# EDGAR Filing Document

**Accession Number:** 0001803498
**File Stem:** 0001803498-25-000081
**Filing Date:** 2025-11
**Character Count:** 1486778
**Document Hash:** 98bcd53543e44a184864671d0e5e773a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001803498-25-000081.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001803498-25-000081

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 136

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01358
- **FILM NUMBER:** 251479207

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

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

?xml version='1.0' encoding='ASCII'? bcred-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________________________________________________________________________________________________________________________________________

**FORM 10-Q**

_____________________________________________________________________________________________________________________________________________________

**(Mark One)**

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

**For the quarterly period ended September 30, 2025**

**OR**

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

**For the transition period from __________ to __________**

**Commission File Number 814-01358**

_____________________________________________________

**Blackstone Private Credit Fund**

**(Exact name of Registrant as specified in its Charter)**

_____________________________________________________

---

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

---

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

**N/A**

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

________________________

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

---

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

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | □ |
| | | Emerging growth company | □ |

---

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

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

The number of shares of Registrant's common shares of beneficial interest ("Common Shares"), $0.01 par value per share, outstanding as of November 10, 2025 was 1,300,258,299, 592,339,511 and 25,668,144 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude November 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **[PART I](#i850d80e9d8b9465d8a5961aae47f0a27_16)** | **[FINANCIAL INFORMATION](#i850d80e9d8b9465d8a5961aae47f0a27_16)** | |
| [Item 1.](#i850d80e9d8b9465d8a5961aae47f0a27_19) | <u>[Financial Statements](#i850d80e9d8b9465d8a5961aae47f0a27_19)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Condensed Consolidated [Statements of Assets and Liabilities as of](#i850d80e9d8b9465d8a5961aae47f0a27_22)September 30, 2025and December 31, 2024 (Unaudited)</u> | [3](#i850d80e9d8b9465d8a5961aae47f0a27_22) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Condensed [Consolidated Statements of Operations for the](#i850d80e9d8b9465d8a5961aae47f0a27_25) three and nine[months ended](#i850d80e9d8b9465d8a5961aae47f0a27_25)September 30, 2025[and](#i850d80e9d8b9465d8a5961aae47f0a27_25)2024[(Unaudited)](#i850d80e9d8b9465d8a5961aae47f0a27_25)</u> | [5](#i850d80e9d8b9465d8a5961aae47f0a27_25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Condensed [Consolidated Statements of Changes in Net Assets for the](#i850d80e9d8b9465d8a5961aae47f0a27_28) three and nine[months ended](#i850d80e9d8b9465d8a5961aae47f0a27_28)September 30, 2025[and](#i850d80e9d8b9465d8a5961aae47f0a27_28)2024[(Unaudited)](#i850d80e9d8b9465d8a5961aae47f0a27_28)</u> | [7](#i850d80e9d8b9465d8a5961aae47f0a27_28) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Condensed [Consolidated Statements of Cash Flows for the](#i850d80e9d8b9465d8a5961aae47f0a27_31)nine[months ended](#i850d80e9d8b9465d8a5961aae47f0a27_31)September 30, 2025[and](#i850d80e9d8b9465d8a5961aae47f0a27_31)2024[(Unaudited)](#i850d80e9d8b9465d8a5961aae47f0a27_31)</u> | [8](#i850d80e9d8b9465d8a5961aae47f0a27_31) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Condensed [Consolidated Schedules of Investments as of](#i850d80e9d8b9465d8a5961aae47f0a27_34)September 30, 2025 and December 31, 2024 (Unaudited)</u>  | [10](#i850d80e9d8b9465d8a5961aae47f0a27_34) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to](#i850d80e9d8b9465d8a5961aae47f0a27_94)Condensed[Consolidated Financial Statements (Unaudited)](#i850d80e9d8b9465d8a5961aae47f0a27_94)</u> | [146](#i850d80e9d8b9465d8a5961aae47f0a27_94) |
| [Item 2.](#i850d80e9d8b9465d8a5961aae47f0a27_481) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i850d80e9d8b9465d8a5961aae47f0a27_481)</u> | [293](#i850d80e9d8b9465d8a5961aae47f0a27_481) |
| [Item 3.](#i850d80e9d8b9465d8a5961aae47f0a27_553) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i850d80e9d8b9465d8a5961aae47f0a27_553)</u> | [310](#i850d80e9d8b9465d8a5961aae47f0a27_553) |
| [Item 4.](#i850d80e9d8b9465d8a5961aae47f0a27_556) | <u>[Controls and Procedures](#i850d80e9d8b9465d8a5961aae47f0a27_556)</u> | [311](#i850d80e9d8b9465d8a5961aae47f0a27_556) |
| **[PART II](#i850d80e9d8b9465d8a5961aae47f0a27_559)** | **[OTHER INFORMATION](#i850d80e9d8b9465d8a5961aae47f0a27_559)** |  |
| [Item 1.](#i850d80e9d8b9465d8a5961aae47f0a27_562) | <u>[Legal Proceedings](#i850d80e9d8b9465d8a5961aae47f0a27_562)</u> | [312](#i850d80e9d8b9465d8a5961aae47f0a27_562) |
| [Item 1A.](#i850d80e9d8b9465d8a5961aae47f0a27_565) | <u>[Risk Factors](#i850d80e9d8b9465d8a5961aae47f0a27_565)</u> | [312](#i850d80e9d8b9465d8a5961aae47f0a27_565) |
| [Item 2.](#i850d80e9d8b9465d8a5961aae47f0a27_568) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i850d80e9d8b9465d8a5961aae47f0a27_568)</u> | [312](#i850d80e9d8b9465d8a5961aae47f0a27_568) |
| [Item 3.](#i850d80e9d8b9465d8a5961aae47f0a27_571) | <u>[Defaults Upon Senior Securities](#i850d80e9d8b9465d8a5961aae47f0a27_571)</u> | [312](#i850d80e9d8b9465d8a5961aae47f0a27_571) |
| [Item 4.](#i850d80e9d8b9465d8a5961aae47f0a27_574) | <u>[Mine Safety Disclosures](#i850d80e9d8b9465d8a5961aae47f0a27_574)</u> | [312](#i850d80e9d8b9465d8a5961aae47f0a27_574) |
| [Item 5.](#i850d80e9d8b9465d8a5961aae47f0a27_577) | <u>[Other Information](#i850d80e9d8b9465d8a5961aae47f0a27_577)</u> | [312](#i850d80e9d8b9465d8a5961aae47f0a27_577) |
| [Item 6](#i850d80e9d8b9465d8a5961aae47f0a27_580). | <u>[Exhibits](#i850d80e9d8b9465d8a5961aae47f0a27_580)</u> | [313](#i850d80e9d8b9465d8a5961aae47f0a27_580) |
| <u>[Signatures](#i850d80e9d8b9465d8a5961aae47f0a27_583)</u> | <u>[Signatures](#i850d80e9d8b9465d8a5961aae47f0a27_583)</u> | <u>[Signatures](#i850d80e9d8b9465d8a5961aae47f0a27_583)</u> |

---

i

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general price and volume fluctuations in the stock market;

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

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

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

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

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled *"Risk Factors"* in Part I, Item 1A of our <u>[Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)</u> as updated by the Company's periodic filings with the United States Securities and Exchange Commission (the **"SEC"**). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**WEBSITE DISCLOSURE**

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Blackstone Private Credit Fund**

**Condensed Consolidated Statements of Assets and Liabilities**

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $73,270,661 and $66,124,775, respectively) | $72926002 | $65689987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments (cost of $704,663 and $558, respectively) | 708337 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments (cost of $3,102,870 and $2,860,338, respectively) | 2896779 | 2728396 |
| Total investments at fair value (cost of $77,078,194 and $68,985,671, respectively) | 76531118 | 68419777 |
| Cash and cash equivalents (restricted cash of $721,131 and $305,900, respectively) | 2162003 | 1650679 |
| Interest receivable from non-controlled/non-affiliated investments | 696283 | 712903 |
| Interest receivable from non-controlled/affiliated investments | 10 |  |
| Interest receivable from controlled/affiliated investments | 69 | 96 |
| Dividend receivable from non-controlled/affiliated investments | 1096 |  |
| Dividend receivable from controlled/affiliated investments | 65714 | 56636 |
| Receivable from broker | 307148 | 253890 |
| Deferred financing costs | 132395 | 132751 |
| Deferred offering costs | 987 | 1524 |
| Receivable for investments | 306969 | 38838 |
| Derivative assets at fair value (Note 6) | 137818 | 16476 |
| **Total assets** | $80341610 | $71283570 |
| **LIABILITIES** |  |  |
| Debt (net of unamortized debt issuance costs of $169,493 and $136,810, respectively) | $31328351 | $30452578 |
| Payable for investments | 178329 | 250150 |
| Management fees payable (Note 3) | 145621 | 120103 |
| Income based incentive fees payable (Note 3) | 160605 | 144724 |
| Capital gains based incentive fees payable (Note 3) |  |  |
| Interest payable | 499731 | 398004 |
| Derivative liabilities at fair value (Note 6) | 34517 | 126281 |
| Due to affiliates | 12948 | 20721 |
| Distribution payable (Note 9) | 408239 | 331762 |
| Payable for share repurchases (Note 9) | 793648 | 531058 |
| Board of Trustees' fees payable | 230 | 224 |
| Accrued expenses and other liabilities | 40261 | 52202 |
| **Total liabilities** | 33602480 | 32427807 |
| Commitments and contingencies (Note 8) |  |  |
| **NET ASSETS** |  |  |
| Common Shares, $0.01 par value (1,872,144,651 and 1,528,574,321 shares issued and outstanding, respectively) | 18721 | 15286 |
| Additional paid in capital | 47646024 | 38958382 |
| Distributable earnings (loss) | (925615) | (117905) |
| **Total net assets** | 46739130 | 38855763 |
| **Total liabilities and net assets** | $80341610 | $71283570 |
| <br>*The accompanying notes are an integral part of these condensed consolidated financial statements.* | <br>*The accompanying notes are an integral part of these condensed consolidated financial statements.* | <br>*The accompanying notes are an integral part of these condensed consolidated financial statements.* |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

---

| | | |
|:---|:---|:---|
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| **Condensed Consolidated Statements of Assets and Liabilities** | **Condensed Consolidated Statements of Assets and Liabilities** | **Condensed Consolidated Statements of Assets and Liabilities** |
| **(in thousands, except share and per share amounts)** | **(in thousands, except share and per share amounts)** | **(in thousands, except share and per share amounts)** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **NET ASSET VALUE PER SHARE** | **September 30, 2025** | **December 31, 2024** |
| **Class I Shares:** | | |
| Net assets | $31594584 | $25661534 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 1265529621 | 1009518371 |
| Net asset value per share | $24.97 | $25.42 |
| **Class S Shares:** |  |  |
| Net assets | $14535807 | $12611626 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 582232548 | 496136844 |
| Net asset value per share | $24.97 | $25.42 |
| **Class D Shares:** |  |  |
| Net assets | $608739 | $582603 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 24382482 | 22919106 |
| Net asset value per share | $24.97 | $25.42 |

---

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Statements of Operations**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $1704842 | $1534454 | $5005324 | $4390085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 119381 | 86045 | 313170 | 273235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 25652 | 442 | 38917 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee income | 1573 | 3528 | 18448 | 9982 |
| From non-controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 184 |  | 296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 782 |  | 918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1096 |  | 1096 | 13 |
| From controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2960 | 846 | 6448 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 3495 | 7634 | 12641 | 8343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 75692 | 64207 | 223642 | 224441 |
| **Total investment income** | 1935657 | 1697156 | 5620900 | 4908913 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 483857 | 452804 | 1441501 | 1349019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees (Note 3) | 145621 | 112634 | 413502 | 312344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees (Note 3) | 160605 | 139413 | 464172 | 398969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains based incentive fees (Note 3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 30903 | 24940 | 88602 | 69675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 394 | 331 | 1189 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2989 | 2780 | 5714 | 9510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fees | 230 | 225 | 708 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service expenses (Note 3) | 3067 | 1408 | 7336 | 5149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 6722 | 3889 | 18707 | 12501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 984 | 1116 | 3162 | 2613 |
| **Total expenses before tax expense** | 835372 | 739540 | 2444593 | 2161343 |
| **Net investment income before tax expense** | 1100285 | 957616 | 3176307 | 2747570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise and other tax expense | 7346 | 6990 | 16894 | 25352 |
| **Net investment income after tax expense** | 1092939 | 950626 | 3159413 | 2722218 |
| **Realized and unrealized gain (loss):** |  |  |  |  |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (243924) | (42971) | (254785) | 158127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | 3167 | (92) | 2839 | (512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments | (20179) | (22621) | (74149) | (124479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments (Note 6) | 67003 | (8485) | 5654 | 9438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | (627) | (7609) | 2421 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (provision) benefit | 4438 |  | (598) |  |
| **Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit** | (190122) | (81778) | (318618) | 45129 |
| *The accompanying notes are an integral part of these condensed consolidated financial statements.* | *The accompanying notes are an integral part of these condensed consolidated financial statements.* | *The accompanying notes are an integral part of these condensed consolidated financial statements.* | *The accompanying notes are an integral part of these condensed consolidated financial statements.* | *The accompanying notes are an integral part of these condensed consolidated financial statements.* |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Statements of Operations**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $(58768) | $(61988) | $(95258) | $(126497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments (Note 6) | (27256) | (14196) | (186118) | (14578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | (9410) | 7941 | 7024 | 11989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extinguishment of debt |  |  | (794) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax expense on realized gains | (2622) |  | (3864) |  |
| **Net realized gain (loss), net of tax expense** | (98056) | (68243) | (279010) | (129086) |
| **Net realized and change in unrealized gain (loss)** | (288178) | (150021) | (597628) | (83957) |
| **Net increase (decrease) in net assets resulting from operations** | $804761 | $800605 | $2561785 | $2638261 |

---

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

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

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income after tax expense | $1092939 | $950626 | $3159413 | $2722218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit | (190122) | (81778) | (318618) | 45129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss), net of tax expense | (98056) | (68243) | (279010) | (129086) |
| Net increase (decrease) in net assets resulting from operations | 804761 | 800605 | 2561785 | 2638261 |
| **Distributions to common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (824877) | (613824) | (2318608) | (1700840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (351104) | (278214) | (1001734) | (778887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | (16147) | (13444) | (49152) | (36237) |
| Net decrease in net assets resulting from distributions | (1192128) | (905482) | (3369494) | (2515964) |
| **Share transactions:** |  |  |  |  |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2334017 | 1817606 | 7197001 | 5618350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | 119101 | 30939 | 203836 | 101404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 376093 | 285248 | 1059933 | 787774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (586281) | (436427) | (1985258) | (1225023) |
| Net increase (decrease) from share transactions | 2242930 | 1697366 | 6475512 | 5282505 |
| **Class S:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 675173 | 733227 | 2233734 | 2402991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | (42708) | (30977) | (118397) | (102323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 180966 | 138243 | 511197 | 380424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (183913) | (107743) | (448668) | (322351) |
| Net increase (decrease) from share transactions | 629518 | 732750 | 2177866 | 2358741 |
| **Class D:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 32323 | 36765 | 150170 | 158603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | (76393) | 38 | (85439) | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 2880 | 2429 | 9447 | 6032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (23459) | (4002) | (36480) | (16941) |
| Net increase (decrease) from share transactions | (64649) | 35230 | 37698 | 148613 |
| Total increase (decrease) in net assets | 2420432 | 2360469 | 7883367 | 7912156 |
| Net assets, beginning of period | 44318698 | 34086124 | 38855763 | 28534437 |
| **Net assets, end of period** | $46739130 | $36446593 | $46739130 | $36446593 |

---

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Statements of Cash Flows**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $2561785 | $2638261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 326095 | (33136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on derivative instruments | (5654) | (9438) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency and other transactions | (2421) | (2555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 95258 | 126497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on derivative instruments |  | 14578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency and other transactions | (7024) | (11989) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change due to hedging activity | (2623) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (338179) | (286773) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium | (201596) | (153853) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 26242 | 29581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 31225 | 24199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 3162 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (16582977) | (16186297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 8934973 | 5730397 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 16637 | (126136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | (10174) | 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker | (53258) | 115904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments | (268131) | (501493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments | (71821) | 31297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 25518 | 25362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees payable | 15881 | 16470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 101727 | 27415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (7773) | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (11935) | 1630 |
| **Net cash provided by (used in) operating activities** | (5425063) | (8522735) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 9382511 | 6135797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (9045062) | (3040077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (27102) | (57698) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (22898) | (4525) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs paid | (2558) | (3317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Shares | 9580905 | 8179944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction paid | (2207689) | (1549969) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid in cash | (1712439) | (1277857) |
| **Net cash provided by (used in) financing activities** | 5945668 | 8382298 |
| **Net increase (decrease) in cash and cash equivalents** | 520605 | (140437) |
| Effect of foreign exchange rate changes on cash and cash equivalents | (9281) | 12 |
| Cash and cash equivalents, beginning of period | 1650679 | 1481770 |
| **Cash and cash equivalents, end of period** | $2162003 | $1341345 |
| *The accompanying notes are an integral part of these condensed consolidated financial statements.* | *The accompanying notes are an integral part of these condensed consolidated financial statements.* | *The accompanying notes are an integral part of these condensed consolidated financial statements.* |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Statements of Cash Flows**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Supplemental information and non-cash activities:** |  |  |
| Interest paid during the period | $1656792 | $1513206 |
| Distribution payable | 408239 | 310553 |
| Reinvestment of dividends during the period | 1580577 | 1174230 |
| Accrued but unpaid deferred financing costs |  | 175 |
| Accrued but unpaid debt issuance costs | 1969 | 1966 |
| Accrued but unpaid offering costs |  | 616 |
| Share repurchases accrued but not yet paid | 793648 | 547722 |
| Excise and other taxes paid | 34890 | 26402 |

