extent that the Fund's annualized total return for the relevant period exceeds the Hurdle Rate, but is less than approximately 5.71% of daily weighted average unreturned capital contributions, the income incentive fee will be subject to a "catch up", calculated as 100% of the aggregate net investment income before incentive compensation earned in excess of Hurdle Rate for the relevant period. To the extent that the Fund's annualized total return for the relevant period exceeds approximately 5.71%, the income component of the incentive fee will be equal to 12.5% of net investment income before incentive compensation earned in excess of this total return threshold.

For purposes of calculating the income incentive fee, (i) "total return" means the amount equal to the combination of net investment income before incentive compensation, realized capital gains and losses and unrealized capital appreciation and depreciation of the Fund for the period in question; (ii) "unreturned capital contributions" means the proceeds to the Fund of all issuances of common shares, less all distributions by the Fund to shareholders representing a return of capital.

The capital gains component of the incentive fee will be the amount, if positive, equal to the lesser of (i) 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters or (ii) 12.5% of cumulative aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) since commencement of the Fund, less capital gains incentive compensation previously paid or distributed since commencement of the Fund. The capital gains component will be paid in full prior to payment of the income component.

In any case, incentive fee (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period.

The Adviser has agreed to waive any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments (as set forth in the Expense Support and Conditional Reimbursement Agreement) in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**3. Management Fees, Incentive Fees and Other Expenses (Continued)**

In addition, GAAP requires that the capital gains incentive fees accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fees would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. The resulting accrual for any capital gains 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 reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the year ended December 31, 2025, the Investment Adviser earned $13.7 million and waived $(1.3) million in incentive fees. For the year ended December 31, 2024, the Investment Adviser earned $6.3 million and for the year ended December 31, 2023, the Investment Adviser earned and waived $(3.3) million in incentive fees. For the year ended December 31, 2025, the Fund reversed the $0.5 million accrual reserve for incentive fees on capital gains accrued on a liquidation basis (but not payable) under GAAP on a cumulative basis. For the years ended December 31, 2024 and 2023, incentive fees on capital gains accrued on a liquidation basis (but not payable) under GAAP were $0.5 million and $0.0 million on a cumulative basis, respectively.

***Sub-Advisory Fees***

Pursuant to the sub-advisory agreement, dated as of May 31, 2022 (the "Sub-Advisory Agreement"), the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee in an amount equal to a percentage of the average daily value of the Fund's assets allocated to the Sub-Adviser.

***Distribution Agreement***

The Fund has entered into a Distribution Agreement (the "Distribution Agreement") with BlackRock Investments, LLC (the "Distributor"), a registered broker-dealer affiliated with the Investment Adviser. No upfront sales load will be paid with respect to Class S shares, Class D shares or Institutional shares; however, if shareholders buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge 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. Selling agents will not charge such fees on Institutional shares.

Either party may terminate the Distribution Agreement upon 60 days' written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Distribution Agreement.

***Distribution and Servicing Plan*** 

On February 27, 2024, the Fund's Board of Trustees approved a distribution and servicing plan (the "Distribution and Servicing Plan"). The following table shows the shareholder servicing and/or distribution fees the Fund pays the Distributor with respect to Institutional, Class S and Class D shares on an annualized basis as a percentage of the Fund's NAV for such class.

---

| | |
|:---|:---|
|  | **Shareholder Servicing and/or Distribution Fee as a % of NAV** |
| Class S Shares | 0.85% |
| Class D Shares | 0.25% |
| Institutional Shares |  |

---

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**3. Management Fees, Incentive Fees and Other Expenses (Continued)**

The Distributor will reallow (pay) all or a portion 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 them for failure to provide such services. 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, the fees reduce the NAV with respect to all shares of each such class, including shares issued under the Fund'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, as applicable: assistance with recordkeeping, answering investor inquiries regarding the Fund, 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 Distributor will waive the shareholder servicing and/or distribution fee that 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.

The Fund will cease paying the shareholder servicing and/or distribution fee on the Class S and Class D shares on the earlier to occur of the following: (i) a listing of Institutional shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Distributor 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 any single share held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Distributor or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on all Class S and Class D shares in such shareholder's account. We may modify this requirement if permitted by applicable exemptive relief. At the end of the month in which such 10% (or lower) limit is met, the applicable Class S shares and Class D shares in such shareholder's account will convert into a number of Institutional shares (including any fractional shares), with an equivalent aggregate NAV as such Class S and Class D shares.

For the year ended December 31, 2025, the Fund accrued distribution and shareholder servicing fees of $725,009 and $8,868, respectively, which were attributable to Class S and Class D shares. For the year ended December 31, 2024, the Fund accrued distribution and shareholder servicing fees of $136,105 and $1,953, which were attributable to Class S and Class D shares, respectively. For the year ended December 31, 2023, the Fund did not accrue any distribution and shareholder servicing fees.

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

On August 26, 2025, the Fund entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support and Conditional Reimbursement Agreement") with the Investment Adviser. Pursuant to the Expense Support and Conditional Reimbursement Agreement, the Investment Adviser may elect to pay certain expenses on the Fund's behalf (an "Expense Payment"), provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Investment Adviser has committed to pay shall be paid by the Investment Adviser to the Fund in any combination of cash or other immediately available funds no later than seventy-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund'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 Fund shall pay such Excess Operating Funds, or a portion thereof, as applicable, to the Investment Adviser until such time as all Expense Payments made by the Investment Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a "Reimbursement Payment."

"Available Operating Funds" means the sum of (i) the Fund's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund'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 Fund 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).

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**3. Management Fees, Incentive Fees and Other Expenses (Continued)**

No Reimbursement Payment for any month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment is lower than the Effective Rate of Distributions Per Share at the time the related Expense Payment was made, provided that to the extent that the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment has declined relative to the Effective Rate of Distributions Per Share declared by the Fund at the time of the related Expense Payment in an amount (measured in basis points) equal to or less than a corresponding decline in the 3-month Secured Overnight Financing Rate (measured in basis points) over the same period, this condition (1) shall not restrict the payment of such Reimbursement Payment; or (2) the Fund's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the related Expense Payment was made. "Effective Rate of Distributions Per Share" means the annualized rate of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to shareholder servicing and/or distribution fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Investment Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Fund's net assets. "Operating Expenses" means all of the Fund's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. The Investment Adviser has waived any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return.

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

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund's commencement of operations:

---

| | | | |
|:---|:---|:---|:---|
| **For the Year Ended** | **Expense Payments by Adviser** | **Reimbursement Payments to Adviser** | **Unreimbursed Expense Payments** |
| December 31, 2025 | $10779084 | $- | $10779084 |
| **Total** | $10779084 | $- | $10779084 |

---

***Other Expenses***

The Fund bears all expenses incurred in connection with its business, including fees and expenses outside of contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers' and finders' fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

**4. Debt**

Debt is comprised of a $650.0 million capacity revolving credit and term loan facility (the "Credit Facility"), a $365.0 million revolving credit facility (the "Revolving Credit Facility"), a $200.0 million revolving credit facility (the "SG Revolving Credit Facility"), $70.0 million in 7.14% Series 2024A Senior Notes, Tranche A (the "Tranche A Notes"), $55.0 million in 7.33% Series 2024A Senior Notes, Tranche B (the "Tranche B Notes"), $0.1 million in 12.00% Promissory Notes (the "Promissory Notes"), $50.0 million in 5.78% Series 2025A Senior Notes, Tranche A (the "2025A Tranche A Notes"), and $150.0 million in 6.14% Series 2025A Senior Notes, Tranche B (the "2025A Tranche B Notes" and, together with all the other Notes, the "Notes").

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**4. Debt (Continued)**

Total debt outstanding and available at December 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Maturity** | **Rate** | **Carrying Value** | **Available** | **Total Capacity** |
| Credit Facility | 2033 | SOFR+1.97%<sup>(1</sup><sup>)</sup> | $260000000 | $390000000 | $650000000 |
| Revolving Credit Facility | 2030 | SOFR+1.88%<sup>(2</sup><sup>)</sup> | 50970583 | 314029417 | 365000000<br><sup>(3)</sup> |
| SG Revolving Credit Facility | 2027 | SOFR+1.15% | 200000000 |  | 200000000 |
| Tranche A Notes | 2027 | 7.14% | 70000000 |  | 70000000 |
| Tranche B Notes | 2030 | 7.33% | 55000000 |  | 55000000 |
| Promissory Notes | 2055 | 12.00% | 110000 |  | 110000 |
| 2025A Tranche B Notes | 2030 | 6.14% | 150000000 |  | 150000000 |
| 2025A Tranche A Notes | 2028 | 5.78% | 50000000 |  | 50000000 |
| Total leverage |  |  | $836080583 | 704029417 | 1540110000 |
| Unamortized issuance costs |  |  | (1864718) |  |  |
| Debt, net of unamortized issuance costs |  |  | $834215865 |  |  |

---

------

(1) The outstanding amount was subject to a SOFR credit adjustment of 0.20%.

(2) As of December 31, 2025, $20.0 million of the outstanding amount bore interest at a rate of EURIBOR + 1.88%. $31.0 million of the outstanding amount bore interest at a rate of CORRA + 1.88%, and was subject to a CORRA credit spread adjustment of 0.30%.

(3) Revolving Credit Facility includes an accordion provision to permit increases to a total facility amount of up to $600.0 million.

Total debt outstanding and available at December 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Maturity** | **Rate** | **Carrying Value** | **Available** | **Total Capacity** |
| Credit Facility | 2033 | SOFR+1.97% | $320000000 | $130000000 | $450000000 |
| Revolving Credit Facility | 2029 | SOFR+2.00% |  | 150000000 | 150000000 |
| Tranche A Notes | 2027 | 7.14% | 70000000 |  | 70000000 |
| Total leverage |  |  | 390000000 | $280000000 | $670000000 |
| Unamortized issuance costs |  |  | (866702) |  |  |
| Debt, net of unamortized issuance costs |  |  | $389133298 |  |  |

---

The combined weighted-average interest rate excluding fees on total debt outstanding at December 31, 2025 and December 31, 2024 was 5.91% and 6.62%. Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the estimated fair value of the outstanding debt approximated their carrying value.

Total expenses related to debt included the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Interest expense | $39879848 | $14390928 | $7725732 |
| Amortization of deferred debt issuance costs | 1333663 | 438149 | 193554 |
| Commitment fees | 1912273 | 849093 | 478917 |
| Total | $43125784 | $15678170 | $8398203 |

---

***Credit Facility*** 

On June 3, 2022, BlackRock Private Credit Fund Leverage I, LLC (the "Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $200.0 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent (the "Credit Facility"). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of "Middle Market Loans" (as defined in Exhibit 10.1) is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**4. Debt (Continued)**

On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility (the "Amendment"). The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered borrowings of the Fund for purposes of complying with the asset coverage requirements under the 1940 Act. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility (the "Second Amendment"). The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million. The Second Amendment increased the facility margin level with (a) 1.62% if the aggregate balance of "Middle Market Loans" (as defined in Exhibit 10.1) is less than or equal to 25%, (b) 1.77% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.96% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 2.12% if the aggregate balance of Middle Market Loans is above 75%.

On November 27, 2024, the Borrower entered into Amendment No. 3 to the Credit Facility (the "First Amended and Restated Credit and Security Agreement"). The amendment increased the total revolving commitments from $75.0 million to $125.0 million, increased total term commitments from $225.0 million to $325.0 million, and modified certain other terms of the Credit Facility, including (i) extending the final maturity date to June 3, 2033, (ii) extending the reinvestment period to June 3, 2026, and (iii) extending the delayed draw term loan commitment termination date until December 15, 2025. The credit facility commitment fees accrual rate was amended at a rate equal to 0.35% per annum, if as of such date the outstanding principal amount of the Revolving Advances is greater than 50% of the Revolving Commitment otherwise the rate is 0.50% per annum. The rate for Term Commitment was amended at 0.35% per annum for the first three months following any Incremental Commitment Effective Date, and thereafter 0.50% per annum. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

On May 2, 2025, the Fund entered into Amendment No. 1 to the First Amended and Restated Credit and Security Agreement (the "Credit Facility Amendment"). Pursuant to the Credit Facility Amendment, under the Credit Facility, the total revolving commitments increased from $125.0 million to $150.0 million, and the total term commitments increased from $325.0 million to $500.0 million. The Credit Facility Amendment modified certain other terms of the Credit Facility, including extending the prepayment lockout period until the first anniversary of the closing date of the Credit Facility Amendment.

On December 12, 2025, the Fund entered into Amendment No. 2 to First Amended and Restated Credit and Security Agreement (the "Second Amendment") to extend the commitment period for certain undrawn term loan commitments to May 2, 2026.

***Revolving Credit Facility*** 

On April 19, 2024, the Fund entered into a Senior Secured Credit Agreement for a $75.0 million revolving credit facility (the "Revolving Credit Facility") with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The Revolving Credit Facility matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the "Guarantors"). The Revolving Credit Facility is secured by substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions. On November 4, 2024, the Fund increased the commitment on the Revolving Credit Facility from $75 million to $150 million.

On August 7, 2025, the Fund entered into the First Amendment to the Revolving Credit Facility (the "First Amendment"), which, among other things, (i) extends the revolver availability period from April 2028 to August 2029, (ii) extends the scheduled maturity date from April 2029 to August 2030, (iii) increases the accordion provision to permit increases to a total facility amount of up to $600.0 million, (iv) increases the total facility amount from $150.0 million to $315.0 million, and (v) resets the minimum shareholders' equity test.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**4. Debt (Continued)**

On December 5, 2025, the Fund entered into a joinder agreement ("Joinder Agreement"), which increased the aggregate amount of outstanding total revolving commitments under the Revolving Credit Facility to $365.0 million. The other material terms of the Revolving Credit Facility remain unchanged.