---

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** |
| **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (10)(17) | SOFR + | 4.25% | 8.83% | 7/25/2025 | 5/25/2029 | $41188 | $30791 | $23902 | 0.05% |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (10)(17) | SOFR + | 4.25% | 8.83% | 7/25/2025 | 5/25/2029 | 5912 | 4398 | 3431 | 0.01 |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (4)(10)(17) | SOFR + | 4.25% | 8.57% | 7/25/2025 | 5/25/2029 | 35616 | 24962 | 17274 | 0.04 |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (5)(7)(10) | P + | 3.00% | 10.25% | 7/25/2025 | 5/25/2029 | 5679 | 70 | 5355 | 0.01 |
| &nbsp;&nbsp;Corfin Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 9.51% | 1/7/2021 | 12/27/2027 | 32138 | 32115 | 32138 | 0.07 |
| &nbsp;&nbsp;Corfin Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 9.51% | 1/10/2025 | 12/27/2027 | 138336 | 137286 | 138336 | 0.30 |
| &nbsp;&nbsp;Fastener Distribution Holdings, LLC | (4)(10) | SOFR + | 4.75% | 8.75% | 10/31/2024 | 11/4/2031 | 174133 | 172617 | 173262 | 0.37 |
| &nbsp;&nbsp;Fastener Distribution Holdings, LLC | (4)(7)(10) | SOFR + | 4.75% | 8.75% | 10/31/2024 | 11/4/2031 | 26244 | 25833 | 25904 | 0.06 |
| &nbsp;&nbsp;Frontgrade Technologies Holdings, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.19% | 1/9/2023 | 1/9/2030 | 2329 | 2281 | 2314 | 0.00 |
| &nbsp;&nbsp;Frontgrade Technologies Holdings, Inc. | (4)(5)(10) | SOFR + | 5.00% | 9.19% | 3/18/2025 | 1/9/2030 | 353 | 350 | 351 | 0.00 |
| &nbsp;&nbsp;Frontgrade Technologies Holdings, Inc. | (4)(5)(10) | SOFR + | 5.00% | 9.29% | 7/7/2025 | 1/9/2030 | 92 | 92 | 92 | 0.00 |
| &nbsp;&nbsp;Horizon CTS Buyer, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 3/28/2025 | 3/28/2032 | 66638 | 65873 | 66196 | 0.14 |
| &nbsp;&nbsp;Karman Holdings, Inc. | (4)(6)(8) | SOFR + | 3.50% | 7.50% | 4/1/2025 | 4/1/2032 | 24938 | 24706 | 25093 | 0.05 |
| &nbsp;&nbsp;Loar Group, Inc. | (4)(6)(7)(11) | SOFR + | 4.25% | 8.41% | 7/28/2022 | 5/10/2030 | 280968 | 278305 | 280028 | 0.60 |
| &nbsp;&nbsp;Magneto Components BuyCo, LLC | (4)(7)(10) | SOFR + | 6.00% | 10.00% | 12/5/2023 | 12/5/2030 | 54933 | 53783 | 53654 | 0.11 |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 3.75% | 8.01% | 2/1/2021 | 2/1/2028 | 14209 | 14224 | 12020 | 0.03 |
| &nbsp;&nbsp;TransDigm, Inc. | (6)(8) | SOFR + | 2.50% | 6.50% | 11/28/2023 | 2/28/2031 | 8890 | 8913 | 8896 | 0.02 |
| &nbsp;&nbsp;TransDigm, Inc. | (6)(8) | SOFR + | 2.50% | 6.50% | 8/22/2025 | 8/19/2032 | 3000 | 3004 | 3000 | 0.01 |
| &nbsp;&nbsp;Vertex Aerospace Services Corp. | (6)(10) | SOFR + | 2.25% | 6.41% | 12/6/2021 | 12/6/2030 | 11585 | 11551 | 11588 | 0.02 |
| &nbsp;&nbsp;West Star Aviation Acquisition, LLC | (4)(10) | SOFR + | 4.50% | 8.66% | 5/20/2025 | 5/20/2032 | 154423 | 153325 | 154037 | 0.33 |
| &nbsp;&nbsp;West Star Aviation Acquisition, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.66% | 5/20/2025 | 5/20/2032 | 4320 | 4051 | 4144 | 0.01 |
|  |  |  |  |  |  |  |  | 1048530 | 1041015 | 2.23 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | (4)(10) | SOFR + | 4.75% | 8.90% | 6/11/2021 | 6/11/2027 | $227641 | $226399 | $227641 | 0.49% |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | (4)(10) | SOFR + | 4.75% | 8.90% | 12/21/2021 | 6/11/2027 | 51050 | 50734 | 51050 | 0.11 |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | (4)(10) | SOFR + | 4.75% | 8.90% | 7/25/2022 | 6/11/2027 | 93024 | 92379 | 93024 | 0.20 |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | (4)(5)(10) | SOFR + | 4.75% | 9.13% | 3/19/2025 | 6/11/2027 | 24218 | 24126 | 24218 | 0.05 |
| &nbsp;&nbsp;ENV Bidco, AB | (4)(6)(7)(8) | E + | 5.00% | 7.00% | 12/12/2024 | 7/19/2029 | 114257 | 114276 | 133742 | 0.29 |
| &nbsp;&nbsp;ENV Bidco, AB | (4)(6)(10) | SOFR + | 5.00% | 9.00% | 12/12/2024 | 7/19/2029 | 114097 | 112661 | 114097 | 0.24 |
| &nbsp;&nbsp;Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 10.63% | 1/7/2021 | 12/9/2027 | 27119 | 26897 | 25763 | 0.06 |
| &nbsp;&nbsp;Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 10.63% | 2/4/2022 | 12/9/2027 | 134638 | 133350 | 127906 | 0.27 |
| &nbsp;&nbsp;R1 Holdings, LLC | (4)(5)(7)(11) | SOFR + | 6.25% | 10.56% | 12/30/2022 | 12/30/2028 | 1323 | 1302 | 1262 | 0.00 |
| &nbsp;&nbsp;RWL Holdings, LLC | (4)(10) | SOFR + | 5.75% | 9.90% | 12/13/2021 | 12/31/2028 | 268064 | 265593 | 239918 | 0.51 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + | 10.00% | 14.20% PIK | 11/27/2024 | 11/27/2029 | 9973 | 9833 | 9973 | 0.02 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + | 7.00% | 11.20% PIK | 11/27/2024 | 5/27/2030 | 30202 | 30202 | 30202 | 0.06 |
| &nbsp;&nbsp;The Kenan Advantage Group, Inc. | (8) | SOFR + | 3.25% | 7.41% | 8/6/2024 | 1/25/2029 | 7489 | 7489 | 7407 | 0.02 |
| &nbsp;&nbsp;Wwex Uni Topco Holdings, LLC | (10) | SOFR + | 4.00% | 8.00% | 11/8/2024 | 7/26/2028 | 19493 | 19442 | 19414 | 0.04 |
| &nbsp;&nbsp;Wwex Uni Topco Holdings, LLC | (4)(10) | SOFR + | 4.75% | 8.75% | 3/21/2025 | 7/26/2028 | 84094 | 82850 | 84409 | 0.18 |
|  |  |  |  |  |  |  |  | 1197533 | 1190026 | 2.54 |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;Air Canada | (6)(8) | SOFR + | 2.00% | 6.17% | 3/21/2024 | 3/14/2031 | 6244 | 6232 | 6254 | 0.01 |
| &nbsp;&nbsp;American Airlines, Inc. | (6)(8) | SOFR + | 2.25% | 6.58% | 4/4/2025 | 4/20/2028 | 8479 | 8278 | 8476 | 0.02 |
| &nbsp;&nbsp;Vista Management Holding, Inc. | (6)(8) | SOFR + | 3.75% | 8.04% | 4/1/2025 | 4/1/2031 | 17769 | 17647 | 17917 | 0.04 |
|  |  |  |  |  |  |  |  | 32157 | 32647 | 0.07 |
| **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** |
| &nbsp;&nbsp;Clarios Global, LP | (6)(8) | SOFR + | 2.50% | 6.66% | 7/16/2024 | 5/6/2030 | 4846 | 4816 | 4854 | 0.01 |
| &nbsp;&nbsp;Clarios Global, LP | (6)(8) | SOFR + | 2.75% | 6.91% | 4/10/2025 | 1/28/2032 | 8636 | 8425 | 8653 | 0.02 |
| &nbsp;&nbsp;Dellner Couplers Group, AB | (5)(6)(8) | E + | 5.43% | 7.34% | 6/20/2024 | 6/18/2029 | 23500 | 25015 | 27668 | 0.06 |
|  |  |  |  |  |  |  |  | 38256 | 41175 | 0.09 |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;Triton Water Holdings, Inc. | (9) | SOFR + | 2.25% | 6.25% | 1/31/2025 | 3/31/2028 | 43977 | 43977 | 44019 | 0.09 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;Axsome Therapeutics, Inc. | (4)(5)(6)(10) | SOFR + | 4.75% | 8.75% | 5/6/2025 | 5/8/2030 | 60260 | 59706 | 60110 | 0.13 |
| &nbsp;&nbsp;Axsome Therapeutics, Inc. | (4)(5)(6)(7)(10) | SOFR + | 4.00% | 8.00% | 5/6/2025 | 5/8/2030 | 35152 | 34990 | 35152 | 0.08 |
| &nbsp;&nbsp;Grifols Worldwide Operations USA, Inc. | (8) | SOFR + | 2.00% | 6.26% | 1/7/2021 | 11/15/2027 | 37 | 37 | 37 | 0.00 |
| &nbsp;&nbsp;MannKind Corp. | (4)(5)(6)(7)(14) | SOFR + | 5.00% | 9.00% | 8/6/2025 | 8/6/2030 | 44388 | 43635 | 43611 | 0.09 |
|  |  |  |  |  |  |  |  | 138368 | 138910 | 0.30 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |
| &nbsp;&nbsp;Peer Holding III, BV | (6)(8) | SOFR + | 2.50% | 6.50% | 6/26/2024 | 7/1/2031 | $6948 | $6948 | $6963 | 0.01% |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (6)(9) | SOFR + | 5.63% | 9.78% | 7/25/2022 | 8/1/2028 | 25285 | 25082 | 24379 | 0.05 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (6)(9) | SOFR + | 3.25% | 7.50% | 4/15/2021 | 4/12/2028 | 4780 | 4764 | 4552 | 0.01 |
| &nbsp;&nbsp;ES Group Holdings III, Ltd. | (4)(6)(8) | E + | 5.75% | 7.75% | 11/22/2021 | 4/23/2028 | 30879 | 33775 | 30635 | 0.07 |
| &nbsp;&nbsp;ES Group Holdings III, Ltd. | (4)(6)(10) | SOFR + | 5.75% | 10.13% | 11/22/2021 | 4/23/2028 | 64562 | 63838 | 54555 | 0.12 |
| &nbsp;&nbsp;Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + | 6.00% | 10.26% | 2/26/2021 | 2/26/2027 | 108727 | 108274 | 104650 | 0.22 |
| &nbsp;&nbsp;Great Day Improvements, LLC | (4)(7)(13) | SOFR + | 5.50% | 9.78% | 6/13/2024 | 6/13/2030 | 35873 | 35219 | 34306 | 0.07 |
| &nbsp;&nbsp;Griffon Corp. | (6)(8) | SOFR + | 2.00% | 6.00% | 6/16/2025 | 1/24/2029 | 1057 | 1060 | 1062 | 0.00 |
| &nbsp;&nbsp;Jacuzzi Brands, LLC | (4)(10) | SOFR + | 6.00% | 10.20% | 1/7/2021 | 2/25/2027 | 43474 | 43357 | 39562 | 0.08 |
| &nbsp;&nbsp;Jacuzzi Brands, LLC | (4)(10) | SOFR + | 6.00% | 10.20% | 4/20/2022 | 2/25/2027 | 187540 | 186865 | 170661 | 0.37 |
| &nbsp;&nbsp;Jacuzzi Brands, LLC | (4)(10) | SOFR + | 6.00% | 10.20% | 1/7/2021 | 2/25/2027 | 6319 | 6301 | 5750 | 0.02 |
| &nbsp;&nbsp;Janus International Group, LLC | (6)(8) | SOFR + | 2.50% | 6.70% | 6/16/2025 | 8/3/2030 | 1304 | 1299 | 1309 | 0.00 |
| &nbsp;&nbsp;L&S Mechanical Acquisition, LLC | (4)(10) | SOFR + | 6.25% | 10.42% | 9/1/2021 | 9/1/2027 | 134479 | 133410 | 131789 | 0.28 |
| &nbsp;&nbsp;LBM Acquisition, LLC | (10) | SOFR + | 3.75% | 7.99% | 6/6/2024 | 5/31/2031 | 40449 | 40124 | 39550 | 0.08 |
| &nbsp;&nbsp;Lindstrom, LLC | (4)(11) | SOFR + | 6.25% | 10.63% | 4/19/2022 | 5/1/2027 | 145171 | 145170 | 143720 | 0.31 |
| &nbsp;&nbsp;MIWD Holdco II, LLC | (8) | SOFR + | 2.75% | 6.91% | 3/28/2024 | 3/28/2031 | 4455 | 4474 | 4477 | 0.01 |
| &nbsp;&nbsp;Oscar Acquisitionco, LLC | (9) | SOFR + | 4.25% | 8.25% | 4/29/2022 | 4/29/2029 | 2954 | 2963 | 2766 | 0.01 |
| &nbsp;&nbsp;Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + | 6.50% | 10.65% | 1/7/2021 | 12/29/2026 | 59520 | 59289 | 47169 | 0.10 |
|  |  |  |  |  |  |  |  | 895264 | 840892 | 1.80 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (6)(8) | SOFR + | 3.50% | 7.75% | 2/27/2025 | 2/27/2032 | 92480 | 92314 | 90630 | 0.19 |
| &nbsp;&nbsp;Aretec Group, Inc. | (6)(8) | SOFR + | 3.50% | 7.66% | 5/29/2024 | 8/9/2030 | 11273 | 11261 | 11285 | 0.02 |
| &nbsp;&nbsp;FFML Holdco, Ltd. | (4)(6)(10) | B + | 4.50% | 7.53% | 11/11/2022 | 11/30/2028 | 36252 | 21973 | 20912 | 0.04 |
| &nbsp;&nbsp;Focus Financial Partners, LLC | (8) | SOFR + | 2.75% | 6.91% | 1/31/2025 | 9/15/2031 | 16862 | 16828 | 16885 | 0.04 |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | (6)(7)(8) | SOFR + | 2.75% | 6.75% | 7/25/2025 | 9/5/2031 | 16285 | 16021 | 16282 | 0.03 |
| &nbsp;&nbsp;Jane Street Group, LLC | (6)(8) | SOFR + | 2.00% | 6.20% | 5/29/2025 | 12/15/2031 | 995 | 983 | 989 | 0.00 |
| &nbsp;&nbsp;Osaic Holdings, Inc. | (6)(8) | SOFR + | 3.00% | 7.16% | 8/22/2025 | 8/1/2032 | 3000 | 3000 | 3002 | 0.01 |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. | (5)(11) | SOFR + | 6.50% | 10.76% | 12/29/2023 | 10/30/2028 | 3893 | 3866 | 3426 | 0.01 |
| &nbsp;&nbsp;Situs-AMC Holdings Corporation | (4)(10) | SOFR + | 5.50% | 9.50% | 5/14/2025 | 5/14/2031 | 44082 | 43932 | 44082 | 0.09 |
| &nbsp;&nbsp;Superannuation & Investments US, LLC | (6)(9) | SOFR + | 3.00% | 7.16% | 7/18/2025 | 12/1/2028 | 12926 | 12886 | 13009 | 0.03 |
| &nbsp;&nbsp;The Edelman Financial Engines Center, LLC | (6)(8) | SOFR + | 3.00% | 7.16% | 6/5/2024 | 4/7/2028 | 19728 | 19733 | 19764 | 0.04 |
|  |  |  |  |  |  |  |  | 242797 | 240266 | 0.50 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Charter Next Generation, Inc. | (10) | SOFR + | 2.75% | 6.93% | 11/5/2024 | 11/29/2030 | $6917 | $6933 | $6945 | 0.01% |
| &nbsp;&nbsp;CI Maroon Holdings, LLC | (6)(8) | SOFR + | 3.25% | 7.35% | 8/22/2025 | 3/3/2031 | 2993 | 2993 | 3000 | 0.02 |
| &nbsp;&nbsp;DCG Acquisition Corp. | (4)(7)(10) | SOFR + | 5.00% | 9.00% | 6/13/2024 | 6/13/2031 | 232777 | 230614 | 229939 | 0.49 |
| &nbsp;&nbsp;Derby Buyer, LLC | (6)(9) | SOFR + | 3.00% | 7.18% | 12/13/2024 | 11/1/2030 | 6403 | 6403 | 6423 | 0.01 |
| &nbsp;&nbsp;Formulations Parent Corp. | (4)(8) | SOFR + | 4.00% | 8.33% | 4/10/2025 | 4/9/2032 | 25000 | 24766 | 25188 | 0.05 |
| &nbsp;&nbsp;Geon Performance Solutions, LLC | (10) | SOFR + | 4.25% | 8.51% | 8/18/2021 | 8/18/2028 | 1353 | 1349 | 1272 | 0.00 |
|  |  |  |  |  |  |  |  | 273058 | 272767 | 0.58 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Access CIG, LLC | (9) | SOFR + | 4.00% | 8.03% | 8/15/2025 | 8/18/2030 | 43084 | 42744 | 43267 | 0.09 |
| &nbsp;&nbsp;Anticimex, Inc. | (6)(9) | SOFR + | 3.40% | 7.76% | 11/8/2021 | 11/16/2028 | 11555 | 11535 | 11598 | 0.02 |
| &nbsp;&nbsp;Armor Holdco, Inc. | (6)(9) | SOFR + | 3.75% | 7.92% | 4/30/2025 | 12/11/2028 | 10295 | 10314 | 10313 | 0.02 |
| &nbsp;&nbsp;Bazaarvoice, Inc. | (4)(7)(8) | SOFR + | 4.50% | 8.09% | 5/7/2021 | 5/7/2029 | 403329 | 403329 | 403329 | 0.86 |
| &nbsp;&nbsp;CFS Brands, LLC | (4)(7)(11) | SOFR + | 5.00% | 9.16% | 12/20/2024 | 10/2/2030 | 218447 | 214901 | 218447 | 0.47 |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + | 3.75% | 7.91% | 7/2/2025 | 7/9/2032 | 14499 | 14374 | 14566 | 0.03 |
| &nbsp;&nbsp;Divisions Holding Corp. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 4/17/2025 | 4/17/2032 | 92992 | 92049 | 92911 | 0.20 |
| &nbsp;&nbsp;EAB Global, Inc. | (9) | SOFR + | 3.00% | 7.16% | 8/16/2021 | 8/16/2030 | 13240 | 13225 | 12933 | 0.04 |
| &nbsp;&nbsp;ELK Bidco, Inc. | (4)(5)(7)(9) | SOFR + | 4.50% | 8.50% | 6/13/2025 | 6/13/2032 | 71844 | 71400 | 71380 | 0.15 |
| &nbsp;&nbsp;EMB Purchaser, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.78% | 3/13/2025 | 3/12/2032 | 41113 | 40337 | 40471 | 0.09 |
| &nbsp;&nbsp;EMB Purchaser, Inc. | (4)(10) | SOFR + | 4.50% | 8.56% | 3/13/2025 | 3/12/2032 | 148148 | 146786 | 147408 | 0.32 |
| &nbsp;&nbsp;Foundational Education Group, Inc. | (9) | SOFR + | 4.25% | 8.53% | 8/31/2021 | 8/31/2028 | 8800 | 8763 | 7854 | 0.02 |
| &nbsp;&nbsp;FusionSite Midco, LLC | (4)(11) | SOFR + | 5.25% | 9.51% | 4/30/2025 | 11/17/2029 | 100940 | 99847 | 100940 | 0.22 |
| &nbsp;&nbsp;FusionSite Midco, LLC | (4)(7)(11) | SOFR + | 5.25% | 9.84% | 4/30/2025 | 11/17/2029 | 26919 | 26281 | 26643 | 0.06 |
| &nbsp;&nbsp;Garda World Security, Corp. | (6)(8) | SOFR + | 3.00% | 7.17% | 2/7/2025 | 2/1/2029 | 20758 | 20758 | 20810 | 0.04 |
| &nbsp;&nbsp;Gatekeeper Systems, Inc. | (4)(10) | SOFR + | 5.00% | 9.16% | 8/27/2024 | 8/28/2030 | 250138 | 247070 | 245136 | 0.52 |
| &nbsp;&nbsp;Gatekeeper Systems, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.16% | 8/27/2024 | 8/28/2030 | 25678 | 24712 | 24077 | 0.05 |
| &nbsp;&nbsp;GBT US III, LLC | (6)(8) | SOFR + | 2.50% | 6.81% | 2/4/2025 | 7/25/2031 | 3970 | 3970 | 3983 | 0.01 |
| &nbsp;&nbsp;GFL Environmental Services USA, Inc. | (6)(8) | SOFR + | 2.50% | 6.67% | 4/11/2025 | 3/3/2032 | 1500 | 1475 | 1502 | 0.00 |
| &nbsp;&nbsp;Gorilla Investor, LLC | (4)(10) | SOFR + | 5.00% | 9.00% | 9/26/2024 | 9/30/2031 | 165152 | 162323 | 163501 | 0.35 |
| &nbsp;&nbsp;Ground Penetrating Radar Systems, LLC | (4)(10) | SOFR + | 4.50% | 8.50% | 1/2/2025 | 1/2/2032 | 120552 | 119475 | 120552 | 0.26 |
| &nbsp;&nbsp;Ground Penetrating Radar Systems, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 1/2/2025 | 1/2/2032 | 4489 | 4261 | 4489 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;Iris Buyer, LLC | (4)(11) | SOFR + | 5.25% | 9.56% | 10/2/2023 | 10/2/2030 | $54128 | $53065 | $54128 | 0.12% |
| &nbsp;&nbsp;Iris Buyer, LLC | (4)(5)(11) | SOFR + | 5.25% | 9.25% | 10/2/2023 | 10/2/2030 | 5104 | 5020 | 5104 | 0.01 |
| &nbsp;&nbsp;Iris Buyer, LLC | (4)(5)(7)(11) | SOFR + | 5.25% | 9.25% | 2/4/2025 | 10/2/2030 | 1934 | 1810 | 1934 | 0.00 |
| &nbsp;&nbsp;Iris Buyer, LLC | (4)(5)(7)(11) | SOFR + | 5.25% | 9.56% | 10/2/2023 | 10/2/2029 | 1574 | 1430 | 1574 | 0.00 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.00% | 9.29% | 12/15/2021 | 12/15/2027 | 136960 | 135996 | 136960 | 0.29 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.00% | 9.29% | 11/9/2023 | 12/15/2027 | 53541 | 52823 | 53541 | 0.11 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.00% | 9.29% | 12/15/2021 | 12/15/2027 | 95087 | 94470 | 95087 | 0.20 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.27% | 6/28/2024 | 12/15/2027 | 80385 | 79897 | 80385 | 0.17 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.00% | 9.28% | 5/9/2025 | 12/15/2027 | 49502 | 48779 | 49502 | 0.11 |
| &nbsp;&nbsp;JSG II, Inc. | (8) | SOFR + | 4.50% | 8.92% | 1/7/2021 | 6/28/2026 | 59564 | 59521 | 59564 | 0.13 |
| &nbsp;&nbsp;JSG II, Inc. | (8) | SOFR + | 4.50% | 8.92% | 1/7/2021 | 6/28/2026 | 64 | 64 | 64 | 0.00 |
| &nbsp;&nbsp;JSG II, Inc. | (4)(10) | SOFR + | 4.50% | 8.66% | 9/30/2025 | 9/30/2032 | 353737 | 351968 | 351968 | 0.75 |
| &nbsp;&nbsp;JSG II, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.66% | 9/30/2025 | 9/30/2032 | 3358 | 2903 | 2903 | 0.01 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 9.25% (incl. 3.00% PIK) | 12/29/2021 | 11/8/2031 | 242580 | 240914 | 242580 | 0.52 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 9.25% (incl. 3.00% PIK) | 1/7/2021 | 11/8/2031 | 46438 | 46086 | 46438 | 0.10 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(7)(10) | SOFR + | 5.25% | 9.25% (incl. 3.00% PIK) | 11/8/2024 | 11/8/2031 | 579930 | 574278 | 579245 | 1.24 |
| &nbsp;&nbsp;Knowledge Pro Buyer, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.26% | 12/10/2021 | 12/10/2027 | 102005 | 101212 | 101959 | 0.22 |
| &nbsp;&nbsp;Knowledge Pro Buyer, Inc. | (4)(5)(10) | SOFR + | 5.00% | 9.26% | 6/11/2025 | 12/10/2027 | 1143 | 1133 | 1143 | 0.00 |
| &nbsp;&nbsp;KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + | 5.50% | 9.91% | 10/19/2021 | 10/19/2028 | 46121 | 45719 | 39548 | 0.08 |
| &nbsp;&nbsp;KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + | 5.50% | 9.93% | 10/19/2021 | 10/19/2028 | 20577 | 20398 | 17644 | 0.04 |
| &nbsp;&nbsp;Lsf12 Crown US Commercial Bidco, LLC | (7)(8) | SOFR + | 3.50% | 7.66% | 7/14/2025 | 12/2/2031 | 96989 | 93732 | 97130 | 0.21 |
| &nbsp;&nbsp;Minerva Bidco, Ltd. | (4)(5)(6)(7)(8) | S + | 5.00% | 9.22% | 7/29/2025 | 11/16/2030 | 6532 | 8502 | 8538 | 0.02 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (8) | SOFR + | 2.50% | 6.81% | 1/26/2024 | 7/25/2030 | 9925 | 9893 | 9941 | 0.02 |
| &nbsp;&nbsp;Onex Baltimore Buyer, Inc. | (4)(10)(18) | SOFR + | 5.27% | 9.44% | 12/1/2021 | 12/1/2027 | 187232 | 185867 | 187232 | 0.40 |
| &nbsp;&nbsp;Onex Baltimore Buyer, Inc. | (4)(7)(10)(18) | SOFR + | 4.75% | 8.92% | 12/1/2021 | 12/1/2027 | 217534 | 215511 | 217534 | 0.47 |
| &nbsp;&nbsp;Pearce Intermediate Holdings, Inc. | (4)(11) | SOFR + | 4.75% | 8.91% | 6/2/2021 | 6/2/2029 | 81689 | 81065 | 81689 | 0.17 |
| &nbsp;&nbsp;Pearce Intermediate Holdings, Inc. | (4)(5)(7)(11) | SOFR + | 4.75% | 9.10% | 6/29/2023 | 6/2/2029 | 37616 | 37201 | 37616 | 0.08 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;Pearce Intermediate Holdings, Inc. | (4)(11) | SOFR + | 4.75% | 8.91% | 11/6/2024 | 6/2/2029 | $113850 | $112936 | $113850 | 0.24% |
| &nbsp;&nbsp;Polyphase Elevator Holding, Co. | (4)(5)(7)(11) | SOFR + | 6.00% | 10.10% | 6/23/2021 | 6/23/2027 | 6033 | 6009 | 5489 | 0.01 |
| &nbsp;&nbsp;Polyphase Elevator Holding, Co. | (4)(5)(11) | SOFR + | 6.00% | 10.10% | 12/21/2021 | 6/23/2027 | 10739 | 10739 | 9827 | 0.02 |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (6)(8) | SOFR + | 2.00% | 6.13% | 11/20/2024 | 10/13/2030 | 1485 | 1485 | 1483 | 0.00 |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (6)(8) | SOFR + | 1.75% | 6.00% | 4/4/2025 | 3/7/2032 | 6468 | 6352 | 6416 | 0.01 |
| &nbsp;&nbsp;Pye-Barker Fire & Safety, LLC | (4)(5)(10) | SOFR + | 4.50% | 8.50% | 5/24/2024 | 5/24/2031 | 4461 | 4461 | 4461 | 0.01 |
| &nbsp;&nbsp;Pye-Barker Fire & Safety, LLC | (4)(10) | SOFR + | 4.50% | 8.80% | 5/24/2024 | 5/24/2031 | 13816 | 13761 | 13816 | 0.03 |
| &nbsp;&nbsp;RailPros Parent, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.70% | 5/22/2025 | 5/24/2032 | 23327 | 23037 | 23138 | 0.05 |
| &nbsp;&nbsp;TEI Intermediate, LLC | (4)(10) | SOFR + | 4.75% | 8.75% | 12/13/2024 | 12/15/2031 | 146288 | 144992 | 146288 | 0.31 |
| &nbsp;&nbsp;TEI Intermediate, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.82% | 12/13/2024 | 12/15/2031 | 7025 | 6615 | 6782 | 0.01 |
| &nbsp;&nbsp;The Hiller Companies, LLC | (4)(10) | SOFR + | 5.00% | 9.31% | 6/20/2024 | 6/20/2030 | 74808 | 74219 | 74808 | 0.16 |
| &nbsp;&nbsp;The Hiller Companies, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.29% | 6/20/2024 | 6/20/2030 | 20121 | 19849 | 20121 | 0.04 |
| &nbsp;&nbsp;The Hiller Companies, LLC | (4)(7)(10) | SOFR + | 5.00% | 9.31% | 7/17/2025 | 6/20/2030 | 4452 | 4369 | 4323 | 0.01 |
| &nbsp;&nbsp;TRC Cos, LLC | (8) | SOFR + | 3.00% | 7.16% | 1/14/2025 | 12/8/2028 | 26592 | 26592 | 26662 | 0.06 |
| &nbsp;&nbsp;Vaco Holdings, Inc. | (10) | SOFR + | 5.00% | 9.15% | 1/21/2022 | 1/21/2029 | 8871 | 8850 | 7664 | 0.02 |
| &nbsp;&nbsp;Veregy Consolidated, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.82% | 4/16/2025 | 4/16/2031 | 140981 | 139754 | 140375 | 0.30 |
| &nbsp;&nbsp;Water Holdings Acquisition, LLC | (4)(10) | SOFR + | 5.25% | 9.45% (incl. 2.75% PIK) | 7/31/2024 | 7/31/2031 | 191531 | 189949 | 191531 | 0.41 |
| &nbsp;&nbsp;Water Holdings Acquisition, LLC | (4)(5)(7)(10) | SOFR + | 5.25% | 9.45% (incl. 2.75% PIK) | 7/31/2024 | 7/31/2031 | 17965 | 17850 | 17965 | 0.04 |
|  |  |  |  |  |  |  |  | 5141005 | 5162060 | 11.03 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Amentum Holdings, Inc. | (8) | SOFR + | 2.25% | 6.41% | 4/4/2025 | 9/29/2031 | $7235 | $7033 | $7243 | 0.02% |
| &nbsp;&nbsp;Ampirical Solutions, LLC | (4)(5)(7)(10) | SOFR + | 4.25% | 8.25% | 9/30/2025 | 9/30/2032 | 29328 | 28698 | 28697 | 0.06 |
| &nbsp;&nbsp;Azuria Water Solutions, Inc. | (10) | SOFR + | 3.00% | 7.16% | 1/27/2025 | 5/17/2028 | 34178 | 34178 | 34263 | 0.07 |
| &nbsp;&nbsp;Brookfield WEC Holdings, Inc. | (8) | SOFR + | 2.25% | 6.53% | 1/25/2024 | 1/27/2031 | 6446 | 6406 | 6456 | 0.01 |
| &nbsp;&nbsp;Consor Intermediate II, LLC | (4)(7)(10) | SOFR + | 4.50% | 8.50% | 5/10/2024 | 5/10/2031 | 66525 | 65865 | 66394 | 0.14 |
| &nbsp;&nbsp;Gannett Fleming, Inc. | (4)(7)(10) | SOFR + | 4.75% | 9.07% | 8/5/2024 | 8/5/2030 | 374740 | 369803 | 372307 | 0.80 |
| &nbsp;&nbsp;Home Service TopCo IV, Inc. | (4)(7)(11) | SOFR + | 4.50% | 8.60% | 6/9/2023 | 12/31/2027 | 207373 | 205072 | 207159 | 0.44 |
| &nbsp;&nbsp;Home Service TopCo IV, Inc. | (4)(5)(11) | SOFR + | 4.50% | 8.49% | 2/28/2025 | 12/31/2027 | 16231 | 16120 | 16231 | 0.03 |
| &nbsp;&nbsp;Pave America Holding, LLC | (4)(10) | SOFR + | 5.25% | 9.25% (incl. 2.88% PIK) | 8/29/2025 | 8/27/2032 | 77940 | 77169 | 77161 | 0.17 |
| &nbsp;&nbsp;Pave America Holding, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% | 8/29/2025 | 8/27/2032 | 9735 | 9397 | 9397 | 0.02 |
| &nbsp;&nbsp;Peak Utility Services Group, Inc. | (4)(11) | SOFR + | 4.50% | 8.76% | 3/2/2021 | 3/2/2028 | 15170 | 15118 | 15095 | 0.03 |
| &nbsp;&nbsp;Peak Utility Services Group, Inc. | (4)(5)(11) | SOFR + | 4.50% | 8.76% | 3/2/2021 | 3/2/2028 | 2023 | 2018 | 2013 | 0.00 |
| &nbsp;&nbsp;Pike Electric Corp. | (8) | SOFR + | 3.00% | 7.28% | 6/7/2022 | 1/21/2028 | 996 | 1005 | 1003 | 0.00 |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. | (7)(10) | SOFR + | 4.25% | 8.25% | 6/20/2024 | 8/31/2028 | 9875 | 9796 | 9892 | 0.02 |
| &nbsp;&nbsp;Touchdown Acquirer, Inc. | (6)(8) | SOFR + | 2.75% | 6.95% | 6/2/2025 | 2/21/2031 | 995 | 974 | 995 | 0.00 |
| &nbsp;&nbsp;Touchdown Acquirer, Inc. | (4)(5)(6)(8) | E + | 4.25% | 6.30% | 6/2/2025 | 2/21/2031 | 32688 | 35471 | 38617 | 0.08 |
|  |  |  |  |  |  |  |  | 884123 | 892923 | 1.89 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;Quikrete Holdings, Inc. | (8) | SOFR + | 2.25% | 6.41% | 2/18/2025 | 2/10/2032 | 14925 | 14830 | 14932 | 0.03 |
| &nbsp;&nbsp;Tamko Building Products, LLC | (8) | SOFR + | 2.75% | 6.91% | 10/23/2024 | 9/20/2030 | 2963 | 2963 | 2975 | 0.01 |
|  |  |  |  |  |  |  |  | 17793 | 17907 | 0.04 |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |
| &nbsp;&nbsp;Crumbl Enterprises, LLC | (4)(5)(10) | SOFR + | 4.50% | 8.50% | 4/30/2025 | 5/5/2032 | 85794 | 84987 | 85366 | 0.18 |
| &nbsp;&nbsp;Crumbl Enterprises, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 4/30/2025 | 5/5/2032 | 1118 | 1053 | 1084 | 0.00 |
|  |  |  |  |  |  |  |  | 86040 | 86450 | 0.18 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;Anchor Packaging, LLC | (8) | SOFR + | 3.25% | 7.39% | 12/13/2024 | 7/18/2029 | $5201 | $5219 | $5229 | 0.01% |
| &nbsp;&nbsp;Ascend Buyer, LLC | (4)(7)(10) | SOFR + | 5.75% | 9.75% | 10/18/2022 | 9/30/2028 | 11213 | 10984 | 11213 | 0.02 |
| &nbsp;&nbsp;Ascend Buyer, LLC | (4)(5)(10) | SOFR + | 5.75% | 9.75% | 3/20/2025 | 9/30/2028 | 1364 | 1351 | 1364 | 0.00 |
| &nbsp;&nbsp;Berlin Packaging, LLC | (8) | SOFR + | 3.25% | 7.53% | 7/25/2025 | 6/7/2031 | 18767 | 18796 | 18845 | 0.04 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + | 3.18% | 7.34% | 4/13/2022 | 4/13/2029 | 13989 | 13792 | 13986 | 0.03 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (7)(9) | SOFR + | 3.25% | 7.41% | 4/1/2025 | 4/1/2032 | 9679 | 9584 | 9675 | 0.02 |
| &nbsp;&nbsp;Graham Packaging Co., Inc. | (8) | SOFR + | 2.50% | 6.66% | 7/31/2024 | 8/4/2027 | 7708 | 7708 | 7717 | 0.02 |
| &nbsp;&nbsp;MAR Bidco S.à r.l. | (5)(6)(9) | SOFR + | 4.20% | 8.58% | 6/28/2021 | 7/6/2028 | 3789 | 3782 | 3212 | 0.01 |
| &nbsp;&nbsp;ProAmpac PG Borrower, LLC | (10) | SOFR + | 4.00% | 8.19% | 4/9/2024 | 9/15/2028 | 16069 | 16069 | 16150 | 0.03 |
| &nbsp;&nbsp;TricorBraun Holdings, Inc. | (9) | SOFR + | 3.25% | 7.41% | 3/3/2021 | 3/3/2028 | 24299 | 24065 | 24212 | 0.05 |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | (9) | SOFR + | 3.75% | 7.75% | 10/18/2024 | 9/15/2028 | 11994 | 11994 | 11800 | 0.03 |
|  |  |  |  |  |  |  |  | 123344 | 123403 | 0.26 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;BP Purchaser, LLC | (4)(5)(10) | SOFR + | 5.50% | 9.80% | 12/10/2021 | 12/11/2028 | 8154 | 8084 | 6788 | 0.01 |
| &nbsp;&nbsp;Bradyplus Holdings, LLC | (4)(11) | SOFR + | 5.00% | 9.31% | 10/11/2024 | 10/31/2029 | 216602 | 213678 | 216602 | 0.46 |
| &nbsp;&nbsp;Bradyplus Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.00% | 9.31% | 10/11/2024 | 10/31/2029 | 2103 | 2019 | 2103 | 0.00 |
| &nbsp;&nbsp;Genuine Cable Group, LLC | (4)(10) | SOFR + | 5.75% | 10.01% | 11/1/2021 | 11/2/2026 | 29420 | 29257 | 27728 | 0.06 |
| &nbsp;&nbsp;Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + | 7.25% | 11.69% (incl. 3.25% PIK) | 11/1/2022 | 6/23/2028 | 15924 | 15698 | 14331 | 0.03 |
| &nbsp;&nbsp;Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + | 7.00% | 11.44% (incl. 3.25% PIK) | 12/31/2021 | 6/23/2028 | 26833 | 26629 | 24015 | 0.05 |
| &nbsp;&nbsp;NDC Acquisition Corp. | (4)(11) | SOFR + | 5.00% | 9.16% | 3/9/2021 | 3/9/2028 | 21488 | 21346 | 21488 | 0.05 |
| &nbsp;&nbsp;NDC Acquisition Corp. | (4)(5)(7)(11) | SOFR + | 5.00% | 9.31% | 3/9/2021 | 3/9/2028 | 343 | 320 | 343 | 0.00 |
| &nbsp;&nbsp;PT Intermediate Holdings III, LLC | (4)(7)(10) | SOFR + | 5.00% | 9.00% (incl. 1.75% PIK) | 4/9/2024 | 4/9/2030 | 174216 | 173862 | 174203 | 0.37 |
| &nbsp;&nbsp;S&S Holdings, LLC | (9) | SOFR + | 5.00% | 9.27% | 3/11/2021 | 3/11/2028 | 7731 | 7743 | 7717 | 0.02 |
| &nbsp;&nbsp;S&S Holdings, LLC | (9) | SOFR + | 5.00% | 9.17% | 4/3/2025 | 10/1/2031 | 3940 | 3783 | 3832 | 0.01 |
| &nbsp;&nbsp;Tailwind Colony Holding Corporation | (4)(11) | SOFR + | 6.50% | 10.91% | 1/7/2021 | 11/13/2026 | 81172 | 81031 | 78533 | 0.17 |
|  |  |  |  |  |  |  |  | 583450 | 577683 | 1.23 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(11) | SOFR + | 5.00% | 9.42% | 7/19/2024 | 7/24/2030 | $27266 | $26829 | $27266 | 0.06% |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(5)(11) | SOFR + | 5.00% | 9.10% | 7/19/2024 | 7/24/2030 | 8119 | 7989 | 8119 | 0.02 |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(5)(11) | SOFR + | 5.00% | 9.30% | 7/19/2024 | 7/24/2030 | 7776 | 7651 | 7776 | 0.02 |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(5)(11) | SOFR + | 5.00% | 9.27% | 7/19/2024 | 7/24/2030 | 21031 | 20694 | 21031 | 0.04 |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.00% | 9.31% | 2/19/2025 | 7/24/2030 | 15670 | 15377 | 15670 | 0.03 |
| &nbsp;&nbsp;Barbri Holdings, Inc. | (4)(10) | SOFR + | 5.00% | 9.00% | 12/20/2024 | 4/30/2030 | 174097 | 172767 | 174097 | 0.37 |
| &nbsp;&nbsp;Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + | 5.50% | 9.93% | 7/20/2021 | 7/20/2028 | 931728 | 928000 | 927069 | 1.98 |
| &nbsp;&nbsp;Cengage Learning, Inc. | (6)(11) | SOFR + | 3.50% | 7.67% | 11/22/2024 | 3/22/2031 | 11860 | 11802 | 11844 | 0.03 |
| &nbsp;&nbsp;Charger Debt Merger Sub, LLC | (4)(10) | SOFR + | 5.00% | 9.00% | 5/31/2024 | 5/31/2031 | 54450 | 54009 | 54450 | 0.12 |
| &nbsp;&nbsp;Charger Debt Merger Sub, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.00% | 5/31/2024 | 5/31/2031 | 21085 | 20753 | 21009 | 0.04 |
| &nbsp;&nbsp;DTA Intermediate II, Ltd. | (4)(11) | SOFR + | 5.50% | 9.49% | 3/27/2024 | 3/27/2030 | 51066 | 50302 | 50044 | 0.11 |
| &nbsp;&nbsp;DTA Intermediate II, Ltd. | (4)(5)(7)(11) | SOFR + | 5.50% | 9.53% | 3/27/2024 | 3/27/2030 | 31038 | 30496 | 30313 | 0.06 |
| &nbsp;&nbsp;DTA Intermediate II, Ltd. | (4)(5)(11)(18) |  | 11.50% | 11.50% | 9/18/2025 | 9/27/2030 | 32996 | 32996 | 32996 | 0.07 |
| &nbsp;&nbsp;DTA Intermediate II, Ltd. | (4)(5)(11) | S + | 5.50% | 9.47% | 9/18/2025 | 3/27/2030 | 20744 | 27548 | 27341 | 0.06 |
| &nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc. | (6)(9) | SOFR + | 3.68% | 7.68% | 6/24/2022 | 7/6/2029 | 7328 | 7284 | 7386 | 0.02 |
| &nbsp;&nbsp;Endeavor Schools Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.58% | 7/18/2023 | 7/18/2029 | 46585 | 45848 | 43207 | 0.09 |
| &nbsp;&nbsp;Endeavor Schools Holdings, LLC | (4)(5)(7)(11) | SOFR + | 6.25% | 10.58% | 7/18/2023 | 7/18/2029 | 8575 | 8460 | 7953 | 0.02 |
| &nbsp;&nbsp;Essential Services Holding Corp. | (4)(10) | SOFR + | 5.00% | 9.32% | 6/17/2024 | 6/17/2031 | 69595 | 69028 | 68899 | 0.15 |
| &nbsp;&nbsp;Essential Services Holding Corp. | (4)(5)(7)(10) | SOFR + | 5.00% | 9.19% | 6/17/2024 | 6/17/2031 | 1811 | 1681 | 1648 | 0.00 |
| &nbsp;&nbsp;Go Car Wash Management Corp. | (4)(11) | SOFR + | 5.75% | 10.01% | 10/12/2021 | 12/31/2026 | 88409 | 87885 | 86199 | 0.18 |
| &nbsp;&nbsp;Imagine Learning, LLC | (9) | SOFR + | 3.50% | 7.66% | 2/1/2024 | 12/21/2029 | 64222 | 63991 | 55797 | 0.12 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.47% | 3/10/2022 | 3/12/2029 | $9671 | $9623 | $9629 | 0.02% |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.33% | 11/20/2023 | 3/12/2029 | 27020 | 26579 | 26901 | 0.06 |
| &nbsp;&nbsp;Metrodora S.L. | (4)(5)(6)(8) | E + | 4.25% | 6.32% | 8/7/2025 | 7/10/2032 | 1367 | 1578 | 1589 | 0.00 |
| &nbsp;&nbsp;Metrodora S.L. | (4)(5)(6)(8) | E + | 4.25% | 6.32% | 8/7/2025 | 7/10/2032 | 558 | 644 | 649 | 0.00 |
| &nbsp;&nbsp;Pre-Paid Legal Services, Inc. | (9) | SOFR + | 3.25% | 7.41% | 12/15/2021 | 12/15/2028 | 17429 | 17365 | 16514 | 0.04 |
| &nbsp;&nbsp;Scientian 2 Spain, S.L. | (4)(5)(6)(8) | E + | 4.25% | 6.33% | 8/7/2025 | 7/10/2032 | 1599 | 1846 | 1859 | 0.00 |
| &nbsp;&nbsp;Scientian France, SAS | (4)(5)(6)(8) | E + | 4.25% | 6.33% | 8/7/2025 | 7/10/2032 | 3525 | 4068 | 4097 | 0.01 |
| &nbsp;&nbsp;Seahawk Bidco, LLC | (4)(7)(11) | SOFR + | 4.75% | 8.75% | 12/19/2024 | 12/19/2031 | 276584 | 274205 | 274859 | 0.59 |
| &nbsp;&nbsp;Spring Education Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 9/29/2023 | 10/5/2030 | 13544 | 13422 | 13605 | 0.03 |
| &nbsp;&nbsp;Sunshine Cadence Holdco, LLC | (4)(10) | SOFR + | 5.00% | 9.30% | 5/1/2024 | 5/1/2031 | 198000 | 196421 | 196020 | 0.42 |
| &nbsp;&nbsp;Sunshine Cadence Holdco, LLC | (4)(7)(10) | SOFR + | 5.00% | 9.00% | 5/1/2024 | 5/1/2031 | 28901 | 28425 | 28063 | 0.06 |
| &nbsp;&nbsp;University Support Services, LLC | (9) | SOFR + | 2.75% | 6.91% | 2/10/2022 | 2/10/2029 | 9021 | 8973 | 8898 | 0.02 |
|  |  |  |  |  |  |  |  | 2274539 | 2262797 | 4.84 |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| &nbsp;&nbsp;Iron Mountain Information Management, LLC | (8) | SOFR + | 2.00% | 6.16% | 12/28/2023 | 1/31/2031 | 5910 | 5928 | 5921 | 0.01 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Radiate Holdco, LLC | (10) | SOFR + | 5.00% | 9.28% (incl. 1.50% PIK) | 6/30/2025 | 9/25/2029 | 23181 | 23170 | 18776 | 0.04 |
| &nbsp;&nbsp;Zacapa, LLC | (6)(9) | SOFR + | 3.75% | 7.75% | 10/29/2024 | 3/22/2029 | 10362 | 10362 | 10390 | 0.02 |
|  |  |  |  |  |  |  |  | 33532 | 29166 | 0.06 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;Cogentrix Finance Holdco I, LLC | (8) | SOFR + | 2.25% | 6.41% | 8/7/2025 | 2/26/2032 | 2225 | 2231 | 2231 | 0.00 |
| &nbsp;&nbsp;Grid Alliance Partners, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% | 7/1/2025 | 7/1/2032 | 79762 | 78737 | 78579 | 0.17 |
| &nbsp;&nbsp;Qualus Power Services Corp. | (4)(11) | SOFR + | 5.00% | 9.20% | 3/26/2021 | 3/26/2027 | 60565 | 60246 | 60565 | 0.13 |
| &nbsp;&nbsp;Qualus Power Services Corp. | (4)(11) | SOFR + | 5.00% | 9.20% | 7/27/2023 | 3/26/2027 | 53583 | 53015 | 53583 | 0.11 |
| &nbsp;&nbsp;Qualus Power Services Corp. | (4)(7)(11) | SOFR + | 5.00% | 9.20% | 5/9/2024 | 3/26/2027 | 62768 | 61823 | 62584 | 0.13 |
|  |  |  |  |  |  |  |  | 256052 | 257542 | 0.54 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;Emergency Power Holdings, LLC | (4)(7)(11) | SOFR + | 4.75% | 9.06% | 8/17/2021 | 8/17/2031 | $253944 | $252317 | $253879 | 0.54% |
| &nbsp;&nbsp;Griffon Bidco, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.00% | 7/31/2025 | 7/31/2031 | 120006 | 118506 | 118478 | 0.25 |
| &nbsp;&nbsp;IEM New Sub 2, LLC | (4)(7)(10) | SOFR + | 4.50% | 8.80% | 8/8/2024 | 8/8/2030 | 326137 | 321719 | 325566 | 0.70 |
| &nbsp;&nbsp;Madison IAQ, LLC | (9) | SOFR + | 2.50% | 6.70% | 6/21/2021 | 6/21/2028 | 35119 | 34937 | 35189 | 0.08 |
|  |  |  |  |  |  |  |  | 727479 | 733112 | 1.57 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.10% | 1/7/2021 | 12/23/2026 | 24799 | 24697 | 24303 | 0.05 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(5)(11) | SOFR + | 6.00% | 10.10% | 1/7/2021 | 12/23/2026 | 7443 | 7425 | 7295 | 0.02 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(5)(11) | SOFR + | 6.00% | 10.35% | 1/7/2021 | 12/23/2026 | 1909 | 1905 | 1871 | 0.00 |
| &nbsp;&nbsp;Duro Dyne National Corp. | (4)(7)(10) | SOFR + | 4.75% | 8.91% | 11/15/2024 | 11/15/2031 | 188707 | 186959 | 188534 | 0.40 |
| &nbsp;&nbsp;Duro Dyne National Corp. | (4)(5)(7)(10) | P + | 3.75% | 11.00% | 11/15/2024 | 11/15/2031 | 920 | 618 | 920 | 0.00 |
| &nbsp;&nbsp;Dwyer Instruments, LLC | (4)(10) | SOFR + | 4.75% | 8.75% | 11/15/2024 | 7/30/2029 | 46329 | 45951 | 46329 | 0.10 |
| &nbsp;&nbsp;Dwyer Instruments, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% | 11/15/2024 | 7/30/2029 | 587 | 503 | 556 | 0.00 |
| &nbsp;&nbsp;Electro Switch Business Trust, LLC | (4)(10) | SOFR + | 4.75% | 8.75% | 9/2/2025 | 9/2/2032 | 169865 | 168445 | 168166 | 0.36 |
| &nbsp;&nbsp;Electro Switch Business Trust, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% | 9/2/2025 | 9/2/2032 | 1171 | 1100 | 937 | 0.00 |
| &nbsp;&nbsp;Guardian Bidco, Inc. | (4)(5)(7)(8) | SOFR + | 5.50% | 9.52% | 9/2/2025 | 8/30/2032 | 28965 | 28660 | 28637 | 0.06 |
| &nbsp;&nbsp;Infinite Bidco, LLC | (9) | SOFR + | 3.75% | 8.32% | 3/2/2021 | 3/2/2028 | 19713 | 19647 | 19258 | 0.04 |
| &nbsp;&nbsp;Modena Buyer, LLC | (8) | SOFR + | 4.50% | 8.81% | 7/1/2024 | 7/1/2031 | 35587 | 35000 | 35193 | 0.08 |
| &nbsp;&nbsp;Phoenix 1 Buyer Corp. | (4)(7)(10) | SOFR + | 4.75% | 9.08% | 11/20/2023 | 11/20/2030 | 42490 | 42119 | 42490 | 0.09 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC | (4)(5)(6)(9) | E + | 4.50% | 6.50% | 7/1/2024 | 7/1/2030 | 2102 | 2305 | 2468 | 0.01 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC | (4)(5)(6)(9) | E + | 4.50% | 6.50% | 7/1/2024 | 7/1/2031 | 63797 | 67673 | 74901 | 0.16 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC | (4)(6)(7)(9) | SOFR + | 4.50% | 8.50% | 7/1/2024 | 7/1/2031 | 286407 | 281842 | 285886 | 0.61 |
|  |  |  |  |  |  |  |  | 914849 | 927744 | 1.98 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;ISQ Hawkeye Holdco, Inc. | (4)(5)(10) | SOFR + | 4.68% | 8.87% | 8/20/2024 | 8/20/2031 | $8744 | $8603 | $8744 | 0.02% |
| &nbsp;&nbsp;ISQ Hawkeye Holdco, Inc. | (4)(5)(7)(10) | SOFR + | 4.68% | 8.87% | 8/20/2024 | 8/20/2030 | 568 | 547 | 568 | 0.00 |
| &nbsp;&nbsp;LPW Group Holdings, Inc. | (4)(7)(11) | SOFR + | 6.00% | 10.23% | 3/15/2024 | 3/15/2031 | 32422 | 31669 | 32032 | 0.07 |
|  |  |  |  |  |  |  |  | 40819 | 41344 | 0.09 |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;OEG Borrower, LLC | (8) | SOFR + | 3.50% | 7.64% | 4/22/2025 | 6/30/2031 | 8129 | 8020 | 8190 | 0.02 |
| &nbsp;&nbsp;Renaissance Holdings Corp. | (9) | SOFR + | 4.00% | 8.16% | 12/6/2024 | 4/5/2030 | 2492 | 2492 | 2166 | 0.00 |
|  |  |  |  |  |  |  |  | 10512 | 10356 | 0.02 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Atlas Securitized Products Funding 2, LP | (4)(5)(6)(7)(8) | SOFR + | 1.50% | 5.78% | 3/28/2024 | 5/25/2063 | 146690 | 142983 | 145700 | 0.31 |
| &nbsp;&nbsp;Carr Riggs & Ingram Capital, LLC | (4)(9) | SOFR + | 4.25% | 8.25% | 11/18/2024 | 11/18/2031 | 43170 | 42792 | 43170 | 0.09 |
| &nbsp;&nbsp;Carr Riggs & Ingram Capital, LLC | (4)(5)(7)(9) | SOFR + | 4.25% | 8.25% | 11/18/2024 | 11/18/2031 | 4768 | 4579 | 4716 | 0.01 |
| &nbsp;&nbsp;Citrin Cooperman Advisors, LLC | (7)(8) | SOFR + | 3.00% | 7.00% | 8/22/2025 | 4/1/2032 | 4227 | 4235 | 4213 | 0.01 |
| &nbsp;&nbsp;DM Intermediate Parent, LLC | (4)(7)(10) | SOFR + | 4.75% | 8.91% | 9/30/2024 | 9/30/2030 | 104050 | 102189 | 103237 | 0.22 |
| &nbsp;&nbsp;Harp Finco, Ltd. | (4)(5)(6)(8) | S + | 5.50% | 9.47% | 3/27/2025 | 3/27/2032 | 84561 | 107480 | 111451 | 0.24 |
| &nbsp;&nbsp;Mitchell International, Inc. | (9) | SOFR + | 3.25% | 7.41% | 6/17/2024 | 6/17/2031 | 64576 | 64312 | 64590 | 0.14 |
| &nbsp;&nbsp;More Cowbell II, LLC | (4)(10) | SOFR + | 4.25% | 8.02% | 9/3/2025 | 9/1/2030 | 93097 | 92760 | 93097 | 0.20 |
| &nbsp;&nbsp;More Cowbell II, LLC | (4)(5)(7)(10) | SOFR + | 4.25% | 8.09% | 9/3/2025 | 9/1/2029 | 643 | 498 | 616 | 0.00 |
| &nbsp;&nbsp;PKF O'Connor Davies Advisory, LLC | (4)(7)(10) | SOFR + | 4.50% | 8.57% | 11/15/2024 | 11/18/2031 | 84360 | 83406 | 84156 | 0.18 |
| &nbsp;&nbsp;RFS Opco, LLC | (4)(7)(9) | SOFR + | 4.75% | 8.75% | 4/4/2024 | 4/4/2031 | 37752 | 37466 | 37737 | 0.08 |
| &nbsp;&nbsp;Solera, LLC | (9)(18) | SOFR + | 4.00% | 8.57% | 6/4/2021 | 6/2/2028 | 32244 | 32099 | 31145 | 0.07 |
|  |  |  |  |  |  |  |  | 714799 | 723828 | 1.55 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;Dreyers Grand Ice Cream, Inc. | (6)(8) | SOFR + | 2.00% | 6.20% | 4/4/2025 | 9/30/2031 | 3980 | 3910 | 3956 | 0.01 |
| &nbsp;&nbsp;Froneri US, Inc. | (6)(8) | SOFR + | 2.00% | 6.20% | 8/22/2025 | 8/2/2032 | 3000 | 3000 | 2997 | 0.01 |
| &nbsp;&nbsp;Snacking Investments US, LLC | (6)(11) | SOFR + | 4.00% | 8.31% | 1/7/2021 | 12/18/2026 | 4792 | 4800 | 4824 | 0.01 |
|  |  |  |  |  |  |  |  | 11710 | 11777 | 0.03 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** |
| &nbsp;&nbsp;CQP Holdco, LP | (9) | SOFR + | 2.00% | 6.00% | 4/4/2025 | 12/31/2030 | $1493 | $1477 | $1494 | 0.00% |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |
| &nbsp;&nbsp;Channelside AcquisitionCo, Inc. | (4)(7)(10) | SOFR + | 4.75% | 8.91% | 5/15/2024 | 5/15/2031 | 155271 | 154859 | 155271 | 0.33 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;AEC Parent Holdings, Inc. | (9)(17) | SOFR + | 5.75% | 9.90% | 6/13/2022 | 6/13/2029 | 24619 | 23004 | 18887 | 0.04 |
| &nbsp;&nbsp;Bamboo US BidCo, LLC | (4)(7)(11) | SOFR + | 5.25% | 9.56% | 9/29/2023 | 9/30/2030 | 47691 | 46827 | 47691 | 0.10 |
| &nbsp;&nbsp;Bamboo US BidCo, LLC | (4)(11) | E + | 5.25% | 7.28% | 9/29/2023 | 9/30/2030 | 75312 | 78595 | 88420 | 0.19 |
| &nbsp;&nbsp;Bamboo US BidCo, LLC | (4)(5)(11) | SOFR + | 5.25% | 9.56% | 11/20/2024 | 9/30/2030 | 5487 | 5382 | 5487 | 0.01 |
| &nbsp;&nbsp;CSHC Buyerco, LLC | (4)(5)(11) | SOFR + | 4.75% | 9.01% | 7/30/2025 | 9/8/2026 | 1696 | 1681 | 1692 | 0.00 |
| &nbsp;&nbsp;Ergotron Acquisition, LLC | (4)(10) | SOFR + | 5.25% | 9.42% | 7/6/2022 | 7/6/2028 | 62185 | 61629 | 62185 | 0.13 |
| &nbsp;&nbsp;GCX Corporation Buyer, LLC | (4)(10) | SOFR + | 5.50% | 9.65% | 9/13/2021 | 9/13/2027 | 190080 | 188838 | 185328 | 0.40 |
| &nbsp;&nbsp;GCX Corporation Buyer, LLC | (4)(10) | SOFR + | 5.50% | 9.97% | 9/13/2021 | 9/13/2027 | 48139 | 47857 | 46935 | 0.10 |
| &nbsp;&nbsp;Natus Medical, Inc. | (4)(9) | SOFR + | 5.25% | 9.40% | 7/21/2022 | 7/20/2029 | 42332 | 40714 | 42279 | 0.09 |
| &nbsp;&nbsp;Natus Medical, Inc. | (5)(7)(9) | SOFR + | 4.25% | 8.51% | 7/21/2022 | 7/21/2027 | 1150 | 1099 | 1091 | 0.00 |
| &nbsp;&nbsp;WS Audiology A/S | (6)(8) | SOFR + | 3.50% | 7.81% | 6/27/2025 | 2/28/2029 | 11782 | 11782 | 11752 | 0.03 |
| &nbsp;&nbsp;Zeus, LLC | (4)(10) | SOFR + | 6.00% | 10.00% (incl. 3.00% PIK) | 2/28/2024 | 2/28/2031 | 48860 | 48298 | 46417 | 0.10 |
| &nbsp;&nbsp;Zeus, LLC | (4)(5)(7)(10) | SOFR + | 5.50% | 9.50% | 2/28/2024 | 2/28/2031 | 4552 | 4397 | 4061 | 0.01 |
|  |  |  |  |  |  |  |  | 560103 | 562225 | 1.20 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;123Dentist, Inc. | (4)(6)(10) | CA + | 5.00% | 7.55% | 8/10/2022 | 8/10/2029 | 258891 | 199474 | 186025 | 0.40 |
| &nbsp;&nbsp;123Dentist, Inc. | (4)(5)(6)(7)(10) | CA + | 5.00% | 7.55% | 8/9/2024 | 8/10/2029 | 28575 | 18886 | 20533 | 0.04 |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 9.76% | 8/2/2021 | 8/2/2027 | 11170 | 11039 | 9344 | 0.02 |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | (4)(10) | SOFR + | 6.00% | 10.26% (incl. 3.25% PIK) | 7/7/2023 | 8/2/2028 | 137046 | 135441 | 125397 | 0.27 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.48% | 5/7/2021 | 5/7/2027 | 10327 | 10272 | 10327 | 0.02 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.52% | 5/7/2021 | 5/7/2027 | 8493 | 8453 | 8493 | 0.02 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + | 6.25% | 10.37% | 5/7/2021 | 5/7/2026 | 557 | 548 | 557 | 0.00 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(5)(11) | SOFR + | 6.25% | 10.48% | 4/14/2022 | 5/7/2027 | 248 | 247 | 248 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;Amerivet Partners Management, Inc. | (4)(7)(10) | SOFR + | 5.50% | 9.62% | 2/25/2022 | 2/25/2028 | $20839 | $20512 | $19953 | 0.04% |
| &nbsp;&nbsp;Biotouch Global Solutions, Inc. | (4)(7)(11) | SOFR + | 5.50% | 9.70% | 8/27/2025 | 8/27/2032 | 129814 | 127523 | 127513 | 0.27 |
| &nbsp;&nbsp;Canadian Hospital Specialties, Ltd. | (4)(6)(11) | CA + | 4.50% | 7.37% | 4/15/2021 | 4/14/2028 | 14556 | 11566 | 10355 | 0.02 |
| &nbsp;&nbsp;Canadian Hospital Specialties, Ltd. | (4)(6)(7)(10) | CA + | 4.50% | 7.37% | 4/15/2021 | 4/15/2027 | 3330 | 2318 | 2354 | 0.01 |
| &nbsp;&nbsp;Caramel Bidco, Limited | (4)(6)(8) | S + | 6.00% | 10.21% | 2/11/2022 | 2/24/2029 | 60000 | 79068 | 66573 | 0.14 |
| &nbsp;&nbsp;Caramel Bidco, Limited | (4)(5)(6)(8) | S + | 6.00% | 10.21% | 2/24/2022 | 2/24/2029 | 2265 | 3024 | 2513 | 0.01 |
| &nbsp;&nbsp;Caramel Bidco, Limited | (4)(6)(8) | E + | 6.00% | 8.04% | 2/24/2022 | 2/24/2029 | 14000 | 15598 | 13560 | 0.03 |
| &nbsp;&nbsp;Caramel Bidco, Limited | (4)(6)(8) | SOFR + | 6.00% | 10.26% | 2/24/2022 | 2/24/2029 | 6125 | 6323 | 5114 | 0.01 |
| &nbsp;&nbsp;CCBlue Bidco, Inc. | (4)(5)(10) | SOFR + | 6.50% | 10.61% (incl. 4.00% PIK) | 12/21/2021 | 12/21/2028 | 589604 | 585256 | 492320 | 1.05 |
| &nbsp;&nbsp;CNT Holdings I Corp. | (10) | SOFR + | 2.25% | 6.56% | 4/3/2025 | 11/8/2032 | 5473 | 5407 | 5475 | 0.01 |
| &nbsp;&nbsp;Commander Buyer, Inc. | (4)(7)(10) | SOFR + | 4.75% | 8.75% | 6/26/2025 | 6/26/2032 | 161838 | 159645 | 159704 | 0.34 |
| &nbsp;&nbsp;Compsych Investments Corp. | (4)(7)(10) | SOFR + | 4.75% | 9.08% | 7/22/2024 | 7/22/2031 | 70138 | 69805 | 70088 | 0.15 |
| &nbsp;&nbsp;CSC Mkg Topco, LLC | (4)(10) | SOFR + | 5.50% | 9.76% | 2/1/2022 | 2/1/2029 | 159181 | 157664 | 159181 | 0.34 |
| &nbsp;&nbsp;CSC Mkg Topco, LLC | (4)(10) | SOFR + | 5.50% | 9.82% | 8/1/2022 | 2/1/2029 | 21304 | 20949 | 21304 | 0.05 |
| &nbsp;&nbsp;DCA Investment Holdings, LLC | (4)(10) | SOFR + | 6.41% | 10.41% | 3/12/2021 | 4/3/2028 | 24942 | 24863 | 22448 | 0.05 |
| &nbsp;&nbsp;DCA Investment Holdings, LLC | (4)(5)(10) | SOFR + | 6.50% | 10.50% | 12/28/2022 | 4/3/2028 | 9820 | 9680 | 8838 | 0.02 |
| &nbsp;&nbsp;Epoch Acquisition, Inc. | (4)(11) | SOFR + | 6.00% | 10.41% | 1/7/2021 | 10/4/2026 | 28284 | 28284 | 28284 | 0.06 |
| &nbsp;&nbsp;Examworks Bidco, Inc. | (9) | SOFR + | 2.75% | 6.91% | 11/1/2021 | 11/1/2028 | 995 | 998 | 998 | 0.00 |
| &nbsp;&nbsp;Heartland Dental, LLC | (8) | SOFR + | 3.75% | 7.91% | 8/7/2025 | 8/25/2032 | 5910 | 5915 | 5907 | 0.01 |
| &nbsp;&nbsp;Imagine 360, LLC | (4)(7)(10) | SOFR + | 4.75% | 8.75% | 9/18/2024 | 9/30/2028 | 96543 | 95709 | 96389 | 0.21 |
| &nbsp;&nbsp;Inception Fertility Ventures, LLC | (4)(7)(10) | SOFR + | 5.50% | 9.81% | 4/29/2024 | 4/29/2030 | 275562 | 275152 | 270843 | 0.58 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 5.00% | 9.11% | 5/26/2021 | 10/15/2026 | 223779 | 222862 | 216507 | 0.46 |
| &nbsp;&nbsp;Kwol Acquisition, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% | 12/8/2023 | 12/6/2029 | 6504 | 6352 | 6485 | 0.01 |
| &nbsp;&nbsp;MB2 Dental Solutions, LLC | (4)(10) | SOFR + | 5.50% | 9.66% | 2/13/2024 | 2/13/2031 | 37270 | 36982 | 37270 | 0.08 |
| &nbsp;&nbsp;MB2 Dental Solutions, LLC | (4)(5)(7)(10) | SOFR + | 5.50% | 9.78% | 2/13/2024 | 2/13/2031 | 6079 | 5996 | 6079 | 0.01 |
| &nbsp;&nbsp;MB2 Dental Solutions, LLC | (4)(5)(10) | SOFR + | 5.50% | 9.82% | 2/13/2024 | 2/13/2031 | 5512 | 5477 | 5512 | 0.01 |
| &nbsp;&nbsp;Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + | 5.50% | 9.76% (incl. 4.00% PIK) | 7/16/2021 | 7/16/2030 | 535090 | 533513 | 473318 | 1.01 |
| &nbsp;&nbsp;Onex TSG Intermediate Corp. | (6)(8) | SOFR + | 3.75% | 8.00% | 7/24/2025 | 8/6/2032 | 10954 | 10900 | 11026 | 0.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;ONS MSO, LLC | (4)(5)(7)(11) | SOFR + | 5.75% | 10.06% | 12/13/2023 | 7/8/2028 | $68760 | $68681 | $67687 | 0.14% |
| &nbsp;&nbsp;ONS MSO, LLC | (4)(5)(7)(11) | P + | 5.25% | 12.50% | 12/13/2023 | 7/8/2028 | 2000 | 1969 | 1930 | 0.00 |
| &nbsp;&nbsp;ONS MSO, LLC | (4)(11) | SOFR + | 5.75% | 10.06% | 4/26/2024 | 7/8/2028 | 9875 | 9841 | 9727 | 0.02 |
| &nbsp;&nbsp;Pacific Dental Services, Inc. | (8) | SOFR + | 2.50% | 6.64% | 4/3/2025 | 3/15/2031 | 4926 | 4885 | 4928 | 0.01 |
| &nbsp;&nbsp;Plasma Buyer, LLC | (4)(10) | SOFR + | 5.75% | 9.75% | 5/12/2022 | 5/12/2029 | 92567 | 91553 | 77525 | 0.17 |
| &nbsp;&nbsp;Plasma Buyer, LLC | (4)(5)(7)(10) | SOFR + | 5.75% | 9.74% | 5/12/2022 | 5/12/2028 | 14402 | 14276 | 12051 | 0.03 |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC | (4)(10) | SOFR + | 5.75% | 9.95% | 8/31/2022 | 8/31/2029 | 125340 | 124001 | 125340 | 0.27 |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.25% | 9.45% | 9/6/2023 | 8/31/2029 | 12653 | 12384 | 12653 | 0.03 |
| &nbsp;&nbsp;PSKW Intermediate, LLC | (4)(11) | SOFR + | 5.50% | 9.76% | 12/11/2024 | 3/9/2028 | 11980 | 11980 | 11980 | 0.03 |
| &nbsp;&nbsp;Raven Acquisition Holdings, LLC | (6)(7)(8) | SOFR + | 3.00% | 7.16% | 4/10/2025 | 11/19/2031 | 2793 | 2724 | 2795 | 0.01 |
| &nbsp;&nbsp;Smile Doctors, LLC | (4)(10) | SOFR + | 5.90% | 10.13% | 6/9/2023 | 12/23/2028 | 514164 | 509245 | 498739 | 1.07 |
| &nbsp;&nbsp;Smile Doctors, LLC | (4)(7)(10) | SOFR + | 5.90% | 10.13% | 6/9/2023 | 12/23/2028 | 122845 | 120107 | 117341 | 0.25 |
| &nbsp;&nbsp;Snoopy Bidco, Inc. | (4)(10) | SOFR + | 6.50% | 10.43% (incl. 5.50% PIK) | 6/1/2021 | 6/1/2028 | 717356 | 712883 | 686868 | 1.47 |
| &nbsp;&nbsp;Southern Veterinary Partners, LLC | (8) | SOFR + | 2.50% | 6.82% | 7/22/2025 | 12/4/2031 | 10185 | 10230 | 10177 | 0.02 |
| &nbsp;&nbsp;SpecialtyCare, Inc. | (4)(7)(11) | SOFR + | 5.00% | 9.26% | 8/26/2025 | 12/18/2029 | 69680 | 68855 | 68971 | 0.15 |
| &nbsp;&nbsp;SpecialtyCare, Inc. | (4)(5)(7)(8) | SOFR + | 3.75% | 8.12% | 8/26/2025 | 12/18/2029 | 475 | 447 | 475 | 0.00 |
| &nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | (4)(10) | SOFR + | 5.00% | 9.00% | 12/30/2021 | 1/2/2029 | 177267 | 175968 | 177267 | 0.38 |
| &nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.00% | 4/25/2024 | 1/2/2029 | 13419 | 12976 | 13419 | 0.03 |
| &nbsp;&nbsp;The Fertility Partners, Inc. | (4)(6)(10) | CA + | 5.75% | 8.59% | 3/16/2022 | 3/16/2028 | 134830 | 105047 | 91069 | 0.19 |
| &nbsp;&nbsp;The Fertility Partners, Inc. | (4)(6)(10) | SOFR + | 5.75% | 10.03% | 3/16/2022 | 3/16/2028 | 45321 | 44881 | 42601 | 0.09 |
| &nbsp;&nbsp;The Fertility Partners, Inc. | (4)(5)(6)(7)(10) | CA + | 5.75% | 8.60% | 3/16/2022 | 9/16/2027 | 965 | 191 | 277 | 0.00 |
| &nbsp;&nbsp;UMP Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.07% | 7/15/2022 | 7/15/2028 | 9427 | 9339 | 9144 | 0.02 |
| &nbsp;&nbsp;UMP Holdings, LLC | (4)(5)(10) | SOFR + | 5.75% | 10.07% | 7/15/2022 | 7/15/2028 | 12932 | 12886 | 12544 | 0.03 |
| &nbsp;&nbsp;Unified Women's Healthcare, LP | (4)(7)(9) | SOFR + | 5.00% | 9.00% | 6/16/2022 | 6/18/2029 | 871691 | 871533 | 871691 | 1.87 |
| &nbsp;&nbsp;Unified Women's Healthcare, LP | (4)(5)(9) | SOFR + | 5.00% | 9.16% | 3/22/2024 | 6/18/2029 | 4953 | 4927 | 4953 | 0.01 |
| &nbsp;&nbsp;Unified Women's Healthcare, LP | (4)(5)(7)(9) | SOFR + | 5.00% | 9.40% | 3/22/2024 | 6/18/2029 | 3246 | 3222 | 3246 | 0.01 |
| &nbsp;&nbsp;Unified Women's Healthcare, LP | (4)(5)(9) | SOFR + | 5.00% | 9.00% | 9/22/2025 | 6/18/2029 | 10263 | 10186 | 10263 | 0.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + | 5.25% | 9.55% | 11/18/2021 | 11/20/2028 | $153992 | $153061 | $153992 | 0.33% |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + | 5.25% | 9.65% | 11/18/2021 | 11/20/2028 | 64821 | 64467 | 64821 | 0.14 |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(5)(10) | SOFR + | 5.25% | 9.55% | 8/16/2023 | 11/20/2028 | 6191 | 6127 | 6191 | 0.01 |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(5)(10) | SOFR + | 5.25% | 9.52% | 12/5/2022 | 11/20/2028 | 107 | 107 | 107 | 0.00 |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(5)(7)(10) | SOFR + | 5.25% | 9.53% | 8/16/2023 | 11/20/2028 | 13431 | 13056 | 13431 | 0.03 |
| &nbsp;&nbsp;Veonet Lense, GmbH | (6)(8) | S + | 4.75% | 8.72% | 2/26/2025 | 3/14/2029 | 253448 | 319028 | 310824 | 0.67 |
| &nbsp;&nbsp;WHCG Purchaser III, Inc. | (4)(5)(7)(10) | SOFR + | 6.50% | 10.50% (incl. 5.25% PIK) | 8/2/2024 | 6/30/2029 | 47848 | 47848 | 47848 | 0.10 |
| &nbsp;&nbsp;WHCG Purchaser III, Inc. | (4)(5)(10)(17) |  | 10.00% | 10.00% PIK | 8/2/2024 | 6/30/2030 | 40084 | 14654 | 15232 | 0.03 |
|  |  |  |  |  |  |  |  | 6545266 | 6264942 | 13.40 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Accuity Delivery Systems, LLC | (4)(7)(9) | SOFR + | 5.25% | 9.45% | 5/29/2025 | 5/29/2031 | 167779 | 166706 | 166769 | 0.36 |
| &nbsp;&nbsp;athenahealth, Inc. | (9) | SOFR + | 2.75% | 6.91% | 2/15/2022 | 2/15/2029 | 36008 | 35817 | 35982 | 0.08 |
| &nbsp;&nbsp;Brilliance Technologies, Inc. | (4)(5)(7)(9) | SOFR + | 4.50% | 8.66% | 3/11/2025 | 3/11/2032 | 88253 | 87344 | 87832 | 0.19 |
| &nbsp;&nbsp;Brilliance Technologies, Inc. | (4)(5)(9) | SOFR + | 4.50% | 8.66% | 3/11/2025 | 3/11/2032 | 141205 | 140554 | 140852 | 0.30 |
| &nbsp;&nbsp;Brilliance Technologies, Inc. | (4)(5)(9) | SOFR + | 4.50% | 8.66% | 5/16/2025 | 3/11/2032 | 193997 | 193081 | 193512 | 0.41 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.00% | 9.00% | 5/25/2022 | 5/25/2029 | 438950 | 434375 | 438950 | 0.94 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(5)(6)(7)(10) | SOFR + | 5.00% | 9.17% | 5/25/2022 | 5/25/2029 | 31760 | 31228 | 31760 | 0.07 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.00% | 9.00% | 10/28/2022 | 5/25/2029 | 35843 | 35637 | 35843 | 0.08 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.00% | 9.00% | 10/28/2022 | 5/25/2029 | 244919 | 243984 | 244919 | 0.52 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.00% | 9.00% | 3/27/2024 | 5/25/2029 | 69294 | 69294 | 69294 | 0.15 |
| &nbsp;&nbsp;Color Intermediate, LLC | (4)(10) | SOFR + | 4.75% | 8.85% | 7/2/2024 | 10/1/2029 | 362405 | 357249 | 362405 | 0.78 |
| &nbsp;&nbsp;Continental Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.66% | 2/14/2025 | 4/2/2031 | 41532 | 40937 | 41498 | 0.09 |
| &nbsp;&nbsp;Cotiviti, Inc. | (8) | SOFR + | 2.75% | 7.03% | 5/1/2024 | 5/1/2031 | 40243 | 40082 | 39606 | 0.08 |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. | (4)(10) | SOFR + | 6.09% | 10.54% | 3/1/2021 | 3/1/2028 | 71173 | 70437 | 71173 | 0.15 |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. | (4)(10) | SOFR + | 6.09% | 10.38% | 3/1/2021 | 3/1/2028 | 14758 | 14670 | 14758 | 0.03 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| &nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.16% | 8/30/2024 | 8/30/2031 | $162144 | $160483 | $161800 | 0.35% |
| &nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. | (4)(5)(10) | SOFR + | 4.75% | 8.91% | 8/5/2025 | 8/30/2031 | 160724 | 159158 | 160724 | 0.34 |
| &nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. | (4)(5)(10) | SOFR + | 4.75% | 8.91% | 7/10/2025 | 8/30/2031 | 69024 | 68359 | 69024 | 0.15 |
| &nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.91% | 7/10/2025 | 8/30/2031 | 30395 | 30054 | 30395 | 0.07 |
| &nbsp;&nbsp;eResearchTechnology, Inc. | (4)(10) | SOFR + | 4.75% | 8.91% | 1/15/2025 | 1/19/2032 | 825410 | 817985 | 825410 | 1.77 |
| &nbsp;&nbsp;eResearchTechnology, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.91% | 1/15/2025 | 1/19/2032 | 160350 | 157587 | 159565 | 0.34 |
| &nbsp;&nbsp;GI Ranger Intermediate, LLC | (4)(7)(10) | SOFR + | 5.75% | 10.01% | 10/29/2021 | 10/29/2028 | 102024 | 101163 | 102024 | 0.22 |
| &nbsp;&nbsp;Healthcomp Holding Company, LLC | (4)(10) | SOFR + | 6.25% | 10.42% (incl. 3.00% PIK) | 11/8/2023 | 11/8/2029 | 187979 | 186764 | 179520 | 0.38 |
| &nbsp;&nbsp;Imprivata, Inc. | (8) | SOFR + | 3.00% | 7.00% | 6/20/2025 | 12/1/2027 | 1992 | 1992 | 2003 | 0.00 |
| &nbsp;&nbsp;Kona Buyer, LLC | (4)(7)(10) | SOFR + | 4.50% | 8.82% | 7/23/2024 | 7/23/2031 | 214019 | 211822 | 211799 | 0.45 |
| &nbsp;&nbsp;Kona Buyer, LLC | (4)(5)(10) | SOFR + | 4.50% | 8.82% | 7/23/2024 | 7/23/2031 | 16092 | 16320 | 16012 | 0.03 |
| &nbsp;&nbsp;Magic Bidco, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 9.74% | 7/1/2024 | 7/1/2030 | 7469 | 7305 | 7469 | 0.02 |
| &nbsp;&nbsp;Magic Bidco, Inc. | (4)(10) | SOFR + | 5.75% | 9.75% | 7/1/2024 | 7/1/2030 | 57531 | 56527 | 57531 | 0.12 |
| &nbsp;&nbsp;Magic Bidco, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 9.75% | 7/1/2024 | 7/1/2030 | 1743 | 1652 | 1743 | 0.00 |
| &nbsp;&nbsp;MEDX AMCP Holdings, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.91% | 7/21/2025 | 7/21/2032 | 22327 | 22027 | 22040 | 0.05 |
| &nbsp;&nbsp;Modernizing Medicine, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% (incl. 2.25% PIK) | 4/30/2025 | 4/30/2032 | 45403 | 44942 | 45134 | 0.10 |
| &nbsp;&nbsp;Neptune Holdings, Inc. | (4)(7)(10) | SOFR + | 4.50% | 8.50% | 12/12/2024 | 8/31/2030 | 14738 | 14446 | 14688 | 0.03 |
| &nbsp;&nbsp;Netsmart Technologies, Inc. | (4)(7)(10) | SOFR + | 4.95% | 9.11% (incl. 2.45% PIK) | 8/23/2024 | 8/23/2031 | 189661 | 187762 | 189530 | 0.41 |
| &nbsp;&nbsp;Octane Purchaser, Inc. | (4)(7)(9) | SOFR + | 4.25% | 8.41% | 5/19/2025 | 5/19/2032 | 167453 | 166493 | 166858 | 0.36 |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp. | (4)(8) | SOFR + | 2.75% | 7.03% | 7/18/2025 | 3/10/2028 | 9065 | 9065 | 9080 | 0.02 |
| &nbsp;&nbsp;Rocky MRA Acquisition Corp. | (4)(9) | SOFR + | 5.00% | 9.29% | 4/1/2022 | 4/2/2029 | 166111 | 164856 | 166111 | 0.36 |
| &nbsp;&nbsp;Vizient, Inc. | (9) | SOFR + | 1.75% | 5.91% | 8/1/2024 | 8/1/2031 | 4520 | 4549 | 4538 | 0.01 |
| &nbsp;&nbsp;Waystar Technologies, Inc. | (8) | SOFR + | 2.00% | 6.16% | 8/6/2025 | 10/22/2029 | 6446 | 6446 | 6458 | 0.01 |
|  |  |  |  |  |  |  |  | 4559152 | 4584609 | 9.82 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;Alterra Mountain, Co. | (8) | SOFR + | 2.50% | 6.66% | 7/23/2025 | 8/17/2028 | $7313 | $7313 | $7334 | 0.02% |
| &nbsp;&nbsp;Bally's Corp. | (6)(9) | SOFR + | 3.25% | 7.84% | 10/1/2021 | 10/2/2028 | 9585 | 9541 | 9333 | 0.02 |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | (6)(9) | SOFR + | 2.25% | 6.41% | 2/6/2023 | 2/6/2030 | 5913 | 5927 | 5911 | 0.01 |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | (6)(9) | SOFR + | 2.25% | 6.41% | 6/16/2025 | 2/6/2031 | 2709 | 2713 | 2706 | 0.01 |
| &nbsp;&nbsp;Cedar Fair, LP | (6)(8) | SOFR + | 2.00% | 6.16% | 6/18/2025 | 5/1/2031 | 1194 | 1191 | 1188 | 0.00 |
| &nbsp;&nbsp;Century Casinos, Inc. | (6)(10) | SOFR + | 6.00% | 10.28% | 4/1/2022 | 4/2/2029 | 30884 | 30572 | 26406 | 0.06 |
| &nbsp;&nbsp;DK Crown Holdings, Inc. | (6)(8) | SOFR + | 1.75% | 6.00% | 6/16/2025 | 3/4/2032 | 1405 | 1404 | 1405 | 0.00 |
| &nbsp;&nbsp;FanDuel Group Financing, LLC | (6)(9) | SOFR + | 1.75% | 5.75% | 4/3/2025 | 11/30/2030 | 5251 | 5176 | 5243 | 0.01 |
| &nbsp;&nbsp;Fertitta Entertainment, LLC | (9) | SOFR + | 3.25% | 7.41% | 1/27/2022 | 1/27/2029 | 22462 | 22165 | 22455 | 0.05 |
| &nbsp;&nbsp;Flynn Restaurant Group, LP | (8) | SOFR + | 3.75% | 7.91% | 4/3/2025 | 1/28/2032 | 2985 | 2895 | 2993 | 0.01 |
| &nbsp;&nbsp;IRB Holding Corp. | (10) | SOFR + | 2.50% | 6.66% | 12/11/2024 | 12/15/2027 | 24801 | 24769 | 24834 | 0.05 |
| &nbsp;&nbsp;Life Time, Inc. | (8) | SOFR + | 2.00% | 6.25% | 8/14/2025 | 11/5/2031 | 2342 | 2350 | 2343 | 0.01 |
| &nbsp;&nbsp;Light & Wonder International, Inc. | (6)(9) | SOFR + | 2.25% | 6.39% | 6/16/2025 | 4/14/2029 | 643 | 646 | 645 | 0.00 |
| &nbsp;&nbsp;Mic Glen, LLC | (9) | SOFR + | 3.25% | 7.41% | 7/29/2025 | 7/21/2028 | 12630 | 12630 | 12716 | 0.03 |
| &nbsp;&nbsp;New Red Finance, Inc. | (6)(8) | SOFR + | 1.75% | 5.91% | 6/16/2024 | 9/12/2030 | 13558 | 13410 | 13530 | 0.03 |
| &nbsp;&nbsp;Penn Entertainment, Inc. | (6)(9) | SOFR + | 2.50% | 6.66% | 6/16/2025 | 5/3/2029 | 2266 | 2269 | 2267 | 0.00 |
| &nbsp;&nbsp;Scientific Games Holdings, LP | (9) | SOFR + | 3.00% | 7.29% | 6/11/2024 | 4/4/2029 | 19580 | 19611 | 19442 | 0.04 |
| &nbsp;&nbsp;Tacala Investment Corp. | (10) | SOFR + | 3.00% | 7.16% | 9/16/2025 | 1/31/2031 | 2955 | 2964 | 2972 | 0.01 |
| &nbsp;&nbsp;Voyager Parent, LLC | (6)(8) | SOFR + | 4.75% | 8.75% | 7/18/2025 | 7/1/2032 | 107800 | 103628 | 108151 | 0.23 |
| &nbsp;&nbsp;Whatabrands, LLC | (9) | SOFR + | 2.50% | 6.66% | 12/11/2024 | 8/3/2028 | 12214 | 12166 | 12238 | 0.03 |
|  |  |  |  |  |  |  |  | 283340 | 284112 | 0.62 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc. | (9) | SOFR + | 3.00% | 7.28% | 12/5/2024 | 7/31/2028 | 36707 | 36630 | 36821 | 0.08 |
| &nbsp;&nbsp;Madison Safety & Flow, LLC | (4)(8) | SOFR + | 2.75% | 6.91% | 9/25/2025 | 9/26/2031 | 5787 | 5787 | 5787 | 0.01 |
|  |  |  |  |  |  |  |  | 42417 | 42608 | 0.09 |
| **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** |
| &nbsp;&nbsp;Calpine, Corp. | (8) | SOFR + | 1.75% | 5.91% | 6/16/2025 | 2/15/2032 | 2025 | 2026 | 2025 | 0.00 |
| &nbsp;&nbsp;Calpine, Corp. | (8) | SOFR + | 1.75% | 5.91% | 6/16/2025 | 1/31/2031 | 1099 | 1100 | 1099 | 0.00 |
|  |  |  |  |  |  |  |  | 3126 | 3124 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;Bettcher Industries, Inc. | (4)(9) | SOFR + | 4.00% | 8.00% | 12/14/2021 | 12/14/2028 | $6883 | $6851 | $6917 | 0.01% |
| &nbsp;&nbsp;CEP V Investment 11 S.à r.l. | (4)(6)(7)(10) | SA + | 6.52% | 7.20% | 5/6/2022 | 2/11/2028 | 47449 | 48056 | 57619 | 0.12 |
| &nbsp;&nbsp;CEP V Investment 11 S.à r.l. | (4)(6)(10) | E + | 6.45% | 8.51% | 3/31/2023 | 2/23/2028 | 66051 | 64100 | 75249 | 0.16 |
| &nbsp;&nbsp;Engineered Machinery Holdings, Inc. | (10) | SOFR + | 3.50% | 7.76% | 8/12/2021 | 5/19/2028 | 11663 | 11642 | 11743 | 0.03 |
| &nbsp;&nbsp;Excelitas Technologies Corp. | (4)(8) | E + | 5.25% | 7.15% | 8/12/2022 | 8/13/2029 | 24627 | 25012 | 28913 | 0.06 |
| &nbsp;&nbsp;Excelitas Technologies Corp. | (4)(7)(10) | SOFR + | 5.25% | 9.41% | 8/12/2022 | 8/13/2029 | 33241 | 32766 | 33241 | 0.07 |
|  |  |  |  |  |  |  |  | 188427 | 213682 | 0.45 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;Alera Group, Inc. | (9) | SOFR + | 3.25% | 7.41% | 5/30/2025 | 5/30/2032 | 37923 | 37743 | 38107 | 0.08 |
| &nbsp;&nbsp;Alliant Holdings Intermediate, LLC | (8) | SOFR + | 2.50% | 6.67% | 7/31/2025 | 9/19/2031 | 6114 | 6062 | 6103 | 0.01 |
| &nbsp;&nbsp;Amerilife Holdings, LLC | (4)(10) | SOFR + | 5.00% | 9.17% | 6/17/2024 | 8/31/2029 | 574124 | 568197 | 574124 | 1.23 |
| &nbsp;&nbsp;Amerilife Holdings, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.17% | 6/17/2024 | 8/31/2029 | 116583 | 115610 | 116480 | 0.25 |
| &nbsp;&nbsp;AmWINS Group, Inc. | (10) | SOFR + | 2.25% | 6.25% | 4/3/2025 | 1/30/2032 | 2987 | 2958 | 2989 | 0.01 |
| &nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC | (6)(8) | SOFR + | 2.50% | 6.64% | 9/12/2025 | 5/26/2031 | 11840 | 11833 | 11865 | 0.03 |
| &nbsp;&nbsp;BroadStreet Partners, Inc. | (8) | SOFR + | 2.75% | 6.91% | 6/14/2024 | 6/14/2031 | 19762 | 19686 | 19803 | 0.04 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(10) | SOFR + | 4.75% | 8.75% | 10/29/2021 | 10/29/2030 | 27703 | 27461 | 27703 | 0.06 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(5)(10) | SOFR + | 4.75% | 8.75% | 11/17/2023 | 10/29/2030 | 26748 | 26377 | 26748 | 0.06 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(10) | SOFR + | 4.75% | 8.75% | 4/14/2022 | 10/29/2030 | 38397 | 38094 | 38397 | 0.08 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% | 10/21/2024 | 10/29/2030 | 19181 | 18854 | 18936 | 0.04 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (5)(10) | SOFR + | 5.00% | 9.13% | 9/24/2025 | 10/29/2030 | 6815 | 6815 | 6815 | 0.01 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(5)(10) | SOFR + | 5.00% | 9.24% | 9/24/2025 | 10/29/2030 | 3185 | 3185 | 3185 | 0.01 |
| &nbsp;&nbsp;Galway Borrower, LLC | (4)(10) | SOFR + | 4.50% | 8.50% | 9/30/2021 | 9/29/2028 | 239731 | 238154 | 239731 | 0.51 |
| &nbsp;&nbsp;Galway Borrower, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 9/30/2021 | 9/29/2028 | 586 | 579 | 586 | 0.00 |
| &nbsp;&nbsp;Galway Borrower, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 4/28/2023 | 9/29/2028 | 4296 | 4123 | 4296 | 0.01 |
| &nbsp;&nbsp;Gimlet Bidco, GmbH | (4)(6)(8) | E + | 5.75% | 7.78% | 4/15/2024 | 4/23/2031 | 110003 | 114871 | 129149 | 0.28 |
| &nbsp;&nbsp;Gimlet Bidco, GmbH | (4)(6)(7)(8) | E + | 5.75% | 7.78% | 4/15/2024 | 4/23/2031 | 39129 | 40623 | 45940 | 0.10 |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. | (4)(6)(11) | SOFR + | 4.50% | 8.67% | 7/3/2024 | 11/25/2028 | 89517 | 89453 | 89517 | 0.19 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;High Street Buyer, Inc. | (4)(10) | SOFR + | 5.25% | 9.25% | 4/16/2021 | 4/14/2028 | $19040 | $18950 | $19040 | 0.04% |
| &nbsp;&nbsp;High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.25% | 4/16/2021 | 4/14/2028 | 81672 | 80981 | 81589 | 0.17 |
| &nbsp;&nbsp;High Street Buyer, Inc. | (4)(5)(10) | SOFR + | 4.50% | 8.50% | 1/2/2025 | 4/14/2028 | 43988 | 43443 | 43658 | 0.09 |
| &nbsp;&nbsp;High Street Buyer, Inc. | (4)(10) | SOFR + | 5.25% | 9.25% | 4/16/2021 | 4/14/2028 | 76470 | 75902 | 76470 | 0.16 |
| &nbsp;&nbsp;High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 7/18/2025 | 4/14/2028 | 6169 | 5934 | 5707 | 0.01 |
| &nbsp;&nbsp;HUB International, Ltd. | (8) | SOFR + | 2.25% | 6.58% | 4/4/2025 | 6/20/2030 | 851 | 835 | 853 | 0.00 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (6)(9) | SOFR + | 2.75% | 6.91% | 8/4/2025 | 2/15/2031 | 18849 | 18630 | 18871 | 0.04 |
| &nbsp;&nbsp;Integrity Marketing Acquisition, LLC | (4)(7)(10) | SOFR + | 5.00% | 9.20% | 8/27/2024 | 8/25/2028 | 266046 | 264560 | 264677 | 0.57 |
| &nbsp;&nbsp;Koala Investment Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 8/29/2025 | 8/29/2032 | 88402 | 87357 | 87357 | 0.19 |
| &nbsp;&nbsp;MRH Trowe Beteiligungsgesellschaft mbH | (4)(6)(7)(8) | E + | 5.00% | 7.11% | 5/15/2025 | 5/15/2032 | 365 | 404 | 422 | 0.00 |
| &nbsp;&nbsp;OneDigital Borrower, LLC | (9) | SOFR + | 3.00% | 7.16% | 1/28/2025 | 7/2/2031 | 9875 | 9875 | 9888 | 0.02 |
| &nbsp;&nbsp;Paisley Bidco, Ltd. | (4)(5)(6)(7)(8) | S + | 5.25% | 9.47% | 4/17/2024 | 5/7/2031 | 14988 | 18586 | 19935 | 0.04 |
| &nbsp;&nbsp;Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + | 5.25% | 7.28% | 4/17/2024 | 5/7/2031 | 7947 | 8453 | 9237 | 0.02 |
| &nbsp;&nbsp;Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + | 5.25% | 7.28% | 4/17/2024 | 5/7/2031 | 7010 | 7232 | 8147 | 0.02 |
| &nbsp;&nbsp;Paisley Bidco, Ltd. | (4)(5)(6)(8) | E + | 5.25% | 7.28% | 7/31/2025 | 5/7/2031 | 3776 | 4313 | 4389 | 0.01 |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (4)(10) | SOFR + | 5.00% | 9.15% | 10/14/2021 | 10/16/2028 | 23788 | 23641 | 23788 | 0.05 |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.00% | 11/17/2023 | 10/16/2028 | 23789 | 23558 | 23347 | 0.05 |
| &nbsp;&nbsp;Riser Merger Sub, Inc. | (4)(5)(10) | SOFR + | 4.75% | 8.75% | 4/15/2025 | 10/31/2029 | 30660 | 30660 | 30660 | 0.07 |
| &nbsp;&nbsp;Riser Merger Sub, Inc. | (4)(5)(10) | S + | 4.75% | 8.72% | 4/15/2025 | 10/31/2029 | 51543 | 66099 | 69321 | 0.15 |
| &nbsp;&nbsp;Riser Merger Sub, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.75% | 4/15/2025 | 10/31/2029 | 4987 | 4542 | 4835 | 0.01 |
| &nbsp;&nbsp;SelectQuote, Inc. | (4)(6)(20) | SOFR + | 6.50% | 10.76% | 10/15/2024 | 9/30/2027 | 122944 | 122930 | 118026 | 0.25 |
| &nbsp;&nbsp;SG Acquisition, Inc. | (4)(7)(10) | SOFR + | 4.75% | 9.05% | 4/3/2024 | 4/3/2030 | 206109 | 204680 | 206109 | 0.44 |
| &nbsp;&nbsp;Shelf Bidco, Ltd. | (4)(6)(10)(18) | SOFR + | 5.18% | 9.50% | 10/17/2024 | 10/17/2031 | 936002 | 931944 | 936002 | 2.00 |
| &nbsp;&nbsp;Simplicity Financial Marketing Group Holdings, Inc. | (4)(6)(7)(10) | SOFR + | 5.00% | 9.00% | 12/31/2024 | 12/31/2031 | 48663 | 48142 | 48603 | 0.10 |
| &nbsp;&nbsp;Sparta UK Bidco, Ltd. | (4)(5)(6)(8) | S + | 5.75% | 9.72% | 9/25/2024 | 9/25/2031 | 44570 | 58788 | 59942 | 0.13 |
| &nbsp;&nbsp;Sparta UK Bidco, Ltd. | (4)(5)(6)(8) | E + | 5.75% | 7.85% | 9/25/2024 | 9/25/2031 | 1177 | 1318 | 1382 | 0.00 |
| &nbsp;&nbsp;SQ ABS Issuer, LLC | (4)(6)(8) |  | 7.80% | 7.80% | 10/11/2024 | 10/20/2039 | 18739 | 18620 | 18786 | 0.04 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;Tennessee Bidco, Limited | (4)(5)(6)(8) | E + | 5.25% | 7.55% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 4607 | $5731 | $5409 | 0.01% |
| &nbsp;&nbsp;Tennessee Bidco, Limited | (4)(6)(8) | S + | 5.25% | 9.47% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 152279 | 204361 | 204799 | 0.44 |
| &nbsp;&nbsp;Tennessee Bidco, Limited | (4)(5)(6)(7)(8) | S + | 5.25% | 9.47% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 13823 | 18059 | 17952 | 0.04 |
| &nbsp;&nbsp;Tennessee Bidco, Limited | (4)(6)(8) | SOFR + | 5.25% | 9.65% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | $556048 | 544183 | 556048 | 1.19 |
| &nbsp;&nbsp;Tennessee Bidco, Limited | (4)(5)(6)(8) | SOFR + | 5.25% | 9.71% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 28062 | 27827 | 28062 | 0.06 |
| &nbsp;&nbsp;Tennessee Bidco, Limited | (4)(5)(6)(8) | E + | 5.25% | 7.62% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 8873 | 9302 | 10418 | 0.02 |
| &nbsp;&nbsp;THG Acquisition, LLC | (4)(10) | SOFR + | 4.75% | 8.91% | 10/31/2024 | 10/31/2031 | 66645 | 66066 | 66645 | 0.14 |
| &nbsp;&nbsp;THG Acquisition, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.91% | 10/31/2024 | 10/31/2031 | 555 | 490 | 555 | 0.00 |
| &nbsp;&nbsp;THG Acquisition, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.91% | 10/31/2024 | 10/31/2031 | 2422 | 2347 | 2422 | 0.01 |
| &nbsp;&nbsp;TIH Insurance Holdings, LLC | (7)(8) | SOFR + | 2.75% | 6.75% | 12/6/2024 | 5/6/2031 | 19652 | 19312 | 19551 | 0.04 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.25% | 12/23/2024 | 11/22/2029 | 6812 | 6812 | 6811 | 0.01 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.25% | 12/23/2024 | 9/29/2030 | 7435 | 7345 | 7434 | 0.02 |
| &nbsp;&nbsp;World Insurance Associates, LLC | (4)(7)(11) | SOFR + | 5.00% | 9.00% | 2/14/2025 | 4/3/2030 | 90759 | 89511 | 90458 | 0.19 |
|  |  |  |  |  |  |  |  | 4552401 | 4608079 | 9.84 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + | 5.25% | 9.35% | 8/28/2024 | 10/30/2027 | 12403 | 12281 | 12093 | 0.03 |
| &nbsp;&nbsp;North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + | 5.25% | 9.35% | 8/28/2024 | 10/30/2027 | 7262 | 7191 | 7080 | 0.02 |
| &nbsp;&nbsp;North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + | 5.25% | 9.68% | 8/28/2024 | 10/30/2027 | 3090 | 3060 | 3013 | 0.01 |
| &nbsp;&nbsp;North Haven Ushc Acquisition, Inc. | (4)(5)(7)(11) | SOFR + | 5.25% | 9.35% | 8/28/2024 | 10/30/2027 | 4464 | 4293 | 3708 | 0.01 |
| &nbsp;&nbsp;North Haven Ushc Acquisition, Inc. | (4)(5)(11) | SOFR + | 5.25% | 9.35% | 8/28/2024 | 10/30/2027 | 3594 | 3559 | 3504 | 0.01 |
| &nbsp;&nbsp;North Haven Ushc Acquisition, Inc. | (4)(11) | SOFR + | 5.25% | 9.41% | 8/28/2024 | 10/30/2027 | 22126 | 21909 | 21573 | 0.05 |
| &nbsp;&nbsp;North Haven Ushc Acquisition, Inc. | (4)(5)(7)(11) | SOFR + | 5.25% | 9.41% | 8/28/2024 | 10/30/2027 | 15035 | 14867 | 14608 | 0.03 |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | (8) | SOFR + | 2.75% | 7.07% | 7/16/2024 | 7/16/2031 | 35155 | 35067 | 35097 | 0.08 |
| &nbsp;&nbsp;Speedster Bidco, GmbH | (6)(9) | SOFR + | 3.25% | 7.24% | 10/17/2024 | 12/10/2031 | 20219 | 19800 | 20295 | 0.04 |
| &nbsp;&nbsp;Speedster Bidco, GmbH | (6)(7)(8) | E + | 3.50% | 5.62% | 10/17/2024 | 12/10/2031 | 33908 | 35830 | 40088 | 0.09 |
| &nbsp;&nbsp;Titan Acquisitionco New Zealand, Ltd. | (4)(6)(9) | B + | 4.00% | 6.80% | 5/29/2025 | 4/17/2031 | 129563 | 76735 | 74363 | 0.16 |
| &nbsp;&nbsp;WH Borrower, LLC | (9) | SOFR + | 4.75% | 8.95% | 2/20/2025 | 2/20/2032 | 39900 | 39718 | 39993 | 0.09 |
|  |  |  |  |  |  |  |  | 274310 | 275415 | 0.62 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Ahead DB Holdings, LLC | (10) | SOFR + | 2.75% | 6.75% | 8/2/2024 | 2/1/2031 | $2499 | $2497 | $2505 | 0.01% |
| &nbsp;&nbsp;AI Altius Luxembourg S.à r.l. | (4)(5)(8) |  | 9.75% | 9.75% PIK | 12/21/2021 | 12/21/2029 | 29758 | 29468 | 29758 | 0.06 |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. | (4)(7)(10) | SOFR + | 4.75% | 8.99% | 5/21/2024 | 12/21/2028 | 245269 | 243320 | 245269 | 0.52 |
| &nbsp;&nbsp;Allium Buyer, LLC | (4)(7)(11) | SOFR + | 5.00% | 9.31% | 5/2/2023 | 5/2/2030 | 1568 | 1533 | 1561 | 0.00 |
| &nbsp;&nbsp;Cassipoee, SASU | (4)(5)(6)(8) | E + | 4.50% | 6.50% | 2/26/2025 | 2/26/2032 | 160 | 165 | 184 | 0.00 |
| &nbsp;&nbsp;Denali TopCo, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.91% | 8/26/2025 | 8/26/2032 | 92136 | 91196 | 90949 | 0.19 |
| &nbsp;&nbsp;Fern Bidco, Ltd. | (4)(5)(6)(8) | S + | 5.25% | 9.22% | 7/1/2024 | 7/3/2031 | 40356 | 50192 | 53325 | 0.11 |
| &nbsp;&nbsp;Fern Bidco, Ltd. | (4)(5)(6)(7)(8) | S + | 5.25% | 9.22% | 7/1/2024 | 7/3/2031 | 4414 | 5472 | 5461 | 0.01 |
| &nbsp;&nbsp;Infostretch Corporation | (4)(10) | SOFR + | 5.75% | 9.90% | 4/1/2022 | 4/1/2028 | 177053 | 175578 | 158462 | 0.34 |
| &nbsp;&nbsp;Inovalon Holdings, Inc. | (4)(10) | SOFR + | 5.50% | 9.76% (incl. 2.75% PIK) | 4/11/2025 | 11/24/2028 | 1108328 | 1096920 | 1108328 | 2.37 |
| &nbsp;&nbsp;KEN Bidco, Ltd. | (4)(5)(6)(10) | S + | 6.00% | 10.09% (incl. 2.50% PIK) | 5/3/2024 | 8/3/2028 | 14272 | 17585 | 16939 | 0.04 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(8) | CI + | 6.00% | 7.89% | 9/28/2022 | 9/28/2029 | 560750 | 72866 | 85990 | 0.18 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(9) | N + | 6.00% | 10.05% | 9/28/2022 | 9/28/2029 | 599094 | 55006 | 58531 | 0.13 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(8) | ST + | 6.00% | 7.93% | 9/28/2022 | 9/28/2029 | 243186 | 21429 | 25185 | 0.05 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(8) | E + | 6.00% | 7.83% | 9/28/2022 | 9/28/2029 | 110819 | 106933 | 126854 | 0.27 |
| &nbsp;&nbsp;Nephele III, BV | (4)(5)(6)(7)(8) | E + | 5.00% | 7.00% | 3/31/2025 | 1/14/2032 | 267 | 285 | 309 | 0.00 |
| &nbsp;&nbsp;Newfold Digital Holdings Group, Inc. | (4)(10)(17) | SOFR + | 3.50% | 7.84% | 2/10/2021 | 2/10/2028 | 43798 | 43636 | 31754 | 0.07 |
| &nbsp;&nbsp;Park Place Technologies, LLC | (4)(10) | SOFR + | 5.25% | 9.56% | 3/25/2024 | 3/25/2031 | 541322 | 537566 | 541322 | 1.16 |
| &nbsp;&nbsp;Park Place Technologies, LLC | (4)(5)(7)(10) | SOFR + | 5.25% | 9.25% | 3/25/2024 | 3/25/2030 | 22255 | 21775 | 22255 | 0.05 |
| &nbsp;&nbsp;Park Place Technologies, LLC | (4)(5)(10) | SOFR + | 5.25% | 9.48% | 3/25/2024 | 3/25/2031 | 44304 | 44040 | 44304 | 0.09 |
| &nbsp;&nbsp;Razor Holdco, LLC | (4)(10) | SOFR + | 5.75% | 10.05% | 10/25/2021 | 10/25/2027 | 95717 | 95057 | 95717 | 0.20 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;Red River Technology, LLC | (4)(11) | SOFR + | 6.00% | 10.46% | 5/26/2021 | 5/26/2027 | $145152 | $144454 | $127734 | 0.27% |
| &nbsp;&nbsp;Redwood Services Group, LLC | (4)(10) | SOFR + | 5.25% | 9.26% | 1/3/2025 | 6/15/2029 | 148454 | 146984 | 148454 | 0.32 |
| &nbsp;&nbsp;Redwood Services Group, LLC | (4)(5)(7)(10) | SOFR + | 5.25% | 9.26% | 2/5/2024 | 6/15/2029 | 15860 | 15715 | 15711 | 0.03 |
| &nbsp;&nbsp;Smartronix, LLC | (8) | SOFR + | 4.50% | 8.66% | 2/7/2025 | 2/6/2032 | 340571 | 332465 | 342699 | 0.73 |
| &nbsp;&nbsp;Smartronix, LLC | (5)(7)(8) | SOFR + | 3.50% | 7.54% | 2/7/2025 | 2/7/2030 | 4789 | 4521 | 4759 | 0.02 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | E + | 6.00% | 8.03% (incl. 2.50% PIK) | 10/14/2021 | 9/28/2028 | 17547 | 20004 | 18181 | 0.04 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | E + | 6.00% | 8.53% (incl. 2.50% PIK) | 10/14/2021 | 8/3/2028 | 6584 | 7525 | 6822 | 0.01 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | SOFR + | 6.00% | 10.10% (incl. 2.50% PIK) | 10/14/2021 | 10/16/2028 | 6754 | 7002 | 5960 | 0.01 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | SOFR + | 6.00% | 10.41% (incl. 2.50% PIK) | 10/14/2021 | 9/28/2028 | 13582 | 13419 | 11986 | 0.03 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(5)(6)(10) | S + | 6.00% | 10.09% (incl. 2.50% PIK) | 5/3/2024 | 8/3/2028 | 23993 | 29563 | 28476 | 0.06 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(10) | SOFR + | 6.00% | 10.30% (incl. 2.50% PIK) | 5/3/2024 | 8/3/2028 | 31934 | 31307 | 28182 | 0.06 |
| &nbsp;&nbsp;Virtusa Corp. | (10) | SOFR + | 3.25% | 7.41% | 6/21/2024 | 2/15/2029 | 14751 | 14765 | 14603 | 0.03 |
|  |  |  |  |  |  |  |  | 3480243 | 3498529 | 7.46 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Bidco Jupiter, Ltd. | (4)(6)(9) | E + | 6.25% | 8.25% | 8/5/2022 | 8/27/2029 | 5922 | 5859 | 5771 | 0.02 |
| &nbsp;&nbsp;Bidco Jupiter, Ltd. | (4)(6)(10) | SOFR + | 6.25% | 10.25% | 8/5/2022 | 8/27/2029 | 88177 | 86702 | 74730 | 0.16 |
| &nbsp;&nbsp;Cambrex Corp. | (4)(7)(10) | SOFR + | 4.50% | 8.66% | 3/5/2025 | 3/5/2032 | 114962 | 113690 | 113576 | 0.24 |
| &nbsp;&nbsp;Creek Parent, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.14% | 12/17/2024 | 12/18/2031 | 132684 | 130325 | 131353 | 0.28 |
| &nbsp;&nbsp;Falcon Parent Holdings, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.25% | 11/6/2024 | 11/6/2031 | 163517 | 161776 | 162096 | 0.35 |
| &nbsp;&nbsp;Parexel International, Inc. | (9) | SOFR + | 2.50% | 6.66% | 1/27/2025 | 11/15/2028 | 7358 | 7372 | 7372 | 0.02 |
| &nbsp;&nbsp;PAS Parent, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.66% | 8/18/2025 | 8/18/2032 | 27411 | 26750 | 26738 | 0.06 |
|  |  |  |  |  |  |  |  | 532474 | 521636 | 1.13 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Bidco 76 S.p.A. | (4)(6)(7)(8) | E + | 5.00% | 7.03% | 12/11/2024 | 12/10/2031 | 115204 | $118899 | $135019 | 0.29% |
| &nbsp;&nbsp;Chart Industries, Inc. | (6)(9) | SOFR + | 2.50% | 6.79% | 7/2/2024 | 3/16/2030 | $5048 | 5048 | 5083 | 0.01 |
| &nbsp;&nbsp;Cielo Bidco, Ltd. | (4)(5)(6)(8) | S + | 4.75% | 8.72% | 6/30/2025 | 3/31/2032 | 241 | 327 | 324 | 0.00 |
| &nbsp;&nbsp;Cielo Bidco, Ltd. | (4)(5)(6)(7)(8) | E + | 4.75% | 6.65% | 6/30/2025 | 3/31/2032 | 86 | 100 | 101 | 0.00 |
| &nbsp;&nbsp;Cielo Bidco, Ltd. | (4)(5)(6)(8) | SOFR + | 4.75% | 8.89% | 6/30/2025 | 3/31/2032 | 1238 | 1227 | 1238 | 0.00 |
| &nbsp;&nbsp;Cielo Bidco, Ltd. | (4)(5)(6)(7)(8) | SOFR + | 4.75% | 8.91% | 6/30/2025 | 3/31/2032 | 595 | 582 | 588 | 0.00 |
| &nbsp;&nbsp;Crosby US Acquisition Corp. | (9) | SOFR + | 3.50% | 7.66% | 9/16/2024 | 8/16/2029 | 309 | 313 | 311 | 0.00 |
| &nbsp;&nbsp;LSF11 Trinity Bidco, Inc. | (8) | SOFR + | 2.50% | 6.65% | 9/11/2025 | 6/15/2030 | 1052 | 1052 | 1054 | 0.00 |
| &nbsp;&nbsp;MHE Intermediate Holdings, LLC | (4)(7)(11) | SOFR + | 6.00% | 10.46% | 7/21/2021 | 7/21/2027 | 5897 | 5858 | 5786 | 0.01 |
| &nbsp;&nbsp;MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + | 6.50% | 10.96% | 12/20/2022 | 7/21/2027 | 229 | 227 | 225 | 0.00 |
| &nbsp;&nbsp;MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + | 6.25% | 10.71% | 8/30/2022 | 7/21/2027 | 228 | 226 | 224 | 0.00 |
| &nbsp;&nbsp;Pro Mach Group, Inc. | (11) | SOFR + | 2.75% | 6.91% | 3/4/2025 | 8/31/2028 | 6860 | 6860 | 6881 | 0.01 |
| &nbsp;&nbsp;SPX Flow, Inc. | (9) | SOFR + | 2.75% | 6.91% | 8/1/2025 | 4/5/2029 | 8651 | 8651 | 8701 | 0.02 |
| &nbsp;&nbsp;TK Elevator U.S. Newco, Inc. | (6)(9) | SOFR + | 3.00% | 7.20% | 3/14/2024 | 4/30/2030 | 17364 | 17364 | 17427 | 0.04 |
| &nbsp;&nbsp;Victory Buyer, LLC | (9) | SOFR + | 3.75% | 8.03% | 11/19/2021 | 11/19/2028 | 25941 | 25833 | 26060 | 0.06 |
|  |  |  |  |  |  |  |  | 192567 | 209022 | 0.44 |
| **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** |
| &nbsp;&nbsp;Armada Parent, Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.41% | 10/29/2021 | 10/29/2030 | 4500 | 4314 | 4444 | 0.01 |
| &nbsp;&nbsp;Armada Parent, Inc. | (4)(10) | SOFR + | 5.25% | 9.45% | 6/9/2025 | 10/29/2030 | 227513 | 225836 | 227513 | 0.49 |
| &nbsp;&nbsp;Kattegat Project Bidco, AB | (4)(5)(6)(7)(8) | E + | 5.50% | 7.50% | 3/20/2024 | 4/7/2031 | 51768 | 54934 | 60613 | 0.13 |
| &nbsp;&nbsp;Kattegat Project Bidco, AB | (4)(5)(6)(8) | SOFR + | 5.50% | 9.50% | 3/20/2024 | 4/7/2031 | 4522 | 4433 | 4522 | 0.01 |
|  |  |  |  |  |  |  |  | 289517 | 297092 | 0.64 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;ABG Intermediate Holdings 2, LLC | (8) | SOFR + | 2.25% | 6.41% | 4/4/2025 | 2/13/2032 | 5224 | 5093 | 5223 | 0.01 |
| &nbsp;&nbsp;Bimini Group Purchaser, Inc. | (4)(10) | SOFR + | 4.75% | 8.94% | 4/26/2024 | 4/26/2031 | 282172 | 279790 | 282172 | 0.60 |
| &nbsp;&nbsp;Bimini Group Purchaser, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.87% | 4/26/2024 | 4/26/2031 | 18039 | 17493 | 16141 | 0.03 |
| &nbsp;&nbsp;McGraw-Hill Education, Inc. | (10) | SOFR + | 2.75% | 6.91% | 9/4/2025 | 8/6/2031 | 7378 | 7361 | 7389 | 0.02 |
| &nbsp;&nbsp;Prodege International Holdings, LLC | (4)(10) | SOFR + | 5.75% | 9.92% | 12/15/2021 | 12/15/2027 | 545988 | 542528 | 446345 | 0.95 |
|  |  |  |  |  |  |  |  | 852265 | 757270 | 1.61 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;SCIH Salt Holdings, Inc. | (10) | SOFR + | 3.00% | 7.20% | 4/29/2021 | 1/31/2029 | $15629 | $15612 | $15663 | 0.03% |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Eagle Midstream Canada Finance, Inc. | (4)(6)(10) | SOFR + | 5.25% | 9.45% | 8/30/2024 | 8/15/2028 | 32834 | 32641 | 32834 | 0.07 |
| &nbsp;&nbsp;Freeport LNG Investments, LLLP | (9) | SOFR + | 3.25% | 7.58% | 1/15/2025 | 12/21/2028 | 33146 | 33146 | 33203 | 0.07 |
| &nbsp;&nbsp;KKR Alberta Midstream Finance, Inc. | (4)(6)(10) | SOFR + | 5.25% | 9.45% | 8/30/2024 | 8/15/2028 | 17861 | 17740 | 17861 | 0.04 |
|  |  |  |  |  |  |  |  | 83527 | 83898 | 0.18 |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |
| &nbsp;&nbsp;Profile Products, LLC | (4)(10) | SOFR + | 5.50% | 9.92% | 11/12/2021 | 11/12/2027 | 62109 | 61726 | 61333 | 0.13 |
| &nbsp;&nbsp;Profile Products, LLC | (4)(5)(7)(10) | P + | 4.50% | 12.00% | 11/12/2021 | 11/12/2027 | 8226 | 8122 | 8014 | 0.02 |
|  |  |  |  |  |  |  |  | 69848 | 69347 | 0.15 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Dechra Finance US, LLC | (6)(8) | SOFR + | 3.25% | 7.45% | 12/3/2024 | 12/3/2031 | 4975 | 5016 | 4992 | 0.01 |
| &nbsp;&nbsp;Eden Acquisitionco, Ltd. | (4)(5)(6)(7)(10) | SOFR + | 6.00% | 10.17% | 11/2/2023 | 11/18/2030 | 110286 | 108208 | 110253 | 0.24 |
| &nbsp;&nbsp;Eden Acquisitionco, Ltd. | (4)(5)(6)(8) | E + | 6.00% | 8.02% | 9/23/2025 | 11/18/2030 | 746 | 791 | 876 | 0.00 |
| &nbsp;&nbsp;Elanco Animal Health, Inc. | (6)(8) | SOFR + | 1.75% | 6.13% | 1/30/2025 | 8/1/2027 | 2189 | 2191 | 2189 | 0.00 |
| &nbsp;&nbsp;Gusto Sing Bidco Pte, Ltd. | (4)(5)(6)(7)(10) | BB + | 4.75% | 8.61% | 11/15/2024 | 11/15/2031 | 1000 | 644 | 656 | 0.00 |
| &nbsp;&nbsp;Opal Bidco, SAS | (6)(8) | SOFR + | 3.25% | 7.25% | 3/31/2025 | 3/31/2032 | 50148 | 49861 | 50343 | 0.11 |
| &nbsp;&nbsp;Padagis, LLC | (6)(9) | SOFR + | 4.75% | 9.29% | 7/6/2021 | 7/6/2028 | 5357 | 5355 | 4794 | 0.01 |
| &nbsp;&nbsp;Rhea Parent, Inc. | (4)(7)(10) | SOFR + | 4.75% | 8.75% | 12/20/2024 | 12/20/2030 | 265527 | 263064 | 265238 | 0.57 |
|  |  |  |  |  |  |  |  | 435130 | 439341 | 0.94 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;AG Group Holdings, Inc. | (9) | SOFR + | 4.25% | 8.41% | 12/29/2021 | 12/29/2028 | 5612 | 5597 | 4985 | 0.01 |
| &nbsp;&nbsp;ALKU, LLC | (4)(10) | SOFR + | 6.25% | 10.25% | 5/23/2023 | 5/23/2029 | 54437 | 53629 | 54029 | 0.12 |
| &nbsp;&nbsp;ALKU, LLC | (4)(10) | SOFR + | 5.50% | 9.50% | 2/21/2024 | 5/23/2029 | 4925 | 4857 | 4802 | 0.01 |
| &nbsp;&nbsp;Alpine Intel Intermediate 2, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.64% | 8/28/2024 | 1/31/2028 | 3169 | 3030 | 3169 | 0.01 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(11) | SOFR + | 5.25% | 9.27% | 1/31/2023 | 1/31/2028 | 1962 | 1938 | 1962 | 0.00 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(11) | SOFR + | 5.25% | 9.45% | 8/28/2024 | 1/31/2028 | 10868 | 10754 | 10868 | 0.02 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(5)(7)(11) | SOFR + | 5.25% | 9.45% | 8/28/2024 | 1/31/2028 | 2772 | 2539 | 2772 | 0.01 |
| &nbsp;&nbsp;Artisan Acquisitionco, Ltd. | (4)(6)(8) | SOFR + | 4.50% | 8.50% | 9/23/2024 | 9/30/2031 | 447361 | 439695 | 446243 | 0.95 |
| &nbsp;&nbsp;Ascensus Group Holdings, Inc. | (9) | SOFR + | 3.00% | 7.16% | 12/13/2024 | 8/2/2028 | 40493 | 40493 | 40510 | 0.09 |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP | (4)(10) | SOFR + | 4.75% | 8.91% | 6/3/2024 | 6/3/2031 | 201512 | 199064 | 201512 | 0.43 |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP | (4)(7)(10) | SOFR + | 4.50% | 8.66% | 6/3/2024 | 6/3/2031 | 279531 | 275671 | 275781 | 0.59 |
| &nbsp;&nbsp;Cast & Crew Payroll, LLC | (9) | SOFR + | 3.75% | 7.91% | 12/30/2021 | 12/29/2028 | 11482 | 11416 | 10429 | 0.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;CFGI Holdings, LLC | (4)(7)(10) | SOFR + | 4.50% | 8.66% | 11/2/2021 | 11/2/2027 | $19339 | $19066 | $18940 | 0.04% |
| &nbsp;&nbsp;Chartwell Cumming Holding, Corp. | (4)(7)(11) | SOFR + | 4.75% | 8.91% | 5/26/2021 | 11/16/2029 | 213428 | 211848 | 213235 | 0.46 |
| &nbsp;&nbsp;Chartwell Cumming Holding, Corp. | (4)(5)(7)(11) | SOFR + | 4.75% | 8.91% | 11/18/2022 | 11/16/2029 | 17682 | 17192 | 17682 | 0.04 |
| &nbsp;&nbsp;Chartwell Cumming Holding, Corp. | (4)(11) | SOFR + | 4.75% | 8.91% | 2/14/2025 | 11/16/2029 | 33324 | 33033 | 33324 | 0.07 |
| &nbsp;&nbsp;Cisive Holdings Corp. | (4)(7)(11) | SOFR + | 5.75% | 9.85% | 12/8/2021 | 12/8/2028 | 33342 | 33253 | 32586 | 0.07 |
| &nbsp;&nbsp;Claims Automation Intermediate 2, LLC | (4)(10) | SOFR + | 4.50% | 8.66% | 12/16/2021 | 12/16/2027 | 44126 | 43801 | 44126 | 0.09 |
| &nbsp;&nbsp;Claims Automation Intermediate 2, LLC | (4)(10) | SOFR + | 4.50% | 8.64% | 12/16/2021 | 12/16/2027 | 67836 | 67336 | 67836 | 0.15 |
| &nbsp;&nbsp;Clearview Buyer, Inc. | (4)(7)(10) | SOFR + | 4.50% | 8.60% | 8/26/2021 | 8/31/2029 | 117355 | 116560 | 117355 | 0.25 |
| &nbsp;&nbsp;CohnReznick Advisory, LLC | (7)(8) | SOFR + | 3.50% | 7.50% | 3/26/2025 | 3/31/2032 | 14727 | 14643 | 14784 | 0.03 |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (4)(7)(10) | SOFR + | 4.75% | 8.91% | 8/27/2024 | 8/27/2031 | 63666 | 62965 | 63583 | 0.14 |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. | (4)(5)(6)(7)(10) | SOFR + | 5.50% | 9.67% | 8/26/2025 | 8/26/2032 | 49718 | 49179 | 49221 | 0.11 |
| &nbsp;&nbsp;DTI Holdco, Inc. | (7)(10) | SOFR + | 4.00% | 8.16% | 2/12/2025 | 4/26/2029 | 24315 | 24131 | 19378 | 0.04 |
| &nbsp;&nbsp;East River Bidco, GmbH | (4)(6)(7)(8) | E + | 5.25% | 7.25% | 3/26/2025 | 3/26/2032 | 90 | 95 | 104 | 0.00 |
| &nbsp;&nbsp;Eisner Advisory Group, LLC | (9) | SOFR + | 4.00% | 8.16% | 2/28/2024 | 2/28/2031 | 3809 | 3803 | 3837 | 0.01 |
| &nbsp;&nbsp;Eliassen Group, LLC | (4)(10) | SOFR + | 5.75% | 9.75% | 4/14/2022 | 4/14/2028 | 66542 | 66128 | 64878 | 0.14 |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 3.50% | 7.78% | 11/4/2021 | 11/6/2028 | 9376 | 9273 | 8853 | 0.02 |
| &nbsp;&nbsp;First Advantage Holdings, LLC | (8) | SOFR + | 2.75% | 6.91% | 7/24/2025 | 10/31/2031 | 5408 | 5430 | 5292 | 0.01 |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | (4)(10) | SOFR + | 5.00% | 9.20% | 3/1/2024 | 3/3/2031 | 67049 | 66053 | 67049 | 0.14 |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | (4)(5)(10) | SOFR + | 5.00% | 9.20% | 5/6/2025 | 3/3/2031 | 41226 | 41034 | 41226 | 0.09 |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.20% | 5/6/2025 | 3/3/2031 | 3810 | 3678 | 3679 | 0.01 |
| &nbsp;&nbsp;Genuine Financial Holdings, LLC | (8) | SOFR + | 3.25% | 7.41% | 2/5/2025 | 9/27/2030 | 8903 | 8926 | 8224 | 0.02 |
| &nbsp;&nbsp;Grant Thornton Advisors, LLC | (8) | SOFR + | 3.00% | 7.16% | 5/22/2025 | 6/2/2031 | 4000 | 4000 | 3999 | 0.01 |
| &nbsp;&nbsp;Grant Thornton Advisors, LLC | (8) | SOFR + | 2.50% | 6.66% | 8/22/2025 | 6/2/2031 | 3995 | 3990 | 3976 | 0.01 |
| &nbsp;&nbsp;Guidehouse, Inc. | (4)(10) | SOFR + | 5.00% | 9.16% (incl. 2.00% PIK) | 10/15/2021 | 12/16/2030 | 1251591 | 1243989 | 1251591 | 2.68 |
| &nbsp;&nbsp;IG Investments Holdings, LLC | (4)(7)(10) | SOFR + | 5.00% | 9.31% | 11/1/2024 | 9/22/2028 | 578825 | 574628 | 578825 | 1.24 |
| &nbsp;&nbsp;Inmar, Inc. | (8) | SOFR + | 4.50% | 8.66% | 6/26/2025 | 10/30/2031 | 24751 | 24783 | 24758 | 0.05 |
| &nbsp;&nbsp;King Bidco S.P.E.C. | (4)(5)(6)(7)(8) | E + | 5.25% | 7.25% | 6/26/2025 | 6/26/2032 | 175 | 201 | 200 | 0.00 |
| &nbsp;&nbsp;Kwor Acquisition, Inc. | (4)(5)(7)(11) | SOFR + | 6.25% | 10.45% (incl. 5.25% PIK) | 2/28/2025 | 2/28/2030 | 6455 | 6368 | 6448 | 0.01 |
| &nbsp;&nbsp;Lereta, LLC | (10) | SOFR + | 5.25% | 9.53% | 7/30/2021 | 7/30/2028 | 28635 | 28519 | 25752 | 0.06 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;Mantech International, CP | (4)(7)(10) | SOFR + | 5.00% | 9.31% | 4/12/2024 | 9/14/2029 | $888184 | $878141 | $887812 | 1.90% |
| &nbsp;&nbsp;Mercury Bidco Globe, Limited | (4)(5)(6)(7)(8) | S + | 6.00% | 9.97% | 1/18/2024 | 1/31/2031 | 84207 | 105732 | 113250 | 0.24 |
| &nbsp;&nbsp;Mercury Bidco Globe, Limited | (4)(5)(6)(9) | SOFR + | 6.00% | 10.31% | 1/30/2024 | 1/31/2031 | 7655 | 7169 | 7655 | 0.02 |
| &nbsp;&nbsp;Minotaur Acquisition, Inc. | (4)(7)(11) | SOFR + | 5.00% | 9.16% | 5/10/2024 | 5/10/2030 | 113770 | 111717 | 113605 | 0.24 |
| &nbsp;&nbsp;MPG Parent Holdings, LLC | (4)(11) | SOFR + | 5.00% | 9.30% | 1/8/2024 | 1/8/2030 | 17983 | 17726 | 17983 | 0.04 |
| &nbsp;&nbsp;MPG Parent Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.00% | 9.30% | 1/8/2024 | 1/8/2030 | 4981 | 4851 | 4943 | 0.01 |