***SG Revolving Credit Facility*** 

On May 28, 2025, BlackRock Private Credit Fund Leverage II, LLC (the "SG Borrower"), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established the SG Revolving Credit Facility, a $200.0 million revolving credit facility with Societe Generale as Administrative agent. The SG Revolving Credit Facility matures on May 29, 2027 and generally bears interest at term SOFR plus, for a period of 1 year from the date of entry into the SG Revolving Credit Facility, 1.15% and, thereafter 1.25%. The proceeds of the SG Revolving Credit Facility were used to acquire a portfolio of broadly syndicated leveraged loans (the "SG Portfolio Assets"). Pursuant to a collateral management agreement between the SG Borrower and the Fund, the Fund was responsible for the selection, management and reporting of the SG Portfolio Assets. The SG Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the SG Borrower of additional indebtedness and on the SG Borrower's ability to make distributions, as well as customary events of default. As of December 31, 2025, the SG Borrower was in full compliance with such covenants.

***Notes*** 

On November 18, 2024, the Fund entered into a Master Note Purchase Agreement (the "Master Note Purchase Agreement"), governing the issuance (a) on November 18, 2024, of $70.0 million aggregate principal amount of its 7.14% Series 2024A Senior Notes, Tranche A, due November 18, 2027 (the "Tranche A Notes"), and (b) on January 22, 2025 (subject to customary closing conditions), of $55.0 million aggregate principal amount of its 7.33% Series 2024A Senior Notes, Tranche B, due January 22, 2030 (the "Tranche B Notes" and, together with the Tranche A Notes, the "Notes"), to qualified institutional investors in a private placement. The Tranche A Notes bear interest at a rate equal to 7.14% per annum that is payable semi-annually on May 18 and November 18 of each year, beginning on May 18, 2025. The Tranche B Notes bear interest at a rate equal to 7.33% per annum that is payable semi-annually on January 22 and July 22 of each year, beginning on July 22, 2025. The Notes will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the "Guarantors"). The Tranche A Notes were issued at a closing on November 18, 2024, and the Tranche B Notes were issued at a closing on January 22, 2025, subject to customary closing conditions.

***2025A Notes*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 8, 2025, the Fund entered into the First Supplement (the "First Supplement") to the Master Note Purchase Agreement, dated November 18, 2024, as supplemented by the First Supplement, the "Purchase Agreement"), governing the issuance (a) on October 8, 2025, of $150.0 million aggregate principal amount of its 6.14% Series 2025A Senior Notes, Tranche B, due October 8, 2030 (the "2025A Tranche B Notes"), and (b) on December 17, 2025 (subject to customary closing conditions), of $50.0 million aggregate principal amount of its 5.78% Series 2025A Senior Notes, Tranche A, due December 17, 2028 (the "2025A Tranche A Notes" and, together with the 2025A Tranche B Notes, the "2025A Notes"), to qualified institutional investors in a private placement. The 2025A Tranche B Notes were issued on October 8, 2025 and the 2025A Tranche A Notes were issued on December 17, 2025, subject to customary closing conditions.

The 2025A Tranche B Notes bear an interest rate of 6.14% per year and are payable semi-annually on April 8 and October 8, beginning April 8, 2026. The 2025A Tranche A Notes bear an interest rate of 5.78% per year payable semi-annually on June 17 and December 17 of each year, beginning on June 17, 2026. The 2025A Notes may be redeemed in whole or in part at any time or from time to time at the Fund's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Fund is obligated to offer to prepay the 2025A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2025A Notes are general unsecured obligations of the Fund that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness issued by the Fund.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**4. Debt (Continued)**

***Promissory Notes*** 

On October 1, 2025, the Fund closed on an offering 110 promissory notes due October 1, 2055 (the "Promissory Notes") in a private offering, with each Promissory Note being issued in connection with the issuance of one common share of the Fund (the "Promissory Notes Offering") to accredited investors (as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended ("Securities Act"). The aggregate principal amount of the Promissory Notes is $110,000 less the net asset value, as of October 1, 2025, of the common shares issued in the Promissory Notes Offering. The Fund will pay an interest totaling $120 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year, beginning on December 31, 2025.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**5. Commitments and Contingencies** 

The Fund conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

The Consolidated Schedule of Investments include certain revolving loan facilities and other commitments with unfunded balances at December 31, 2025 and December 31, 2024 as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Unfunded Balances** | **Unfunded Balances** |
| **Issuer** | **Maturity Date** | **December 31, 2025** | **December 31, 2024** |
| Accordion Partners LLC | 11/15/2031 | N/A | $3179348 |
| Accordion Partners LLC | 11/15/2031 | N/A | 2119565 |
| Accuserve Solutions, Inc. | 3/15/2030 | N/A | 485658 |
| Alcami Corporation | 12/21/2028 | 104876 | 123188 |
| Alera Group, Inc. | 11/17/2025 | N/A | 480558 |
| AmeriLife Holdings, LLC | 8/31/2029 | 3119196 | N/A |
| AmeriLife Holdings, LLC | 8/31/2028 | 1614244 | 377494 |
| Applause App Quality, Inc. | 10/24/2029 | 1200563 | 1500703 |
| Avalara, Inc. | 10/19/2028 | N/A | 377651 |
| Anthracite Buyer, Inc. (Coalfire) | 12/3/2032 | 4287989 | N/A |
| Allied Benefit Systems Intermediate, LLC | 10/31/2030 | 5163116 | N/A |
| Blackbird Purchaser, Inc. | 12/19/2030 | N/A | 304079 |
| Blackbird Purchaser, Inc. | 12/19/2030 | N/A | 236331 |
| Bluefin Holding, LLC (Allvue) | 9/12/2029 | 1190668 | 1190668 |
| Bullhorn, Inc. | 10/1/2029 | 1281416 | 1478557 |
| Bullhorn, Inc. | 9/30/2029 | 1124030 | 2524995 |
| Bynder Bidco B.V. (Netherlands) | 1/26/2029 | 171174 | 171174 |
| Bynder Bidco, Inc. (Netherlands) | 1/26/2029 | 47160 | 47160 |
| Beekeeper Buyer Inc. (Archway) | 6/30/2031 | 1452291 | N/A |
| Brown & Settle, Inc. | 5/16/2030 | 612946 | N/A |
| Chronicle Parent LLC (Lexitas) | 4/15/2031 | 8925000 | N/A |
| Chronicle Parent LLC (Lexitas) | 4/15/2031 | 3240741 | N/A |
| Civicplus LLC | 8/24/2030 | 2546218 | N/A |
| Civicplus LLC | 8/24/2030 | 698657 | N/A |
| Cherry Bekaert Advisory, LLC | 6/28/2030 | 447254 | 447254 |
| Cherry Bekaert Advisory, LLC | 6/30/2028 | N/A | 109986 |
| Cherry Bekaert Advisory, LLC | 6/28/2030 | 3627369 | N/A |
| Clever Devices Ltd. | 6/12/2030 | 432891 | 556574 |
| Clydesdale Acquisition Holdings, Inc | 4/13/2029 | 4852 | N/A |
| Cohnreznick Advisory LLC | 3/31/2032 | 3357941 | N/A |
| Community Merger Sub Debt LLC (CINC Systems) | 1/18/2030 | 1997725 | 1997725 |
| Compsych Holdings Corp | 7/22/2031 | 3737596 | 3737596 |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**5. Commitments and Contingencies (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Unfunded Balances (Continued)** | **Unfunded Balances (Continued)** |
| **Issuer** | **Maturity Date** | **December 31, 2025** | **December 31, 2024** |
| CrewLine Buyer, Inc. (New Relic) | 11/8/2030 | $995744 | $995744 |
| CP Iris Holdco I, Inc | 10/27/2032 | 324100 | N/A |
| Disco Parent, Inc. (Duck Creek Technologies) | 3/30/2029 | N/A | 232723 |
| DNAnexus, Inc | 12/18/2029 | 16793184 | 16793184 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | 1635795 | 1858858 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | 281657 | 890768 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | 743543 | 743543 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | N/A | 2044744 |
| Deepl Se (Germany) | 6/26/2030 | 14783278 | N/A |
| Deepl Se (Germany) | 6/26/2030 | 4166336 | N/A |
| Dragos, Inc. | 6/30/2030 | 19924142 | N/A |
| Dragos, Inc. | 6/30/2030 | 7315247 | N/A |
| EBS Parent Holdings Inc. (The Difference Card) | 7/1/2032 | 3641447 | N/A |
| EBS Parent Holdings Inc. (The Difference Card) | 7/1/2032 | 1213816 | N/A |
| Emburse Inc. | 5/28/2032 | 4651654 | N/A |
| Emburse Inc. | 5/28/2032 | 4651654 | N/A |
| Express Wash Acquisition Company, LLC (Whistle) | 4/10/2031 | 1274611 | N/A |
| e-Discovery AcquireCo, LLC (Reveal) | 8/23/2029 | 672678 | 1441453 |
| EdgeCo Buyer, Inc. | 6/1/2028 | 585680 | 585680 |
| EdgeCo Buyer, Inc. | 6/1/2028 | 917566 | 5856804 |
| FirstUp, Inc | 7/13/2027 | 908548 | N/A |
| Flexport Capital, LLC | 6/30/2029 | 19360567 | N/A |
| Focus Financial Partners, LLC | 9/10/2031 | N/A | 238727 |
| Fusion Holding Corp. (Finalsite) | 9/15/2027 | 167010 | 371133 |
| Fusion Risk Management, Inc. | 5/22/2029 | 335574 | 457601 |
| G-3 Apollo Acquisition Corp (Appriss Retail) | 3/10/2031 | 2870057 | N/A |
| G-3 Apollo Acquisition Corp (Appriss Retail) | 3/10/2031 | 2583051 | N/A |
| GC Champion Acquisition LLC (Numerix) | 8/19/2028 | 3682906 | 3682906 |
| GC Waves Holdings, Inc. (Mercer) | 8/10/2029 | 831419 | 831419 |
| Grant Thornton Advisors LLC | 6/2/2031 | N/A | 34936 |
| GTY Technology Holdings Inc. | 7/9/2029 | 1056080 | 264374 |
| GTY Technology Holdings Inc. | 7/9/2029 | N/A | 770655 |
| GC Waves Holdings, Inc. (Mercer) | 10/4/2030 | 28606431 | N/A |
| Griffon Bidco Inc. (Layerzero) | 7/31/2031 | 4597405 | N/A |
| Griffon Bidco Inc. (Layerzero) | 7/31/2031 | 4597405 | N/A |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**5. Commitments and Contingencies (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Unfunded Balances (Continued)** | **Unfunded Balances (Continued)** |
| **Issuer** | **Maturity Date** | **December 31, 2025** | **December 31, 2024** |
| Higginbotham Insurance Agency, Inc. | 11/25/2026 | N/A | $917024 |
| Higginbotham Insurance Agency, Inc. | 9/30/2026 | 12000000 | N/A |
| Higginbotham Insurance Agency, Inc. | 12/10/2027 | 345585 | N/A |
| Honey Intermediate, Inc. (iLobby) (Canada) | 9/26/2030 | 1872401 | 1872401 |
| HSI Halo Acquisitions, Inc. | 6/28/2031 | 551868 | 912423 |
| HSI Halo Acquisitions, Inc. | 6/28/2031 | 735825 | 735825 |
| Huckabee Acquisition, LLC (MOREgroup) | 1/16/2030 | 1020417 | 1020417 |
| Huckabee Acquisition, LLC (MOREgroup) | 1/16/2030 | 612250 | 612250 |
| Hyphen Solutions, LLC | 8/6/2032 | 6417610 | N/A |
| Hyphen Solutions, LLC | 8/6/2032 | 3850566 | N/A |
| Hobbs & Associates, LLC | 7/23/2031 | 414167 | N/A |
| Integrity Marketing Acquisition, LLC | 8/26/2033 | 2709613 | 7686777 |
| Integrity Marketing Acquisition, LLC | 8/25/2028 | 4184623 | 4319357 |
| Intercept Bidco, Inc. | 6/3/2030 | 2591349 | 2591349 |
| Intercept Bidco, Inc. | 6/3/2030 | 1727566 | 1727566 |
| IVXS UK Limited (ComplyAdvantage) (United Kingdom) | 5/19/2029 | 3155511 | N/A |
| IvyRehab Intermediate II, LLC | 4/23/2029 | 21548457 | N/A |
| IvyRehab Intermediate II, LLC | 4/23/2029 | N/A | 8703024 |
| JF Acquisition, LLC (JF Petroleum) | 6/18/2030 | 6723169 | N/A |
| JF Acquisition, LLC (JF Petroleum) | 6/18/2030 | 4158661 | N/A |
| Lighthouse Parent Holdings, Inc (Aperture) | 12/20/2031 | 1700161 | 2713024 |
| Lighthouse Parent Holdings, Inc (Aperture) | 12/20/2031 | 1085209 | 1085209 |
| LJ Avalon Holdings, LLC (Ardurra) | 2/1/2030 | N/A | 2299429 |
| LJ Avalon Holdings, LLC (Ardurra) | 2/1/2030 | 1594443 | N/A |
| LJ Avalon Holdings, LLC (Ardurra) | 2/1/2029 | 689596 | 123067 |
| Logicmonitor, Inc | 11/19/2031 | 1856512 | 1856512 |
| Logicmonitor, Inc | 10/7/2032 | 10888019 | N/A |
| Lucky US BuyerCo, LLC (Global Payments) | 3/30/2029 | 37679 | 163820 |
| Madison Logic Holdings, Inc. | 12/30/2027 | 85805 | 85805 |
| MRO Parent Corporation | 6/9/2032 | 3022672 | N/A |
| MRO Parent Corporation | 6/9/2032 | 3022672 | N/A |
| MH Sub I, LLC (Micro Holding Corp.) | 12/11/2031 | N/A | 262398 |
| Modigent, LLC (Pueblo) | 8/23/2027 | 1021491 | 161736 |
| Modigent, LLC (Pueblo) | 8/23/2028 | N/A | 5353117 |
| Mpulse Mobile Inc. | 8/26/2032 | 3821067 | N/A |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**5. Commitments and Contingencies (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Unfunded Balances (Continued)** | **Unfunded Balances (Continued)** |
| **Issuer** | **Maturity Date** | **December 31, 2025** | **December 31, 2024** |
| Mpulse Mobile Inc. | 8/26/2032 | $5731601 | N/A |
| Kaman Corporation | 2/26/2032 | 494807 | N/A |
| Kid Distro Holdings, LLC | 10/1/2029 | 1546384 | 585700 |
| Oranje Holdco, Inc. (KnowBe4) | 2/1/2029 | N/A | 180686 |
| Oak Funding LLC | 12/2/2032 | 1706111 | N/A |
| Payroc, LLC | 11/1/2027 | 166509 | 166509 |
| PlayPower, Inc | 8/28/2030 | N/A | 2070380 |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | 11/1/2028 | N/A | 1545484 |
| PMA Parent Holdings, LLC | 1/31/2031 | 5032725 | 1270184 |
| Pye-Barker Fire & Safety LLC | 12/10/2032 | 126750 | N/A |
| Palmdale Oil Company, LLC | 12/12/2031 | 228988 | N/A |
| Palmdale Oil Company, LLC | 12/12/2031 | 763292 | N/A |
| Pyramid Analytics BV (Netherlands) | 5/14/2029 | 309850 | N/A |
| Raven Acquisition Holdings LLC (R1 RCM) | 11/19/2031 | 136326 | 105659 |
| Rialto Management Group, LLC | 12/5/2030 | N/A | 395598 |
| RBS Buyer Inc. | 7/31/2031 | 3406439 | N/A |
| RBS Buyer Inc. | 7/31/2031 | 5677398 | N/A |
| Secretariat Advisors LLC | 2/24/2032 | 885777 | N/A |
| Signia Aerospace LLC | 11/21/2031 | N/A | 115688 |
| Serrano Parent, LLC (Sumo Logic) | 5/12/2030 | 409922 | 409922 |
| Skydio, Inc | 12/4/2029 | 3750000 | 3750000 |
| Skydio, Inc | 12/4/2029 | N/A | 3750000 |
| Spark Buyer, LLC (Sparkstone) | 10/15/2031 | 4701603 | 4701603 |
| Spark Buyer, LLC (Sparkstone) | 10/15/2031 | 1551529 | 2350802 |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | 1/24/2028 | 360555 | 548308 |
| Streamland Media Midco LLC | 3/31/2029 | 57174 | N/A |
| Stonebridge Companies, LLC | 5/16/2031 | 1792747 | N/A |
| Stonebridge Companies, LLC | 5/16/2030 | 1195165 | N/A |
| SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) | 4/25/2031 | N/A | 3200000 |
| Syndigo, LLC | 9/2/2032 | 4207530 | N/A |
| Signia Aerospace, LLC | 11/21/2031 | 119638 | N/A |
| Shackleton Bidco Inc. (Payworks) (Canada) | 11/5/2032 | 3826279 | N/A |
| Shackleton Bidco Inc. (Payworks) (Canada) | 11/5/2032 | 15305116 | N/A |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**5. Commitments and Contingencies (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Unfunded Balances (Continued)** | **Unfunded Balances (Continued)** |
| **Issuer** | **Maturity Date** | **December 31, 2025** | **December 31, 2024** |
| Thunder Purchaser, Inc. (Vector Solutions) | 6/30/2028 | $342194 | $1368776 |
| Titan Home Improvement, LLC (Renuity) | 5/31/2030 | 1810099 | 1810099 |
| Titan Home Improvement, LLC (Renuity) | 5/31/2030 | 1508416 | 1508416 |
| Trintech, Inc. | 7/25/2029 | 516842 | 516842 |
| Vensure Employer Services, Inc. | 9/19/2031 | 250355 | 2754691 |
| Vortex Companies, LLC | 9/4/2029 | 4658247 | N/A |
| Vortex Companies, LLC | 9/4/2029 | N/A | 7634803 |
| Vortex Companies, LLC | 9/4/2029 | 1061989 | 1713916 |
| Wealth Enhancement Group, LLC | 10/2/2028 | 3896494 | 6568140 |
| Wealth Enhancement Group, LLC | 10/4/2028 | N/A | 1031615 |
| Wealth Enhancement Group, LLC | 10/4/2028 | 1318338 | 1318338 |
| Wealth Enhancement Group, LLC | 10/2/2028 | 7609295 | N/A |
| Wharf Street Rating Acquisition, LLC (KBRA) | 9/16/2032 | 3937508 | N/A |
| Wharf Street Rating Acquisition, LLC (KBRA) | 9/16/2032 | 3937508 | N/A |
| Zendesk Inc. | 11/22/2028 | N/A | 251563 |
| Zendesk Inc. | 11/22/2028 | N/A | 610938 |
| **Total Unfunded Balances** |  | $402336961 | $156978706 |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**6. Other Related Party Transactions**

The Investment Adviser paid all of the Fund's organizational and offering expenses on the Fund's behalf. During the Reimbursement Period, the Fund agreed to reimburse the Investment Adviser for any and all Expense Support Agreement Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund's annual Operating Expenses did not exceed 1.25% of the value of the Fund's net assets, calculated monthly based on month-end net assets. The Reimbursement Period expired on March 18, 2025. From inception of the Fund through the expiration of the Reimbursement Period, the Fund reimbursed the Investment Adviser for $0.8 million related to organizational and offering expenses of the Fund pursuant to the Expense Support Agreement.

From time to time, the Investment Adviser advances payments to third parties on behalf of the Fund and receives reimbursement from the Fund under the Expense Support and Conditional Reimbursement Agreement. At December 31, 2025 and December 31, 2024, amounts reimbursable to the Investment Adviser under the Expense Support and Conditional Reimbursement Agreement totaled $0.1 million and $1.1 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities. The Investment Adviser may also elect to pay certain expenses on the Fund's behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. For the year ended December 31, 2025, the Fund received $10.8 million in expense support from the Investment Adviser. There was no expense support received for the years ended December 31, 2024 and 2023.

The Fund has entered into an administration agreement (the "Administration Agreement") with the Administrator. Pursuant to the Administration Agreement, the Administrator will perform (or oversee, or arrange for, the performance by third parties of) the administrative services necessary for the operation of the Fund, including but not limited to, determining and publishing the Fund's net asset value ("NAV"), overseeing the preparation and filing of the Fund's tax returns, and the printing and dissemination of reports to shareholders of the Fund, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. The Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities thereunder, including payments to the Administrator in an amount equal to the Fund's allocable portion of overhead and other expenses incurred by the Administrator or its affiliate in performing its obligations and services under the Administration Agreement, such as rent, license fees and other costs associated with computer software utilized in providing such obligations and services and the Fund's allocable portion of the cost of personnel attributable to performing such obligations and services, including, but not limited to, marketing, legal and other services performed by the Administrator for the Fund. The Administrator will also, on behalf of the Fund, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other shareholders servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, shareholders and such other persons in any such other capacity deemed to be necessary or desirable. For the years ended December 31, 2025, 2024 and 2023, the Fund incurred $1.5 million and $1.1 million and $1.3 million respectively, for such administrative service expenses.

**7. Stockholders' Equity and Dividends**

The Fund is offering on a continuous basis up to $5,000,000,000 of the Fund's common shares of beneficial interest ("Common Shares"). The Fund is offering to sell any combination of three classes of Common Shares, Class D shares, Class S shares and Institutional 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 Fund's NAV per share, as of the effective date of the monthly share purchase date. The Fund's offering is a "best efforts" offering, which means that BlackRock Investments, LLC, the distributor for the offering, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares of such offering.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**7. Stockholders' Equity and Dividends (Continued)**

The Fund has the authority to issue an unlimited number of Common Shares of any class and an unlimited number of shares of preferred shares, at a par value $0.001 per share. As of December 31, 2025, the Fund had 61,039,850 Institutional shares, 4,782,132 Class S shares, and 93,350 Class D shares issued and outstanding.

The following table summarizes transactions in Common Shares for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** <sup>(1)</sup> | **Year ended December 31,** <sup>(1)</sup> | **Year ended December 31,** <sup>(1)</sup> | **Year ended December 31,** <sup>(1)</sup> |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| ***Institutional Class*** |  |  |  |  |
| Subscriptions | 35326769 | $855541552 | 13602003 | $337869390 |
| Share transfers between classes | 179403 | 4341091 |  |  |
| Distributions reinvested | 2102102 | 51063803 | 1270509 | 31574888 |
| Share Repurchases | (902557) | (21853128) | (146864) | (3643716) |
| **Net Increase (Decrease)** | 36705717 | $889093318 | 14725648 | $365800562 |
| ***Class S*** |  |  |  |  |
| Subscriptions | 3040787 | 73986811 | 1806766 | 44856000 |
| Distributions reinvested | 44165 | 1068261 | 1410 | 35010 |
| Share Repurchases | (110995) | (2664421) |  |  |
| **Net Increase (Decrease)** | 2973957 | $72390651 | 1808176 | $44891010 |
| ***Class D*** |  |  |  |  |
| Subscriptions | 140964 | 3429598 | 127369 | 3155500 |
| Share transfers between classes | (179403) | (4341091) |  |  |
| Distributions reinvested | 4408 | 106430 | 12 | 295 |
| **Net Increase (Decrease)** | (34031) | $(805063) | 127381 | $3155795 |

---

______________________

(1)Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.

We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. 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 our monthly NAV per share for each of the three classes of shares since our inception through December 31, 2025.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**7. Stockholders' Equity and Dividends (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **NAV per Share** | **NAV per Share** | **NAV per Share** |
| **For the Month Ended** | **Institutional Class** | **Class S** | **Class D** |
| June 30, 2022 | $23.49 | N/A | N/A |
| July 31, 2022 | 24.40 | N/A | N/A |
| August 31, 2022 | 24.86 | N/A | N/A |
| September 30, 2022 | 23.74 | N/A | N/A |
| October 31, 2022 | 23.89 | N/A | N/A |
| November 30, 2022 | 23.93 | N/A | N/A |
| December 31, 2022 | 23.69 | N/A | N/A |
| January 31, 2023 | 24.28 | N/A | N/A |
| February 28, 2023 | 24.25 | N/A | N/A |
| March 31, 2023 | 24.23 | N/A | N/A |
| April 30, 2023 | 24.38 | N/A | N/A |
| May 31, 2023 | 24.05 | N/A | N/A |
| June 30, 2023 | 24.49 | N/A | N/A |
| July 31, 2023 | 24.73 | N/A | N/A |
| August 31, 2023 | 24.85 | N/A | N/A |
| September 30, 2023 | 24.99 | N/A | N/A |
| October 31, 2023 | 24.70 | N/A | N/A |
| November 30, 2023 | 24.87 | N/A | N/A |
| December 31, 2023 | 24.85 | N/A | N/A |
| January 31, 2024 | 24.92 | N/A | N/A |
| February 29, 2024 | 24.93 | N/A | N/A |
| March 31, 2024 | 24.98 | N/A | N/A |
| April 30, 2024 | 24.93 | N/A | N/A |
| May 31, 2024 | 24.95 | N/A | N/A |
| June 30, 2024 | 24.84 | 24.84 | N/A |
| July 31, 2024 | 24.75 | 24.75 | N/A |
| August 31, 2024 | 24.79 | 24.79 | 24.79 |
| September 30, 2024 | 24.77 | 24.77 | 24.77 |
| October 31, 2024 | 24.83 | 24.83 | 24.83 |
| November 30, 2024 | 24.84 | 24.84 | 24.84 |
| December 31, 2024 | 24.79 | 24.79 | 24.79 |
| January 31, 2025 | 24.77 | 24.77 | 24.77 |
| February 28, 2025 | 24.64 | 24.64 | 24.64 |
| March 31, 2025 | 24.42 | 24.42 | 24.42 |
| April 30, 2025 | 24.11 | 24.11 | 24.11 |
| May 31, 2025 | 24.27 | 24.27 | 24.27 |
| June 30, 2025 | 24.24 | 24.24 | 24.24 |
| July 31, 2025 | 24.22 | 24.22 | 24.22 |
| August 31, 2025 | 24.20 | 24.20 | 24.20 |
| September 30, 2025 | 24.07 | 24.07 | 24.07 |
| October 31, 2025 | 23.99 | 23.99 | 23.99 |
| November 30, 2025 | 23.98 | 23.98 | 23.98 |
| December 31, 2025 | 23.95 | 23.95 | 23.95 |

---

Dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering net investment income available for distribution to shareholders, at the discretion of our Board of Trustees.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**7. Stockholders' Equity and Dividends (Continued)**