| &nbsp;&nbsp;NDT Global Holding, Inc. | (4)(6)(7)(9) | SOFR + | 4.50% | 8.65% | 6/3/2025 | 6/4/2032 | 54622 | 53951 | 54191 | 0.12 |
| &nbsp;&nbsp;Oxford Global Resources, Inc. | (4)(11) | SOFR + | 6.00% | 10.25% | 8/17/2021 | 8/17/2027 | 92157 | 91581 | 92157 | 0.20 |
| &nbsp;&nbsp;Oxford Global Resources, Inc. | (4)(5)(7)(11) | SOFR + | 6.00% | 10.26% | 8/17/2021 | 8/17/2027 | 8661 | 8563 | 8661 | 0.02 |
| &nbsp;&nbsp;Oxford Global Resources, Inc. | (4)(5)(9) | SOFR + | 6.00% | 10.21% | 6/6/2024 | 8/17/2027 | 9849 | 9696 | 9849 | 0.02 |
| &nbsp;&nbsp;Pavion Corp. | (4)(10) | SOFR + | 6.00% | 10.16% (incl. 2.25% PIK) | 10/30/2023 | 10/30/2030 | 114181 | 112537 | 113610 | 0.24 |
| &nbsp;&nbsp;Pavion Corp. | (4)(5)(7)(10) | SOFR + | 6.00% | 10.33% (incl. 2.25% PIK) | 10/30/2023 | 10/30/2030 | 24075 | 23702 | 23935 | 0.05 |
| &nbsp;&nbsp;Petrus Buyer, Inc. | (4)(10) | SOFR + | 4.50% | 8.82% | 10/17/2022 | 10/17/2029 | 35268 | 34657 | 35268 | 0.08 |
| &nbsp;&nbsp;Petrus Buyer, Inc. | (4)(5)(10) | SOFR + | 4.50% | 8.67% | 10/17/2022 | 10/17/2029 | 11228 | 11033 | 11228 | 0.02 |
| &nbsp;&nbsp;Petrus Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.82% | 10/17/2022 | 10/17/2029 | 738 | 648 | 738 | 0.00 |
| &nbsp;&nbsp;Petrus Buyer, Inc. | (4)(5)(10) | SOFR + | 4.50% | 8.70% | 2/26/2025 | 10/17/2029 | 12220 | 12169 | 12220 | 0.03 |
| &nbsp;&nbsp;Plano HoldCo, Inc. | (4)(8) | SOFR + | 3.50% | 7.50% | 12/11/2024 | 10/1/2031 | 995 | 1012 | 975 | 0.00 |
| &nbsp;&nbsp;Polyconcept Investments, BV | (10) | SOFR + | 5.50% | 9.50% | 5/20/2022 | 5/18/2029 | 24103 | 23852 | 21878 | 0.05 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (8) | SOFR + | 2.50% | 6.66% | 2/24/2023 | 7/31/2031 | 5133 | 5098 | 5133 | 0.01 |
| &nbsp;&nbsp;STV Group, Inc. | (4)(7)(10) | SOFR + | 4.75% | 8.92% | 3/20/2024 | 3/20/2031 | 57954 | 56743 | 57786 | 0.12 |
| &nbsp;&nbsp;Teneo Holdings, LLC | (4)(7)(9) | SOFR + | 4.75% | 8.91% | 7/31/2025 | 7/31/2032 | 635821 | 628590 | 628550 | 1.34 |
| &nbsp;&nbsp;The North Highland Co, LLC | (4)(10) | SOFR + | 4.75% | 8.91% | 12/20/2024 | 12/20/2031 | 91648 | 90848 | 89127 | 0.19 |
| &nbsp;&nbsp;The North Highland Co, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.91% | 12/20/2024 | 12/20/2030 | 12427 | 12051 | 11552 | 0.02 |
| &nbsp;&nbsp;Thevelia US, LLC | (6)(9) | SOFR + | 3.00% | 7.00% | 7/29/2024 | 6/18/2029 | 33520 | 33520 | 33541 | 0.07 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + | 4.25% | 8.48% | 6/29/2021 | 6/29/2029 | 43351 | 43200 | 43351 | 0.09 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp. | (4)(7)(10) | SOFR + | 4.25% | 8.43% | 6/29/2021 | 6/29/2029 | 78477 | 77882 | 78477 | 0.17 |
| &nbsp;&nbsp;Trinity Partners Holdings, LLC | (4)(7)(11)(18) | SOFR + | 5.49% | 9.75% | 12/21/2021 | 12/31/2030 | 418010 | 413946 | 418010 | 0.89 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;TTF Lower Intermediate, LLC | (7)(8) | SOFR + | 3.75% | 7.79% | 7/18/2024 | 7/18/2031 | $28070 | $26148 | $26217 | 0.06% |
| &nbsp;&nbsp;Victors CCC Buyer, LLC | (4)(7)(10) | SOFR + | 4.75% | 8.91% | 6/1/2022 | 6/1/2029 | 149938 | 148227 | 149938 | 0.32 |
| &nbsp;&nbsp;West Monroe Partners, LLC | (4)(10) | SOFR + | 4.75% | 8.88% | 11/9/2021 | 11/8/2028 | 709689 | 703607 | 702592 | 1.50 |
| &nbsp;&nbsp;West Monroe Partners, LLC | (4)(7)(10) | SOFR + | 4.75% | 8.88% | 12/18/2024 | 11/8/2028 | 24255 | 23539 | 24012 | 0.05 |
| &nbsp;&nbsp;West Monroe Partners, LLC | (4)(10) | SOFR + | 4.75% | 8.92% | 9/15/2025 | 11/8/2028 | 998 | 988 | 988 | 0.00 |
| &nbsp;&nbsp;YA Intermediate Holdings II, LLC | (4)(10) | SOFR + | 4.75% | 8.94% | 10/1/2024 | 10/1/2031 | 43972 | 43647 | 43972 | 0.09 |
| &nbsp;&nbsp;YA Intermediate Holdings II, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 8.59% | 10/1/2024 | 10/1/2031 | 2852 | 2692 | 2852 | 0.01 |
|  |  |  |  |  |  |  |  | 7652051 | 7693859 | 16.46 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Castle Management Borrower, LLC | (4)(7)(11) | SOFR + | 5.50% | 9.50% | 11/3/2023 | 11/5/2029 | 33667 | 33275 | 33667 | 0.07 |
| &nbsp;&nbsp;Community Management Holdings Midco 2, LLC | (4)(10) | SOFR + | 4.75% | 9.05% | 11/1/2024 | 11/1/2031 | 55191 | 54471 | 55191 | 0.12 |
| &nbsp;&nbsp;Community Management Holdings Midco 2, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.07% | 11/1/2024 | 11/1/2031 | 13286 | 12879 | 13164 | 0.03 |
| &nbsp;&nbsp;Community Management Holdings Midco 2, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.20% | 7/8/2025 | 11/1/2031 | 30275 | 29982 | 30275 | 0.06 |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (6)(9) | SOFR + | 2.50% | 6.50% | 9/26/2025 | 1/31/2030 | 6315 | 6315 | 6341 | 0.01 |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (6)(9) | SOFR + | 2.75% | 6.91% | 7/16/2025 | 1/31/2030 | 1520 | 1520 | 1526 | 0.00 |
| &nbsp;&nbsp;Neptune BidCo, SAS | (4)(5)(6)(7)(8) | E + | 5.00% | 7.03% | 3/28/2024 | 4/1/2031 | 8205 | 8708 | 9602 | 0.02 |
| &nbsp;&nbsp;Odevo, AB | (4)(5)(6)(8) | ST + | 5.50% | 7.60% | 10/31/2024 | 12/31/2030 | 601705 | 54347 | 63913 | 0.14 |
| &nbsp;&nbsp;Odevo, AB | (4)(5)(6)(8) | E + | 5.50% | 7.53% | 10/31/2024 | 12/31/2030 | 1236 | 1288 | 1451 | 0.00 |
| &nbsp;&nbsp;Odevo, AB | (4)(5)(6)(8) | S + | 5.50% | 9.47% | 10/31/2024 | 12/31/2030 | 28090 | 35434 | 37778 | 0.08 |
| &nbsp;&nbsp;Odevo, AB | (4)(6)(8) | SOFR + | 5.50% | 9.57% | 10/31/2024 | 12/31/2030 | 143644 | 143021 | 143644 | 0.31 |
| &nbsp;&nbsp;Odevo, AB | (4)(5)(6)(7)(8) | E + | 5.50% | 7.50% | 11/28/2024 | 12/31/2030 | 73816 | 78044 | 86664 | 0.19 |
| &nbsp;&nbsp;Odevo, AB | (4)(5)(6)(8) | SOFR + | 5.50% | 9.56% | 6/30/2025 | 12/31/2030 | 29448 | 27243 | 29448 | 0.06 |
| &nbsp;&nbsp;Odevo, AB | (4)(5)(6)(8) | S + | 5.50% | 9.47% | 9/12/2025 | 12/31/2030 | 22220 | 26773 | 29884 | 0.06 |
| &nbsp;&nbsp;Phoenix Strategy S.à r.l. | (4)(6)(8) | S + | 2.75% | 6.72% | 10/2/2024 | 10/2/2028 | 53099 | 69704 | 71413 | 0.15 |
| &nbsp;&nbsp;Phoenix Strategy S.à r.l. | (4)(6)(8) | E + | 2.75% | 4.78% | 10/2/2024 | 10/2/2028 | 50089 | 53715 | 58807 | 0.13 |
| &nbsp;&nbsp;Phoenix Strategy S.à r.l. | (4)(6)(8) | E + | 2.75% | 4.78% | 10/2/2024 | 10/2/2028 | 140261 | 153450 | 164673 | 0.35 |
|  |  |  |  |  |  |  |  | 790169 | 837441 | 1.78 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
| &nbsp;&nbsp;Altar Bidco, Inc. | (9) | SOFR + | 3.10% | 7.08% | 4/7/2025 | 2/1/2029 | $11458 | $11309 | $11471 | 0.02% |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Abacus Holdco 2, Oy | (4)(5)(6)(7)(8) | E + | 4.50% | 6.50% | 10/11/2024 | 10/10/2031 | 838 | 907 | 984 | 0.00 |
| &nbsp;&nbsp;Accelya US, Inc. | (6)(8) | SOFR + | 5.25% | 9.24% | 9/29/2025 | 9/29/2032 | 26667 | 26133 | 26267 | 0.06 |
| &nbsp;&nbsp;Acumatica Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 9.06% | 7/28/2025 | 7/28/2032 | 63387 | 62666 | 62648 | 0.13 |
| &nbsp;&nbsp;AI Titan Parent, Inc. | (4)(7)(10) | SOFR + | 4.50% | 8.66% | 8/29/2024 | 8/29/2031 | 110274 | 109134 | 110026 | 0.24 |
| &nbsp;&nbsp;Analytic Partners, LP | (4)(7)(10) | SOFR + | 4.50% | 8.64% | 4/4/2022 | 4/4/2030 | 21087 | 20869 | 20892 | 0.04 |
| &nbsp;&nbsp;Analytic Partners, LP | (4)(5)(10) | SOFR + | 4.50% | 8.64% | 12/17/2024 | 4/4/2030 | 11975 | 11898 | 11885 | 0.03 |
| &nbsp;&nbsp;Anaplan, Inc. | (4)(7)(10) | SOFR + | 4.50% | 8.70% | 5/20/2025 | 6/21/2029 | 628627 | 622520 | 627667 | 1.34 |
| &nbsp;&nbsp;Aptean, Inc. | (4)(10) | SOFR + | 4.75% | 8.75% | 1/29/2024 | 1/30/2031 | 71795 | 71456 | 71795 | 0.15 |
| &nbsp;&nbsp;Aptean, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 8.91% | 1/29/2024 | 1/30/2031 | 456 | 403 | 456 | 0.00 |
| &nbsp;&nbsp;Armstrong Bidco, Limited | (4)(6)(8) | S + | 5.25% | 9.22% | 6/2/2022 | 6/28/2029 | 478945 | 575846 | 631250 | 1.35 |
| &nbsp;&nbsp;Arnhem BidCo, GmbH | (4)(6)(7)(8) | E + | 4.50% | 6.50% | 9/18/2024 | 9/30/2031 | 229680 | 252530 | 269350 | 0.58 |
| &nbsp;&nbsp;Auctane, Inc. | (4)(10) | SOFR + | 5.75% | 10.14% | 10/5/2021 | 10/5/2028 | 834891 | 827708 | 820280 | 1.76 |
| &nbsp;&nbsp;Auctane, Inc. | (4)(5)(10) | SOFR + | 5.75% | 10.14% | 12/14/2021 | 10/5/2028 | 9819 | 9733 | 9648 | 0.02 |
| &nbsp;&nbsp;AuditBoard, Inc. | (4)(7)(10) | SOFR + | 4.50% | 8.50% | 7/12/2024 | 7/12/2031 | 80730 | 79778 | 80538 | 0.17 |
| &nbsp;&nbsp;Avalara, Inc. | (8) | SOFR + | 2.75% | 6.87% | 9/12/2025 | 3/26/2032 | 2000 | 2000 | 2003 | 0.00 |
| &nbsp;&nbsp;Azurite Intermediate Holdings, Inc. | (4)(7)(10) | SOFR + | 6.00% | 10.16% | 3/19/2024 | 3/19/2031 | 61560 | 60759 | 61560 | 0.13 |
| &nbsp;&nbsp;Banyan Software Holdings, LLC | (4)(11) | SOFR + | 5.25% | 9.41% | 1/2/2025 | 1/2/2031 | 53853 | 53381 | 53583 | 0.11 |
| &nbsp;&nbsp;Banyan Software Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.25% | 9.41% | 1/2/2025 | 1/2/2031 | 33494 | 33123 | 33270 | 0.07 |
| &nbsp;&nbsp;Bayshore Intermediate #2, LP | (4)(10) | SOFR + | 5.50% | 9.50% (incl. 3.00% PIK) | 11/8/2024 | 10/1/2028 | 324218 | 323891 | 324218 | 0.69 |
| &nbsp;&nbsp;Bayshore Intermediate #2, LP | (4)(5)(7)(10) | SOFR + | 5.00% | 9.00% | 11/8/2024 | 10/1/2027 | 6730 | 6643 | 6730 | 0.01 |
| &nbsp;&nbsp;Bending Spoons US, Inc. | (6)(11) | SOFR + | 5.25% | 9.47% | 2/19/2025 | 3/7/2031 | 92547 | 91426 | 92778 | 0.20 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(10) | SOFR + | 6.00% | 10.06% (incl. 1.00% PIK) | 8/8/2022 | 8/8/2028 | 70066 | 69423 | 69015 | 0.15 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(10) | SOFR + | 6.00% | 10.06% (incl. 1.00% PIK) | 8/8/2022 | 8/8/2028 | 12336 | 12224 | 12151 | 0.03 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(5)(10) | SOFR + | 6.00% | 10.06% (incl. 1.00% PIK) | 8/8/2022 | 8/8/2028 | 8483 | 8416 | 8356 | 0.02 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(10) | SOFR + | 6.00% | 10.06% (incl. 1.00% PIK) | 10/25/2024 | 8/8/2028 | 56901 | 56264 | 56048 | 0.12 |
| &nbsp;&nbsp;Bluefin Holding, LLC | (4)(7)(11) | SOFR + | 4.50% | 8.56% | 9/12/2023 | 9/12/2029 | 90693 | 89660 | 90693 | 0.19 |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 3.00% | 7.20% | 1/24/2025 | 7/30/2031 | 21821 | 21615 | 21811 | 0.05 |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.16% | 11/28/2023 | 11/28/2030 | 496487 | 492589 | 496487 | 1.06 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Caribou Bidco, Ltd. | (4)(5)(6)(8) | S + | 5.00% | 9.22% | 7/2/2024 | 2/1/2029 | 221441 | $281618 | $297815 | 0.64% |
| &nbsp;&nbsp;CDK Global, Inc. | (8) | SOFR + | 3.25% | 7.25% | 5/16/2024 | 7/6/2029 | $4935 | 4935 | 4281 | 0.01 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 8/7/2025 | 3/21/2031 | 7076 | 6985 | 7110 | 0.02 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 8/7/2025 | 8/13/2032 | 13966 | 13966 | 14025 | 0.03 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 3.75% | 8.01% | 10/8/2021 | 10/8/2028 | 34801 | 34588 | 34330 | 0.07 |
| &nbsp;&nbsp;Confine Visual Bidco | (4)(6)(8) | SOFR + | 5.75% | 9.87% | 2/23/2022 | 2/23/2029 | 257960 | 254229 | 207013 | 0.44 |
| &nbsp;&nbsp;Confine Visual Bidco | (4)(6)(8) | SOFR + | 5.75% | 9.87% | 3/11/2022 | 2/23/2029 | 6159 | 6066 | 4942 | 0.01 |
| &nbsp;&nbsp;Confluence Technologies, Inc. | (4)(5)(9) | SOFR + | 5.00% | 9.23% | 2/14/2025 | 7/30/2028 | 19938 | 19430 | 19639 | 0.04 |
| &nbsp;&nbsp;Conga Corp. | (10) | SOFR + | 3.50% | 7.81% | 8/8/2024 | 5/8/2028 | 11394 | 11394 | 11280 | 0.02 |
| &nbsp;&nbsp;Connatix Buyer, Inc. | (4)(10) | SOFR + | 5.50% | 10.08% | 7/14/2021 | 7/14/2027 | 105915 | 105285 | 104326 | 0.22 |
| &nbsp;&nbsp;Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 9.96% | 7/14/2021 | 7/14/2027 | 7821 | 7724 | 7577 | 0.02 |
| &nbsp;&nbsp;Connatix Buyer, Inc. | (4)(5)(10) | SOFR + | 5.50% | 10.08% | 10/9/2024 | 7/14/2027 | 5209 | 5142 | 5131 | 0.01 |
| &nbsp;&nbsp;Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 10.08% | 10/9/2024 | 7/14/2027 | 1543 | 1419 | 1473 | 0.00 |
| &nbsp;&nbsp;ConnectWise, LLC | (9) | SOFR + | 3.50% | 7.76% | 9/30/2021 | 9/29/2028 | 27814 | 27778 | 27901 | 0.06 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc. | (9) | SOFR + | 3.75% | 8.03% | 10/15/2021 | 10/16/2028 | 26658 | 26608 | 25746 | 0.06 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc. | (4)(11) | SOFR + | 6.00% | 10.16% | 9/7/2023 | 10/16/2028 | 34213 | 33588 | 34213 | 0.07 |
| &nbsp;&nbsp;Coupa Software, Inc. | (4)(6)(7)(10) | SOFR + | 5.25% | 9.56% | 2/27/2023 | 2/27/2030 | 1813 | 1782 | 1811 | 0.00 |
| &nbsp;&nbsp;Crewline Buyer, Inc. | (4)(7)(11) | SOFR + | 6.75% | 10.91% | 11/8/2023 | 11/8/2030 | 122658 | 120186 | 122658 | 0.26 |
| &nbsp;&nbsp;Databricks, Inc. | (4)(7)(8) | SOFR + | 4.50% | 8.72% | 1/3/2025 | 1/3/2031 | 525000 | 522691 | 525000 | 1.12 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 2.75% | 7.02% | 5/1/2024 | 11/30/2029 | 103609 | 103382 | 102618 | 0.22 |
| &nbsp;&nbsp;Denali Bidco, Ltd. | (4)(5)(6)(7)(8) | S + | 5.00% | 8.97% | 9/5/2025 | 9/5/2031 | 19440 | 24605 | 26010 | 0.06 |
| &nbsp;&nbsp;Denali Bidco, Ltd. | (4)(5)(6)(8) | E + | 5.00% | 7.05% | 9/5/2025 | 9/5/2031 | 15443 | 17511 | 18040 | 0.04 |
| &nbsp;&nbsp;Denali Bidco, Ltd. | (4)(5)(6)(8) | E + | 5.00% | 7.05% | 9/5/2025 | 9/5/2031 | 5845 | 6317 | 6828 | 0.01 |
| &nbsp;&nbsp;Diligent Corp. | (4)(7)(10) | SOFR + | 5.00% | 9.20% | 4/30/2024 | 8/2/2030 | 177126 | 175916 | 177126 | 0.38 |
| &nbsp;&nbsp;Diligent Corp. | (4)(10) | SOFR + | 5.00% | 9.20% | 4/30/2024 | 8/2/2030 | 29736 | 29608 | 29736 | 0.06 |
| &nbsp;&nbsp;Discovery Education, Inc. | (4)(10) | SOFR + | 6.75% | 10.98% (incl. 5.99% PIK) | 4/7/2022 | 4/9/2029 | 604664 | 600034 | 506406 | 1.08 |
| &nbsp;&nbsp;Discovery Education, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 9.99% | 4/7/2022 | 4/9/2029 | 35027 | 34499 | 26489 | 0.06 |
| &nbsp;&nbsp;Discovery Education, Inc. | (4)(5)(10) | SOFR + | 6.75% | 10.88% (incl. 5.94% PIK) | 10/3/2023 | 4/9/2029 | 68026 | 67495 | 56971 | 0.12 |
| &nbsp;&nbsp;Doit International, Ltd. | (4)(7)(11) | SOFR + | 4.50% | 8.70% | 11/25/2024 | 11/26/2029 | 66378 | 64777 | 65877 | 0.14 |
| &nbsp;&nbsp;Dropbox, Inc. | (4)(6)(7)(10)(18) | SOFR + | 5.66% | 9.79% | 12/11/2024 | 12/11/2029 | 456425 | 447008 | 446515 | 0.96 |
| &nbsp;&nbsp;Eagan Parent, Inc. | (4)(5)(7)(9) | SOFR + | 4.50% | 8.63% | 9/6/2025 | 9/8/2032 | 21244 | 21111 | 21110 | 0.05 |
| &nbsp;&nbsp;ECI Macola Max Holding, LLC | (6)(10) | SOFR + | 2.75% | 6.75% | 7/10/2025 | 5/9/2030 | 5382 | 5382 | 5389 | 0.01 |
| &nbsp;&nbsp;Edison Bidco, AS | (4)(5)(6)(7)(8) | E + | 5.25% | 7.30% | 12/18/2024 | 12/18/2031 | 345 | 726 | 405 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Elements Finco, Ltd. | (4)(5)(6)(8) | S + | 5.50% | 9.47% (incl. 2.50% PIK) | 3/27/2024 | 4/29/2031 | 68822 | $85437 | $92327 | 0.20% |
| &nbsp;&nbsp;Elements Finco, Ltd. | (4)(5)(6)(8) | SOFR + | 5.25% | 9.41% (incl. 2.25% PIK) | 3/27/2024 | 4/29/2031 | $21506 | 21307 | 21452 | 0.05 |
| &nbsp;&nbsp;Elements Finco, Ltd. | (4)(5)(6)(8) | SOFR + | 5.00% | 9.16% | 4/30/2024 | 4/29/2031 | 17609 | 17526 | 17565 | 0.04 |
| &nbsp;&nbsp;Elements Finco, Ltd. | (4)(5)(6)(8) | S + | 5.25% | 9.22% (incl. 2.25% PIK) | 11/29/2024 | 4/29/2031 | 12671 | 15721 | 16998 | 0.04 |
| &nbsp;&nbsp;Elements Finco, Ltd. | (4)(5)(6)(8) | S + | 5.50% | 9.47% (incl. 2.50% PIK) | 3/27/2024 | 4/29/2031 | 30851 | 38299 | 41388 | 0.09 |
| &nbsp;&nbsp;Epicor Software Corp. | (10) | SOFR + | 2.50% | 6.66% | 5/30/2024 | 5/30/2031 | 5048 | 5036 | 5061 | 0.01 |
| &nbsp;&nbsp;Everbridge Holdings, LLC | (4)(6)(10) | SOFR + | 5.00% | 9.29% | 7/2/2024 | 7/2/2031 | 34554 | 34412 | 34554 | 0.07 |
| &nbsp;&nbsp;Everbridge Holdings, LLC | (4)(5)(6)(7)(10) | SOFR + | 5.00% | 9.29% | 7/2/2024 | 7/2/2031 | 3386 | 3347 | 3386 | 0.01 |
| &nbsp;&nbsp;Experity, Inc. | (4)(10) | SOFR + | 6.00% | 10.00% (incl. 3.25% PIK) | 7/21/2021 | 2/24/2028 | 109302 | 108505 | 109302 | 0.23 |
| &nbsp;&nbsp;Experity, Inc. | (4)(7)(10) | SOFR + | 6.00% | 10.00% (incl. 3.25% PIK) | 2/24/2022 | 2/24/2028 | 35204 | 34688 | 35003 | 0.07 |
| &nbsp;&nbsp;Finastra USA, Inc. | (6)(8) | SOFR + | 4.00% | 8.04% | 7/31/2025 | 9/15/2032 | 38396 | 38012 | 38280 | 0.08 |
| &nbsp;&nbsp;Flash Charm, Inc. | (10) | SOFR + | 3.50% | 7.80% | 6/11/2024 | 3/2/2028 | 42907 | 42908 | 37758 | 0.08 |
| &nbsp;&nbsp;Flexera Software, LLC | (4)(5)(7)(9) | SOFR + | 4.75% | 8.96% | 8/15/2025 | 8/15/2032 | 187380 | 186887 | 186878 | 0.40 |
| &nbsp;&nbsp;Flexera Software, LLC | (4)(5)(9) | E + | 4.75% | 6.63% | 8/15/2025 | 8/15/2032 | 56550 | 66009 | 66226 | 0.14 |
| &nbsp;&nbsp;Gen Digital, Inc. | (6)(9) | SOFR + | 1.75% | 5.91% | 6/5/2024 | 9/12/2029 | 10901 | 10816 | 10883 | 0.02 |
| &nbsp;&nbsp;Genesys Cloud Services, Inc. | (8) | SOFR + | 2.50% | 6.66% | 4/3/2025 | 1/30/2032 | 3980 | 3912 | 3960 | 0.01 |
| &nbsp;&nbsp;Gigamon, Inc. | (4)(10) | SOFR + | 5.75% | 10.22% | 3/11/2022 | 3/9/2029 | 419589 | 415467 | 389169 | 0.83 |
| &nbsp;&nbsp;Gigamon, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 10.22% | 3/11/2022 | 3/9/2029 | 18042 | 17937 | 16173 | 0.03 |
| &nbsp;&nbsp;Granicus, Inc. | (4)(10) | SOFR + | 5.75% | 10.06% (incl. 2.25% PIK) | 1/17/2024 | 1/17/2031 | 30933 | 30710 | 30933 | 0.07 |
| &nbsp;&nbsp;Granicus, Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.56% (incl. 2.25% PIK) | 1/17/2024 | 1/17/2031 | 8324 | 8253 | 8316 | 0.02 |
| &nbsp;&nbsp;GS Acquisitionco, Inc. | (4)(5)(11) | SOFR + | 5.25% | 9.25% | 3/26/2024 | 5/25/2028 | 11901 | 11868 | 11782 | 0.03 |
| &nbsp;&nbsp;GS Acquisitionco, Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.25% | 3/26/2024 | 5/25/2028 | 3705 | 3665 | 3592 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Homecare Software Solutions, LLC | (4)(10) | SOFR + | 5.55% | 9.71% (incl. 2.93% PIK) | 6/14/2024 | 6/14/2031 | $78907 | $78276 | $78513 | 0.17% |
| &nbsp;&nbsp;Homecare Software Solutions, LLC | (4)(10) | SOFR + | 5.55% | 9.71% (incl. 2.93% PIK) | 6/14/2024 | 6/14/2031 | 30817 | 30572 | 30663 | 0.07 |
| &nbsp;&nbsp;Homecare Software Solutions, LLC | (4)(10) | SOFR + | 5.55% | 9.71% (incl. 2.93% PIK) | 9/26/2024 | 6/14/2031 | 36453 | 36152 | 36271 | 0.08 |
| &nbsp;&nbsp;HS Purchaser, LLC | (10) | SOFR + | 3.75% | 8.16% | 6/23/2021 | 11/19/2026 | 23368 | 23371 | 22154 | 0.05 |
| &nbsp;&nbsp;Icefall Parent, Inc. | (4)(7)(11) | SOFR + | 4.50% | 8.81% | 1/26/2024 | 1/25/2030 | 87841 | 86687 | 87841 | 0.19 |
| &nbsp;&nbsp;Idemia America Corp. | (6)(10) | SOFR + | 4.25% | 8.25% | 2/2/2024 | 9/30/2028 | 987 | 992 | 990 | 0.00 |
| &nbsp;&nbsp;INK BC Bidco S.p.A. | (4)(6)(7)(8) | E + | 5.00% | 7.08% | 7/17/2025 | 7/16/2032 | 63991 | 72560 | 73411 | 0.16 |
| &nbsp;&nbsp;ION Trading Finance, Ltd. | (6)(8) | SOFR + | 3.50% | 7.50% | 12/10/2024 | 4/1/2028 | 22938 | 22938 | 22963 | 0.05 |
| &nbsp;&nbsp;IQN Holding Corp. | (4)(10) | SOFR + | 5.75% | 9.75% (incl. 3.13% PIK) | 5/2/2022 | 5/2/2029 | 46076 | 45855 | 46076 | 0.10 |
| &nbsp;&nbsp;IQN Holding Corp. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.25% | 5/2/2022 | 5/2/2028 | 2679 | 2655 | 2679 | 0.01 |
| &nbsp;&nbsp;IQN Holding Corp. | (4)(5)(10) | SOFR + | 5.75% | 9.75% (incl. 3.13% PIK) | 5/16/2025 | 5/2/2029 | 5681 | 5681 | 5681 | 0.01 |
| &nbsp;&nbsp;IRI Group Holdings, Inc. | (4)(7)(10) | SOFR + | 4.50% | 8.66% | 4/9/2025 | 12/1/2029 | 1588161 | 1569208 | 1588161 | 3.40 |
| &nbsp;&nbsp;Javelin Buyer, Inc. | (6)(8) | SOFR + | 2.75% | 7.06% | 7/24/2025 | 12/5/2031 | 2985 | 3002 | 2985 | 0.01 |
| &nbsp;&nbsp;JS Parent, Inc. | (4)(7)(10) | SOFR + | 4.75% | 9.06% | 4/24/2024 | 4/24/2031 | 80608 | 80256 | 80568 | 0.17 |
| &nbsp;&nbsp;Kaseya, Inc. | (7)(8) | SOFR + | 3.25% | 7.41% | 3/20/2025 | 3/22/2032 | 124375 | 122924 | 124575 | 0.27 |
| &nbsp;&nbsp;KnowBe4, Inc. | (8) | SOFR + | 3.75% | 8.06% | 7/22/2025 | 7/23/2032 | 30000 | 29927 | 30075 | 0.06 |
| &nbsp;&nbsp;LD Lower Holdings, Inc. | (4)(11) | SOFR + | 7.50% | 11.60% | 2/8/2021 | 8/9/2027 | 106489 | 106315 | 95308 | 0.20 |
| &nbsp;&nbsp;Lobos Parent, Inc. | (4)(5)(7)(9) | SOFR + | 4.50% | 8.50% | 9/26/2025 | 9/26/2032 | 42739 | 42324 | 42323 | 0.09 |
| &nbsp;&nbsp;LogicMonitor, Inc. | (4)(7)(10) | SOFR + | 5.50% | 9.81% | 11/15/2024 | 11/15/2031 | 91603 | 90474 | 91002 | 0.19 |
| &nbsp;&nbsp;Magenta Security Holdings, LLC | (5)(11) | SOFR + | 6.25% | 10.56% | 8/14/2024 | 7/27/2028 | 9724 | 9441 | 9892 | 0.02 |
| &nbsp;&nbsp;Magenta Security Holdings, LLC | (5)(10)(18) | SOFR + | 6.75% | 11.32% | 8/14/2024 | 7/27/2028 | 27581 | 26596 | 22693 | 0.05 |
| &nbsp;&nbsp;Magnesium BorrowerCo, Inc. | (4)(10) | S + | 4.50% | 8.47% | 5/19/2022 | 5/18/2029 | 100309 | 123731 | 134905 | 0.29 |
| &nbsp;&nbsp;Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + | 4.50% | 8.66% | 5/19/2022 | 5/18/2029 | 1037735 | 1023968 | 1037735 | 2.22 |
| &nbsp;&nbsp;Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + | 4.50% | 8.66% | 3/21/2024 | 5/18/2029 | 29044 | 28793 | 29044 | 0.06 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + | 3.75% | 7.90% | 7/30/2021 | 7/31/2028 | $75364 | $74905 | $65943 | 0.14% |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + | 6.25% | 10.40% | 6/9/2023 | 7/31/2028 | 61583 | 60343 | 57888 | 0.12 |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(5)(7)(8) | SOFR + | 3.75% | 7.75% | 2/14/2025 | 4/30/2028 | 3535 | 3511 | 3157 | 0.01 |
| &nbsp;&nbsp;Maverick Bidco, Inc. | (10) | SOFR + | 3.75% | 8.21% | 5/18/2021 | 5/18/2028 | 16364 | 16333 | 16425 | 0.04 |
| &nbsp;&nbsp;Maverick Bidco, Inc. | (4)(5)(10) | SOFR + | 5.00% | 9.41% | 5/26/2023 | 5/18/2028 | 68811 | 67493 | 68811 | 0.15 |
| &nbsp;&nbsp;Maverick Bidco, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 9.16% | 8/16/2024 | 5/18/2028 | 105969 | 105533 | 105969 | 0.23 |
| &nbsp;&nbsp;McAfee Corp. | (6)(9) | SOFR + | 3.00% | 7.22% | 5/31/2024 | 3/1/2029 | 31489 | 31385 | 30170 | 0.06 |
| &nbsp;&nbsp;Medallia, Inc. | (4)(10) | SOFR + | 6.50% | 10.47% (incl. 4.00% PIK) | 10/28/2021 | 10/29/2028 | 892356 | 885388 | 733963 | 1.57 |
| &nbsp;&nbsp;Medallia, Inc. | (4)(10) | SOFR + | 6.50% | 10.47% (incl. 4.00% PIK) | 8/16/2022 | 10/29/2028 | 220153 | 218098 | 181076 | 0.39 |
| &nbsp;&nbsp;Mitnick Purchaser, Inc. | (9)(18) | SOFR + | 4.75% | 9.16% | 5/2/2022 | 5/2/2029 | 11527 | 11497 | 8422 | 0.02 |
| &nbsp;&nbsp;Monk Holding, Co. | (4)(10)(18) | SOFR + | 5.50% | 9.60% | 12/1/2021 | 12/1/2027 | 10860 | 10765 | 10860 | 0.02 |
| &nbsp;&nbsp;Monk Holding, Co. | (4)(7)(10) | SOFR + | 5.50% | 9.60% | 12/1/2021 | 12/1/2027 | 18546 | 18430 | 18546 | 0.04 |
| &nbsp;&nbsp;MRI Software, LLC | (11) | SOFR + | 4.75% | 8.75% | 1/7/2021 | 2/10/2027 | 205148 | 204256 | 204763 | 0.44 |
| &nbsp;&nbsp;MRI Software, LLC | (4)(7)(11) | SOFR + | 4.75% | 8.75% | 8/27/2024 | 2/10/2027 | 26402 | 26198 | 25572 | 0.05 |
| &nbsp;&nbsp;MRI Software, LLC | (11) | SOFR + | 4.75% | 8.75% | 1/7/2021 | 2/10/2027 | 34454 | 34460 | 34389 | 0.07 |
| &nbsp;&nbsp;NAVEX TopCo, Inc. | (4)(7)(10) | SOFR + | 5.25% | 9.41% | 11/9/2023 | 11/9/2030 | 99137 | 97581 | 99137 | 0.21 |
| &nbsp;&nbsp;Nintex Topco, Limited | (4)(6)(8) | SOFR + | 6.00% | 10.01% (incl. 1.50% PIK) | 11/12/2021 | 11/13/2028 | 680587 | 674677 | 617633 | 1.32 |
| &nbsp;&nbsp;Noble Midco 3, Ltd. | (4)(5)(6)(7)(10) | SOFR + | 4.75% | 8.75% | 6/10/2024 | 6/24/2031 | 39181 | 38788 | 39135 | 0.08 |
| &nbsp;&nbsp;OMEGA II AB | (4)(5)(6)(7)(8) | ST + | 4.75% | 6.90% | 6/11/2025 | 6/17/2032 | 635618 | 65628 | 67132 | 0.14 |
| &nbsp;&nbsp;Optimizely North America, Inc. | (4)(5)(10) | S + | 5.50% | 9.47% | 10/30/2024 | 10/30/2031 | 2125 | 2731 | 2800 | 0.01 |
| &nbsp;&nbsp;Optimizely North America, Inc. | (4)(5)(10) | E + | 5.25% | 7.15% | 10/30/2024 | 10/30/2031 | 7082 | 7624 | 8149 | 0.02 |
| &nbsp;&nbsp;Optimizely North America, Inc. | (4)(5)(7)(10) | SOFR + | 5.00% | 9.16% | 10/30/2024 | 10/30/2031 | 20184 | 19983 | 19750 | 0.04 |
| &nbsp;&nbsp;Optus 1011, GmbH | (4)(5)(6)(7)(8) | E + | 5.00% | 7.00% | 3/7/2025 | 3/24/2032 | 33860 | 35629 | 38663 | 0.08 |
| &nbsp;&nbsp;PDI TA Holdings, Inc. | (4)(10) | SOFR + | 5.50% | 9.81% | 2/1/2024 | 2/3/2031 | 87303 | 86430 | 87303 | 0.19 |
| &nbsp;&nbsp;PDI TA Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 9.81% | 2/1/2024 | 2/3/2031 | 2798 | 2718 | 2798 | 0.01 |
| &nbsp;&nbsp;Perforce Software, Inc. | (9) | SOFR + | 4.75% | 8.91% | 3/22/2024 | 3/25/2031 | 19750 | 19671 | 17661 | 0.05 |
| &nbsp;&nbsp;Perforce Software, Inc. | (8) | SOFR + | 4.75% | 8.91% | 12/18/2024 | 7/1/2029 | 18288 | 18051 | 16886 | 0.05 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Ping Identity Holding Corp. | (4)(7)(10) | SOFR + | 4.75% | 8.75% | 10/21/2024 | 10/17/2029 | $38170 | $38170 | $38170 | 0.08% |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (9) | SOFR + | 3.25% | 7.25% | 5/14/2024 | 10/28/2030 | 70321 | 70319 | 70598 | 0.16 |
| &nbsp;&nbsp;Project Leopard Holdings, Inc. | (9) | SOFR + | 5.25% | 9.66% | 7/20/2022 | 7/20/2029 | 132211 | 128055 | 119626 | 0.27 |
| &nbsp;&nbsp;Project Leopard Holdings, Inc. | (5)(7)(8) | SOFR + | 4.25% | 8.55% | 7/20/2022 | 7/20/2027 | 12146 | 12152 | 9727 | 0.02 |
| &nbsp;&nbsp;Proofpoint, Inc. | (9) | SOFR + | 3.00% | 7.16% | 5/28/2024 | 8/31/2028 | 5504 | 5498 | 5534 | 0.02 |
| &nbsp;&nbsp;QBS Parent, Inc. | (4)(5)(7)(10) | SOFR + | 4.50% | 8.50% | 6/3/2025 | 6/3/2032 | 77480 | 77083 | 77231 | 0.17 |
| &nbsp;&nbsp;Quartz Acquireco, LLC | (8) | SOFR + | 2.25% | 6.25% | 4/11/2025 | 6/28/2030 | 3109 | 3074 | 3108 | 0.02 |
| &nbsp;&nbsp;Rally Buyer, Inc. | (4)(10) | SOFR + | 6.25% | 10.27% (incl. 3.50% PIK) | 7/19/2022 | 7/19/2029 | 144063 | 142598 | 132178 | 0.28 |
| &nbsp;&nbsp;Rally Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 10.06% | 7/19/2022 | 7/19/2029 | 6113 | 5920 | 4649 | 0.01 |
| &nbsp;&nbsp;Relativity ODA, LLC | (4)(7)(11) | SOFR + | 4.50% | 8.66% | 5/12/2021 | 5/12/2029 | 37640 | 37599 | 37524 | 0.08 |
| &nbsp;&nbsp;Rocket Software, Inc. | (9) | SOFR + | 3.75% | 7.91% | 10/5/2023 | 11/28/2028 | 44776 | 44398 | 44927 | 0.11 |
| &nbsp;&nbsp;Scorpio BidCo SAS | (4)(5)(6)(7)(8) | E + | 5.75% | 7.75% | 4/3/2024 | 4/30/2031 | 37234 | 39649 | 43629 | 0.09 |
| &nbsp;&nbsp;Seven Bidco, SASU | (4)(5)(6)(7)(8) | E + | 4.50% | 6.55% | 8/29/2025 | 8/29/2032 | 210485 | 244619 | 245498 | 0.53 |
| &nbsp;&nbsp;Severin Acquisition, LLC | (4)(7)(10) | SOFR + | 5.00% | 9.16% (incl. 2.25% PIK) | 10/1/2024 | 10/1/2031 | 344370 | 340894 | 344370 | 0.74 |
| &nbsp;&nbsp;Skopima Consilio Parent, LLC | (7)(9) | SOFR + | 3.75% | 7.91% | 12/18/2024 | 5/12/2028 | 39315 | 38992 | 32315 | 0.07 |
| &nbsp;&nbsp;Sophos Holdings, LLC | (6)(8) | SOFR + | 3.50% | 7.78% | 1/7/2021 | 3/5/2027 | 12483 | 12493 | 12515 | 0.03 |
| &nbsp;&nbsp;Sovos Compliance, LLC | (8) | SOFR + | 3.25% | 7.41% | 7/24/2025 | 8/12/2029 | 13687 | 13647 | 13726 | 0.04 |
| &nbsp;&nbsp;Spaceship Purchaser, Inc. | (4)(7)(10)(18) | SOFR + | 5.92% | 10.22% | 9/5/2025 | 10/17/2031 | 625998 | 625223 | 624655 | 1.34 |
| &nbsp;&nbsp;Spitfire Parent, Inc. | (4)(11) | E + | 5.50% | 7.41% | 3/8/2021 | 3/11/2027 | 18671 | 22430 | 21921 | 0.05 |
| &nbsp;&nbsp;Spitfire Parent, Inc. | (4)(11) | SOFR + | 5.50% | 9.76% | 3/9/2021 | 3/11/2027 | 84587 | 84158 | 84587 | 0.18 |
| &nbsp;&nbsp;Spitfire Parent, Inc. | (4)(11) | SOFR + | 5.50% | 9.76% | 3/9/2021 | 3/11/2027 | 31233 | 31222 | 31233 | 0.07 |
| &nbsp;&nbsp;Starlight Parent, LLC | (8) | SOFR + | 4.00% | 8.03% | 7/2/2025 | 4/16/2032 | 50000 | 49237 | 49189 | 0.12 |
| &nbsp;&nbsp;Tango Bidco, SAS | (4)(5)(6)(8) | E + | 5.00% | 7.28% | 10/17/2024 | 10/17/2031 | 69197 | 74005 | 81038 | 0.17 |
| &nbsp;&nbsp;Tango Bidco, SAS | (4)(5)(6)(7)(8) | E + | 5.00% | 7.28% | 10/17/2024 | 10/17/2031 | 18953 | 20817 | 22132 | 0.05 |
| &nbsp;&nbsp;Tegra118 Wealth Solutions, Inc. | (8) | SOFR + | 4.00% | 8.20% | 1/7/2021 | 2/18/2027 | 6739 | 6730 | 6702 | 0.02 |
| &nbsp;&nbsp;TravelPerk, Inc. | (4)(6)(8) |  | 11.50% | 11.50% PIK | 5/2/2024 | 5/2/2029 | 49341 | 47231 | 48478 | 0.10 |
| &nbsp;&nbsp;Tricentis Operations Holdings, Inc. | (4)(7)(11) | SOFR + | 6.25% | 10.48% (incl. 4.88% PIK) | 2/11/2025 | 2/11/2032 | 135693 | 134208 | 135395 | 0.29 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Triple Lift, Inc. | (4)(7)(10) | SOFR + | 5.75% | 9.90% | 5/6/2021 | 5/5/2028 | $43171 | $42745 | $38573 | 0.08% |
| &nbsp;&nbsp;Triple Lift, Inc. | (4)(10) | SOFR + | 5.75% | 9.90% | 3/18/2022 | 5/5/2028 | 25323 | 25109 | 23297 | 0.05 |
| &nbsp;&nbsp;Varicent Parent Holdings Corp. | (4)(7)(10) | SOFR + | 5.75% | 9.75% (incl. 3.13% PIK) | 8/23/2024 | 8/23/2031 | 76661 | 75599 | 75621 | 0.16 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 4.00% | 8.57% | 10/25/2021 | 4/24/2028 | 53319 | 52520 | 51667 | 0.12 |
| &nbsp;&nbsp;VS Buyer, LLC | (7)(8) | SOFR + | 2.25% | 6.56% | 7/25/2025 | 4/12/2031 | 6287 | 5598 | 5316 | 0.01 |
| &nbsp;&nbsp;WPEngine, Inc. | (4)(7)(10) | SOFR + | 6.00% | 10.02% | 8/14/2023 | 8/14/2029 | 81400 | 79668 | 81156 | 0.17 |
| &nbsp;&nbsp;XPLOR T1, LLC | (4)(8) | SOFR + | 3.50% | 7.50% | 12/11/2024 | 6/24/2031 | 34650 | 34650 | 34693 | 0.07 |
| &nbsp;&nbsp;Yellow Castle, AB | (4)(6)(8) | ST + | 4.75% | 6.85% | 4/14/2022 | 7/9/2029 | 115366 | 10796 | 12254 | 0.03 |
| &nbsp;&nbsp;Yellow Castle, AB | (4)(6)(8) | SA + | 4.75% | 4.75% | 4/14/2022 | 7/9/2029 | 10860 | 11034 | 13642 | 0.03 |
| &nbsp;&nbsp;Yellow Castle, AB | (4)(5)(6)(9) | SA + | 4.75% | 4.75% | 7/28/2022 | 7/9/2029 | 3544 | 3581 | 4452 | 0.01 |
| &nbsp;&nbsp;Yellow Castle, AB | (4)(6)(8) | E + | 4.75% | 6.82% | 4/14/2022 | 7/9/2029 | 32512 | 32673 | 38171 | 0.08 |
| &nbsp;&nbsp;Yellow Castle, AB | (4)(5)(6)(8) | E + | 4.75% | 6.82% | 4/14/2022 | 7/9/2029 | 9018 | 9128 | 10587 | 0.02 |
| &nbsp;&nbsp;Yellow Castle, AB | (4)(5)(6)(10) | S + | 4.75% | 8.97% | 7/28/2022 | 7/9/2029 | 12762 | 15217 | 17164 | 0.04 |
| &nbsp;&nbsp;Yellow Castle, AB | (4)(5)(6)(7)(8) | E + | 4.75% | 6.82% | 2/27/2025 | 7/6/2029 | 26703 | 27633 | 31351 | 0.07 |
| &nbsp;&nbsp;Zendesk, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.00% | 7/23/2024 | 11/22/2028 | 992445 | 976968 | 989329 | 2.12 |
| &nbsp;&nbsp;Zodiac Purchaser, LLC | (8) | SOFR + | 3.50% | 7.66% | 4/3/2025 | 2/14/2032 | 8000 | 7872 | 7959 | 0.02 |
| &nbsp;&nbsp;Zorro Bidco, Ltd. | (4)(5)(6)(7)(8) | S + | 4.40% | 8.61% | 8/13/2024 | 8/13/2031 | 72147 | 90703 | 95952 | 0.21 |
| &nbsp;&nbsp;Zorro Bidco, Ltd. | (4)(5)(6)(8) | S + | 4.40% | 8.61% | 1/30/2025 | 8/13/2031 | 7896 | 9734 | 10513 | 0.02 |
| &nbsp;&nbsp;Zorro Bidco, Ltd. | (4)(5)(6)(8) | ST + | 4.40% | 6.60% | 2/6/2025 | 8/13/2031 | 108262 | 9854 | 11385 | 0.02 |
|  |  |  |  |  |  |  |  | 18649809 | 18372412 | 39.43 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;CustomInk, LLC | (4)(11)(18) | SOFR + | 5.98% | 10.29% | 1/7/2021 | 5/3/2028 | 39625 | 39539 | 39625 | 0.08 |
| &nbsp;&nbsp;EG America, LLC | (6)(8) | SOFR + | 3.50% | 7.70% | 7/18/2025 | 2/7/2028 | 12003 | 12003 | 12087 | 0.03 |
| &nbsp;&nbsp;Hoya Midco, LLC | (6)(9) | SOFR + | 2.25% | 6.56% | 2/5/2025 | 2/3/2029 | 8734 | 8734 | 6305 | 0.01 |
| &nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (7)(10) | SOFR + | 3.00% | 7.20% | 1/17/2025 | 5/4/2028 | 27882 | 27852 | 27846 | 0.06 |
| &nbsp;&nbsp;StubHub Holdco Sub, LLC | (8) | SOFR + | 4.75% | 8.91% | 3/15/2024 | 3/15/2030 | 6760 | 6763 | 6718 | 0.01 |
|  |  |  |  |  |  |  |  | 94891 | 92581 | 0.19 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;Lytx, Inc. | (4)(11) | SOFR + | 5.00% | 9.26% | 6/13/2024 | 2/28/2028 | 75139 | 75175 | 75139 | 0.16 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;FCG Acquisitions, Inc. | (9) | SOFR + | 3.25% | 7.41% | 2/11/2025 | 3/31/2028 | $22525 | $22525 | $22602 | 0.05% |
| &nbsp;&nbsp;Foundation Building Materials, Inc. | (5)(9) | SOFR + | 3.25% | 7.82% | 1/29/2021 | 1/31/2028 | 1683 | 1674 | 1687 | 0.00 |
| &nbsp;&nbsp;Hillman Group, Inc. | (6)(9) | SOFR + | 2.00% | 6.14% | 7/14/2021 | 7/14/2028 | 6359 | 6367 | 6372 | 0.01 |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | SOFR + | 3.25% | 7.25% | 12/22/2021 | 12/22/2031 | 15503 | 15475 | 15625 | 0.03 |
| &nbsp;&nbsp;Paramount Global Surfaces, Inc. | (4)(11) | SOFR + | 6.00% | 10.26% | 4/30/2021 | 4/30/2027 | 80646 | 80118 | 61896 | 0.13 |
| &nbsp;&nbsp;Park River Holdings, Inc. | (10) | SOFR + | 3.25% | 7.80% | 1/7/2021 | 12/28/2027 | 35349 | 35179 | 35393 | 0.08 |
| &nbsp;&nbsp;Red Fox CD Acquisition Corp. | (4)(11) | SOFR + | 6.00% | 10.00% | 3/4/2024 | 3/4/2030 | 107487 | 105653 | 107487 | 0.23 |
| &nbsp;&nbsp;Red Fox CD Acquisition Corp. | (4)(5)(7)(11) | SOFR + | 6.00% | 10.00% | 5/31/2024 | 3/4/2030 | 11023 | 10270 | 11023 | 0.02 |
| &nbsp;&nbsp;White Cap Buyer, LLC | (8) | SOFR + | 3.25% | 7.42% | 6/13/2024 | 10/19/2029 | 14383 | 14356 | 14403 | 0.03 |
| &nbsp;&nbsp;Windsor Holdings III, LLC | (8) | SOFR + | 2.75% | 6.92% | 3/21/2025 | 8/1/2030 | 13270 | 13198 | 13297 | 0.03 |
|  |  |  |  |  |  |  |  | 304815 | 289785 | 0.61 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Apple Bidco, LLC | (8) | SOFR + | 2.50% | 6.66% | 2/21/2025 | 9/23/2031 | 497 | 489 | 498 | 0.00 |
| &nbsp;&nbsp;Capstone Acquisition Holdings, Inc. | (4)(7)(11) | SOFR + | 4.50% | 8.76% | 8/29/2024 | 11/13/2029 | 95160 | 94724 | 95129 | 0.20 |
| &nbsp;&nbsp;Enstructure, LLC | (4)(7)(9) | SOFR + | 4.50% | 8.65% | 8/15/2025 | 8/15/2032 | 452038 | 448052 | 451413 | 0.97 |
| &nbsp;&nbsp;Frontline Road Safety, LLC | (4)(5)(7)(8) | SOFR + | 4.75% | 8.91% (incl. 2.00% PIK) | 3/4/2025 | 3/4/2032 | 49831 | 49258 | 49514 | 0.11 |
| &nbsp;&nbsp;Frontline Road Safety, LLC | (4)(8) | SOFR + | 4.75% | 8.91% (incl. 2.00% PIK) | 3/4/2025 | 3/4/2032 | 82168 | 81424 | 81757 | 0.17 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(10) | SOFR + | 6.25% | 10.56% | 8/4/2021 | 8/4/2027 | 91125 | 90566 | 90214 | 0.19 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(7)(10) | SOFR + | 6.25% | 10.55% | 8/4/2021 | 8/4/2027 | 85159 | 84395 | 84034 | 0.18 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(10) | SOFR + | 6.25% | 10.25% | 12/22/2023 | 8/4/2027 | 13656 | 13517 | 13520 | 0.03 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(5)(10) | SOFR + | 6.25% | 10.47% | 12/14/2022 | 8/4/2027 | 975 | 967 | 965 | 0.00 |
| &nbsp;&nbsp;Italian Motorway Holdings S.à r.l | (4)(6)(8) | E + | 5.25% | 7.37% | 4/28/2022 | 4/28/2029 | 236429 | 245262 | 277579 | 0.59 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 10.12% | 4/19/2021 | 10/19/2027 | 70900 | 70394 | 68064 | 0.15 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 9.73% | 1/31/2022 | 10/19/2027 | 75613 | 75239 | 72589 | 0.16 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 9.89% | 4/19/2021 | 10/19/2027 | 54215 | 54166 | 52047 | 0.11 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(5)(11) | P + | 4.75% | 12.00% | 9/11/2024 | 10/19/2027 | 4302 | 4246 | 4129 | 0.01 |
| &nbsp;&nbsp;Safety Borrower Holdings, LP | (4)(11) | SOFR + | 4.75% | 8.91% | 9/1/2021 | 9/1/2027 | 46950 | 46809 | 46950 | 0.10 |
| &nbsp;&nbsp;Safety Borrower Holdings, LP | (4)(5)(7)(11) | P + | 3.75% | 11.00% | 9/1/2021 | 9/1/2027 | 1091 | 1080 | 1057 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | 5.50% | 9.80% | 9/24/2021 | 9/24/2027 | $145920 | $144957 | $145920 | 0.31% |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | 5.25% | 9.68% | 9/19/2023 | 9/24/2027 | 62720 | 62101 | 62720 | 0.13 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | 5.50% | 9.89% | 9/19/2023 | 9/24/2027 | 39494 | 39099 | 39494 | 0.08 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | 5.50% | 9.79% | 9/24/2021 | 9/24/2027 | 45281 | 45000 | 45281 | 0.10 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(7)(11) | 5.50% | 9.81% | 9/5/2024 | 9/24/2027 | 47757 | 47311 | 47279 | 0.10 |
| &nbsp;&nbsp;TRP Infrastructure Services, LLC | (4)(11) | 5.50% | 9.96% | 7/9/2021 | 7/9/2027 | 70922 | 70504 | 70922 | 0.15 |
| &nbsp;&nbsp;TRP Infrastructure Services, LLC | (4)(7)(11) | 5.50% | 9.82% | 12/2/2024 | 7/9/2027 | 41717 | 41112 | 41276 | 0.09 |
|  |  |  |  |  |  |  | 1810672 | 1842351 | 3.93 |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |
| &nbsp;&nbsp;CCI Buyer, Inc. | (4)(5)(7)(10) | 5.00% | 9.00% | 5/13/2025 | 5/13/2032 | 115892 | 114733 | 115245 | 0.25 |
| &nbsp;&nbsp;CyrusOne Revolving Warehouse | (4)(5)(6)(7)(8) | 2.95% | 7.12% | 7/12/2024 | 7/2/2027 | 130912 | 130279 | 130912 | 0.28 |
| &nbsp;&nbsp;SBA Senior Finance II, LLC | (6)(8) | 1.75% | 5.92% | 6/16/2025 | 1/25/2031 | 2789 | 2795 | 2801 | 0.01 |
|  |  |  |  |  |  |  | 247807 | 248958 | 0.54 |
| **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | 68495621 | 68064049 | 145.60 |
| **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** | **First Lien Debt - non-controlled/affiliated** |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Align Precision Group, LLC | (4)(11)(16) | 6.75% | 10.75% PIK | 7/3/2025 | 7/3/2030 | 22109 | 22109 | 22109 | 0.05 |
| &nbsp;&nbsp;Align Precision Group, LLC | (4)(5)(7)(11)(16) | 6.75% | 10.75% PIK | 7/3/2025 | 7/3/2030 | 3075 | 3057 | 3075 | 0.01 |
|  |  |  |  |  |  |  | 25166 | 25184 | 0.06 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;DMS Purchaser, LLC | (4)(5)(6)(14)(16) | 7.50% | 11.66% (incl. 6.50% PIK) | 2/24/2025 | 2/28/2030 | 6355 | 6356 | 6355 | 0.01 |
| **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | **Total First Lien Debt - non-controlled/affiliated** | 31522 | 31539 | 0.07 |
| **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(6)(14)(16)(17) | 8.25% | 12.51% PIK | 4/14/2023 | 4/14/2029 | 25402 | 15191 | 0 | 0.00 |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(6)(14)(16)(17) | 8.25% | 12.51% PIK | 4/14/2023 | 4/14/2029 | 12404 | 11573 | 8915 | 0.02 |
|  |  |  |  |  |  |  | 26764 | 8915 | 0.02 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;CFCo, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) | 0.00% | 0.00% | 9/11/2023 | 9/13/2038 | 86098 | 12571 | 0 | 0.00 |
| &nbsp;&nbsp;Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) | 10.00% | 10.00% PIK | 9/11/2023 | 9/12/2033 | 59052 | 49530 | 8078 | 0.02 |
|  |  |  |  |  |  |  | 62101 | 8078 | 0.02 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Pibb Member, LLC | (4)(5)(6)(8)(16) | 6.41% | 6.41% | 11/22/2024 | 11/22/2049 | 2177 | 2177 | 2177 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** | **First Lien Debt - controlled/affiliated (continued)** |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Material Holdings, LLC | (4)(5)(10)(16) | SOFR + | 6.00% | 10.10% (incl. 5.50% PIK) | 6/14/2024 | 8/19/2027 | $239950 | $238633 | $239950 | 0.51% |
| &nbsp;&nbsp;Material Holdings, LLC | (4)(5)(10)(16)(17) | SOFR + | 6.00% | 10.10% PIK | 6/14/2024 | 8/19/2027 | 60574 | 57075 | 1102 | 0.00 |
| &nbsp;&nbsp;Material Holdings, LLC | (4)(5)(7)(10)(16) | SOFR + | 6.00% | 10.10% PIK | 6/14/2024 | 8/19/2027 | 5190 | 5170 | 4816 | 0.01 |
|  |  |  |  |  |  |  |  | 300878 | 245868 | 0.52 |
| **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | 391920 | 265038 | 0.56 |
| **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 68919063 | 68360626 | 146.23 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** |
| **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 7.75% | 12.05% | 5/6/2021 | 2/1/2029 | $43259 | $42989 | $26079 | 0.06% |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + | 5.50% | 9.66% | 7/23/2025 | 7/31/2033 | 26000 | 25873 | 25935 | 0.06 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (4)(8) | SOFR + | 5.00% | 9.31% | 5/31/2024 | 5/31/2032 | 165000 | 164313 | 165000 | 0.35 |
|  |  |  |  |  |  |  |  | 190186 | 190935 | 0.41 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. | (4)(10) | SOFR + | 7.25% | 11.60% | 8/31/2021 | 8/31/2029 | 32751 | 32511 | 32751 | 0.07 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Canadian Hospital Specialties, Ltd. | (4)(6)(8) |  | 8.75% | 8.75% | 4/15/2021 | 4/15/2029 | 3800 | 3007 | 2546 | 0.01 |
| &nbsp;&nbsp;Hunter UK Bidco, Ltd. | (4)(6)(8) | S + | 7.50% | 11.47% | 8/19/2021 | 8/19/2029 | 65340 | 88139 | 86118 | 0.18 |
| &nbsp;&nbsp;Inizio Group, Ltd. | (4)(6)(8) | SOFR + | 7.25% | 11.35% | 12/31/2021 | 8/19/2029 | 15000 | 14809 | 14662 | 0.03 |
| &nbsp;&nbsp;Inizio Group, Ltd. | (4)(5)(6)(8) | SOFR + | 7.25% | 11.35% | 3/31/2022 | 8/19/2029 | 10000 | 9869 | 9775 | 0.02 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 8.75% | 13.16% | 5/26/2021 | 10/15/2027 | 6537 | 6495 | 6161 | 0.01 |
|  |  |  |  |  |  |  |  | 122319 | 119262 | 0.25 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp. | (4)(10) | SOFR + | 5.25% | 9.53% | 10/15/2024 | 3/10/2029 | 100934 | 100540 | 100682 | 0.22 |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alera Group, Inc. | (5)(9) | SOFR + | 5.50% | 9.66% | 5/21/2025 | 5/30/2033 | 94508 | 94053 | 97446 | 0.21 |
| &nbsp;&nbsp;SQ ABS Issuer, LLC | (4)(6)(8) |  | 9.65% | 9.65% | 10/11/2024 | 10/20/2039 | 12493 | 12340 | 12493 | 0.03 |
|  |  |  |  |  |  |  |  | 106393 | 109939 | 0.24 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;Speedster Bidco, GmbH | (4)(6)(8) | CA + | 5.50% | 7.95% | 12/10/2024 | 2/13/2032 | 681018 | 477807 | 484449 | 1.04 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Asurion, LLC | (8) | SOFR + | 5.25% | 9.53% | 4/4/2025 | 1/31/2028 | 4167 | 3796 | 4068 | 0.01 |
| &nbsp;&nbsp;Dcert Buyer, Inc. | (8) | SOFR + | 7.00% | 11.16% | 2/19/2021 | 2/19/2029 | 60975 | 61077 | 55639 | 0.12 |
| &nbsp;&nbsp;Inovalon Holdings, Inc. | (4)(10) | SOFR + | 8.50% | 12.78% PIK | 4/11/2025 | 11/24/2033 | 143949 | 142277 | 143949 | 0.31 |
|  |  |  |  |  |  |  |  | 207150 | 203656 | 0.44 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Curia Global, Inc. | (4)(10) | SOFR + | 10.50% | 14.96% PIK | 9/1/2021 | 3/7/2030 | 49407 | 48957 | 44219 | 0.09 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Victory Buyer, LLC | (4)(9) | SOFR + | 7.00% | 11.28% | 11/19/2021 | 11/19/2029 | 24677 | 24542 | 24554 | 0.05 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;HMH Education, Inc. | (4)(9) | SOFR + | 8.50% | 12.66% | 4/7/2022 | 4/8/2030 | 80500 | 79574 | 70035 | 0.15 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Rossini, S.à r.l. | (4)(5)(6)(8) | E + | 7.00% | 9.19% PIK | 4/6/2025 | 3/30/2030 | 26028 | $29542 | $30253 | 0.06% |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;CoreLogic, Inc. | (9) | SOFR + | 6.50% | 10.78% | 6/4/2021 | 6/4/2029 | $67488 | 67177 | 67404 | 0.14 |
| &nbsp;&nbsp;Kwor Acquisition, Inc. | (4)(5)(11) | SOFR + | 8.00% | 12.20% PIK | 2/28/2025 | 2/28/2030 | 2200 | 2200 | 2200 | 0.00 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (4)(8) | SOFR + | 5.00% | 9.20% | 7/31/2024 | 7/31/2032 | 230000 | 228036 | 230000 | 0.49 |
| &nbsp;&nbsp;Thevelia US, LLC | (4)(6)(9) | SOFR + | 5.00% | 9.00% | 6/17/2022 | 6/17/2032 | 182046 | 178824 | 182046 | 0.39 |
|  |  |  |  |  |  |  |  | 476237 | 481650 | 1.02 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Progress Residential PM Holdings, LLC | (4)(8) | SOFR + | 4.75% | 8.93% | 9/11/2025 | 9/11/2028 | 101340 | 100346 | 100327 | 0.21 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 5.75% | 9.95% | 7/30/2024 | 7/30/2032 | 58594 | 58094 | 57221 | 0.12 |
| &nbsp;&nbsp;CB Nike Holdco, LLC | (4)(11) | SOFR + | 7.35% | 11.55% PIK | 11/25/2024 | 11/26/2029 | 223509 | 219830 | 219041 | 0.48 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 6.00% | 10.26% | 10/8/2021 | 10/8/2029 | 66697 | 66417 | 61194 | 0.13 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 5.25% | 9.24% | 5/1/2024 | 12/1/2030 | 131602 | 130813 | 131519 | 0.28 |
| &nbsp;&nbsp;Denali Bidco, Ltd. | (4)(5)(6)(8) |  | 9.80% | 9.80% PIK | 9/5/2025 | 9/5/2032 | 4981 | 5779 | 5789 | 0.01 |
| &nbsp;&nbsp;Denali Bidco, Ltd. | (4)(5)(6)(8) |  | 11.20% | 11.20% PIK | 9/5/2025 | 9/5/2032 | 2868 | 3834 | 3818 | 0.01 |
| &nbsp;&nbsp;Flash Charm, Inc. | (4)(8) | SOFR + | 6.75% | 11.20% | 3/2/2021 | 3/2/2029 | 27051 | 26904 | 21912 | 0.05 |
| &nbsp;&nbsp;IGT Holding II, AB | (4)(6)(8) | SOFR + | 6.15% | 10.19% PIK | 8/13/2024 | 8/29/2033 | 135874 | 133731 | 135194 | 0.29 |
| &nbsp;&nbsp;INK BC Finco S.p.A. | (4)(6)(8) | E + | 8.25% | 10.33% PIK | 7/17/2025 | 7/16/2033 | 14283 | 16239 | 16433 | 0.04 |
| &nbsp;&nbsp;Kaseya, Inc. | (5)(8) | SOFR + | 5.00% | 9.16% | 3/20/2025 | 5/20/2033 | 125000 | 123951 | 125391 | 0.27 |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + | 6.50% | 10.88% (incl. 6.50% PIK) | 7/30/2021 | 7/30/2029 | 33003 | 32790 | 28052 | 0.06 |
| &nbsp;&nbsp;Maverick Bidco, Inc. | (4)(5)(10) | SOFR + | 8.00% | 12.31% | 12/19/2023 | 5/18/2029 | 628 | 619 | 647 | 0.00 |
| &nbsp;&nbsp;Maverick Bidco, Inc. | (10) | SOFR + | 6.75% | 11.21% | 5/18/2021 | 5/18/2029 | 18000 | 17965 | 17741 | 0.04 |
| &nbsp;&nbsp;Maverick Bidco, Inc. | (4)(5)(10) | SOFR + | 8.00% | 12.31% | 8/16/2024 | 5/18/2029 | 35653 | 35326 | 35653 | 0.08 |
| &nbsp;&nbsp;OT Luxco 2 S.à r.l. | (4)(5)(6)(8) | E + | 8.75% | 10.94% PIK | 10/10/2024 | 9/30/2029 | 23234 | 25175 | 26869 | 0.06 |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (9) | SOFR + | 5.00% | 9.00% | 11/21/2024 | 11/21/2032 | 49542 | 49307 | 49295 | 0.11 |
| &nbsp;&nbsp;Teamsystem Holdco 3 S.p.A. | (4)(5)(6)(8) | E + | 5.75% | 7.78% | 7/7/2025 | 7/7/2033 | 41546 | 48222 | 48289 | 0.10 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 7.25% | 11.82% | 4/23/2021 | 4/23/2029 | 41439 | 41297 | 39842 | 0.09 |
|  |  |  |  |  |  |  |  | 1036293 | 1023900 | 2.22 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;BCPE Empire Holdings, Inc. | (4)(5)(11) | SOFR + | 5.25% | 9.47% | 4/4/2025 | 12/31/2031 | 72514 | 71506 | 72514 | 0.16 |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | SOFR + | 6.50% | 10.50% | 12/22/2021 | 12/21/2029 | 14000 | 13886 | 14298 | 0.03 |
|  |  |  |  |  |  |  |  | 85392 | 86812 | 0.19 |
| **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | 3160778 | 3129503 | 6.72 |
| **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | 3160778 | 3129503 | 6.72 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** |
| **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;AbbVie, Inc. | (5)(6)(8) | 4.80% | 4.80% | 9/10/2024 | 3/15/2029 | $1000 | $1025 | $1023 | 0.00% |
| &nbsp;&nbsp;Amgen, Inc. | (5)(6)(8) | 5.15% | 5.15% | 9/10/2024 | 3/2/2028 | 1000 | 1021 | 1023 | 0.00 |
| &nbsp;&nbsp;Biogen, Inc. | (5)(6)(8) | 2.25% | 2.25% | 9/10/2024 | 5/1/2030 | 1000 | 915 | 913 | 0.00 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | (5)(6)(8) | 1.65% | 1.65% | 9/10/2024 | 10/1/2030 | 1000 | 889 | 887 | 0.00 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | (5)(6)(8) | 1.75% | 1.75% | 9/10/2024 | 9/15/2030 | 1000 | 891 | 882 | 0.00 |
|  |  |  |  |  |  |  | 4741 | 4728 | 0.00 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;Abbott Laboratories | (5)(6)(8) | 1.40% | 1.40% | 9/10/2024 | 6/30/2030 | 1000 | 901 | 890 | 0.00 |
| &nbsp;&nbsp;Alcon Finance Corp. | (5)(6)(8) | 2.60% | 2.60% | 9/10/2024 | 5/27/2030 | 1000 | 930 | 926 | 0.00 |
| &nbsp;&nbsp;Becton Dickinson & Co. | (5)(6)(8) | 5.08% | 5.08% | 9/10/2024 | 6/7/2029 | 1000 | 1028 | 1027 | 0.00 |
| &nbsp;&nbsp;Boston Scientific Corp. | (5)(6)(8) | 2.65% | 2.65% | 9/10/2024 | 6/1/2030 | 1000 | 938 | 936 | 0.00 |
|  |  |  |  |  |  |  | 3797 | 3779 | 0.00 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Healthcomp Holding Company, LLC | (4)(5)(8) | 13.75% | 13.75% PIK | 11/8/2023 | 11/8/2031 | 23478 | 23049 | 21952 | 0.05 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Evergreen Services Group PIK Holdco, LLC | (4)(5)(8) | 12.75% | 12.75% PIK | 9/19/2025 | 4/5/2031 | 29385 | 28802 | 28798 | 0.06 |
| &nbsp;&nbsp;Evergreen Services Group PIK Holdco, LLC | (4)(5)(8) | 12.75% | 12.75% | 9/19/2025 | 4/5/2031 | 5727 | 5613 | 5613 | 0.01 |
| &nbsp;&nbsp;PPT Holdings III, LLC | (4)(5)(8) | 12.75% | 12.75% PIK | 3/25/2024 | 3/27/2034 | 9409 | 9245 | 9644 | 0.02 |
|  |  |  |  |  |  |  | 43660 | 44055 | 0.09 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | (5)(6)(8) | 5.00% | 5.00% | 9/10/2024 | 1/31/2029 | 1000 | 1029 | 1030 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** | **Unsecured Debt - non-controlled/non-affiliated (continued)** |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Astrazeneca Finance, LLC | (5)(6)(8) | 4.85% | 4.85% | 9/10/2024 | 2/26/2029 | $1000 | $1026 | $1026 | 0.00% |
| &nbsp;&nbsp;Bristol-Myers Squibb, Co. | (5)(6)(8) | 4.90% | 4.90% | 9/10/2024 | 2/22/2029 | 1000 | 1027 | 1027 | 0.00 |
| &nbsp;&nbsp;Eli Lilly & Co. | (5)(6)(8) | 4.20% | 4.20% | 9/10/2024 | 8/14/2029 | 1000 | 1010 | 1007 | 0.00 |
| &nbsp;&nbsp;GlaxoSmithKline Capital, PLC | (5)(6)(8) | 3.38% | 3.38% | 9/10/2024 | 6/1/2029 | 1000 | 979 | 976 | 0.00 |
| &nbsp;&nbsp;Johnson & Johnson | (5)(6)(8) | 4.80% | 4.80% | 9/10/2024 | 6/1/2029 | 1000 | 1035 | 1031 | 0.00 |
| &nbsp;&nbsp;Merck & Co, Inc. | (5)(6)(8) | 4.30% | 4.30% | 9/10/2024 | 5/17/2030 | 1000 | 1014 | 1008 | 0.00 |
| &nbsp;&nbsp;Novartis Capital Corp. | (5)(6)(8) | 2.20% | 2.20% | 9/10/2024 | 8/14/2030 | 1000 | 927 | 920 | 0.00 |
| &nbsp;&nbsp;Novo Nordisk Finance Netherlands, BV | (5)(6)(8) | 3.13% | 3.13% | 9/10/2024 | 1/21/2029 | 1000 | 1114 | 1195 | 0.01 |
| &nbsp;&nbsp;Pfizer, Inc. | (5)(6)(8) | 1.70% | 1.70% | 9/10/2024 | 5/28/2030 | 1000 | 904 | 897 | 0.00 |
| &nbsp;&nbsp;Roche Holdings, Inc. | (5)(6)(8) | 4.20% | 4.20% | 9/10/2024 | 9/9/2029 | 1000 | 1007 | 1005 | 0.00 |
| &nbsp;&nbsp;Takeda Pharmaceutical Co, Ltd. | (5)(6)(8) | 2.05% | 2.05% | 9/10/2024 | 3/31/2030 | 1000 | 911 | 908 | 0.00 |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III, BV | (5)(6)(8) | 3.15% | 3.15% | 9/10/2024 | 10/1/2026 | 1000 | 979 | 983 | 0.00 |
|  |  |  |  |  |  |  | 11933 | 11983 | 0.01 |
| **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | 88209 | 87527 | 0.15 |
| **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | 88209 | 87527 | 0.15 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;522 Funding CLO 2020-6, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 6.50% | 11.04% | 11/9/2021 | 10/23/2034 | $3000 | $3000 | $2952 | 0.01% |
| &nbsp;&nbsp;Allegro CLO VIII-S Ltd - Class E2 | (4)(5)(6)(8) | SOFR + | 8.00% | 12.26% | 10/3/2024 | 10/15/2037 | 2000 | 2000 | 2052 | 0.00 |
| &nbsp;&nbsp;Allegro CLO XVIII Ltd - Class E2 | (4)(5)(6)(8) | SOFR + | 7.50% | 11.80% | 10/30/2024 | 1/25/2038 | 2225 | 2225 | 2260 | 0.00 |
| &nbsp;&nbsp;Apidos CLO XXV - Class E1R3 | (4)(5)(6)(8) | SOFR + | 5.35% | 9.62% | 12/17/2024 | 1/20/2037 | 4000 | 4000 | 4022 | 0.01 |
| &nbsp;&nbsp;Apidos CLO XXXVI - Class E | (4)(5)(6)(8) | SOFR + | 5.95% | 10.48% | 7/28/2021 | 7/20/2034 | 8500 | 8500 | 8551 | 0.02 |
| &nbsp;&nbsp;ARES LI CLO Ltd - Class ER2 | (4)(5)(6)(8) | SOFR + | 6.25% | 10.51% | 11/1/2024 | 10/15/2037 | 4000 | 4000 | 4051 | 0.01 |
| &nbsp;&nbsp;Ares Loan Funding VI Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.40% | 10.61% | 5/24/2024 | 7/10/2037 | 2000 | 2000 | 2021 | 0.00 |
| &nbsp;&nbsp;Ares Loan Funding VIII Ltd - Class E | (4)(5)(6)(8) | SOFR + | 5.25% | 9.53% | 12/19/2024 | 1/24/2038 | 3000 | 3000 | 3026 | 0.01 |
| &nbsp;&nbsp;Ares LVI CLO Ltd - Class ER2 | (4)(5)(6)(8) | SOFR + | 5.35% | 9.63% | 12/27/2024 | 1/25/2038 | 9000 | 9000 | 9068 | 0.02 |
| &nbsp;&nbsp;Ares LX CLO LTD - Class E | (4)(5)(6)(8) | SOFR + | 6.25% | 10.78% | 5/6/2021 | 7/18/2034 | 5000 | 4981 | 5015 | 0.01 |
| &nbsp;&nbsp;Ares LXII CLO, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.76% | 11.04% | 11/18/2021 | 1/25/2034 | 9000 | 9000 | 9035 | 0.02 |
| &nbsp;&nbsp;Bain Capital Credit CLO 2020-4 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 7.98% | 12.25% | 10/11/2023 | 10/20/2036 | 5500 | 5360 | 5556 | 0.01 |
| &nbsp;&nbsp;Bain Capital Credit CLO 2022-6 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.25% | 10.52% | 10/25/2024 | 1/22/2038 | 2000 | 2000 | 2020 | 0.00 |
| &nbsp;&nbsp;Bain Capital Credit CLO 2024-3 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.25% | 10.51% | 5/16/2024 | 7/16/2037 | 2500 | 2500 | 2529 | 0.01 |
| &nbsp;&nbsp;Balboa Bay Loan Funding 2021-2, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.60% | 11.13% | 10/20/2021 | 1/20/2035 | 7000 | 6950 | 7008 | 0.01 |
| &nbsp;&nbsp;Balboa Bay Loan Funding 2024-1 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.25% | 10.52% | 5/17/2024 | 7/20/2037 | 2300 | 2300 | 2334 | 0.00 |
| &nbsp;&nbsp;Barings CLO Ltd 2018-II - Class ER | (4)(5)(6)(8) | SOFR + | 6.90% | 11.16% | 8/9/2024 | 7/15/2036 | 4000 | 4000 | 4050 | 0.01 |
| &nbsp;&nbsp;Barings CLO Ltd 2019-IV - Class ER | (4)(5)(6)(8) | SOFR + | 6.40% | 10.66% | 5/13/2024 | 7/15/2037 | 5000 | 5000 | 5048 | 0.01 |
| &nbsp;&nbsp;Barings CLO Ltd 2021-II - Class E | (4)(5)(6)(8) | SOFR + | 6.25% | 10.77% | 7/14/2021 | 7/15/2034 | 6000 | 6000 | 6000 | 0.01 |
| &nbsp;&nbsp;Barings CLO Ltd 2021-III - Class E | (4)(5)(6)(8) | SOFR + | 6.65% | 11.18% | 11/17/2021 | 1/18/2035 | 7200 | 7200 | 7127 | 0.02 |
| &nbsp;&nbsp;Barings CLO Ltd 2022-II - Class ER | (4)(5)(6)(8) | SOFR + | 6.90% | 11.16% | 7/2/2024 | 7/15/2039 | 5000 | 5000 | 5053 | 0.01 |
| &nbsp;&nbsp;Barings CLO Ltd 2023-IV - Class E | (4)(5)(6)(8) | SOFR + | 7.59% | 11.86% | 12/6/2023 | 1/20/2037 | 3000 | 2974 | 3049 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;Benefit Street Partners CLO XXVI Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.00% | 10.27% | 7/3/2024 | 7/20/2037 | $3000 | $3000 | $3040 | 0.01% |
| &nbsp;&nbsp;Benefit Street Partners, LLC BSP 2020-21A - Class ER | (4)(5)(6)(8) | SOFR + | 6.70% | 11.22% | 8/25/2021 | 10/15/2034 | 3000 | 2978 | 3019 | 0.01 |
| &nbsp;&nbsp;BlueMountain CLO XXIX Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.86% | 11.40% | 7/15/2021 | 7/25/2034 | 2750 | 2702 | 2764 | 0.01 |
| &nbsp;&nbsp;Broad River Ltd 2020-1 - Class ER | (4)(5)(6)(8) | SOFR + | 6.50% | 11.03% | 5/17/2021 | 7/20/2034 | 7000 | 6960 | 7018 | 0.02 |
| &nbsp;&nbsp;Carlyle US CLO 2018-4, Ltd. - Class E1R | (4)(5)(6)(8) | SOFR + | 6.43% | 10.71% | 7/23/2024 | 10/17/2037 | 1000 | 972 | 1015 | 0.00 |
| &nbsp;&nbsp;Carlyle US CLO 2018-4, Ltd. - Class E2R | (4)(5)(6)(8) | SOFR + | 7.86% | 12.14% | 7/23/2024 | 10/17/2037 | 5000 | 5023 | 5155 | 0.01 |
| &nbsp;&nbsp;Carlyle US CLO 2021-7, LTD. - Class ER | (4)(5)(6)(8) | SOFR + | 5.50% | 9.76% | 3/26/2025 | 4/15/2040 | 4650 | 4650 | 4694 | 0.01 |
| &nbsp;&nbsp;Carlyle US CLO 2022-4 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.75% | 11.03% | 7/12/2024 | 7/25/2036 | 4000 | 4000 | 4056 | 0.01 |
| &nbsp;&nbsp;Carlyle US CLO 2023-5 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 7.90% | 12.18% | 11/10/2023 | 1/27/2036 | 7000 | 6881 | 7127 | 0.02 |
| &nbsp;&nbsp;Carlyle US CLO 2024-8 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 5.50% | 9.80% | 11/22/2024 | 1/25/2037 | 4000 | 4000 | 4054 | 0.01 |
| &nbsp;&nbsp;Carlyle US CLO 2025-1, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 5.70% | 10.02% | 4/1/2025 | 4/25/2038 | 4000 | 4000 | 4068 | 0.01 |
| &nbsp;&nbsp;Carval CLO V-C, LTD. - Class E | (4)(5)(6)(8) | SOFR + | 6.75% | 11.27% | 11/24/2021 | 10/15/2034 | 8000 | 7944 | 8063 | 0.02 |
| &nbsp;&nbsp;Carval CLO VI-C, LTD. - Class E | (4)(5)(6)(8) | SOFR + | 7.33% | 11.60% | 4/22/2022 | 4/21/2034 | 8750 | 8687 | 8815 | 0.02 |
| &nbsp;&nbsp;Carval CLO VIII-C Ltd - Class E2R | (4)(5)(6)(8) | SOFR + | 7.60% | 11.87% | 9/13/2024 | 10/22/2037 | 2000 | 2000 | 2038 | 0.00 |
| &nbsp;&nbsp;Carval CLO X-C Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.15% | 10.42% | 6/13/2024 | 7/20/2037 | 3000 | 3000 | 3042 | 0.01 |
| &nbsp;&nbsp;CarVal CLO XI C Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.35% | 10.62% | 8/14/2024 | 10/20/2037 | 3000 | 3000 | 3057 | 0.01 |
| &nbsp;&nbsp;CBAM 2017-1 LTD - Class ER2 | (4)(5)(6)(8) | SOFR + | 6.93% | 11.20% | 11/5/2024 | 1/20/2038 | 10000 | 9812 | 10177 | 0.02 |
| &nbsp;&nbsp;CBAM 2018-8 Ltd - Class E1R | (4)(5)(6)(8) | SOFR + | 7.40% | 11.66% | 5/10/2024 | 7/15/2037 | 4000 | 4000 | 4105 | 0.01 |
| &nbsp;&nbsp;CBAM 2018-8 Ltd - Class E2R | (4)(5)(6)(8) | SOFR + | 6.37% | 10.63% | 5/10/2024 | 7/15/2037 | 1000 | 965 | 1016 | 0.00 |
| &nbsp;&nbsp;Dryden 112 CLO, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 7.75% | 12.08% | 11/9/2023 | 11/15/2036 | 4900 | 4800 | 4841 | 0.01 |
| &nbsp;&nbsp;Dryden 78 CLO Ltd - Class E1R | (4)(5)(6)(8) | SOFR + | 7.70% | 11.98% | 4/4/2024 | 4/17/2037 | 4000 | 4000 | 4077 | 0.01 |
| &nbsp;&nbsp;Dryden 78 CLO Ltd - Class E2R | (4)(5)(6)(8) | SOFR + | 6.63% | 10.91% | 4/4/2024 | 4/17/2037 | 1000 | 980 | 1011 | 0.00 |
| &nbsp;&nbsp;Dryden 95 CLO, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.15% | 10.73% | 7/29/2021 | 8/20/2034 | 7000 | 7000 | 6981 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;Eaton Vance CLO 2019-1 Ltd - Class ER2 | (4)(5)(6)(8) | SOFR + | 6.40% | 10.66% | 5/9/2024 | 7/15/2037 | $5000 | $5000 | $5057 | 0.01% |
| &nbsp;&nbsp;Elmwood CLO 30 Ltd - Class F | (4)(5)(6)(8) | SOFR + | 7.25% | 11.53% | 5/22/2024 | 7/17/2037 | 4500 | 4502 | 4448 | 0.01 |
| &nbsp;&nbsp;Fort Washington CLO 2021-2, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.61% | 11.14% | 8/4/2021 | 10/20/2034 | 13000 | 12894 | 13052 | 0.03 |
| &nbsp;&nbsp;Galaxy 30 CLO Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 5.90% | 10.16% | 12/9/2024 | 1/15/2038 | 5000 | 5000 | 4974 | 0.01 |
| &nbsp;&nbsp;Galaxy 32 CLO Ltd - Class E | (4)(5)(6)(8) | SOFR + | 7.33% | 11.60% | 9/22/2023 | 10/20/2036 | 2140 | 2122 | 2160 | 0.00 |
| &nbsp;&nbsp;Galaxy 35 CLO, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 5.00% | 9.30% | 3/11/2025 | 4/20/2038 | 6001 | 6001 | 6045 | 0.01 |
| &nbsp;&nbsp;Goldentree Loan Management US CLO 15 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.50% | 10.77% | 8/18/2023 | 10/20/2036 | 6500 | 6447 | 6537 | 0.01 |
| &nbsp;&nbsp;Goldentree Loan Management US CLO 17, Ltd. - Class FR | (4)(5)(6)(8) | SOFR + | 8.00% | 12.32% | 6/27/2025 | 1/20/2039 | 2500 | 2454 | 2469 | 0.01 |
| &nbsp;&nbsp;Goldentree Loan Management US CLO 18 Ltd - Class F | (4)(5)(6)(8) | SOFR + | 8.50% | 12.77% | 10/20/2023 | 1/20/2037 | 5000 | 4939 | 5000 | 0.01 |
| &nbsp;&nbsp;GoldenTree Loan Management US CLO 23 Ltd - Class F | (4)(5)(6)(8) | SOFR + | 7.75% | 12.05% | 11/26/2024 | 1/20/2039 | 3500 | 3474 | 3449 | 0.01 |
| &nbsp;&nbsp;Goldentree Loan Management US CLO 26, Ltd. - Class F | (4)(5)(6)(8) | SOFR + | 7.83% | 12.10% | 7/9/2025 | 7/20/2038 | 3000 | 2970 | 2983 | 0.01 |
| &nbsp;&nbsp;Halseypoint CLO 5, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.94% | 11.48% | 11/19/2021 | 1/30/2035 | 9500 | 9365 | 9417 | 0.02 |
| &nbsp;&nbsp;Halseypoint CLO 7, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 6.59% | 10.92% | 6/6/2025 | 7/20/2038 | 6900 | 6832 | 6971 | 0.01 |
| &nbsp;&nbsp;Harvest US CLO 2025-1, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 5.35% | 9.66% | 8/13/2025 | 4/18/2038 | 3000 | 3016 | 3022 | 0.01 |
| &nbsp;&nbsp;HPS Loan Management 15-2019 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.80% | 11.07% | 2/8/2022 | 1/22/2035 | 4000 | 3971 | 4011 | 0.01 |
| &nbsp;&nbsp;HPS Loan Management 2024-20 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.20% | 10.48% | 5/15/2024 | 7/25/2037 | 2000 | 2000 | 2038 | 0.00 |
| &nbsp;&nbsp;HPS Loan Management 2025-24 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 4.65% | 8.89% | 3/11/2025 | 4/25/2038 | 4000 | 4000 | 4001 | 0.01 |
| &nbsp;&nbsp;Invesco CLO 2022-3 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.75% | 11.02% | 9/30/2024 | 10/22/2037 | 3500 | 3486 | 3535 | 0.01 |
| &nbsp;&nbsp;Jamestown CLO XV, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 7.06% | 11.32% | 5/28/2024 | 7/15/2035 | 3000 | 2974 | 2965 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;MidOcean Credit CLO XIII Ltd - Class E | (4)(5)(6)(8) | SOFR + | 7.80% | 12.07% | 11/16/2023 | 1/21/2037 | $9500 | $9172 | $9628 | 0.02% |
| &nbsp;&nbsp;MidOcean Credit CLO XIV Ltd - Class E2 | (4)(5)(6)(8) | SOFR + | 7.40% | 11.66% | 2/15/2024 | 4/15/2037 | 3500 | 3500 | 3542 | 0.01 |
| &nbsp;&nbsp;MidOcean Credit CLO XI Ltd - Class ER2 | (4)(5)(6)(8) | SOFR + | 6.00% | 10.27% | 11/25/2024 | 1/18/2036 | 2000 | 2000 | 1985 | 0.00 |
| &nbsp;&nbsp;Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.10% | 10.37% | 10/16/2024 | 10/20/2037 | 2200 | 2200 | 2177 | 0.00 |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2 | (4)(5)(6)(8) | SOFR + | 5.15% | 9.42% | 12/23/2024 | 1/20/2039 | 3500 | 3500 | 3494 | 0.01 |
| &nbsp;&nbsp;New Mountain CLO 1 Ltd - Class ERR | (4)(5)(6)(8) | SOFR + | 5.25% | 9.51% | 2/7/2025 | 1/15/2038 | 2000 | 2000 | 2009 | 0.00 |
| &nbsp;&nbsp;Northwoods Capital XI-B Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 7.35% | 11.62% | 7/3/2024 | 7/19/2037 | 3412 | 3359 | 3423 | 0.01 |
| &nbsp;&nbsp;Oaktree CLO 2019-3 Ltd - Class ER2 | (4)(5)(6)(8) | SOFR + | 6.75% | 11.02% | 10/24/2024 | 1/20/2038 | 5000 | 5000 | 5025 | 0.01 |
| &nbsp;&nbsp;Oaktree CLO 2022-2, Ltd. - Class ER2 | (4)(5)(6)(8) | SOFR + | 6.40% | 10.66% | 8/7/2025 | 10/15/2037 | 2500 | 2536 | 2541 | 0.01 |
| &nbsp;&nbsp;OCP CLO 2021-22, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 5.75% | 10.02% | 10/18/2024 | 10/20/2037 | 2000 | 2000 | 2010 | 0.00 |
| &nbsp;&nbsp;OCP CLO 2020-18 Ltd - Class ER2 | (4)(5)(6)(8) | SOFR + | 6.25% | 10.52% | 7/30/2024 | 7/20/2037 | 1000 | 1000 | 1020 | 0.00 |
| &nbsp;&nbsp;OCP CLO 2017-13 Ltd - Class ER2 | (4)(5)(6)(8) | SOFR + | 5.90% | 10.17% | 11/5/2024 | 11/26/2037 | 5000 | 5000 | 4999 | 0.01 |
| &nbsp;&nbsp;Octagon 75, Ltd - Class E | (4)(5)(6)(8) | SOFR + | 4.95% | 9.24% | 1/31/2025 | 1/22/2038 | 3000 | 3000 | 3010 | 0.01 |
| &nbsp;&nbsp;Octagon Investment Partners 41, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 7.13% | 11.65% | 9/24/2021 | 10/15/2033 | 2500 | 2492 | 2475 | 0.01 |
| &nbsp;&nbsp;Orion CLO 2024-4 LTD - Class E | (4)(5)(6)(8) | SOFR + | 6.00% | 10.27% | 10/25/2024 | 10/20/2037 | 5000 | 5000 | 5077 | 0.01 |
| &nbsp;&nbsp;Palmer Square CLO 2015-1, Ltd. - Class DR4 | (4)(5)(6)(8) | SOFR + | 6.76% | 11.08% | 5/25/2021 | 5/21/2034 | 2000 | 1932 | 2005 | 0.00 |
| &nbsp;&nbsp;Palmer Square CLO 2023-3 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 7.83% | 12.10% | 11/17/2023 | 1/20/2037 | 10000 | 9914 | 10175 | 0.02 |
| &nbsp;&nbsp;Parallel 2020-1 Ltd - Class DR | (4)(5)(6)(8) | SOFR + | 6.50% | 11.03% | 6/14/2021 | 7/20/2034 | 3500 | 3443 | 3448 | 0.01 |
| &nbsp;&nbsp;Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D | (4)(5)(6)(8) | SOFR + | 7.29% | 11.56% | 2/11/2022 | 4/20/2035 | 6000 | 5868 | 6017 | 0.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;Pikes Peak CLO 10 - Class ER | (4)(5)(6)(8) | SOFR + | 5.90% | 10.17% | 11/22/2024 | 1/22/2038 | $5000 | $4999 | $5019 | 0.02% |
| &nbsp;&nbsp;Pikes Peak CLO 17 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 5.75% | 10.01% | 11/1/2024 | 1/15/2038 | 4000 | 3999 | 4065 | 0.02 |
| &nbsp;&nbsp;Pikes Peak CLO 3 - Class ERR | (4)(5)(6)(8) | SOFR + | 6.61% | 11.15% | 8/13/2021 | 10/25/2034 | 3000 | 3009 | 3013 | 0.01 |
| &nbsp;&nbsp;Pikes Peak CLO 8 - Class ER | (4)(5)(6)(8) | SOFR + | 5.75% | 10.02% | 12/19/2024 | 1/20/2038 | 1000 | 1000 | 1004 | 0.00 |
| &nbsp;&nbsp;Post CLO 2022-1, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.75% | 11.02% | 2/15/2022 | 4/20/2035 | 5000 | 4982 | 5013 | 0.01 |
| &nbsp;&nbsp;Post CLO 2024-1, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.80% | 11.07% | 2/6/2024 | 4/20/2037 | 2500 | 2500 | 2537 | 0.01 |
| &nbsp;&nbsp;PPM CLO 5, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.50% | 11.03% | 9/17/2021 | 10/18/2034 | 4800 | 4800 | 4678 | 0.01 |
| &nbsp;&nbsp;Rad CLO 14, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.50% | 11.02% | 11/2/2021 | 1/15/2035 | 6750 | 6750 | 6683 | 0.01 |
| &nbsp;&nbsp;Rad CLO 16 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.50% | 10.76% | 5/3/2024 | 7/15/2037 | 5000 | 5000 | 4989 | 0.01 |
| &nbsp;&nbsp;Rad CLO 17 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.25% | 10.52% | 11/5/2024 | 1/20/2038 | 5000 | 5000 | 5061 | 0.01 |
| &nbsp;&nbsp;Rad CLO 22 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 7.73% | 12.00% | 10/27/2023 | 1/20/2037 | 7500 | 7307 | 7573 | 0.02 |
| &nbsp;&nbsp;Rad CLO 25 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.00% | 10.27% | 5/16/2024 | 7/20/2037 | 3000 | 3000 | 3034 | 0.01 |
| &nbsp;&nbsp;Rad CLO 3 Ltd - Class E1R2 | (4)(5)(6)(8) | SOFR + | 5.88% | 10.14% | 6/18/2024 | 7/15/2037 | 2715 | 2666 | 2636 | 0.01 |
| &nbsp;&nbsp;Rad CLO 3 Ltd - Class E2R2 | (4)(5)(6)(8) | SOFR + | 7.00% | 11.26% | 6/18/2024 | 7/15/2037 | 2715 | 2715 | 2734 | 0.01 |
| &nbsp;&nbsp;Rad CLO 9 Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 5.75% | 10.01% | 12/19/2024 | 1/15/2038 | 3000 | 3000 | 2969 | 0.01 |
| &nbsp;&nbsp;RAD CLO 27 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 5.30% | 9.57% | 1/22/2025 | 1/15/2038 | 10000 | 10000 | 10056 | 0.02 |
| &nbsp;&nbsp;RAD CLO 30, Ltd. - Class D | (4)(5)(6)(8) | SOFR + | 5.10% | 9.07% | 8/14/2025 | 10/15/2038 | 3000 | 3000 | 3011 | 0.01 |
| &nbsp;&nbsp;Regatta IX Funding Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 6.83% | 11.11% | 4/10/2024 | 4/17/2037 | 3820 | 3900 | 3850 | 0.01 |
| &nbsp;&nbsp;Regatta XXI Funding Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.25% | 10.51% | 11/5/2024 | 10/15/2037 | 4000 | 4000 | 4025 | 0.01 |
| &nbsp;&nbsp;Regatta XXII Funding Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 6.15% | 10.42% | 10/10/2024 | 7/20/2035 | 2000 | 2000 | 2011 | 0.00 |
| &nbsp;&nbsp;RRX 7 Ltd - Class D | (4)(5)(6)(8) | SOFR + | 6.85% | 11.11% | 2/18/2022 | 7/15/2035 | 5000 | 4963 | 5014 | 0.01 |
| &nbsp;&nbsp;Sagard-Halseypoint CLO 9, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 5.85% | 10.15% | 3/31/2025 | 4/20/2038 | 5250 | 5199 | 5300 | 0.01 |
| &nbsp;&nbsp;Sound Point CLO XXVII, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 6.56% | 11.10% | 10/1/2021 | 10/25/2034 | 5000 | 4930 | 4651 | 0.01 |
| &nbsp;&nbsp;Symphony CLO 44 Ltd - Class E | (4)(5)(6)(8) | SOFR + | 6.15% | 10.39% | 5/20/2024 | 7/14/2037 | 2500 | 2500 | 2546 | 0.01 |
| &nbsp;&nbsp;Tikehau US CLO VII, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 5.50% | 9.77% | 8/13/2025 | 2/25/2038 | 3000 | 3016 | 3019 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;Trestles CLO IV, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 6.25% | 10.78% | 7/12/2021 | 7/21/2034 | $8000 | $8000 | $7915 | 0.02% |
| &nbsp;&nbsp;Trinitas CLO XVI Ltd - Class E | (4)(5)(6)(8) | SOFR + | 7.00% | 11.53% | 6/14/2021 | 7/20/2034 | 5000 | 4849 | 4907 | 0.01 |
| &nbsp;&nbsp;Vibrant CLO IV-R Ltd - Class E | (4)(5)(6)(8) | SOFR + | 7.90% | 12.17% | 9/19/2024 | 10/20/2037 | 1000 | 972 | 1016 | 0.00 |
| &nbsp;&nbsp;Vibrant CLO XIII, Ltd - Class ER | (4)(5)(6)(8) | SOFR + | 7.59% | 11.85% | 11/1/2024 | 1/15/2038 | 3250 | 3220 | 3294 | 0.01 |
| &nbsp;&nbsp;Voya CLO 2019-4, Ltd. - Class ER | (4)(5)(6)(8) | SOFR + | 6.71% | 11.23% | 12/14/2021 | 1/15/2035 | 8250 | 8133 | 8271 | 0.02 |
| &nbsp;&nbsp;Warwick Capital CLO 7, Ltd. - Class E | (4)(5)(6)(8) | SOFR + | 5.25% | 9.20% | 8/15/2025 | 10/21/2038 | 5000 | 5000 | 5025 | 0.01 |
|  |  |  |  |  |  |  |  | 501116 | 506173 | 1.15 |
| **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | 501116 | 506173 | 1.15 |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Ballyrock CLO 20, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 12.59% | 2/24/2025 | 10/15/2036 | 6000 | 4429 | 4294 | 0.01 |
| &nbsp;&nbsp;Ballyrock CLO 23, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 13.86% | 6/26/2025 | 4/25/2038 | 5000 | 3414 | 3251 | 0.01 |
| &nbsp;&nbsp;Ballyrock CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 13.99% | 5/28/2025 | 10/25/2037 | 12500 | 9233 | 9194 | 0.02 |
| &nbsp;&nbsp;Birch Grove CLO 11, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 9.89% | 11/15/2024 | 1/22/2038 | 11000 | 10977 | 11046 | 0.02 |
| &nbsp;&nbsp;Carlyle Euro CLO 2022-5 DAC - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 13.12% | 5/16/2025 | 4/25/2037 | 3000 | 2040 | 2114 | 0.00 |
| &nbsp;&nbsp;Carlyle Global Market Strategies Euro CLO 2014-1 DAC - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 13.39% | 5/2/2025 | 4/15/2038 | 11473 | 8329 | 9475 | 0.02 |
| &nbsp;&nbsp;Carval CLO XIII-C Ltd - Units | (4)(6)(7) |  |  |  | 7/22/2025 | 4/21/2034 | 1594 | 1594 | 1594 | 0.00 |
| &nbsp;&nbsp;CVC Cordatus Loan Fund XXXIV DAC - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 13.30% | 2/14/2025 | 4/20/2038 | 3250 | 3325 | 3901 | 0.01 |
| &nbsp;&nbsp;Elmwood CLO 14, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 13.48% | 9/10/2025 | 4/20/2035 | 17381 | 8811 | 8626 | 0.02 |
| &nbsp;&nbsp;Elmwood CLO 18, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 9.12% | 3/4/2025 | 7/17/2037 | 4000 | 2101 | 1945 | 0.00 |
| &nbsp;&nbsp;Elmwood CLO II, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 6.53% | 11/21/2024 | 4/20/2034 | 8650 | 5716 | 4335 | 0.01 |
| &nbsp;&nbsp;Flatiron CLO 21, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 14.03% | 5/5/2025 | 7/19/2034 | 3000 | 1948 | 1944 | 0.00 |
| &nbsp;&nbsp;Flatiron RR CLO 30, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | Estimated Yield: | 13.82% | 3/24/2025 | 4/15/2038 | 7000 | 5790 | 6429 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;Galaxy 34 CLO, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 13.62% | 9/26/2024 | 10/20/2037 | $20000 | $17340 | $16133 | 0.03% |
| &nbsp;&nbsp;Galaxy 35 CLO, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 13.82% | 3/11/2025 | 4/20/2038 | 17490 | 16094 | 16937 | 0.04 |
| &nbsp;&nbsp;Galaxy CLO Warehouse 2025-1, Ltd. - Units | (4)(6)(7) |  |  | 7/11/2025 | 10/8/2026 | 5532 | 5532 | 5532 | 0.01 |
| &nbsp;&nbsp;Generate CLO 15, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 15.08% | 5/20/2025 | 7/20/2037 | 6000 | 3794 | 3740 | 0.01 |
| &nbsp;&nbsp;Generate CLO 7, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 14.11% | 1/31/2025 | 4/22/2037 | 10000 | 5347 | 4651 | 0.01 |
| &nbsp;&nbsp;HPS Freshwater Warehouse Parent, Ltd. - Units | (4)(6)(7) |  |  | 8/8/2025 | 10/8/2026 | 3960 | 3960 | 3960 | 0.01 |
| &nbsp;&nbsp;HPS Loan Management 2025-24, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.97% | 3/11/2025 | 4/25/2038 | 10000 | 8704 | 8560 | 0.02 |
| &nbsp;&nbsp;MidOcean Credit CLO XIX - Subordinated Notes | (4)(6) | Estimated Yield: | 8.84% | 6/24/2025 | 7/20/2036 | 9000 | 6998 | 6880 | 0.01 |
| &nbsp;&nbsp;MidOcean Credit CLO XV, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.73% | 5/10/2024 | 7/21/2037 | 5000 | 3436 | 2938 | 0.01 |
| &nbsp;&nbsp;MidOcean Credit CLO XX - Units | (4)(6)(7) |  |  | 6/18/2025 | 10/8/2028 | 7133 | 7133 | 7133 | 0.02 |
| &nbsp;&nbsp;New Mountain CLO 6, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.85% | 8/23/2024 | 10/15/2037 | 18750 | 15646 | 14598 | 0.04 |
| &nbsp;&nbsp;New Mountain CLO 6, Ltd. - Class M | (4)(6) |  |  | 8/23/2024 | 10/15/2037 | 1875 | 0 | 294 | 0.00 |
| &nbsp;&nbsp;New Mountain CLO 7, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.21% | 8/23/2024 | 3/31/2038 | 19368 | 16899 | 15676 | 0.03 |
| &nbsp;&nbsp;OCP CLO 2022-25, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.24% | 9/11/2025 | 7/20/2037 | 10 | 5744 | 6298 | 0.01 |
| &nbsp;&nbsp;Pikes Peak Bravo - Units | (4)(6)(7) |  |  | 9/15/2025 | 9/5/2027 | 563 | 563 | 563 | 0.00 |
| &nbsp;&nbsp;Pikes Peak CLO 10 - Subordinated Notes | (4)(6) | Estimated Yield: | 11.95% | 12/10/2024 | 1/22/2038 | 5200 | 3190 | 3089 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;Rad CLO 25, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.18% | 5/16/2024 | 7/20/2037 | $5000 | $4066 | $3748 | 0.01% |
| &nbsp;&nbsp;RAD CLO 26, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 13.83% | 8/7/2024 | 10/20/2037 | 7180 | 6080 | 5854 | 0.01 |
| &nbsp;&nbsp;RAD CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 12.95% | 12/11/2024 | 1/15/2038 | 29325 | 26823 | 25657 | 0.05 |
| &nbsp;&nbsp;Regatta Kilo - Units | (4)(6)(7) |  |  | 6/13/2025 | 10/8/2028 | 4047 | 4047 | 4047 | 0.01 |
| &nbsp;&nbsp;Regatta XXIX Funding, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.81% | 7/28/2025 | 9/6/2037 | 7500 | 6234 | 6186 | 0.01 |
| &nbsp;&nbsp;Signal Peak CLO 11, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.52% | 6/5/2024 | 7/18/2037 | 5000 | 4198 | 4107 | 0.01 |
| &nbsp;&nbsp;Signal Peak CLO 14, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 13.46% | 12/20/2024 | 1/22/2038 | 26000 | 20237 | 20630 | 0.04 |
| &nbsp;&nbsp;Sixth Street CLO 27, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 9.99% | 11/1/2024 | 1/17/2038 | 16500 | 13371 | 13111 | 0.03 |
| &nbsp;&nbsp;Sixth Street CLO XXI, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.72% | 9/12/2024 | 10/21/2037 | 8000 | 5602 | 5206 | 0.01 |
| &nbsp;&nbsp;Sixth Street CLO XXII, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 11.83% | 8/1/2025 | 4/22/2036 | 6500 | 4664 | 4668 | 0.01 |
| &nbsp;&nbsp;Vibrant CLO XVI, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 13.92% | 7/26/2024 | 7/15/2036 | 12000 | 8284 | 7471 | 0.02 |
| &nbsp;&nbsp;Wellfleet CLO 2025-1, Ltd. - Units | (4)(6)(7) |  |  | 4/8/2025 | 4/4/2027 | 7350 | 7350 | 7542 | 0.02 |
| &nbsp;&nbsp;Whitebox CLO V, Ltd. - Subordinated Notes | (4)(6) | Estimated Yield: | 10.29% | 4/3/2025 | 7/20/2038 | 20500 | 17632 | 17847 | 0.04 |
|  |  |  |  |  |  |  | 316675 | 311204 | 0.66 |
| **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | 316675 | 311204 | 0.66 |
| **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | 817791 | 817377 | 1.81 |
| **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | 817791 | 817377 | 1.81 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** |
| **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** | **Equity and other - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Loar Holdings, Inc. - Common Equity | (6) |  |  | 4/25/2024 |  | 486083 | $6735 | $38887 | 0.08% |
| &nbsp;&nbsp;Micross Topco, Inc. - Common Equity | (4) |  |  | 3/28/2022 |  | 116 | 125 | 176 | 0.00 |
|  |  |  |  |  |  |  | 6860 | 39063 | 0.08 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AGI Group Holdings, LP - Class A-2 Common Units | (4) |  |  | 6/11/2021 |  | 1674 | 1674 | 2723 | 0.01 |
| &nbsp;&nbsp;Mode Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/7/2021 |  | 1076923 | 1077 | 582 | 0.00 |
| &nbsp;&nbsp;Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 13857 | 58838 | 22267 | 0.05 |
|  |  |  |  |  |  |  | 61589 | 25572 | 0.06 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;Axsome Therapeutics, Inc. - Common Stock | (6) |  |  | 5/6/2025 |  | 70304 | 7532 | 8538 | 0.02 |
| &nbsp;&nbsp;Moderna, Inc. - Common Stock | (6) |  |  | 9/12/2024 |  | 12613 | 983 | 326 | 0.00 |
|  |  |  |  |  |  |  | 8515 | 8864 | 0.02 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. - Common Equity |  |  |  | 12/29/2023 |  | 48476 | 1212 | 182 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Genstar Neptune Blocker, LLC - Blocker Units | (4) |  |  | 12/2/2024 |  | 3982 | $6280 | $6897 | 0.01% |
| &nbsp;&nbsp;Genstar Neptune Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 1041 | 1482 | 1635 | 0.00 |
| &nbsp;&nbsp;Genstar Neptune Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | 159782 | 160 | 160 | 0.00 |
| &nbsp;&nbsp;GTCR Investors, LP - Class A-1 Common Units | (4) |  |  | 9/29/2023 |  | 893584 | 894 | 1138 | 0.00 |
| &nbsp;&nbsp;GTCR/Jupiter Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 749 | 1067 | 1177 | 0.00 |
| &nbsp;&nbsp;GTCR/Jupiter Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | 115036 | 115 | 115 | 0.00 |
| &nbsp;&nbsp;Jupiter Ultimate Holdings, LLC - Class A Common Units | (4) |  |  | 11/8/2024 |  | 3 | 2 | 2 | 0.00 |
| &nbsp;&nbsp;Jupiter Ultimate Holdings, LLC - Class B Common Units | (4) |  |  | 11/8/2024 |  | 5082 | 3981 | 4077 | 0.01 |
| &nbsp;&nbsp;Jupiter Ultimate Holdings, LLC - Class C Common Units | (4) |  |  | 11/8/2024 |  | 5084731 | 4037 | 4729 | 0.01 |
| &nbsp;&nbsp;RC VI Buckeye Holdings, LLC - LLC Units | (4) |  |  | 1/2/2025 |  | 6589068 | 6589 | 7248 | 0.02 |
|  |  |  |  |  |  |  | 24607 | 27178 | 0.05 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units | (4) |  |  | 12/10/2021 |  | 3 | 3308 | 0 | 0.00 |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 390 | 0 | 0.00 |
|  |  |  |  |  |  |  | 3698 | 0 | 0.00 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 8/3/2021 |  | 29194330 | 28734 | 41112 | 0.09 |
| &nbsp;&nbsp;DTA, LP - Class A Common Units | (4) |  |  | 3/25/2024 |  | 2612843 | 2613 | 4220 | 0.01 |
|  |  |  |  |  |  |  | 31347 | 45332 | 0.10 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class A Common Units | (4) |  |  | 10/1/2021 |  | 12870 | $10914 | $13391 | 0.03% |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class B Common Units | (4) |  |  | 10/1/2021 |  | 685760 | 1955 | 2482 | 0.01 |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class Additional A Common Units | (4) |  |  | 3/24/2022 |  | 2766 | 2346 | 2878 | 0.01 |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class Additional B Common Units | (4) |  |  | 3/24/2022 |  | 147380 | 420 | 534 | 0.00 |
|  |  |  |  |  |  |  | 15635 | 19285 | 0.05 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;Griffon Aggregator, Ltd. - LP Interest | (4) |  |  | 7/31/2025 |  | 3272887 | 3273 | 3273 | 0.01 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;NSI Parent, LP - Class A Common Units | (4) |  |  | 12/23/2024 |  | 3272884 | 3273 | 3895 | 0.01 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC - Common Equity | (4)(6) |  |  | 7/1/2024 |  | 22774695 | 22774 | 26645 | 0.06 |
|  |  |  |  |  |  |  | 26047 | 30540 | 0.07 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;THL Fund IX Investors (Plymouth II), LP - LP Interest | (4) |  |  | 8/31/2023 |  | 621964 | 622 | 1033 | 0.00 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;GCX Corporation Group Holdings, L.P. - Class A-2 Units | (4) |  |  | 9/10/2021 |  | 4853 | 4853 | 2427 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;AVE Holdings I Corp. - Series A-1 Preferred Shares | (4) |  | 11.50% | 2/25/2022 |  | 12237213 | $11870 | $14103 | 0.03% |
| &nbsp;&nbsp;CD&R Artemis Holdco 2, Limited - Preferred Shares | (4)(6) |  | 10.00% | 8/19/2021 |  | 33000000 | 43662 | 61277 | 0.13 |
| &nbsp;&nbsp;CD&R Ulysses Equity Holdings, LP - Common Shares | (4)(6) |  |  | 8/19/2021 |  | 6000000 | 6090 | 4620 | 0.01 |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 5/26/2021 |  | 12472 | 2220 | 299 | 0.00 |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 5/26/2021 |  | 6716 | 1195 | 161 | 0.00 |
| &nbsp;&nbsp;Maia Aggregator, LP - Class A Units | (4) |  |  | 2/1/2022 |  | 19700000 | 19700 | 17730 | 0.04 |
| &nbsp;&nbsp;NC Eve, LP - LP Interest | (4)(6) |  |  | 2/22/2022 |  | 2500000 | 3398 | 0 | 0.00 |
| &nbsp;&nbsp;WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 10966377 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 88135 | 98190 | 0.21 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Azalea Parent Corp. - Series A-1 Preferred Shares | (4) |  | 12.75% PIK | 4/30/2024 |  | 91500 | 89213 | 107238 | 0.23 |
| &nbsp;&nbsp;Caerus Midco 2 S.à r.l. - Additional Vehicle Units | (4)(6) |  |  | 10/28/2022 |  | 988290 | 988 | 109 | 0.00 |
| &nbsp;&nbsp;Caerus Midco 2 S.à r.l. - Vehicle Units | (4)(6) |  |  | 5/25/2022 |  | 4941452 | 4941 | 4596 | 0.01 |
| &nbsp;&nbsp;Healthcomp Holding Company, LLC - Preferred Interest | (4) |  | 6.00% | 11/8/2023 |  | 18035 | 1804 | 739 | 0.00 |
|  |  |  |  |  |  |  | 96946 | 112682 | 0.24 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;SelectQuote, Inc. - Warrants | (4)(6) |  |  | 10/11/2024 |  | 2204746 | 0 | 485 | 0.00 |
| &nbsp;&nbsp;Shelf Holdco, Ltd. - Common Equity | (4)(6) |  |  | 12/30/2022 |  | 1300000 | 1300 | 4940 | 0.01 |
|  |  |  |  |  |  |  | 1300 | 5425 | 0.01 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;NC Ocala Co-Invest Beta, LP - LP Interest | (4) |  |  | 11/12/2021 |  | 25687196 | 25687 | 29797 | 0.06 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Falcon Top Parent, LLC - Class A Common Units | (4) |  |  | 11/6/2024 |  | 4440995 | 4441 | 4441 | 0.01 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Elanco Animal Health, Inc. - Royalty Equity | (4)(6) |  |  | 5/5/2025 |  | 75000000 | 73746 | 77915 | 0.17 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Kwor Intermediate I, Inc. - Class A Common Shares | (4) |  |  |  | 2/28/2025 |  | 1289 | $1175 | $1144 | 0.00% |
| &nbsp;&nbsp;Kwor Intermediate I, Inc. - Preferred Equity | (4) |  |  |  | 2/28/2025 |  | 1378 | 1378 | 1479 | 0.00 |
| &nbsp;&nbsp;OHCP V TC COI, LP - LP Interest | (4) |  |  |  | 6/29/2021 |  | 6500000 | 6500 | 16055 | 0.03 |
| &nbsp;&nbsp;Tricor Horizon - LP Interest | (4)(6) |  |  |  | 6/13/2022 |  | 14886548 | 14887 | 15780 | 0.03 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp. - Common Units | (4) |  |  |  | 6/12/2024 |  | 4797 | 5 | 12 | 0.00 |
| &nbsp;&nbsp;Victors CCC Topco, LP - Common Equity | (4) |  |  |  | 6/1/2022 |  | 9600000 | 9600 | 16992 | 0.04 |
|  |  |  |  |  |  |  |  | 33545 | 51462 | 0.10 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Community Management Holdings Parent, LP - Series A Preferred Units | (4) |  |  | 8.00% | 11/1/2024 |  | 1783823 | 1784 | 1927 | 0.00 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;AI Titan Group Holdings, LP - Class A-2 Common Units | (4) |  |  |  | 8/28/2024 |  | 1103 | 1103 | 1273 | 0.00 |
| &nbsp;&nbsp;Connatix Parent, LLC - Class L Common Units | (4) |  |  |  | 7/14/2021 |  | 126136 | 1388 | 628 | 0.00 |
| &nbsp;&nbsp;Descartes Holdings, Inc. - Class A Common Stock | (4) |  |  |  | 10/9/2023 |  | 937585 | 4060 | 0 | 0.00 |
| &nbsp;&nbsp;Expedition Holdco, LLC - Common Units | (4) |  |  |  | 2/24/2022 |  | 810810 | 810 | 605 | 0.00 |
| &nbsp;&nbsp;Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock | (4) | SOFR + | 10.75% | 14.73% | 6/23/2022 |  | 26899 | 26226 | 42029 | 0.09 |
| &nbsp;&nbsp;Mandolin Technology Holdings, Inc. - Series A Preferred Shares | (4) |  |  | 10.50% | 7/30/2021 |  | 31950000 | 30992 | 36191 | 0.08 |
| &nbsp;&nbsp;Mimecast Limited - LP Interest | (4) |  |  |  | 5/3/2022 |  | 75088584 | 75089 | 82597 | 0.18 |
| &nbsp;&nbsp;Mitratech Holdings, Inc. - Class A Preferred Shares | (4) |  |  | 13.50% | 12/19/2023 |  | 1872 | 1830 | 2394 | 0.01 |
| &nbsp;&nbsp;TPG IX Newark CI, LP - LP Interest | (4) |  |  |  | 10/26/2023 |  | 3891673 | 3892 | 3892 | 0.01 |
| &nbsp;&nbsp;TravelPerk, Inc. - Warrants | (4)(6) |  |  |  | 5/2/2024 |  | 244818 | 2101 | 6302 | 0.01 |
| &nbsp;&nbsp;Zoro - Common Equity | (4) |  |  |  | 11/22/2022 |  | 1195880 | 11959 | 14829 | 0.03 |
| &nbsp;&nbsp;Zoro - Series A Preferred Shares | (4) | SOFR + | 9.50% | 13.48% | 11/22/2022 |  | 31731 | 30620 | 45534 | 0.10 |
|  |  |  |  |  |  |  |  | 190070 | 236274 | 0.51 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** | **Equity and other - non-controlled/non-affiliated (continued)** |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Enstructure, LLC - Series A-1 Units | (4) |  |  | 8/15/2025 |  | 6948125 | $2154 | $3727 | 0.01% |
| &nbsp;&nbsp;Enstructure, LLC - Preferred Equity | (4) |  | 11.21% PIK | 8/15/2025 |  | 1350727 | 1331 | 1330 | 0.00 |
| &nbsp;&nbsp;Ncp Helix Holdings, LLC - Preferred Shares | (4) |  | 8.00% | 8/3/2021 |  | 1128694 | 865 | 1627 | 0.00 |
|  |  |  |  |  |  |  | 4350 | 6684 | 0.01 |
| **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | **Total Equity and other- non-controlled/non-affiliated** | 708262 | 827546 | 1.77 |
| **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** | **Equity and other - non-controlled/affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Align Precision Group, LLC - Class A-3 Units | (4)(16) |  |  | 7/3/2025 |  | 11137 | 996 | 4564 | 0.01 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4)(6)(16) |  |  | 11/1/2021 |  | 265556 | 558 | 1074 | 0.00 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units | (4)(7)(16) |  | 7.60% PIK | 9/22/2025 |  | 69729468 | 666155 | 666155 | 1.43 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;DMS Topco, LLC - Class A Common Units | (4)(6)(16) |  |  | 3/11/2025 |  | 133433 | 5432 | 5005 | 0.01 |
| **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | **Total Equity and other - non-controlled/affiliated** | 673141 | 676798 | 1.45 |
| **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Pigments Holdings, LP - LP Interest | (4)(6)(16) |  |  | 4/14/2023 |  | 3943 | 0 | 0 | 0.00 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Blackstone Private Real Estate Credit and Income Fund - Common Shares | (4)(6)(16) |  |  | 6/1/2025 |  | 7506209 | 190000 | 192835 | 0.41 |
| &nbsp;&nbsp;Specialty Lending Company, LLC - LLC Interest | (4)(6)(16) |  |  | 10/19/2021 |  | 371979000 | 371979 | 375922 | 0.80 |
|  |  |  |  |  |  |  | 561979 | 568757 | 1.21 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units | (4)(16) |  |  | 9/28/2023 |  | 134166603 | 0 | 0 | 0.00 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Pibb Member Holdings, LLC - LP Interest | (4)(6)(16) |  |  | 11/22/2024 |  | 225000000 | 214844 | 225450 | 0.48 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Material+ Holding Company, LLC - Class C Units | (4)(16) |  |  | 6/14/2024 |  | 63589 | 0 | 0 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** | **Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4)(6)(16) |  |  | 1/7/2021 |  | 1500000 | $1421 | $1681 | 0.00% |
| **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)** | 778244 | 795888 | 1.69 |
| **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | 2159647 | 2300232 | 4.91 |
| **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** |
| &nbsp;&nbsp;BCRED Emerald JV LP - LP Interest | (6)(16) |  |  | 1/19/2022 |  |  | 1815000 | 1721886 | 3.68 |
| &nbsp;&nbsp;BCRED Verdelite JV LP - LP Interest | (6)(16) |  |  | 10/21/2022 |  |  | 117706 | 113967 | 0.24 |
| **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | 1932706 | 1835853 | 3.92 |
| **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | 73270661 | 72926002 | 156.05 |
| **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | 704663 | 708337 | 1.52 |
| **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | 1170164 | 1060926 | 2.25 |
| **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | 1932706 | 1835853 | 3.92 |
| **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 77078194 | 76531118 | 163.74 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |  |  |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund - Premier Class |  |  | 4.09% |  |  |  | 188486 | 188486 | 0.40 |
| &nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 4.01% |  |  |  | 44267 | 44267 | 0.09 |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management |  |  | 3.90% |  |  |  | 16264 | 16264 | 0.03 |
| &nbsp;&nbsp;Other Cash and Cash Equivalents |  |  |  |  |  |  | 1912986 | 1912986 | 4.09 |
| **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 2162003 | 2162003 | 4.61 |
| **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $79240197 | $78693121 | 168.35% |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. Dollars. As of September 30, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and structured finance obligations, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or "BB"), Canadian Overnight Repo Rate Average ("CORRA" or "CA"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2025. Variable rate loans typically include an interest reference rate floor feature.