*Institutional Class*

The following tables summarize the Fund's dividends declared for the Institutional Class shares for the years ended December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Amount Per Share** | **Total Amount** |
| January 26, 2024 | January 30, 2024 | February 27, 2024 | Regular | $0.2300 | $2348876 |
| February 23, 2024 | February 28, 2024 | March 27, 2024 | Regular | 0.2300 | 2471608 |
| March 26, 2024 | March 28, 2024 | April 26, 2024 | Regular | 0.2300 | 2572189 |
| April 24, 2024 | April 29, 2024 | May 29, 2024 | Regular | 0.2300 | 2817179 |
| May 24, 2024 | May 30, 2024 | June 26, 2024 | Regular | 0.2300 | 2983344 |
| June 26, 2024 | June 27, 2024 | July 29, 2024 | Regular | 0.2300 | 3183325 |
| July 26, 2024 | July 30, 2024 | August 28, 2024 | Regular | 0.2300 | 3812774 |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | 0.2300 | 4370691 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 4658792 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 4925216 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 5342972 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 5596850 |
|  |  |  |  | $2.7600 | $45083816 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $5923347 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 6249265 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 6588559 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 7190565 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 7422523 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 7802691 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 9024581 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 8822622 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 9423839 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 10429938 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 11205904 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 11957706 |
|  |  |  |  | $2.5940 | $102041540 |

---

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**7. Stockholders' Equity and Dividends (Continued)**

*Class S Shares*

The following table summarizes the Fund's dividends declared for the Class S shares for the years ended December 31, 2025 and 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** <sup>(1)</sup> | **Record Date** | **Payment Date** | **Type** | **Gross Amount<br>Per Share** | **Amount Per Share Net of Shareholder Servicing<br> and/or Distribution Fees** | **Gross<br>Amount** | **Net<br> Amount** |
| June 26, 2024 | June 27, 2024 | July 29, 2024 | Regular | $0.2300 | $0.2100 | $68922 | $63626 |
| July 26, 2024 | July 30, 2024 | August 28, 2024 | Regular | 0.2300 | 0.2100 | 142491 | 131591 |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | 0.2300 | 0.2100 | 201157 | 185825 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 0.2100 | 255347 | 235807 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 0.2100 | 320062 | 295709 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 0.2100 | 377573 | 348681 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 0.2100 | 415880 | 384088 |
| . |  |  |  | $1.6100 | $1.4700 | $1781432 | $1645327 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $0.2124 | $472537 | $436377 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 0.2125 | 527138 | 487029 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 0.2125 | 599042 | 553463 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 0.2127 | 683484 | 632083 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 0.2129 | 731457 | 677139 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 0.2128 | 783555 | 724982 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 0.2128 | 847411 | 784161 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 0.1808 | 783407 | 715516 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 0.1805 | 836967 | 764370 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 0.1796 | 864300 | 789349 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 0.1789 | 910079 | 831135 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 0.1789 | 936819 | 855583 |
|  |  |  |  | $2.5940 | $2.3873 | $8976196 | $8251187 |

---

_____________________________________________

(1)Class S commenced operations on June 1, 2024.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**7. Stockholders' Equity and Dividends (Continued)**

*Class D Shares*

The following table summarizes the Fund's dividends declared for the Class D shares for the years ended December 31, 2025 and 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** <sup>(1)</sup> | **Record Date** | **Payment Date** | **Type** | **Gross Amount<br>Per Share** | **Amount Per Share Net of Shareholder Servicing<br> and/or Distribution Fees** | **Gross<br>Amount** | **Net<br> Amount** |
| August 23, 2024 | August 29, 2024 | September 26, 2024 | Regular | $0.2300 | $0.2248 | $28 | $27 |
| September 25, 2024 | September 27, 2024 | October 29, 2024 | Regular | 0.2300 | 0.2248 | 51 | 50 |
| October 24, 2024 | October 30, 2024 | November 27, 2024 | Regular | 0.2300 | 0.2200 | 27906 | 27275 |
| November 25, 2024 | November 27, 2024 | December 27, 2024 | Regular | 0.2300 | 0.2200 | 29249 | 28588 |
| December 20, 2024 | December 30, 2024 | January 29, 2025 | Regular | 0.2300 | 0.2200 | 29297 | 28638 |
| . |  |  |  | $1.1500 | $1.0996 | $86531 | $84578 |
| January 24, 2025 | January 30, 2025 | February 26, 2025 | Regular | $0.2300 | $0.2248 | $30170 | $29488 |
| February 25, 2025 | February 27, 2025 | March 27, 2025 | Regular | 0.2300 | 0.2248 | 32328 | 31597 |
| March 24, 2025 | March 28, 2025 | April 28, 2025 | Regular | 0.2300 | 0.2249 | 34059 | 33304 |
| April 24, 2025 | April 29, 2025 | May 28, 2025 | Regular | 0.2300 | 0.2249 | 37499 | 36670 |
| May 23, 2025 | May 29, 2025 | June 26, 2025 | Regular | 0.2300 | 0.2250 | 37558 | 36737 |
| June 26, 2025 | June 27, 2025 | July 29, 2025 | Regular | 0.2300 | 0.2249 | 46315 | 45297 |
| July 25, 2025 | July 30, 2025 | August 27, 2025 | Regular | 0.2300 | 0.2250 | 24559 | 23409 |
| August 22, 2025 | August 28, 2025 | September 26, 2025 | Regular | 0.1980 | 0.1930 | 24447 | 23762 |
| September 26, 2025 | September 29, 2025 | October 29, 2025 | Regular | 0.1976 | 0.1926 | 22624 | 21940 |
| October 24, 2025 | October 30, 2025 | November 26, 2025 | Regular | 0.1966 | 0.1916 | 22433 | 21861 |
| November 26, 2025 | November 28, 2025 | December 29, 2025 | Regular | 0.1959 | 0.1909 | 18547 | 18073 |
| December 23, 2025 | December 30, 2025 | January 28, 2026 | Regular | 0.1959 | 0.1909 | 18287 | 17821 |
|  |  |  |  | $2.5940 | $2.5332 | $348827 | $339959 |

---

_____________________________________________

(1)Class D commenced operations on August 1, 2024.

*Character of Distributions*

The Fund may fund its cash distributions to shareholders from any source of funds available to the Fund, 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 Investment Adviser, which is subject to recoupment.

Through October 31, 2024, all of the Fund's distributions resulted from net investment income. From November 1, 2024 through July 31, 2025, certain of the Fund's distributions were from sources other than net investment income. Through December 31, 2025, a portion of the Fund's distributions resulted and future distributions may result from expense support from the Investment Adviser, which is subject to repayment by the Fund within three years from the date of payment. Any such distribution may not be based solely on the Fund's investment performance, and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Investment Adviser continues to provide expense support. The Fund's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund 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, may include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a GAAP basis that the Fund has declared on its common shares:

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**7. Stockholders' Equity and Dividends (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** <sup>(1)</sup> | **For the Year Ended December 31, 2025** <sup>(1)</sup> | **For the Year Ended December 31, 2025** <sup>(1)</sup> | **For the Year Ended December 31, 2025** <sup>(1)</sup> | **For the Year Ended December 31, 2025** <sup>(1)</sup> | **For the Year Ended December 31, 2025** <sup>(1)</sup> |
|  | **Institutional Class** | **Institutional Class** | **Class S** | **Class S** | **Class D** | **Class D** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $2.22 | $90252681 | $2.01 | $7158550 | $2.15 | $282743 |
| Net realized gains | 0.38 | 11788859 | 0.38 | 1092637 | 0.38 | 57216 |
| **Total** | $2.59 | $102041540 | $2.39 | $8251187 | $2.53 | $339959 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** <sup>(1)</sup> | **For the Year Ended December 31, 2024** <sup>(1)</sup> | **For the Year Ended December 31, 2024** <sup>(1)</sup> | **For the Year Ended December 31, 2024** <sup>(1)</sup> | **For the Year Ended December 31, 2024** <sup>(1)</sup> | **For the Year Ended December 31, 2024** <sup>(1)</sup> |
|  | **Institutional Class** | **Institutional Class** | **Class S** | **Class S** | **Class D** | **Class D** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $2.71 | $44015387 | $1.42 | $1568515 | $1.05 | $78816 |
| Net realized gains | 0.05 | 1068429 | 0.05 | 76812 | 0.05 | 5762 |
| **Total** | $2.76 | $45083816 | $1.47 | $1645327 | $1.10 | $84578 |

---

______________________________________

(1)Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.

**8. Share Repurchase Program**

At the discretion of the Fund's Board of Trustees, the Fund is conducting a share repurchase program in which the Fund is repurchasing, in

each quarter, up to 5% of the Fund's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous

calendar quarter. The Fund does not intend to conduct a share repurchase offer during any calendar quarter for which our liquid assets plus available and undrawn leverage are less than 25% of our net assets as of the date of the most recent publicly available NAV prior to the commencement of such calendar quarter. In addition, our Board of Trustees may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934 and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Fund's share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund expects to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last business 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 is measured as of the subscription closing date immediately following the valuation date of the applicable tender offer. The Early Repurchase Deduction may be waived at the Fund's or Distributor's discretion (a) in the case of repurchase requests arising from the death, divorce or qualified disability of the holder, (b) due to trade or operational error, or (c) for repurchase requests with respect to shares held in accounts of asset allocation programs, such as model portfolio management programs (and similar arrangements). The Early Repurchase Deduction will be waived in the event that a shareholder's shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance. In addition, the Fund's Common Shares are sold to certain feeder vehicles primarily created to hold the Fund's Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Fund may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. The Fund commenced its initial quarterly repurchase offer on April 28, 2023.

The following table presents information with respect to the Fund's repurchases for the years ended December 31, 2025 and 2024 :

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2025 | February 28, 2025 | 139189 | 0.5% | $24.42 | March 31, 2025 | $3398946 |  |
| April 30, 2025 | May 28, 2025 | 265506 | 0.7% | $24.24 | June 30, 2025 | $6434733 |  |
| July 31, 2025 | August 27, 2025 | 552561 | 1.1% | $24.07 | September 30, 2025 | $13290207 |  |
| October 31, 2025 | November 28, 2025 | 1215939 | 1.8% | $23.95 | December 31, 2025 | $29116490 |  |

---

(1)Percentage is based on total shares as of the close of the previous calendar quarter.

(2)Net of Early Repurchase Deduction (if any).

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**8. Share Repurchase Program (Continued)**

(3)All repurchase requests were satisfied in full.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Offer Commencement Date** | **Repurchase request deadline** | **Number of Shares Repurchased <br>(All Classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased<br>(All Classes)**<sup>(2)</sup> | **Maximum number of shares that may yet be repurchased**<sup>(3)</sup> |
| January 31, 2024 | February 29, 2024 | 23540 | 0.2% | $24.98 | March 31, 2024 | $588036 |  |
| April 30, 2024 | May 31, 2024 | 11023 | 0.1% | $24.84 | June 30, 2024 | $273818 |  |
| July 31, 2024 | August 30, 2024 | 112301 | 0.5% | $24.77 | September 30, 2024 | $2781862 |  |
| October 31, 2024 | November 29, 2024 | 56295 | 0.2% | $24.79 | December 31, 2024 | $1393661 |  |

---

______________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Net of Early Repurchase Deduction (if any).

(3) All repurchase requests were satisfied in full.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**9. Financial Highlights**

The following are the financial highlights for the years ended December 31, 2025, 2024 and 2023. No Class S shares were outstanding between January 1, 2024 and May 31, 2024. No Class D shares were outstanding between January 1, 2024 and July 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** <sup>(1)</sup> | **2024** <sup>(1)</sup> | **2024** <sup>(1)</sup> | **2023** |
|  | **Institutional Class** | **Class S** | **Class D** | **Institutional Class** | **Class S** | **Class D** | **Institutional Class** |
| ***Per Common Share*** |  |  |  |  |  |  |  |
| Per share NAV at beginning of period | $24.79 | $24.79 | $24.79 | $24.85 | $24.95 | $24.75 | $23.69 |
| Investment operations: <sup>(2)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income before excise taxes | 2.22 | 2.01 | 2.15 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise taxes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.22 | 2.01 | 2.15 | 2.60 | 1.35 | 0.99 | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.46) | (0.46) | (0.46) | 0.10 | (0.04) | 0.15 | 0.85 |
| Total from investment operations | 1.76 | 1.55 | 1.69 | 2.70 | 1.31 | 1.14 | 4.03 |
| Dividends to common shareholders | (2.60) | (2.39) | (2.53) | (2.76) | (1.47) | (1.10) | (2.87) |
| Per share NAV at end of period | $23.95 | $23.95 | $23.95 | $24.79 | $24.79 | $24.79 | $24.85 |
| Total return based on net asset value: <sup>(3)</sup> | 7.10% | 6.25% | 6.82% | 10.87% | 5.25% | 4.61% | 17.01% |
| Shares outstanding at end of period | 61039850 | 4782132 | 93350 | 24334133 | 1808175 | 127381 | 9608484 |
| Ratios to average net asset value: <sup>(4)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(5)</sup> | 9.58% | 8.73% | 8.79% | 10.66% | 9.86% | 10.38% | 13.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses before incentive fee <sup>(6)</sup> | 5.16% | 6.19% | 5.96% | 5.89% | 5.84% | 5.24% | 6.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses and incentive fee <sup>(7)(8)(9)</sup> | 6.31% | 7.36% | 7.07% | 7.54% | 6.79% | 5.91% | 6.70% |
| Ending net asset value | $1461960470 | $114536454 | $2235823 | $603211729 | $44822335 | $3157610 | $238804026 |
| Weighted-average number of common shares | 40231661 | 3524337 | 132688 | 16353680 | 1107732 | 75396 | 7055915 |
| ***Fund-level Supplemental Data*** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 24.53% |  |  | 22.89% |  |  | 23.13% |
| Weighted-average debt outstanding | $637922451 |  |  | $201243169 |  |  | $110172603 |
| Weighted-average interest rate on debt | 6.25% |  |  | 7.15% |  |  | 7.01% |
| Weighted-average debt per share | $9.68 |  |  | $7.66 |  |  | $11.47 |

---

------

(1)Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.