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

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

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

(6)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, non-qualifying assets represented 24.2% of total assets as calculated in accordance with regulatory requirements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| 123Dentist, Inc. | Delayed Draw Term Loan | 8/10/2026 | $6303 | $— |
| Abacus Holdco 2, Oy | Delayed Draw Term Loan | 10/11/2027 | 181 |  |
| Accuity Delivery Systems, LLC | Revolver | 5/29/2031 | 29497 | (147) |
| Accuity Delivery Systems, LLC | Delayed Draw Term Loan | 5/29/2026 | 88690 | (443) |
| ACI Group Holdings, Inc. | Revolver | 8/2/2027 | 10311 |  |
| Acumatica Holdings, Inc. | Revolver | 7/28/2032 | 10565 | (106) |
| ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | 3344 |  |
| AI Altius US Bidco, Inc. | Delayed Draw Term Loan | 12/21/2028 | 39500 |  |
| AI Titan Parent, Inc. | Delayed Draw Term Loan | 9/30/2026 | 22055 | (110) |
| AI Titan Parent, Inc. | Revolver | 8/29/2031 | 13784 | (138) |
| Align Precision Group, LLC | Delayed Draw Term Loan | 4/3/2030 | 1844 |  |
| Allium Buyer, LLC | Revolver | 5/2/2029 | 249 | (7) |
| Alpine Intel Intermediate 2, LLC | Delayed Draw Term Loan | 12/20/2026 | 39281 |  |
| American Restoration Holdings, LLC | Delayed Draw Term Loan | 2/19/2027 | 33472 |  |
| Amerilife Holdings, LLC | Revolver | 8/31/2028 | 57772 |  |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 6/17/2026 | 9691 |  |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 2/28/2027 | 41321 | (103) |
| Amerivet Partners Management, Inc. | Revolver | 2/25/2028 | 11511 |  |
| Ampirical Solutions, LLC | Delayed Draw Term Loan | 9/30/2027 | 43992 | (220) |
| Ampirical Solutions, LLC | Revolver | 9/30/2032 | 11731 | (117) |
| Analytic Partners, LP | Revolver | 4/4/2030 | 4891 | (37) |
| Anaplan, Inc. | Revolver | 6/21/2028 | 47983 | (960) |
| Apex Companies, LLC | Delayed Draw Term Loan | 8/28/2026 | 5507 |  |
| Aptean, Inc. | Revolver | 1/29/2031 | 4239 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Aptean, Inc. | Delayed Draw Term Loan | 2/14/2027 | $9045 | $— |
| Armada Parent, Inc. | Delayed Draw Term Loan | 6/9/2027 | 11250 | (56) |
| Armada Parent, Inc. | Revolver | 10/29/2030 | 22500 |  |
| Arnhem BidCo, GmbH | Delayed Draw Term Loan | 10/1/2027 | 57055 | (306) |
| Ascend Buyer, LLC | Revolver | 9/30/2028 | 8655 |  |
| Atlas CC Acquisition Corp. | Revolver | 5/25/2029 | 12839 |  |
| Atlas CC Acquisition Corp. | Revolver | 5/25/2029 | 14403 | (324) |
| Atlas Securitized Products Funding 2, LP | Revolver | 4/10/2026 | 3310 |  |
| AuditBoard, Inc. | Delayed Draw Term Loan | 7/12/2026 | 38443 | (192) |
| AuditBoard, Inc. | Revolver | 7/12/2031 | 15377 |  |
| Axsome Therapeutics, Inc. | Delayed Draw Term Loan | 5/31/2027 | 45195 |  |
| Axsome Therapeutics, Inc. | Delayed Draw Term Loan | 5/31/2026 | 45195 |  |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 6840 |  |
| Baker Tilly Advisory Group, LP | Delayed Draw Term Loan | 6/3/2027 | 95459 | (955) |
| Baker Tilly Advisory Group, LP | Revolver | 6/3/2030 | 74077 |  |
| Bamboo US BidCo, LLC | Delayed Draw Term Loan | 11/20/2026 | 12824 |  |
| Bamboo US BidCo, LLC | Delayed Draw Term Loan | 11/20/2026 | 995 |  |
| Bamboo US BidCo, LLC | Revolver | 9/29/2029 | 6470 |  |
| Banyan Software Holdings, LLC | Revolver | 1/2/2031 | 5799 | (29) |
| Banyan Software Holdings, LLC | Delayed Draw Term Loan | 1/2/2027 | 5591 |  |
| Bayshore Intermediate #2, LP | Revolver | 10/1/2027 | 20406 |  |
| Bazaarvoice, Inc. | Revolver | 5/7/2029 | 60787 |  |
| Bidco 76 S.p.A. | Delayed Draw Term Loan | 12/10/2027 | 24179 |  |
| Bimini Group Purchaser, Inc. | Revolver | 4/26/2031 | 29847 |  |
| Bimini Group Purchaser, Inc. | Delayed Draw Term Loan | 5/19/2027 | 34906 | (175) |
| Biotouch Global Solutions, Inc. | Delayed Draw Term Loan | 8/27/2027 | 29503 |  |
| Biotouch Global Solutions, Inc. | Revolver | 8/27/2032 | 8851 | (133) |
| Bluefin Holding, LLC | Revolver | 9/12/2029 | 7533 |  |
| Bradyplus Holdings, LLC | Delayed Draw Term Loan | 10/31/2025 | 4306 |  |
| Brave Parent Holdings, Inc. | Revolver | 11/28/2030 | 26868 |  |
| Brilliance Technologies, Inc. | Revolver | 3/11/2032 | 52952 | (132) |
| Brilliance Technologies, Inc. | Delayed Draw Term Loan | 9/11/2027 | 109294 | (68) |
| Caerus US 1, Inc. | Revolver | 5/25/2029 | 35995 |  |
| Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 101715 |  |
| Cambrex Corp. | Revolver | 3/5/2032 | 15014 | (150) |
| Cambrex Corp. | Delayed Draw Term Loan | 3/5/2027 | 17158 | (86) |
| Cambrex Corp. | Delayed Draw Term Loan | 3/24/2026 | 39942 |  |
| Canadian Hospital Specialties, Ltd. | Revolver | 4/15/2027 | 1972 |  |
| Capstone Acquisition Holdings, Inc. | Delayed Draw Term Loan | 8/29/2026 | 8261 | (31) |
| Carr Riggs & Ingram Capital, LLC | Revolver | 11/18/2031 | 10323 | (52) |
| Carr Riggs & Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 17811 |  |
| Carval CLO XIII-C Ltd | Structured Finance Obligations - Equity Instruments | 10/8/2028 | 7781 |  |
| Castle Management Borrower, LLC | Revolver | 11/3/2029 | 3250 |  |
| CCI Buyer, Inc. | Revolver | 5/13/2032 | 6767 | (68) |
| CEP V Investment 11 S.à r.l. | Delayed Draw Term Loan | 9/1/2026 | 43967 | (497) |
| CFGI Holdings, LLC | Revolver | 11/2/2027 | 19950 | (399) |
| CFS Brands, LLC | Revolver | 10/2/2029 | 30858 |  |
| Channelside AcquisitionCo, Inc. | Revolver | 3/31/2028 | 18758 |  |
| Charger Debt Merger Sub, LLC | Delayed Draw Term Loan | 5/9/2027 | 30287 | (76) |
| Charger Debt Merger Sub, LLC | Revolver | 5/31/2030 | 7000 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Charger Debt Merger Sub, LLC | Delayed Draw Term Loan | 5/31/2026 | $8750 | $— |
| Chartwell Cumming Holding, Corp. | Revolver | 11/16/2029 | 43822 |  |
| Chartwell Cumming Holding, Corp. | Delayed Draw Term Loan | 11/22/2025 | 3887 |  |
| Chartwell Cumming Holding, Corp. | Delayed Draw Term Loan | 2/14/2027 | 38496 | (192) |
| Cielo Bidco, Ltd. | Delayed Draw Term Loan | 3/31/2030 | 700 | (7) |
| Cielo Bidco, Ltd. | Delayed Draw Term Loan | 12/31/2030 | 59 | (1) |
| Cisive Holdings Corp. | Revolver | 12/8/2027 | 4445 | (89) |
| Citrin Cooperman Advisors, LLC | Delayed Draw Term Loan | 4/1/2027 | 273 |  |
| Clearview Buyer, Inc. | Revolver | 2/26/2029 | 11857 |  |
| Clydesdale Acquisition Holdings, Inc. | Delayed Draw Term Loan | 12/16/2025 | 164 |  |
| CohnReznick Advisory, LLC | Delayed Draw Term Loan | 3/31/2027 | 3418 |  |
| Commander Buyer, Inc. | Revolver | 6/26/2032 | 29425 | (294) |
| Commander Buyer, Inc. | Delayed Draw Term Loan | 6/26/2027 | 44138 | (221) |
| Community Management Holdings Midco 2, LLC | Revolver | 11/1/2031 | 6656 |  |
| Community Management Holdings Midco 2, LLC | Delayed Draw Term Loan | 7/8/2027 | 26414 |  |
| Community Management Holdings Midco 2, LLC | Delayed Draw Term Loan | 1/8/2026 | 1420 |  |
| Compsych Investments Corp. | Delayed Draw Term Loan | 7/22/2027 | 20230 | (51) |
| Connatix Buyer, Inc. | Revolver | 7/14/2027 | 8473 |  |
| Connatix Buyer, Inc. | Delayed Draw Term Loan | 4/9/2026 | 3119 |  |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 5/10/2026 | 26219 | (131) |
| Consor Intermediate II, LLC | Revolver | 5/10/2031 | 11850 |  |
| Continental Buyer, Inc. | Revolver | 4/2/2031 | 4282 |  |
| Continental Buyer, Inc. | Delayed Draw Term Loan | 8/14/2027 | 16925 |  |
| Continental Buyer, Inc. | Revolver | 4/2/2031 | 6862 | (34) |
| Coupa Software, Inc. | Delayed Draw Term Loan | 6/3/2027 | 164 | (2) |
| Coupa Software, Inc. | Revolver | 2/27/2029 | 126 | (1) |
| CRCI Longhorn Holdings, Inc. | Revolver | 8/27/2031 | 11110 |  |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 8/27/2026 | 16678 | (83) |
| Creek Parent, Inc. | Revolver | 12/18/2031 | 19175 | (336) |
| Crewline Buyer, Inc. | Revolver | 11/8/2030 | 12745 |  |
| Crumbl Enterprises, LLC | Revolver | 4/30/2032 | 5763 |  |
| CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/30/2026 | 11130 |  |
| CT Technologies Intermediate Holdings, Inc. | Revolver | 8/30/2031 | 34417 | (344) |
| CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 7/10/2027 | 10132 |  |
| CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/5/2027 | 10080 |  |
| CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 7/10/2027 | 6165 |  |
| CyrusOne Revolving Warehouse | Revolver | 7/2/2027 | 137088 |  |
| Databricks, Inc. | Delayed Draw Term Loan | 7/3/2026 | 117000 |  |
| DCG Acquisition Corp. | Revolver | 6/13/2031 | 36470 | (365) |
| DCG Acquisition Corp. | Delayed Draw Term Loan | 6/13/2026 | 14588 |  |
| Denali Bidco, Ltd. | Delayed Draw Term Loan | 9/5/2027 | 241 |  |
| Denali Intermediate Holdings, Inc. | Revolver | 8/26/2032 | 4972 | (50) |
| Denali TopCo, LLC | Delayed Draw Term Loan | 8/26/2028 | 27099 | (135) |
| Denali TopCo, LLC | Revolver | 8/26/2032 | 13007 | (130) |
| Diligent Corp. | Delayed Draw Term Loan | 4/30/2026 | 50000 |  |
| Diligent Corp. | Revolver | 8/2/2030 | 29667 |  |
| Discovery Education, Inc. | Revolver | 4/9/2029 | 17513 |  |
| Divisions Holding Corp. | Revolver | 4/17/2032 | 8086 | (81) |
| DM Intermediate Parent, LLC | Revolver | 9/30/2030 | 30960 | (464) |
| DM Intermediate Parent, LLC | Delayed Draw Term Loan | 9/30/2026 | 46461 | (348) |
| Doit International, Ltd. | Delayed Draw Term Loan | 11/25/2027 | 66711 | (500) |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Doit International, Ltd. | Revolver | 11/26/2029 | $33356 | $— |
| Dropbox, Inc. | Delayed Draw Term Loan | 12/10/2026 | 709741 | (3549) |
| Dropbox, Inc. | Delayed Draw Term Loan | 3/15/2026 | 455182 | (1796) |
| DTA Intermediate II, Ltd. | Revolver | 3/27/2030 | 5184 |  |
| DTI Holdco, Inc. | Revolver | 1/25/2029 | 16000 | (2354) |
| Duro Dyne National Corp. | Delayed Draw Term Loan | 11/15/2026 | 34499 | (172) |
| Duro Dyne National Corp. | Revolver | 11/15/2031 | 33579 |  |
| Dwyer Instruments, LLC | Revolver | 7/20/2029 | 6688 |  |
| Dwyer Instruments, LLC | Delayed Draw Term Loan | 11/20/2026 | 6062 | (30) |
| Eagan Parent, Inc. | Delayed Draw Term Loan | 9/8/2027 | 5311 |  |
| Eagan Parent, Inc. | Revolver | 9/8/2032 | 2833 | (14) |
| East River Bidco, GmbH | Delayed Draw Term Loan | 3/26/2028 | 39 |  |
| Eden Acquisitionco, Ltd. | Delayed Draw Term Loan | 11/17/2025 | 2386 | (32) |
| Eden Acquisitionco, Ltd. | Delayed Draw Term Loan | 11/17/2025 | 2153 |  |
| Edison Bidco, AS | Delayed Draw Term Loan | 12/18/2026 | 17623 |  |
| Edison Bidco, AS | Delayed Draw Term Loan | 12/18/2026 | 679 |  |
| Electro Switch Business Trust, LLC | Revolver | 9/2/2032 | 22258 |  |
| ELK Bidco, Inc. | Revolver | 6/13/2032 | 13471 | (67) |
| ELK Bidco, Inc. | Delayed Draw Term Loan | 12/13/2027 | 14968 | (37) |
| EMB Purchaser, Inc. | Delayed Draw Term Loan | 3/13/2028 | 50508 |  |
| EMB Purchaser, Inc. | Revolver | 3/12/2032 | 18308 | (183) |
| Emergency Power Holdings, LLC | Delayed Draw Term Loan | 8/17/2027 | 12036 |  |
| Endeavor Schools Holdings, LLC | Delayed Draw Term Loan | 1/3/2027 | 20926 |  |
| Enstructure, LLC | Delayed Draw Term Loan | 6/10/2026 | 83228 | (624) |
| ENV Bidco, AB | Delayed Draw Term Loan | 12/13/2028 | 31618 | (402) |
| eResearchTechnology, Inc. | Delayed Draw Term Loan | 1/17/2027 | 135205 |  |
| eResearchTechnology, Inc. | Revolver | 10/17/2031 | 78568 | (786) |
| Essential Services Holding Corp. | Delayed Draw Term Loan | 6/17/2026 | 14519 | (73) |
| Essential Services Holding Corp. | Revolver | 6/17/2030 | 7245 |  |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 7/2/2026 | 5292 |  |
| Everbridge Holdings, LLC | Revolver | 7/2/2031 | 3481 |  |
| Excelitas Technologies Corp. | Revolver | 8/12/2028 | 14780 |  |
| Experity, Inc. | Delayed Draw Term Loan | 9/13/2026 | 40111 | (201) |
| Experity, Inc. | Revolver | 2/24/2028 | 13452 |  |
| Falcon Parent Holdings, Inc. | Delayed Draw Term Loan | 8/15/2027 | 12467 | (94) |
| Falcon Parent Holdings, Inc. | Revolver | 11/6/2031 | 13422 |  |
| Fastener Distribution Holdings, LLC | Delayed Draw Term Loan | 10/31/2026 | 41834 |  |
| Fern Bidco, Ltd. | Delayed Draw Term Loan | 7/3/2027 | 19787 |  |
| Flexera Software, LLC | Revolver | 8/15/2032 | 13582 | (34) |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 16269 | (244) |
| Foundation Risk Partners Corp. | Delayed Draw Term Loan | 2/26/2027 | 24871 |  |
| Frontgrade Technologies Holdings, Inc. | Revolver | 1/9/2028 | 516 | (3) |
| Frontline Road Safety, LLC | Delayed Draw Term Loan | 3/4/2028 | 2130 |  |
| Frontline Road Safety, LLC | Revolver | 3/4/2032 | 11449 |  |
| FusionSite Midco, LLC | Revolver | 11/17/2029 | 12260 | (276) |
| FusionSite Midco, LLC | Delayed Draw Term Loan | 4/30/2026 | 14683 |  |
| G&A Partners Holding Company II, LLC | Revolver | 3/1/2030 | 6575 | (132) |
| G&A Partners Holding Company II, LLC | Delayed Draw Term Loan | 3/1/2026 | 15123 |  |
| Galaxy CLO Warehouse 2025-1, Ltd. | Structured Finance Obligations - Equity Instruments | 10/8/2026 | 22218 |  |
| Galileo Pharma Bidco S.p.A. | Term Loan | 10/7/2032 | 20579 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Galileo Pharma Bidco S.p.A. | Delayed Draw Term Loan | 10/7/2028 | $4116 | $— |
| Galway Borrower, LLC | Revolver | 9/29/2028 | 16060 |  |
| Galway Borrower, LLC | Delayed Draw Term Loan | 2/7/2026 | 1643 |  |
| Gannett Fleming, Inc. | Revolver | 8/5/2030 | 37324 | (560) |
| Gatekeeper Systems, Inc. | Delayed Draw Term Loan | 8/27/2026 | 42075 |  |
| Gatekeeper Systems, Inc. | Revolver | 8/28/2030 | 12318 |  |
| GI Ranger Intermediate, LLC | Revolver | 10/29/2027 | 10800 |  |
| Gigamon, Inc. | Revolver | 3/10/2028 | 7732 |  |
| Gimlet Bidco, GmbH | Delayed Draw Term Loan | 4/23/2027 | 6254 |  |
| Granicus, Inc. | Revolver | 1/17/2031 | 4284 |  |
| Granicus, Inc. | Delayed Draw Term Loan | 8/2/2026 | 1431 | (7) |
| Great Day Improvements, LLC | Revolver | 6/13/2030 | 5914 | (222) |
| Grid Alliance Partners, LLC | Delayed Draw Term Loan | 7/1/2027 | 23338 |  |
| Grid Alliance Partners, LLC | Revolver | 7/1/2030 | 15162 | (152) |
| Griffon Bidco, Inc. | Delayed Draw Term Loan | 9/30/2027 | 21819 |  |
| Griffon Bidco, Inc. | Revolver | 7/31/2031 | 21819 | (218) |
| Ground Penetrating Radar Systems, LLC | Delayed Draw Term Loan | 7/2/2027 | 20297 |  |
| Ground Penetrating Radar Systems, LLC | Revolver | 1/2/2032 | 10846 |  |
| GS Acquisitionco, Inc. | Delayed Draw Term Loan | 3/26/2026 | 3720 |  |
| GS Acquisitionco, Inc. | Revolver | 5/25/2028 | 3000 |  |
| GS Acquisitionco, Inc. | Delayed Draw Term Loan | 5/16/2027 | 3214 | (8) |
| GTCR Everest Borrower, LLC | Revolver | 9/5/2029 | 3125 | (22) |
| Guardian Bidco, Inc. | Delayed Draw Term Loan | 8/14/2028 | 3881 | (39) |
| Gusto Sing Bidco Pte, Ltd. | Delayed Draw Term Loan | 11/15/2027 | 102 | (1) |
| Helix TS, LLC | Delayed Draw Term Loan | 12/20/2026 | 27421 |  |
| High Street Buyer, Inc. | Revolver | 4/16/2027 | 4186 | (84) |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 7/18/2027 | 55411 |  |
| HMH Education, Inc. | Revolver | 4/7/2027 | 18750 | (1724) |
| Home Service TopCo IV, Inc. | Revolver | 12/30/2027 | 19964 | (214) |
| Horizon CTS Buyer, LLC | Delayed Draw Term Loan | 3/28/2027 | 11718 | (59) |
| Horizon CTS Buyer, LLC | Revolver | 3/28/2032 | 9960 |  |
| HPS Freshwater Warehouse Parent, Ltd. | Structured Finance Obligations - Equity Instruments | 10/8/2026 | 7040 |  |
| Icefall Parent, Inc. | Revolver | 1/17/2030 | 8637 |  |
| IEM New Sub 2, LLC | Delayed Draw Term Loan | 8/8/2026 | 76076 | (571) |
| IG Investments Holdings, LLC | Revolver | 9/22/2028 | 55717 |  |
| Imagine 360, LLC | Delayed Draw Term Loan | 9/18/2026 | 13684 | (68) |
| Imagine 360, LLC | Revolver | 9/30/2028 | 8582 | (86) |
| Inception Fertility Ventures, LLC | Revolver | 4/29/2030 | 7433 |  |
| Inception Fertility Ventures, LLC | Delayed Draw Term Loan | 4/29/2026 | 61644 |  |
| INK BC Bidco S.p.A. | Delayed Draw Term Loan | 7/16/2028 | 21206 |  |
| Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan | 8/23/2026 | 8970 | (24) |
| Integrity Marketing Acquisition, LLC | Revolver | 8/25/2028 | 2861 | (14) |
| IQN Holding Corp. | Revolver | 5/2/2028 | 2864 |  |
| IRI Group Holdings, Inc. | Revolver | 12/1/2028 | 110034 |  |
| Iris Buyer, LLC | Revolver | 10/2/2029 | 6296 |  |
| Iris Buyer, LLC | Delayed Draw Term Loan | 8/4/2026 | 9547 |  |
| ISQ Hawkeye Holdco, Inc. | Revolver | 8/20/2030 | 476 |  |
| ISQ Hawkeye Holdco, Inc. | Delayed Draw Term Loan | 8/20/2026 | 1355 |  |
| Java Buyer, Inc. | Revolver | 12/15/2027 | 12142 |  |
| Java Buyer, Inc. | Revolver | 12/15/2027 | 24284 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Java Buyer, Inc. | Delayed Draw Term Loan | 5/9/2027 | $71827 | $— |
| Jeppesen Holdings, LLC | Term Loan | 5/3/2032 | 324587 |  |
| Jeppesen Holdings, LLC | Revolver | 5/3/2032 | 16830 |  |
| JS Parent, Inc. | Revolver | 4/24/2031 | 7880 | (39) |
| JSG II, Inc. | Delayed Draw Term Loan | 9/30/2027 | 97949 | (245) |
| JSG II, Inc. | Revolver | 9/30/2032 | 38620 |  |
| JSS Holdings, Inc. | Delayed Draw Term Loan | 11/8/2026 | 136995 | (685) |
| Kaseya, Inc. | Revolver | 3/20/2030 | 25000 | (125) |
| Kattegat Project Bidco, AB | Delayed Draw Term Loan | 10/5/2026 | 12225 | (166) |
| King Bidco S.P.E.C. | Delayed Draw Term Loan | 6/26/2028 | 87 |  |
| Knowledge Pro Buyer, Inc. | Revolver | 12/10/2027 | 10918 |  |
| Knowledge Pro Buyer, Inc. | Delayed Draw Term Loan | 6/11/2027 | 16193 |  |
| Knowledge Pro Buyer, Inc. | Revolver | 12/10/2027 | 4594 | (46) |
| Koala Investment Holdings, Inc. | Delayed Draw Term Loan | 2/29/2028 | 17044 | (85) |
| Koala Investment Holdings, Inc. | Revolver | 8/29/2032 | 7575 | (76) |
| Kona Buyer, LLC | Revolver | 7/23/2031 | 25369 | (127) |
| Kona Buyer, LLC | Delayed Draw Term Loan | 8/1/2027 | 90826 | (454) |
| Kona Buyer, LLC | Delayed Draw Term Loan | 12/17/2025 | 60173 | (301) |
| Kona Buyer, LLC | Delayed Draw Term Loan | 7/23/2026 | 53588 | (268) |
| Kwol Acquisition, Inc. | Revolver | 12/6/2029 | 1345 |  |
| Kwol Acquisition, Inc. | Delayed Draw Term Loan | 8/25/2027 | 3811 |  |
| Kwor Acquisition, Inc. | Revolver | 2/28/2030 | 1041 |  |
| Kwor Acquisition, Inc. | Delayed Draw Term Loan | 2/28/2027 | 1345 |  |
| Loar Group, Inc. | Delayed Draw Term Loan | 5/10/2026 | 100000 |  |
| Lobos Parent, Inc. | Delayed Draw Term Loan | 9/26/2028 | 10361 | (39) |
| Lobos Parent, Inc. | Revolver | 9/26/2031 | 5180 | (39) |
| Lobos Parent, Inc. | Revolver | 9/26/2031 | 2331 | (17) |
| LogicMonitor, Inc. | Revolver | 11/15/2031 | 11450 | (143) |
| LPW Group Holdings, Inc. | Revolver | 3/15/2030 | 6566 | (66) |
| Lsf12 Crown US Commercial Bidco, LLC | Revolver | 12/2/2029 | 24405 | (131) |
| Magic Bidco, Inc. | Delayed Draw Term Loan | 7/1/2026 | 15863 |  |
| Magic Bidco, Inc. | Revolver | 7/1/2030 | 830 |  |
| Magneto Components BuyCo, LLC | Revolver | 12/5/2029 | 8983 | (180) |
| Mandolin Technology Intermediate Holdings, Inc. | Revolver | 4/30/2028 | 7265 |  |
| MannKind Corp. | Delayed Draw Term Loan | 8/6/2027 | 73980 |  |
| Mantech International, CP | Delayed Draw Term Loan | 12/14/2025 | 41323 | (373) |
| Mantech International, CP | Revolver | 9/14/2028 | 111612 |  |
| Material Holdings, LLC | Revolver | 8/19/2027 | 3179 |  |
| Material Holdings, LLC | Delayed Draw Term Loan | 8/19/2027 | 27138 |  |
| Maverick Bidco, Inc. | Delayed Draw Term Loan | 8/16/2026 | 19499 |  |
| Mavis Tire Express Services Topco, Corp. | Revolver | 5/4/2028 | 8606 |  |
| MB2 Dental Solutions, LLC | Delayed Draw Term Loan | 2/13/2026 | 7280 |  |
| MB2 Dental Solutions, LLC | Revolver | 2/13/2031 | 2241 |  |
| Medline Borrower, LP | Revolver | 10/21/2026 | 17850 | (133) |
| MEDX AMCP Holdings, LLC | Revolver | 7/21/2032 | 3952 | (40) |
| MEDX AMCP Holdings, LLC | Delayed Draw Term Loan | 7/21/2027 | 9287 | (46) |
| Mercury Bidco Globe, Limited | Delayed Draw Term Loan | 1/18/2026 | 13121 |  |
| MHE Intermediate Holdings, LLC | Revolver | 7/21/2027 | 482 |  |
| MidOcean Credit CLO XX | Structured Finance Obligations - Equity Instruments | 10/8/2028 | 2867 |  |
| Minerva Bidco, Ltd. | Delayed Draw Term Loan | 4/9/2028 | 23996 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Minotaur Acquisition, Inc. | Revolver | 5/10/2030 | $9910 | $— |
| Minotaur Acquisition, Inc. | Delayed Draw Term Loan | 5/10/2026 | 16516 | (165) |
| ML Holdco, Inc. | Term Loan | 10/24/2032 | 67146 |  |
| ML Holdco, Inc. | Delayed Draw Term Loan | 10/24/2027 | 17567 |  |
| Modernizing Medicine, Inc. | Revolver | 4/30/2032 | 4208 | (42) |
| Monk Holding, Co. | Delayed Draw Term Loan | 12/1/2025 | 4087 |  |
| More Cowbell II, LLC | Delayed Draw Term Loan | 9/3/2027 | 5872 | (27) |
| More Cowbell II, LLC | Revolver | 9/1/2029 | 12328 |  |
| MPG Parent Holdings, LLC | Revolver | 1/8/2030 | 2232 |  |
| MPG Parent Holdings, LLC | Delayed Draw Term Loan | 1/8/2027 | 4580 |  |
| MRH Trowe Beteiligungsgesellschaft mbH | Delayed Draw Term Loan | 5/15/2028 | 116 |  |
| MRH Trowe Beteiligungsgesellschaft mbH | Revolver | 11/15/2031 | 35 |  |
| MRI Software, LLC | Revolver | 2/10/2027 | 22819 |  |
| Natus Medical, Inc. | Revolver | 7/21/2027 | 5100 |  |
| NAVEX TopCo, Inc. | Revolver | 11/9/2028 | 8855 |  |
| Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 15767 |  |
| Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 15767 |  |
| NDC Acquisition Corp. | Revolver | 3/9/2028 | 3083 |  |
| NDT Global Holding, Inc. | Revolver | 6/4/2032 | 10153 | (102) |
| NDT Global Holding, Inc. | Delayed Draw Term Loan | 6/4/2027 | 11371 |  |
| Nephele III, BV | Delayed Draw Term Loan | 1/14/2028 | 28 |  |
| Neptune BidCo, SAS | Delayed Draw Term Loan | 3/31/2027 | 205 |  |
| Neptune Holdings, Inc. | Revolver | 8/31/2029 | 2000 | (50) |
| Netsmart Technologies, Inc. | Delayed Draw Term Loan | 8/23/2026 | 26031 | (130) |
| Netsmart Technologies, Inc. | Revolver | 8/23/2031 | 26555 |  |
| New Mountain CLO 8 Ltd | Structured Finance Obligations - Equity Instruments | 10/20/2038 | 4134 |  |
| Noble Midco 3, Ltd. | Delayed Draw Term Loan | 6/10/2027 | 9042 | (45) |
| Noble Midco 3, Ltd. | Revolver | 12/10/2030 | 6028 |  |
| North Haven Ushc Acquisition, Inc. | Revolver | 10/30/2027 | 2036 |  |
| North Haven Ushc Acquisition, Inc. | Delayed Draw Term Loan | 8/28/2026 | 25764 |  |
| Octane Purchaser, Inc. | Delayed Draw Term Loan | 11/19/2027 | 88133 |  |
| Octane Purchaser, Inc. | Revolver | 5/19/2032 | 35253 | (176) |
| Odevo, AB | Delayed Draw Term Loan | 12/12/2027 | 60369 |  |
| OMEGA II AB | Delayed Draw Term Loan | 6/17/2028 | 17930 | (46) |
| Onex Baltimore Buyer, Inc. | Delayed Draw Term Loan | 3/19/2026 | 68025 |  |
| ONS MSO, LLC | Delayed Draw Term Loan | 12/13/2025 | 2764 |  |
| ONS MSO, LLC | Revolver | 7/8/2028 | 5000 |  |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 3007 | (30) |
| Optus 1011, GmbH | Delayed Draw Term Loan | 3/24/2028 | 60581 | (494) |
| Orion US Finco | Term Loan | 10/8/2032 | 39337 |  |
| Orion US Finco | Term Loan | 5/20/2033 | 5940 |  |
| Oxford Global Resources, Inc. | Revolver | 8/17/2027 | 9254 |  |
| Paisley Bidco, Ltd. | Delayed Draw Term Loan | 5/7/2027 | 5564 |  |
| Park Place Technologies, LLC | Revolver | 3/25/2030 | 41941 |  |
| PAS Parent, Inc. | Delayed Draw Term Loan | 8/18/2028 | 41432 |  |
| PAS Parent, Inc. | Revolver | 8/18/2031 | 19250 | (192) |
| Patriot Growth Insurance Services, LLC | Delayed Draw Term Loan | 11/17/2025 | 2744 |  |
| Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 7135 | (143) |
| Pave America Holding, LLC | Revolver | 8/27/2032 | 10546 |  |
| Pave America Holding, LLC | Delayed Draw Term Loan | 8/29/2027 | 27041 | (135) |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Pavion Corp. | Delayed Draw Term Loan | 10/30/2025 | $3902 | $— |
| PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 4198 |  |
| Pearce Intermediate Holdings, Inc. | Delayed Draw Term Loan | 11/6/2026 | 64000 |  |
| Petrus Buyer, Inc. | Revolver | 10/17/2029 | 4426 |  |
| Phoenix 1 Buyer Corp. | Revolver | 11/20/2029 | 8349 |  |
| Pikes Peak Bravo | Structured Finance Obligations - Equity Instruments | 9/5/2027 | 11938 |  |
| Ping Identity Holding Corp. | Revolver | 10/17/2028 | 3856 |  |
| PKF O'Connor Davies Advisory, LLC | Delayed Draw Term Loan | 11/15/2026 | 40761 | (204) |
| PKF O'Connor Davies Advisory, LLC | Revolver | 11/15/2031 | 11413 |  |
| Plasma Buyer, LLC | Revolver | 5/12/2028 | 65 |  |
| Polyphase Elevator Holding, Co. | Revolver | 6/23/2027 | 374 |  |
| Port Arthur LNG Phase II Intermediate Company LLC | Equity | 12/30/2026 | 712171 |  |
| PPV Intermediate Holdings, LLC | Revolver | 8/31/2029 | 9910 |  |
| PPV Intermediate Holdings, LLC | Delayed Draw Term Loan | 8/7/2026 | 11927 |  |
| Profile Products, LLC | Revolver | 11/12/2027 | 6677 |  |
| Profile Products, LLC | Revolver | 11/12/2027 | 2071 |  |
| Project Leopard Holdings, Inc. | Revolver | 7/20/2027 | 5629 |  |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 4/9/2026 | 10213 | (13) |
| QBS Parent, Inc. | Revolver | 6/3/2032 | 10967 | (55) |
| QBS Parent, Inc. | Delayed Draw Term Loan | 6/3/2027 | 19959 |  |
| Qualus Power Services Corp. | Delayed Draw Term Loan | 10/25/2026 | 23813 |  |
| R1 Holdings, LLC | Revolver | 12/29/2028 | 31 |  |
| RailPros Parent, LLC | Delayed Draw Term Loan | 5/24/2027 | 7177 | (36) |
| RailPros Parent, LLC | Revolver | 5/24/2032 | 3589 | (36) |
| Rally Buyer, Inc. | Revolver | 7/19/2029 | 11632 |  |
| Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 200 |  |
| Red Fox CD Acquisition Corp. | Delayed Draw Term Loan | 11/21/2026 | 29721 |  |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 1/3/2027 | 19741 |  |
| Regatta Kilo | Structured Finance Obligations - Equity Instruments | 10/8/2028 | 4703 |  |
| Relativity ODA, LLC | Revolver | 5/12/2029 | 4813 | (116) |
| RFS Opco, LLC | Delayed Draw Term Loan | 6/13/2026 | 6019 | (15) |
| Rhea Parent, Inc. | Revolver | 12/20/2030 | 28910 | (289) |
| Riser Merger Sub, Inc. | Delayed Draw Term Loan | 6/4/2026 | 20947 |  |
| Riser Merger Sub, Inc. | Revolver | 10/31/2029 | 17013 |  |
| Riser Merger Sub, Inc. | Delayed Draw Term Loan | 4/15/2027 | 30262 |  |
| Safety Borrower Holdings, LP | Revolver | 9/1/2027 | 2265 |  |
| Sam Holding Co, Inc. | Revolver | 3/24/2027 | 24000 |  |
| Scorpio BidCo SAS | Delayed Draw Term Loan | 3/10/2026 | 7858 | (85) |
| Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/19/2026 | 27602 |  |
| Seahawk Bidco, LLC | Revolver | 12/19/2030 | 22377 | (205) |
| Seven Bidco, SASU | Delayed Draw Term Loan | 8/29/2028 | 42456 |  |
| Severin Acquisition, LLC | Delayed Draw Term Loan | 10/1/2027 | 57395 |  |
| Severin Acquisition, LLC | Revolver | 10/1/2031 | 41391 |  |
| SG Acquisition, Inc. | Revolver | 4/3/2030 | 13537 |  |
| Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw Term Loan | 12/31/2026 | 8488 |  |
| Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 12/31/2031 | 6041 | (60) |
| Skopima Consilio Parent, LLC | Revolver | 5/12/2028 | 6300 | (1189) |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Smartronix, LLC | Revolver | 2/7/2030 | $8895 | $— |
| Smile Doctors, LLC | Revolver | 12/23/2027 | 51955 | (1818) |
| Solis Finco SAS | Term Loan | 10/8/2032 | 120 |  |
| Solis Finco SAS | Delayed Draw Term Loan | 4/8/2029 | 143 |  |
| Solis Midco SAS | Term Loan | 10/8/2032 | 361 |  |
| Spaceship Purchaser, Inc. | Revolver | 10/17/2031 | 74961 | (598) |
| Spaceship Purchaser, Inc. | Delayed Draw Term Loan | 10/17/2026 | 37481 |  |
| Spaceship Purchaser, Inc. | Delayed Draw Term Loan | 10/17/2027 | 149081 | (745) |
| SpecialtyCare, Inc. | Delayed Draw Term Loan | 8/26/2027 | 2425 |  |
| SpecialtyCare, Inc. | Revolver | 12/18/2029 | 5460 |  |
| Spectrum Safety Solutions Purchaser, LLC | Delayed Draw Term Loan | 7/1/2026 | 55574 |  |
| Spectrum Safety Solutions Purchaser, LLC | Revolver | 7/1/2030 | 54944 |  |
| Speedster Bidco, GmbH | Revolver | 6/10/2031 | 26680 | (48) |
| Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 24314 |  |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 4/24/2026 | 35710 |  |
| STV Group, Inc. | Delayed Draw Term Loan | 3/20/2026 | 16811 | (168) |
| STV Group, Inc. | Revolver | 3/20/2030 | 11767 |  |
| Sunshine Cadence Holdco, LLC | Delayed Draw Term Loan | 5/1/2026 | 22880 |  |
| Sunshine Cadence Holdco, LLC | Revolver | 5/1/2030 | 32000 | (320) |
| Tango Bidco, SAS | Delayed Draw Term Loan | 10/17/2027 | 5573 | (39) |
| Tango Bidco, SAS | Delayed Draw Term Loan | 10/17/2027 | 8635 |  |
| TEI Intermediate, LLC | Revolver | 12/13/2031 | 16461 |  |
| TEI Intermediate, LLC | Delayed Draw Term Loan | 12/13/2026 | 45580 |  |
| Teneo Holdings, LLC | Delayed Draw Term Loan | 7/31/2027 | 52998 |  |
| Teneo Holdings, LLC | Revolver | 7/31/2030 | 64785 | (648) |
| Tennessee Bidco, Limited | Delayed Draw Term Loan | 7/1/2026 | 121398 |  |
| Tennessee Bidco, Limited | Delayed Draw Term Loan | 7/1/2026 | 124911 | (638) |
| The Fertility Partners, Inc. | Revolver | 9/16/2027 | 7337 |  |
| The Hiller Companies, LLC | Delayed Draw Term Loan | 6/20/2026 | 1487 |  |
| The Hiller Companies, LLC | Revolver | 6/20/2030 | 13713 |  |
| The Hiller Companies, LLC | Delayed Draw Term Loan | 7/16/2027 | 8512 |  |
| The North Highland Co, LLC | Revolver | 12/20/2030 | 12934 |  |
| The North Highland Co, LLC | Delayed Draw Term Loan | 12/20/2026 | 35521 | (178) |
| Themis Solutions Inc | Term Loan | 10/29/2032 | 128530 |  |
| Themis Solutions Inc | Delayed Draw Term Loan | 10/29/2027 | 36723 |  |
| Themis Solutions Inc | Revolver | 10/29/2032 | 27542 |  |
| Thermostat Purchaser III, Inc. | Revolver | 8/31/2028 | 8125 | (29) |
| THG Acquisition, LLC | Delayed Draw Term Loan | 10/31/2026 | 12502 |  |
| THG Acquisition, LLC | Revolver | 10/31/2031 | 6911 |  |
| TIH Insurance Holdings, LLC | Revolver | 5/6/2029 | 19894 | (132) |
| Tricentis Operations Holdings, Inc. | Revolver | 2/11/2032 | 16551 | (166) |
| Tricentis Operations Holdings, Inc. | Delayed Draw Term Loan | 2/11/2027 | 26482 | (132) |
| Trinity Air Consultants Holdings Corp. | Revolver | 6/29/2028 | 15096 |  |
| Trinity Partners Holdings, LLC | Delayed Draw Term Loan | 6/30/2027 | 115743 |  |
| Triple Lift, Inc. | Revolver | 5/5/2028 | 14295 | (1144) |
| TRP Infrastructure Services, LLC | Delayed Draw Term Loan | 7/9/2027 | 68250 |  |
| TRP Infrastructure Services, LLC | Delayed Draw Term Loan | 12/2/2026 | 2499 |  |
| TTF Lower Intermediate, LLC | Revolver | 7/18/2029 | 20000 | (450) |
| Unified Women's Healthcare, LP | Revolver | 6/18/2029 | 101845 |  |
| Unified Women's Healthcare, LP | Delayed Draw Term Loan | 10/25/2026 | 739 |  |
| Unified Women's Healthcare, LP | Delayed Draw Term Loan | 9/22/2027 | 42518 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| US Oral Surgery Management Holdco, LLC | Delayed Draw Term Loan | 12/13/2026 | $35844 | $— |
| US Oral Surgery Management Holdco, LLC | Revolver | 11/20/2028 | 15496 |  |
| Varicent Parent Holdings Corp. | Delayed Draw Term Loan | 8/23/2026 | 13048 | (130) |
| Varicent Parent Holdings Corp. | Revolver | 8/23/2031 | 9550 | (143) |
| Veregy Consolidated, Inc. | Delayed Draw Term Loan | 4/16/2027 | 12398 | (31) |
| Veregy Consolidated, Inc. | Revolver | 4/16/2031 | 29755 | (223) |
| Victors CCC Buyer, LLC | Revolver | 6/1/2029 | 29205 |  |
| VS Buyer, LLC | Revolver | 4/12/2029 | 15000 | (975) |
| Water Holdings Acquisition, LLC | Delayed Draw Term Loan | 7/31/2026 | 19350 |  |
| Wellfleet CLO 2025-1, Ltd. | Structured Finance Obligations - Equity Instruments | 4/4/2027 | 4650 |  |
| West Monroe Partners, LLC | Revolver | 11/9/2027 | 70714 |  |
| West Star Aviation Acquisition, LLC | Revolver | 5/20/2032 | 17278 |  |
| West Star Aviation Acquisition, LLC | Delayed Draw Term Loan | 5/20/2027 | 32396 | (121) |
| WHCG Purchaser III, Inc. | Delayed Draw Term Loan | 8/2/2027 | 17234 |  |
| World Insurance Associates, LLC | Delayed Draw Term Loan | 8/14/2026 | 35992 |  |
| World Insurance Associates, LLC | Revolver | 4/3/2030 | 5073 | (75) |
| WPEngine, Inc. | Revolver | 8/14/2029 | 8140 | (244) |
| YA Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/1/2026 | 17043 |  |
| YA Intermediate Holdings II, LLC | Revolver | 10/1/2031 | 8307 |  |
| Yellow Castle, AB | Delayed Draw Term Loan | 6/28/2027 | 5415 |  |
| Zendesk, Inc. | Delayed Draw Term Loan | 11/22/2025 | 142752 |  |
| Zendesk, Inc. | Revolver | 11/22/2028 | 97650 |  |
| Zeus, LLC | Revolver | 2/8/2030 | 6851 | (34) |
| Zeus, LLC | Delayed Draw Term Loan | 2/27/2026 | 4568 |  |
| Zorro Bidco, Ltd. | Delayed Draw Term Loan | 8/13/2027 | 10119 |  |
| **Total Unfunded Commitments** |  |  | $12286912 | $(42285) |

---

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

(9)The interest rate floor on these investments as of September 30, 2025 was 0.50%.

(10)The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(11)The interest rate floor on these investments as of September 30, 2025 was 1.00%.

(12)The interest rate floor on these investments as of September 30, 2025 was 1.25%.

(13)The interest rate floor on these investments as of September 30, 2025 was 1.50%.

(14)The interest rate floor on these investments as of September 30, 2025 was 2.00%.

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

(16)Under the 1940 Act, the Company is generally deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of September 30, 2025, the Company's controlled/affiliated and non-controlled/affiliated investments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2024** | **Gross Additions** | **Gross Reductions** | **Net Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Fair Value as of September 30, 2025** | **Dividend and Interest Income** |
| **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** |
| Align Precision Group, LLC | $— | $22109 | $— | $— | $— | $22109 | $594 |
| Align Precision Group, LLC |  | 3057 |  | 18 |  | 3075 | 183 |
| Align Precision Group, LLC - Class A-3 Units |  | 996 |  | 3568 |  | 4564 |  |
| DMS Purchaser, LLC |  | 6355 |  |  |  | 6355 | 437 |
| DMS Topco, LLC - Class A Common Units |  | 5432 |  | (427) |  | 5005 |  |
| GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | 1394 |  |  | (320) |  | 1074 |  |
| Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units |  | 666155 |  |  |  | 666155 | 1096 |
| **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** |
| Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | 12744 |  |  | (4666) |  | 8078 |  |
| CFCo, LLC (Benefytt Technologies, Inc.) |  |  |  |  |  |  |  |
| CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units |  |  |  |  |  |  |  |
| Pibb Member Holdings, LLC - LP Interest | 214906 |  |  | 10544 |  | 225450 | 13936 |
| Pibb Member, LLC | 2250 |  | (73) |  |  | 2177 | 99 |
| Pigments Services, Inc. | 7699 |  |  | (7699) |  |  |  |
| Pigments Services, Inc. | 11317 | 257 |  | (2659) |  | 8915 | 234 |
| Pigments Holdings, LP - LP Interest |  |  |  |  |  |  |  |
| Material Holdings, LLC | 232369 | 9874 | (1770) | (523) |  | 239950 | 18756 |
| Material Holdings, LLC | 15566 |  |  | (14464) |  | 1102 |  |
| Material Holdings, LLC |  | 4824 |  | (8) |  | 4816 |  |
| Material+ Holding Company, LLC - Class C Units |  |  |  |  |  |  |  |
| Blackstone Private Real Estate Credit and Income Fund - Common Shares |  | 190000 |  | 2835 |  | 192835 | 3229 |
| Specialty Lending Company, LLC - LLC Interest | 314967 | 39420 |  | 21535 |  | 375922 | 4500 |
| BCRED Emerald JV LP - LP Interest | 1778800 |  |  | (56914) |  | 1721886 | 177544 |
| BCRED Verdelite JV LP - LP Interest | 135611 |  |  | (21644) |  | 113967 | 24433 |
| GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | 2167 |  |  | (486) |  | 1681 |  |
| **Total** | $2729790 | $948479 | $(1843) | $(71310) | $— | $3605116 | $245041 |

---

(17)Loan was on non-accrual status as of September 30, 2025.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), including investments in joint ventures but excluding Loar Holdings Inc. - Common Equity, Moderna Inc - Common Stock, and Axsome Therapeutics, Inc. - Common Stock and may be deemed to be "restricted securities." As of September 30, 2025, the aggregate fair value of these securities is $76,483.4 million or 163.64% of the Company's net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of September 30, 2025 was 3.00%.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

**ADDITIONAL INFORMATION**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** |
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| Deutsche Bank AG | USD | 585757 | CAD | 806500 | 12/18/2025 | $4722 |
| Deutsche Bank AG | USD | 84959 | CHF | 66820 | 12/18/2025 | 325 |
| Goldman Sachs Bank USA | USD | 88140 | DKK | 557791 | 12/17/2025 | (9) |
| BNP Paribas | USD | 105769 | EUR | 90200 | 11/21/2025 | (396) |
| Deutsche Bank AG | USD | 1230599 | EUR | 1040500 | 12/18/2025 | 4101 |
| Deutsche Bank AG | USD | 488322 | GBP | 358790 | 12/18/2025 | 5956 |
| BNP Paribas | USD | 55215 | GBP | 40900 | 11/21/2025 | 224 |
| Goldman Sachs Bank USA | USD | 56696 | NOK | 562273 | 12/17/2025 | 351 |
| BNP Paribas | USD | 974 | NOK | 10000 | 11/21/2025 | (29) |
| Goldman Sachs Bank USA | USD | 23434 | NZD | 39280 | 12/17/2025 | 591 |
| Goldman Sachs Bank USA | USD | 179654 | SEK | 1668034 | 12/17/2025 | 1610 |
| **Total Foreign Currency Forward Contracts** |  |  |  |  |  | $17446 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Counterparty** | **Hedged Item** | **Company Receives** | **Company Pays** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Market Value** | **Upfront Payments / Receipts** | **Change in Unrealized Appreciation (Depreciation)** <sup>(1)</sup> |
| Goldman Sachs Bank USA | December 2026 Notes | 2.63% | SOFR + | 0.26% | 12/15/2026 | $625000 | $(8965) | $— | $11274 |
| Deutsche Bank | December 2026 Notes | 2.63% | SOFR + | 0.26% | 12/15/2026 | 625000 | (8867) |  | 11217 |
| Deutsche Bank | April 2026 UK Bonds | 4.87% | SONIA + | 2.78% | 4/14/2026 | 250000 | (3313) |  | 5467 |
| Sumitomo Mitsui Banking Corporation | May 2027 Notes | 5.61% | SOFR + | 2.79% | 5/3/2027 | 625000 | (6661) |  | 11270 |
| Goldman Sachs Bank USA | October 2027 Notes | 7.49% | SOFR + | 3.72% | 10/11/2027 | 350000 | 1898 |  | 5425 |
| Sumitomo Mitsui Banking Corporation | November 2028 Notes | 7.30% | SOFR + | 3.06% | 11/27/2028 | 500000 | 11907 |  | 9957 |
| Goldman Sachs Bank USA | January 2031 Notes | 6.25% | SOFR + | 2.46% | 1/25/2031 | 250000 | 3773 |  | 8053 |
| BNP Paribas US | January 2031 Notes | 6.25% | SOFR + | 2.47% | 1/25/2031 | 250000 | 3669 |  | 8064 |
| Deutsche Bank | July 2029 Notes | 5.95% | SOFR + | 1.74% | 7/16/2029 | 500000 | 14355 |  | 11624 |
| BNP Paribas US | September 2027 Notes | 4.95% | SOFR + | 1.69% | 9/26/2027 | 400000 | (1502) |  | 7288 |
| Sumitomo Mitsui Banking Corporation | April 2030 Notes | 5.25% | SOFR + | 2.01% | 4/1/2030 | 400000 | (3104) |  | 12866 |
| Morgan Stanley | November 2029 Notes | 5.60% | SOFR + | 1.64% | 11/22/2029 | 400000 | 8435 |  | 10585 |
| Deutsche Bank | November 2034 Notes | 6.00% | SOFR + | 2.04% | 11/22/2034 | 600000 | 13689 |  | 21516 |
| Wells Fargo | November 2034 Notes | 6.00% | SOFR + | 2.26% | 11/22/2034 | 200000 | 1111 |  | 7323 |
| Deutsche Bank | January 2032 Notes | 6.00% | SOFR + | 1.83% | 1/29/2032 | 500000 | 18575 |  | 18575 |
| Goldman Sachs Bank USA | January 2032 Notes | 6.00% | SOFR + | 1.83% | 1/29/2032 | 500000 | 18424 |  | 18424 |
| Wells Fargo | November 2028 Notes | 7.30% | SOFR + | 3.20% | 11/27/2028 | 150000 | 2994 |  | 2994 |
| Goldman Sachs Bank USA | March 2031 Notes | 5.54% | SOFR + | 1.67% | 3/25/2031 | 500000 | 10221 |  | 10221 |
| Deutsche Bank | March 2033 Notes | 5.79% | SOFR + | 1.89% | 3/25/2033 | 500000 | 10887 |  | 10887 |
| Morgan Stanley | September 2030 Notes | 5.05% | SOFR + | 1.68% | 9/10/2030 | 250000 | (815) |  | (815) |
| BNP Paribas US | September 2030 Notes | 5.05% | SOFR + | 1.68% | 12/17/2025 | 250000 | (856) |  | (856) |
| **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | $85855 | $— | $201359 |