(2)Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.

(3)Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.

(4)Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses.

(5)Net of incentive fees and excise taxes.

(6)Includes interest and other debt costs but excludes excise taxes.

(7)Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes.

(8)For the year ended December 31, 2025, amounts are annualized except for organizational costs, management fee and income based incentive fee waivers by the Investment Adviser. For the year ended December 31, 2025, the ratio of total operating expenses to average net assets was 7.50%, 8.49%, and 7.75% on Institutional Class, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and income based incentive fee waivers by the Investment Adviser which represented 1.19%, 1.13% and 0.68% on Institutional Class, Class S and Class D, respectively, of average net assets.

(9)For the year ended December 31, 2023, the ratio of total operating expenses to average was 9.86% on Institutional Class, on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Investment Adviser which represented 3.18% on Institutional Class of average net assets.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**10. Senior Securities** 

Information about the Fund's senior securities is shown in the following table for each of the years ended December 31, 2025, 2024, 2023 and the period from March 18, 2022 (Inception) to December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Year** | **Total Amount<br>Outstanding**<sup>(1)</sup> | **Asset<br>Coverage<br>Per Unit**<sup>(2)</sup> | **Involuntary<br>Liquidating<br>Preference<br>Per Unit**<sup>(3)</sup> | **Average<br>Market<br>Value Per<br>Unit**<sup>(4)</sup> |
| **Credit Facility** |  |  |  |  |
| Fiscal year 2025 | $260000000 | $4657 |  | N/A |
| Fiscal year 2024 | 320000000 | 3229 |  | N/A |
| Fiscal year 2023 | 156000000 | 2510 |  | N/A |
| Fiscal year 2022 | 95000000 | 2225 |  | N/A |
| **Revolving Credit Facility** |  |  |  |  |
| Fiscal year 2025 | $50970583 | $4657 |  | N/A |
| Fiscal year 2024 |  | 3229 |  | N/A |
| **SG Revolving Credit Facility** |  |  |  |  |
| Fiscal year 2025 | $200000000 | $4657 |  | N/A |
| **Tranche A Notes** |  |  |  |  |
| Fiscal year 2025 | $70000000 | $2859 |  | N/A |
| Fiscal year 2024 | 70000000 | 2656 |  | N/A |
| **Tranche B Notes** |  |  |  |  |
| Fiscal year 2025 | $55000000 | $2859 |  | N/A |
| **Promissory Notes** |  |  |  |  |
| Fiscal year 2025 | $110000 | $2859 |  | N/A |
| **2025A Tranche B Notes** |  |  |  |  |
| Fiscal year 2025 | $150000000 | $2859 |  | N/A |
| **2025A Tranche A Notes** |  |  |  |  |
| Fiscal year 2025 | $50000000 | $2859 |  | N/A |

---

------

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)The Fund's senior securities are not registered for public trading.

------

**BlackRock Private Credit Fund**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**11. Subsequent Events**

On January 2, 2026, the Fund accepted $33.2 million of additional subscriptions, to purchase $30.0 million of additional Institutional shares, $3.1 million of additional Class S shares and $0.1 million of additional Class D shares, par value $0.001 per share. On January 21, 2026, the number of shares being purchased was fixed when the purchase price of $23.95 per Institutional, Class S shares and Class D shares were determined by the Fund. As a result, the Fund issued 1.3 million Institutional shares, 0.1 million Class S shares and 0.0 million Class D shares and received $33.2 million in proceeds.

On January 26, 2026, the Fund declared a regular distribution as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Distribution** | **Shareholder Servicing and/or Distribution Fee** | **Net Distribution** |
| Institutional Shares | $0.1956 | $— | $0.1956 |
| Class S Shares | 0.1956 | 0.0170 | 0.1786 |
| Class D Shares | 0.1956 | 0.0050 | 0.1906 |

---

The distribution was paid on February 25, 2026 to shareholders of record at the close of business on January 29, 2026. The distribution was paid in cash or reinvested in Fund shares for shareholders participating in the Fund's distribution reinvestment plan.

On February 2, 2026, the Fund accepted $48.4 million of additional subscriptions, to purchase $45.1 million of additional Institutional shares, $3.3 million of additional Class S shares and $0.0 million of additional Class D shares, par value $0.001 per share. On February 20, 2026, the number of shares being purchased was fixed when the purchase price of $23.90 per Institutional, Class S shares and Class D shares were determined by the Fund. As a result, the Fund issued 1.9 million Institutional shares, 0.1 million Class S shares and 0.0 million Class D shares and received $48.4 million in proceeds.

On February 24, 2026, the Fund declared a regular distribution as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Distribution** | **Shareholder Servicing and/or Distribution Fee** | **Net Distribution** |
| Institutional Shares | $0.1951 | $— | $0.1951 |
| Class S Shares | 0.1951 | 0.0169 | 0.1782 |
| Class D Shares | 0.1951 | 0.0050 | 0.1901 |

---

The distribution will be payable to shareholders of record at the close of business on February 26, 2026 and will be paid on March 27, 2026. The distribution will be paid in cash or reinvested in Fund shares for shareholders participating in the Fund's distribution reinvestment plan.

**12. Segment Reporting**

The Fund's chief executive officer and chief financial officer act as the Fund's chief operating decision maker ("CODM"). The CODM is responsible for assessing performance, allocating resources and making operating decisions of the Fund on a consolidated basis based on the net increase (decrease) in net assets resulting from operations ("net income") of the Fund. The CODM has concluded that the Fund operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Fund's shareholders. As the Fund's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Restricted Securities of Unaffiliated Issuers**

**December 31, 2025**

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| New Insight Holdings, Inc. (Dynata), Common Shares | 7/15/2024 |
| 48forty Intermediate Holdings, Inc., Common Shares | 11/5/2024 |
| Streamland Media Holdings LLC, Common Units | 3/31/2025 |

---

------

**BlackRock Private Credit Fund**

**Consolidated Schedule of Restricted Securities of Unaffiliated Issuers**

**December 31, 2024**

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| New Insight Holdings, Inc. (Dynata), Common Shares | 7/15/2024 |
| 48forty Intermediate Holdings, Inc., Common Shares | 11/5/2024 |

---

------

**Item 9. Changes in Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

As of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

**Item 9B. Other Information**

**Section 13(r) Disclosure**

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Malaysia Airport Holdings Berhad in March 2025, in which certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not Applicable.

------

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

The information required by this item is contained in the Registrant's definitive Proxy Statement for its 2026 Annual Shareholders Meeting to be filed with the Securities and Exchange Commission within 120 days after December 31, 2025 and is incorporated herein by reference.

**Item 11. Executive Compensation**

The information required by this item is contained in the Registrant's definitive Proxy Statement for its 2026 Annual Shareholders Meeting to be filed with the Securities and Exchange Commission within 120 days after December 31, 2025 and is incorporated herein by reference.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information required by this item is contained in the Registrant's definitive Proxy Statement for its 2026 Annual Shareholders Meeting to be filed with the Securities and Exchange Commission within 120 days after December 31, 2025 and is incorporated herein by reference.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

The information required by this item is contained in the Registrant's definitive Proxy Statement for its 2026 Annual Shareholders Meeting to be filed with the Securities and Exchange Commission within 120 days after December 31, 2025 and is incorporated herein by reference.

**Item 14. Principal Accountant Fees and Services**

The information required by this item is contained in the Registrant's definitive Proxy Statement for its 2026 Annual Shareholders Meeting to be filed with the Securities and Exchange Commission within 120 days after December 31, 2025 and is incorporated herein by reference.

------

**Item 15. Exhibits and Financial Statement Schedules**

*a. Documents Filed as Part of this Report*

The following reports and financial statements are set forth in Item 8:

---

| | |
|:---|:---|
|  | Page |
| [<u>Report of Independent Registered Public Accounting Firm (PCAOB ID 34)</u>](#registered_public_accounting_firm) | 111 |
| [<u>Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024</u>](#statement_assets_liabilities_) | 112 |
| [<u>Consolidated Statements of Operations for the year ended December 31, 2025, 2024 and 2023</u>](#statement_operations) | 114 |
| [<u>Consolidated Statements of Changes in Net Assets for the year ended December 31, 2025, 2024 and 2023</u>](#statement_changes_in_net_assets_unaudite) | 115 |
| [<u>Consolidated Statements of Cash Flows for the year ended December 31, 2025, 2024 and 2023</u>](#statement_cash_flows_unaudited) | 116 |
| [<u>Consolidated Schedule of Investments as of December 31, 2025 and December 31, 2024</u>](#schedule_of_investments) | 117 |
| [<u>Notes to Financial Statements</u>](#footnotes) | 144 |

---

------

*b. Exhibits*

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

---

| | |
|:---|:---|
| **Number** | **Description** |
| 3.1 | [Certificate of Trust of the Registrant<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122000827/ny20001864x1_ex99a1.htm) |
| 3.2 | [Fourth Amended and Restated Agreement and Declaration of Trust of the Registrant<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122014609/ny20003827x1_exa-2.htm) |
| 3.3 | [Amendment No.1 to the Fourth Amended and Restated Agreement and Declaration of Trust of the Registrant<sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122020115/ny20003827x2_exa-3.htm) |
| 3.4 | [Second Amended and Restated Bylaws of the Registrant<sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122031388/ny20005089x1_exa4.htm) |
| 3.5 | [Amendment No. 1 to the Second Amended and Restated Bylaws of the Registrant<sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122039554/brhc10043549_ex3-1.htm) |
| 10.1 | [Amended and Restated Advisory Agreement<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122031388/ny20005089x1_exg1.htm) |
| 10.2 | [Second Amended and Restated Advisory Agreement<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036124010286/ny20022652x3_ex10-1.htm) |
| 10.3 | [Amended and Restated Sub-Advisory Agreement<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122031550/ny20005089x2_424b3.htm#tAAA) |
| 10.4 | [Distribution Agreement<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122031550/ny20005089x2_424b3.htm#tDIST) |
| 10.5 | [Form of Broker-Dealer Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122014609/ny20003827x1_exh-2.htm) |
| 10.6 | [Distribution and Shareholder Servicing Plan of Registrant<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122031388/ny20005089x1_exh3.htm) |
| 10.7 | [Amended and Restated Distribution and Shareholder Servicing Plan of Registrant<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036124010286/ny20022652x3_ex10-2.htm) |
| 10.8 | [Custodian Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122014609/ny20003827x1_exj.htm) |
| 10.9 | [Administration Agreement<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122031388/ny20005089x1_exk1.htm) |
| 10.10 | [<u>Amended and Restated Administration Agreement</u><sup>(2)</sup>](ck0001902649-ex10_10.htm) |
| 10.11 | [Transfer Agency Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122014609/ny20003827x1_exk-2.htm) |
| 10.12 | [<u>Amended and Restated Multi-Class Plan\*</u>](ck0001902649-ex10_12.htm) |
| 10.13 | [Second Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement by and between the<br>Registrant and Adviser<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000113322823003228/brpcf-html6417_ex99k4.htm) |
| 10.14 | [Expense Support and Conditional Reimbursement Agreement, dated August 26, 2025, by and between the Registrant and Adviser<sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000113322825008950/bpcf-efp17426_ex99101.htm) |
| 10.15 | [Credit and Security Agreement, dated June 3, 2022, among BlackRock Private Credit Fund Leverage I, LLC, PNC Bank, National Association, as Facility Agent, State Street Bank and Trust Company, as Collateral Agent and Custodian, and the lenders from time to time parties thereto<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036122022512/brhc10038593_ex10-1.htm) |
| 10.16 | [Amendment No. 1 to Credit and Security Agreement among BlackRock Private Credit Fund Leverage I, LLC and PNC Bank, National Association as revolving lender, term lender, facility agent and calculation agent<sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036123043494/brhc20058672_ex10-1.htm) |
| 10.17 | [Amendment No. 2 to Credit and Security Agreement among BlackRock Private Credit Fund Leverage I, LLC and PNC<br>Bank, National Association as revolving lender, term lender, facility agent and calculation agent<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036123058432/ef20016879_ex10-1.htm) |
| 10.18 | [Senior Secured Credit Agreement among BlackRock Private Credit Fund, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks parties thereto<sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036124022113/ef20027685_ex10-1.htm) |
| 10.19 | [First Amendment to Senior Secured Credit Agreement, dated as of August 7, 2025, between BlackRock Private Credit Fund, as borrower, the lenders and issuing banks party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, and collateral agent<sup>(21)\*\*</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000095017025106036/ck0001902649-ex10_4.htm) |
| 10.20 | [Joinder Agreement, dated as of November 4, 2024, by and among BlackRock Private Credit Fund, Sumitomo Mitsui Banking Corporation, as administrative agent and issuing bank, and BNP Paribas and Morgan Stanley Bank, N.A., as the assuming lenders<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000113322824010165/bpcf-efp11489_ex101.htm) |
| 10.21 | [Joinder Agreement, dated as of December 5, 2025, by and among BlackRock Private Credit Fund, Sumitomo Mitsui Banking Corporation, as administrative agent and issuing bank, and BNP Paribas, Morgan Stanley Bank, N.A., and State Street Bank and Trust Company as the assuming lenders<sup>(18)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036125045142/ef20060992_ex10-1.htm) |
| 10.22 | [First Amended and Restated Credit and Security Agreement, dated as of November 27, 2024, by and among BlackRock Private Credit Fund Leverage I, LLC, PNC Bank, National Association as facility agent, State Street Bank and Trust Company as collateral agent and custodian and the lenders party from time to time <sup>(12</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000113322824010715/bpcf-efp12349_ex101.htm)<sup>)</sup> |

---

------

---

| | |
|:---|:---|
| 10.23 | [Amendment No. 1 to the First Amended and Restated Credit and Security Agreement by and among BlackRock Private Credit Fund Leverage I, LLC, PNC Bank, National Association, as facility agent, State Street Bank and Trust Company as collateral agent and custodian and the lenders party thereto from time to time<sup>(19)\*\*</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000095017025067060/ck0001902649-ex10_1.htm) |
| 10.24 | [Amendment No. 2 to First Amended and Restated Credit and Security Agreement, dated as of December 12, 2025, by and among BlackRock Private Credit Fund Leverage I, LLC as borrower, PNC Bank, National Association as facility agent and lender, and State Street Bank and Trust Company as collateral agent and custodian<sup>(20)\*\*</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036125046029/ef20061525_ex10-1.htm) |
| 10.25 | [Master Note Purchase Agreement, dated as of November 18, 2024, by and among BlackRock Private Credit Fund and the purchasers party thereto<sup>(13)</sup>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001902649/000113322824010715/bpcf-efp12349_8k.htm) |
| 10.26 | [First Supplement to Master Note Purchase Agreement, dated October 8, 2025, by and among BlackRock Private Credit Fund and the additional purchasers party thereto<sup>(13)\*\*</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000113322825010724/bpcf-efp18278_ex99101.htm) |
| 10.27 | [Loan Agreement, dated as of May 28, 2025, by and among BlackRock Private Credit Fund Leverage II, LLC, as borrower, Société Generale, as administrative agent, BlackRock Private Credit Fund, as collateral manager, the lenders party thereto and the investors party thereto<sup>(14)\*\*</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036125021346/ef200https://www.sec.gov/Archives/edgar/data/1902649/000114036125021346/ef20050014_ex10-1.htm50014_ex10-1.htm) |
| 10.28 | [Warehouse Collateral Management Agreement, dated as of May 28, 2025, between BlackRock Private Credit Fund Leverage II, LLC as borrower and BlackRock Private Credit Fund as collateral manager<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036125021346/ef20050014_ex10-2.htm) |
| 10.29 | [Master Participation Agreement, dated as of May 28, 2025, between BlackRock Private Credit Fund Leverage I, LLC, as seller, and BlackRock Private Credit Fund Leverage II, LLC, as buyer<sup>(14)\*\*</sup>](https://www.sec.gov/Archives/edgar/data/1902649/000114036125021346/ef20050014_ex10-3.htm) |
| 19.1 | [<u>Insider Trading Policy\*</u>](ck0001902649-ex19_1.htm) |
| 31.1 | [<u>Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\*</u>](ck0001902649-ex31_1.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\*</u>](ck0001902649-ex31_2.htm) |
| 32.1 | [<u>Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)\*</u>](ck0001902649-ex32_1.htm) |
| 99.1 | [<u>Disclosure Pursuant to Section 13(r) of the Exchange Act\*</u>](ck0001902649-ex99_1.htm) |
| 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 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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\* Filed herewith.

\*\* Exhibits and schedules to certain exhibits have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.

(1)Previously filed as an exhibit to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File No. 333-262035) filed on April 14, 2022 and incorporated herein by reference.

(2)Previously filed with the Registrant's Form 10-K dated as of February 28, 2025 and incorporated herein by reference.

(3)Previously filed as an exhibit to Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File No. 333-262035) filed on August 30, 2022 and incorporated herein by reference.

(4)Previously filed with the Registrant's Form 8-K dated as of November 2, 2022 and incorporated herein by reference.

(5)Previously filed with the Registrant's Form 8-K dated as of June 10, 2022 and incorporated herein by reference.

(6)Previously filed with the Registrant's Form 8-K dated as of September 11, 2023 and incorporated herein by reference.

(7)Previously filed with the Registrant's Form 8-K dated as of December 19, 2023 and incorporated herein by reference.

(8)Previously filed with the Registrant's Form 8-K dated as of February 27, 2024 and incorporated herein by reference.

(9)Previously filed as an exhibit to Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File No. 333-262035) filed on April 28, 2023 and incorporated herein by reference.

(10)Previously filed with the Registrant's Form 8-K dated as of April 25, 2024 and incorporated herein by reference.

(11)Previously filed with the Registrant's Form 8-K dated as of November 8, 2024 and incorporated herein by reference.

(12)Previously filed with the Registrant's Form 8-K dated as of November 29, 2024 and incorporated herein by reference.

(13)Previously filed with the Registrant's Form 8-K dated as of October 8, 2025 and incorporated herein by reference.

(14)Previously filed with the Registrant's Form 8-K dated as of June 3, 2025 and incorporated herein by reference.

(15)Previously filed with the Registrant's Form 8-K dated as of August 2, 2024 and incorporated herein by reference.

(16)Previously filed with the Registrant's Form 8-K dated as of August 1, 2025 and incorporated herein by reference.

(17)Previously filed with the Registrant's Form 8-K dated as of August 26, 2025 and incorporated herein by reference.

(18)Previously filed with the Registrant's Form 8-K dated as of December 10, 2025 and incorporated herein by reference.

(19)Previously filed with the Registrant's Form 10-Q dated as of May 8, 2025 and incorporated herein by reference.

------

(20)Previously filed with the Registrant's Form 8-K dated as of December 18, 2025 and incorporated herein by reference.

(21)Previously filed with the Registrant's Form 10-Q dated as of August 8, 2025 and incorporated herein by reference.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

**BlackRock Private Credit Fund**

---

| | | |
|:---|:---|:---|
| Date: March 2, 2026 | By: | /s/ Eric J. Draut |
|  | Name: | Eric J. Draut |
|  | Title: | Trustee |
| Date: March 2, 2026 | By: | /s/ Andrea Petro |
|  | Name: | Andrea Petro |
|  | Title: | Trustee |
| Date: March 2, 2026 | By: | /s/ Maureen Usifer |
|  | Name: | Maureen Usifer |
|  | Title: | Trustee |
| Date: March 2, 2026 | By: | /s/ John Perlowski |
|  | Name: | John Perlowski |
|  | Title: | Trustee |
| Date: March 2, 2026 | By: | /s/ Philip Tseng |
|  | Name: | Philip Tseng |
|  | Title: | Trustee and Chief Executive Officer<br>(Principal Executive Officer) |
| Date: March 2, 2026 | By: | /s/ Erik L. Cuellar |
|  | Name: | Erik L. Cuellar |
|  | Title: | Chief Financial Officer and Treasurer<br>(Principal Financial Officer and Accounting Officer) |

---

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## Exhibit 10.10

**Exhibit 10.10**

**AMENDED AND RESTATED ADMINISTRATION AGREEMENT**

AGREEMENT (this "<u>Agreement</u>") made as of February 25, 2025, by and between BlackRock Private Credit Fund, a Delaware statutory trust (hereinafter referred to as the "<u>Fund</u>"), and BlackRock Financial Management, Inc., a Delaware corporation (hereinafter referred to as the "<u>Administrator</u>").

**W I T N E S S E T H:**

WHEREAS, the Fund has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (hereinafter referred to as the "<u>1940 Act</u>");

WHEREAS, the Fund desires to retain the Administrator to provide administrative services to the Fund in the manner and on the terms hereinafter set forth;

WHEREAS, the Administrator is willing to provide administrative services to the Fund on the terms and conditions hereafter set forth;

WHEREAS, the Fund and the Administrator entered into an Administration Agreement dated as of May 31, 2022;

WHEREAS, in connection with the registration of the Shares of the Fund in certain states, certain state securities regulators have requested modifications to the Administration Agreement; and

WHEREAS, the Fund and the Administrator desire to amend and restate in its entirety the Administration Agreement;

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Fund and the Administrator hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. Duties of the Administrator*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. Employment of Administrator.* The Fund hereby employs the Administrator to act as administrator of the Fund, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Fund, for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses as provided for below. The Administrator and any such other persons providing services arranged for by the Administrator shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed agents of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. Services.* The Administrator shall perform (or oversee, or arrange for, the performance by third parties of) the administrative services necessary for the operation of the Fund. Without limiting the generality of the foregoing, the Administrator shall provide the Fund with office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as the Administrator, subject to review by the Board of Trustees of the Fund, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Fund, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder

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servicing agents, sub-administrators, accounting agents, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, stockholders and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Fund's Board of Trustees of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be desirable; *provided* that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator, provide any advice or recommendation relating to the securities and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund. The Administrator shall be responsible for the financial and other records that the Fund is required to maintain and shall prepare all reports and other materials required by any agreement or to be filed with the Securities and Exchange Commission (the "<u>SEC</u>") or any other regulatory authority, including reports on Forms 8-K, 10-Q and periodic reports to stockholders, determining the amounts available for distribution as dividends and distributions to be paid by the Fund to its shareholders, review and implementation of any share purchase programs authorized by the Board and maintaining or overseeing the maintenance of the books and records of the Fund as required under the 1940 Act and maintaining (or overseeing maintenance by other persons) such other books and records required by law or for the proper operation of the Fund. In addition, the Administrator will assist the Fund in determining and publishing the Fund's net asset value, overseeing the preparation and filing of the Fund's tax returns, and the printing and dissemination of reports to stockholders of the Fund, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. Records.* The Administrator agrees to maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the Administrator hereunder and, if required by any applicable statutes, rules and regulations, including without limitation, the 1940 Act, will maintain and keep such books, accounts and records in accordance with such statutes, rules and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. The Administrator may engage one or more third parties to perform all or a portion of the foregoing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Confidentiality.* The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information of natural persons pursuant to Regulation S-P of the SEC, shall be used by the other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4. Compensation; Allocation of Costs and Expenses*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. Compensation.* In full consideration of the provision of the services of the Administrator, the Fund shall reimburse the Administrator for the costs and expenses incurred by the Administrator

------

in performing its obligations and providing personnel and facilities hereunder, including payments under this Agreement to the Administrator in an amount equal to the Fund's allocable portion of overhead and other expenses incurred by the Administrator or its affiliate in performing its obligations and services under this Agreement, such as rent, license fees and other costs associated with computer software utilized in providing such obligations and services and the Fund's allocable portion of the cost of personnel attributable to performing such obligations and services, including, but not limited to, marketing, legal and other services performed by the Administrator for the Fund. For the avoidance of doubt, the Fund will bear its allocable portion of the costs of the compensation, benefits, and related administrative expenses (including travel expenses) of the Fund's officers who provide operational and administrative services hereunder, their respective staffs and other professionals who provide services to the Fund (including, in each case, employees of the Administrator or its affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other "back office" or "middle office" financial or operational services to the Fund. Additionally, the Fund shall bear all of the costs and expenses of any sub-administration agreements that the Administrator enters into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. Fund Operating Costs*. The Fund will generally be responsible for all operating expenses of the Fund, and shall pay, and shall reimburse the Administrator and its affiliates for, all fees, costs, expenses, liabilities and obligations of the Fund relating or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Fund's business, affairs and operations, including any private placement fees, sales commissions, appraisal fees, taxes, brokerage fees and commissions, underwriting commissions and discounts, expenses related to short sales, indemnification obligations, legal, accounting, research, auditing, information, appraisal, advisory, valuation (including third-party valuations, appraisals or pricing services), consulting (including consulting and retaining fees and other compensation paid to consultants performing investment initiatives and other similar consultants), tax, investment banking, information services, title, transfer, registration, loan agency services (including any third party service providers related to the foregoing) and other professional fees, expenses of filings and registrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.activities with respect to the structuring, organizing, negotiating, consummating, financing, refinancing, acquiring, bidding on, owning, managing, monitoring, operating, holding, hedging, restructuring, trading, taking public or private, selling, valuing, winding up, liquidating, or otherwise disposing of, as applicable, of actual and potential investments (including any associated legal, financing, commitment, transaction or other fees and expenses payable to attorneys, accountants, investment bankers, lenders, third-party diligence software and service providers, consultants and similar professionals in connection therewith and any fees and expenses related to transactions that may have been offered to co-investors), whether or not any contemplated transaction or project is consummated and whether or not such activities are successful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.investment transactions that are not consummated, including break-up fees and other "broken deal" costs, and legal, accounting, investment banking, consulting, information services and other professional fees related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.compensation of the independent trustees of the Fund and reimbursement of reasonable travel and out of pocket expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.the preparation of audits, financial and tax reports, portfolio valuations and tax returns of the Fund, including fees and out-of-pocket expenses of any service company retained to provide accounting and bookkeeping services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.all ongoing legal and compliance costs of the Fund (including any costs associated with complying with any tax reporting regime) and the costs of prosecuting or defending any legal action for or against the Fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.all extraordinary professional fees incurred in connection with the business or management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.all indemnification, contribution and similar obligations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix.indebtedness of, or guarantees made by, the Fund (including any credit facility, letter of credit or similar credit support), including interest with respect thereto, or seeking to put in place any such indebtedness or guarantee, and principal and interest on, and fees and expenses arising out of, all permitted borrowings (including any credit facility, letter of credit or similar credit support) made by the Fund and costs and expenses incurred in connection with seeking to put in place such borrowings (including, but not limited to, financing, commitment, origination and similar fees and expenses) and costs of reporting to the Fund's creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x.any hedging transactions (including currency hedging and other types of hedging), including in respect of the Fund and/or its investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi.any litigation, indemnification, judgments, settlements, director and officer liability or other insurance, including reasonable premiums for insurance protecting the Fund, any of its affiliates and any of its employees and agents, and all other extraordinary expenses or liabilities of the Fund (including fees, costs and expenses that are classified as extraordinary expenses under U.S. GAAP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii.all administrative costs and expenses of the Fund, including the fees of, and reasonable out of pocket expenses incurred by, any administrator and/or any other agent appointed by the Fund properly incurred by them, including any fees and expenses of custodians, transfer and distribution agents and sub-administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii.reporting to the Fund's shareholders, conducting shareholder meetings and the solicitation of Shareholder consents, proxy expenses and expenses of communications to investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv.any governmental and regulatory filings and reporting requirements and other tax or regulatory requirements in respect of the Fund (including costs related to regulatory compliance and government filings) and costs of responding to regulatory inquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv.all expenses of dissolving and winding up the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi.any taxes, fees or other governmental charges levied against the Fund and all expenses incurred in connection with any tax audit, investigation, settlement or review of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvii.any supplements or amendments to or restatements of, and waivers, consents or approvals pursuant to, the constituent documents of the Fund and any related entities, including the preparation, distribution and implementation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xviii.distributions or dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix.all ongoing legal, regulatory, listing, share trustee and compliance costs, including the costs of any third-party consultants (including any costs associated with the implementation of and/or compliance with any change of law or regulation applicable to the Fund) of the Fund, including third-party consultants engaged by the Fund or the Administrator in connection with the Fund's regulatory or compliance reporting or the Administrator's regulatory or compliance reporting arising from the operation of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xx.agreements (including letter agreements) entered into with any investor or potential investor, and modifications and amendments to, and compliance with, such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxi.printing and mailing, communications, marketing and publicity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxii.expenses relating to transfers of interests (although the Fund may require the transferor of (or the party withdrawing) Interests to pay the expenses relating to the transfer);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiii.the Fund's allocable share of all costs and expenses (including taxes) related to entities in which the Fund holds an interest that are established to hold investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiv.travel, lodging, meals or entertainment expenses relating to any of the foregoing, provided that any applicable travel expenses incurred as organizational or operating expenses shall not be charged to or borne by the Fund at a cost exceeding the cost of available first-class commercial airfare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxv.any additional amounts in order for the Fund to comply with any transfer pricing requirements, to the extent required by applicable law, in each case to the extent any such additional amounts are calculated on an arm's-length basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxvi.any VAT payable in respect of any of the foregoing expenses, fees or costs.