---

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** |
| **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** | **First Lien Debt - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (7)(10) | SOFR + | 4.25% | 9.03% | 5/25/2021 | 5/25/2028 | $49949 | $49092 | $29039 | 0.07% |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (4)(5)(7)(10) | P + | 3.00% | 10.50% | 5/25/2021 | 5/26/2026 | 6173 | 6056 | 48 | 0.00 |
| &nbsp;&nbsp;Corfin Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 10.61% | 1/7/2021 | 12/31/2027 | 32510 | 32474 | 32510 | 0.08 |
| &nbsp;&nbsp;Fastener Distribution Holdings LLC | (4)(7)(10) | SOFR + | 4.75% | 9.31% | 10/31/2024 | 11/4/2031 | 175449 | 173402 | 173354 | 0.45 |
| &nbsp;&nbsp;Frontgrade Technologies Holdings, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.49% | 1/9/2023 | 1/9/2030 | 2347 | 2290 | 2347 | 0.01 |
| &nbsp;&nbsp;Loar Group Inc | (4)(6)(7)(11) | SOFR + | 4.75% | 9.11% | 7/28/2022 | 5/10/2030 | 281197 | 278367 | 280257 | 0.72 |
| &nbsp;&nbsp;Magneto Components BuyCo, LLC | (4)(7)(10) | SOFR + | 6.00% | 10.33% (incl. 2.71% PIK) | 12/5/2023 | 12/5/2030 | 54574 | 53134 | 53168 | 0.14 |
| &nbsp;&nbsp;Maverick Acquisition, Inc. | (4)(11)(17) | SOFR + | 6.25% | 10.58% | 6/1/2021 | 6/1/2027 | 47851 | 47426 | 31821 | 0.08 |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 3.75% | 8.21% | 2/1/2021 | 2/1/2028 | 14323 | 14342 | 13364 | 0.03 |
| &nbsp;&nbsp;TransDigm Inc | (6)(8) | SOFR + | 2.50% | 6.83% | 11/28/2023 | 2/28/2031 | 12947 | 12987 | 12984 | 0.03 |
| &nbsp;&nbsp;Vertex Aerospace Services Corp. | (6)(10) | SOFR + | 2.75% | 7.11% | 12/6/2021 | 12/6/2030 | 11673 | 11634 | 11708 | 0.03 |
| &nbsp;&nbsp;West Star Aviation Acquisition, LLC | (4)(5)(11) | SOFR + | 5.00% | 9.33% | 11/3/2023 | 3/1/2028 | 9878 | 9734 | 9878 | 0.03 |
| &nbsp;&nbsp;West Star Aviation Acquisition, LLC | (4)(10) | SOFR + | 5.00% | 9.33% | 3/1/2022 | 3/1/2028 | 4876 | 4809 | 4876 | 0.01 |
|  |  |  |  |  |  |  |  | 695747 | 655354 | 1.68 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.23% | 6/11/2021 | 6/11/2027 | 211429 | 209624 | 211429 | 0.54 |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.23% | 12/21/2021 | 6/11/2027 | 51518 | 51058 | 51518 | 0.13 |
| &nbsp;&nbsp;Alliance Ground | (4)(9) | SOFR + | 5.75% | 10.25% | 7/25/2022 | 6/11/2027 | 93745 | 92808 | 93745 | 0.24 |
| &nbsp;&nbsp;ENV Bidco AB | (4)(6)(7)(8) | E + | 5.25% | 7.97% | 12/12/2024 | 7/19/2029 | 114257 | 113857 | 117999 | 0.30 |
| &nbsp;&nbsp;ENV Bidco AB | (4)(6)(10) | SOFR + | 5.25% | 9.59% | 12/12/2024 | 7/19/2029 | 114097 | 112376 | 114097 | 0.29 |
| &nbsp;&nbsp;Livingston International, Inc. | (4)(6)(10) | SOFR + | 5.50% | 9.96% | 8/13/2021 | 4/30/2027 | 100776 | 100454 | 99517 | 0.26 |
| &nbsp;&nbsp;Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 10.92% | 1/7/2021 | 12/9/2026 | 27349 | 27051 | 26529 | 0.07 |
| &nbsp;&nbsp;Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 10.92% | 2/4/2022 | 2/5/2029 | 135783 | 134195 | 131709 | 0.34 |
| &nbsp;&nbsp;RoadOne Inc | (4)(5)(7)(11) | SOFR + | 6.25% | 10.84% | 12/30/2022 | 12/30/2028 | 1136 | 1110 | 1109 | 0.00 |
| &nbsp;&nbsp;RWL Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.23% | 12/13/2021 | 12/31/2028 | 270142 | 267078 | 240426 | 0.62 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** | **Air Freight & Logistics (continued)** |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(5)(11) | P + | 7.00% | 15.50% | 7/1/2024 | 12/30/2026 | $1896 | $1867 | $1896 | 0.00% |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + | 8.00% | 12.67% | 10/15/2024 | 12/30/2026 | 1481 | 1455 | 1481 | 0.00 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + | 8.00% | 12.52% | 11/27/2024 | 11/27/2029 | 5961 | 5844 | 5961 | 0.02 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + | 5.00% | 9.50% (incl. 5.00% PIK) | 11/27/2024 | 5/27/2030 | 29019 | 29019 | 29019 | 0.07 |
| &nbsp;&nbsp;The Kenan Advantage Group, Inc. | (8) | SOFR + | 3.25% | 7.61% | 8/6/2024 | 1/25/2029 | 12951 | 12951 | 13048 | 0.03 |
| &nbsp;&nbsp;Wwex Uni Topco Holdings, LLC | (10) | SOFR + | 4.00% | 8.33% | 11/8/2024 | 7/26/2028 | 17639 | 17642 | 17769 | 0.05 |
|  |  |  |  |  |  |  |  | 1178389 | 1157252 | 2.96 |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;Air Canada | (6)(8) | SOFR + | 2.00% | 6.34% | 3/21/2024 | 3/14/2031 | 6292 | 6278 | 6329 | 0.02 |
| **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** |
| &nbsp;&nbsp;Clarios Global LP | (6)(8) | SOFR + | 2.50% | 6.86% | 7/16/2024 | 5/6/2030 | 3491 | 3491 | 3510 | 0.01 |
| &nbsp;&nbsp;Dellner Couplers Group AB | (5)(6)(8) | E + | 5.50% | 8.22% | 6/20/2024 | 6/18/2029 | 23500 | 24933 | 24107 | 0.06 |
|  |  |  |  |  |  |  |  | 28424 | 27617 | 0.07 |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;Triton Water Holdings, Inc. | (9) | SOFR + | 3.25% | 7.84% | 3/31/2021 | 3/31/2028 | 44309 | 43795 | 44714 | 0.12 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;Grifols Worldwide Operations USA Inc | (8) | SOFR + | 2.00% | 6.74% | 1/7/2021 | 11/15/2027 | 4094 | 4060 | 4084 | 0.01 |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |
| &nbsp;&nbsp;Peer USA, LLC | (6)(8) | SOFR + | 3.00% | 7.33% | 6/26/2024 | 7/1/2031 | 7000 | 7020 | 7048 | 0.02 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (6)(9) | SOFR + | 5.63% | 10.02% | 7/25/2022 | 8/1/2028 | 25480 | 25221 | 25098 | 0.06 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (6)(9) | SOFR + | 3.25% | 7.75% | 4/15/2021 | 4/12/2028 | 4817 | 4797 | 4614 | 0.01 |
| &nbsp;&nbsp;Engineered Stone Group Holdings III Ltd. | (4)(6)(8) | E + | 5.75% | 9.10% | 11/22/2021 | 4/23/2028 | 30879 | 33669 | 27508 | 0.07 |
| &nbsp;&nbsp;Engineered Stone Group Holdings III Ltd. | (4)(6)(10) | SOFR + | 5.75% | 10.32% | 11/22/2021 | 4/23/2028 | 64562 | 63627 | 55523 | 0.14 |
| &nbsp;&nbsp;Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + | 6.00% | 10.46% | 2/26/2021 | 2/26/2027 | 109579 | 108878 | 106839 | 0.27 |
| &nbsp;&nbsp;Great Day Improvements, LLC | (4)(7)(13) | SOFR + | 5.50% | 10.01% | 6/13/2024 | 6/13/2030 | 36146 | 35382 | 35124 | 0.09 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| &nbsp;&nbsp;Jacuzzi Brands, LLC | (4)(10) | SOFR + | 6.00% | 10.33% | 1/7/2021 | 2/25/2027 | $43474 | $43294 | $40214 | 0.10% |
| &nbsp;&nbsp;Jacuzzi Brands, LLC | (4)(10) | SOFR + | 6.00% | 10.33% | 4/20/2022 | 2/25/2027 | 187540 | 186505 | 173474 | 0.45 |
| &nbsp;&nbsp;Jacuzzi Brands, LLC | (4)(10) | SOFR + | 6.00% | 10.33% | 1/7/2021 | 2/25/2027 | 6319 | 6291 | 5845 | 0.02 |
| &nbsp;&nbsp;L&S Mechanical Acquisition, LLC | (4)(10) | SOFR + | 6.25% | 10.60% | 9/1/2021 | 9/1/2027 | 124867 | 123610 | 124867 | 0.32 |
| &nbsp;&nbsp;L&S Mechanical Acquisition, LLC | (4)(5)(10) | SOFR + | 6.25% | 10.59% | 8/19/2024 | 9/1/2027 | 10975 | 10783 | 10975 | 0.03 |
| &nbsp;&nbsp;LBM Acquisition, LLC | (10) | SOFR + | 3.75% | 8.30% | 6/6/2024 | 5/31/2031 | 50254 | 49794 | 49908 | 0.13 |
| &nbsp;&nbsp;Lindstrom, LLC | (4)(11) | SOFR + | 6.25% | 10.90% | 4/19/2022 | 5/1/2027 | 146580 | 146220 | 145114 | 0.37 |
| &nbsp;&nbsp;MIWD Holdco II, LLC | (8) | SOFR + | 3.00% | 7.36% | 3/28/2024 | 3/21/2031 | 4489 | 4510 | 4540 | 0.01 |
| &nbsp;&nbsp;Oscar Acquisitionco, LLC | (9) | SOFR + | 4.25% | 8.50% | 4/29/2022 | 4/29/2029 | 2977 | 2987 | 2950 | 0.01 |
| &nbsp;&nbsp;The Chamberlain Group, Inc. | (9) | SOFR + | 3.25% | 7.71% | 11/3/2021 | 11/3/2028 | 24952 | 24814 | 25131 | 0.06 |
| &nbsp;&nbsp;Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + | 6.50% | 10.98% (incl. 8.94% PIK) | 1/7/2021 | 12/29/2026 | 58890 | 58517 | 47701 | 0.12 |
|  |  |  |  |  |  |  |  | 928899 | 885425 | 2.26 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (6)(9) | SOFR + | 3.75% | 8.96% | 7/27/2021 | 7/27/2028 | 14985 | 14967 | 15145 | 0.04 |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (6)(9) | SOFR + | 4.00% | 9.08% | 8/2/2024 | 7/27/2028 | 77903 | 77903 | 78715 | 0.20 |
| &nbsp;&nbsp;Aretec Group, Inc. | (6)(8) | SOFR + | 3.50% | 7.86% | 5/29/2024 | 8/9/2030 | 853 | 853 | 856 | 0.00 |
| &nbsp;&nbsp;FFML Holdco Ltd | (4)(6)(10) | B + | 6.25% | 10.66% | 11/11/2022 | 11/30/2028 | 37054 | 22562 | 20732 | 0.05 |
| &nbsp;&nbsp;Focus Financial Partners LLC | (7)(8) | SOFR + | 3.25% | 7.61% | 9/11/2024 | 9/11/2031 | 14889 | 14853 | 15061 | 0.04 |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | (6)(7)(8) | SOFR + | 2.75% | 7.08% | 9/5/2024 | 9/5/2031 | 12388 | 12074 | 12445 | 0.03 |
| &nbsp;&nbsp;Osaic Holdings Inc | (6)(8) | SOFR + | 3.50% | 7.86% | 11/26/2024 | 8/17/2028 | 10567 | 10567 | 10623 | 0.03 |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. | (5)(11) | SOFR + | 6.50% | 11.09% | 12/29/2023 | 4/30/2027 | 3884 | 3843 | 3819 | 0.01 |
| &nbsp;&nbsp;Situs-AMC Holdings Corporation | (4)(11) | SOFR + | 5.50% | 9.93% | 12/22/2021 | 12/22/2027 | 12151 | 12090 | 12151 | 0.03 |
| &nbsp;&nbsp;Superannuation And Investments US, LLC | (6)(9) | SOFR + | 3.75% | 8.22% | 12/1/2021 | 12/1/2028 | 13026 | 12975 | 13122 | 0.03 |
| &nbsp;&nbsp;The Edelman Financial Engines Center, LLC | (6)(8) | SOFR + | 3.00% | 7.36% | 6/5/2024 | 4/7/2028 | 18370 | 18370 | 18504 | 0.05 |
|  |  |  |  |  |  |  |  | 201057 | 201173 | 0.51 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Charter Next Generation Inc | (10) | SOFR + | 3.00% | 7.53% | 11/5/2024 | 11/29/2030 | $6972 | $6990 | $7018 | 0.02% |
| &nbsp;&nbsp;DCG Acquisition Corp. | (4)(7)(10) | SOFR + | 4.50% | 8.86% | 6/13/2024 | 6/13/2031 | 210895 | 208448 | 209820 | 0.54 |
| &nbsp;&nbsp;Derby Buyer, LLC | (6)(9) | SOFR + | 3.00% | 7.37% | 12/13/2024 | 11/1/2030 | 6451 | 6451 | 6479 | 0.02 |
| &nbsp;&nbsp;Formulations Parent Corp. | (4)(7)(10) | SOFR + | 5.75% | 10.27% | 11/15/2023 | 11/15/2030 | 21268 | 20853 | 21019 | 0.05 |
| &nbsp;&nbsp;Geon Performance Solutions, LLC | (10) | SOFR + | 4.25% | 8.84% | 8/18/2021 | 8/18/2028 | 3581 | 3566 | 3598 | 0.01 |
| &nbsp;&nbsp;Hyperion Materials & Technologies, Inc. | (9) | SOFR + | 4.50% | 9.13% | 8/30/2021 | 8/30/2028 | 7904 | 7895 | 7788 | 0.02 |
|  |  |  |  |  |  |  |  | 254203 | 255722 | 0.66 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Access CIG, LLC | (9) | SOFR + | 5.00% | 9.59% | 8/18/2023 | 8/18/2028 | 43414 | 42988 | 43891 | 0.11 |
| &nbsp;&nbsp;Allied Universal Holdco, LLC | (9) | SOFR + | 3.75% | 8.21% | 4/8/2021 | 5/12/2028 | 40727 | 40680 | 40911 | 0.11 |
| &nbsp;&nbsp;Anticimex, Inc. | (6)(9) | SOFR + | 3.15% | 7.72% | 11/8/2021 | 11/16/2028 | 11645 | 11620 | 11742 | 0.03 |
| &nbsp;&nbsp;Armor Holdco, Inc. | (6)(9) | SOFR + | 3.75% | 8.03% | 12/13/2024 | 12/11/2028 | 6363 | 6363 | 6454 | 0.02 |
| &nbsp;&nbsp;Bazaarvoice, Inc. | (4)(7)(8) | SOFR + | 5.25% | 9.25% | 5/7/2021 | 5/7/2028 | 417604 | 417604 | 417604 | 1.07 |
| &nbsp;&nbsp;CFS Brands, LLC | (4)(7)(11) | SOFR + | 5.00% | 9.36% | 12/20/2024 | 10/2/2030 | 209628 | 205595 | 209011 | 0.54 |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | (10) | SOFR + | 3.75% | 8.22% | 3/31/2021 | 3/31/2028 | 22477 | 22497 | 22744 | 0.06 |
| &nbsp;&nbsp;EAB Global, Inc. | (9) | SOFR + | 3.25% | 7.61% | 8/16/2021 | 8/16/2028 | 13340 | 13322 | 13409 | 0.03 |
| &nbsp;&nbsp;Foundational Education Group, Inc. | (9) | SOFR + | 3.75% | 8.60% | 8/31/2021 | 8/31/2028 | 8869 | 8822 | 8658 | 0.02 |
| &nbsp;&nbsp;FusionSite Midco, LLC | (4)(11) | SOFR + | 5.75% | 10.34% | 11/17/2023 | 11/17/2029 | 45012 | 44189 | 45012 | 0.12 |
| &nbsp;&nbsp;FusionSite Midco, LLC | (4)(11) | SOFR + | 5.50% | 10.29% | 11/17/2023 | 11/17/2029 | 19466 | 19110 | 19466 | 0.05 |
| &nbsp;&nbsp;FusionSite Midco, LLC | (4)(5)(7)(11) | SOFR + | 5.75% | 10.48% | 9/25/2024 | 11/17/2029 | 34988 | 34481 | 34805 | 0.09 |
| &nbsp;&nbsp;Garda World Security Corp. | (6)(8) | SOFR + | 3.50% | 7.90% | 8/6/2024 | 2/1/2029 | 20915 | 20915 | 21033 | 0.05 |
| &nbsp;&nbsp;Gatekeeper Systems, Inc. | (4)(10) | SOFR + | 5.00% | 9.51% | 8/27/2024 | 8/28/2030 | 252033 | 248470 | 250143 | 0.64 |
| &nbsp;&nbsp;Gatekeeper Systems, Inc. | (4)(5)(7)(10) | SOFR + | 5.00% | 9.52% | 8/27/2024 | 8/28/2030 | 9238 | 8309 | 8483 | 0.02 |
| &nbsp;&nbsp;GBT US III, LLC | (6)(8) | SOFR + | 3.00% | 7.63% | 7/26/2024 | 7/25/2031 | 4000 | 4009 | 4025 | 0.01 |
| &nbsp;&nbsp;Gorilla Investor LLC | (4)(5)(10) | SOFR + | 5.00% | 9.32% | 9/26/2024 | 9/30/2031 | 167623 | 164393 | 165947 | 0.43 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;Iris Buyer, LLC | (4)(11) | SOFR + | 6.25% | 10.68% | 10/2/2023 | 10/2/2030 | $54542 | $53310 | $54542 | 0.14% |
| &nbsp;&nbsp;Iris Buyer, LLC | (4)(5)(7)(11) | SOFR + | 6.25% | 10.58% | 10/2/2023 | 10/2/2030 | 5142 | 4825 | 4889 | 0.01 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.75% | 10.20% | 12/15/2021 | 12/15/2027 | 137995 | 136695 | 137995 | 0.36 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.75% | 10.35% | 11/9/2023 | 12/15/2027 | 53947 | 53091 | 53947 | 0.14 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.75% | 10.44% | 12/15/2021 | 12/15/2027 | 95828 | 94996 | 95828 | 0.25 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.00% | 9.59% | 6/28/2024 | 12/15/2027 | 36335 | 35565 | 36335 | 0.09 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 10.10% (incl. 3.00% PIK) | 12/29/2021 | 11/8/2031 | 237105 | 235092 | 237105 | 0.61 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 10.00% (incl. 3.00% PIK) | 1/7/2021 | 11/8/2031 | 45390 | 44992 | 45390 | 0.12 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.77% (incl. 3.00% PIK) | 11/8/2024 | 11/8/2031 | 566934 | 560739 | 566249 | 1.46 |
| &nbsp;&nbsp;Knowledge Pro Buyer, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.46% | 12/10/2021 | 12/10/2027 | 88097 | 87288 | 88009 | 0.23 |
| &nbsp;&nbsp;KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + | 5.50% | 10.19% | 10/19/2021 | 10/19/2028 | 46483 | 45978 | 40440 | 0.10 |
| &nbsp;&nbsp;KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + | 5.50% | 10.28% | 10/19/2021 | 10/19/2028 | 20736 | 20512 | 18040 | 0.05 |
| &nbsp;&nbsp;Lsf12 Crown US Commercial Bidco LLC | (7)(8) | SOFR + | 4.25% | 8.80% | 12/2/2024 | 12/2/2031 | 106500 | 102520 | 106300 | 0.27 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (8) | SOFR + | 2.75% | 7.37% | 1/26/2024 | 7/25/2030 | 4988 | 5030 | 5018 | 0.01 |
| &nbsp;&nbsp;Onex Baltimore Buyer, Inc. | (4)(11)(18) | SOFR + | 5.27% | 9.63% | 12/1/2021 | 12/1/2027 | 187232 | 185397 | 187232 | 0.48 |
| &nbsp;&nbsp;Onex Baltimore Buyer, Inc. | (4)(7)(11)(18) | SOFR + | 4.75% | 9.11% | 12/1/2021 | 12/1/2027 | 218111 | 214516 | 217257 | 0.56 |
| &nbsp;&nbsp;Pearce Intermediate Holdings, Inc | (4)(12) | SOFR + | 4.75% | 9.09% | 6/2/2021 | 6/2/2029 | 82396 | 81522 | 82396 | 0.21 |
| &nbsp;&nbsp;Pearce Intermediate Holdings, Inc | (4)(5)(7)(11) | SOFR + | 4.75% | 9.09% | 6/29/2023 | 6/2/2029 | 1759 | 1241 | 1259 | 0.00 |
| &nbsp;&nbsp;Pearce Intermediate Holdings, Inc | (4)(5)(11) | SOFR + | 4.75% | 9.09% | 11/6/2024 | 6/2/2029 | 114713 | 113604 | 114713 | 0.30 |
| &nbsp;&nbsp;Polyphase Elevator Holding Co. | (4)(5)(7)(11) | SOFR + | 6.00% | 10.43% (incl. 5.00% PIK) | 6/23/2021 | 6/23/2027 | 6059 | 6023 | 4949 | 0.01 |
| &nbsp;&nbsp;Polyphase Elevator Holding Co. | (4)(5)(11) | SOFR + | 6.00% | 10.48% (incl. 5.00% PIK) | 12/21/2021 | 6/23/2027 | 10818 | 10818 | 8952 | 0.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (6)(8) | SOFR + | 2.00% | 6.52% | 11/20/2024 | 10/13/2030 | $1496 | $1496 | $1502 | 0.00% |
| &nbsp;&nbsp;Pye-Barker Fire & Safety, LLC | (4)(5)(10) | SOFR + | 4.50% | 8.83% | 5/24/2024 | 5/24/2031 | 4461 | 4461 | 4461 | 0.01 |
| &nbsp;&nbsp;Pye-Barker Fire & Safety, LLC | (4)(5)(10) | SOFR + | 4.50% | 8.83% | 5/24/2024 | 5/24/2031 | 13816 | 13753 | 13747 | 0.04 |
| &nbsp;&nbsp;Safety Products/JHC Acquisition Corp | (7)(8) | SOFR + | 4.50% | 8.96% | 1/7/2021 | 6/28/2026 | 59946 | 59856 | 60169 | 0.15 |
| &nbsp;&nbsp;TEI Intermediate LLC | (4)(10) | SOFR + | 4.75% | 9.15% | 12/13/2024 | 12/15/2031 | 146288 | 144836 | 144825 | 0.37 |
| &nbsp;&nbsp;TEI Intermediate LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.15% | 12/13/2024 | 12/15/2031 | 2421 | 1976 | 1973 | 0.01 |
| &nbsp;&nbsp;The Hiller Companies, LLC | (4)(10) | SOFR + | 5.00% | 9.36% | 6/20/2024 | 6/20/2030 | 75375 | 74688 | 74809 | 0.19 |
| &nbsp;&nbsp;The Hiller Companies, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.58% | 6/20/2024 | 6/20/2030 | 5465 | 5216 | 5240 | 0.01 |
| &nbsp;&nbsp;TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.) | (9) | SOFR + | 3.50% | 7.97% | 12/9/2021 | 12/8/2028 | 26793 | 26721 | 27065 | 0.07 |
| &nbsp;&nbsp;Vaco Holdings, Inc. | (10) | SOFR + | 5.00% | 9.48% | 1/21/2022 | 1/21/2029 | 8940 | 8914 | 8299 | 0.02 |
| &nbsp;&nbsp;Veregy Consolidated, Inc. | (11) | SOFR + | 6.00% | 10.85% | 1/7/2021 | 11/2/2027 | 19954 | 19977 | 19979 | 0.05 |
| &nbsp;&nbsp;Water Holdings Acquisition LLC | (4)(7)(10) | SOFR + | 5.00% | 9.36% (incl. 3.00% PIK) | 7/31/2024 | 7/31/2031 | 188383 | 186488 | 187263 | 0.48 |
|  |  |  |  |  |  |  |  | 3955503 | 3979515 | 10.22 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Azuria Water Solutions Inc | (10) | SOFR + | 3.75% | 8.11% | 7/23/2024 | 5/17/2028 | 34436 | 34436 | 34759 | 0.09 |
| &nbsp;&nbsp;Brookfield WEC Holdings, Inc. | (8) | SOFR + | 2.25% | 6.80% | 1/25/2024 | 1/27/2031 | 7943 | 7868 | 7959 | 0.02 |
| &nbsp;&nbsp;Consor Intermediate II, LLC | (4)(7)(10) | SOFR + | 4.50% | 8.83% | 5/10/2024 | 5/10/2031 | 48760 | 48008 | 48538 | 0.12 |
| &nbsp;&nbsp;COP Home Services TopCo IV, Inc. | (4)(7)(11) | SOFR + | 6.00% | 10.43% | 6/9/2023 | 12/31/2027 | 208968 | 205871 | 208754 | 0.54 |
| &nbsp;&nbsp;Gannett Fleming Inc | (4)(7)(10) | SOFR + | 4.75% | 9.23% | 8/5/2024 | 8/5/2030 | 360786 | 355220 | 357520 | 0.92 |
| &nbsp;&nbsp;Groundworks, LLC | (8) | SOFR + | 3.25% | 7.65% | 3/14/2024 | 3/14/2031 | 9040 | 9058 | 9099 | 0.02 |
| &nbsp;&nbsp;Groundworks, LLC | (7)(8) | SOFR + | 3.25% | 7.65% | 3/14/2024 | 3/14/2031 | 266 | 168 | 277 | 0.00 |
| &nbsp;&nbsp;Peak Utility Services Group, Inc. | (4)(11) | SOFR + | 4.50% | 8.96% | 3/2/2021 | 3/2/2028 | 15170 | 15101 | 15019 | 0.04 |
| &nbsp;&nbsp;Peak Utility Services Group, Inc. | (4)(5)(11) | SOFR + | 4.50% | 8.96% | 3/2/2021 | 3/2/2028 | 2023 | 2017 | 2002 | 0.01 |
| &nbsp;&nbsp;Pike Electric Corp. | (8) | SOFR + | 3.00% | 7.47% | 6/7/2022 | 1/21/2028 | 1000 | 1011 | 1009 | 0.00 |
| &nbsp;&nbsp;Refficiency Holdings, LLC | (10) | SOFR + | 3.50% | 7.96% | 10/28/2021 | 12/16/2027 | 11229 | 11187 | 11291 | 0.03 |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. | (7)(10) | SOFR + | 4.25% | 8.58% | 6/20/2024 | 8/31/2028 | 13700 | 13601 | 13770 | 0.04 |
|  |  |  |  |  |  |  |  | 703546 | 709997 | 1.83 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;Tamko Building Products, LLC | (8) | SOFR + | 2.75% | 7.09% | 10/23/2024 | 9/20/2030 | $2985 | $2985 | $3013 | 0.01% |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;Anchor Packaging, LLC | (8) | SOFR + | 3.25% | 7.69% | 12/13/2024 | 7/18/2029 | 1990 | 1990 | 2004 | 0.01 |
| &nbsp;&nbsp;Ascend Buyer, LLC | (4)(10) | SOFR + | 5.75% | 10.23% | 10/18/2022 | 9/30/2028 | 11299 | 11086 | 11299 | 0.03 |
| &nbsp;&nbsp;Ascend Buyer, LLC | (4)(5)(7)(10) | SOFR + | 5.75% | 10.23% | 9/30/2021 | 9/30/2027 | 2587 | 2516 | 2587 | 0.01 |
| &nbsp;&nbsp;Berlin Packaging, LLC | (8) | SOFR + | 3.50% | 8.05% | 6/7/2024 | 6/7/2031 | 18861 | 18892 | 18993 | 0.05 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + | 3.18% | 7.53% | 4/13/2022 | 4/13/2029 | 13989 | 13751 | 14033 | 0.04 |
| &nbsp;&nbsp;Graham Packaging Co, Inc. | (8) | SOFR + | 2.50% | 6.86% | 7/31/2024 | 8/4/2027 | 7836 | 7836 | 7864 | 0.02 |
| &nbsp;&nbsp;MAR Bidco S.à r.l. | (6)(9) | SOFR + | 4.20% | 8.77% | 6/28/2021 | 7/6/2028 | 3819 | 3809 | 3713 | 0.01 |
| &nbsp;&nbsp;ProAmpac PG Borrower, LLC | (10) | SOFR + | 4.00% | 8.66% | 4/9/2024 | 9/15/2028 | 16192 | 16192 | 16263 | 0.04 |
| &nbsp;&nbsp;Ring Container Technologies Group, LLC | (9) | SOFR + | 2.75% | 7.11% | 7/19/2024 | 8/12/2028 | 982 | 982 | 986 | 0.00 |
| &nbsp;&nbsp;TricorBraun Holdings, Inc. | (9) | SOFR + | 3.25% | 7.72% | 3/3/2021 | 3/3/2028 | 14375 | 14315 | 14383 | 0.04 |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | (9) | SOFR + | 3.75% | 8.19% | 10/18/2024 | 9/15/2028 | 21739 | 21739 | 21961 | 0.06 |
|  |  |  |  |  |  |  |  | 113108 | 114086 | 0.31 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;BP Purchaser, LLC | (4)(5)(10) | SOFR + | 5.50% | 10.16% PIK | 12/10/2021 | 12/10/2028 | 7820 | 7732 | 6881 | 0.02 |
| &nbsp;&nbsp;Bradyplus Holdings LLC | (4)(11) | SOFR + | 5.00% | 9.52% | 10/11/2024 | 10/31/2029 | 218268 | 214783 | 218268 | 0.56 |
| &nbsp;&nbsp;Bradyplus Holdings LLC | (4)(5)(7)(11) | SOFR + | 5.00% | 9.40% | 10/11/2024 | 10/31/2029 | 1381 | 1287 | 1331 | 0.00 |
| &nbsp;&nbsp;Genuine Cable Group, LLC | (4)(10) | SOFR + | 5.75% | 10.21% | 11/1/2021 | 11/2/2026 | 29649 | 29372 | 28166 | 0.07 |
| &nbsp;&nbsp;Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + | 6.50% | 11.24% (incl. 3.25% PIK) | 11/1/2022 | 6/23/2028 | 15532 | 15244 | 13979 | 0.04 |
| &nbsp;&nbsp;Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + | 6.25% | 10.99% (incl. 3.25% PIK) | 12/31/2021 | 6/23/2028 | 26188 | 25928 | 23438 | 0.06 |
| &nbsp;&nbsp;NDC Acquisition Corp. | (4)(7)(8) | SOFR + | 5.50% | 10.19% | 3/9/2021 | 3/9/2027 | 21656 | 21405 | 21656 | 0.06 |
| &nbsp;&nbsp;PT Intermediate Holdings III, LLC | (4)(7)(9) | SOFR + | 5.00% | 9.33% (incl. 1.75% PIK) | 4/9/2024 | 4/9/2030 | 170148 | 169770 | 170133 | 0.44 |
| &nbsp;&nbsp;S&S Holdings, LLC | (9) | SOFR + | 5.00% | 9.46% | 3/11/2021 | 3/11/2028 | 7792 | 7807 | 7785 | 0.02 |
| &nbsp;&nbsp;Tailwind Colony Holding Corporation | (4)(11) | SOFR + | 6.50% | 11.19% | 1/7/2021 | 5/13/2026 | 81820 | 81505 | 80184 | 0.21 |
|  |  |  |  |  |  |  |  | 574833 | 571821 | 1.48 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(11) | SOFR + | 5.00% | 9.73% | 7/19/2024 | 7/24/2030 | $27472 | $26963 | $27472 | 0.07% |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.00% | 9.50% | 7/19/2024 | 7/24/2030 | 22804 | 22321 | 22804 | 0.06 |
| &nbsp;&nbsp;American Restoration Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.00% | 9.73% | 7/19/2024 | 7/24/2030 | 1697 | 1552 | 1697 | 0.00 |
| &nbsp;&nbsp;Ascend Learning, LLC | (9) | SOFR + | 3.50% | 7.96% | 12/10/2021 | 12/11/2028 | 20370 | 20125 | 20505 | 0.05 |
| &nbsp;&nbsp;Barbri Holdings, Inc. | (4)(10) | SOFR + | 5.00% | 9.35% | 12/20/2024 | 4/30/2030 | 133249 | 131960 | 132582 | 0.34 |
| &nbsp;&nbsp;Barbri Holdings, Inc. | (4)(10) | SOFR + | 5.00% | 9.35% | 12/20/2024 | 4/30/2030 | 42165 | 41955 | 41954 | 0.11 |
| &nbsp;&nbsp;BPPH2 Limited | (4)(6)(8) | S + | 6.75% | 11.57% | 3/16/2021 | 3/16/2028 | 40700 | 55566 | 50952 | 0.13 |
| &nbsp;&nbsp;BPPH2 Limited | (4)(5)(6)(8) | S + | 6.25% | 10.95% | 6/17/2024 | 3/16/2028 | 8269 | 10367 | 10352 | 0.03 |
| &nbsp;&nbsp;BPPH2 Limited | (4)(5)(6)(10) | CA + | 6.25% | 10.03% | 6/17/2024 | 3/16/2028 | 5090 | 3653 | 3541 | 0.01 |
| &nbsp;&nbsp;BPPH2 Limited | (4)(5)(6)(10) | SOFR + | 6.25% | 10.76% | 6/17/2024 | 3/16/2028 | 2645 | 2588 | 2645 | 0.01 |
| &nbsp;&nbsp;Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + | 5.50% | 10.23% | 7/20/2021 | 7/20/2028 | 939007 | 934248 | 939007 | 2.42 |
| &nbsp;&nbsp;Cengage Learning, Inc. | (6)(11) | SOFR + | 3.50% | 7.86% | 11/22/2024 | 3/22/2031 | 8458 | 8458 | 8512 | 0.02 |
| &nbsp;&nbsp;Charger Debt Merger Sub, LLC | (4)(10) | SOFR + | 4.75% | 9.08% | 5/31/2024 | 5/31/2031 | 54863 | 54360 | 54863 | 0.14 |
| &nbsp;&nbsp;Charger Debt Merger Sub, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.07% | 5/31/2024 | 5/31/2031 | 11701 | 11447 | 11539 | 0.03 |
| &nbsp;&nbsp;DTA Intermediate II Ltd. | (4)(12) | SOFR + | 5.25% | 9.58% | 3/27/2024 | 3/27/2030 | 51454 | 50556 | 51454 | 0.13 |
| &nbsp;&nbsp;DTA Intermediate II Ltd. | (4)(5)(7)(11) | SOFR + | 5.25% | 9.83% | 3/27/2024 | 3/27/2030 | 6461 | 5975 | 6254 | 0.02 |
| &nbsp;&nbsp;Element Materials Technology Group US Holdings Inc. | (6)(9) | SOFR + | 3.75% | 8.08% | 6/24/2022 | 7/6/2029 | 7385 | 7331 | 7442 | 0.02 |
| &nbsp;&nbsp;Endeavor Schools Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.88% | 7/18/2023 | 7/18/2029 | 46941 | 46053 | 45885 | 0.12 |
| &nbsp;&nbsp;Endeavor Schools Holdings, LLC | (4)(5)(7)(11) | SOFR + | 6.25% | 10.88% | 7/18/2023 | 7/18/2029 | 8640 | 8359 | 8291 | 0.02 |
| &nbsp;&nbsp;Essential Services Holding Corp | (4)(7)(10) | SOFR + | 5.00% | 9.65% | 6/17/2024 | 6/17/2031 | 69595 | 68785 | 69412 | 0.18 |
| &nbsp;&nbsp;Go Car Wash Management Corp. | (4)(11) | SOFR + | 5.75% | 10.21% | 10/12/2021 | 12/31/2026 | 41322 | 40966 | 40289 | 0.10 |
| &nbsp;&nbsp;Go Car Wash Management Corp. | (4)(11) | SOFR + | 5.75% | 10.11% | 10/12/2021 | 12/31/2026 | 47774 | 47286 | 46580 | 0.12 |
| &nbsp;&nbsp;Imagine Learning, LLC | (9) | SOFR + | 3.50% | 7.86% | 2/1/2024 | 12/21/2029 | 64711 | 64437 | 64909 | 0.17 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.79% | 3/10/2022 | 3/12/2029 | $9746 | $9688 | $9700 | 0.02% |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.62% | 11/20/2023 | 3/12/2029 | 27225 | 26686 | 27096 | 0.07 |
| &nbsp;&nbsp;Pre-Paid Legal Services, Inc. | (9) | SOFR + | 3.75% | 8.22% | 12/15/2021 | 12/15/2028 | 17560 | 17482 | 17700 | 0.05 |
| &nbsp;&nbsp;Seahawk Bidco, LLC | (4)(7)(11) | SOFR + | 4.75% | 9.10% | 12/19/2024 | 12/19/2031 | 230733 | 228095 | 229610 | 0.59 |
| &nbsp;&nbsp;Spring Education Group, Inc. | (8) | SOFR + | 4.00% | 8.33% | 9/29/2023 | 9/29/2030 | 13647 | 13506 | 13750 | 0.04 |
| &nbsp;&nbsp;Sunshine Cadence Holdco, LLC | (4)(10) | SOFR + | 5.00% | 9.61% | 5/1/2024 | 5/1/2031 | 199500 | 197696 | 197505 | 0.51 |
| &nbsp;&nbsp;Sunshine Cadence Holdco, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.33% | 5/1/2024 | 5/1/2031 | 16598 | 16164 | 16278 | 0.04 |
| &nbsp;&nbsp;University Support Services, LLC | (9) | SOFR + | 2.75% | 7.11% | 2/10/2022 | 2/10/2029 | 9496 | 9467 | 9551 | 0.02 |
|  |  |  |  |  |  |  |  | 2184095 | 2190131 | 5.64 |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| &nbsp;&nbsp;Iron Mountain Information Management, LLC | (8) | SOFR + | 2.00% | 6.36% | 12/28/2023 | 1/31/2031 | 5955 | 5975 | 5962 | 0.02 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Point Broadband Acquisition, LLC | (4)(7)(11) | SOFR + | 5.50% | 10.09% | 10/1/2021 | 10/1/2028 | 230465 | 227373 | 229620 | 0.59 |
| &nbsp;&nbsp;Zacapa, LLC | (6)(9) | SOFR + | 3.75% | 8.08% | 10/29/2024 | 3/22/2029 | 7444 | 7444 | 7496 | 0.02 |
|  |  |  |  |  |  |  |  | 234817 | 237116 | 0.61 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;Qualus Power Services Corp. | (4)(11) | SOFR + | 5.00% | 9.51% | 3/26/2021 | 3/26/2027 | 61040 | 60557 | 61040 | 0.16 |
| &nbsp;&nbsp;Qualus Power Services Corp. | (4)(11) | SOFR + | 5.00% | 9.51% | 7/27/2023 | 3/26/2027 | 53973 | 53158 | 53973 | 0.14 |
| &nbsp;&nbsp;Qualus Power Services Corp. | (4)(5)(7)(11) | SOFR + | 5.00% | 9.50% | 5/9/2024 | 3/26/2027 | 42725 | 41725 | 42469 | 0.11 |
| &nbsp;&nbsp;Tiger Acquisition, LLC | (9) | SOFR + | 3.00% | 7.34% | 11/16/2022 | 6/1/2028 | 12673 | 12673 | 12704 | 0.03 |
|  |  |  |  |  |  |  |  | 168113 | 170186 | 0.44 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;Emergency Power Holdings, LLC | (4)(7)(11) | SOFR + | 4.75% | 9.34% | 8/17/2021 | 8/17/2030 | $194324 | $192151 | $193887 | 0.50% |
| &nbsp;&nbsp;IEM New Sub 2, LLC | (4)(7)(10) | SOFR + | 4.75% | 9.27% | 8/8/2024 | 8/8/2030 | 327813 | 322691 | 324784 | 0.84 |
| &nbsp;&nbsp;Madison IAQ, LLC | (9) | SOFR + | 2.75% | 7.89% | 6/21/2021 | 6/21/2028 | 39617 | 39367 | 39809 | 0.10 |
|  |  |  |  |  |  |  |  | 554209 | 558480 | 1.44 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.43% | 1/7/2021 | 12/23/2026 | 24995 | 24828 | 23870 | 0.06 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(5)(11) | SOFR + | 6.00% | 10.68% | 1/7/2021 | 12/23/2026 | 7502 | 7472 | 7164 | 0.02 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(5)(11) | SOFR + | 6.00% | 10.73% | 1/7/2021 | 12/23/2026 | 1924 | 1917 | 1838 | 0.00 |
| &nbsp;&nbsp;Duro Dyne National Corp | (4)(7)(10) | SOFR + | 5.00% | 9.52% | 11/15/2024 | 11/15/2031 | 190133 | 187766 | 187714 | 0.48 |
| &nbsp;&nbsp;Dwyer Instruments LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.27% | 11/15/2024 | 7/30/2029 | 46679 | 46123 | 46109 | 0.12 |
| &nbsp;&nbsp;Infinite Bidco, LLC | (9) | SOFR + | 3.75% | 8.60% | 3/2/2021 | 3/2/2028 | 19865 | 19777 | 19746 | 0.05 |
| &nbsp;&nbsp;Modena Buyer, LLC | (8) | SOFR + | 4.50% | 8.86% | 7/1/2024 | 7/1/2031 | 49961 | 49030 | 48515 | 0.12 |
| &nbsp;&nbsp;Phoenix 1 Buyer Corp. | (4)(7)(10) | SOFR + | 5.50% | 9.87% | 11/20/2023 | 11/20/2030 | 42815 | 42385 | 42815 | 0.11 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC | (4)(5)(6)(9) | E + | 5.00% | 8.33% | 7/1/2024 | 7/1/2030 | 7356 | 7899 | 7562 | 0.02 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC | (4)(5)(6)(9) | E + | 5.00% | 8.33% | 7/1/2024 | 7/1/2031 | 64279 | 68069 | 66084 | 0.17 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC | (4)(6)(7)(9) | SOFR + | 5.00% | 9.59% | 7/1/2024 | 7/1/2031 | 262319 | 257230 | 259369 | 0.67 |
|  |  |  |  |  |  |  |  | 712496 | 710786 | 1.82 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;ISQ Hawkeye Holdco, Inc. | (4)(5)(10) | SOFR + | 4.75% | 9.13% | 8/20/2024 | 8/20/2031 | $8811 | $8651 | $8811 | 0.02% |
| &nbsp;&nbsp;ISQ Hawkeye Holdco, Inc. | (4)(5)(7)(10) | P + | 3.75% | 11.75% | 8/20/2024 | 8/20/2030 | 312 | 288 | 304 | 0.00 |
| &nbsp;&nbsp;LPW Group Holdings, Inc. | (4)(7)(11) | SOFR + | 6.00% | 10.59% | 3/15/2024 | 3/15/2031 | 32668 | 31802 | 32668 | 0.08 |
|  |  |  |  |  |  |  |  | 40741 | 41783 | 0.10 |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;CE Intermediate I, LLC | (9) | SOFR + | 3.50% | 8.05% | 11/10/2021 | 11/10/2028 | 7564 | 7522 | 7606 | 0.02 |
| &nbsp;&nbsp;Renaissance Holdings Corp | (9) | SOFR + | 4.00% | 8.36% | 12/6/2024 | 4/5/2030 | 2506 | 2506 | 2503 | 0.01 |
| &nbsp;&nbsp;William Morris Endeavor Entertainment LLC | (8) | SOFR + | 2.75% | 7.22% | 11/7/2024 | 5/18/2025 | 9966 | 9986 | 10002 | 0.03 |
|  |  |  |  |  |  |  |  | 20014 | 20111 | 0.06 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Atlas Securitized Products Funding 2, L.P. | (4)(5)(6)(7)(8) | SOFR + | 1.50% | 6.05% | 3/28/2024 | 5/25/2063 | 148565 | 144785 | 148565 | 0.38 |
| &nbsp;&nbsp;Carr Riggs & Ingram Capital LLC | (4)(5)(9) | SOFR + | 4.75% | 9.24% | 11/18/2024 | 11/18/2031 | 43387 | 42960 | 42953 | 0.11 |
| &nbsp;&nbsp;Carr Riggs & Ingram Capital LLC | (4)(5)(7)(9) | SOFR + | 4.75% | 9.24% | 11/18/2024 | 11/18/2031 | 1290 | 1078 | 1074 | 0.00 |
| &nbsp;&nbsp;DM Intermediate Parent LLC | (4)(7)(10) | SOFR + | 5.00% | 9.60% | 9/30/2024 | 9/30/2030 | 104836 | 102581 | 102451 | 0.26 |
| &nbsp;&nbsp;Mitchell International, Inc. | (9) | SOFR + | 3.25% | 7.61% | 6/17/2024 | 6/17/2031 | 65066 | 64765 | 65181 | 0.17 |
| &nbsp;&nbsp;More Cowbell II, LLC | (4)(10) | SOFR + | 5.00% | 8.89% | 9/1/2023 | 9/1/2030 | 19791 | 19391 | 19791 | 0.05 |
| &nbsp;&nbsp;More Cowbell II, LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.28% | 9/1/2023 | 9/1/2029 | 1132 | 1055 | 1105 | 0.00 |
| &nbsp;&nbsp;PKF O'Connor Davies Advisory, LLC | (4)(5)(7)(10) | P + | 3.50% | 11.00% | 11/15/2024 | 11/18/2031 | 84784 | 83647 | 83618 | 0.22 |
| &nbsp;&nbsp;RFS Opco, LLC | (4)(7)(9) | SOFR + | 4.75% | 9.08% | 4/4/2024 | 4/4/2031 | 30400 | 30100 | 30371 | 0.08 |
| &nbsp;&nbsp;Solera, LLC | (9)(18) | SOFR + | 4.00% | 8.85% | 6/4/2021 | 6/2/2028 | 32496 | 32307 | 32596 | 0.08 |
|  |  |  |  |  |  |  |  | 522669 | 527705 | 1.35 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;Snacking Investments US, LLC | (6)(11) | SOFR + | 4.00% | 8.34% | 1/7/2021 | 12/18/2026 | 4830 | 4843 | 4878 | 0.01 |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |
| &nbsp;&nbsp;Channelside AcquisitionCo, Inc. | (4)(7)(10) | SOFR + | 4.75% | 9.34% | 5/15/2024 | 5/15/2031 | 156455 | 155909 | 156432 | 0.40 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;AEC Parent Holdings Inc. | (9) | SOFR + | 5.75% | 10.23% | 6/13/2022 | 6/13/2029 | $24809 | $24420 | $20095 | 0.05% |
| &nbsp;&nbsp;Auris Luxembourg III S.à r.l. | (6)(8) | SOFR + | 3.75% | 8.18% | 9/27/2024 | 2/28/2029 | 8834 | 8834 | 8950 | 0.02 |
| &nbsp;&nbsp;Bamboo US BidCo, LLC | (4)(7)(11) | SOFR + | 5.25% | 9.77% | 9/29/2023 | 9/30/2030 | 33656 | 32619 | 33563 | 0.09 |
| &nbsp;&nbsp;Bamboo US BidCo, LLC | (4)(11) | E + | 5.25% | 8.25% | 9/29/2023 | 9/30/2030 | 72601 | 75070 | 75204 | 0.19 |
| &nbsp;&nbsp;CPI Buyer, LLC | (4)(10) | SOFR + | 5.50% | 10.28% | 11/1/2021 | 11/1/2028 | 168601 | 166863 | 165651 | 0.43 |
| &nbsp;&nbsp;CPI Buyer, LLC | (4)(5)(7)(10) | SOFR + | 5.50% | 10.28% | 5/23/2024 | 11/1/2028 | 9317 | 9014 | 8547 | 0.02 |
| &nbsp;&nbsp;Egrotron Acquisition, LLC | (4)(10) | SOFR + | 5.25% | 9.61% | 7/6/2022 | 7/6/2028 | 62707 | 61994 | 62707 | 0.16 |
| &nbsp;&nbsp;GCX Corporation Buyer, LLC | (4)(10) | SOFR + | 5.50% | 9.96% | 9/13/2021 | 9/13/2027 | 191560 | 189828 | 188686 | 0.49 |
| &nbsp;&nbsp;GCX Corporation Buyer, LLC | (4)(10) | SOFR + | 5.50% | 10.05% | 9/13/2021 | 9/13/2027 | 48510 | 48118 | 47782 | 0.12 |
| &nbsp;&nbsp;Natus Medical Incorporated | (4)(9) | SOFR + | 5.50% | 10.25% | 7/21/2022 | 7/20/2029 | 49000 | 46760 | 48265 | 0.12 |
| &nbsp;&nbsp;Natus Medical Incorporated | (4)(5)(7)(9) | SOFR + | 4.50% | 8.96% | 7/21/2022 | 7/21/2027 | 5025 | 4953 | 4736 | 0.01 |
| &nbsp;&nbsp;Sharp Services, LLC | (8) | SOFR + | 3.25% | 7.58% | 10/25/2024 | 12/31/2028 | 7665 | 7665 | 7746 | 0.02 |
| &nbsp;&nbsp;Zeus, LLC | (4)(7)(10) | SOFR + | 5.50% | 9.83% | 2/28/2024 | 2/28/2031 | 52053 | 51239 | 51974 | 0.13 |
|  |  |  |  |  |  |  |  | 727377 | 723906 | 1.85 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;123Dentist, Inc. | (4)(6)(7)(10) | CA + | 5.00% | 8.30% | 8/10/2022 | 8/10/2029 | 269432 | 203389 | 187438 | 0.48 |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 9.96% | 8/2/2021 | 8/2/2027 | 2148 | 1963 | 1289 | 0.00 |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | (4)(10) | SOFR + | 6.00% | 10.46% (incl. 3.25% PIK) | 7/7/2023 | 8/2/2028 | 133714 | 131686 | 128366 | 0.33 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.78% | 5/7/2021 | 5/7/2027 | 10408 | 10327 | 10408 | 0.03 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.60% | 5/7/2021 | 5/7/2027 | 8559 | 8500 | 8559 | 0.02 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(5)(7)(11) | SOFR + | 6.25% | 10.68% | 5/7/2021 | 5/7/2026 | 334 | 313 | 334 | 0.00 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(5)(11) | SOFR + | 6.25% | 10.78% | 4/14/2022 | 5/7/2027 | 250 | 248 | 250 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;Amerivet Partners Management, Inc. | (4)(7)(11) | SOFR + | 5.25% | 9.75% | 2/25/2022 | 2/25/2028 | $21000 | $20570 | $21000 | 0.05% |
| &nbsp;&nbsp;Canadian Hospital Specialties Ltd. | (4)(6)(11) | CA + | 4.50% | 7.82% | 4/15/2021 | 4/14/2028 | 14671 | 11642 | 10053 | 0.03 |
| &nbsp;&nbsp;Canadian Hospital Specialties Ltd. | (4)(6)(7)(10) | CA + | 4.50% | 7.82% | 4/15/2021 | 4/15/2027 | 3330 | 2526 | 2260 | 0.01 |
| &nbsp;&nbsp;Caramel Bidco Limited | (4)(6)(8) | S + | 6.00% | 10.70% | 2/11/2022 | 2/24/2029 | 60000 | 78816 | 65161 | 0.17 |
| &nbsp;&nbsp;Caramel Bidco Limited | (4)(5)(6)(8) | S + | 6.00% | 10.70% | 2/24/2022 | 2/24/2029 | 2265 | 3024 | 2460 | 0.01 |
| &nbsp;&nbsp;Caramel Bidco Limited | (4)(6)(8) | E + | 6.00% | 8.69% | 2/24/2022 | 2/24/2029 | 14000 | 15588 | 12580 | 0.03 |
| &nbsp;&nbsp;Caramel Bidco Limited | (4)(6)(8) | SOFR + | 6.00% | 10.57% | 2/24/2022 | 2/24/2029 | 6125 | 6366 | 5313 | 0.01 |
| &nbsp;&nbsp;CCBlue Bidco, Inc. | (4)(5)(10) | SOFR + | 6.50% | 10.93% PIK | 12/21/2021 | 12/21/2028 | 571803 | 566446 | 496039 | 1.28 |
| &nbsp;&nbsp;Compsych Investments Corp | (4)(7)(10) | SOFR + | 4.75% | 9.38% | 7/22/2024 | 7/22/2031 | 70669 | 70291 | 70442 | 0.18 |
| &nbsp;&nbsp;CSC Mkg Topco, LLC | (4)(10) | SOFR + | 5.75% | 10.09% | 2/1/2022 | 2/1/2029 | 160415 | 158543 | 160415 | 0.41 |
| &nbsp;&nbsp;CSC Mkg Topco, LLC | (4)(10) | SOFR + | 5.75% | 10.40% | 8/1/2022 | 2/1/2029 | 21469 | 21031 | 21469 | 0.06 |
| &nbsp;&nbsp;DCA Investment Holdings, LLC | (4)(10) | SOFR + | 6.41% | 10.73% | 3/12/2021 | 4/3/2028 | 25142 | 25039 | 24388 | 0.06 |
| &nbsp;&nbsp;DCA Investment Holdings, LLC | (4)(5)(10) | SOFR + | 6.50% | 10.83% | 12/28/2022 | 4/3/2028 | 9895 | 9712 | 9599 | 0.02 |
| &nbsp;&nbsp;Epoch Acquisition, Inc. | (4)(11) | SOFR + | 6.00% | 10.53% | 1/7/2021 | 10/4/2026 | 28510 | 28510 | 28510 | 0.07 |
| &nbsp;&nbsp;Examworks Bidco, Inc. | (9) | SOFR + | 2.75% | 7.11% | 11/1/2021 | 11/1/2028 | 4000 | 4015 | 4020 | 0.01 |
| &nbsp;&nbsp;Heartland Dental, LLC | (10) | SOFR + | 4.50% | 8.86% | 5/30/2024 | 4/30/2028 | 9925 | 9967 | 9958 | 0.03 |
| &nbsp;&nbsp;Imagine 360 LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.35% | 9/18/2024 | 9/30/2028 | 97276 | 96228 | 96149 | 0.25 |
| &nbsp;&nbsp;Inception Fertility Ventures, LLC | (4)(7)(10) | SOFR + | 5.50% | 10.09% | 4/29/2024 | 4/29/2030 | 269546 | 269293 | 266351 | 0.69 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 5.00% | 9.43% | 5/26/2021 | 10/15/2026 | 223779 | 222202 | 213150 | 0.55 |
| &nbsp;&nbsp;Kwol Acquisition, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 9.08% | 12/8/2023 | 12/6/2029 | 6554 | 6400 | 6535 | 0.02 |
| &nbsp;&nbsp;MB2 Dental Solutions, LLC | (4)(10) | SOFR + | 5.50% | 9.86% | 2/13/2024 | 2/13/2031 | 37554 | 37223 | 37554 | 0.10 |
| &nbsp;&nbsp;MB2 Dental Solutions, LLC | (4)(5)(7)(10) | SOFR + | 5.50% | 9.86% | 2/13/2024 | 2/13/2031 | 2730 | 2665 | 2708 | 0.01 |
| &nbsp;&nbsp;MB2 Dental Solutions, LLC | (4)(5)(10) | SOFR + | 5.50% | 10.02% | 2/13/2024 | 2/13/2031 | 5540 | 5500 | 5540 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + | 5.50% | 9.96% | 7/16/2021 | 7/16/2027 | $508271 | $506343 | $439654 | 1.13% |
| &nbsp;&nbsp;Onex TSG Intermediate Corp. | (6)(10) | SOFR + | 4.75% | 9.60% | 2/26/2021 | 2/28/2028 | 22556 | 22467 | 22771 | 0.06 |
| &nbsp;&nbsp;ONS MSO, LLC | (4)(5)(7)(11) | SOFR + | 5.75% | 10.34% | 12/13/2023 | 7/8/2026 | 34950 | 34570 | 34586 | 0.09 |
| &nbsp;&nbsp;ONS MSO, LLC | (4)(5)(7)(11) | P + | 5.25% | 13.75% | 12/13/2023 | 7/8/2026 | 3750 | 3688 | 3750 | 0.01 |
| &nbsp;&nbsp;ONS MSO, LLC | (4)(5)(11) | SOFR + | 5.75% | 10.34% | 4/26/2024 | 7/8/2026 | 9975 | 9906 | 9950 | 0.03 |
| &nbsp;&nbsp;Plasma Buyer, LLC | (4)(7)(10) | SOFR + | 5.75% | 10.35% | 5/12/2022 | 5/12/2029 | 92363 | 91138 | 86366 | 0.22 |
| &nbsp;&nbsp;Plasma Buyer, LLC | (4)(5)(7)(10) | SOFR + | 5.75% | 10.08% | 5/12/2022 | 5/12/2028 | 8101 | 7939 | 7161 | 0.02 |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.26% | 8/31/2022 | 8/31/2029 | 126292 | 124684 | 126292 | 0.33 |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC | (4)(5)(7)(10) | SOFR + | 6.00% | 10.52% | 9/6/2023 | 8/31/2029 | 4965 | 4644 | 4866 | 0.01 |
| &nbsp;&nbsp;PSKW Intermediate, LLC | (4)(11) | SOFR + | 5.50% | 9.90% | 12/11/2024 | 3/9/2028 | 12071 | 12071 | 12071 | 0.03 |
| &nbsp;&nbsp;Smile Doctors, LLC | (4)(10) | SOFR + | 5.90% | 10.81% | 6/9/2023 | 12/23/2028 | 518108 | 511996 | 507746 | 1.31 |
| &nbsp;&nbsp;Smile Doctors, LLC | (4)(5)(7)(10) | SOFR + | 5.90% | 10.81% | 6/9/2023 | 12/23/2028 | 74356 | 71456 | 70830 | 0.18 |
| &nbsp;&nbsp;Snoopy Bidco, Inc. | (4)(10) | SOFR + | 6.00% | 10.73% | 6/1/2021 | 6/1/2028 | 707413 | 701686 | 680885 | 1.75 |
| &nbsp;&nbsp;Southern Veterinary Partners LLC | (8) | SOFR + | 3.25% | 7.71% | 12/4/2024 | 10/31/2031 | 10210 | 10261 | 10295 | 0.03 |
| &nbsp;&nbsp;SpecialtyCare, Inc. | (4)(11) | SOFR + | 5.75% | 10.60% | 6/18/2021 | 6/18/2028 | 67198 | 66199 | 65854 | 0.17 |
| &nbsp;&nbsp;SpecialtyCare, Inc. | (4)(5)(11) | SOFR + | 5.75% | 10.66% | 6/18/2021 | 6/18/2028 | 582 | 577 | 570 | 0.00 |
| &nbsp;&nbsp;SpecialtyCare, Inc. | (4)(5)(7)(8) | SOFR + | 4.00% | 8.64% | 6/18/2021 | 6/18/2026 | 3442 | 3390 | 3442 | 0.01 |
| &nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | (4)(10) | SOFR + | 4.75% | 9.08% | 12/30/2021 | 1/2/2029 | 178641 | 177031 | 178641 | 0.46 |
| &nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.08% | 4/25/2024 | 1/2/2029 | 4901 | 4368 | 4568 | 0.01 |
| &nbsp;&nbsp;Surgery Centers Holdings, Inc. | (6)(8) | SOFR + | 2.75% | 7.09% | 6/20/2024 | 12/19/2030 | 5644 | 5644 | 5695 | 0.01 |
| &nbsp;&nbsp;The Fertility Partners, Inc. | (4)(6)(7)(10) | CA + | 5.75% | 9.34% | 3/16/2022 | 3/16/2028 | 138421 | 107148 | 90236 | 0.23 |
| &nbsp;&nbsp;The Fertility Partners, Inc. | (4)(6)(10) | SOFR + | 5.75% | 10.22% | 3/16/2022 | 3/16/2028 | 45554 | 44989 | 42821 | 0.11 |
| &nbsp;&nbsp;The GI Alliance Management, LLC | (4)(11) | SOFR + | 5.50% | 10.18% | 9/15/2022 | 9/15/2028 | 255871 | 251126 | 258429 | 0.67 |
| &nbsp;&nbsp;The GI Alliance Management, LLC | (4)(11) | SOFR + | 5.50% | 10.16% | 1/22/2024 | 9/15/2028 | 28372 | 28133 | 28655 | 0.07 |
| &nbsp;&nbsp;The GI Alliance Management, LLC | (4)(11) | SOFR + | 5.50% | 10.16% | 9/15/2022 | 9/15/2028 | 55133 | 54112 | 55684 | 0.14 |
| &nbsp;&nbsp;The GI Alliance Management, LLC | (4)(5)(7)(11) | SOFR + | 5.50% | 10.21% | 3/7/2024 | 9/15/2028 | 26833 | 25645 | 26187 | 0.07 |
| &nbsp;&nbsp;UMP Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.40% | 7/15/2022 | 7/15/2028 | 9499 | 9388 | 9452 | 0.02 |
| &nbsp;&nbsp;UMP Holdings, LLC | (4)(5)(10) | SOFR + | 5.75% | 10.33% | 7/15/2022 | 7/15/2028 | 13032 | 12972 | 12967 | 0.03 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;Unified Women's Healthcare LP | (4)(9) | SOFR + | 5.25% | 9.58% | 6/16/2022 | 6/18/2029 | $878430 | $878430 | $878430 | 2.26% |
| &nbsp;&nbsp;Unified Women's Healthcare LP | (4)(5)(7)(9) | SOFR + | 5.25% | 9.58% | 3/22/2024 | 6/18/2029 | 4349 | 4305 | 4315 | 0.01 |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + | 5.25% | 9.86% | 11/18/2021 | 11/20/2028 | 153992 | 152825 | 153992 | 0.40 |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(10) | SOFR + | 5.25% | 9.96% | 11/18/2021 | 11/20/2028 | 64821 | 64378 | 64821 | 0.17 |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(5)(7)(10) | SOFR + | 6.00% | 10.80% | 8/16/2023 | 11/20/2028 | 6191 | 5704 | 5945 | 0.02 |
| &nbsp;&nbsp;US Oral Surgery Management Holdco, LLC | (4)(5)(10) | SOFR + | 6.50% | 11.19% | 12/5/2022 | 11/20/2028 | 107 | 107 | 107 | 0.00 |
| &nbsp;&nbsp;Veonet GmbH | (6)(8) | S + | 5.50% | 10.20% | 4/18/2024 | 3/14/2029 | 253448 | 321865 | 317492 | 0.82 |
| &nbsp;&nbsp;WHCG Purchaser III Inc | (4)(5)(7)(10) | SOFR + | 6.50% | 10.83% (incl. 5.41% PIK) | 8/2/2024 | 6/30/2029 | 45940 | 45940 | 45940 | 0.12 |
| &nbsp;&nbsp;WHCG Purchaser III Inc | (4)(5)(10)(17) |  | 10.00% | 10.00% PIK | 8/2/2024 | 6/30/2030 | 37229 | 14654 | 14222 | 0.04 |
|  |  |  |  |  |  |  |  | 6419802 | 6193986 | 15.96 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;athenahealth, Inc. | (9) | SOFR + | 3.25% | 7.61% | 2/15/2022 | 2/15/2029 | 36189 | 35953 | 36350 | 0.09 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.00% | 9.33% | 5/25/2022 | 5/25/2029 | 383645 | 378829 | 383645 | 0.99 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.00% | 9.33% | 5/25/2022 | 5/25/2029 | 58690 | 57951 | 58690 | 0.15 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(5)(6)(7)(12) | SOFR + | 5.00% | 9.34% | 5/25/2022 | 5/25/2029 | 5082 | 4441 | 5082 | 0.01 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(5)(6)(10) | SOFR + | 5.00% | 9.46% | 10/28/2022 | 5/25/2029 | 36115 | 35861 | 36115 | 0.09 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.00% | 9.33% | 10/28/2022 | 5/25/2029 | 246803 | 245667 | 246803 | 0.64 |
| &nbsp;&nbsp;Caerus US 1, Inc. | (4)(6)(8) | SOFR + | 5.00% | 9.33% | 3/27/2024 | 5/25/2029 | 69821 | 69821 | 69821 | 0.18 |
| &nbsp;&nbsp;Color Intermediate, LLC | (4)(10) | SOFR + | 4.75% | 9.18% | 7/2/2024 | 10/1/2029 | 365158 | 358992 | 365158 | 0.94 |
| &nbsp;&nbsp;Continental Buyer Inc | (4)(5)(7)(10) | SOFR + | 5.25% | 9.50% | 4/2/2024 | 4/2/2031 | 29048 | 28525 | 28962 | 0.07 |
| &nbsp;&nbsp;Cotiviti, Inc. | (8) | SOFR + | 2.75% | 7.30% | 5/1/2024 | 5/1/2031 | 43265 | 43069 | 43562 | 0.11 |
| &nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.57% | 8/30/2024 | 8/30/2031 | 160631 | 158968 | 160489 | 0.41 |
| &nbsp;&nbsp;Edifecs, Inc. | (4)(10) | SOFR + | 5.00% | 9.33% | 9/10/2021 | 11/20/2028 | 155449 | 154580 | 155449 | 0.40 |
| &nbsp;&nbsp;Edifecs, Inc. | (4)(10) | SOFR + | 5.00% | 9.33% | 11/20/2023 | 11/20/2028 | 204293 | 201555 | 204293 | 0.53 |
| &nbsp;&nbsp;Edifecs, Inc. | (4)(11) | SOFR + | 5.00% | 9.33% | 1/7/2021 | 11/20/2028 | 96160 | 96228 | 96160 | 0.25 |
| &nbsp;&nbsp;GI Ranger Intermediate, LLC | (4)(7)(10) | SOFR + | 6.00% | 10.48% | 10/29/2021 | 10/29/2028 | 104077 | 102991 | 103509 | 0.27 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| &nbsp;&nbsp;Healthcomp Holding Company, LLC | (4)(10) | SOFR + | 6.25% | 10.77% (incl. 3.00% PIK) | 11/8/2023 | 11/8/2029 | $184558 | $183111 | $184558 | 0.47% |
| &nbsp;&nbsp;Imprivata, Inc. | (9) | SOFR + | 3.50% | 8.09% | 4/4/2024 | 12/1/2027 | 2003 | 2003 | 2019 | 0.01 |
| &nbsp;&nbsp;Kona Buyer, LLC | (4)(10) | SOFR + | 4.50% | 9.13% | 7/23/2024 | 7/23/2031 | 215636 | 213616 | 214558 | 0.55 |
| &nbsp;&nbsp;Kona Buyer, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 9.13% | 7/23/2024 | 7/23/2031 | 12653 | 11999 | 12146 | 0.03 |
| &nbsp;&nbsp;Magic Bidco Inc | (4)(5)(7)(10) | SOFR + | 5.75% | 10.08% | 7/1/2024 | 7/1/2030 | 7745 | 7371 | 7394 | 0.02 |
| &nbsp;&nbsp;Magic Bidco Inc | (4)(10) | SOFR + | 5.75% | 10.08% | 7/1/2024 | 7/1/2030 | 45005 | 43975 | 44330 | 0.11 |
| &nbsp;&nbsp;Neptune Holdings, Inc. | (4)(7)(10) | SOFR + | 4.75% | 9.08% | 12/12/2024 | 8/31/2030 | 14850 | 14512 | 14800 | 0.04 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (4)(7)(10) | SOFR + | 5.20% | 9.56% (incl. 2.70% PIK) | 8/23/2024 | 8/23/2031 | 186096 | 183972 | 184902 | 0.48 |
| &nbsp;&nbsp;NMC Crimson Holdings, Inc. | (4)(10) | SOFR + | 6.09% | 10.85% | 3/1/2021 | 3/1/2028 | 71173 | 70209 | 71173 | 0.18 |
| &nbsp;&nbsp;NMC Crimson Holdings, Inc. | (4)(10) | SOFR + | 6.09% | 10.75% | 3/1/2021 | 3/1/2028 | 14758 | 14643 | 14758 | 0.04 |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp | (8) | SOFR + | 3.00% | 7.47% | 11/20/2024 | 3/10/2028 | 9111 | 9111 | 9165 | 0.02 |
| &nbsp;&nbsp;Rocky MRA Acquisition Corp | (4)(9) | SOFR + | 5.75% | 10.37% | 4/1/2022 | 4/1/2028 | 163472 | 161872 | 163472 | 0.42 |
| &nbsp;&nbsp;Vizient, Inc. | (9) | SOFR + | 2.00% | 6.36% | 8/1/2024 | 8/1/2031 | 4874 | 4908 | 4918 | 0.01 |
| &nbsp;&nbsp;Waystar Technologies, Inc. | (8) | SOFR + | 2.25% | 6.59% | 12/30/2024 | 10/22/2029 | 6513 | 6513 | 6551 | 0.02 |
|  |  |  |  |  |  |  |  | 2901246 | 2928832 | 7.53 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;Alterra Mountain Co | (8) | SOFR + | 2.75% | 7.11% | 11/7/2024 | 8/17/2028 | 9131 | 9131 | 9203 | 0.02 |
| &nbsp;&nbsp;Bally's Corp | (6)(9) | SOFR + | 3.25% | 8.14% | 10/1/2021 | 10/2/2028 | 9528 | 9500 | 9035 | 0.02 |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | (6)(9) | SOFR + | 2.25% | 6.61% | 2/6/2023 | 2/6/2030 | 2492 | 2509 | 2498 | 0.01 |
| &nbsp;&nbsp;Carnival Finance, LLC | (6)(10) | SOFR + | 2.75% | 7.11% | 4/25/2024 | 10/18/2028 | 1000 | 1011 | 1008 | 0.00 |
| &nbsp;&nbsp;Century Casinos, Inc. | (6)(10) | SOFR + | 6.00% | 10.62% | 4/1/2022 | 4/2/2029 | 31127 | 30745 | 30679 | 0.08 |
| &nbsp;&nbsp;Fertitta Entertainment, LLC | (9) | SOFR + | 3.50% | 7.86% | 1/27/2022 | 1/27/2029 | 13323 | 13319 | 13389 | 0.03 |
| &nbsp;&nbsp;IRB Holding Corp. | (10) | SOFR + | 2.50% | 6.86% | 12/11/2024 | 12/15/2027 | 21480 | 21480 | 21528 | 0.06 |
| &nbsp;&nbsp;Mic Glen, LLC | (9) | SOFR + | 3.50% | 7.97% | 7/21/2021 | 7/21/2028 | 12725 | 12715 | 12817 | 0.03 |
| &nbsp;&nbsp;New Red Finance, Inc. | (6)(8) | SOFR + | 1.75% | 6.11% | 6/16/2024 | 9/12/2030 | 6451 | 6437 | 6428 | 0.02 |
| &nbsp;&nbsp;Scientific Games Holdings LP | (9) | SOFR + | 3.00% | 7.59% | 6/11/2024 | 4/4/2029 | 19729 | 19763 | 19800 | 0.05 |
| &nbsp;&nbsp;Tacala Investment Corp. | (10) | SOFR + | 3.50% | 7.86% | 9/26/2024 | 1/31/2031 | 2978 | 2987 | 3005 | 0.01 |
| &nbsp;&nbsp;Whatabrands, LLC | (9) | SOFR + | 2.50% | 6.86% | 12/11/2024 | 8/3/2028 | 11352 | 11352 | 11393 | 0.03 |
|  |  |  |  |  |  |  |  | 140949 | 140783 | 0.36 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc. | (9) | SOFR + | 3.50% | 8.05% | 12/5/2024 | 7/31/2028 | $32391 | $32369 | $32459 | 0.08% |
| &nbsp;&nbsp;Madison Safety & Flow LLC | (8) | SOFR + | 3.25% | 7.61% | 9/26/2024 | 9/26/2031 | 6983 | 7029 | 7043 | 0.02 |
|  |  |  |  |  |  |  |  | 39398 | 39502 | 0.10 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;Bettcher Industries, Inc. | (9) | SOFR + | 4.00% | 8.33% | 12/14/2021 | 12/14/2028 | 6936 | 6897 | 6930 | 0.02 |
| &nbsp;&nbsp;CEP V Investment 11 S.à r.l. | (4)(6)(7)(10) | SA + | 6.45% | 7.73% | 5/6/2022 | 2/11/2028 | 47449 | 47966 | 51847 | 0.13 |
| &nbsp;&nbsp;CEP V Investment 11 S.à r.l. | (4)(6)(10) | E + | 6.45% | 9.84% | 3/31/2023 | 2/23/2028 | 66051 | 63741 | 68419 | 0.18 |
| &nbsp;&nbsp;Engineered Machinery Holdings, Inc. | (10) | SOFR + | 3.75% | 8.34% | 8/12/2021 | 5/19/2028 | 11754 | 11726 | 11860 | 0.03 |
| &nbsp;&nbsp;Excelitas Technologies Corp. | (4)(8) | E + | 5.25% | 8.11% | 8/12/2022 | 8/13/2029 | 24817 | 25145 | 25450 | 0.07 |
| &nbsp;&nbsp;Excelitas Technologies Corp. | (4)(7)(10) | SOFR + | 5.25% | 9.58% | 8/12/2022 | 8/13/2029 | 33241 | 32597 | 32712 | 0.08 |
|  |  |  |  |  |  |  |  | 188072 | 197218 | 0.51 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;Alera Group, Inc. | (4)(10) | SOFR + | 5.25% | 9.61% | 9/30/2021 | 10/2/2028 | 54870 | 54569 | 54870 | 0.14 |
| &nbsp;&nbsp;Alera Group, Inc. | (4)(5)(7)(11) | SOFR + | 5.75% | 10.09% | 11/17/2023 | 10/2/2028 | 21071 | 20905 | 21071 | 0.05 |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC | (8) | SOFR + | 2.75% | 7.11% | 9/12/2024 | 9/19/2031 | 3653 | 3653 | 3667 | 0.01 |
| &nbsp;&nbsp;Amerilife Holdings, LLC | (4)(10) | SOFR + | 5.00% | 9.58% | 6/17/2024 | 8/31/2029 | 463738 | 457327 | 463738 | 1.19 |
| &nbsp;&nbsp;Amerilife Holdings, LLC | (4)(5)(7)(13) | SOFR + | 5.00% | 9.70% | 6/17/2024 | 8/31/2029 | 55951 | 54972 | 55653 | 0.14 |
| &nbsp;&nbsp;AmWINS Group Inc | (10) | SOFR + | 2.25% | 6.72% | 2/19/2021 | 2/19/2028 | 6433 | 6423 | 6460 | 0.02 |
| &nbsp;&nbsp;AssuredPartners, Inc. | (9) | SOFR + | 3.50% | 7.86% | 2/16/2024 | 2/14/2031 | 25481 | 25452 | 25564 | 0.07 |
| &nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC | (6)(8) | SOFR + | 3.25% | 7.61% | 12/11/2024 | 5/26/2031 | 11929 | 11929 | 12026 | 0.03 |
| &nbsp;&nbsp;BroadStreet Partners, Inc. | (8) | SOFR + | 3.00% | 7.36% | 6/14/2024 | 6/14/2031 | 13930 | 13970 | 13994 | 0.04 |
| &nbsp;&nbsp;CFC Underwriting, Ltd. | (4)(6)(7)(9) | SOFR + | 4.95% | 9.53% | 1/25/2022 | 5/16/2029 | 138161 | 135809 | 137906 | 0.35 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(10) | SOFR + | 5.25% | 9.58% | 10/29/2021 | 10/29/2030 | 27918 | 27638 | 27918 | 0.07 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(5)(10) | SOFR + | 5.25% | 9.58% | 11/17/2023 | 10/29/2030 | 26954 | 26525 | 26954 | 0.07 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(10) | SOFR + | 5.25% | 9.58% | 4/14/2022 | 10/29/2030 | 38693 | 38343 | 38693 | 0.10 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.58% | 5/21/2024 | 10/29/2030 | 9166 | 8897 | 8878 | 0.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;Galway Borrower, LLC | (4)(10) | SOFR + | 4.50% | 8.83% | 9/30/2021 | 9/29/2028 | $241757 | $239767 | $241757 | 0.62% |
| &nbsp;&nbsp;Galway Borrower, LLC | (4)(5)(7)(10) | SOFR + | 4.50% | 8.82% | 9/30/2021 | 9/29/2028 | 1738 | 1514 | 1728 | 0.00 |
| &nbsp;&nbsp;Galway Borrower, LLC | (4)(5)(10) | SOFR + | 4.50% | 8.82% | 4/28/2023 | 9/29/2028 | 271 | 271 | 271 | 0.00 |
| &nbsp;&nbsp;Gimlet Bidco GmbH | (4)(6)(8) | E + | 5.75% | 8.80% | 4/15/2024 | 4/23/2031 | 110003 | 114541 | 112238 | 0.29 |
| &nbsp;&nbsp;Gimlet Bidco GmbH | (4)(6)(7)(8) | E + | 5.75% | 8.72% | 4/15/2024 | 4/23/2031 | 17827 | 17370 | 17770 | 0.05 |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. | (4)(6)(11) | SOFR + | 4.50% | 8.86% | 7/3/2024 | 11/25/2028 | 90193 | 90114 | 90193 | 0.23 |
| &nbsp;&nbsp;High Street Buyer, Inc. | (4)(10) | SOFR + | 5.25% | 9.58% | 4/16/2021 | 4/14/2028 | 96256 | 95397 | 96256 | 0.25 |
| &nbsp;&nbsp;High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.85% | 2/4/2022 | 4/14/2028 | 79872 | 78625 | 79789 | 0.21 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (6)(9) | SOFR + | 3.00% | 7.36% | 11/22/2024 | 2/15/2031 | 7467 | 7473 | 7528 | 0.02 |
| &nbsp;&nbsp;Integrity Marketing Acquisition LLC | (4)(7)(10) | SOFR + | 5.00% | 9.51% | 8/27/2024 | 8/25/2028 | 256212 | 254354 | 256175 | 0.66 |
| &nbsp;&nbsp;OneDigital Borrower, LLC | (9) | SOFR + | 3.25% | 7.61% | 7/2/2024 | 6/13/2031 | 9950 | 9938 | 9988 | 0.03 |
| &nbsp;&nbsp;Paisley Bidco Ltd | (4)(5)(6)(7)(8) | S + | 4.75% | 9.52% | 4/17/2024 | 4/18/2031 | 12094 | 14943 | 14962 | 0.04 |
| &nbsp;&nbsp;Paisley Bidco Ltd | (4)(5)(6)(8) | E + | 4.75% | 7.81% | 4/17/2024 | 4/18/2031 | 7947 | 8439 | 8150 | 0.02 |
| &nbsp;&nbsp;Paisley Bidco Ltd | (4)(5)(6)(8) | E + | 4.75% | 7.97% | 4/17/2024 | 4/18/2031 | 7010 | 7220 | 7188 | 0.02 |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC. | (4)(10) | SOFR + | 5.00% | 9.48% | 10/14/2021 | 10/16/2028 | 23972 | 23788 | 23972 | 0.06 |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC. | (4)(5)(7)(10) | SOFR + | 5.00% | 9.33% | 11/17/2023 | 10/16/2028 | 18744 | 18536 | 18443 | 0.05 |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC. | (5)(7)(10) | SOFR + | 5.00% | 9.49% | 10/14/2021 | 10/16/2028 | 3567 | 3486 | 3425 | 0.01 |
| &nbsp;&nbsp;Riser Merger Sub, Inc. | (4)(5)(10) | S + | 6.00% | 10.70% | 10/31/2023 | 10/31/2029 | 9198 | 11018 | 11515 | 0.03 |
| &nbsp;&nbsp;Riser Merger Sub, Inc. | (4)(7)(10) | SOFR + | 6.00% | 10.33% | 10/31/2023 | 10/31/2029 | 90885 | 88852 | 90507 | 0.23 |
| &nbsp;&nbsp;Riser Topco II LLC | (4)(5)(10) | S + | 5.00% | 9.70% | 8/16/2024 | 10/31/2029 | 16440 | 20717 | 20530 | 0.05 |
| &nbsp;&nbsp;Riser Topco II LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.46% | 6/4/2024 | 10/31/2029 | 63361 | 62837 | 63127 | 0.16 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;RSC Acquisition, Inc. | (4)(10) | SOFR + | 4.75% | 9.15% | 11/12/2021 | 11/1/2029 | $59792 | $59777 | $59866 | 0.15% |
| &nbsp;&nbsp;RSC Acquisition, Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 9.32% | 1/7/2021 | 11/1/2029 | 185853 | 184444 | 185802 | 0.48 |
| &nbsp;&nbsp;SelectQuote Inc. | (4)(6)(20) | SOFR + | 9.50% | 13.96% (incl. 3.00% PIK) | 10/15/2024 | 9/30/2027 | 227514 | 227477 | 201142 | 0.52 |
| &nbsp;&nbsp;SG Acquisition, Inc. | (4)(7)(10) | SOFR + | 4.75% | 9.36% | 4/3/2024 | 4/3/2030 | 216037 | 214226 | 216037 | 0.56 |
| &nbsp;&nbsp;Shelf Bidco Ltd | (4)(6)(10)(18) | SOFR + | 5.18% | 9.83% | 10/17/2024 | 10/17/2031 | 943075 | 938496 | 938360 | 2.41 |
| &nbsp;&nbsp;Simplicity Financial Marketing Group Holdings Inc | (4)(6)(7)(10) | SOFR + | 5.00% | 9.28% | 12/31/2024 | 12/31/2031 | 45311 | 44737 | 44737 | 0.12 |
| &nbsp;&nbsp;Sparta UK Bidco Ltd | (4)(5)(6)(7)(8) | S + | 6.00% | 10.70% | 9/4/2024 | 9/25/2031 | 36060 | 47359 | 45143 | 0.12 |
| &nbsp;&nbsp;SQ ABS Issuer LLC | (4)(6)(8) |  | 7.80% | 7.80% | 10/11/2024 | 10/20/2039 | 22278 | 22128 | 22132 | 0.06 |
| &nbsp;&nbsp;Tennessee Bidco Limited | (4)(5)(6)(8) | E + | 5.25% | 8.93% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 4515 | 5662 | 4630 | 0.01 |
| &nbsp;&nbsp;Tennessee Bidco Limited | (4)(6)(8) | S + | 5.25% | 10.06% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 149270 | 200231 | 185002 | 0.48 |
| &nbsp;&nbsp;Tennessee Bidco Limited | (4)(5)(6)(7)(8) | S + | 5.25% | 10.06% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 13550 | 17204 | 16191 | 0.04 |
| &nbsp;&nbsp;Tennessee Bidco Limited | (4)(6)(8) | SOFR + | 5.25% | 10.51% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 585611 | 570355 | 579755 | 1.49 |
| &nbsp;&nbsp;Tennessee Bidco Limited | (4)(5)(6)(8) | SOFR + | 5.25% | 10.51% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 29857 | 29565 | 29558 | 0.08 |
| &nbsp;&nbsp;Tennessee Bidco Limited | (4)(5)(6)(8) | E + | 5.25% | 8.93% (incl. 2.00% PIK) | 7/1/2024 | 7/1/2031 | 8785 | 9198 | 9009 | 0.02 |
| &nbsp;&nbsp;THG Acquisition LLC | (4)(5)(10) | SOFR + | 4.75% | 9.11% | 10/31/2024 | 10/31/2031 | 66980 | 66327 | 66310 | 0.17 |
| &nbsp;&nbsp;THG Acquisition LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.11% | 10/31/2024 | 10/31/2031 | 555 | 409 | 405 | 0.00 |
| &nbsp;&nbsp;TIH Insurance Holdings, LLC. | (7)(8) | SOFR + | 2.75% | 7.08% | 12/6/2024 | 5/6/2031 | 17652 | 17263 | 17659 | 0.05 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.58% | 12/23/2024 | 11/22/2029 | 8824 | 8824 | 8820 | 0.02 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.58% | 12/23/2024 | 9/29/2030 | 1975 | 1975 | 1975 | 0.01 |
| &nbsp;&nbsp;World Insurance Associates, LLC | (4)(11) | SOFR + | 6.00% | 10.33% | 10/20/2023 | 4/3/2028 | 42900 | 42274 | 42900 | 0.11 |
| &nbsp;&nbsp;World Insurance Associates, LLC | (4)(5)(7)(11) | SOFR + | 5.75% | 10.08% | 10/20/2023 | 4/3/2028 | 36682 | 35976 | 36516 | 0.09 |
|  |  |  |  |  |  |  |  | 4799519 | 4784853 | 12.32 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;North Haven Ushc Acquisition Inc | (4)(5)(11) | SOFR + | 5.00% | 9.43% | 8/28/2024 | 10/30/2027 | $12501 | $12334 | $12376 | 0.03% |
| &nbsp;&nbsp;North Haven Ushc Acquisition Inc | (4)(5)(11) | SOFR + | 5.00% | 9.63% | 8/28/2024 | 10/30/2027 | 7318 | 7220 | 7245 | 0.02 |
| &nbsp;&nbsp;North Haven Ushc Acquisition Inc | (4)(5)(11) | SOFR + | 5.00% | 9.78% | 8/28/2024 | 10/30/2027 | 3114 | 3072 | 3082 | 0.01 |
| &nbsp;&nbsp;North Haven Ushc Acquisition Inc | (4)(5)(7)(11) | SOFR + | 5.00% | 9.61% | 8/28/2024 | 10/30/2027 | 4498 | 4265 | 4260 | 0.01 |
| &nbsp;&nbsp;North Haven Ushc Acquisition Inc | (4)(5)(11) | SOFR + | 5.00% | 9.43% | 8/28/2024 | 10/30/2027 | 3622 | 3574 | 3586 | 0.01 |
| &nbsp;&nbsp;North Haven Ushc Acquisition Inc | (4)(11) | SOFR + | 5.00% | 9.63% | 8/28/2024 | 10/30/2027 | 22298 | 22000 | 22075 | 0.06 |
| &nbsp;&nbsp;North Haven Ushc Acquisition Inc | (4)(5)(7)(11) | SOFR + | 5.00% | 9.72% | 8/28/2024 | 10/30/2027 | 8292 | 8063 | 8121 | 0.02 |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | (8) | SOFR + | 3.50% | 8.15% | 7/16/2024 | 7/16/2031 | 7612 | 7602 | 7676 | 0.02 |
| &nbsp;&nbsp;Speedster Bidco GmbH | (6)(9) | SOFR + | 3.50% | 8.15% | 10/17/2024 | 12/10/2031 | 20321 | 20270 | 20401 | 0.05 |
| &nbsp;&nbsp;Speedster Bidco GmbH | (4)(6)(7)(8) | E + | 2.50% | 5.66% | 10/17/2024 | 12/10/2031 | 33908 | 36158 | 35252 | 0.09 |
|  |  |  |  |  |  |  |  | 124558 | 124074 | 0.32 |
| **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** |
| &nbsp;&nbsp;Hoya Midco, LLC | (6)(9) | SOFR + | 3.00% | 7.59% | 2/3/2022 | 2/3/2029 | 9472 | 9442 | 9579 | 0.02 |
| &nbsp;&nbsp;Identity Digital, Inc. | (4)(11) | SOFR + | 5.25% | 9.74% | 1/7/2021 | 12/29/2027 | 501124 | 500185 | 501124 | 1.29 |
| &nbsp;&nbsp;Prodege International Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.10% | 12/15/2021 | 12/15/2027 | 550366 | 545688 | 535231 | 1.38 |
|  |  |  |  |  |  |  |  | 1055315 | 1045934 | 2.69 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Ahead DB Holdings, LLC | (10) | SOFR + | 3.50% | 7.83% | 8/2/2024 | 2/1/2031 | $2518 | $2515 | $2538 | 0.01% |
| &nbsp;&nbsp;AI Altius Luxembourg S.à r.l. | (4)(5)(8) |  | 9.75% | 9.75% PIK | 12/21/2021 | 12/21/2029 | 28353 | 27994 | 28211 | 0.07 |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. | (4)(7)(10) | SOFR + | 4.75% | 9.03% | 5/21/2024 | 12/21/2028 | 245269 | 242868 | 245269 | 0.63 |
| &nbsp;&nbsp;Allium Buyer, LLC | (4)(7)(11) | SOFR + | 5.00% | 9.59% | 5/2/2023 | 5/2/2030 | 1580 | 1539 | 1573 | 0.00 |
| &nbsp;&nbsp;Dcert Buyer, Inc. | (8) | SOFR + | 4.00% | 8.36% | 1/7/2021 | 10/16/2026 | 19304 | 19315 | 18594 | 0.05 |
| &nbsp;&nbsp;Fern Bidco Ltd | (4)(5)(6)(8) | S + | 5.25% | 9.96% | 7/1/2024 | 7/3/2031 | 40356 | 50079 | 49890 | 0.13 |
| &nbsp;&nbsp;Fern Bidco Ltd | (4)(5)(6)(7)(8) | S + | 5.25% | 9.96% | 7/1/2024 | 7/3/2031 | 4414 | 5438 | 5224 | 0.01 |
| &nbsp;&nbsp;Infostretch Corporation | (4)(10) | SOFR + | 5.75% | 10.23% | 4/1/2022 | 4/1/2028 | 178425 | 176494 | 165935 | 0.43 |
| &nbsp;&nbsp;Inovalon Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.63% | 11/24/2021 | 11/24/2028 | 1010558 | 997606 | 1010558 | 2.60 |
| &nbsp;&nbsp;Inovalon Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.67% | 11/24/2021 | 11/24/2028 | 77157 | 76061 | 77157 | 0.20 |
| &nbsp;&nbsp;KEN Bidco Ltd | (4)(5)(6)(10) | S + | 6.00% | 10.82% (incl. 2.50% PIK) | 5/3/2024 | 8/3/2028 | 14008 | 17141 | 17318 | 0.04 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(8) | CI + | 6.00% | 8.70% | 9/28/2022 | 9/28/2029 | 560750 | 72642 | 77891 | 0.20 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(9) | N + | 6.00% | 10.70% | 9/28/2022 | 9/28/2029 | 599094 | 54853 | 52629 | 0.14 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(8) | ST + | 6.00% | 8.55% | 9/28/2022 | 9/28/2029 | 243186 | 21364 | 21980 | 0.06 |
| &nbsp;&nbsp;Monterey Financing, S.à r.l. | (4)(6)(8) | E + | 6.00% | 8.72% | 9/28/2022 | 9/28/2029 | 110819 | 106566 | 114792 | 0.30 |
| &nbsp;&nbsp;Newfold Digital Holdings Group Inc | (11) | SOFR + | 3.50% | 8.14% | 2/10/2021 | 2/10/2028 | 44153 | 43975 | 37861 | 0.10 |
| &nbsp;&nbsp;Park Place Technologies, LLC | (4)(10) | SOFR + | 5.25% | 9.61% | 3/25/2024 | 3/25/2031 | 545433 | 541133 | 544070 | 1.40 |
| &nbsp;&nbsp;Park Place Technologies, LLC | (4)(5)(7)(10) | SOFR + | 5.25% | 9.59% | 3/25/2024 | 3/25/2030 | 18403 | 17463 | 17814 | 0.05 |
| &nbsp;&nbsp;Razor Holdco, LLC | (4)(10) | SOFR + | 5.75% | 10.44% | 10/25/2021 | 10/25/2027 | 185464 | 183723 | 185464 | 0.48 |
| &nbsp;&nbsp;Red River Technology, LLC | (4)(11) | SOFR + | 6.00% | 10.74% | 5/26/2021 | 5/26/2027 | 146286 | 145264 | 139703 | 0.36 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;Redwood Services Group, LLC | (4)(10) | SOFR + | 6.25% | 10.68% | 6/15/2022 | 6/15/2029 | $62103 | $61153 | $62103 | 0.16% |
| &nbsp;&nbsp;Redwood Services Group, LLC | (4)(5)(7)(10) | SOFR + | 5.75% | 10.18% | 2/5/2024 | 6/15/2029 | 5447 | 5357 | 5394 | 0.01 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | E + | 6.00% | 9.72% (incl. 2.50% PIK) | 10/14/2021 | 9/28/2028 | 17168 | 19509 | 17561 | 0.05 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | E + | 6.00% | 9.33% (incl. 2.50% PIK) | 10/14/2021 | 8/3/2028 | 6541 | 7499 | 6691 | 0.02 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | SOFR + | 6.00% | 10.93% (incl. 2.50% PIK) | 10/14/2021 | 10/16/2028 | 6627 | 6941 | 6544 | 0.02 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(8) | SOFR + | 6.00% | 10.75% (incl. 2.50% PIK) | 10/14/2021 | 9/28/2028 | 13315 | 13111 | 13149 | 0.03 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(5)(6)(7)(10) | S + | 6.00% | 10.82% (incl. 2.50% PIK) | 5/3/2024 | 8/3/2028 | 23550 | 28815 | 29113 | 0.07 |
| &nbsp;&nbsp;Turing Holdco, Inc. | (4)(6)(7)(10) | SOFR + | 6.00% | 10.61% (incl. 2.50% PIK) | 5/3/2024 | 8/3/2028 | 31297 | 30506 | 30906 | 0.08 |
| &nbsp;&nbsp;Virtusa Corp. | (10) | SOFR + | 3.25% | 7.61% | 6/21/2024 | 2/15/2029 | 14863 | 14880 | 14986 | 0.04 |
|  |  |  |  |  |  |  |  | 2991804 | 3000918 | 7.74 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Creek Parent Inc. | (4)(7)(10) | SOFR + | 5.25% | 9.63% | 12/17/2024 | 12/18/2031 | 133351 | 130696 | 130682 | 0.34 |
| &nbsp;&nbsp;Falcon Parent Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 5.00% | 9.53% | 11/6/2024 | 11/6/2031 | 83598 | 81466 | 81921 | 0.21 |
| &nbsp;&nbsp;Jupiter Bidco Limited | (4)(6)(7)(9) | E + | 6.25% | 8.93% | 8/5/2022 | 8/27/2029 | 5922 | 2349 | 4380 | 0.01 |
| &nbsp;&nbsp;Jupiter Bidco Limited | (4)(6)(10) | SOFR + | 6.25% | 10.58% | 8/5/2022 | 8/27/2029 | 88177 | 86420 | 71864 | 0.18 |
| &nbsp;&nbsp;LSCS Holdings, Inc. | (9) | SOFR + | 4.50% | 8.86% | 12/16/2021 | 12/16/2028 | 7927 | 7904 | 7992 | 0.02 |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. | (10) | SOFR + | 3.25% | 7.84% | 5/28/2024 | 11/30/2027 | 1853 | 1853 | 1863 | 0.00 |
| &nbsp;&nbsp;PAREXEL International Inc/Wilmington | (9) | SOFR + | 3.00% | 7.36% | 7/25/2024 | 11/15/2028 | 1893 | 1893 | 1909 | 0.00 |
|  |  |  |  |  |  |  |  | 312581 | 300611 | 0.76 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Chart Industries, Inc. | (6)(9) | SOFR + | 2.50% | 7.09% | 7/2/2024 | 3/16/2030 | $5300 | $5300 | $5327 | 0.01% |
| &nbsp;&nbsp;Crosby US Acquisition Corp. | (9) | SOFR + | 3.50% | 8.07% | 9/16/2024 | 8/16/2029 | 405 | 411 | 410 | 0.00 |
| &nbsp;&nbsp;LSF11 Trinity Bidco, Inc. | (4)(8) | SOFR + | 3.00% | 7.37% | 12/11/2024 | 6/14/2030 | 1061 | 1061 | 1070 | 0.00 |
| &nbsp;&nbsp;MHE Intermediate Holdings, LLC | (4)(7)(11) | SOFR + | 6.00% | 10.74% | 7/21/2021 | 7/21/2027 | 5755 | 5699 | 5723 | 0.01 |
| &nbsp;&nbsp;MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + | 6.50% | 11.17% | 12/20/2022 | 7/21/2027 | 229 | 226 | 228 | 0.00 |
| &nbsp;&nbsp;MHE Intermediate Holdings, LLC | (4)(5)(11) | SOFR + | 6.25% | 10.99% | 8/30/2022 | 7/21/2027 | 228 | 225 | 227 | 0.00 |
| &nbsp;&nbsp;Pro Mach Group, Inc. | (11) | SOFR + | 3.50% | 7.86% | 9/3/2024 | 8/31/2028 | 6895 | 6895 | 6964 | 0.02 |
| &nbsp;&nbsp;SPX Flow, Inc. | (9) | SOFR + | 3.00% | 7.36% | 6/6/2024 | 4/5/2029 | 8651 | 8651 | 8734 | 0.02 |
| &nbsp;&nbsp;TK Elevator U.S. Newco, Inc. | (6)(9) | SOFR + | 3.50% | 8.59% | 3/14/2024 | 4/30/2030 | 17495 | 17456 | 17644 | 0.05 |
| &nbsp;&nbsp;Victory Buyer, LLC | (9) | SOFR + | 3.75% | 8.22% | 11/19/2021 | 11/19/2028 | 26143 | 26007 | 25732 | 0.07 |
|  |  |  |  |  |  |  |  | 71931 | 72059 | 0.18 |
| **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** | **Marine** |
| &nbsp;&nbsp;Armada Parent, Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.36% | 10/29/2021 | 10/29/2027 | 229234 | 226849 | 229234 | 0.59 |
| &nbsp;&nbsp;Kattegat Project Bidco AB | (4)(5)(6)(7)(8) | E + | 6.00% | 8.72% | 3/20/2024 | 4/7/2031 | 51768 | 54732 | 53478 | 0.14 |
| &nbsp;&nbsp;Kattegat Project Bidco AB | (4)(5)(6)(8) | SOFR + | 6.00% | 10.33% | 3/20/2024 | 4/7/2031 | 4522 | 4421 | 4522 | 0.01 |
|  |  |  |  |  |  |  |  | 286002 | 287234 | 0.74 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;Bimini Group Purchaser Inc | (4)(10) | SOFR + | 5.25% | 9.76% | 4/26/2024 | 4/26/2031 | 207125 | 205256 | 207125 | 0.53 |
| &nbsp;&nbsp;Bimini Group Purchaser Inc | (4)(5)(7)(10) | SOFR + | 5.25% | 9.81% | 4/26/2024 | 4/26/2031 | 8555 | 7837 | 8140 | 0.02 |
| &nbsp;&nbsp;Digital Media Solutions, LLC | (6)(10)(17) | SOFR + | 11.00% | 15.47% PIK | 5/25/2021 | 5/25/2026 | 27875 | 25347 | 3484 | 0.01 |
| &nbsp;&nbsp;Digital Media Solutions, LLC | (4)(5)(6)(10) | SOFR + | 8.00% | 13.61% (incl. 7.00% PIK) | 4/17/2024 | 2/25/2026 | 2864 | 2864 | 2864 | 0.01 |
| &nbsp;&nbsp;Digital Media Solutions, LLC | (4)(5)(6)(14) | SOFR + | 8.00% | 13.10% (incl. 7.00% PIK) | 9/13/2024 | 1/29/2025 | 4027 | 4027 | 4027 | 0.01 |
| &nbsp;&nbsp;Digital Media Solutions, LLC | (4)(6)(10)(17) | SOFR + | 11.00% | 15.47% PIK | 4/17/2024 | 5/25/2026 | 8510 | 7849 | 1485 | 0.00 |
| &nbsp;&nbsp;McGraw-Hill Education, Inc. | (9) | SOFR + | 4.00% | 8.33% | 8/6/2024 | 8/6/2031 | 11658 | 11631 | 11805 | 0.03 |
| &nbsp;&nbsp;Radiate Holdco, LLC | (10) | SOFR + | 3.25% | 7.72% | 11/1/2021 | 9/25/2026 | 28190 | 28169 | 24728 | 0.06 |
| &nbsp;&nbsp;Sunrise Financing Partnership | (6)(8) | SOFR + | 2.93% | 7.44% | 4/20/2021 | 1/31/2029 | 3042 | 3010 | 3062 | 0.01 |
|  |  |  |  |  |  |  |  | 295990 | 266720 | 0.68 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;American Rock Salt Co LLC | (5)(10) | SOFR + | 4.00% | 8.78% | 6/11/2021 | 6/9/2028 | $9293 | $9287 | $8458 | 0.02% |
| &nbsp;&nbsp;American Rock Salt Co LLC | (5)(7)(14) | SOFR + | 7.00% | 11.78% | 9/19/2024 | 6/9/2028 | 2033 | 1872 | 2080 | 0.01 |
| &nbsp;&nbsp;SCIH Salt Holdings, Inc. | (10) | SOFR + | 3.00% | 7.35% | 4/29/2021 | 1/31/2029 | 15747 | 15725 | 15809 | 0.04 |
|  |  |  |  |  |  |  |  | 26884 | 26347 | 0.07 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Eagle Midstream Canada Finance Inc | (4)(6)(10) | SOFR + | 5.25% | 9.77% | 8/30/2024 | 8/15/2028 | 32934 | 32690 | 32934 | 0.08 |
| &nbsp;&nbsp;Freeport LNG Investments, LLLP | (9) | SOFR + | 3.50% | 8.38% | 12/21/2021 | 12/21/2028 | 34814 | 34759 | 35023 | 0.09 |
| &nbsp;&nbsp;KKR Alberta Midstream Finance Inc. | (4)(6)(10) | SOFR + | 5.25% | 9.77% | 8/30/2024 | 8/15/2028 | 17916 | 17778 | 17916 | 0.05 |
|  |  |  |  |  |  |  |  | 85227 | 85873 | 0.22 |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |
| &nbsp;&nbsp;Profile Products, LLC | (4)(10) | SOFR + | 5.75% | 10.29% | 11/12/2021 | 11/12/2027 | 62590 | 62067 | 60713 | 0.16 |
| &nbsp;&nbsp;Profile Products, LLC | (4)(5)(7)(10) | P + | 4.50% | 12.50% | 11/12/2021 | 11/12/2027 | 2776 | 2684 | 2480 | 0.01 |
| &nbsp;&nbsp;Profile Products, LLC | (4)(5)(7)(10) | P + | 4.50% | 12.00% | 11/12/2021 | 11/12/2027 | 390 | 342 | 177 | 0.00 |
|  |  |  |  |  |  |  |  | 65093 | 63370 | 0.17 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Dechra Finance US LLC | (6)(8) | SOFR + | 3.25% | 7.72% | 12/3/2024 | 12/3/2031 | 5000 | 5044 | 5030 | 0.01 |
| &nbsp;&nbsp;Dechra Pharmaceuticals Holdings Ltd | (4)(5)(6)(7)(8) | E + | 6.25% | 9.89% | 1/23/2024 | 1/24/2031 | 97791 | 104445 | 101143 | 0.26 |
| &nbsp;&nbsp;Dechra Pharmaceuticals Holdings Ltd | (4)(5)(6)(7)(10) | SOFR + | 6.25% | 11.39% | 1/23/2024 | 1/24/2031 | 1083 | 919 | 919 | 0.00 |
| &nbsp;&nbsp;Doc Generici (Diocle S.p.A.) | (4)(5)(6)(7)(8) | E + | 5.50% | 9.36% | 10/11/2022 | 10/27/2028 | 60136 | 58421 | 62224 | 0.16 |
| &nbsp;&nbsp;Eden Acquisitionco Ltd | (4)(6)(7)(10) | SOFR + | 6.25% | 10.53% | 11/2/2023 | 11/18/2030 | 108046 | 105699 | 107950 | 0.28 |
| &nbsp;&nbsp;Gusto Sing Bidco Pte Ltd | (4)(5)(6)(7)(10) | BB + | 4.75% | 9.46% | 11/15/2024 | 11/15/2031 | 1000 | 643 | 612 | 0.00 |
| &nbsp;&nbsp;Padagis, LLC | (6)(9) | SOFR + | 4.75% | 9.60% | 7/6/2021 | 7/6/2028 | 26818 | 26786 | 24919 | 0.06 |
| &nbsp;&nbsp;Rhea Parent, Inc. | (4)(10) | SOFR + | 4.75% | 9.10% | 12/20/2024 | 12/20/2030 | 201854 | 199459 | 201854 | 0.52 |
|  |  |  |  |  |  |  |  | 501416 | 504651 | 1.29 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;ALKU, LLC | (4)(10) | SOFR + | 6.25% | 10.50% | 5/23/2023 | 5/23/2029 | $54853 | $53872 | $54853 | 0.14% |
| &nbsp;&nbsp;ALKU, LLC | (4)(10) | SOFR + | 5.50% | 9.75% | 2/21/2024 | 5/23/2029 | 4963 | 4880 | 4938 | 0.01 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(11) | SOFR + | 5.25% | 9.84% | 1/31/2023 | 1/31/2028 | 1605 | 1578 | 1593 | 0.00 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(5)(11) | SOFR + | 5.25% | 9.76% | 3/15/2024 | 1/31/2028 | 736 | 721 | 731 | 0.00 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(5)(11) | SOFR + | 5.25% | 9.84% | 1/31/2023 | 1/31/2028 | 366 | 360 | 364 | 0.00 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(5)(11) | SOFR + | 5.25% | 9.76% | 8/28/2024 | 1/31/2028 | 10215 | 10078 | 10139 | 0.03 |
| &nbsp;&nbsp;Apex Companies, LLC | (4)(5)(7)(11) | SOFR + | 5.25% | 9.76% | 8/28/2024 | 1/31/2028 | 2794 | 2517 | 2521 | 0.01 |
| &nbsp;&nbsp;APFS Staffing Holdings, Inc. | (9) | SOFR + | 4.25% | 8.61% | 12/29/2021 | 12/29/2028 | 6084 | 6062 | 6129 | 0.02 |
| &nbsp;&nbsp;Artisan Acquisitionco, Ltd. | (4)(6)(7)(8) | SOFR + | 5.00% | 9.33% | 9/23/2024 | 9/30/2031 | 392805 | 384709 | 385385 | 0.99 |
| &nbsp;&nbsp;Baker Tilly Advisory Group LP | (4)(7)(10) | SOFR + | 4.75% | 9.11% | 6/3/2024 | 6/3/2031 | 176325 | 173211 | 176125 | 0.45 |
| &nbsp;&nbsp;Cast & Crew Payroll, LLC | (9) | SOFR + | 3.75% | 8.11% | 12/30/2021 | 12/29/2028 | 11571 | 11490 | 11243 | 0.03 |
| &nbsp;&nbsp;CFGI Holdings, LLC | (4)(7)(10) | SOFR + | 4.50% | 8.86% | 11/2/2021 | 11/2/2027 | 20776 | 20391 | 20377 | 0.05 |
| &nbsp;&nbsp;Chronicle Bidco, Inc. | (4)(5)(11) | SOFR + | 6.25% | 10.76% | 5/19/2022 | 5/18/2029 | 2877 | 2877 | 2877 | 0.01 |
| &nbsp;&nbsp;Chronicle Bidco, Inc. | (4)(11) | SOFR + | 6.25% | 10.76% | 5/19/2022 | 5/18/2029 | 41762 | 41523 | 41762 | 0.11 |
| &nbsp;&nbsp;Chronicle Bidco, Inc. | (4)(5)(7)(11) | SOFR + | 6.25% | 10.76% | 3/26/2024 | 5/18/2029 | 1422 | 1294 | 1290 | 0.00 |
| &nbsp;&nbsp;Cisive Holdings Corp | (4)(7)(11) | SOFR + | 5.75% | 10.18% | 12/8/2021 | 12/8/2028 | 33601 | 33486 | 33008 | 0.08 |
| &nbsp;&nbsp;Claims Automation Intermediate 2, LLC | (4)(10) | SOFR + | 4.50% | 8.89% | 12/16/2021 | 12/16/2027 | 44458 | 44020 | 44458 | 0.11 |
| &nbsp;&nbsp;Claims Automation Intermediate 2, LLC | (4)(5)(10) | SOFR + | 4.50% | 9.11% | 12/16/2021 | 12/16/2027 | 68350 | 67676 | 68350 | 0.18 |
| &nbsp;&nbsp;Clearview Buyer, Inc. | (4)(7)(10) | SOFR + | 5.35% | 9.68% | 8/26/2021 | 8/26/2027 | 118495 | 117371 | 118495 | 0.30 |
| &nbsp;&nbsp;CRCI Longhorn Holdings Inc | (4)(7)(10) | SOFR + | 5.00% | 9.36% | 8/27/2024 | 8/27/2031 | 64147 | 63458 | 63743 | 0.16 |
| &nbsp;&nbsp;CRCI Longhorn Holdings Inc | (4)(5)(7)(10) | SOFR + | 5.00% | 9.36% | 8/27/2024 | 8/27/2031 | 4999 | 4894 | 4944 | 0.01 |
| &nbsp;&nbsp;Cumming Group, Inc. | (4)(11) | SOFR + | 5.25% | 9.50% | 5/26/2021 | 11/16/2027 | 196035 | 194316 | 196035 | 0.50 |
| &nbsp;&nbsp;Cumming Group, Inc. | (4)(7)(11) | SOFR + | 5.25% | 9.50% | 11/18/2022 | 11/16/2027 | 38413 | 37761 | 38357 | 0.10 |
| &nbsp;&nbsp;Deerfield Dakota Holding, LLC | (11) | SOFR + | 3.75% | 8.08% | 1/7/2021 | 4/9/2027 | 84377 | 84164 | 82716 | 0.21 |
| &nbsp;&nbsp;Eisner Advisory Group, LLC | (9) | SOFR + | 4.00% | 8.36% | 2/28/2024 | 2/28/2031 | 997 | 1012 | 1010 | 0.00 |
| &nbsp;&nbsp;Eliassen Group, LLC | (4)(10) | SOFR + | 5.75% | 10.08% | 4/14/2022 | 4/14/2028 | 67055 | 66515 | 65378 | 0.17 |
| &nbsp;&nbsp;Emerald US, Inc. | (6)(8) | SOFR + | 3.75% | 8.34% | 1/7/2021 | 7/12/2028 | 3809 | 3807 | 3859 | 0.01 |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 3.50% | 8.09% | 11/4/2021 | 11/6/2028 | 9449 | 9319 | 9427 | 0.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | (4)(9) | SOFR + | 5.50% | 10.01% | 3/1/2024 | 3/1/2031 | $60191 | $59131 | $60191 | 0.15% |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | (4)(5)(7)(9) | SOFR + | 5.50% | 10.01% | 3/1/2024 | 3/1/2030 | 2355 | 1990 | 2116 | 0.01 |
| &nbsp;&nbsp;Guidehouse, Inc. | (4)(10) | SOFR + | 5.75% | 10.11% (incl. 2.00% PIK) | 10/15/2021 | 12/16/2030 | 1241858 | 1233060 | 1241858 | 3.20 |
| &nbsp;&nbsp;IG Investments Holdings, LLC | (4)(7)(10) | SOFR + | 5.00% | 9.57% | 11/1/2024 | 9/22/2028 | 578644 | 573348 | 578644 | 1.49 |
| &nbsp;&nbsp;Inmar, Inc. | (11) | SOFR + | 5.00% | 9.51% | 6/21/2023 | 10/30/2031 | 24938 | 24815 | 25050 | 0.06 |
| &nbsp;&nbsp;Kwor Acquisition, Inc. | (4)(5)(11)(17) | P + | 4.25% | 12.25% | 6/22/2022 | 12/22/2028 | 1389 | 1378 | 1121 | 0.00 |
| &nbsp;&nbsp;Kwor Acquisition, Inc. | (4)(5)(11)(17) | P + | 4.25% | 12.25% | 12/22/2021 | 12/22/2027 | 12195 | 12105 | 9848 | 0.03 |
| &nbsp;&nbsp;Legacy Intermediate, LLC | (4)(10) | SOFR + | 5.75% | 10.41% | 2/25/2022 | 2/25/2028 | 120576 | 119325 | 120576 | 0.31 |
| &nbsp;&nbsp;Legacy Intermediate, LLC | (4)(9) | SOFR + | 5.75% | 10.43% | 12/22/2023 | 2/25/2028 | 23224 | 22864 | 23224 | 0.06 |
| &nbsp;&nbsp;Lereta, LLC | (10) | SOFR + | 5.25% | 9.72% | 7/30/2021 | 7/30/2028 | 28859 | 28711 | 25786 | 0.07 |
| &nbsp;&nbsp;Mantech International CP | (4)(7)(10) | SOFR + | 5.00% | 9.59% | 4/12/2024 | 9/14/2029 | 899105 | 886111 | 897905 | 2.31 |
| &nbsp;&nbsp;Mercury Bidco Globe Limited | (4)(5)(6)(7)(8) | S + | 6.00% | 10.70% | 1/18/2024 | 1/31/2031 | 80581 | 100467 | 100596 | 0.26 |
| &nbsp;&nbsp;Mercury Borrower, Inc. | (8) | SOFR + | 3.00% | 7.36% | 12/13/2024 | 8/2/2028 | 40817 | 40817 | 41225 | 0.11 |
| &nbsp;&nbsp;Minotaur Acquisition, Inc. | (4)(7)(11) | SOFR + | 5.00% | 9.36% | 5/10/2024 | 5/10/2030 | 115362 | 112950 | 114653 | 0.30 |
| &nbsp;&nbsp;MPG Parent Holdings, LLC | (4)(11) | SOFR + | 5.00% | 9.33% | 1/8/2024 | 1/8/2030 | 18121 | 17816 | 18121 | 0.05 |
| &nbsp;&nbsp;MPG Parent Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.00% | 9.51% | 1/8/2024 | 1/8/2030 | 4449 | 4299 | 4410 | 0.01 |
| &nbsp;&nbsp;Oxford Global Resources Inc | (4)(11) | SOFR + | 6.00% | 10.28% | 8/17/2021 | 8/17/2027 | 92881 | 92068 | 92881 | 0.24 |
| &nbsp;&nbsp;Oxford Global Resources Inc | (4)(5)(7)(11) | SOFR + | 6.00% | 10.48% | 8/17/2021 | 8/17/2027 | 8728 | 8590 | 8728 | 0.02 |
| &nbsp;&nbsp;Oxford Global Resources Inc | (4)(5)(9) | SOFR + | 6.00% | 10.63% | 6/6/2024 | 8/17/2027 | 9924 | 9745 | 9924 | 0.03 |
| &nbsp;&nbsp;Pavion Corp. | (4)(6)(10) | SOFR + | 5.75% | 10.34% | 10/30/2023 | 10/30/2030 | 117100 | 115150 | 116514 | 0.30 |
| &nbsp;&nbsp;Pavion Corp. | (4)(5)(6)(7)(10) | SOFR + | 5.75% | 10.38% | 10/30/2023 | 10/30/2030 | 23767 | 23339 | 23610 | 0.06 |
| &nbsp;&nbsp;Petrus Buyer Inc | (4)(10) | SOFR + | 5.25% | 9.90% | 10/17/2022 | 10/17/2029 | 35615 | 34884 | 35615 | 0.09 |
| &nbsp;&nbsp;Petrus Buyer Inc | (4)(5)(7)(10) | SOFR + | 5.25% | 9.75% | 10/17/2022 | 10/17/2029 | 6359 | 6072 | 6286 | 0.02 |
| &nbsp;&nbsp;Plano HoldCo Inc | (4)(8) | SOFR + | 3.50% | 7.83% | 12/11/2024 | 10/1/2031 | 1000 | 1019 | 1010 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| &nbsp;&nbsp;Polyconcept Investments B.V. | (10) | SOFR + | 5.50% | 9.83% | 5/20/2022 | 5/18/2029 | $24290 | $23985 | $23774 | 0.06% |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (6)(8) | SOFR + | 3.00% | 7.59% | 2/24/2023 | 7/31/2031 | 5172 | 5132 | 5210 | 0.01 |
| &nbsp;&nbsp;Soliant Lower Intermediate, LLC | (7)(8) | SOFR + | 3.75% | 8.11% | 7/18/2024 | 7/18/2031 | 50286 | 46679 | 49584 | 0.13 |
| &nbsp;&nbsp;STV Group, Inc. | (4)(10) | SOFR + | 5.00% | 9.36% | 3/20/2024 | 3/20/2031 | 58396 | 57359 | 58396 | 0.15 |
| &nbsp;&nbsp;STV Group, Inc. | (4)(5)(7)(10) | P + | 4.00% | 12.50% | 3/20/2024 | 3/20/2030 | 1681 | 1327 | 1513 | 0.00 |
| &nbsp;&nbsp;The North Highland Co LLC | (4)(10) | SOFR + | 4.75% | 9.12% | 12/20/2024 | 12/20/2031 | 92340 | 91422 | 91417 | 0.24 |
| &nbsp;&nbsp;The North Highland Co LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.10% | 12/20/2024 | 12/20/2030 | 5072 | 4643 | 4641 | 0.01 |