On behalf of the Fund, the Administrator may advance payment of any such fees and expenses of the Fund, and the Fund shall reimburse the Administrator therefor within 30 days following written request from the Administrator. Nothing in this Section 4 shall limit the ability of the Administrator to be reimbursed by any person (including issuers or obligors of securities, instruments or obligations owned by the Fund) for out-of-pocket expenses incurred by the Administrator in connection with the performance of services hereunder. The Administrator shall maintain complete and accurate records with respect to costs and expenses and shall furnish the Board with receipts or other written vouchers with respect thereto upon request of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.In no event shall the Fund reimburse the Administrator for (a) rent or depreciation, utilities, capital equipment, and other administrative items of the Administrator; and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Administrator. For purposes of this paragraph 4(c), "Controlling Person" shall mean (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable), all persons, whatever their titles, who perform functions for the Administrator similar to those of: (a) chairman or member of the board of directors of the Administrator; (b) executive officers of the Administrator; and (c) those holding ten percent or more equity interest in the Administrator or a person having the power to direct or cause the direction of the Administrator, whether through the ownership of voting securities, by contract, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5. Limitation of Liability of the Administrator; Indemnification.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.*The Administrator, its affiliates and their respective directors, officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them (collectively, the "<u>Indemnified Parties</u>"), shall not be liable to the Fund for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Fund, and the Fund shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Fund. Notwithstanding the preceding sentence of this Paragraph 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith, negligence or misconduct in the performance of the Administrator's

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duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Notwithstanding anything to the contrary herein, the Fund shall not provide for indemnification of an Indemnified Party for any liability or loss suffered by an Indemnified Party, nor shall the Fund provide that any of the Indemnified Parties beheld harmless for any loss or liability suffered by the Fund, unless all of the following conditions are met: (i) the Indemnified Party has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interest of the Fund; (ii) the Indemnified Party was acting on behalf of or performing services for the Fund; (iii) such liability or loss was not the result of negligence or misconduct by the Indemnified Party; and (iv) such indemnification or agreement to hold harmless is recoverable only out of the Fund's net assets and not from the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Notwithstanding anything to the contrary herein, the Fund shall not provide any indemnification of an Indemnified Party pursuant to paragraph (a) above, for any liabilities arising from or out of an alleged violation of federal or state securities laws by such Indemnified Party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnified Party, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified Party or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Fund may pay or reimburse reasonable legal expenses and other costs incurred by the Indemnified Party in advance of final disposition of a proceeding only if all of the following are satisfied: (i) the legal action relates to acts or omissions with respect of the performance of duties or services on behalf of the Fund; (ii) the legal action was initiated by a third party who is not a Fund shareholder, or the legal action was initiated by a Fund shareholder, and a court of competent jurisdiction specifically approves such advancement; and (iii) the Indemnified Party undertake to repay the advanced funds to the Fund, together with the applicable legal rate of interest thereon, in cases in which such Indemnified Party is found not to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6. Activities of the Administrator.* The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each other person providing services as arranged by the Administrator is free to render services to others. It is understood that trustees, officers, employees and stockholders of the Fund are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Fund as officers, trustees, stockholders or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7. Duration and Termination of this Agreement*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.This Agreement shall become effective as of the date hereof, and shall remain in force with respect to the Fund for two years thereafter, and thereafter continue from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board of Trustees of the Fund and (ii) a majority of those members of the Fund's Board of Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.This Agreement may be terminated at any time, without the payment of any penalty, by the Fund by vote of the Fund's Board of Trustees, upon not less than 60 days' written notice to the

------

Administrator (which notice may be waived by the Administrator) or by the Administrator, upon not less than 120 days' written notice to the Fund (which notice may be waived by the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8. Amendments of this Agreement.* This Agreement may not be amended or modified except by an instrument in writing signed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9. Assignment.* This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign (as such term is defined in the 1940 Act and the regulations thereunder), delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party's rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10. Governing Law.* This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the 1940 Act, if any. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, if any, the latter shall control. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*11. No Waiver.* The failure of either party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed in writing by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*12. Severability.* If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*13. Headings.* The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*14. Counterparts.* This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*15. Notices.* All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at their respective principal executive office addresses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*16. Entire Agreement.* This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter.

*[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]* 

------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

BLACKROCK PRIVATE CREDIT FUND

<u>/s/ Erik Cuellar</u> <br> By: Erik Cuellar<br>Title: Chief Financial Officer

BLACKROCK FINANCIAL MANAGEMENT, INC.<br>

<u>/s/ Laurence D. Paredes</u> <br> By: Laurence D. Paredes<br>Title: Managing Director

------

## Exhibit 10.12

**BLACKROCK PRIVATE CREDIT FUND**

**(the "Fund")**

**AMENDED AND RESTATED**

**PLAN PURSUANT TO RULE 18f-3 FOR THE OPERATION OF**

**<u>A MULTI-CLASS DISTRIBUTION SYSTEM</u>**

**February 24, 2026**

**I.** **<u>INTRODUCTION</u>**

The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act"). On June 28, 2022, the U.S. Securities and Exchange Commission (the "Commission") granted exemptive relief (the "Exemptive Relief") to BlackRock Capital Investment Advisors, LLC (the "Adviser") and BlackRock Private Credit Fund permitting the issuance by BlackRock Private Credit Fund and any other Fund (as defined in the application pertaining to the Exemptive Relief) of multiple classes of shares with sales loads and/or asset-based distribution and/or service fees and contingent deferred sales loads ("CDSCs").<sup>1</sup> The Fund may rely on the Exemptive Relief to offer multiple classes of its common shares of beneficial interest in accordance with Rule 18f-3 of the 1940 Act. Although not otherwise subject to Rule 18f-3 under the 1940 Act, as a condition to reliance on the Exemptive Relief, the Fund must comply with the provisions of Rule 18f-3 as if they applied to the Fund (the "Order").

Rule 18f-3 requires an investment company to file with the Commission a written plan specifying all of the differences among the classes, including the various services offered to shareholders, the different distribution arrangements for each class, the methods for allocating expenses relating to those differences and any conversion features or exchange privileges. The Board of Trustees of the Fund approved this Amended and Restated Plan Pursuant to Rule 18f-3 for the Operation of a Multi-Class Distribution System, effective February 24, 2026, in connection with the Fund's operation of a multi-class distribution system in compliance with Rule 18f-3.

**II.** **<u>ATTRIBUTES OF CLASSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Generally</u>

The Fund currently offers three classes of common shares designated as the Institutional Shares, the Class D Shares and the Class S Shares. The Fund may in the future register other classes of common shares.

In general, shares of each class shall be identical except for different expense variables (which will result in different yields or total returns for each class), certain related rights and certain shareholder services. More particularly, Institutional Shares, Class D Shares and Class S Shares of the Fund (along with any other classes of common shares of the Fund that may be registered in

------

<sup>1</sup> SEC Release No. IC-34639 (June 28, 2022).

------

the future) shall represent equal pro rata interests in the assets of the Fund, and shall be identical in all respects, except for: (a) the impact of (i) distribution and shareholder servicing expenses under the Fund's Distribution and Servicing Plan assessed to each particular share class; (ii) transfer agency and certain administration expenses assessed from time to time to particular share classes; and (iii) any other expenses identified from time to time that should be properly allocated to each particular share class so long as any changes in expense allocations are reviewed and approved by a vote of the Board of Trustees, including a majority of the non-interested trustees; (b) the fact that each class shall vote separately on any matter submitted to shareholders that pertains to (i) the Fund's Distribution and Servicing Plan applicable to such class and (ii) the class expenses borne by such class; (c) the exchange privileges and/or conversion features of each class of shares; (d) the sales charge(s) applicable to certain classes of shares; (e) the designation of each class of shares; and (f) the different shareholder services relating to each class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Sales Charges; Distribution Arrangements; Other Expenses</u>

**Institutional Shares**

Institutional Shares shall be available from the distributor for purchase by institutional investors, individuals and others meeting certain minimum investment and other requirements described in the Fund's prospectus. Institutional Shares shall also be available for purchase through financial intermediaries that have entered into an agreement with the Fund's distributor to offer such shares on a platform that charges a transaction-based sales commission outside of the Fund. Institutional Shares shall not be subject to a sales charge or a separate fee payable pursuant to any distribution plan or shareholder servicing plan. The Fund's distributor and/or its affiliates (collectively, "BlackRock") and other parties may each make payments without limitation as to amount in connection with distribution or sales support activities relating to Institutional Shares out of its profits or any sources which are available to it.

**Class D Shares**

Class D Shares shall be available for purchase through securities brokers, dealers or financial institutions or through the Fund's transfer agent, subject to restrictions described in the Fund's prospectus.

Class D Shares shall not be subject to a sales charge. Class D Shares shall bear the expense of distribution and shareholder servicing fees described in the Fund's prospectus, if any.

Distribution fees shall be payable to BlackRock primarily: (i) to compensate the distributor for distribution and sales support services and to reimburse the distributor for related expenses, including payments to brokers, dealers, other financial institutions or other industry professionals (collectively, "Selling Agents") for sales support services; and (ii) to compensate BlackRock for sales support services and to reimburse BlackRock for related expenses, including payments to Selling Agents for sales support services. The Fund's distributor, BlackRock and other parties may each make payments, without limitation as to amount, in connection with distribution or sales support activities relating to Class D Shares, out of its profits or any additional sources (other than distribution fees) which are available to it.

Shareholder servicing fees shall be payable to brokers, dealers, other financial institutions or other industry professionals (including BlackRock) for general shareholder liaison services.

------

**Class S Shares**

Class S Shares shall be available for purchase through securities brokers, dealers or financial institutions or through the Fund's transfer agent, subject to restrictions described in the Fund's prospectus.

Class S Shares shall not be subject to a sales charge. Class S Shares shall bear the expense of distribution and shareholder servicing fees described in the Fund's prospectus, if any.

Distribution fees shall be payable to BlackRock primarily: (i) to compensate the distributor for distribution and sales support services and to reimburse the distributor for related expenses, including payments to Selling Agents for sales support services; and (ii) to compensate BlackRock for sales support services and to reimburse BlackRock for related expenses, including payments to Selling Agents for sales support services. The Fund's distributor, BlackRock and other parties may each make payments, without limitation as to amount, in connection with distribution or sales support activities relating to Class S Shares, out of its profits or any additional sources (other than distribution fees) which are available to it.

Shareholder servicing fees shall be payable to brokers, dealers, other financial institutions or other industry professionals (including BlackRock) for general shareholder liaison services.

**Other Class-Specific Expenses**

In addition to the class-specific expenses mentioned above, each class of shares shall bear the transfer agency expenses and class-specific administration expenses payable to the transfer agent and administrators for such share class under agreements approved by the Fund's Board of Trustees from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Methodology for Allocating Expenses Among Classes</u>

Class-specific expenses of the Fund shall be allocated to the specific class of shares of the Fund. Non-class-specific expenses of the Fund shall be allocated in accordance with Rule 18f-3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.<u>Conversions; Exchanges</u>

Consistent with the Order, at the end of the month in which the Fund's distributor 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 any single share held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Fund's distributor or the applicable selling agent), the Fund will cease paying the shareholder servicing and/or distribution fee on all Class S Shares and Class D Shares in such shareholder's account. The Fund may modify this requirement if permitted by applicable exemptive relief. At the end of the month in which such 10% (or lower) limit is met, the applicable Class S Shares and Class D Shares in such shareholder's account will convert into a number of Institutional Shares (including any fractional shares), with an equivalent aggregate net asset value as such Class S Shares and Class D Shares.

Consistent with the Order, any future share of a class that is subject to asset-based service or distribution fees shall convert to a class with no asset-based service or distribution fees upon such share reaching the applicable sales charge cap determined in accordance with FINRA Rule 2310. The sales charge cap shall be calculated on a per share basis, such that underwriting compensation paid with respect to each individual share will not exceed 10% of the offering price of such share.

------

Shares of one class may be exchanged, at the shareholder's option, for shares of another class of the Fund (an "intra-Fund exchange"), if and to the extent an applicable intra-Fund exchange privilege is disclosed in the Fund's prospectus and subject to the terms and conditions (including the imposition or waiver of any sales load, repurchase fee or early withdrawal charge) set forth in the prospectus, provided that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the class into which such shareholder seeks to exchange.

Immediately before any liquidation, dissolution or winding up, each Class S Share or Class D Share will automatically convert into a number of Institutional Shares (including any fractional shares) with an equivalent net asset value as such share.

------

## Exhibit 19.1

![img225824196_0.gif](img225824196_0.gif)

---

| |
|:---|
| &nbsp;&nbsp;**Global Insider Trading Policy** |
| &nbsp;&nbsp;Effective Date: October 7, 2021<br>Last Review Date: October 14, 2025 |

---

# Objective and Scope
This policy governs trading in the securities of BlackRock, Inc. by directors and officers of BlackRock, Inc. (the "directors and officers") and by employees1 (collectively with the directors and officers, "Covered Persons") of BlackRock, Inc. and its wholly-owned subsidiaries (collectively, "BlackRock") and the handling of material, nonpublic information ("MNPI", as further defined below) under applicable securities laws in the U.S. or the equivalent in the other jurisdictions in which BlackRock operates.

Covered Persons play a critical role in maintaining the integrity of BlackRock's reputation and must handle MNPI and proprietary or confidential information properly. BlackRock has adopted a number of policies that deal with the handling of MNPI, including but not limited to a Code of Business Conduct and Ethics that obligates Covered Persons to maintain the confidentiality of information entrusted to them, a policy that establishes controls on the use and sharing of MNPI, and confidentiality and employment policies that obligate Covered Persons to hold information relating to the business of BlackRock in strict confidence.

## Applicable laws and regulations prohibit any behaviors that lead to market abuse. Covered Persons are prohibited by law from buying or selling BlackRock securities or any other company's securities (including, but not limited to, common stock, options to purchase common stock, preferred stock, debt, convertible debentures, and warrants, as well as derivative securities, such as exchange-traded put or call options or swaps) while in possession of MNPI with respect to those securities or companies, whether for their own account, a family 2 member's account, organization or firm account, or for a client's account. In addition, if a Covered Person has MNPI, they are prohibited from "tipping" or disclosing such information to others or donating shares with the expectation of receiving a tax benefit.
BlackRock employees may acquire MNPI through BlackRock's customers, suppliers, affiliates, and companies in which BlackRock, its products, funds, or accounts, may invest. In certain circumstances, it may be necessary to establish an information barrier in order to wall off the employee in possession of MNPI.

# Policy / Document Requirements and Statements
&nbsp;&nbsp;&nbsp;&nbsp;**•** **Material, Nonpublic Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Material Information:** Information is "material" if there is a substantial likelihood that a reasonable person would consider the information important when making an investment decision or the information, if made public, would likely affect the market price of a company's securities. Information may be material to transactions in the securities of more than one company. For example, in some circumstances, the same information may be material to transactions in securities of the company from which the information originated as well as suppliers, customers,

1For purposes of this policy, the term "employee" includes all contingent workers and individual services providers, unless their agreement with BlackRock contains express conditions to the contrary.

2Family members include Family Relationships as further described in the Global Relationships at Work Policy.

Limited

------

or competitors of that company. Material information concerning BlackRock (including information relating to its subsidiaries or affiliates) or other such companies may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sales and earnings results or estimates (or changes thereto, if previously published);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in product offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Significant additions or losses of client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Proposed mergers, acquisitions, divestitures, or joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock repurchase plans and stock splits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Litigation and investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in control or extraordinary management developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Extraordinary borrowings or other liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cybersecurity risks or incidents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other similar items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Nonpublic Information:** Information is considered to be "nonpublic" unless it has been disclosed to the public adequately. Examples of adequate disclosure include public filings with securities regulatory authorities, the issuance of press releases, and may also include meetings that are generally open to members of the press and the public. By contrast, information would likely not be considered public if it is available only to BlackRock employees, or if it is available to a select group of analysts, brokers, and/or investors.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Restriction on Tipping**

*Covered Persons are prohibited from disclosing MNPI to another person even if such person does not purchase or sell securities on the basis of such information, or pass on the information to another person (also known as "tipping").*

Covered Persons may not disclose MNPI to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any person outside of the firm (not employed by BlackRock), unless any such disclosure is made in accordance with BlackRock's policies regarding the protection, and authorized external disclosure, of information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any BlackRock employee unless such employee needs to know the information for a valid business reason. MNPI may not be shared with anyone in a different information barrier group without obtaining prior approval from Legal & Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Trading in BlackRock Securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**No Trading When in Possession of MNPI**: No Covered Person may purchase or sell BlackRock securities when in possession of MNPI regarding BlackRock, even if the transaction has been pre-approved and the trading window is open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Pre-Clearance Required**: All transactions in BlackRock's securities by a Covered Person must be pre-cleared by Legal & Compliance and the transaction must be within the prescribed trading window. This includes purchases, sales, stock option exercises, estate planning transactions and gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees, including officers, must submit a pre-clearance request in the Personal Trading Assistant and receive an approval before undertaking any transactions permitted under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pre-clearance approvals, whether for market orders3 or limit orders4, are valid only on the day the approval is received. The order must be executed on the same day by the closing time of the market on which the security is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees can request exemption from the pre-clearance requirement for trades in a spousal account in which the employee has no investment discretion. Spousal accounts require disclosure, regardless of pre-clearance exemption status, and are subject to periodic monitoring. Employees

&nbsp;&nbsp;&nbsp;&nbsp;•Buy or sell transactions placed at current market price.

&nbsp;&nbsp;&nbsp;&nbsp;•Buy or sell transactions placed at a pre-determined price (detailed within the pre-clearance request.)

Limited

------

may be required to supply a quarterly statement for such accounts. When such requests are made, employees must provide the statements to the Legal & Compliance within 30 days of the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Preclearance Not Required:** Pre-clearance approval is not required to transact in the following

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchases of common stock under an Employee Stock Purchase Plan, vesting of Restricted Share Units, or acquisitions of common stock in connection with director compensation (however, sales of the same must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•529 Plans, Direct Stock Purchase Plans, and any securities purchased pursuant to a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities acquired by an exercise of rights to the holders of a class of securities (however, sales of the same must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock dividend, stock split, or similar corporate distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conversion of employee stock options (however, sales of the same must be pre-cleared); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transfer of securities with no change in beneficial ownership (e.g., transfer from one account in your name to another account in your name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Trading Plan Exception**: Sales of BlackRock securities may be effected for Covered Persons without seeking pre-clearance, regardless of their awareness of MNPI and outside of the prescribed trading windows (see below) solely if the transaction is made under a pre-arranged written trading plan that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In compliance with the requirements of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pre-approved by Legal & Compliance prior to adoption and execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Entered into (or amended) when the Covered Person is not in possession of MNPI and is adopted (or amended) during a prescribed trading window period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Trading Windows**: If not in possession of MNPI, Covered Persons are only permitted to transfer (resulting in change to beneficial ownership), gift, or trade (purchase, sell or exercise employee stock options) in BlackRock securities (upon pre-clearance approval) during trading windows as determined and announced by Legal & Compliance. The opening and closing dates of each trading window are announced by email to all Covered Persons by Legal & Compliance. Typically, the trading window opens at the beginning of the second full day of trading following the public release of BlackRock's quarterly financial information and closes at the end of the second trading day of the last month of the quarter in which such quarterly financial information was released. The trading window may be opened and closed by Legal & Compliance at other times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Prohibition on Hedging and Pledging BlackRock Securities:** A Covered Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Enter into any transactions that have the effect of hedging the economic risks and rewards of BlackRock securities held by such Covered Person, other than pursuant to a contractual right negotiated in connection with a merger or acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hold BlackRock securities in margin accounts or pledge BlackRock securities as collateral for a loan, other than pursuant to a contractual right negotiated in connection with a merger or acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Restrictions on Trading in BlackRock Securities:** In addition, employees may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trade in options or warrants on BlackRock securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engage in day trading of BlackRock securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engage in any short selling of BlackRock securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchase any single-stock futures contracts on BlackRock securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trade in BlackRock securities in managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **BlackRock's Trading in its Own Securities:** It is BlackRock's policy to comply with applicable securities laws concerning trading in BlackRock securities on BlackRock's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Post-Termination Transactions**

Although the pre-clearance procedures specified in this policy will cease to apply to a Covered Person upon the conclusion of their service with BlackRock, the Covered Person will remain subject to applicable securities laws pertaining to trading while in possession of MNPI.

Limited

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&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Other Trading Restrictions**

This policy should be read in conjunction with other BlackRock policies, including the Global Personal Trading Policy which contains other restrictions on trading the securities of other companies for BlackRock employees.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Other Barriers**

BlackRock implements information barriers for a variety of reasons in addition to the prevention of insider trading. Barriers established for another explicit purpose, such as avoidance of potential coordinated trading, will be outlined in those specific policies and/or procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Consequences of Violations**

The penalties for insider trading violations are severe, and could include significant fines and imprisonment. In addition, an employee's failure to comply with this Policy may subject the employee to disciplinary action, including dismissal for cause, whether or not the employee's failure to comply results in a violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Questions**

Please contact Legal & Compliance in your respective region with questions regarding this policy.

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## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer** 

**of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)** 

I, Philip Tseng, certify that:

1. I have reviewed this Annual Report on Form 10-K of BlackRock Private Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 2, 2026 | By: | /s/ Philip Tseng |
|  |  | **Philip Tseng** |
|  |  | **Trustee and Chief Executive Officer**<br>(Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

**of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)**

I, Erik L. Cuellar, certify that:

1. I have reviewed this Annual Report on Form 10-K of BlackRock Private Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 2, 2026 | By: | /s/ Erik L. Cuellar |
|  |  | Erik L. Cuellar |
|  |  | **Chief Financial Officer and Treasurer** <br>**(Principal Financial Officer and Accounting Officer)** |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer and Chief Financial Officer**

**Pursuant to**

**18 U.S.C. Section 1350**

In connection with the Annual Report of Form 10-K of BlackRock Private Credit Fund (the "Fund") for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Philip Tseng, as Chief Executive Officer of the Fund, and Erik L. Cuellar, as Chief Financial Officer of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: March 2, 2026 | By: | /s/ Philip Tseng |
|  |  | Philip Tseng |
|  |  | **Trustee and Chief Executive Officer**<br>(Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: March 2, 2026 | By: | /s/ Erik L. Cuellar |
|  |  | **Erik L. Cuellar** |
|  |  | **Chief Financial Officer and Treasurer**<br>(Principal Financial Officer and Accounting Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to BlackRock Private Credit Fund and will be retained by BlackRock Private Credit Fund and furnished to the Securities and Exchange Commission or its staff upon request.

------

## Exhibit 99.1

**Exhibit 99.1**

**Section 13(r) Disclosure**

*The disclosure reproduced below was initially included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission by BlackRock, Inc. ("BlackRock") with respect to its fiscal year ended December 31, 2025, in accordance with Section 13(r) of the Securities Exchange Act of 1934, as amended, regarding activities at Malaysia Airport Holdings Berhad, in which certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, obtained a minority noncontrolling interest. BlackRock Private Credit Fund did not independently verify or participate in the preparation of the disclosure reproduced below.* 

<u>BlackRock included the following disclosure in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025:</u>

Certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of the Company, obtained a minority noncontrolling interest in Malaysia Airport Holdings Berhad in March 2025. Malaysia Airport Holdings Berhad is the operator of Kuala Lumpur International Airport (KUL) and 38 other airports in Malaysia, as well as Sabiha Gokcen International Airport (SAW) in Istanbul, Turkey.

Malaysia Airport Holdings Berhad provided the below information in connection with activities during the fiscal year ended December 31, 2025. We have not independently verified this information or confirmed whether activities contained therein are subject to the Iran Threat Reduction and Syria Human Rights Act of 2012.

Malaysia Airport Holdings Berhad informed the registrant that in November 2025, Iran Airtour launched flights to one airport that Malaysia Airport Holdings Berhad operates. Malaysia Airport Holdings Berhad does not track profits specifically attributable to these activities.

This disclosure does not relate to any activities conducted directly by the registrant and relates solely to activities conducted by Malaysia Airport Holdings Berhad.

------