| &nbsp;&nbsp;Thevelia US, LLC | (6)(9) | SOFR + | 3.25% | 7.58% | 7/29/2024 | 6/18/2029 | 33776 | 33776 | 34022 | 0.09 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + | 5.25% | 9.76% | 6/29/2021 | 6/29/2028 | 24735 | 24542 | 24735 | 0.06 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp. | (4)(7)(10) | SOFR + | 5.25% | 10.04% | 6/29/2021 | 6/29/2028 | 53742 | 52995 | 53742 | 0.14 |
| &nbsp;&nbsp;Trinity Partners Holdings, LLC | (4)(7)(11)(18) | SOFR + | 6.24% | 10.70% | 12/21/2021 | 12/21/2028 | 380454 | 375425 | 379310 | 0.98 |
| &nbsp;&nbsp;Victors CCC Buyer, LLC | (4)(7)(10) | SOFR + | 4.75% | 9.13% | 6/1/2022 | 6/1/2029 | 151099 | 149075 | 151099 | 0.39 |
| &nbsp;&nbsp;West Monroe Partners, LLC | (4)(7)(10) | SOFR + | 4.75% | 9.15% | 11/9/2021 | 11/8/2028 | 715205 | 706891 | 708053 | 1.82 |
| &nbsp;&nbsp;West Monroe Partners, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.12% | 12/18/2024 | 11/8/2028 | 24439 | 24197 | 24194 | 0.06 |
| &nbsp;&nbsp;YA Intermediate Holdings II, LLC | (4)(5)(10) | SOFR + | 5.00% | 9.59% | 10/1/2024 | 10/1/2031 | 44304 | 43936 | 43901 | 0.11 |
| &nbsp;&nbsp;YA Intermediate Holdings II, LLC | (4)(5)(7)(10) | P + | 4.00% | 11.50% | 10/1/2024 | 10/1/2031 | 457 | 277 | 270 | 0.00 |
|  |  |  |  |  |  |  |  | 6615077 | 6663860 | 17.13 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Castle Management Borrower, LLC | (4)(7)(11) | SOFR + | 5.50% | 9.83% | 11/3/2023 | 11/3/2029 | $33000 | $32534 | $33000 | 0.08% |
| &nbsp;&nbsp;Community Management Holdings Midco 2 LLC | (4)(5)(10) | SOFR + | 5.00% | 9.57% | 11/1/2024 | 11/1/2031 | 58866 | 58004 | 57983 | 0.15 |
| &nbsp;&nbsp;Community Management Holdings Midco 2 LLC | (4)(5)(7)(10) | SOFR + | 5.00% | 9.57% | 11/1/2024 | 11/1/2031 | 2747 | 2431 | 2423 | 0.01 |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (4)(6)(9) | SOFR + | 3.00% | 7.36% | 6/18/2024 | 1/31/2030 | 7443 | 7443 | 7480 | 0.02 |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (4)(6)(9) | SOFR + | 3.25% | 7.61% | 9/25/2024 | 1/31/2030 | 1600 | 1600 | 1620 | 0.00 |
| &nbsp;&nbsp;Neptune BidCo SAS | (4)(5)(6)(7)(8) | E + | 5.25% | 8.31% | 3/28/2024 | 4/1/2031 | 6495 | 6863 | 6525 | 0.02 |
| &nbsp;&nbsp;Odevo AB | (4)(5)(6)(8) | ST + | 5.50% | 8.06% | 10/31/2024 | 12/31/2030 | 601705 | 54310 | 54113 | 0.14 |
| &nbsp;&nbsp;Odevo AB | (4)(5)(6)(7)(8) | E + | 5.50% | 8.37% | 10/31/2024 | 12/31/2030 | 1236 | 965 | 799 | 0.00 |
| &nbsp;&nbsp;Odevo AB | (4)(5)(6)(8) | S + | 5.50% | 10.20% | 10/31/2024 | 12/31/2030 | 28090 | 35411 | 34990 | 0.09 |
| &nbsp;&nbsp;Odevo AB | (4)(6)(8) | SOFR + | 5.50% | 9.89% | 10/31/2024 | 12/31/2030 | 143644 | 143180 | 142926 | 0.37 |
| &nbsp;&nbsp;Phoenix Strategy S.à r.l. | (4)(6)(8) | S + | 2.75% | 7.45% | 10/2/2024 | 10/2/2028 | 53099 | 69518 | 65810 | 0.17 |
| &nbsp;&nbsp;Phoenix Strategy S.à r.l. | (4)(6)(8) | E + | 2.75% | 5.77% | 10/2/2024 | 10/2/2028 | 50089 | 53597 | 51365 | 0.13 |
| &nbsp;&nbsp;Phoenix Strategy S.à r.l. | (4)(6)(8) | E + | 2.75% | 5.92% | 10/2/2024 | 10/2/2028 | 140261 | 153364 | 144170 | 0.37 |
| &nbsp;&nbsp;Progress Residential PM Holdings, LLC | (4)(10) | SOFR + | 5.50% | 9.96% | 2/16/2021 | 8/8/2030 | 79357 | 78261 | 79357 | 0.20 |
| &nbsp;&nbsp;Progress Residential PM Holdings, LLC | (4)(7)(10) | SOFR + | 5.50% | 9.96% | 7/26/2022 | 8/8/2030 | 15205 | 14942 | 15205 | 0.04 |
|  |  |  |  |  |  |  |  | 712423 | 697766 | 1.79 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Abacus Holdco 2 Oy | (4)(5)(6)(7)(8) | E + | 4.75% | 7.97% | 10/11/2024 | 10/10/2031 | 727 | $789 | $748 | 0.00% |
| &nbsp;&nbsp;AI Titan Parent Inc | (4)(7)(10) | SOFR + | 4.75% | 9.11% | 8/29/2024 | 8/29/2031 | $110274 | 108990 | 109751 | 0.28 |
| &nbsp;&nbsp;Analytic Partners LP | (4)(7)(10) | SOFR + | 4.75% | 9.11% | 4/4/2022 | 4/4/2030 | 21250 | 20972 | 21054 | 0.05 |
| &nbsp;&nbsp;Analytic Partners LP | (4)(5)(10) | SOFR + | 4.75% | 9.13% | 12/17/2024 | 4/4/2030 | 12065 | 11975 | 11975 | 0.03 |
| &nbsp;&nbsp;Anaplan, Inc. | (4)(5)(10) | SOFR + | 5.25% | 9.58% | 4/25/2024 | 6/21/2029 | 200 | 198 | 200 | 0.00 |
| &nbsp;&nbsp;Anaplan, Inc. | (4)(7)(10) | SOFR + | 5.25% | 9.58% | 6/21/2022 | 6/21/2029 | 537534 | 530117 | 537534 | 1.38 |
| &nbsp;&nbsp;Aptean Inc | (4)(10) | SOFR + | 5.00% | 9.51% | 1/29/2024 | 1/29/2031 | 43464 | 43106 | 43464 | 0.11 |
| &nbsp;&nbsp;Aptean Inc | (4)(5)(7)(10) | SOFR + | 5.00% | 9.51% | 1/29/2024 | 1/29/2031 | 710 | 666 | 700 | 0.00 |
| &nbsp;&nbsp;Armstrong Bidco Limited | (4)(6)(8) | S + | 5.25% | 9.95% | 6/2/2022 | 6/28/2029 | 478945 | 574139 | 587599 | 1.51 |
| &nbsp;&nbsp;Arnhem BidCo GmbH | (4)(6)(7)(8) | E + | 4.75% | 7.91% | 9/18/2024 | 10/1/2031 | 229680 | 252180 | 235264 | 0.61 |
| &nbsp;&nbsp;AuditBoard Inc | (4)(7)(10) | SOFR + | 4.75% | 9.08% | 7/12/2024 | 7/12/2031 | 80730 | 79655 | 79577 | 0.20 |
| &nbsp;&nbsp;Avalara Inc | (4)(7)(10) | SOFR + | 6.25% | 10.58% | 10/19/2022 | 10/19/2028 | 23077 | 22675 | 23077 | 0.06 |
| &nbsp;&nbsp;Azurite Intermediate Holdings Inc. | (4)(7)(10) | SOFR + | 6.50% | 10.86% | 3/19/2024 | 3/19/2031 | 61560 | 60650 | 61560 | 0.16 |
| &nbsp;&nbsp;Bayshore Intermediate #2 LP | (4)(7)(10) | SOFR + | 6.25% | 10.77% (incl. 3.38% PIK) | 11/8/2024 | 10/1/2028 | 314887 | 314401 | 314763 | 0.81 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(10) | SOFR + | 6.00% | 10.39% (incl. 1.00% PIK) | 8/8/2022 | 8/8/2028 | 69876 | 69068 | 69526 | 0.18 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(10) | SOFR + | 6.00% | 10.39% (incl. 1.00% PIK) | 8/8/2022 | 8/8/2028 | 12274 | 12132 | 12213 | 0.03 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(5)(10) | SOFR + | 6.00% | 10.39% (incl. 1.00% PIK) | 8/8/2022 | 8/8/2028 | 8477 | 8392 | 8435 | 0.02 |
| &nbsp;&nbsp;BlueCat Networks USA, Inc. | (4)(5)(10) | SOFR + | 6.00% | 10.39% (incl. 1.00% PIK) | 10/25/2024 | 8/8/2028 | 56752 | 55944 | 56469 | 0.15 |
| &nbsp;&nbsp;Bluefin Holding, LLC | (4)(7)(11) | SOFR + | 6.25% | 10.64% | 9/12/2023 | 9/12/2029 | 54582 | 53469 | 54434 | 0.14 |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 3.75% | 8.34% | 7/30/2024 | 7/30/2031 | 15431 | 15401 | 15578 | 0.04 |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.36% | 11/28/2023 | 11/28/2030 | 500268 | 495547 | 499866 | 1.29 |
| &nbsp;&nbsp;Caribou Bidco Ltd | (4)(5)(6)(7)(8) | S + | 5.00% | 9.70% | 7/2/2024 | 2/1/2029 | 198859 | 252343 | 248811 | 0.64 |
| &nbsp;&nbsp;CB Nike Holdco LLC | (4)(7)(11) | SOFR + | 4.50% | 9.02% | 11/25/2024 | 11/26/2029 | 66711 | 64757 | 64710 | 0.17 |
| &nbsp;&nbsp;CDK Global Inc. | (8) | SOFR + | 3.25% | 7.58% | 5/16/2024 | 7/6/2029 | 4972 | 4972 | 4913 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (9) | SOFR + | 3.50% | 7.83% | 11/25/2024 | 3/30/2029 | $5558 | $5558 | $5581 | 0.01% |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (9) | SOFR + | 3.75% | 8.08% | 11/4/2024 | 3/21/2031 | 2600 | 2600 | 2612 | 0.01 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 3.75% | 8.21% | 10/8/2021 | 10/8/2028 | 35071 | 34801 | 35044 | 0.09 |
| &nbsp;&nbsp;Confine Visual Bidco | (4)(6)(8) | SOFR + | 5.75% | 10.06% | 2/23/2022 | 2/23/2029 | 257960 | 253409 | 208303 | 0.54 |
| &nbsp;&nbsp;Confine Visual Bidco | (4)(6)(8) | SOFR + | 5.75% | 10.06% | 3/11/2022 | 2/23/2029 | 6159 | 6045 | 4973 | 0.01 |
| &nbsp;&nbsp;Conga Corp. | (10) | SOFR + | 3.50% | 8.09% | 8/8/2024 | 5/8/2028 | 11509 | 11509 | 11625 | 0.03 |
| &nbsp;&nbsp;Connatix Buyer, Inc. | (4)(10) | SOFR + | 5.50% | 10.39% | 7/14/2021 | 7/14/2027 | 106766 | 105865 | 104630 | 0.27 |
| &nbsp;&nbsp;Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 10.41% | 7/14/2021 | 7/14/2027 | 4367 | 4229 | 4041 | 0.01 |
| &nbsp;&nbsp;Connatix Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 10.40% | 10/9/2024 | 7/14/2027 | 5248 | 5093 | 5073 | 0.01 |
| &nbsp;&nbsp;ConnectWise, LLC | (9) | SOFR + | 3.50% | 8.09% | 9/30/2021 | 9/29/2028 | 28031 | 27984 | 28250 | 0.07 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc. | (9) | SOFR + | 3.75% | 8.22% | 10/15/2021 | 10/16/2028 | 26865 | 26803 | 23722 | 0.06 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc. | (4)(11) | SOFR + | 6.00% | 10.38% | 9/7/2023 | 10/16/2028 | 34474 | 33690 | 34043 | 0.09 |
| &nbsp;&nbsp;Coupa Software Inc. | (4)(6)(7)(10) | SOFR + | 5.50% | 10.09% | 2/27/2023 | 2/27/2030 | 1827 | 1790 | 1825 | 0.00 |
| &nbsp;&nbsp;Crewline Buyer, Inc. | (4)(7)(11) | SOFR + | 6.75% | 11.11% | 11/8/2023 | 11/8/2030 | 122658 | 119824 | 121983 | 0.31 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 3.50% | 8.20% | 5/1/2024 | 12/1/2029 | 78598 | 78470 | 79311 | 0.20 |
| &nbsp;&nbsp;Denali Bidco Ltd | (4)(5)(6)(7)(10) | S + | 5.75% | 10.45% | 8/29/2023 | 8/29/2030 | 14404 | 17779 | 18030 | 0.05 |
| &nbsp;&nbsp;Denali Bidco Ltd | (4)(5)(6)(8) | E + | 5.75% | 8.43% | 8/29/2023 | 8/29/2030 | 4174 | 4420 | 4324 | 0.01 |
| &nbsp;&nbsp;Denali Bidco Ltd | (4)(5)(6)(8) | E + | 5.25% | 7.93% | 2/28/2024 | 8/29/2030 | 263 | 276 | 273 | 0.00 |
| &nbsp;&nbsp;Denali Bidco Ltd | (4)(5)(6)(9) | E + | 5.75% | 8.43% | 2/28/2024 | 8/29/2030 | 5845 | 6236 | 6055 | 0.02 |
| &nbsp;&nbsp;Diligent Corp | (4)(7)(10) | SOFR + | 5.00% | 10.09% | 4/30/2024 | 8/2/2030 | 173460 | 172062 | 173085 | 0.45 |
| &nbsp;&nbsp;Diligent Corp | (4)(10) | SOFR + | 5.00% | 10.09% | 4/30/2024 | 8/2/2030 | 29736 | 29588 | 29736 | 0.08 |
| &nbsp;&nbsp;Discovery Education, Inc. | (4)(10) | SOFR + | 6.75% | 11.48% (incl. 6.24% PIK) | 4/7/2022 | 4/9/2029 | 581392 | 575726 | 489823 | 1.26 |
| &nbsp;&nbsp;Discovery Education, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 10.20% | 4/7/2022 | 4/9/2029 | 38919 | 38277 | 30643 | 0.08 |
| &nbsp;&nbsp;Discovery Education, Inc. | (4)(5)(11) | SOFR + | 6.75% | 11.38% (incl. 6.19% PIK) | 10/3/2023 | 4/9/2029 | 65438 | 64824 | 55132 | 0.14 |
| &nbsp;&nbsp;Dropbox Inc | (4)(5)(6)(10) | SOFR + | 2.00% | 6.45% | 12/10/2024 | 12/11/2029 | 250497 | 247484 | 247466 | 0.64 |
| &nbsp;&nbsp;Dropbox Inc | (4)(5)(6)(7)(10)(18) | SOFR + | 6.38% | 10.83% | 12/10/2024 | 12/11/2029 | 333996 | 325844 | 325780 | 0.84 |
| &nbsp;&nbsp;DTI Holdco, Inc. | (7)(10) | SOFR + | 4.75% | 9.11% | 4/26/2022 | 4/26/2029 | 24438 | 23719 | 23241 | 0.06 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;ECI Macola Max Holding, LLC | (6)(10) | SOFR + | 3.25% | 7.58% | 9/20/2024 | 5/9/2030 | $5923 | $5923 | $5987 | 0.02% |
| &nbsp;&nbsp;Edison Bidco AS | (4)(5)(6)(7)(8) | E + | 5.25% | 7.91% | 12/18/2024 | 12/18/2031 | 345 | 353 | 342 | 0.00 |
| &nbsp;&nbsp;Elements Finco Ltd | (4)(5)(6)(8) | S + | 5.00% | 9.70% | 3/27/2024 | 4/29/2031 | 67590 | 83717 | 83981 | 0.22 |
| &nbsp;&nbsp;Elements Finco Ltd | (4)(5)(6)(8) | SOFR + | 4.75% | 9.11% | 3/27/2024 | 4/29/2031 | 21157 | 20932 | 20999 | 0.05 |
| &nbsp;&nbsp;Elements Finco Ltd | (4)(5)(6)(8) | SOFR + | 4.75% | 9.44% | 4/30/2024 | 4/29/2031 | 17609 | 17515 | 17477 | 0.04 |
| &nbsp;&nbsp;Elements Finco Ltd | (4)(5)(6)(8) | S + | 5.00% | 9.70% | 11/29/2024 | 4/29/2031 | 12459 | 15423 | 15481 | 0.04 |
| &nbsp;&nbsp;Elements Finco Ltd | (4)(5)(6)(8) | S + | 5.00% | 9.70% | 3/27/2024 | 4/29/2031 | 30299 | 37528 | 37647 | 0.10 |
| &nbsp;&nbsp;Epicor Software Corp. | (10) | SOFR + | 2.75% | 7.11% | 5/30/2024 | 5/30/2031 | 5087 | 5073 | 5129 | 0.01 |
| &nbsp;&nbsp;Everbridge Holdings, LLC | (4)(6)(10) | SOFR + | 5.00% | 9.59% | 7/2/2024 | 7/2/2031 | 34815 | 34653 | 34728 | 0.09 |
| &nbsp;&nbsp;Everbridge Holdings, LLC | (4)(5)(6)(7)(10) | SOFR + | 5.00% | 9.59% | 7/2/2024 | 7/2/2031 | 3412 | 3368 | 3381 | 0.01 |
| &nbsp;&nbsp;Experity, Inc. | (4)(10) | SOFR + | 6.00% | 10.33% (incl. 3.25% PIK) | 7/22/2021 | 2/24/2028 | 106582 | 105587 | 106582 | 0.27 |
| &nbsp;&nbsp;Experity, Inc. | (4)(10) | SOFR + | 6.00% | 10.33% (incl. 3.25% PIK) | 2/24/2022 | 2/24/2028 | 34317 | 33961 | 34317 | 0.09 |
| &nbsp;&nbsp;Experity, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 9.86% | 2/24/2022 | 2/24/2028 | 2306 | 1990 | 2106 | 0.01 |
| &nbsp;&nbsp;Flash Charm, Inc. | (10) | SOFR + | 3.50% | 8.07% | 6/11/2024 | 3/2/2028 | 51960 | 51956 | 51128 | 0.13 |
| &nbsp;&nbsp;Flexera Software, LLC | (10) | SOFR + | 3.00% | 7.35% | 5/20/2024 | 3/3/2028 | 9787 | 9787 | 9865 | 0.03 |
| &nbsp;&nbsp;Gen Digital Inc | (6)(9) | SOFR + | 1.75% | 6.11% | 6/5/2024 | 9/12/2029 | 5001 | 5001 | 4991 | 0.01 |
| &nbsp;&nbsp;Genesys Cloud Services Holdings II, LLC | (10) | SOFR + | 3.00% | 7.36% | 9/26/2024 | 12/1/2027 | 5756 | 5756 | 5811 | 0.01 |
| &nbsp;&nbsp;Genuine Financial Holdings, LLC | (8) | SOFR + | 4.00% | 8.36% | 6/28/2024 | 9/27/2030 | 3970 | 3979 | 4019 | 0.01 |
| &nbsp;&nbsp;Gigamon Inc. | (4)(11) | SOFR + | 5.75% | 10.55% | 3/11/2022 | 3/9/2029 | 422846 | 417789 | 396418 | 1.02 |
| &nbsp;&nbsp;Gigamon Inc. | (4)(5)(10) | SOFR + | 5.75% | 10.48% | 3/11/2022 | 3/9/2029 | 25774 | 25637 | 24163 | 0.06 |
| &nbsp;&nbsp;GovernmentJobs.com, Inc. | (4)(7)(10) | SOFR + | 5.00% | 9.60% | 7/15/2024 | 12/2/2028 | 286318 | 283496 | 285708 | 0.74 |
| &nbsp;&nbsp;Granicus Inc. | (4)(10) | SOFR + | 5.75% | 10.34% (incl. 2.25% PIK) | 1/17/2024 | 1/17/2031 | 30571 | 30314 | 30571 | 0.08 |
| &nbsp;&nbsp;Granicus Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 9.84% (incl. 2.25% PIK) | 1/17/2024 | 1/17/2031 | 8244 | 8163 | 8195 | 0.02 |
| &nbsp;&nbsp;Graphpad Software, LLC | (4)(10) | SOFR + | 4.75% | 9.08% | 6/28/2024 | 6/28/2031 | 143059 | 142064 | 143059 | 0.37 |
| &nbsp;&nbsp;Graphpad Software, LLC | (4)(5)(7)(10) | SOFR + | 4.75% | 9.08% | 6/28/2024 | 6/28/2031 | 3719 | 3363 | 3482 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;GS Acquisitionco Inc | (4)(5)(11) | SOFR + | 5.25% | 9.58% | 3/26/2024 | 5/25/2028 | $11996 | $11953 | $11936 | 0.03% |
| &nbsp;&nbsp;GS Acquisitionco Inc | (4)(5)(7)(10) | SOFR + | 5.25% | 9.59% | 3/26/2024 | 5/25/2028 | 1317 | 1277 | 1276 | 0.00 |
| &nbsp;&nbsp;Homecare Software Solutions, LLC | (4)(10) | SOFR + | 5.55% | 9.93% (incl. 2.93% PIK) | 6/14/2024 | 6/14/2031 | 77127 | 76420 | 76742 | 0.20 |
| &nbsp;&nbsp;Homecare Software Solutions, LLC | (4)(5)(10) | SOFR + | 5.55% | 9.93% (incl. 2.93% PIK) | 6/14/2024 | 6/14/2031 | 30196 | 29919 | 30045 | 0.08 |
| &nbsp;&nbsp;Homecare Software Solutions, LLC | (4)(5)(10) | SOFR + | 5.55% | 9.93% (incl. 2.93% PIK) | 9/26/2024 | 6/14/2031 | 35631 | 35291 | 35453 | 0.09 |
| &nbsp;&nbsp;HS Purchaser, LLC | (10) | SOFR + | 4.00% | 8.69% | 6/23/2021 | 11/19/2026 | 23553 | 23558 | 20826 | 0.05 |
| &nbsp;&nbsp;Icefall Parent, Inc. | (4)(7)(11) | SOFR + | 6.50% | 10.86% | 1/26/2024 | 1/25/2030 | 72237 | 70901 | 72237 | 0.19 |
| &nbsp;&nbsp;Idemia America Corp | (4)(6)(10) | SOFR + | 4.25% | 8.58% | 2/2/2024 | 9/30/2028 | 995 | 1001 | 1007 | 0.00 |
| &nbsp;&nbsp;IGT Holding IV AB | (4)(5)(6)(8) | E + | 5.25% | 8.60% (incl. 2.13% PIK) | 10/25/2022 | 3/31/2028 | 14765 | 15876 | 15295 | 0.04 |
| &nbsp;&nbsp;ION Trading Finance Ltd. | (6)(8) | SOFR + | 3.50% | 7.83% | 12/10/2024 | 4/1/2028 | 23053 | 23053 | 23113 | 0.06 |
| &nbsp;&nbsp;IQN Holding Corp | (4)(10) | SOFR + | 5.25% | 9.76% | 5/2/2022 | 5/2/2029 | 45906 | 45636 | 45906 | 0.12 |
| &nbsp;&nbsp;IQN Holding Corp | (4)(5)(7)(10) | SOFR + | 5.25% | 9.77% | 5/2/2022 | 5/2/2028 | 2171 | 2140 | 2171 | 0.01 |
| &nbsp;&nbsp;IRI Group Holdings Inc | (4)(10) | SOFR + | 5.00% | 9.59% | 4/1/2024 | 12/1/2028 | 1587257 | 1565776 | 1587257 | 4.08 |
| &nbsp;&nbsp;IRI Group Holdings Inc | (4)(5)(7)(10) | SOFR + | 5.00% | 9.36% | 4/1/2024 | 12/1/2027 | 20982 | 19695 | 20982 | 0.05 |
| &nbsp;&nbsp;Javelin Buyer Inc | (6)(8) | SOFR + | 3.25% | 7.83% | 12/6/2024 | 10/8/2031 | 3000 | 3019 | 3027 | 0.01 |
| &nbsp;&nbsp;JS Parent Inc | (4)(7)(10) | SOFR + | 5.00% | 9.59% | 4/24/2024 | 4/24/2031 | 81218 | 80817 | 81179 | 0.21 |
| &nbsp;&nbsp;Kaseya, Inc. | (4)(10) | SOFR + | 5.50% | 10.09% | 6/23/2022 | 6/25/2029 | 745209 | 735693 | 745209 | 1.92 |
| &nbsp;&nbsp;Kaseya, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 10.09% | 6/23/2022 | 6/25/2029 | 11426 | 11008 | 11095 | 0.03 |
| &nbsp;&nbsp;Kaseya, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 9.83% | 6/23/2022 | 6/25/2029 | 12317 | 11681 | 12317 | 0.03 |
| &nbsp;&nbsp;LD Lower Holdings, Inc. | (4)(11) | SOFR + | 7.50% | 11.93% | 2/8/2021 | 8/9/2027 | 107388 | 106904 | 106583 | 0.27 |
| &nbsp;&nbsp;Lightbox Intermediate, LP | (4)(8) | SOFR + | 5.00% | 9.59% | 6/1/2022 | 5/9/2026 | 37050 | 36721 | 35475 | 0.09 |
| &nbsp;&nbsp;LogicMonitor Inc | (4)(5)(7)(10) | SOFR + | 5.50% | 9.99% | 11/15/2024 | 11/15/2031 | 91603 | 90337 | 90315 | 0.23 |
| &nbsp;&nbsp;Magenta Security Holdings LLC | (5)(11) | SOFR + | 6.25% | 10.84% | 8/14/2024 | 7/27/2028 | 9724 | 9366 | 9922 | 0.03 |
| &nbsp;&nbsp;Magenta Security Holdings LLC | (5)(10)(18) | SOFR + | 6.75% | 11.59% | 8/14/2024 | 7/27/2028 | 27581 | 26335 | 25512 | 0.07 |
| &nbsp;&nbsp;Magenta Security Holdings LLC | (5)(10)(17)(18) | SOFR + | 7.00% | 11.85% (incl. 5.50% PIK) | 8/14/2024 | 7/27/2028 | 6619 | 2218 | 2329 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Magnesium BorrowerCo, Inc. | (4)(10) | S + | 5.00% | 9.70% | 5/19/2022 | 5/18/2029 | 101084 | $124317 | $126547 | 0.33% |
| &nbsp;&nbsp;Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + | 5.00% | 9.36% | 5/19/2022 | 5/18/2029 | $1045747 | 1029015 | 1045747 | 2.69 |
| &nbsp;&nbsp;Magnesium BorrowerCo, Inc. | (4)(10) | SOFR + | 5.00% | 9.36% | 3/21/2024 | 5/18/2029 | 29263 | 28958 | 29263 | 0.08 |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + | 3.75% | 8.23% | 7/30/2021 | 7/31/2028 | 75951 | 75367 | 65698 | 0.17 |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + | 6.25% | 10.73% | 6/9/2023 | 6/9/2030 | 62053 | 60605 | 59571 | 0.15 |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(5)(8) | SOFR + | 3.75% | 8.10% | 7/30/2021 | 7/31/2026 | 10800 | 10766 | 9342 | 0.02 |
| &nbsp;&nbsp;Maverick Bidco Inc. | (10) | SOFR + | 3.75% | 8.49% | 5/18/2021 | 5/18/2028 | 16491 | 16451 | 16519 | 0.04 |
| &nbsp;&nbsp;Maverick Bidco Inc. | (4)(5)(10) | SOFR + | 5.00% | 9.69% | 5/26/2023 | 5/18/2028 | 69336 | 67630 | 69336 | 0.18 |
| &nbsp;&nbsp;Maverick Bidco Inc. | (4)(5)(7)(10) | SOFR + | 4.75% | 9.44% | 8/16/2024 | 5/18/2028 | 57477 | 56225 | 56842 | 0.15 |
| &nbsp;&nbsp;McAfee Corp. | (6)(9) | SOFR + | 3.00% | 7.37% | 5/31/2024 | 3/1/2029 | 29722 | 29722 | 29785 | 0.08 |
| &nbsp;&nbsp;Medallia, Inc. | (4)(10) | SOFR + | 6.50% | 10.85% (incl. 4.00% PIK) | 10/28/2021 | 10/29/2028 | 865826 | 857296 | 813876 | 2.09 |
| &nbsp;&nbsp;Medallia, Inc. | (4)(10) | SOFR + | 6.50% | 10.85% (incl. 4.00% PIK) | 8/16/2022 | 10/29/2028 | 213607 | 211054 | 200791 | 0.52 |
| &nbsp;&nbsp;Mitnick Purchaser, Inc. | (9)(18) | SOFR + | 4.50% | 9.19% | 5/2/2022 | 5/2/2029 | 11616 | 11580 | 10860 | 0.03 |
| &nbsp;&nbsp;Monk Holding Co. | (4)(10)(18) | SOFR + | 5.50% | 9.93% | 12/1/2021 | 12/1/2027 | 10944 | 10816 | 10944 | 0.03 |
| &nbsp;&nbsp;Monk Holding Co. | (4)(7)(10) | SOFR + | 5.50% | 9.93% | 12/1/2021 | 12/1/2027 | 5430 | 5273 | 5127 | 0.01 |
| &nbsp;&nbsp;MRI Software, LLC | (4)(5)(11) | SOFR + | 4.75% | 9.08% | 12/19/2023 | 2/10/2027 | 50702 | 50331 | 50575 | 0.13 |
| &nbsp;&nbsp;MRI Software, LLC | (11) | SOFR + | 4.75% | 9.08% | 1/7/2021 | 2/10/2027 | 182989 | 182001 | 183446 | 0.47 |
| &nbsp;&nbsp;MRI Software, LLC | (4)(7)(11) | SOFR + | 4.75% | 9.08% | 8/27/2024 | 2/10/2027 | 11505 | 11175 | 10523 | 0.03 |
| &nbsp;&nbsp;NAVEX TopCo, Inc. | (4)(7)(10) | SOFR + | 5.50% | 9.88% | 11/9/2023 | 11/9/2030 | 99892 | 98085 | 99892 | 0.26 |
| &nbsp;&nbsp;Nintex Topco Limited | (4)(6)(8) | SOFR + | 6.00% | 10.76% (incl. 1.50% PIK) | 11/12/2021 | 11/13/2028 | 678009 | 670625 | 630549 | 1.62 |
| &nbsp;&nbsp;Noble Midco 3 Ltd | (4)(5)(6)(7)(10) | SOFR + | 5.00% | 9.33% | 6/10/2024 | 6/24/2031 | 39181 | 38728 | 39135 | 0.10 |
| &nbsp;&nbsp;Optimizely North America Inc | (4)(5)(10) | S + | 5.50% | 10.20% | 10/30/2024 | 10/30/2031 | 2135 | 2742 | 2646 | 0.01 |
| &nbsp;&nbsp;Optimizely North America Inc | (4)(5)(10) | E + | 5.25% | 8.11% | 10/30/2024 | 10/30/2031 | 7118 | 7654 | 7299 | 0.02 |
| &nbsp;&nbsp;Optimizely North America Inc | (4)(5)(7)(10) | SOFR + | 5.00% | 9.36% | 10/30/2024 | 10/30/2031 | 20286 | 20058 | 20053 | 0.05 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Oranje Holdco Inc | (4)(5)(11) | SOFR + | 7.25% | 11.82% | 4/19/2024 | 2/1/2029 | $5000 | $4911 | $5000 | 0.01% |
| &nbsp;&nbsp;Oranje Holdco Inc | (4)(7)(11) | SOFR + | 7.50% | 12.07% | 2/1/2023 | 2/1/2029 | 66000 | 64737 | 66000 | 0.17 |
| &nbsp;&nbsp;PDI TA Holdings, Inc. | (4)(10) | SOFR + | 5.50% | 10.09% | 2/1/2024 | 2/3/2031 | 68717 | 67854 | 68202 | 0.18 |
| &nbsp;&nbsp;PDI TA Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 10.00% | 2/1/2024 | 2/3/2031 | 8932 | 8701 | 8697 | 0.02 |
| &nbsp;&nbsp;Perforce Software, Inc. | (9) | SOFR + | 4.75% | 9.11% | 3/22/2024 | 3/25/2031 | 19900 | 19811 | 19682 | 0.05 |
| &nbsp;&nbsp;Perforce Software, Inc. | (8) | SOFR + | 4.75% | 9.10% | 12/18/2024 | 7/1/2029 | 15176 | 14949 | 15014 | 0.04 |
| &nbsp;&nbsp;Ping Identity Holding Corp | (4)(5)(7)(10) | SOFR + | 4.75% | 9.08% | 10/21/2024 | 10/17/2029 | 38460 | 38460 | 38460 | 0.10 |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (9) | SOFR + | 3.25% | 7.58% | 5/14/2024 | 10/28/2030 | 70853 | 70853 | 71396 | 0.18 |
| &nbsp;&nbsp;Project Leopard Holdings, Inc. | (9) | SOFR + | 5.25% | 9.94% | 7/20/2022 | 7/20/2029 | 133231 | 128220 | 119907 | 0.31 |
| &nbsp;&nbsp;Project Leopard Holdings, Inc. | (4)(5)(7)(8) | SOFR + | 4.25% | 8.80% | 7/20/2022 | 7/20/2027 | 11613 | 11621 | 9109 | 0.02 |
| &nbsp;&nbsp;Proofpoint, Inc. | (9) | SOFR + | 3.00% | 7.36% | 5/28/2024 | 8/31/2028 | 6921 | 6921 | 6963 | 0.02 |
| &nbsp;&nbsp;QBS Parent Inc | (4)(5)(7)(10) | SOFR + | 4.75% | 9.27% | 11/7/2024 | 11/7/2031 | 53566 | 53276 | 53270 | 0.14 |
| &nbsp;&nbsp;Rally Buyer, Inc. | (4)(10) | SOFR + | 5.75% | 10.10% (incl. 1.75% PIK) | 7/19/2022 | 7/19/2028 | 142922 | 141311 | 132560 | 0.34 |
| &nbsp;&nbsp;Rally Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 10.18% | 7/19/2022 | 7/19/2028 | 13664 | 13454 | 12377 | 0.03 |
| &nbsp;&nbsp;Relativity ODA, LLC | (4)(7)(11) | SOFR + | 4.50% | 8.86% | 5/12/2021 | 5/12/2029 | 37640 | 37591 | 37520 | 0.10 |
| &nbsp;&nbsp;Rocket Software, Inc. | (9) | SOFR + | 4.25% | 8.61% | 10/5/2023 | 11/28/2028 | 45219 | 44747 | 45612 | 0.12 |
| &nbsp;&nbsp;Sailpoint Technologies, Inc. | (4)(7)(10) | SOFR + | 6.00% | 10.52% | 8/16/2022 | 8/16/2029 | 251762 | 248023 | 251762 | 0.65 |
| &nbsp;&nbsp;Scorpio BidCo SAS | (4)(5)(6)(7)(8) | E + | 5.75% | 8.43% | 4/3/2024 | 4/30/2031 | 37234 | 39551 | 38108 | 0.10 |
| &nbsp;&nbsp;Severin Acquisition LLC | (4)(7)(10) | SOFR + | 5.00% | 9.36% (incl. 2.25% PIK) | 10/1/2024 | 10/1/2031 | 329542 | 325652 | 325488 | 0.84 |
| &nbsp;&nbsp;Skopima Consilio Parent, LLC | (7)(9) | SOFR + | 3.75% | 8.12% | 12/18/2024 | 5/12/2028 | 39612 | 39186 | 39792 | 0.10 |
| &nbsp;&nbsp;Solarwinds Holdings, Inc. | (6)(8) | SOFR + | 2.75% | 7.11% | 7/24/2024 | 2/5/2030 | 2978 | 2974 | 2997 | 0.01 |
| &nbsp;&nbsp;Sovos Compliance, LLC | (9) | SOFR + | 4.50% | 8.97% | 8/12/2021 | 8/11/2028 | 13756 | 13705 | 13874 | 0.04 |
| &nbsp;&nbsp;Spaceship Purchaser Inc | (4)(5)(7)(10) | SOFR + | 5.00% | 9.33% | 10/17/2024 | 10/17/2031 | 502321 | 496519 | 496341 | 1.28 |
| &nbsp;&nbsp;Spitfire Parent, Inc. | (4)(11) | E + | 5.50% | 8.36% | 3/8/2021 | 3/11/2027 | 18818 | 22552 | 19492 | 0.05 |
| &nbsp;&nbsp;Spitfire Parent, Inc. | (4)(11) | SOFR + | 5.50% | 9.96% | 3/9/2021 | 3/11/2027 | 116724 | 116049 | 116724 | 0.30 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Stamps.com, Inc. | (4)(5)(10) | SOFR + | 5.75% | 10.94% | 12/14/2021 | 10/5/2028 | $9845 | $9736 | $9673 | 0.02% |
| &nbsp;&nbsp;Stamps.com, Inc. | (4)(10) | SOFR + | 5.75% | 10.94% | 10/5/2021 | 10/5/2028 | 837018 | 828029 | 822370 | 2.12 |
| &nbsp;&nbsp;Surf Holdings, LLC | (6)(8) | SOFR + | 3.50% | 7.95% | 1/7/2021 | 3/5/2027 | 12582 | 12605 | 12680 | 0.03 |
| &nbsp;&nbsp;Tango Bidco SAS | (4)(5)(6)(8) | E + | 5.00% | 8.18% | 10/17/2024 | 10/17/2031 | 69197 | 73903 | 70667 | 0.18 |
| &nbsp;&nbsp;Tango Bidco SAS | (4)(5)(6)(7)(8) | E + | 5.00% | 8.05% | 10/17/2024 | 10/17/2031 | 15053 | 16905 | 15132 | 0.04 |
| &nbsp;&nbsp;Tegra118 Wealth Solutions, Inc. | (8) | SOFR + | 4.00% | 8.52% | 1/7/2021 | 2/18/2027 | 6793 | 6779 | 6560 | 0.02 |
| &nbsp;&nbsp;TravelPerk Inc | (4)(5)(6)(8) |  | 11.50% | 11.50% PIK | 5/2/2024 | 5/2/2029 | 45277 | 42727 | 44032 | 0.11 |
| &nbsp;&nbsp;Triple Lift, Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.25% | 5/6/2021 | 5/5/2028 | 43509 | 42957 | 41197 | 0.11 |
| &nbsp;&nbsp;Triple Lift, Inc. | (4)(10) | SOFR + | 5.75% | 10.25% | 3/18/2022 | 5/5/2028 | 25520 | 25242 | 24499 | 0.06 |
| &nbsp;&nbsp;Varicent Parent Holdings Corp | (4)(7)(10) | SOFR + | 6.00% | 10.33% (incl. 3.25% PIK) | 8/23/2024 | 8/23/2031 | 70768 | 69546 | 69965 | 0.18 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 4.00% | 8.85% | 10/25/2021 | 4/24/2028 | 40996 | 40912 | 40443 | 0.10 |
| &nbsp;&nbsp;VS Buyer, LLC | (7)(8) | SOFR + | 2.75% | 7.12% | 11/19/2024 | 4/12/2031 | 6318 | 5484 | 5399 | 0.01 |
| &nbsp;&nbsp;WPEngine, Inc. | (4)(7)(10) | SOFR + | 6.50% | 10.90% | 8/14/2023 | 8/14/2029 | 81400 | 79334 | 81156 | 0.21 |
| &nbsp;&nbsp;XPLOR T1, LLC | (8) | SOFR + | 3.50% | 7.83% | 12/11/2024 | 6/24/2031 | 34925 | 34929 | 35274 | 0.09 |
| &nbsp;&nbsp;Yellow Castle AB | (4)(6)(8) | ST + | 5.00% | 8.63% (incl. 2.59% PIK) | 4/14/2022 | 7/9/2029 | 112563 | 10498 | 10174 | 0.03 |
| &nbsp;&nbsp;Yellow Castle AB | (4)(6)(8) | SA + | 5.00% | 5.45% (incl. 1.86% PIK) | 4/14/2022 | 7/9/2029 | 10674 | 10784 | 11762 | 0.03 |
| &nbsp;&nbsp;Yellow Castle AB | (4)(5)(6)(10) | SA + | 5.00% | 5.45% (incl. 1.86% PIK) | 7/28/2022 | 7/9/2029 | 3484 | 3492 | 3839 | 0.01 |
| &nbsp;&nbsp;Yellow Castle AB | (4)(6)(8) | E + | 5.00% | 8.67% (incl. 2.60% PIK) | 4/14/2022 | 7/9/2029 | 31713 | 31708 | 32850 | 0.08 |
| &nbsp;&nbsp;Yellow Castle AB | (4)(5)(6)(7)(8) | E + | 5.00% | 8.67% (incl. 2.60% PIK) | 4/14/2022 | 7/9/2029 | 1639 | 1725 | 1698 | 0.00 |
| &nbsp;&nbsp;Yellow Castle AB | (4)(5)(6)(10) | S + | 5.00% | 9.80% (incl. 3.06% PIK) | 7/28/2022 | 7/9/2029 | 8894 | 10514 | 11134 | 0.03 |
| &nbsp;&nbsp;Zendesk Inc | (4)(7)(10) | SOFR + | 5.00% | 9.33% | 7/23/2024 | 11/22/2028 | 934335 | 915649 | 931214 | 2.40 |
| &nbsp;&nbsp;Zorro Bidco Ltd | (4)(5)(6)(7)(8) | S + | 5.00% | 9.70% | 8/13/2024 | 8/13/2031 | 65579 | 82176 | 81094 | 0.21 |
|  |  |  |  |  |  |  |  | 17730102 | 17511126 | 45.08 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;CustomInk, LLC | (4)(11)(18) | SOFR + | 5.98% | 10.57% | 1/7/2021 | 5/3/2026 | $36866 | $36672 | $36866 | 0.09% |
| &nbsp;&nbsp;EG America, LLC | (6)(8) | SOFR + | 4.25% | 8.68% | 12/10/2024 | 2/7/2028 | 12120 | 12120 | 12245 | 0.03 |
| &nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (10) | SOFR + | 3.50% | 7.86% | 7/18/2024 | 5/4/2028 | 27626 | 27626 | 27847 | 0.07 |
| &nbsp;&nbsp;Metis Buyer, Inc. | (4)(5)(7)(8) | SOFR + | 3.25% | 7.63% | 5/4/2021 | 5/4/2026 | 5040 | 4986 | 5028 | 0.01 |
| &nbsp;&nbsp;Runner Buyer, Inc. | (10)(17) | SOFR + | 5.50% | 10.11% | 10/21/2021 | 10/20/2028 | 75855 | 74961 | 36021 | 0.09 |
| &nbsp;&nbsp;StubHub Holdco Sub, LLC | (8) | SOFR + | 4.75% | 9.11% | 3/15/2024 | 3/15/2030 | 11210 | 11202 | 11252 | 0.03 |
|  |  |  |  |  |  |  |  | 167567 | 129259 | 0.32 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;Lytx, Inc. | (4)(11) | SOFR + | 5.00% | 9.48% | 6/13/2024 | 2/28/2028 | 75139 | 75186 | 75139 | 0.19 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;FCG Acquisitions, Inc. | (9) | SOFR + | 3.75% | 8.22% | 4/1/2021 | 3/31/2028 | 22701 | 22648 | 22889 | 0.06 |
| &nbsp;&nbsp;Foundation Building Materials, Inc. | (9) | SOFR + | 3.25% | 8.10% | 1/29/2021 | 1/31/2028 | 14614 | 14440 | 14427 | 0.04 |
| &nbsp;&nbsp;Hillman Group Inc | (6)(9) | SOFR + | 2.25% | 6.61% | 7/14/2021 | 7/14/2028 | 6423 | 6432 | 6464 | 0.02 |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | SOFR + | 3.50% | 8.09% | 12/22/2021 | 12/22/2028 | 15623 | 15588 | 15770 | 0.04 |
| &nbsp;&nbsp;Park River Holdings, Inc. | (10) | SOFR + | 3.25% | 8.10% | 1/7/2021 | 12/28/2027 | 45678 | 45384 | 44692 | 0.12 |
| &nbsp;&nbsp;Porcelain Acquisition Corp. | (4)(11) | SOFR + | 6.00% | 10.43% | 4/30/2021 | 4/1/2027 | 81066 | 80283 | 75797 | 0.20 |
| &nbsp;&nbsp;Red Fox CD Acquisition Corp | (4)(11) | SOFR + | 6.00% | 10.33% | 3/4/2024 | 3/4/2030 | 114246 | 111964 | 114246 | 0.29 |
| &nbsp;&nbsp;Sunsource Borrower, LLC | (8) | SOFR + | 4.00% | 8.46% | 3/25/2024 | 3/25/2031 | 2978 | 2984 | 2991 | 0.01 |
| &nbsp;&nbsp;White Cap Buyer, LLC | (8) | SOFR + | 3.25% | 7.61% | 6/13/2024 | 10/19/2029 | 16915 | 16877 | 16969 | 0.04 |
| &nbsp;&nbsp;Windsor Holdings III LLC | (8) | SOFR + | 3.50% | 7.86% | 9/20/2024 | 8/1/2030 | 8859 | 8859 | 8980 | 0.02 |
|  |  |  |  |  |  |  |  | 325459 | 323225 | 0.84 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** | **First Lien Debt - non-controlled/non-affiliated (continued)** |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Capstone Acquisition Holdings Inc | (4)(7)(11) | SOFR + | 4.50% | 8.96% | 8/29/2024 | 11/13/2029 | $95890 | $95382 | $95869 | 0.25% |
| &nbsp;&nbsp;Enstructure, LLC | (4)(7)(9)(18) | SOFR + | 6.27% | 10.67% | 6/10/2024 | 6/10/2029 | 230696 | 227772 | 229335 | 0.59 |
| &nbsp;&nbsp;Frontline Road Safety, LLC | (4)(10) | SOFR + | 5.75% | 10.21% | 5/3/2021 | 5/3/2027 | 191568 | 190125 | 191618 | 0.49 |
| &nbsp;&nbsp;Frontline Road Safety, LLC | (4)(10) | SOFR + | 5.75% | 10.21% | 12/15/2023 | 5/3/2027 | 22390 | 22081 | 22390 | 0.06 |
| &nbsp;&nbsp;Frontline Road Safety, LLC | (4)(5)(10) | SOFR + | 5.75% | 10.25% | 12/15/2023 | 5/3/2027 | 22378 | 22069 | 22378 | 0.06 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(10) | SOFR + | 6.25% | 10.99% | 8/4/2021 | 8/4/2027 | 91837 | 91055 | 90509 | 0.23 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(7)(10) | SOFR + | 6.25% | 11.01% | 8/4/2021 | 8/4/2027 | 61597 | 60756 | 59899 | 0.15 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(10) | SOFR + | 6.25% | 10.73% | 12/22/2023 | 8/4/2027 | 13760 | 13564 | 13554 | 0.03 |
| &nbsp;&nbsp;Helix TS, LLC | (4)(5)(10) | SOFR + | 6.25% | 10.91% | 12/14/2022 | 8/4/2027 | 983 | 972 | 968 | 0.00 |
| &nbsp;&nbsp;Italian Motorway Holdings S.à r.l | (4)(6)(8) | E + | 5.25% | 8.14% | 4/28/2022 | 4/28/2029 | 236429 | 244606 | 244955 | 0.63 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 10.27% | 4/19/2021 | 10/19/2027 | 71538 | 70851 | 69407 | 0.18 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 11.06% | 1/31/2022 | 10/19/2027 | 76109 | 75605 | 73841 | 0.19 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 11.06% | 4/19/2021 | 10/19/2027 | 54639 | 54569 | 52999 | 0.14 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(5)(11) | P + | 4.75% | 12.25% | 9/11/2024 | 10/19/2027 | 4346 | 4268 | 4216 | 0.01 |
| &nbsp;&nbsp;Safety Borrower Holdings LP | (4)(11) | SOFR + | 5.25% | 9.72% | 9/1/2021 | 9/1/2027 | 47308 | 47109 | 47308 | 0.12 |
| &nbsp;&nbsp;Safety Borrower Holdings LP | (4)(5)(7)(11) | P + | 4.25% | 11.75% | 9/1/2021 | 9/1/2027 | 839 | 824 | 805 | 0.00 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | SOFR + | 5.50% | 10.01% | 9/24/2021 | 9/24/2027 | 147060 | 145773 | 147110 | 0.38 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | SOFR + | 5.50% | 10.23% | 9/19/2023 | 9/24/2027 | 63200 | 62341 | 63200 | 0.16 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | SOFR + | 5.50% | 10.13% | 9/19/2023 | 9/24/2027 | 39794 | 39245 | 39794 | 0.10 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(11) | SOFR + | 5.50% | 10.28% | 9/24/2021 | 9/24/2027 | 45650 | 45259 | 45650 | 0.12 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(5)(7)(11) | P + | 4.50% | 13.00% | 9/24/2021 | 3/24/2027 | 7200 | 7006 | 7200 | 0.02 |
| &nbsp;&nbsp;Sam Holding Co, Inc. | (4)(5)(7)(11) | SOFR + | 5.50% | 10.12% | 9/5/2024 | 9/24/2027 | 24400 | 24069 | 24038 | 0.06 |
| &nbsp;&nbsp;TRP Infrastructure Services, LLC | (4)(11) | SOFR + | 5.50% | 10.24% | 7/9/2021 | 7/9/2027 | 71477 | 70886 | 70780 | 0.18 |
| &nbsp;&nbsp;TRP Infrastructure Services, LLC | (4)(5)(7)(11) | SOFR + | 5.50% | 9.99% | 12/2/2024 | 7/9/2027 | 24493 | 24160 | 24148 | 0.06 |
|  |  |  |  |  |  |  |  | 1640347 | 1641971 | 4.21 |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |
| &nbsp;&nbsp;CCI Buyer, Inc. | (10) | SOFR + | 4.00% | 8.33% | 1/7/2021 | 12/17/2027 | 20920 | 20910 | 20967 | 0.05 |
| &nbsp;&nbsp;CyrusOne Revolving Warehouse | (4)(5)(6)(7)(8) | SOFR + | 3.00% | 7.59% | 7/12/2024 | 7/2/2027 | 76425 | 75257 | 76425 | 0.20 |
|  |  |  |  |  |  |  |  | 96167 | 97392 | 0.25 |
| **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | **Total First Lien Debt - non-controlled/non-affiliated** | 61697220 | 61173329 | 157.35 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** | **First Lien Debt - controlled/affiliated** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(6)(11)(16)(17) | SOFR + | 8.25% | 12.69% PIK | 4/14/2023 | 4/14/2029 | $23176 | $15191 | $7699 | 0.02% |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(6)(11)(16) | SOFR + | 8.25% | 12.69% PIK | 4/14/2023 | 4/14/2029 | 11317 | 11317 | 11317 | 0.03 |
|  |  |  |  |  |  |  |  | 26508 | 19016 | 0.05 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;CFCo, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) |  | 0.00% | 0.00% | 9/11/2023 | 9/13/2038 | 86098 | 12571 | 0 | 0.00 |
| &nbsp;&nbsp;Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | (4)(5)(8)(16)(17)(18) |  | 10.00% | 10.00% PIK | 9/11/2023 | 9/12/2033 | 54791 | 49530 | 12744 | 0.03 |
|  |  |  |  |  |  |  |  | 62101 | 12744 | 0.03 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Pibb Member, LLC | (4)(5)(6)(8)(16) |  | 6.41% | 6.41% | 11/22/2024 | 11/22/2049 | 2250 | 2250 | 2250 | 0.01 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Material Holdings, LLC | (4)(5)(7)(10)(16) | SOFR + | 6.00% | 10.43% (incl. 8.22% PIK) | 6/14/2024 | 8/19/2027 | 232743 | 230875 | 232369 | 0.60 |
| &nbsp;&nbsp;Material Holdings, LLC | (4)(5)(10)(16)(17) | SOFR + | 6.00% | 10.43% PIK | 6/14/2024 | 8/19/2027 | 57523 | 57075 | 15566 | 0.04 |
|  |  |  |  |  |  |  |  | 287950 | 247935 | 0.64 |
| **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | **Total First Lien Debt - controlled/affiliated** | 378809 | 281945 | 0.73 |
| **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 62076029 | 61455274 | 158.08 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** |
| **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** | **Second Lien Debt - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (4)(10) | SOFR + | 7.63% | 12.40% | 5/25/2021 | 5/25/2029 | $44520 | $44153 | $27380 | 0.07% |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 7.75% | 12.36% | 5/6/2021 | 2/1/2029 | 53259 | 52849 | 43594 | 0.11 |
|  |  |  |  |  |  |  |  | 97002 | 70974 | 0.18 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | (10) | SOFR + | 6.75% | 11.22% | 3/31/2021 | 3/30/2029 | 29464 | 29386 | 29404 | 0.08 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (4)(8) | SOFR + | 5.00% | 9.62% | 5/31/2024 | 5/31/2032 | 165000 | 164236 | 165000 | 0.42 |
|  |  |  |  |  |  |  |  | 193622 | 194404 | 0.50 |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. | (4)(10) | SOFR + | 7.25% | 11.76% | 8/31/2021 | 8/31/2029 | 32783 | 32497 | 32619 | 0.08 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Canadian Hospital Specialties Ltd. | (4)(6)(8) |  | 8.75% | 8.75% | 4/15/2021 | 4/15/2029 | 3800 | 3002 | 2425 | 0.01 |
| &nbsp;&nbsp;CD&R Artemis UK Bidco Ltd. | (4)(6)(8) | S + | 7.50% | 12.20% | 8/19/2021 | 8/19/2029 | 65340 | 87939 | 80572 | 0.21 |
| &nbsp;&nbsp;CD&R Artemis UK Bidco Ltd. | (4)(6)(9) | SOFR + | 7.35% | 12.10% | 12/31/2021 | 8/19/2029 | 15000 | 14773 | 14475 | 0.04 |
| &nbsp;&nbsp;CD&R Artemis UK Bidco Ltd. | (4)(5)(6)(9) | SOFR + | 7.35% | 12.10% | 3/31/2022 | 8/19/2029 | 10000 | 9843 | 9650 | 0.02 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 8.75% | 13.44% | 5/26/2021 | 10/15/2027 | 6537 | 6480 | 6014 | 0.02 |
|  |  |  |  |  |  |  |  | 122037 | 113136 | 0.30 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp | (4)(5)(10) | SOFR + | 5.25% | 9.97% | 10/15/2024 | 3/10/2029 | 100934 | 100454 | 100430 | 0.26 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;SQ ABS Issuer LLC | (4)(6)(8) |  | 9.65% | 9.65% | 10/11/2024 | 10/20/2039 | 14852 | 14661 | 14662 | 0.04 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | (8) | SOFR + | 5.25% | 9.90% | 7/16/2024 | 7/16/2032 | 44853 | 44641 | 45844 | 0.12 |
| &nbsp;&nbsp;Speedster Bidco GmbH | (4)(6)(8) | CA + | 5.50% | 10.47% | 12/10/2024 | 2/13/2032 | 681018 | 476792 | 464293 | 1.19 |
|  |  |  |  |  |  |  |  | 521433 | 510137 | 1.31 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Dcert Buyer, Inc. | (8) | SOFR + | 7.00% | 11.36% | 2/19/2021 | 2/19/2029 | 60975 | 61099 | 49694 | 0.13 |
| &nbsp;&nbsp;Inovalon Holdings, Inc. | (4)(10) | SOFR + | 10.50% | 15.35% PIK | 11/24/2021 | 11/24/2033 | 126551 | 124737 | 126551 | 0.33 |
|  |  |  |  |  |  |  |  | 185836 | 176245 | 0.46 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Curia Global, Inc. | (4)(10) | SOFR + | 6.50% | 11.35% | 9/1/2021 | 8/31/2029 | 45977 | 45441 | 41839 | 0.11 |
| &nbsp;&nbsp;LSCS Holdings, Inc. | (9) | SOFR + | 8.00% | 12.47% | 12/16/2021 | 12/17/2029 | 40000 | 39627 | 38600 | 0.10 |
|  |  |  |  |  |  |  |  | 85068 | 80439 | 0.21 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** | **Second Lien Debt - non-controlled/non-affiliated (continued)** |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Victory Buyer, LLC | (4)(9) | SOFR + | 7.00% | 11.47% | 11/19/2021 | 11/19/2029 | $24677 | $24517 | $23567 | 0.06% |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;Houghton Mifflin, LLC | (4)(9) | SOFR + | 8.50% | 12.86% | 4/7/2022 | 4/8/2030 | 80500 | 79421 | 79695 | 0.21 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Celestial Saturn Parent, Inc. | (9) | SOFR + | 6.50% | 10.97% | 6/4/2021 | 6/4/2029 | 67488 | 67114 | 66005 | 0.17 |
| &nbsp;&nbsp;Deerfield Dakota Holding, LLC | (10) | SOFR + | 6.75% | 11.34% | 4/22/2021 | 4/7/2028 | 14069 | 14056 | 13524 | 0.03 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (4)(6)(8) | SOFR + | 5.00% | 9.59% | 7/31/2024 | 7/31/2032 | 230000 | 227821 | 229425 | 0.59 |
| &nbsp;&nbsp;Thevelia US, LLC | (4)(6)(9) | SOFR + | 6.00% | 10.33% | 6/17/2022 | 6/17/2032 | 182046 | 178321 | 182046 | 0.47 |
|  |  |  |  |  |  |  |  | 487312 | 491000 | 1.26 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 5.75% | 10.34% | 7/30/2024 | 7/30/2032 | 45494 | 45385 | 44888 | 0.12 |
| &nbsp;&nbsp;CB Nike Holdco LLC | (4)(5)(11) | SOFR + | 7.35% | 11.87% PIK | 11/25/2024 | 11/26/2029 | 216812 | 212530 | 212475 | 0.55 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 6.00% | 10.57% | 10/8/2021 | 10/8/2029 | 66697 | 66365 | 65613 | 0.17 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 5.25% | 9.95% | 5/1/2024 | 12/1/2030 | 87913 | 87517 | 89320 | 0.23 |
| &nbsp;&nbsp;Flash Charm, Inc. | (8) | SOFR + | 6.75% | 11.47% | 3/2/2021 | 3/2/2029 | 27051 | 26871 | 26341 | 0.07 |
| &nbsp;&nbsp;Human Security, Inc. | (4)(11) | SOFR + | 6.75% | 11.11% | 7/22/2022 | 7/22/2027 | 50000 | 49552 | 47750 | 0.12 |
| &nbsp;&nbsp;Human Security, Inc. | (4)(11) | SOFR + | 6.75% | 11.34% | 7/22/2022 | 7/22/2027 | 50000 | 49552 | 47750 | 0.12 |
| &nbsp;&nbsp;IGT Holding II AB | (4)(5)(6)(8) | SOFR + | 6.00% | 10.77% PIK | 8/13/2024 | 8/27/2033 | 121993 | 119647 | 119553 | 0.31 |
| &nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | (4)(9) | SOFR + | 6.50% | 10.98% | 7/30/2021 | 7/30/2029 | 31950 | 31696 | 27317 | 0.07 |
| &nbsp;&nbsp;Maverick Bidco Inc. | (4)(5)(10) | SOFR + | 8.00% | 13.34% | 12/19/2023 | 5/18/2029 | 741 | 730 | 732 | 0.00 |
| &nbsp;&nbsp;Maverick Bidco Inc. | (5)(10) | SOFR + | 6.75% | 11.49% | 5/18/2021 | 5/18/2029 | 18000 | 17956 | 17670 | 0.05 |
| &nbsp;&nbsp;OT Luxco 2 S.à r.l. | (4)(5)(6)(8) | E + | 8.75% | 11.81% PIK | 10/10/2024 | 9/30/2029 | 31461 | 33911 | 32100 | 0.08 |
| &nbsp;&nbsp;Project Alpha Intermediate Holding Inc | (5)(9) | SOFR + | 5.00% | 9.52% | 11/21/2024 | 11/21/2032 | 49542 | 49295 | 50348 | 0.13 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 7.25% | 12.10% | 4/23/2021 | 4/23/2029 | 41439 | 41267 | 40097 | 0.10 |
|  |  |  |  |  |  |  |  | 832274 | 821954 | 2.12 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | SOFR + | 6.75% | 11.34% | 12/22/2021 | 12/21/2029 | 14000 | 13912 | 14198 | 0.04 |
| **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | **Total Second Lien Debt - non-controlled/non-affiliated** | 2790046 | 2723460 | 7.03 |
| **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | 2790046 | 2723460 | 7.03 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** | **Unsecured Debt** |
| **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** | **Unsecured Debt - non-controlled/non-affiliated** |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;AbbVie Inc | (5)(6)(8) | 4.80% | 4.80% | 9/10/2024 | 3/15/2029 | $1000 | $1030 | $1000 | 0.00% |
| &nbsp;&nbsp;Amgen Inc | (5)(6)(8) | 5.15% | 5.15% | 9/10/2024 | 3/2/2028 | 1000 | 1028 | 1008 | 0.00 |
| &nbsp;&nbsp;Biogen Inc | (5)(6)(8) | 2.25% | 2.25% | 9/10/2024 | 5/1/2030 | 1000 | 901 | 865 | 0.00 |
| &nbsp;&nbsp;Gilead Sciences Inc | (5)(6)(8) | 1.65% | 1.65% | 9/10/2024 | 10/1/2030 | 1000 | 872 | 837 | 0.00 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals Inc | (5)(6)(8) | 1.75% | 1.75% | 9/10/2024 | 9/15/2030 | 1000 | 874 | 833 | 0.00 |
|  |  |  |  |  |  |  | 4705 | 4543 | 0.00 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;Abbott Laboratories | (5)(6)(8) | 1.40% | 1.40% | 9/10/2024 | 6/30/2030 | 1000 | 885 | 846 | 0.00 |
| &nbsp;&nbsp;Alcon Finance Corp | (5)(6)(8) | 2.60% | 2.60% | 9/10/2024 | 5/27/2030 | 1000 | 919 | 884 | 0.00 |
| &nbsp;&nbsp;Becton Dickinson & Co | (5)(6)(8) | 5.08% | 5.08% | 9/10/2024 | 6/7/2029 | 1000 | 1033 | 1007 | 0.00 |
| &nbsp;&nbsp;Boston Scientific Corp | (5)(6)(8) | 2.65% | 2.65% | 9/10/2024 | 6/1/2030 | 1000 | 928 | 893 | 0.00 |
|  |  |  |  |  |  |  | 3765 | 3630 | 0.00 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Healthcomp Holding Company, LLC | (4)(5)(8) | 13.75% | 13.75% PIK | 11/8/2023 | 11/8/2031 | 21191 | 20710 | 20926 | 0.05 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;PPT Holdings III, LLC | (4)(5)(8) | 12.75% | 12.75% PIK | 3/25/2024 | 3/27/2034 | 8555 | 8376 | 8512 | 0.02 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Thermo Fisher Scientific Inc. | (5)(6)(8) | 5.00% | 5.00% | 9/10/2024 | 1/31/2029 | 1000 | 1036 | 1008 | 0.00 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Bidco 76 S.p.A. | (4)(6)(7)(8) | 5.00% | 7.71% | 12/11/2024 | 12/10/2031 | 125678 | 129371 | 127677 | 0.33 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Astrazeneca Finance LLC | (5)(6)(8) | 4.85% | 4.85% | 9/10/2024 | 2/26/2029 | 1000 | 1031 | 1002 | 0.00 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co | (5)(6)(8) | 4.90% | 4.90% | 9/10/2024 | 2/22/2029 | 1000 | 1033 | 1005 | 0.00 |
| &nbsp;&nbsp;Eli Lilly & Co | (5)(6)(8) | 4.20% | 4.20% | 9/10/2024 | 8/14/2029 | 1000 | 1012 | 979 | 0.00 |
| &nbsp;&nbsp;GlaxoSmithKline Capital PLC | (5)(6)(8) | 3.38% | 3.38% | 9/10/2024 | 6/1/2029 | 1000 | 975 | 946 | 0.00 |
| &nbsp;&nbsp;Johnson & Johnson | (5)(6)(8) | 4.80% | 4.80% | 9/10/2024 | 6/1/2029 | 1000 | 1042 | 1010 | 0.00 |
| &nbsp;&nbsp;Merck & Co Inc | (5)(6)(8) | 4.30% | 4.30% | 9/10/2024 | 5/17/2030 | 1000 | 1016 | 982 | 0.00 |
| &nbsp;&nbsp;Novartis Capital Corp | (5)(6)(8) | 2.20% | 2.20% | 9/10/2024 | 8/14/2030 | 1000 | 916 | 876 | 0.00 |
| &nbsp;&nbsp;Novo Nordisk Finance Netherlands BV | (5)(6)(8) | 3.13% | 3.13% | 9/10/2024 | 1/21/2029 | 1000 | 1118 | 1051 | 0.00 |
| &nbsp;&nbsp;Pfizer Inc | (5)(6)(8) | 1.70% | 1.70% | 9/10/2024 | 5/28/2030 | 1000 | 889 | 852 | 0.00 |
| &nbsp;&nbsp;Roche Holdings Inc | (5)(6)(8) | 4.20% | 4.20% | 9/10/2024 | 9/9/2029 | 1000 | 1008 | 978 | 0.00 |
| &nbsp;&nbsp;Takeda Pharmaceutical Co Ltd | (5)(6)(8) | 2.05% | 2.05% | 9/10/2024 | 3/31/2030 | 1000 | 896 | 862 | 0.00 |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III B.V. | (5)(6)(8) | 3.15% | 3.15% | 9/10/2024 | 10/1/2026 | 1000 | 964 | 962 | 0.00 |
|  |  |  |  |  |  |  | 11900 | 11505 | 0.00 |
| **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | **Total Unsecured Debt - non-controlled/non-affiliated** | 179863 | 177801 | 0.40 |
| **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | **Total Unsecured Debt** | 179863 | 177801 | 0.40 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** | **Structured Finance Obligations** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;522 Funding CLO 2020-6, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 11.39% | 11/9/2021 | 10/23/2034 | $3000 | $3000 | $3008 | 0.01% |
| &nbsp;&nbsp;Allegro Clo VIII-S Ltd | (4)(5)(6)(8) | SOFR + | 8.00% | 12.56% | 10/3/2024 | 10/15/2037 | 2000 | 2000 | 2026 | 0.01 |
| &nbsp;&nbsp;Allegro CLO XIII Ltd | (4)(5)(6)(8) | SOFR + | 6.87% | 11.49% | 5/25/2021 | 7/20/2034 | 2500 | 2452 | 2518 | 0.01 |
| &nbsp;&nbsp;Allegro Clo XVIII Ltd | (4)(5)(6)(8) | SOFR + | 6.36% | 10.67% | 10/30/2024 | 1/25/2038 | 1225 | 1176 | 1182 | 0.00 |
| &nbsp;&nbsp;Allegro Clo XVIII Ltd | (4)(5)(6)(8) | SOFR + | 7.50% | 11.81% | 10/30/2024 | 1/25/2038 | 2225 | 2225 | 2236 | 0.01 |
| &nbsp;&nbsp;Apidos Clo XXV | (4)(5)(6)(8) | SOFR + | 5.35% | 9.68% | 12/17/2024 | 1/20/2037 | 4000 | 4000 | 4020 | 0.01 |
| &nbsp;&nbsp;Apidos CLO XXXIII | (4)(5)(6)(8) | SOFR + | 6.61% | 11.89% | 9/14/2021 | 10/24/2034 | 5000 | 4962 | 5040 | 0.01 |
| &nbsp;&nbsp;Apidos CLO XXXVI | (4)(5)(6)(8) | SOFR + | 6.21% | 10.83% | 7/28/2021 | 7/20/2034 | 8500 | 8500 | 8535 | 0.02 |
| &nbsp;&nbsp;ARES LI CLO Ltd | (4)(5)(6)(8) | SOFR + | 6.25% | 10.77% | 11/1/2024 | 10/15/2037 | 4000 | 4000 | 4106 | 0.01 |
| &nbsp;&nbsp;Ares Loan Funding VI Ltd | (4)(5)(6)(8) | SOFR + | 6.40% | 11.41% | 5/24/2024 | 7/10/2037 | 2000 | 2000 | 2061 | 0.01 |
| &nbsp;&nbsp;Ares Loan Funding VIII Ltd | (4)(5)(6)(8) | SOFR + | 5.25% | 9.58% | 12/19/2024 | 1/24/2038 | 3000 | 3000 | 3015 | 0.01 |
| &nbsp;&nbsp;Ares LVI CLO Ltd | (4)(5)(6)(8) | SOFR + | 5.35% | 9.68% | 12/27/2024 | 1/25/2038 | 9000 | 9000 | 9045 | 0.02 |
| &nbsp;&nbsp;Ares LX CLO LTD | (4)(5)(6)(8) | SOFR + | 6.51% | 11.14% | 5/6/2021 | 7/18/2034 | 5000 | 4979 | 5032 | 0.01 |
| &nbsp;&nbsp;Ares LXII CLO, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 11.39% | 11/18/2021 | 1/25/2034 | 9000 | 9000 | 9035 | 0.02 |
| &nbsp;&nbsp;Bain Capital Credit CLO 2020-4 Ltd | (4)(5)(6)(8) | SOFR + | 7.98% | 12.60% | 10/11/2023 | 10/20/2036 | 5500 | 5350 | 5724 | 0.01 |
| &nbsp;&nbsp;Bain Capital Credit CLO 2022-6 Ltd | (4)(5)(6)(8) | SOFR + | 6.25% | 10.77% | 10/25/2024 | 1/22/2038 | 2000 | 2000 | 2026 | 0.01 |
| &nbsp;&nbsp;Bain Capital Credit CLO 2024-3 Ltd | (4)(5)(6)(8) | SOFR + | 6.25% | 11.59% | 5/16/2024 | 7/16/2037 | 2500 | 2500 | 2575 | 0.01 |
| &nbsp;&nbsp;Balboa Bay Loan Funding 2021-2, Ltd. | (4)(5)(6)(8) | SOFR + | 6.86% | 11.48% | 10/20/2021 | 1/20/2035 | 7000 | 6946 | 7020 | 0.02 |
| &nbsp;&nbsp;Balboa Bay Loan Funding 2024-1 Ltd | (4)(5)(6)(8) | SOFR + | 6.25% | 11.60% | 5/17/2024 | 7/20/2037 | 2300 | 2300 | 2338 | 0.01 |
| &nbsp;&nbsp;Barings CLO Ltd 2018-II | (4)(5)(6)(8) | SOFR + | 6.90% | 12.00% | 8/9/2024 | 7/15/2036 | 4000 | 4000 | 4125 | 0.01 |
| &nbsp;&nbsp;Barings Clo Ltd 2019-IV | (4)(5)(6)(8) | SOFR + | 6.40% | 11.06% | 5/13/2024 | 7/15/2037 | 5000 | 5000 | 5129 | 0.01 |
| &nbsp;&nbsp;Barings CLO Ltd 2021-II | (4)(5)(6)(8) | SOFR + | 6.51% | 11.17% | 7/14/2021 | 7/15/2034 | 6000 | 6000 | 6034 | 0.02 |
| &nbsp;&nbsp;Barings CLO Ltd 2021-III | (4)(5)(6)(8) | SOFR + | 6.91% | 11.54% | 11/17/2021 | 1/18/2035 | 7200 | 7200 | 7110 | 0.02 |
| &nbsp;&nbsp;Barings Clo Ltd 2022-II | (4)(5)(6)(8) | SOFR + | 6.90% | 11.56% | 7/2/2024 | 7/15/2039 | 5000 | 5000 | 5123 | 0.01 |
| &nbsp;&nbsp;Barings CLO Ltd 2023-IV | (4)(5)(6)(8) | SOFR + | 7.59% | 12.21% | 12/6/2023 | 1/20/2037 | 3000 | 2972 | 3126 | 0.01 |
| &nbsp;&nbsp;Benefit Street Partners CLO XX | (4)(5)(6)(8) | SOFR + | 7.01% | 12.31% | 8/9/2021 | 7/15/2034 | 6500 | 6500 | 6547 | 0.02 |
| &nbsp;&nbsp;Benefit Street Partners CLO XXVI Ltd | (4)(5)(6)(8) | SOFR + | 6.00% | 10.62% | 7/3/2024 | 7/20/2037 | 3000 | 3000 | 3058 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| &nbsp;&nbsp;Benefit Street Partners, LLC BSP 2020-21A | (4)(5)(6)(8) | SOFR + | 6.96% | 11.62% | 8/25/2021 | 10/15/2034 | $3000 | $2976 | $3022 | 0.01% |
| &nbsp;&nbsp;BlueMountain CLO XXIX Ltd | (4)(5)(6)(8) | SOFR + | 7.12% | 11.75% | 7/15/2021 | 7/25/2034 | 2750 | 2697 | 2769 | 0.01 |
| &nbsp;&nbsp;Broad River Ltd 2020-1 | (4)(5)(6)(8) | SOFR + | 6.76% | 11.38% | 5/17/2021 | 7/20/2034 | 7000 | 6956 | 7037 | 0.02 |
| &nbsp;&nbsp;Carlyle US CLO 2018-4, Ltd. | (4)(5)(6)(8) | SOFR + | 6.43% | 11.30% | 7/23/2024 | 10/17/2037 | 1000 | 971 | 1019 | 0.00 |
| &nbsp;&nbsp;Carlyle US CLO 2018-4, Ltd. | (4)(5)(6)(8) | SOFR + | 7.86% | 12.73% | 7/23/2024 | 10/17/2037 | 5000 | 5024 | 5153 | 0.01 |
| &nbsp;&nbsp;Carlyle US CLO 2020-1, Ltd. | (4)(5)(6)(8) | SOFR + | 6.51% | 11.13% | 7/14/2021 | 7/20/2034 | 11500 | 11500 | 11579 | 0.03 |
| &nbsp;&nbsp;Carlyle US CLO 2022-4 Ltd | (4)(5)(6)(8) | SOFR + | 6.75% | 11.38% | 7/12/2024 | 7/25/2036 | 4000 | 4000 | 4076 | 0.01 |
| &nbsp;&nbsp;Carlyle US CLO 2023-5 Ltd | (4)(5)(6)(8) | SOFR + | 7.90% | 12.52% | 11/10/2023 | 1/27/2036 | 7000 | 6872 | 7267 | 0.02 |
| &nbsp;&nbsp;Carlyle US CLO 2024-8 Ltd | (4)(5)(6)(8) | SOFR + | 5.50% | 9.84% | 11/22/2024 | 1/25/2037 | 4000 | 4000 | 4021 | 0.01 |
| &nbsp;&nbsp;Carval CLO V-C, LTD. | (4)(5)(6)(8) | SOFR + | 7.01% | 11.67% | 11/24/2021 | 10/15/2034 | 8000 | 7939 | 8076 | 0.02 |
| &nbsp;&nbsp;Carval CLO VI-C, LTD. | (4)(5)(6)(8) | SOFR + | 7.33% | 11.95% | 4/22/2022 | 4/21/2034 | 8750 | 8682 | 8816 | 0.02 |
| &nbsp;&nbsp;Carval Clo VIII-C Ltd | (4)(5)(6)(8) | SOFR + | 7.60% | 12.23% | 9/13/2024 | 10/22/2037 | 2000 | 2000 | 2061 | 0.01 |
| &nbsp;&nbsp;Carval Clo X-C Ltd | (4)(5)(6)(8) | SOFR + | 6.15% | 11.44% | 6/13/2024 | 7/20/2037 | 3000 | 3000 | 3071 | 0.01 |
| &nbsp;&nbsp;CarVal CLO XI C Ltd | (4)(5)(6)(8) | SOFR + | 6.35% | 11.02% | 8/14/2024 | 10/20/2037 | 3000 | 3000 | 3090 | 0.01 |
| &nbsp;&nbsp;CBAM 2017-1 LTD | (4)(5)(6)(8) | SOFR + | 6.93% | 11.27% | 11/5/2024 | 1/20/2038 | 10000 | 9800 | 10052 | 0.03 |
| &nbsp;&nbsp;CBAM 2018-8 Ltd | (4)(5)(6)(8) | SOFR + | 7.40% | 12.06% | 5/10/2024 | 7/15/2037 | 4000 | 4000 | 4095 | 0.01 |
| &nbsp;&nbsp;CBAM 2018-8 Ltd | (4)(5)(6)(8) | SOFR + | 6.37% | 11.03% | 5/10/2024 | 7/15/2037 | 1000 | 963 | 1003 | 0.00 |
| &nbsp;&nbsp;CIFC Funding 2019-III, Ltd. | (4)(5)(6)(8) | SOFR + | 7.06% | 11.71% | 8/16/2021 | 10/16/2034 | 8000 | 8000 | 8066 | 0.02 |
| &nbsp;&nbsp;Dryden 112 CLO, Ltd. | (4)(5)(6)(8) | SOFR + | 7.75% | 12.27% | 11/9/2023 | 11/15/2036 | 4900 | 4793 | 4943 | 0.01 |
| &nbsp;&nbsp;Dryden 78 CLO Ltd | (4)(5)(6)(8) | SOFR + | 7.70% | 12.35% | 4/4/2024 | 4/17/2037 | 4000 | 4000 | 4080 | 0.01 |
| &nbsp;&nbsp;Dryden 78 CLO Ltd | (4)(5)(6)(8) | SOFR + | 6.63% | 11.28% | 4/4/2024 | 4/17/2037 | 1000 | 978 | 1013 | 0.00 |
| &nbsp;&nbsp;Dryden 95 CLO, Ltd. | (4)(5)(6)(8) | SOFR + | 6.41% | 11.54% | 7/29/2021 | 8/20/2034 | 8000 | 8000 | 7759 | 0.02 |
| &nbsp;&nbsp;Eaton Vance CLO 2019-1 Ltd | (4)(5)(6)(8) | SOFR + | 6.40% | 11.06% | 5/9/2024 | 7/15/2037 | 5000 | 5000 | 5134 | 0.01 |
| &nbsp;&nbsp;Elmwood CLO 22 Ltd | (4)(5)(6)(8) | SOFR + | 6.50% | 11.15% | 2/8/2023 | 4/17/2036 | 3500 | 3467 | 3444 | 0.01 |
| &nbsp;&nbsp;Elmwood CLO 30 Ltd | (4)(5)(6)(8) | SOFR + | 7.25% | 12.55% | 5/22/2024 | 7/17/2037 | 4500 | 4502 | 4507 | 0.01 |
| &nbsp;&nbsp;Flatiron RR CLO 22, LLC | (4)(5)(6)(8) | SOFR + | 6.46% | 11.02% | 9/27/2021 | 10/15/2034 | 5000 | 5000 | 5042 | 0.01 |
| &nbsp;&nbsp;Fort Washington CLO 2021-2, Ltd. | (4)(5)(6)(8) | SOFR + | 6.87% | 11.49% | 8/4/2021 | 10/20/2034 | 13000 | 12885 | 13054 | 0.03 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| &nbsp;&nbsp;Galaxy 30 CLO Ltd | (4)(5)(6)(8) | SOFR + | 5.90% | 10.30% | 12/9/2024 | 1/15/2038 | $5000 | $5000 | $5026 | 0.01% |
| &nbsp;&nbsp;Galaxy XXV CLO, Ltd. | (4)(5)(6)(8) | SOFR + | 6.50% | 11.13% | 4/19/2024 | 4/25/2036 | 4000 | 4000 | 4052 | 0.01 |
| &nbsp;&nbsp;Galaxy 32 CLO Ltd | (4)(5)(6)(8) | SOFR + | 7.33% | 11.95% | 9/22/2023 | 10/20/2036 | 2140 | 2121 | 2183 | 0.01 |
| &nbsp;&nbsp;Goldentree Loan Management US Clo 15 Ltd | (4)(5)(6)(8) | SOFR + | 6.50% | 11.12% | 8/18/2023 | 10/20/2036 | 6500 | 6443 | 6683 | 0.02 |
| &nbsp;&nbsp;GoldenTree Loan Management US CLO 16 Ltd | (4)(5)(6)(8) | SOFR + | 8.50% | 13.12% | 11/15/2023 | 1/20/2034 | 4000 | 3993 | 4010 | 0.01 |
| &nbsp;&nbsp;Goldentree Loan Management US Clo 18 Ltd | (4)(5)(6)(8) | SOFR + | 8.50% | 13.12% | 10/20/2023 | 1/20/2037 | 5000 | 4935 | 5085 | 0.01 |
| &nbsp;&nbsp;GoldenTree Loan Management US CLO 23 Ltd | (4)(5)(6)(8) | SOFR + | 7.75% | 12.10% | 11/26/2024 | 1/20/2039 | 3500 | 3472 | 3264 | 0.01 |
| &nbsp;&nbsp;Gulf Stream Meridian 7, Ltd. | (4)(5)(6)(8) | SOFR + | 6.85% | 11.50% | 2/18/2022 | 7/15/2035 | 5000 | 4960 | 5019 | 0.01 |
| &nbsp;&nbsp;Halseypoint Clo 5, Ltd. | (4)(5)(6)(8) | SOFR + | 7.20% | 11.71% | 11/19/2021 | 1/30/2035 | 9500 | 9354 | 9544 | 0.02 |
| &nbsp;&nbsp;HPS Loan Management 15-2019 Ltd | (4)(5)(6)(8) | SOFR + | 6.80% | 11.64% | 2/8/2022 | 1/22/2035 | 4000 | 3969 | 4028 | 0.01 |
| &nbsp;&nbsp;HPS Loan Management 2024-20 Ltd | (4)(5)(6)(8) | SOFR + | 6.20% | 11.54% | 5/15/2024 | 7/25/2037 | 2000 | 2000 | 2010 | 0.01 |
| &nbsp;&nbsp;Invesco CLO 2022-3 Ltd | (4)(5)(6)(8) | SOFR + | 6.75% | 11.38% | 9/30/2024 | 10/22/2037 | 3500 | 3485 | 3571 | 0.01 |
| &nbsp;&nbsp;Jamestown CLO XIV, Ltd. | (4)(5)(6)(8) | SOFR + | 7.46% | 12.08% | 9/23/2021 | 10/20/2034 | 10000 | 9848 | 10057 | 0.03 |
| &nbsp;&nbsp;Jamestown CLO XV, Ltd. | (4)(5)(6)(8) | SOFR + | 7.06% | 11.72% | 5/28/2024 | 7/15/2035 | 3000 | 2972 | 3021 | 0.01 |
| &nbsp;&nbsp;Magnetite XXXII Ltd | (4)(5)(6)(8) | SOFR + | 6.90% | 11.56% | 3/7/2022 | 4/15/2035 | 5000 | 5000 | 5036 | 0.01 |
| &nbsp;&nbsp;MidOcean Credit CLO XIII Ltd | (4)(5)(6)(8) | SOFR + | 7.80% | 12.42% | 11/16/2023 | 1/21/2037 | 9500 | 9150 | 9841 | 0.03 |
| &nbsp;&nbsp;MidOcean Credit CLO XIV Ltd | (4)(5)(6)(8) | SOFR + | 7.40% | 12.06% | 2/15/2024 | 4/15/2037 | 3500 | 3500 | 3559 | 0.01 |
| &nbsp;&nbsp;MidOcean Credit CLO XI Ltd | (4)(5)(6)(8) | SOFR + | 6.00% | 10.32% | 11/25/2024 | 1/18/2036 | 2000 | 2000 | 2010 | 0.01 |
| &nbsp;&nbsp;Morgan Stanley Eaton Vance Clo 2021-1, Ltd. | (4)(5)(6)(8) | SOFR + | 7.01% | 11.57% | 9/24/2021 | 10/20/2034 | 6500 | 6500 | 6528 | 0.02 |
| &nbsp;&nbsp;Morgan Stanley Eaton Vance CLO 2023-19A Ltd | (4)(5)(6)(8) | SOFR + | 6.10% | 10.67% | 10/16/2024 | 10/20/2037 | 2200 | 2200 | 2274 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 38, Ltd. | (4)(5)(6)(8) | SOFR + | 6.51% | 11.13% | 9/27/2021 | 10/20/2035 | $11000 | $11000 | $11057 | 0.03% |
| &nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 30, Ltd. | (4)(5)(6)(8) | SOFR + | 5.15% | 9.44% | 12/23/2024 | 1/20/2039 | 3500 | 3500 | 3518 | 0.01 |
| &nbsp;&nbsp;Northwoods Capital XI-B Ltd | (4)(5)(6)(8) | SOFR + | 7.35% | 11.97% | 7/3/2024 | 7/19/2037 | 3412 | 3356 | 3412 | 0.01 |
| &nbsp;&nbsp;Oaktree CLO 2019-3 Ltd | (4)(5)(6)(8) | SOFR + | 6.75% | 11.28% | 10/24/2024 | 1/20/2038 | 5000 | 5000 | 5112 | 0.01 |
| &nbsp;&nbsp;OCP CLO 2021-22, Ltd. | (4)(5)(6)(8) | SOFR + | 5.75% | 10.27% | 10/18/2024 | 10/20/2037 | 2000 | 2000 | 2024 | 0.01 |
| &nbsp;&nbsp;OCP CLO 2020-18 Ltd | (4)(5)(6)(8) | SOFR + | 6.25% | 11.38% | 7/30/2024 | 7/20/2037 | 1000 | 1000 | 1029 | 0.00 |
| &nbsp;&nbsp;OCP CLO 2017-13 Ltd | (4)(5)(6)(8) | SOFR + | 5.90% | 10.42% | 11/5/2024 | 11/26/2037 | 5000 | 5000 | 5154 | 0.01 |
| &nbsp;&nbsp;Octagon 55, Ltd | (4)(5)(6)(8) | SOFR + | 6.76% | 11.38% | 7/1/2021 | 7/20/2034 | 11000 | 10899 | 10834 | 0.03 |
| &nbsp;&nbsp;Octagon Investment Partners 41, Ltd. | (4)(5)(6)(8) | SOFR + | 7.39% | 12.05% | 9/24/2021 | 10/15/2033 | 2500 | 2491 | 2513 | 0.01 |
| &nbsp;&nbsp;Onex Credit Partners OCP 2020-19A | (4)(5)(6)(8) | SOFR + | 6.76% | 11.38% | 8/6/2021 | 10/20/2034 | 4250 | 4103 | 4279 | 0.01 |
| &nbsp;&nbsp;Orion CLO 2024-4 LTD | (4)(5)(6)(8) | SOFR + | 6.00% | 10.49% | 10/25/2024 | 10/20/2037 | 5000 | 5000 | 5023 | 0.01 |
| &nbsp;&nbsp;Palmer Square CLO 2015-1, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 11.28% | 5/25/2021 | 5/21/2034 | 2000 | 1926 | 2009 | 0.01 |
| &nbsp;&nbsp;Palmer Square CLO 2019-1, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 11.28% | 11/16/2021 | 11/14/2034 | 13000 | 13003 | 13072 | 0.03 |
| &nbsp;&nbsp;Palmer Square CLO 2022-1, Ltd. | (4)(5)(6)(8) | SOFR + | 6.35% | 10.97% | 1/24/2022 | 4/20/2035 | 2500 | 2500 | 2515 | 0.01 |
| &nbsp;&nbsp;Palmer Square CLO 2023-3 Ltd | (4)(5)(6)(8) | SOFR + | 7.83% | 12.45% | 11/17/2023 | 1/20/2037 | 10000 | 9908 | 10345 | 0.03 |
| &nbsp;&nbsp;Parallel 2020-1 Ltd | (4)(5)(6)(8) | SOFR + | 6.76% | 11.38% | 6/14/2021 | 7/20/2034 | 3500 | 3439 | 3510 | 0.01 |
| &nbsp;&nbsp;Park Avenue Institutional Advisers CLO Ltd 2022-1 | (4)(5)(6)(8) | SOFR + | 7.29% | 11.91% | 2/11/2022 | 4/20/2035 | 6000 | 5858 | 6024 | 0.02 |
| &nbsp;&nbsp;Pikes Peak CLO 10 | (4)(5)(6)(8) | SOFR + | 5.90% | 10.29% | 11/22/2024 | 1/22/2038 | 5000 | 5000 | 5026 | 0.01 |
| &nbsp;&nbsp;Pikes Peak Clo 17 Ltd | (4)(5)(6)(8) | SOFR + | 5.75% | 10.27% | 11/1/2024 | 1/15/2038 | 4000 | 4000 | 4019 | 0.01 |
| &nbsp;&nbsp;Pikes Peak CLO 3 | (4)(5)(6)(8) | SOFR + | 6.87% | 11.50% | 8/13/2021 | 10/25/2034 | 3000 | 3010 | 3021 | 0.01 |
| &nbsp;&nbsp;Pikes Peak CLO 5 | (4)(5)(6)(8) | SOFR + | 6.90% | 11.51% | 9/19/2024 | 10/20/2037 | 1000 | 1000 | 1014 | 0.00 |
| &nbsp;&nbsp;Pikes Peak CLO 8 | (4)(5)(6)(8) | SOFR + | 5.75% | 10.04% | 12/19/2024 | 1/20/2038 | 1000 | 1000 | 1005 | 0.00 |
| &nbsp;&nbsp;Post CLO 2021-1, Ltd. | (4)(5)(6)(8) | SOFR + | 6.71% | 11.37% | 7/30/2021 | 10/15/2034 | 6000 | 6000 | 6042 | 0.02 |
| &nbsp;&nbsp;Post CLO 2022-1, Ltd. | (4)(5)(6)(8) | SOFR + | 6.75% | 11.37% | 2/15/2022 | 4/20/2035 | 5000 | 4981 | 5019 | 0.01 |
| &nbsp;&nbsp;Post CLO 2024-1, Ltd. | (4)(5)(6)(8) | SOFR + | 6.80% | 11.42% | 2/6/2024 | 4/20/2037 | 2500 | 2500 | 2570 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** | **Structured Finance Obligations (continued)** |
| **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** | **Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)** |
| &nbsp;&nbsp;PPM CLO 4, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 11.39% | 9/29/2021 | 10/18/2034 | $6775 | $6775 | $6384 | 0.02% |
| &nbsp;&nbsp;PPM CLO 5, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 11.39% | 9/17/2021 | 10/18/2034 | 4800 | 4800 | 4659 | 0.01 |
| &nbsp;&nbsp;Rad CLO 14, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 11.42% | 11/2/2021 | 1/15/2035 | 6750 | 6752 | 6781 | 0.02 |
| &nbsp;&nbsp;Rad CLO 16 Ltd | (4)(5)(6)(8) | SOFR + | 6.50% | 11.16% | 5/3/2024 | 7/15/2037 | 5000 | 5001 | 5055 | 0.01 |
| &nbsp;&nbsp;Rad CLO 17 Ltd | (4)(5)(6)(8) | SOFR + | 6.25% | 10.77% | 11/5/2024 | 1/20/2038 | 5000 | 5000 | 5014 | 0.01 |
| &nbsp;&nbsp;Rad CLO 22 Ltd | (4)(5)(6)(8) | SOFR + | 7.73% | 12.35% | 10/27/2023 | 1/20/2037 | 7500 | 7294 | 7743 | 0.02 |
| &nbsp;&nbsp;Rad CLO 25 Ltd | (4)(5)(6)(8) | SOFR + | 6.00% | 11.34% | 5/16/2024 | 7/20/2037 | 3000 | 3000 | 3071 | 0.01 |
| &nbsp;&nbsp;Rad CLO 3 Ltd | (4)(5)(6)(8) | SOFR + | 5.88% | 10.54% | 6/18/2024 | 7/15/2037 | 2715 | 2663 | 2727 | 0.01 |
| &nbsp;&nbsp;Rad CLO 3 Ltd | (4)(5)(6)(8) | SOFR + | 7.00% | 11.66% | 6/18/2024 | 7/15/2037 | 2715 | 2715 | 2777 | 0.01 |
| &nbsp;&nbsp;Rad CLO 9 Ltd | (4)(5)(6)(8) | SOFR + | 5.75% | 10.07% | 12/19/2024 | 1/15/2038 | 3000 | 3000 | 3015 | 0.01 |
| &nbsp;&nbsp;Regatta IX Funding Ltd. | (4)(5)(6)(8) | SOFR + | 6.83% | 11.48% | 4/10/2024 | 4/17/2037 | 3820 | 3905 | 3886 | 0.01 |
| &nbsp;&nbsp;Regatta XXI Funding Ltd | (4)(5)(6)(8) | SOFR + | 6.25% | 10.77% | 11/5/2024 | 10/15/2037 | 4000 | 4000 | 4032 | 0.01 |
| &nbsp;&nbsp;Regatta XXII Funding Ltd | (4)(5)(6)(8) | SOFR + | 6.15% | 10.77% | 10/10/2024 | 7/20/2035 | 2000 | 2000 | 2008 | 0.01 |
| &nbsp;&nbsp;RR 19, Ltd. | (4)(5)(6)(8) | SOFR + | 6.76% | 12.06% | 9/24/2021 | 10/15/2035 | 3000 | 3000 | 3023 | 0.01 |
| &nbsp;&nbsp;RR 20, Ltd. | (4)(5)(6)(8) | SOFR + | 7.25% | 11.91% | 4/6/2022 | 7/15/2037 | 4000 | 3967 | 4020 | 0.01 |
| &nbsp;&nbsp;Sagard-Halseypoint Clo 8 Ltd | (4)(5)(6)(8) | SOFR + | 6.84% | 11.18% | 12/2/2024 | 1/30/2038 | 2000 | 1980 | 2010 | 0.01 |
| &nbsp;&nbsp;Sound Point CLO XXVII, Ltd. | (4)(5)(6)(8) | SOFR + | 6.82% | 11.45% | 10/1/2021 | 10/25/2034 | 5000 | 4925 | 4623 | 0.01 |
| &nbsp;&nbsp;Symphony CLO 34-PS Ltd. | (4)(5)(6)(8) | SOFR + | 8.15% | 12.78% | 7/13/2023 | 7/24/2036 | 4000 | 3929 | 4128 | 0.01 |
| &nbsp;&nbsp;Symphony CLO 44 Ltd | (4)(5)(6)(8) | SOFR + | 6.15% | 11.50% | 5/20/2024 | 7/14/2037 | 2500 | 2500 | 2553 | 0.01 |
| &nbsp;&nbsp;Trestles CLO IV, Ltd. | (4)(5)(6)(8) | SOFR + | 6.51% | 11.13% | 7/12/2021 | 7/21/2034 | 8000 | 8000 | 8039 | 0.02 |
| &nbsp;&nbsp;Trinitas CLO XVI Ltd | (4)(5)(6)(8) | SOFR + | 7.26% | 11.88% | 6/14/2021 | 7/20/2034 | 5000 | 4836 | 4774 | 0.01 |
| &nbsp;&nbsp;Vibrant CLO IV-R Ltd | (4)(5)(6)(8) | SOFR + | 7.90% | 12.49% | 9/19/2024 | 10/20/2037 | 1000 | 970 | 962 | 0.00 |
| &nbsp;&nbsp;Vibrant CLO XII Ltd. | (4)(5)(6)(8) | SOFR + | 6.94% | 11.56% | 5/16/2024 | 4/20/2034 | 2695 | 2604 | 2675 | 0.01 |
| &nbsp;&nbsp;Vibrant CLO XIII, Ltd | (4)(5)(6)(8) | SOFR + | 7.59% | 12.11% | 11/1/2024 | 1/15/2038 | 3250 | 3218 | 3266 | 0.01 |
| &nbsp;&nbsp;Voya CLO 2019-4, Ltd. | (4)(5)(6)(8) | SOFR + | 6.97% | 11.62% | 12/14/2021 | 1/15/2035 | 8250 | 8123 | 8294 | 0.02 |
| &nbsp;&nbsp;Voya CLO 2020-2, Ltd. | (4)(5)(6)(8) | SOFR + | 6.66% | 11.28% | 8/6/2021 | 7/19/2034 | 5000 | 4924 | 5000 | 0.01 |
| **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated** | 582324 | 590509 | 1.58 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Birch Grove CLO 11 Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 11.01% | 11/15/2024 | 1/22/2038 | $11000 | $11000 | $11000 | 0.03% |
| &nbsp;&nbsp;Elmwood CLO II Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 15.82% | 11/21/2024 | 4/20/2034 | 8650 | 5981 | 6132 | 0.02 |
| &nbsp;&nbsp;Galaxy 34 CLO Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 14.32% | 9/26/2024 | 10/20/2037 | 20000 | 18500 | 18446 | 0.05 |
| &nbsp;&nbsp;MidOcean Credit CLO XV Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 14.20% | 5/10/2024 | 7/21/2037 | 5000 | 3550 | 3402 | 0.01 |
| &nbsp;&nbsp;New Mountain CLO 6 Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 13.24% | 8/23/2024 | 10/15/2037 | 18750 | 16051 | 16346 | 0.04 |
| &nbsp;&nbsp;New Mountain CLO 6 Ltd - Subordinated Notes | (4)(6) |  |  | 8/23/2024 | 10/15/2037 | 1875 | 0 | 411 | 0.00 |
| &nbsp;&nbsp;Pikes Peak CLO 10 - Subordinated Notes | (4)(6) | Estimated Yield: | 17.27% | 12/10/2024 | 1/22/2038 | 5200 | 3310 | 3309 | 0.01 |
| &nbsp;&nbsp;Rad CLO 25 Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 14.36% | 5/16/2024 | 7/20/2037 | 5000 | 4317 | 4269 | 0.01 |
| &nbsp;&nbsp;RAD CLO 26 Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 15.87% | 8/7/2024 | 10/20/2037 | 7180 | 6156 | 6440 | 0.02 |
| &nbsp;&nbsp;RAD CLO 2024-2 WH Ltd - Units | (4)(6)(7) | Estimated Yield: | 15.44% | 12/11/2024 | 1/15/2038 | 14801 | 14801 | 14801 | 0.04 |
| &nbsp;&nbsp;Signal Peak CLO 11 Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 13.87% | 6/5/2024 | 7/18/2037 | 5000 | 4450 | 4865 | 0.01 |
| &nbsp;&nbsp;Signal Peak CLO 14 Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 16.24% | 12/20/2024 | 1/22/2038 | 26000 | 20345 | 20735 | 0.05 |
| &nbsp;&nbsp;Sixth Street CLO 27 Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 12.25% | 11/1/2024 | 1/17/2038 | 16500 | 13430 | 13794 | 0.04 |
| &nbsp;&nbsp;Sixth Street CLO XXI Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 15.03% | 9/29/2022 | 10/15/2035 | 8000 | 5759 | 6562 | 0.02 |
| &nbsp;&nbsp;Vibrant CLO XVI, Ltd - Subordinated Notes | (4)(6) | Estimated Yield: | 16.75% | 4/14/2023 | 4/15/2036 | 12000 | 9600 | 10627 | 0.03 |
| **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | **Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated** | 137250 | 141139 | 0.38 |
| **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | **Total Structured Finance Obligations - non-controlled/non-affiliated** | 719574 | 731648 | 1.96 |
| **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | **Total Structured Finance Obligations** | 719574 | 731648 | 1.96 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** | **Equity and other** |
| **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** | **Equity - non-controlled/non-affiliated** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Atlas Intermediate Holding, LLC - Preferred Interest | (4) |  | 11.00% | 5/24/2021 |  | 34238400 | $33725 | $24309 | 0.06% |
| &nbsp;&nbsp;Loar Holdings Inc. - Common Equity | (6) |  |  | 4/25/2024 |  | 886564 | 12283 | 65526 | 0.17 |
| &nbsp;&nbsp;Micross Topco, Inc. - Common Equity | (4) |  |  | 3/28/2022 |  | 116 | 125 | 181 | 0.00 |
|  |  |  |  |  |  |  | 46133 | 90016 | 0.23 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AGI Group Holdings LP - Class A-2 Common Units | (4) |  |  | 6/11/2021 |  | 1674 | 1674 | 2302 | 0.01 |
| &nbsp;&nbsp;Mode Holdings, L.P. - Class A-2 Common Units | (4) |  |  | 1/7/2021 |  | 1076923 | 1077 | 937 | 0.00 |
| &nbsp;&nbsp;Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 13857 | 58838 | 46923 | 0.12 |
|  |  |  |  |  |  |  | 61589 | 50162 | 0.13 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;Moderna Inc - Common Stock | (6) |  |  | 9/12/2024 |  | 12613 | 983 | 524 | 0.00 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. - Common Equity |  |  |  | 12/29/2023 |  | 48476 | 1212 | 376 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Genstar Neptune Blocker, LLC - Blocker Units | (4) |  |  | 12/2/2024 |  | 3982 | $6280 | $6136 | 0.02% |
| &nbsp;&nbsp;Genstar Neptune Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 1041 | 1482 | 1444 | 0.00 |
| &nbsp;&nbsp;Genstar Neptune Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | 159782 | 160 | 160 | 0.00 |
| &nbsp;&nbsp;GTCR Investors LP - Class A-1 Common Units | (4) |  |  | 9/29/2023 |  | 893584 | 894 | 972 | 0.00 |
| &nbsp;&nbsp;GTCR/Jupiter Blocker, LLC - Class Z Units | (4) |  |  | 12/2/2024 |  | 749 | 1067 | 1040 | 0.00 |
| &nbsp;&nbsp;GTCR/Jupiter Blocker, LLC - Blocker Note | (4) |  |  | 12/2/2024 |  | 115036 | 115 | 115 | 0.00 |
| &nbsp;&nbsp;Jupiter Ultimate Holdings, LLC - Class A Common Units | (4) |  |  | 11/8/2024 |  | 3 | 2 | 2 | 0.00 |
| &nbsp;&nbsp;Jupiter Ultimate Holdings, LLC - Class B Common Units | (4) |  |  | 11/8/2024 |  | 5082 | 3981 | 3805 | 0.01 |
| &nbsp;&nbsp;Jupiter Ultimate Holdings, LLC - Class C Common Units | (4) |  |  | 11/8/2024 |  | 5084731 | 4037 | 4029 | 0.01 |
|  |  |  |  |  |  |  | 18018 | 17703 | 0.04 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units | (4) |  |  | 12/10/2021 |  | 3 | 3308 | 0 | 0.00 |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 390 | 75 | 0.00 |
|  |  |  |  |  |  |  | 3698 | 75 | 0.00 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 8/3/2021 |  | 29194330 | 28735 | 41705 | 0.11 |
| &nbsp;&nbsp;DTA LP - Class A Common Units | (4) |  |  | 3/25/2024 |  | 2612843 | 2613 | 2613 | 0.01 |
|  |  |  |  |  |  |  | 31348 | 44318 | 0.12 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class A Common Units | (4) |  |  | 10/1/2021 |  | 12870 | $10915 | $12040 | 0.03% |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class B Common Units | (4) |  |  | 10/1/2021 |  | 685760 | 1955 | 2098 | 0.01 |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class Additional A Common Units | (4) |  |  | 3/24/2022 |  | 2766 | 2346 | 2588 | 0.01 |
| &nbsp;&nbsp;Point Broadband Holdings, LLC - Class Additional B Common Units | (4) |  |  | 3/24/2022 |  | 147380 | 420 | 451 | 0.00 |
|  |  |  |  |  |  |  | 15636 | 17177 | 0.05 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;NSI Parent, LP - Class A Common Units | (4) |  |  | 12/23/2024 |  | 3272884 | 3273 | 3273 | 0.01 |
| &nbsp;&nbsp;Spectrum Safety Solutions Purchaser, LLC - Common Equity | (4)(6) |  |  | 7/1/2024 |  | 22774695 | 22775 | 22775 | 0.06 |
|  |  |  |  |  |  |  | 26048 | 26048 | 0.07 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;THL Fund IX Investors (Plymouth II), LP - LP Interest | (4) |  |  | 8/31/2023 |  | 666667 | 667 | 909 | 0.00 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;GCX Corporation Group Holdings, L.P. - Class A-2 Units | (4) |  |  | 9/10/2021 |  | 4853 | 4853 | 2621 | 0.01 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;AVE Holdings I Corp. - Series A-1 Preferred Shares | (4) |  | 11.50% | 2/25/2022 |  | 12237213 | $11870 | $13277 | 0.03% |
| &nbsp;&nbsp;CD&R Artemis Holdco 2 Limited - Preferred Shares | (4)(6) |  | 10.00% | 8/19/2021 |  | 33000000 | 43662 | 53847 | 0.14 |
| &nbsp;&nbsp;CD&R Ulysses Equity Holdings, L.P. - Common Shares | (4)(6) |  |  | 8/19/2021 |  | 6000000 | 6090 | 5100 | 0.01 |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 5/26/2021 |  | 12472 | 2220 | 448 | 0.00 |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 5/26/2021 |  | 6716 | 1195 | 129 | 0.00 |
| &nbsp;&nbsp;Maia Aggregator, L.P. - Class A Units | (4) |  |  | 2/1/2022 |  | 19700000 | 19700 | 15563 | 0.04 |
| &nbsp;&nbsp;NC Eve, L.P. - LP Interest | (4)(6) |  |  | 2/22/2022 |  | 2500000 | 3398 | 1095 | 0.00 |
| &nbsp;&nbsp;WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 10966377 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 88135 | 89459 | 0.22 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Azalea Parent Corp - Series A-1 Preferred Shares | (4) |  | 12.75% | 4/30/2024 |  | 91500 | 89213 | 100193 | 0.26 |
| &nbsp;&nbsp;Caerus Midco 2 S.à r.l. - Additional Vehicle Units | (4)(6) |  |  | 10/28/2022 |  | 988290 | 988 | 109 | 0.00 |
| &nbsp;&nbsp;Caerus Midco 2 S.à r.l. - Vehicle Units | (4)(6) |  |  | 5/25/2022 |  | 4941452 | 4941 | 4596 | 0.01 |
| &nbsp;&nbsp;Healthcomp Holding Company, LLC - Preferred Interest | (4) |  | 6.00% | 11/8/2023 |  | 18035 | 1804 | 1659 | 0.00 |
|  |  |  |  |  |  |  | 96946 | 106557 | 0.27 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;RSC Topco, Inc. - Preferred Shares | (4) |  | 13.25% | 8/14/2023 |  | 100 | $97 | $119 | 0.00% |
| &nbsp;&nbsp;SelectQuote Inc. - Warrants | (4)(6) |  |  | 10/11/2024 |  | 2204746 | 0 | 1619 | 0.00 |
| &nbsp;&nbsp;Shelf Holdco Ltd - Common Equity | (4)(6) |  |  | 12/30/2022 |  | 1300000 | 1300 | 4875 | 0.01 |
|  |  |  |  |  |  |  | 1397 | 6613 | 0.01 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;NC Ocala Co-Invest Beta, L.P. - LP Interest | (4) |  |  | 11/12/2021 |  | 25687196 | 25687 | 30311 | 0.08 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Falcon Top Parent, LLC - Class A Common Units | (4) |  |  | 11/6/2024 |  | 4440995 | 4441 | 4441 | 0.01 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;OHCP V TC COI, LP. - LP Interest | (4) |  |  | 6/29/2021 |  | 6500000 | 6500 | 15015 | 0.04 |
| &nbsp;&nbsp;Tricor Horizon - LP Interest | (4)(6) |  |  | 6/13/2022 |  | 14518955 | 14641 | 15390 | 0.04 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp - Common Units | (4) |  |  | 6/12/2024 |  | 4797 | 5 | 11 | 0.00 |
| &nbsp;&nbsp;Victors CCC Topco, LP - Common Equity | (4) |  |  | 6/1/2022 |  | 9600000 | 9600 | 16800 | 0.04 |
|  |  |  |  |  |  |  | 30746 | 47216 | 0.12 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Community Management Holdings Parent, LP - Series A Preferred Units | (4) |  | 8.00% | 11/1/2024 |  | 1783823 | 1784 | 1784 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** | **Equity - non-controlled/non-affiliated (continued)** |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;AI Titan Group Holdings, LP - Class A-2 Common Units | (4) |  |  |  | 8/28/2024 |  | 1103 | $1103 | $1145 | 0.00% |
| &nbsp;&nbsp;Connatix Parent, LLC - Class L Common Units | (4) |  |  |  | 7/14/2021 |  | 126136 | 1388 | 628 | 0.00 |
| &nbsp;&nbsp;Descartes Holdings, Inc - Class A Common Stock | (4) |  |  |  | 10/9/2023 |  | 937585 | 4060 | 66 | 0.00 |
| &nbsp;&nbsp;Expedition Holdco, LLC - Common Units | (4) |  |  |  | 2/24/2022 |  | 810810 | 810 | 552 | 0.00 |
| &nbsp;&nbsp;Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock | (4) | SOFR + | 10.75% | 15.03% | 6/23/2022 |  | 49020 | 47795 | 69363 | 0.18 |
| &nbsp;&nbsp;Lobos Parent, Inc. - Series A Preferred Shares | (4) |  |  | 10.50% | 11/30/2021 |  | 45090 | 43963 | 58392 | 0.15 |
| &nbsp;&nbsp;Mandolin Technology Holdings, Inc. - Series A Preferred Shares | (4) |  |  | 10.50% | 7/30/2021 |  | 31950000 | 30992 | 34027 | 0.09 |
| &nbsp;&nbsp;Mimecast Limited - LP Interest | (4) |  |  |  | 5/3/2022 |  | 75088584 | 75089 | 81096 | 0.21 |
| &nbsp;&nbsp;Mitratech Holdings, Inc. - Class A Preferred Shares | (4) |  |  | 13.50% | 12/19/2023 |  | 1872 | 1830 | 2101 | 0.01 |
| &nbsp;&nbsp;TPG IX Newark CI, L.P. - LP Interest | (4) |  |  |  | 10/26/2023 |  | 3846970 | 3847 | 3847 | 0.01 |
| &nbsp;&nbsp;TravelPerk Inc - Warrants | (4)(6) |  |  |  | 5/2/2024 |  | 244818 | 2101 | 2568 | 0.01 |
| &nbsp;&nbsp;Zoro - Common Equity | (4) |  |  |  | 11/22/2022 |  | 1195880 | 11959 | 12557 | 0.03 |
| &nbsp;&nbsp;Zoro - Series A Preferred Shares | (4) | SOFR + | 9.50% | 14.02% | 11/22/2022 |  | 44535 | 42976 | 58786 | 0.15 |
|  |  |  |  |  |  |  |  | 267913 | 325128 | 0.84 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Enstructure, LLC - Class A-7 Common Units | (4) |  |  |  | 9/27/2022 |  | 3783785 | 2804 | 3934 | 0.01 |
| &nbsp;&nbsp;Enstructure, LLC - Class A-8 Common Units | (4) |  |  |  | 3/1/2023 |  | 858469 | 634 | 891 | 0.00 |
| &nbsp;&nbsp;Frontline Road Safety Investments, LLC - Class A Common Units | (4) |  |  |  | 4/30/2021 |  | 58590 | 6178 | 15874 | 0.04 |
| &nbsp;&nbsp;Ncp Helix Holdings, LLC - Preferred Shares | (4) |  |  | 8.00% | 8/3/2021 |  | 1221823 | 1222 | 1612 | 0.00 |
|  |  |  |  |  |  |  |  | 10838 | 22311 | 0.05 |
| **Total Equity - non-controlled/non-affiliated** | **Total Equity - non-controlled/non-affiliated** | **Total Equity - non-controlled/non-affiliated** | **Total Equity - non-controlled/non-affiliated** | **Total Equity - non-controlled/non-affiliated** | **Total Equity - non-controlled/non-affiliated** | **Total Equity - non-controlled/non-affiliated** | **Total Equity - non-controlled/non-affiliated** | 738072 | 883749 | 2.25 |
| **Total Equity and other - non-controlled/non-affiliated** | **Total Equity and other - non-controlled/non-affiliated** | **Total Equity and other - non-controlled/non-affiliated** | **Total Equity and other - non-controlled/non-affiliated** | **Total Equity and other - non-controlled/non-affiliated** | **Total Equity and other - non-controlled/non-affiliated** | **Total Equity and other - non-controlled/non-affiliated** | **Total Equity and other - non-controlled/non-affiliated** | 738072 | 883749 | 2.25 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** | **Equity - non-controlled/affiliated** |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4)(6)(16) |  |  | 11/1/2021 |  | 265556 | $558 | $1394 | 0.00% |
| **Total Equity - non-controlled/affiliated** | **Total Equity - non-controlled/affiliated** | **Total Equity - non-controlled/affiliated** | **Total Equity - non-controlled/affiliated** | **Total Equity - non-controlled/affiliated** | **Total Equity - non-controlled/affiliated** | **Total Equity - non-controlled/affiliated** | 558 | 1394 | 0.00 |
| **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Equity - controlled/affiliated (excluding Investments in Joint Ventures)** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Pigments Holdings LP - LP Interest | (4)(6)(16) |  |  | 4/14/2023 |  | 3943 | 0 | 0 | 0.00 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Specialty Lending Company, LLC - LLC Interest | (4)(6)(16) |  |  | 10/19/2021 |  | 332559000 | 332559 | 314967 | 0.81 |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units | (4)(16) |  |  | 9/28/2023 |  | 134166603 | 0 | 0 | 0.00 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Pibb Member, LLC - LP Interest | (4)(6)(16) |  |  | 11/22/2024 |  | 225000000 | 214844 | 214906 | 0.55 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Material+ Holding Company, LLC - Class C Units | (4)(16) |  |  | 6/14/2024 |  | 63589 | 0 | 0 | 0.00 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4)(6)(16) |  |  | 1/7/2021 |  | 1500000 | 1420 | 2167 | 0.01 |
| **Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)** | 548823 | 532040 | 1.37 |
| **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | **Total Equity and other** | 1287453 | 1417183 | 3.62 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** | **Investments in Joint Ventures** |
| &nbsp;&nbsp;BCRED Emerald JV LP - LP Interest | (6)(16) |  |  | 1/19/2022 |  |  | $1815000 | $1778800 | 4.58% |
| &nbsp;&nbsp;BCRED Verdelite JV LP - LP Interest | (6)(16) |  |  | 10/21/2022 |  |  | 117706 | 135611 | 0.35 |
| **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | **Total Investments in Joint Ventures** | 1932706 | 1914411 | 4.93 |
| **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | 66124775 | 65689987 | 168.99 |
| **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | **Total Investments - non-controlled/affiliated** | 558 | 1394 | 0.00 |
| **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | **Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)** | 927632 | 813985 | 2.10 |
| **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | **Total Investments - Investments in Joint Ventures** | 1932706 | 1914411 | 4.93 |
| **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 68985671 | 68419777 | 176.02 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |  |  |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund - Investor Class |  |  | 4.34% |  |  |  | 26209 | 26209 | 0.07 |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund - Premier Class |  |  | 4.42% |  |  |  | 291131 | 291131 | 0.75 |
| &nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 4.34% |  |  |  | 26465 | 26465 | 0.07 |
| &nbsp;&nbsp;Other Cash and Cash Equivalents |  |  |  |  |  |  | 1306874 | 1306874 | 3.36 |
| **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $70636350 | $70070456 | 180.27% |

---

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and structured finance obligations, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or "BB"), Canadian Overnight Repo Rate Average ("CORRA" or "CA"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

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

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

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

(6)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, non-qualifying assets represented 24.5% of total assets as calculated in accordance with regulatory requirements.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| 123Dentist, Inc. | Delayed Draw Term Loan | 8/9/2026 | $22316 | $— |
| Abacus Holdco 2 Oy | Delayed Draw Term Loan | 5/7/2026 | 298 |  |
| ACI Group Holdings, Inc. | Revolver | 8/2/2027 | 19333 |  |
| ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | 3567 |  |
| AI Altius Bidco, Inc. | Delayed Draw Term Loan | 12/21/2028 | 39500 |  |
| AI Titan Parent Inc | Delayed Draw Term Loan | 9/30/2026 | 22055 | (110) |
| AI Titan Parent Inc | Revolver | 8/29/2031 | 13784 | (138) |
| Alera Group, Inc. | Delayed Draw Term Loan | 11/17/2025 | 1192 |  |
| Allium Buyer LLC | Revolver | 5/2/2029 | 249 | (7) |
| American Restoration Holdings, LLC | Revolver | 7/19/2030 | 6079 |  |
| American Restoration Holdings, LLC | Delayed Draw Term Loan | 7/19/2026 | 6566 |  |
| American Rock Salt Co LLC | Delayed Draw Term Loan | 9/16/2026 | 1287 |  |
| Amerilife Holdings LLC | Term Loan | 8/31/2029 | 114176 |  |
| Amerilife Holdings LLC | Revolver | 8/31/2028 | 69224 |  |
| Amerilife Holdings LLC | Delayed Draw Term Loan | 8/31/2029 | 41114 |  |
| Amerilife Holdings LLC | Delayed Draw Term Loan | 6/17/2026 | 59419 |  |
| Amerivet Partners Management, Inc. | Revolver | 2/25/2028 | 11511 |  |
| Analytic Partners LP | Revolver | 4/4/2028 | 4891 | (37) |
| Anaplan, Inc. | Revolver | 6/21/2028 | 47983 |  |
| Alpine Intel Intermediate 2, LLC. | Delayed Draw Term Loan | 12/20/2026 | 42466 | (212) |
| Apex Companies, LLC | Delayed Draw Term Loan | 8/28/2026 | 5188 |  |
| Aptean Inc | Revolver | 1/30/2031 | 3641 |  |
| Aptean Inc | Delayed Draw Term Loan | 1/30/2026 | 1987 |  |
| Armada Parent, Inc. | Revolver | 10/29/2027 | 27000 |  |
| Arnhem BidCo GmbH | Delayed Draw Term Loan | 10/1/2027 | 57055 | (270) |
| Artisan Acquisitionco, Ltd. | Delayed Draw Term Loan | 9/30/2027 | 54556 | (546) |
| Ascend Buyer, LLC | Revolver | 9/30/2027 | 5173 |  |
| Atlas CC Acquisition Corp. | Revolver | 5/26/2026 | 12345 |  |
| Atlas CC Acquisition Corp. | Delayed Draw Term Loan | 5/26/2026 | 14403 | (4764) |
| Atlas Securitized Products Funding 2, L.P. | Revolver | 4/10/2026 | 1435 |  |
| AuditBoard Inc | Delayed Draw Term Loan | 7/12/2026 | 38443 | (192) |
| AuditBoard Inc | Revolver | 7/12/2031 | 15377 | (154) |
| Avalara Inc | Revolver | 10/19/2028 | 2308 |  |
| Azurite Intermediate Holdings Inc. | Revolver | 3/19/2031 | 6840 |  |
| Baker Tilly Advisory Group LP | Revolver | 6/3/2030 | 37285 |  |
| Baker Tilly Advisory Group LP | Delayed Draw Term Loan | 6/3/2026 | 26608 | (200) |
| Bamboo US BidCo LLC | Delayed Draw Term Loan | 3/31/2025 | 1925 |  |
| Bamboo US BidCo LLC | Revolver | 9/29/2029 | 6278 |  |
| Bamboo US BidCo, LLC | Delayed Draw Term Loan | 11/20/2026 | 12824 |  |
| Bamboo US BidCo, LLC | Delayed Draw Term Loan | 11/20/2026 | 12824 | (64) |
| Bayshore Intermediate #2 LP | Revolver | 10/1/2027 | 12408 | (124) |
| Bayshore Intermediate #2 LP | Revolver | 10/1/2027 | 14727 |  |
| Bazaarvoice, Inc. | Revolver | 5/7/2028 | 31883 |  |
| Bidco 76 S.p.A. | Delayed Draw Term Loan | 12/10/2027 | 26377 | (228) |
| Bimini Group Purchaser Inc | Delayed Draw Term Loan | 4/26/2026 | 76993 | (385) |
| Bimini Group Purchaser Inc | Revolver | 4/26/2031 | 11406 |  |
| Bluefin Holding, LLC | Revolver | 9/12/2029 | 4487 | (11) |
| Bradyplus Holdings LLC | Delayed Draw Term Loan | 10/31/2025 | 5041 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Brave Parent Holdings, Inc. | Delayed Draw Term Loan | 5/28/2025 | $22569 | $— |
| Brave Parent Holdings, Inc. | Revolver | 11/29/2030 | 26868 |  |
| Caerus US 1, Inc. | Revolver | 5/25/2029 | 62674 |  |
| Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 101715 |  |
| Canadian Hospital Specialties Ltd. | Revolver | 4/15/2027 | 1757 |  |
| Capstone Acquisition Holdings Inc | Delayed Draw Term Loan | 8/29/2026 | 8261 | (31) |
| Caribou Bidco Ltd | Delayed Draw Term Loan | 7/9/2027 | 28928 | (141) |
| Carr Riggs & Ingram Capital LLC | Revolver | 11/18/2031 | 9033 |  |
| Carr Riggs & Ingram Capital LLC | Delayed Draw Term Loan | 11/18/2026 | 22603 | (113) |
| Castle Management Borrower, LLC | Revolver | 11/3/2029 | 4167 |  |
| CB Nike Holdco LLC | Delayed Draw Term Loan | 11/25/2027 | 66711 | (500) |
| CB Nike Holdco LLC | Revolver | 11/26/2029 | 33356 | (500) |
| CEP V Investment 11 S.à r.l. | Delayed Draw Term Loan | 9/1/2026 | 43967 | (436) |
| CFC Underwriting, Ltd. | Delayed Draw Term Loan | 5/16/2025 | 20232 | (255) |
| CFGI Holdings, LLC | Revolver | 11/2/2027 | 19950 | (399) |
| CFS Brands, LLC | Delayed Draw Term Loan | 4/2/2025 | 10595 |  |
| CFS Brands, LLC | Revolver | 10/2/2029 | 30858 | (617) |
| Channelside AcquisitionCo, Inc. | Delayed Draw Term Loan | 4/28/2025 | 6792 | (20) |
| Channelside AcquisitionCo, Inc. | Delayed Draw Term Loan | 11/15/2025 | 918 | (2) |
| Channelside AcquisitionCo, Inc. | Revolver | 5/15/2029 | 18758 |  |
| Charger Debt Merger Sub, LLC | Revolver | 5/31/2030 | 7000 | (70) |
| Charger Debt Merger Sub, LLC | Delayed Draw Term Loan | 5/31/2026 | 18270 |  |
| Chronicle Bidco, Inc. | Revolver | 5/18/2029 | 3638 |  |
| Chronicle Bidco, Inc. | Delayed Draw Term Loan | 3/26/2026 | 13265 |  |
| Cisive Holdings Corp | Revolver | 12/8/2027 | 4445 | (89) |
| Clearview Buyer, Inc. | Revolver | 2/26/2027 | 8085 |  |
| Community Management Holdings Midco 2 LLC | Revolver | 11/1/2031 | 7064 |  |
| Community Management Holdings Midco 2 LLC | Delayed Draw Term Loan | 11/1/2026 | 23546 | (177) |
| Compsych Investments Corp | Delayed Draw Term Loan | 7/22/2027 | 20230 | (51) |
| Connatix Buyer, Inc. | Revolver | 7/14/2027 | 11927 |  |
| Connatix Buyer, Inc. | Delayed Draw Term Loan | 4/9/2026 | 4662 | (70) |
| Consor Intermediate II LLC | Delayed Draw Term Loan | 5/10/2026 | 44439 | (222) |
| Consor Intermediate II LLC | Revolver | 5/10/2031 | 11850 |  |
| Continental Buyer Inc | Revolver | 4/2/2031 | 4282 |  |
| Continental Buyer Inc | Delayed Draw Term Loan | 4/2/2026 | 11420 | (86) |
| COP Home Services TopCo IV, Inc. | Revolver | 12/31/2025 | 19964 | (214) |
| Corfin Holdings, Inc. | Term Loan | 12/27/2027 | 144662 |  |
| Coupa Software Inc. | Delayed Draw Term Loan | 8/27/2025 | 164 | (2) |
| Coupa Software Inc. | Revolver | 2/27/2029 | 126 |  |
| CPI Buyer, LLC | Revolver | 11/1/2026 | 28928 | (579) |
| CPI Buyer, LLC | Delayed Draw Term Loan | 11/23/2025 | 5725 |  |
| CRCI Longhorn Holdings Inc | Revolver | 8/27/2031 | 6110 |  |
| CRCI Longhorn Holdings Inc | Delayed Draw Term Loan | 8/27/2026 | 16678 | (83) |
| Creek Parent Inc. | Revolver | 12/18/2031 | 19175 | (336) |
| Crewline Buyer, Inc. | Revolver | 11/8/2030 | 12790 | (62) |
| CT Technologies Intermediate Holdings, Inc. | Delayed Draw Term Loan | 8/30/2026 | 5636 |  |
| CT Technologies Intermediate Holdings, Inc. | Revolver | 8/30/2031 | 14164 | (142) |
| Cumming Group, Inc. | Revolver | 11/16/2027 | 19356 |  |
| Cumming Group, Inc. | Delayed Draw Term Loan | 5/21/2025 | 7544 |  |
| CyrusOne Revolving Warehouse | Revolver | 7/2/2027 | 191575 |  |
| Databricks, Inc. | Term Loan | 1/3/2031 | 522375 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Databricks, Inc. | Delayed Draw Term Loan | 1/3/2031 | $116415 | $— |
| DCG Acquisition Corp. | Revolver | 6/13/2031 | 36470 | (365) |
| DCG Acquisition Corp. | Delayed Draw Term Loan | 6/13/2026 | 36470 | (182) |
| Dechra Pharmaceuticals Holdings Ltd | Delayed Draw Term Loan | 1/24/2026 | 13071 | (163) |
| Dechra Pharmaceuticals Holdings Ltd | Delayed Draw Term Loan | 1/24/2026 | 12081 | (153) |
| Denali Bidco Ltd | Delayed Draw Term Loan | 4/17/2026 | 300 | (3) |
| Diligent Corp | Delayed Draw Term Loan | 4/26/2026 | 50000 | (375) |
| Diligent Corp | Revolver | 8/4/2030 | 33333 |  |
| Discovery Education, Inc. | Revolver | 4/9/2029 | 13621 |  |
| DM Intermediate Parent LLC | Revolver | 9/30/2030 | 30960 | (464) |
| DM Intermediate Parent LLC | Delayed Draw Term Loan | 9/30/2026 | 46461 | (348) |
| Doc Generici (Diocle S.p.A.) | Delayed Draw Term Loan | 10/27/2025 | 5367 | (68) |
| Dropbox Inc | Delayed Draw Term Loan | 12/10/2026 | 834990 | (4175) |
| DTA Intermediate II Ltd. | Delayed Draw Term Loan | 3/27/2026 | 16849 |  |
| DTA Intermediate II Ltd. | Revolver | 3/27/2030 | 12961 |  |
| DTI Holdco, Inc. | Revolver | 4/19/2029 | 16000 | (1425) |
| Duro Dyne National Corp | Delayed Draw Term Loan | 11/15/2026 | 34499 | (172) |
| Duro Dyne National Corp | Revolver | 11/15/2031 | 34499 | (345) |
| Dwyer Instruments LLC | Delayed Draw Term Loan | 11/20/2026 | 6062 | (30) |
| Dwyer Instruments LLC | Revolver | 7/20/2029 | 7275 | (73) |
| Eden Acquisitionco Ltd | Delayed Draw Term Loan | 11/17/2025 | 7569 | (95) |
| Edison Bidco AS | Delayed Draw Term Loan | 12/18/2026 | 679 |  |
| Edison Bidco AS | Delayed Draw Term Loan | 12/18/2026 | 10808 |  |
| Emergency Power Holdings, LLC | Delayed Draw Term Loan | 8/17/2025 | 43758 |  |
| Endeavor Schools Holdings LLC | Delayed Draw Term Loan | 1/18/2025 | 12377 |  |
| Enstructure LLC | Delayed Draw Term Loan | 6/10/2026 | 88177 | (1411) |
| ENV Bidco AB | Delayed Draw Term Loan | 12/13/2027 | 31618 | (355) |
| Essential Services Holding Corp | Delayed Draw Term Loan | 6/17/2026 | 14519 | (73) |
| Essential Services Holding Corp | Revolver | 6/17/2030 | 9056 |  |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 7/2/2026 | 5292 |  |
| Everbridge Holdings, LLC | Revolver | 7/2/2031 | 3481 | (9) |
| Excelitas Technologies Corp. | Revolver | 8/14/2028 | 14780 | (148) |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 5/1/2026 | 4927 | (49) |
| Experity, Inc. | Revolver | 2/24/2028 | 11146 |  |
| Experity, Inc. | Delayed Draw Term Loan | 9/13/2026 | 40111 | (201) |
| Falcon Parent Holdings, Inc. | Delayed Draw Term Loan | 11/6/2026 | 25693 | (193) |
| Falcon Parent Holdings, Inc. | Revolver | 11/6/2031 | 15339 | (230) |
| Fastener Distribution Holdings LLC | Delayed Draw Term Loan | 10/31/2026 | 68078 | (340) |
| Fern Bidco Ltd | Delayed Draw Term Loan | 7/3/2027 | 19787 |  |
| Focus Financial Partners LLC | Delayed Draw Term Loan | 9/11/2026 | 1599 |  |
| Formulations Parent Corp. | Revolver | 11/15/2029 | 3571 | (36) |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 16269 |  |
| Foundation Risk Partners Corp. | Delayed Draw Term Loan | 5/21/2026 | 8806 |  |
| Frontgrade Technologies Holdings, Inc. | Revolver | 1/9/2028 | 516 |  |
| FusionSite Midco, LLC | Revolver | 11/17/2029 | 7366 | (166) |
| FusionSite Midco, LLC | Delayed Draw Term Loan | 9/25/2025 | 2234 |  |
| G&A Partners Holding Company II, LLC | Delayed Draw Term Loan | 3/1/2026 | 23934 |  |
| G&A Partners Holding Company II, LLC | Revolver | 3/1/2030 | 6575 |  |
| Galway Borrower, LLC | Revolver | 9/29/2028 | 18653 |  |
| Galway Borrower, LLC | Delayed Draw Term Loan | 2/7/2026 | 1926 |  |
| Gannett Fleming Inc | Revolver | 8/5/2030 | 37324 | (560) |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Gatekeeper Systems, Inc. | Delayed Draw Term Loan | 8/27/2026 | $61694 | $(617) |
| Gatekeeper Systems, Inc. | Revolver | 8/28/2030 | 9238 |  |
| GI Ranger Intermediate, LLC | Revolver | 10/29/2027 | 9540 |  |
| Gimlet Bidco GmbH | Delayed Draw Term Loan | 4/23/2027 | 29679 |  |
| GovernmentJobs.com, Inc. | Delayed Draw Term Loan | 12/2/2025 | 60893 |  |
| GovernmentJobs.com, Inc. | Revolver | 12/2/2027 | 38416 | (610) |
| Granicus Inc. | Delayed Draw Term Loan | 8/2/2026 | 1431 | (7) |
| Granicus, Inc. | Revolver | 1/17/2031 | 4284 |  |
| Graphpad Software LLC | Revolver | 6/28/2031 | 13945 | (70) |
| Graphpad Software LLC | Delayed Draw Term Loan | 6/28/2026 | 33558 |  |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 5914 | (118) |
| Ground Penetrating Radar Systems LLC | Term Loan | 1/2/2032 | 119645 |  |
| Ground Penetrating Radar Systems LLC | Delayed Draw Term Loan | 1/2/2032 | 23009 |  |
| Ground Penetrating Radar Systems LLC | Revolver | 1/2/2032 | 12271 |  |
| Groundworks LLC | Delayed Draw Term Loan | 3/14/2026 | 1404 |  |
| GS Acquisitionco, Inc. | Delayed Draw Term Loan | 3/26/2026 | 4620 |  |
| GS Acquisitionco, Inc. | Revolver | 3/26/2034 | 4500 | (23) |
| GTCR Everest Borrower, LLC | Revolver | 9/5/2029 | 3125 | (9) |
| Gusto Sing Bidco Pte Ltd | Delayed Draw Term Loan | 11/15/2027 | 102 |  |
| Hargreaves Lansdown | Term Loan | 9/26/2031 | 103744 |  |
| Helix TS, LLC | Delayed Draw Term Loan | 12/20/2026 | 51623 |  |
| High Street Buyer, Inc. | Revolver | 4/16/2027 | 4186 |  |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 2/4/2025 | 2419 |  |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 3/1/2026 | 44077 |  |
| Houghton Mifflin, LLC | Revolver | 4/7/2027 | 18750 | (30) |
| Icefall Parent, Inc. | Revolver | 1/17/2030 | 6880 |  |
| IEM New Sub 2, LLC | Delayed Draw Term Loan | 8/8/2026 | 76076 | (571) |
| IG Investments Holdings, LLC | Revolver | 9/22/2028 | 55251 |  |
| Imagine 360 LLC | Delayed Draw Term Loan | 9/18/2026 | 13684 | (68) |
| Imagine 360 LLC | Revolver | 9/30/2028 | 8582 | (86) |
| Inception Fertility Ventures LLC | Revolver | 4/29/2030 | 4685 |  |
| Inception Fertility Ventures LLC | Delayed Draw Term Loan | 4/29/2026 | 61644 |  |
| Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan | 8/23/2026 | 17754 | (37) |
| Integrity Marketing Acquisition, LLC | Revolver | 8/27/2028 | 2183 |  |
| Integrity Marketing Acquisition, LLC | Revolver | 8/27/2026 | 653 |  |
| IQN Holding Corp | Revolver | 5/2/2028 | 3372 |  |
| IRI Group Holdings Inc | Revolver | 12/1/2027 | 83928 |  |
| Iris Buyer, LLC | Revolver | 10/2/2029 | 7870 | (216) |
| Iris Buyer, LLC | Delayed Draw Term Loan | 4/2/2025 | 2759 |  |
| ISQ Hawkeye Holdco, Inc. | Revolver | 8/20/2030 | 734 |  |
| ISQ Hawkeye Holdco, Inc. | Delayed Draw Term Loan | 8/20/2026 | 1355 |  |
| Java Buyer, Inc. | Delayed Draw Term Loan | 6/28/2026 | 44520 |  |
| Java Buyer, Inc. | Revolver | 12/15/2027 | 12142 |  |
| Java Buyer, Inc. | Revolver | 12/15/2027 | 24284 |  |
| JS Parent Inc | Revolver | 4/24/2031 | 7880 | (39) |
| JSS Holdings, Inc. | Delayed Draw Term Loan | 11/8/2026 | 136995 | (685) |
| Jupiter Bidco Limited | Delayed Draw Term Loan | 8/31/2025 | 41454 | (620) |
| Kaseya, Inc. | Delayed Draw Term Loan | 6/25/2025 | 33089 |  |
| Kaseya, Inc. | Revolver | 6/25/2029 | 36559 |  |
| Kattegat Project Bidco AB | Delayed Draw Term Loan | 10/5/2026 | 12225 | (146) |
| Knowledge Pro Buyer, Inc. | Revolver | 12/10/2027 | 10044 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Knowledge Pro Buyer, Inc. | Delayed Draw Term Loan | 12/8/2025 | $8737 | $— |
| Kona Buyer, LLC | Delayed Draw Term Loan | 7/23/2025 | 50738 |  |
| Kona Buyer, LLC | Delayed Draw Term Loan | 7/23/2026 | 63422 | (317) |
| Kona Buyer, LLC | Revolver | 7/23/2031 | 25369 | (127) |
| Kwol Acquisition, Inc. | Revolver | 12/6/2029 | 897 | (2) |
| Loar Group, Inc. | Delayed Draw Term Loan | 5/10/2026 | 100000 | (940) |
| LogicMonitor Inc | Revolver | 11/15/2031 | 11450 |  |
| LPW Group Holdings, Inc. | Revolver | 3/15/2030 | 6566 |  |
| Lsf12 Crown US Commercial Bidco LLC | Revolver | 12/2/2029 | 24405 | (200) |
| Magic Bidco Inc | Delayed Draw Term Loan | 7/1/2026 | 15863 |  |
| Magic Bidco Inc | Revolver | 7/1/2030 | 2430 |  |
| Magneto Components BuyCo, LLC | Revolver | 12/5/2029 | 8983 | (180) |
| Magneto Components BuyCo, LLC | Delayed Draw Term Loan | 6/5/2025 | 10780 | (135) |
| Mantech International CP | Delayed Draw Term Loan | 6/14/2025 | 133060 | (1200) |
| Mantech International CP | Revolver | 9/14/2028 | 111612 |  |
| Material Holdings, LLC | Revolver | 8/19/2027 | 3179 | (374) |
| Maverick Bidco Inc. | Delayed Draw Term Loan | 8/16/2026 | 10523 |  |
| Maverick Bidco Inc. | Delayed Draw Term Loan | 8/16/2026 | 50452 | (347) |
| MB2 Dental Solutions, LLC | Delayed Draw Term Loan | 2/13/2026 | 10652 |  |
| MB2 Dental Solutions, LLC | Revolver | 2/13/2031 | 2241 |  |
| Medline Borrower LP | Revolver | 2/27/2026 | 17850 | (63) |
| Mercury Bidco Globe Limited | Delayed Draw Term Loan | 1/31/2026 | 25268 | (284) |
| Metis Buyer, Inc. | Revolver | 5/4/2026 | 3960 |  |
| MHE Intermediate Holdings, LLC | Revolver | 7/21/2027 | 643 |  |
| Minotaur Acquisition, Inc. | Revolver | 5/10/2030 | 9910 | (50) |
| Minotaur Acquisition, Inc. | Delayed Draw Term Loan | 5/10/2025 | 16516 | (83) |
| Monk Holding Co. | Delayed Draw Term Loan | 6/1/2025 | 17311 |  |
| More Cowbell II, LLC | Delayed Draw Term Loan | 9/1/2025 | 2244 | (27) |
| More Cowbell II, LLC | Revolver | 9/4/2029 | 1699 |  |
| MPG Parent Holdings, LLC | Revolver | 1/8/2030 | 2232 |  |
| MPG Parent Holdings, LLC | Delayed Draw Term Loan | 1/8/2027 | 5146 | (39) |
| MRI Software, LLC | Revolver | 2/10/2027 | 23946 |  |
| MRI Software, LLC | Delayed Draw Term Loan | 1/16/2027 | 21653 |  |
| Natus Medical Incorporated | Revolver | 7/21/2027 | 1225 |  |
| NAVEX TopCo, Inc. | Revolver | 11/9/2028 | 8855 |  |
| Navigator Acquiror, Inc. | Delayed Draw Term Loan | 1/23/2025 | 15315 |  |
| NDC Acquisition Corp. | Revolver | 3/9/2027 | 3425 |  |
| Neptune BidCo | Delayed Draw Term Loan | 4/2/2031 | 2051 | (101) |
| Neptune Holdings, Inc. | Revolver | 8/31/2029 | 2000 |  |
| Netsmart Technologies Inc | Delayed Draw Term Loan | 8/23/2026 | 26031 | (130) |
| Netsmart Technologies Inc | Revolver | 8/23/2031 | 26555 | (133) |
| Noble Midco 3 Ltd | Delayed Draw Term Loan | 6/10/2027 | 9042 | (45) |
| Noble Midco 3 Ltd | Revolver | 6/10/2030 | 6028 |  |
| North Haven Stallone Buyer, LLC | Delayed Draw Term Loan | 10/1/2026 | 2893 | (7) |
| North Haven Stallone Buyer, LLC | Revolver | 5/24/2027 | 5164 | (13) |
| North Haven Ushc Acquisition Inc | Revolver | 10/30/2027 | 8779 |  |
| North Haven Ushc Acquisition Inc | Delayed Draw Term Loan | 8/28/2026 | 25764 |  |
| Odevo AB | Delayed Draw Term Loan | 12/12/2027 | 191921 | (475) |
| Onex Baltimore Buyer, Inc. | Delayed Draw Term Loan | 1/21/2025 | 69791 |  |
| ONS MSO, LLC | Delayed Draw Term Loan | 12/13/2025 | 36836 |  |
| ONS MSO, LLC | Revolver | 7/8/2026 | 3250 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Optimizely North America Inc | Revolver | 10/31/2031 | $3007 | $(30) |
| Oranje Holdco Inc | Revolver | 2/1/2029 | 8250 |  |
| Oxford Global Resources Inc | Revolver | 8/17/2027 | 9254 |  |
| Paisley Bidco Ltd | Delayed Draw Term Loan | 4/18/2027 | 3635 | (27) |
| Park Place Technologies, LLC | Delayed Draw Term Loan | 9/1/2025 | 85594 | (428) |
| Park Place Technologies, LLC | Revolver | 3/25/2030 | 45793 |  |
| Patriot Growth Insurance Services, LLC. | Revolver | 10/16/2028 | 3567 |  |
| Patriot Growth Insurance Services, LLC. | Delayed Draw Term Loan | 10/16/2028 | 7901 |  |
| Pavion Corp. | Delayed Draw Term Loan | 10/30/2025 | 3902 |  |
| PDI TA Holdings, Inc. | Delayed Draw Term Loan | 2/1/2026 | 7061 |  |
| PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 6996 | (52) |
| Pearce Intermediate Holdings, Inc | Delayed Draw Term Loan | 11/6/2026 | 100000 | (500) |
| Petrus Buyer Inc | Delayed Draw Term Loan | 10/17/2025 | 4929 |  |
| Petrus Buyer Inc | Revolver | 10/17/2029 | 5163 |  |
| Phoenix 1 Buyer Corp. | Revolver | 11/20/2029 | 8349 |  |
| Ping Identity Holding Corp | Revolver | 10/17/2028 | 3856 |  |
| PKF O'Connor Davies Advisory, LLC | Delayed Draw Term Loan | 11/15/2026 | 40761 | (204) |
| PKF O'Connor Davies Advisory, LLC | Revolver | 11/15/2031 | 11413 |  |
| Plasma Buyer, LLC | Revolver | 5/12/2028 | 6365 |  |
| Plasma Buyer, LLC | Delayed Draw Term Loan | 11/12/2025 | 679 |  |
| Point Broadband Acquisition, LLC | Delayed Draw Term Loan | 5/29/2026 | 67596 | (845) |
| Polyphase Elevator Holding Co. | Revolver | 6/23/2027 | 374 |  |
| PPV Intermediate Holdings, LLC | Revolver | 8/31/2029 | 9910 |  |
| PPV Intermediate Holdings, LLC | Delayed Draw Term Loan | 8/7/2026 | 19691 | (98) |
| Profile Products, LLC | Revolver | 11/12/2027 | 7110 |  |
| Profile Products, LLC | Revolver | 11/12/2027 | 6697 |  |
| Progress Residential PM Holdings, LLC | Delayed Draw Term Loan | 5/8/2025 | 16623 |  |
| Progress Residential PM Holdings, LLC | Delayed Draw Term Loan | 5/8/2025 | 2915 |  |
| Project Leopard Holdings, Inc. | Revolver | 7/20/2027 | 6162 |  |
| PT Intermediate Holdings III LLC | Delayed Draw Term Loan | 4/9/2026 | 12013 | (15) |
| QBS Parent Inc | Revolver | 11/7/2031 | 5656 | (28) |
| Qualus Power Services Corp. | Delayed Draw Term Loan | 5/9/2026 | 7267 |  |
| Qualus Power Services Corp. | Delayed Draw Term Loan | 10/25/2026 | 36805 | (184) |
| RAD CLO 27 Ltd | Structured Finance Obligation - Debt | 1/15/2038 | 10000 |  |
| RAD CLO 27 Ltd | Structured Finance Obligation - Equity | 1/15/2038 | 26823 |  |
| Rally Buyer, Inc. | Revolver | 7/19/2028 | 4081 |  |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 8/15/2025 | 336 |  |
| Relativity ODA, LLC | Revolver | 5/14/2029 | 4813 | (120) |
| RFS Opco, LLC | Delayed Draw Term Loan | 12/3/2025 | 7619 | (29) |
| Riser Merger Sub, Inc. | Revolver | 10/31/2029 | 16200 |  |
| Riser Merger Sub, Inc. | Delayed Draw Term Loan | 10/31/2025 | 37800 | (378) |
| Riser Merger Sub, Inc. | Delayed Draw Term Loan | 10/31/2025 | 15233 |  |
| RoadOne Inc | Revolver | 12/29/2028 | 226 |  |
| RSC Acquisition, Inc. | Revolver | 11/1/2029 | 6174 | (108) |
| RSC Acquisition, Inc. | Delayed Draw Term Loan | 8/15/2026 | 47154 |  |
| Safety Borrower Holdings LP | Revolver | 9/1/2027 | 2517 |  |
| Safety Products/JHC Acquisition Corp | Delayed Draw Term Loan | 6/28/2026 | 4912 |  |
| Sailpoint Technologies, Inc. | Revolver | 8/16/2028 | 34083 |  |
| Sam Holding Co, Inc. | Revolver | 3/24/2027 | 16800 |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Sam Holding Co, Inc. | Delayed Draw Term Loan | 9/5/2025 | $23600 | $— |
| Scorpio BidCo SAS | Delayed Draw Term Loan | 3/10/2026 | 7858 |  |
| Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/19/2026 | 74803 | (342) |
| Seahawk Bidco, LLC | Revolver | 12/19/2030 | 22377 | (205) |
| Severin Acquisition LLC | Delayed Draw Term Loan | 10/1/2027 | 68984 | (345) |
| Severin Acquisition LLC | Revolver | 10/1/2031 | 41391 |  |
| SG Acquisition, Inc. | Revolver | 4/3/2030 | 13537 |  |
| Simplicity Financial Marketing Group Holdings Inc | Delayed Draw Term Loan | 12/31/2026 | 12083 | (60) |
| Simplicity Financial Marketing Group Holdings Inc | Revolver | 12/31/2031 | 6041 | (60) |
| Skopima Consilio Parent LLC | Revolver | 5/14/2028 | 6300 | (18) |
| Smile Doctors, LLC | Revolver | 12/23/2027 | 51955 | (1299) |
| Smile Doctors, LLC | Delayed Draw Term Loan | 6/9/2025 | 49332 |  |
| Soliant Lower Intermediate, LLC | Revolver | 7/18/2029 | 20000 | (450) |
| Spaceship Purchaser Inc | Revolver | 10/17/2031 | 59800 | (598) |
| Spaceship Purchaser Inc | Delayed Draw Term Loan | 10/17/2026 | 29900 |  |
| Spaceship Purchaser Inc | Delayed Draw Term Loan | 10/17/2027 | 71760 |  |
| Sparta UK Bidco Ltd | Delayed Draw Term Loan | 9/25/2028 | 12868 |  |
| SpecialtyCare, Inc. | Revolver | 6/18/2026 | 2493 |  |
| Spectrum Safety Solutions Purchaser, LLC | Delayed Draw Term Loan | 7/1/2026 | 69467 | (521) |
| Spectrum Safety Solutions Purchaser, LLC | Revolver | 7/1/2030 | 61551 | (420) |
| Speedster Bidco GmbH | Revolver | 5/13/2031 | 26875 | (72) |
| Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 24314 |  |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 4/24/2026 | 44329 |  |
| STV Group, Inc. | Delayed Draw Term Loan | 3/20/2026 | 16811 | (168) |
| STV Group, Inc. | Revolver | 3/20/2031 | 10086 |  |
| Sunshine Cadence Holdco, LLC | Delayed Draw Term Loan | 5/1/2026 | 35360 |  |
| Sunshine Cadence Holdco, LLC | Revolver | 5/1/2030 | 32000 | (320) |
| Tango Bidco SAS | Delayed Draw Term Loan | 10/17/2027 | 5573 | (34) |
| Tango Bidco SAS | Revolver | 10/17/2027 | 12593 |  |
| TEI Intermediate LLC | Revolver | 12/13/2031 | 18156 |  |
| TEI Intermediate LLC | Delayed Draw Term Loan | 12/13/2026 | 48489 | (242) |
| Tennessee Bidco Limited | Delayed Draw Term Loan | 7/1/2026 | 121011 |  |
| The Fertility Partners, Inc. | Revolver | 9/16/2027 | 5706 |  |
| The GI Alliance Management, LLC | Delayed Draw Term Loan | 3/1/2026 | 91404 |  |
| The Hiller Companies LLC | Delayed Draw Term Loan | 6/20/2026 | 16253 |  |
| The Hiller Companies LLC | Revolver | 6/20/2030 | 13713 | (103) |
| The North Highland Co LLC | Revolver | 12/20/2030 | 20288 |  |
| The North Highland Co LLC | Delayed Draw Term Loan | 12/20/2026 | 35521 | (178) |
| Thermostat Purchaser III, Inc. | Revolver | 8/31/2026 | 4375 |  |
| THG Acquisition LLC | Delayed Draw Term Loan | 10/31/2026 | 14932 | (75) |
| THG Acquisition LLC | Revolver | 10/31/2031 | 6911 |  |
| TIH Insurance Holdings, LLC. | Revolver | 5/6/2029 | 19894 | (73) |
| Tricentis | Term Loan | 2/11/2032 | 131086 |  |
| Tricentis | Delayed Draw Term Loan | 2/11/2032 | 26217 |  |
| Tricentis | Revolver | 2/11/2032 | 16386 |  |
| Trinity Air Consultants Holdings Corp. | Delayed Draw Term Loan | 4/24/2025 | 240 |  |
| Trinity Air Consultants Holdings Corp. | Revolver | 6/29/2028 | 13269 |  |
| Trinity Air Consultants Holdings Corp. | Delayed Draw Term Loan | 4/24/2025 | 14838 |  |
| Trinity Partners Holdings, LLC | Delayed Draw Term Loan | 6/20/2025 | 115743 | (1145) |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Triple Lift, Inc. | Revolver | 5/5/2028 | $14295 | $(572) |
| TRP Infrastructure Services, LLC | Delayed Draw Term Loan | 12/2/2026 | 19994 | (100) |
| Turing Holdco, Inc. | Delayed Draw Term Loan | 8/3/2028 | 47204 |  |
| Turing Holdco, Inc. | Delayed Draw Term Loan | 8/3/2028 | 31353 |  |
| Unified Physician Management, LLC | Revolver | 6/18/2029 | 101845 |  |
| Unified Physician Management, LLC | Delayed Draw Term Loan | 3/25/2026 | 640 |  |
| Unified Women's Healthcare LP | Delayed Draw Term Loan | 10/25/2026 | 4000 | (15) |
| US Oral Surgery Management Holdco, LLC | Revolver | 11/20/2028 | 15496 |  |
| US Oral Surgery Management Holdco, LLC | Delayed Draw Term Loan | 12/13/2026 | 49274 | (246) |
| Varicent Parent Holdings Corp | Delayed Draw Term Loan | 8/23/2026 | 17174 | (129) |
| Varicent Parent Holdings Corp | Revolver | 8/23/2031 | 9550 |  |
| Victors CCC Buyer, LLC | Revolver | 6/1/2029 | 29205 |  |
| VS Buyer LLC | Revolver | 4/12/2029 | 15000 | (975) |
| Water Holdings Acquisition LLC | Delayed Draw Term Loan | 7/31/2026 | 35637 |  |
| West Monroe Partners, LLC | Revolver | 11/9/2027 | 70714 |  |
| West Monroe Partners, LLC | Delayed Draw Term Loan | 12/18/2026 | 122500 |  |
| WHCG Purchaser III Inc | Delayed Draw Term Loan | 8/2/2027 | 17234 |  |
| World Insurance Associates, LLC | Delayed Draw Term Loan | 4/21/2025 | 16651 |  |
| World Insurance Associates, LLC | Revolver | 4/3/2028 | 3333 |  |
| WPEngine, Inc. | Revolver | 8/14/2029 | 8140 | (244) |
| YA Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/1/2026 | 19072 | (95) |
| YA Intermediate Holdings II, LLC | Revolver | 10/1/2031 | 8688 |  |
| Yellow Castle AB | Delayed Draw Term Loan | 7/7/2029 | 11621 |  |
| Zellis TopCo Limited | Term Loan | 8/13/2031 | 19375 |  |
| Zendesk Inc | Delayed Draw Term Loan | 11/22/2025 | 208035 | (3121) |
| Zendesk Inc | Revolver | 7/23/2030 | 97650 |  |
| Zeus, LLC | Revolver | 2/8/2030 | 6851 | (34) |
| Zeus, LLC | Delayed Draw Term Loan | 2/27/2026 | 5938 |  |
| Zorro Bidco Ltd | Delayed Draw Term Loan | 8/13/2027 | 18421 | (182) |
| **Total Unfunded Commitments** |  |  | $10804045 | $(49557) |

---

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

(9)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

(16)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company is generally deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of December 31, 2024, the Company's controlled/affiliated and non-controlled/affiliated investments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2023** | **Gross Additions** | **Gross Reductions** | **Net Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Fair Value as of December 31, 2024** | **Income** |
| **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** | **Non-Controlled/Affiliated Investments** |
| GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | $2499 | $— | $— | $(1105) | $— | $1394 | $13 |
| **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** | **Controlled/Affiliated Investments** |
| Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) | 49530 |  |  | (36786) |  | 12744 | 224 |
| CFCo, LLC (Benefytt Technologies, Inc.) | 612 |  |  | (612) |  |  |  |
| CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units |  |  |  |  |  |  |  |
| Pibb Member, LLC - LP Interest |  | 214844 |  | 62 |  | 214906 |  |
| Pibb Member, LLC |  | 2250 |  |  |  | 2250 | 5 |
| Pigments Services, Inc. | 9412 |  | (115) | (1598) |  | 7699 |  |
| Pigments Services, Inc. | 9908 | 1500 | (91) |  |  | 11317 | 1455 |
| Pigments Holdings LP - LP Interest |  |  |  |  |  |  |  |
| Material Holdings, LLC |  | 230908 |  | 1461 |  | 232369 | 13944 |
| Material Holdings, LLC |  | 57042 |  | (41476) |  | 15566 | 3390 |
| Material+ Holding Company, LLC - Class C Units |  |  |  |  |  |  |  |
| Specialty Lending Company, LLC - LLC Interest | 265631 | 95085 | (13500) | (32249) |  | 314967 |  |
| BCRED Emerald JV LP - LP Interest | 2032260 |  | (187500) | (65960) |  | 1778800 | 269906 |
| BCRED Verdelite JV LP - LP Interest | 129265 |  |  | 6346 |  | 135611 | 11170 |
| GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | 1981 |  |  | 186 |  | 2167 |  |
| **Total** | $2501098 | $601629 | $(201206) | $(171731) | $— | $2729790 | $300107 |

---

(17)Loan was on non-accrual status as of December 31, 2024.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), including investments in joint ventures but excluding Loar Holdings Inc. - Common Equity and Moderna Inc - Common Stock, and may be deemed to be "restricted securities." As of December 31, 2024, the aggregate fair value of these securities is $68,353.7 million or 175.85% of the Company's net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of December 31, 2024 was 3.00%.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

**ADDITIONAL INFORMATION**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** |
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| Deutsche Bank AG | USD | 10570 | CAD | 15000 | 3/18/2025 | $127 |
| Deutsche Bank AG | USD | 14092 | CAD | 20000 | 3/17/2025 | 170 |
| BNP Paribas | USD | 1644 | CAD | 2300 | 2/21/2025 | 44 |
| Deutsche Bank AG | USD | 15593 | CHF | 13820 | 3/18/2025 | 234 |
| Goldman Sachs Bank USA | USD | 78979 | DKK | 557791 | 3/18/2025 | 1240 |
| BNP Paribas | USD | 95504 | EUR | 90200 | 2/21/2025 | 1951 |
| Deutsche Bank AG | USD | 224055 | EUR | 213000 | 3/18/2025 | 2867 |
| Deutsche Bank AG | USD | 124918 | GBP | 98800 | 3/18/2025 | 1290 |
| BNP Paribas | USD | 51695 | GBP | 40900 | 2/21/2025 | 508 |
| Goldman Sachs Bank USA | USD | 50381 | NOK | 562273 | 3/18/2025 | 948 |
| BNP Paribas | USD | 2741 | NOK | 30100 | 2/21/2025 | 94 |
| Goldman Sachs Bank USA | USD | 22727 | NZD | 39280 | 3/18/2025 | 739 |
| Goldman Sachs Bank USA | USD | 54333 | SEK | 588000 | 3/10/2025 | 1019 |
| Goldman Sachs Bank USA | USD | 10125 | SEK | 109749 | 3/17/2025 | 169 |
| Goldman Sachs Bank USA | USD | 22058 | SEK | 239106 | 3/18/2025 | 369 |
| BNP Paribas | USD | 1754 | SEK | 19100 | 2/21/2025 | 24 |
| **Total Foreign Currency Forward Contracts** |  |  |  |  |  | $11793 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Condensed Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Counterparty** | **Hedged Item** | **Company Receives** | **Company Pays** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Market Value** | **Upfront Payments / Receipts** | **Change in Unrealized Gains / (Losses)** <sup>(1)</sup> |
| Goldman Sachs Bank USA | January 2025 Notes | 2.70% | SOFR + | 0.99% | 1/15/2025 | $500000 | $(594) | $— | $14818 |
| Goldman Sachs Bank USA | December 2026 Notes | 2.63% | SOFR + | 0.26% | 12/15/2026 | 625000 | (20239) |  | 4486 |
| Deutsche Bank AG | December 2026 Notes | 2.63% | SOFR + | 0.26% | 12/15/2026 | 625000 | (20084) |  | 4411 |
| Goldman Sachs Bank USA | March 2025 Notes | 4.70% | SOFR + | 2.43% | 3/24/2025 | 400000 | (1889) |  | 9200 |
| Deutsche Bank AG | March 2025 Notes | 4.70% | SOFR + | 2.43% | 3/24/2025 | 500000 | (2364) |  | 11510 |
| Deutsche Bank AG | April 2026 UK Bonds | 4.87% | SONIA + | 2.78% | 4/14/2026 | 250000 | (8780) |  | 3640 |
| SMBC Capital Markets, Inc. | May 2027 Notes | 5.61% | SOFR + | 2.79% | 5/3/2027 | 625000 | (17930) |  | 244 |
| SMBC Capital Markets, Inc. | September 2025 Notes | 7.05% | SOFR + | 2.93% | 9/29/2025 | 600000 | (888) |  | 953 |
| Goldman Sachs Bank USA | October 2027 Notes | 7.49% | SOFR + | 3.72% | 10/11/2027 | 350000 | (3527) |  | (3990) |
| SMBC Capital Markets, Inc. | September 2025 Notes | 7.05% | SOFR + | 2.97% | 9/29/2025 | 200000 | (360) |  | 400 |
| SMBC Capital Markets, Inc. | November 2028 Notes | 7.30% | SOFR + | 3.06% | 11/27/2028 | 500000 | 1951 |  | (11731) |
| Goldman Sachs Bank USA | January 2031 Notes | 6.25% | SOFR + | 2.46% | 1/25/2031 | 250000 | (4281) |  | (4281) |
| BNP Paribas | January 2031 Notes | 6.25% | SOFR + | 2.47% | 1/25/2031 | 250000 | (4395) |  | (4395) |
| Deutsche Bank AG | July 2029 Notes | 5.95% | SOFR + | 1.74% | 7/16/2029 | 500000 | 2732 |  | 2732 |
| BNP Paribas | September 2027 Notes | 4.95% | SOFR + | 1.69% | 9/26/2027 | 400000 | (8791) |  | (8791) |
| SMBC Capital Markets, Inc. | April 2030 Notes | 5.25% | SOFR + | 2.01% | 4/1/2030 | 400000 | (15969) |  | (15969) |
| Morgan Stanley Capital Services LLC | November 2029 Notes | 5.60% | SOFR + | 1.64% | 11/22/2029 | 400000 | (2151) |  | (2151) |
| Deutsche Bank AG | November 2034 Notes | 6.00% | SOFR + | 2.04% | 11/22/2034 | 600000 | (7827) |  | (7827) |
| Wells Fargo Bank, N.A. | November 2034 Notes | 6.00% | SOFR + | 2.26% | 11/22/2034 | 200000 | (6212) |  | (6212) |
| **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | $(121598) | $— | $(12953) |

---

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

**Note 1. Organization**

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

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

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

The Company offers on a continuous basis up to $45.0 billion of common shares of beneficial interest (**"Common Shares"**) pursuant to an offering registered with the Securities and Exchange Commission (**"SEC"**). The Company offers to sell any combination of three classes of Common Shares, Class I shares, Class S shares and Class D shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the net asset value (**"NAV"**) per share, as of the effective date of the monthly share purchase date. Blackstone Securities Partners L.P. (the **"Intermediary Manager"**) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company also engages in private offerings of its Common Shares.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

The condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (**"GAAP"**) and pursuant to the requirements for reporting on Form 10-Q and Article 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (**"ASC"**) Topic 946, *Financial Services—Investment Companies* (**"ASC 946"**) issued by the Financial Accounting Standards Board (**"FASB"**).

In the opinion of management, all adjustments considered necessary for the fair presentation of the condensed consolidated financial statements for the interim period presented have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

All intercompany balances and transactions have been eliminated.

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

***Use of Estimates***

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results may ultimately differ from those estimates.

***Consolidation***

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

As of September 30, 2025, the Company's consolidated subsidiaries were BCRED Bard Peak Funding LLC (**"Bard Peak Funding"**), BCRED Bear Peak Funding LLC (**"Bear Peak Funding"**), BCRED Bison Peak Funding LLC (**"Bison Peak Funding"**), BCRED Blanca Peak Funding LLC (**"Blanca Peak Funding"**), BCRED Borah Peak Funding LLC, BCRED Bushnell Peak Funding LLC (**"Bushnell Peak Funding"**), BCRED Castle Peak Funding LLC (**"Castle Peak Funding"**), BCRED Denali Peak Funding LLC (**"Denali Peak Funding"**), BCRED Gannett Peak Funding LLC, BCRED Granite Peak Funding LLC (**"Granite Peak Funding"**), BCRED Haydon Peak Funding LLC (**"Haydon Peak Funding"**), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC, BCRED Meridian Peak Funding LLC (**"Meridian Peak Funding"**), BCRED Middle Peak Funding LLC (**"Middle Peak Funding"**), BCRED Monarch Peak Funding LLC (**"Monarch Peak Funding"**), BCRED Naomi Peak Funding LLC, BCRED Phoenix Peak Funding LLC (**"Phoenix Peak Funding"**), BCRED Summit Peak Funding LLC (**"Summit Peak Funding"**), BCRED Twin Peaks LLC (**"Twin Peaks"**), BCRED Windom Peak Funding LLC (**"Windom Peak Funding"**), BCRED BSL WH 2022-1 LLC (**"2022-1 BSL WH"**), BCRED Investments LLC, BCRED X Holdings LLC, BCRED BSL CLO 2021-2, Ltd., BCRED BSL CLO 2021-2, LLC, BCRED BSL CLO 2022-1 Ltd., BCRED BSL CLO 2022-1 LLC, BCRED MML CLO 2021-1 LLC, BCRED MML CLO 2022-1 LLC, BCRED MML CLO 2022-2 LLC, BCRED CLO 2023-1 Depositor LLC (**"2023-1 Depositor"**), BCRED CLO 2023-1 LLC, BCRED CLO 2024-1 Depositor LLC (**"2024-1 Depositor")**, BCRED CLO 2024-1 LLC, BCRED CLO 2024-2 Depositor LLC (**"2024-2 Depositor"**), BCRED CLO 2024-2 LLC, BCRED CLO 2025-1 LLC, BCRED CLO 2025-1 Depositor LLC (**"2025-1 Depositor"**), BCRED Lender Finance 2025-1 LLC, BCRED Lender Finance 2025-1 Depositor LLC (**"Lender Finance 2025-1 Depositor"**), BCRED BSL Static CLO 2025-1, Ltd. (**"2025-1 BSL Issuer"**), BCRED BSL Static CLO 2025-1, LLC, BCRED Associates GP (Lux) S.à r.l, BCRED Direct Lending I (Lux) SCSp, BCRED C-1 LLC, BCRED C-2 Funding LLC and BCRED C-3 Funding LLC.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

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

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

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

***Investments***

Investment transactions are recorded on a trade date basis.

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

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

*Valuation of Investments*

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

The Company values its investments in accordance with ASC 820, *Fair Value Measurements* (**"ASC 820"**), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act.

Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, fair value means the value of a portfolio investment for which market quotations are not readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Where prices or inputs are not available or, in the judgment of the Board of Trustees (the **"Board"** or the **"Board of Trustees"**), with assistance of the Advisers, the Audit Committee and independent valuation firm(s), determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

An enterprise value (**"EV"**) analysis is generally performed to determine the value of equity investments, control debt investments and non-control debt investments that are credit-impaired, and to determine if debt investments are credit-impaired. The Advisers will generally utilize approaches including the market approach, the income approach or both approaches, as appropriate, when calculating EV. The primary method for determining EV for non-control investments, and control investments without reliable projections, uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's earnings before interest, taxes, depreciation and amortization (**"EBITDA"**) or another key financial metric (e.g., such as revenues, cash flows or net income) **("Performance Multiple"**). Performance Multiples are typically determined based upon a review of publicly-traded comparable companies and market comparable transactions, if any. The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine a present value using estimated discount rates. The income approach is generally used when the Advisers have visibility into the long-term projected cash flows of a portfolio company.

If debt investments are credit-impaired, which occurs when there is insufficient coverage under the enterprise value analysis through the respective investment's position in the capital structure, the Advisers generally use the enterprise value "waterfall" approach or a recovery method (if a liquidation or restructuring is deemed likely) to determine fair value. For debt investments that are not determined to be credit-impaired, the Advisers generally use a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The fair value of loans with call protection is generally capped at par plus applicable prepayment premium in effect at the measurement date.

ASC 820 prioritizes the use of observable market prices derived from such prices. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 may include unrestricted securities, including equities and derivatives, listed in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category may include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category may include debt and equity investments in privately held entities, collateralized loan obligations (**"CLOs"**) and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Board's assessment, with the assistance of the Advisers, the Audit Committee and independent valuation firm(s), of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter and year in which the transfer occurs.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly-traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See "*Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates*."

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

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

***Derivative Instruments***

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

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company's derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

From time to time, the Company may enter into forward currency contracts which is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign currency denominated assets and liabilities of the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying debt the Company has, but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as net change in unrealized appreciation (depreciation). The fair value of the foreign currency forwards is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company's Condensed Consolidated Statements of Assets and Liabilities. Changes in the fair value of the foreign currency forwards are presented in Net change in unrealized appreciation (depreciation): Derivative instruments and Net realized gains (losses): Derivative instruments in the Condensed Consolidated Statements of Operations.

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

***Forward Purchase Agreement***

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

***Foreign Currency Transactions***

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

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

***Revenue Recognition***

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and nine months ended September 30, 2025, the Company recorded $23.5 million and $75.4 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and nine months ended September 30, 2024, the Company recorded $3.9 million and $37.7 million, respectively, in non-recurring interest income.

*PIK Income*

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*Dividend Income*

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

*Fee Income*

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

*Non-Accrual Income*

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

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

***Offering Expenses***

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

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

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

***Income Taxes***

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its 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 Company would represent obligations of the Company's investors and would not be reflected in the condensed consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through September 30, 2025. As applicable, the Company's federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

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

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

For the three and nine months ended September 30, 2025, the Company accrued $4.1 million and $13.6 million, respectively, of U.S. federal excise tax. For the three and nine months ended September 30, 2024, the Company accrued $7.0 million and $25.4 million, respectively, of U.S. federal excise tax.

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

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

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

***Distributions***

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

***Segment Reporting***

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

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," (**"ASU 2023-09"**). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

***Advisory Agreements***

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

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

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

The Advisory Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 30, 2025, for a one-year period ending on May 31, 2026, and, unless terminated earlier, will renew from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Advisory Agreements, without payment of any penalty, upon 60 days' written notice. The Advisory Agreements will automatically terminate in the event of their assignment within the meaning of the 1940 Act and SEC guidance and interpretations.

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

***Base Management Fees***

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

For the three and nine months ended September 30, 2025, base management fees were $145.6 million and $413.5 million, respectively. For the three and nine months ended September 30, 2024, base management fees were $112.6 million and $312.3 million, respectively. As of September 30, 2025 and December 31, 2024, $145.6 million and $120.1 million, respectively, was payable to the Adviser and the Prior Adviser, as applicable, relating to management fees.

***Incentive Fees***

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

*(i) Income based incentive fees:*

The first part of the incentive fee, an income based incentive fee is based on the Company's Pre-Incentive Fee Net Investment Income Returns as defined in the Investment Advisory Agreement. Pre-Incentive Fee Net Investment Income Returns means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company's net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The Company excludes the impact of expense support payments and recoupments from pre-incentive fee net investment income. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*(ii) Capital gains based incentive fees:*

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

For the three and nine months ended September 30, 2025, the Company accrued income based incentive fees of $160.6 million and $464.2 million, respectively. For the three and nine months ended September 30, 2024, the Company accrued income based incentive fees of $139.4 million and $399.0 million, respectively. As of September 30, 2025 and December 31, 2024, there was $160.6 million and $144.7 million, respectively, payable to the Adviser and the Prior Adviser, as applicable, for income based incentive fees.

For the three and nine months ended September 30, 2025 and 2024, the Company accrued no capital gains based incentive fees. As of September 30, 2025 and December 31, 2024, no amount was payable to the Adviser and the Prior Adviser, as applicable, for capital gains based incentive fees.

***Administration Agreements***

On October 5, 2020, the Company entered into the original Administration Agreement with the Prior Administrator (the **"Prior Administration Agreement"**). On November 7, 2024, the Board approved the termination of the Prior Administration Agreement, effective December 31, 2024, and the entry into of the Administration Agreement between the Company and the Administrator, effective January 1, 2025. Accordingly, effective January 1, 2025, the Administrator became the Company's administrator pursuant to the Administration Agreement. Further, on November 7, 2024, the Board approved the Sub-Administration Agreement between the Administrator, on behalf of the Company, and the Sub-Administrator. Accordingly, effective January 1, 2025, the Sub-Administrator become one of the Company's sub-administrators pursuant to the Sub-Administration Agreement. To acknowledge the change of the administrator, the Board also approved the assignment of the State Street Sub-Administration Agreement with State Street Bank and Trust Company (each as defined in Note 3—Sub-Administration and Custody Agreement) from the Prior Administrator to the Administrator, effective January 1, 2025. These changes did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide administrative services to the Company on behalf of the Administrators.

Under the terms of the Administration Agreements, the Administrators provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company's other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for certain costs and expenses incurred by the Administrators in performing their obligations under the Administration Agreements. Such reimbursement will include the Company's allocable portion of compensation and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including but not limited to: (i) the Company's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrators that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in the Advisory Agreements and Administration Agreements. In addition, pursuant to the terms of the Administration Agreements, the Administrators may delegate their obligations under the Administration Agreements to an affiliate or to a third party and we will reimburse the Administrator, and the Administrator will reimburse the Sub-Administrator, for any services performed for us by such affiliate or third party. Under the Sub-Administration Agreement, the Administrator will reimburse the Sub-Administrator for certain costs and expenses incurred by the Sub-Administrator in performing its obligations under the Sub-Administration Agreement. The costs and expenses of the Sub-Administrator that are eligible for reimbursement by the Administrator will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator. From time to time, the Administrator may outsource certain administrative duties provided to the Fund to third parties, and the Administrator will pay the third parties accordingly. State Street Bank and Trust Company serves as our third-

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

party sub-administrator. The Administrator has utilized, and in the future will continue to utilize, the State Street Sub-Administrator to assist in the provision of administrative services. The State Street Sub-Administrator receives compensation from the Administrator for its sub-administrative services under the State Street Sub-Administration Agreement.

The Administration Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 30, 2025 for a one-year period ending on May 31, 2026, and, unless terminated earlier, will renew automatically from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreements, without payment of any penalty, upon 60 days' written notice.

For the three and nine months ended September 30, 2025, the Company incurred $3.1 million and $7.3 million, respectively, in expenses under the Administration Agreement, which were recorded in Administrative service expenses in the Company's Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company incurred $1.4 million and $5.1 million, respectively, in expenses under the Prior Administration Agreement, which were recorded in Administrative service expenses in the Company's Condensed Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, $2.8 million and $3.2 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities.

***Sub-Administration and Custody Agreement***

On October 5, 2020, the Prior Administrator entered into a third-party sub-administration agreement (the **"State Street Sub-Administration Agreement"**) with State Street Bank and Trust Company (the **"State Street Sub-Administrator"**) under which the State Street Sub-Administrator provides various accounting and administrative services to the Company. The State Street Sub-Administrator also serves as the Company's custodian. On November 7, 2024, the Board approved the assignment of the State Street Sub-Administration Agreement from the Prior Administrator to the Administrator, effective January 1, 2025. The initial term of the State Street Sub-Administration Agreement was two years from the effective date and after expiration of the initial term and the State Street Sub-Administration Agreement shall automatically renew for successive one-year periods, unless a written notice of non-renewal is delivered prior to 120 days prior to the expiration of the initial term or renewal term.

***Intermediary Manager Agreement***

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

The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder's account would exceed, in

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder's account. Compensation paid with respect to the shares in a shareholder's account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

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

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

***Distribution and Servicing Plan***

On October 5, 2020, the Board approved a distribution and servicing plan (the **"Distribution and Servicing Plan"**). The following table shows the shareholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to Class I, Class S and Class D shares on an annualized basis as a percentage of the Company's NAV for such class.

---

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

---

The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager will reallow (pay) all of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company's distribution reinvestment plan.

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

For the three and nine months ended September 30, 2025, the Company accrued distribution and shareholder servicing fees of $30.9 million and $88.6 million, respectively, which were attributable to Class S shares. For the three and nine months ended September 30, 2025, the Company accrued distribution and shareholder servicing fees of $0.4 million and $1.2 million respectively, which were attributable to Class D shares.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

For the three and nine months ended September 30, 2024, the Company accrued distribution and shareholder servicing fees of $24.9 million and $69.7 million, respectively, which were attributable to Class S shares. For the three and nine months ended September 30, 2024, the Company accrued distribution and shareholder servicing fees of $0.3 million and $0.9 million, respectively, which were attributable to Class D shares.

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

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

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

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

For the three and nine months ended September 30, 2025 and 2024, the Sub-Adviser made no Expense Payments and there were no Reimbursement Payments made to the Sub-Adviser.

***Controlled/Affiliated Portfolio Companies***

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

On October 11, 2021, a wholly-owned subsidiary of the Company and a third-party investor entered into a limited liability company agreement with SLC. SLC is a specialty finance company focused on investing in consumer credit and is led by a management team with deep expertise in the consumer finance industry. The investment in SLC allows the Company to gain exposure to a different asset class than its core investing focus of senior secured lending to U.S. private companies. As of September 30, 2025 and December 31, 2024, the wholly-owned subsidiary of the Company had committed $405.0 million. As of September 30, 2025 and December 31, 2024, $33.0 million and $72.4 million of capital remained uncalled from the Company, respectively. The Company does not consolidate its equity interest in SLC.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

On June 1, 2025, the Company made an initial investment into Blackstone Private Real Estate Credit and Income Fund (**"BREC"**), a business development company advised by Blackstone Real Estate Special Situations Advisors L.L.C., an affiliate of Blackstone. As of September 30, 2025, the Company had invested $190.0 million into BREC.

On September 22, 2025, the Company made an investment in Port Arthur LNG Phase II Intermediate Company, LLC (**"Port Arthur"**), a developer and operator of natural gas infrastructure. As of September 30, 2025, the Company had invested $666.2 million into Port Arthur. The Company has committed to fund $413.1 million in December 2025 and $299.0 million in December 2026.

**Note 4. Investments**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First lien debt | $68919063 | $68360626 | 89.3% | $62076029 | $61455274 | 89.8% |
| Second lien debt | 3160778 | 3129503 | 4.1 | 2790046 | 2723460 | 3.9 |
| Unsecured debt | 88209 | 87527 | 0.1 | 179863 | 177801 | 0.3 |
| Structured finance obligations - debt instruments | 501116 | 506173 | 0.7 | 582324 | 590509 | 0.9 |
| Structured finance obligations - equity instruments | 316675 | 311204 | 0.4 | 137250 | 141139 | 0.2 |
| Investments in joint ventures | 1932706 | 1835853 | 2.4 | 1932706 | 1914411 | 2.8 |
| Equity and other <sup>(1)</sup> | 2159647 | 2300232 | 3.0 | 1287453 | 1417183 | 2.1 |
| **Total** | $77078194 | $76531118 | 100.0% | $68985671 | $68419777 | 100.0% |

---

(1)Includes equity investment in SLC.

The industry composition of investments at fair value was as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Aerospace & Defense | 1.5% | 1.2% |
| Air Freight & Logistics | 1.6 | 1.8 |
| Airlines <sup>(2)(3)</sup> | 0.0 | 0.0 |
| Auto Components <sup>(3)</sup> | 0.1 | 0.0 |
| Beverages | 0.1 | 0.1 |
| Biotechnology<sup>(3)</sup> | 0.2 | 0.0 |
| Broadline Retail <sup>(2)(3)</sup> | 0.0 | 0.0 |
| Building Products | 1.1 | 1.3 |
| Capital Markets | 0.3 | 0.3 |
| Chemicals | 0.4 | 0.4 |
| Commercial Services & Supplies | 7.0 | 6.1 |
| Construction & Engineering | 1.2 | 1.1 |
| Construction Materials <sup>(2)(3)</sup> | 0.0 | 0.0 |
| Consumer Staples Distribution & Retail | 0.1 |  |
| Containers & Packaging | 0.2 | 0.2 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Distributors | 0.7% | 0.9% |
| Diversified Consumer Services | 3.0 | 3.3 |
| Diversified REITs <sup>(2)(3)</sup> | 0.0 | 0.0 |
| Diversified Telecommunication Services | 0.1 | 0.4 |
| Electric Utilities | 1.2 | 0.2 |
| Electrical Equipment | 1.0 | 0.8 |
| Electronic Equipment, Instruments & Components | 1.3 | 1.1 |
| Energy Equipment & Services | 0.1 | 0.1 |
| Entertainment <sup>(2)(3)</sup> | 0.0 | 0.0 |
| Financial Services <sup>(1)</sup> | 2.8 | 2.3 |
| Food Products <sup>(2)(3)</sup> | 0.0 | 0.0 |
| Gas Utilities <sup>(2)</sup> | 0.0 |  |
| Ground Transportation | 0.2 | 0.2 |
| Health Care Equipment & Supplies | 0.7 | 1.1 |
| Health Care Providers & Services | 8.5 | 9.3 |
| Health Care Technology | 6.3 | 4.6 |
| Hotels, Restaurants & Leisure | 0.4 | 0.2 |
| Household Durables | 0.1 | 0.1 |
| Independent Power and Renewable Electricity Producers <sup>(2)</sup> | 0.0 |  |
| Industrial Conglomerates | 0.3 | 0.3 |
| Insurance | 6.2 | 7.0 |
| Interactive Media & Services | 1.0 | 0.9 |
| Internet & Direct Marketing Retail |  | 1.5 |
| Investments in Joint Ventures | 2.4 | 2.8 |
| IT Services | 4.9 | 4.7 |
| Life Sciences Tools & Services | 0.7 | 0.6 |
| Machinery | 0.3 | 0.3 |
| Marine | 0.4 | 0.4 |
| Media | 1.1 | 0.5 |
| Metals & Mining <sup>(2)(3)</sup> | 0.0 | 0.0 |
| Oil, Gas & Consumable Fuels | 0.3 | 0.5 |
| Paper & Forest Products | 0.1 | 0.1 |
| Pharmaceuticals | 0.7 | 0.8 |
| Professional Services | 11.1 | 10.9 |
| Real Estate Management & Development | 1.2 | 1.0 |
| Semiconductors & Semiconductor Equipment <sup>(2)</sup> | 0.0 |  |
| Software | 25.7 | 27.3 |
| Specialty Retail | 0.1 | 0.2 |
| Technology Hardware, Storage & Peripherals | 0.1 | 0.1 |
| Trading Companies & Distributors | 0.5 | 0.5 |
| Transportation Infrastructure | 2.4 | 2.4 |
| Wireless Telecommunication Services | 0.3 | 0.1 |
| **Total** | 100.0% | 100.0% |

---

(1)Includes equity investment in SLC.

(2)Amount rounds to less than 0.1% as of September 30, 2025.

(3)Amount rounds to less than 0.1% as of December 31, 2024.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The geographic composition of investments at cost and fair value was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $65206446 | $64472147 | 84.3% | 138.0% |
| Europe | 9434653 | 9646277 | 12.6 | 20.6 |
| Bermuda/Cayman Islands | 1680048 | 1685660 | 2.2 | 3.6 |
| Canada | 592006 | 564317 | 0.7 | 1.2 |
| Australia/New Zealand | 98709 | 95275 | 0.1 | 0.2 |
| Asia | 66332 | 67442 | 0.1 | 0.1 |
| **Total** | $77078194 | $76531118 | 100.0% | 163.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $58715654 | $58382736 | 85.3% | 150.3% |
| Europe | 7973168 | 7763312 | 11.3 | 20.0 |
| Bermuda/Cayman Islands | 1620670 | 1634770 | 2.4 | 4.2 |
| Canada | 618302 | 582731 | 0.9 | 1.5 |
| Asia | 35315 | 35496 | 0.1 | 0.1 |
| Australia/New Zealand | 22562 | 20732 | 0.0 | 0.1 |
| **Total** | $68985671 | $68419777 | 100.0% | 176.2% |

---

As of September 30, 2025 and December 31, 2024, seven borrowers (across eleven loans) and nine borrowers (across twelve loans) in the portfolio were on non-accrual status, respectively.

As of September 30, 2025 and December 31, 2024, on a fair value basis, 99.7% and 99.7%, respectively, of performing debt investments bore interest at a floating rate and 0.3% and 0.3%, respectively, of performing debt investments bore interest at a fixed rate.

**Note 5. Fair Value Measurements**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $4997851 | $63362775 | $68360626 |
| Second lien debt |  | 773072 | 2356431 | 3129503 |
| Unsecured debt |  | 21520 | 66007 | 87527 |
| Structured finance obligations - debt instruments |  |  | 506173 | 506173 |
| Structured finance obligations - equity instruments |  |  | 311204 | 311204 |
| Equity and other <sup>(1)</sup> | 47751 | 181 | 2252300 | 2300232 |
| **Total** | 47751 | 5792624 | 68854890 | 74695265 |
| Investments Measured at NAV <sup>(2)</sup> |  |  |  | 1835853 |
| **Total investments** | $47751 | $5792624 | $68854890 | $76531118 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $4300303 | $57154971 | $61455274 |
| Second lien debt |  | 635141 | 2088319 | 2723460 |
| Unsecured debt |  | 20686 | 157115 | 177801 |
| Structured finance obligations - debt instruments |  |  | 590509 | 590509 |
| Structured finance obligations - equity instruments |  |  | 141139 | 141139 |
| Equity and other <sup>(1)</sup> | 66050 | 376 | 1350757 | 1417183 |
| **Total** | 66050 | 4956506 | 61482810 | 66505366 |
| Investments Measured at NAV <sup>(2)</sup> |  |  |  | 1914411 |
| **Total investments** | $66050 | $4956506 | $61482810 | $68419777 |

---

(1)Includes equity investment in SLC.

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

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. For information regarding restrictions on investment in joint ventures, see "*Note 11. Joint Ventures*."

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Unsecured Debt** | **Structured Finance Obligations - Debt Instruments** | **Structured Finance Obligations - Equity Instruments** | **Equity and other** | **Total** |
| Fair value, beginning of period | $60594620 | $2409541 | $30743 | $550910 | $257376 | $1537428 | $65380618 |
| Purchases of investments | 5380793 | 173700 | 35490 | 19539 | 65008 | 795915 | 6470445 |
| Proceeds from principal repayments and sales of investments | (2466488) | (112505) |  | (66676) | (2984) | (66851) | (2715504) |
| Accretion of discount (amortization of premium) | 60816 | 2316 | 25 | 144 |  |  | 63301 |
| Net realized gain (loss) | (11197) | (16790) |  | 246 | 9 | (14818) | (42550) |
| Net change in unrealized appreciation (depreciation) | (250477) | 536 | (251) | 2010 | (8205) | 626 | (255761) |
| Transfers into Level 3 <sup>(1)</sup> | 87546 | 24008 |  |  |  |  | 111554 |
| Transfers out of Level 3 <sup>(1)</sup> | (32838) | (124375) |  |  |  |  | (157213) |
| **Fair value, end of period** | $63362775 | $2356431 | $66007 | $506173 | $311204 | $2252300 | $68854890 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $(225946) | $(24452) | $(252) | $1825 | $(8206) | $5048 | $(251983) |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Unsecured Debt** | **Structured Finance Obligations - Debt Instruments** | **Structured Finance Obligations - Equity Instruments** | **Equity and other** | **Total** |
| Fair value, beginning of period | $57154971 | $2088319 | $157115 | $590509 | $141139 | $1350757 | $61482810 |
| Purchases of investments | 13366831 | 346770 | 37554 | 69591 | 203211 | 988472 | 15012429 |
| Proceeds from principal repayments and sales of investments | (7420458) | (130397) | (129371) | (152040) | (23788) | (119475) | (7975529) |
| Accretion of discount (amortization of premium) | 185367 | 4923 | 70 | 304 | (8) | 454 | 191110 |
| Net realized gain (loss) | (14284) | (16789) |  | 937 | 9 | 759 | (29368) |
| Net change in unrealized appreciation (depreciation) | 15264 | 37264 | 639 | (3128) | (9359) | 31333 | 72013 |
| Transfers into Level 3 <sup>(1)</sup> | 195885 | 26341 |  |  |  |  | 222226 |
| Transfers out of Level 3 <sup>(1)</sup> | (120801) |  |  |  |  |  | (120801) |
| **Fair value, end of period** | $63362775 | $2356431 | $66007 | $506173 | $311204 | $2252300 | $68854890 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $(15346) | $14112 | $(1055) | $(1993) | $(9359) | $46063 | $32422 |

---

(1)For the three and nine months ended September 30, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **First Lien Debt** | **Second Lien Debt** | **Unsecured Debt** | **Structured Finance Obligations - Debt Instruments** | **Equity and other** <sup>(2)</sup> | **Total** |
| Fair value, beginning of period | $46789164 | $1003200 | $27365 | $454837 | $976265 | $49250831 |
| Purchases of investments | 6324151 | 232544 | 955 | 37625 | 82354 | 6677629 |
| Proceeds from principal repayments and sales of investments | (1006389) | (28153) |  | (28075) |  | (1062617) |
| Accretion of discount (amortization of premium) | 41669 | 601 | 23 | 91 |  | 42384 |
| Net realized gain (loss) | (36338) |  |  | 106 |  | (36232) |
| Net change in unrealized appreciation (depreciation) | 55978 | (728) | 65 | (2167) | 35882 | 89030 |
| Transfers into Level 3 <sup>(1)</sup> | 141486 |  |  | 48833 | 242 | 190561 |
| Transfers out of Level 3 <sup>(1)</sup> | (82989) | (56563) |  |  |  | (139552) |
| **Fair value, end of period** | $52226732 | $1150901 | $28408 | $511250 | $1094743 | $55012034 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $16718 | $(748) | $66 | $(1844) | $35881 | $50073 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **First Lien Debt** | **Second Lien Debt** | **Unsecured Debt** | **Structured Finance Obligations - Debt Instruments** | **Equity and other** <sup>(2)</sup> | **Total** |
| Fair value, beginning of period | $41336737 | $926865 | $18171 | $365899 | $857251 | $43504923 |
| Purchases of investments | 13552109 | 418647 | 9830 | 139930 | 223325 | 14343841 |
| Proceeds from principal repayments and sales of investments | (3239764) | (256257) |  | (75595) | (13500) | (3585116) |
| Accretion of discount (amortization of premium) | 138810 | 4815 | 63 | 435 |  | 144123 |
| Net realized gain (loss) | (35518) | 16 |  | 117 |  | (35385) |
| Net change in unrealized appreciation (depreciation) | 41257 | (3770) | 344 | 9500 | 27667 | 74998 |
| Transfers into Level 3 <sup>(1)</sup> | 468879 | 77280 |  | 70964 |  | 617123 |
| Transfers out of Level 3 <sup>(1)</sup> | (35778) | (16695) |  |  |  | (52473) |
| **Fair value, end of period** | $52226732 | $1150901 | $28408 | $511250 | $1094743 | $55012034 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $31266 | $(1614) | $334 | $8342 | $32725 | $71053 |

---

(1)For the three and nine months ended September 30, 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

(2)"Other" includes subordinated notes representing the equity of third party managed collateralized loan obligations (**"CLO"**) vehicles.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | | | | **Range** | **Range** | |
| |<br> **Fair Value** |<br>**Valuation Technique** |<br>**Unobservable Input** | **Low** | **High** | **Weighted Average** <sup>(1)</sup> |
| Investments in first lien debt | $62072039 | Yield Analysis | Discount Rate | 2.72% | 28.56% | 9.10% |
|  | 929718 | Asset Recoverability | Market Multiple | 7.25x | 12.00x | 9.11x |
|  | 345748 | Market Quotations | Broker Quoted Price | 72.50 | 100.75 | 97.56 |
|  | 15270 | Asset Recoverability | N/A |  |  |  |
|  | 63362775 |  |  |  |  |  |
| Investments in second lien debt | 2334519 | Yield Analysis | Discount Rate | 8.25% | 17.04% | 9.99% |
|  | 21912 | Market Quotations | Broker Quoted Price | 81.00 | 81.00 | 81.00 |
|  | 2356431 |  |  |  |  |  |
| Investments in unsecured debt | 66007 | Yield Analysis | Discount Rate | 12.66% | 14.87% | 13.86% |
| Investments in structured finance obligations - debt instruments | 506173 | Market Quotations | Broker Quoted Price | 93.02 | 103.11 | 100.45 |
| Investments in structured finance obligations - equity instruments | 280834 | Market Quotations | Broker Quoted Price | 15.66 | 102.24 | 78.37 |
|  | 30370 | Transaction Price | N/A |  |  |  |
|  | 311204 |  |  |  |  |  |
| Investments in equity and other | 975141 | Market Approach | Performance Multiple | 6.40x | 33.63x | 15.15x |
|  | 651502 | Yield Analysis | Discount Rate | 8.39% | 23.72% | 11.95% |
|  | 380927 | Asset Recoverability | N/A |  |  |  |
|  | 192835 | Estimated Net Asset Value | Net Asset Value | 25.61 | 25.61 | 25.61 |
|  | 26831 | Asset Recoverability | Market Multiple | 9.50x | 12.00x | 11.57x |
|  | 25064 | Option Pricing Model | Expected Volatility | 32.00% | 70.50% | 36.84% |
|  | 2252300 |  |  |  |  |  |
| **Total** | $68854890 |  |  |  |  |  |

---

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | | | **Range** | **Range** | |
| |<br>**Fair Value** |<br>**Valuation Technique** |<br>**Unobservable Input** | **Low** | **High** | **Weighted Average** <sup>(1)</sup> |
| Investments in first lien debt | $56304438 | Yield Analysis | Discount Rate | 3.20% | 22.67% | 9.85% |
|  | 438689 | Market Quotations | Broker Quoted Price | 66.93 | 101.25 | 99.51 |
|  | 405666 | Asset Recoverability | Market Multiple | 4.75x | 10.75x | 9.90x |
|  | 6178 | Asset Recoverability | Discount Rate | 10.33% | 10.92% | 10.36% |
|  | 57154971 |  |  |  |  |  |
| Investments in second lien debt | 2088319 | Yield Analysis | Discount Rate | 8.76% | 26.68% | 10.79% |
| Investments in unsecured debt | 157115 | Yield Analysis | Discount Rate | 7.71% | 13.94% | 8.83% |
| Investments in structured finance obligations - debt instruments | 590509 | Market Quotations | Broker Quoted Price | 92.45 | 104.21 | 100.78 |
| Investments in structured finance obligations - equity instruments | 141139 | Market Quotations | Broker Quoted Price | 21.89 | 100.00 | 87.10 |
| Investments in equity and other <sup>(2)</sup> | 668930 | Yield Analysis | Discount Rate | 9.54% | 28.84% | 13.58% |
|  | 314967 | Asset Recoverability | N/A | 100.00% | 100.00% | 100.00% |
|  | 282542 | Market Approach | Performance Multiple | 2.30x | 30.00x | 18.87x |
|  | 46923 | Asset Recoverability | Market Multiple | 10.50x | 10.50x | 10.50x |
|  | 29559 | Option Pricing Model | Expected Volatility | 23.50% | 70.50% | 36.00% |
|  | 7836 | Transaction Price | N/A |  |  |  |
|  | 1350757 |  |  |  |  |  |
| **Total** | $61482810 |  |  |  |  |  |

---

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

(2)"Other" includes warrants.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. The significant unobservable input used in the estimate of net asset value is the prior month end net asset value per share. Significant decreases in quoted prices, Performance Multiples, market multiples or net asset value per share would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*Financial Instruments Not Carried at Fair Value*

*Debt*

The following table presents the fair value measurements of the Company's debt obligations as of September 30, 2025 and December 31, 2024 had they been accounted for at fair value:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **Fair Value** | **Fair Value** |
| Bard Peak Funding Facility | $1419920 | $1000298 |
| Castle Peak Funding Facility | 1334246 | 1194401 |
| Summit Peak Funding Facility | 867565 | 952105 |
| Denali Peak Funding Facility | 584800 | 562800 |
| Bushnell Peak Funding Facility | 590300 | 480300 |
| Granite Peak Funding Facility | 392000 | 493554 |
| Middle Peak Funding Facility | 809000 | 750000 |
| Bison Peak Funding Facility | 1228200 | 1203200 |
| Blanca Peak Funding Facility | 750090 | 1375090 |
| Windom Peak Funding Facility | 944770 | 1029841 |
| Monarch Peak Funding Facility | 1055000 | 750000 |
| Meridian Peak Funding Facility |  | 246000 |
| Haydon Peak Funding Facility | 187000 | 250000 |
| Bear Peak Funding Facility | 258207 | 164816 |
| Phoenix Peak Funding Facility | 221169 | 197736 |
| Revolving Credit Facility | 3083320 | 4639587 |
| 2026 Notes | 395120 | 384560 |
| May 2027 Notes | 634500 | 624500 |
| October 2027 Notes | 359730 | 357070 |
| March 2031 Notes | 497214 |  |
| March 2033 Notes | 498047 |  |
| December 2026 Notes | 1221000 | 1191500 |
| November 2026 Eurobonds | 577750 | 499280 |
| March 2027 Notes | 981300 | 957000 |
| January 2025 Notes |  | 499490 |
| January 2029 Notes | 635180 | 614770 |
| March 2025 Notes |  | 898740 |
| April 2026 UK Bonds | 336057 | 308406 |
| September 2025 Notes |  | 811920 |
| November 2028 Notes | 694525 | 526100 |
| January 2031 Notes | 522850 | 508650 |
| July 2029 Notes | 514600 | 503550 |
| September 2027 Notes | 402320 | 395320 |
| April 2030 Notes | 401640 | 389240 |
| November 2029 Notes | 407240 | 395160 |
| November 2034 Notes | 819760 | 781120 |
| January 2032 Notes | 1032300 |  |
| September 2030 Notes | 494350 |  |
| 2021-1 BSL Notes |  | 663000 |
| MML 2021-1 Debt | 690424 | 690000 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **Fair Value** | **Fair Value** |
| MML 2022-1 Debt | $759108 | $759000 |
| 2022-1 BSL Debt | 420000 | 420000 |
| 2021-2 Notes | 505800 | 505800 |
| MML 2022-2 Debt | 300496 | 300373 |
| 2023-1 Notes | 305843 | 308039 |
| 2024-1 Notes | 244047 | 244264 |
| 2024-2 Notes | 305041 | 305035 |
| 2025-1 Notes | 884268 |  |
| 2025-1 Lender Finance | 900396 |  |
| 2025-1 BSL Notes | 661780 |  |
| Short-Term Borrowings | 373621 | 420829 |
| **Total** | $31501894 | $30552444 |

---

The following table presents the categorization of the Company's debt obligations as of September 30, 2025 and December 31, 2024 had they been accounted for at fair value within the fair value hierarchy:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Level 1 | $— | $— |
| Level 2 |  |  |
| Level 3 | 31501894 | 30552444 |
| **Total debt** | $31501894 | $30552444 |

---

*Other Assets and Liabilities*

As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company's other assets and liabilities, other than investments at fair value and debt obligations listed above, approximate fair value due to their short maturities. These financial instruments, with the exception of cash and cash equivalents (including money market funds classified within Cash and Cash Equivalents in the Condensed Consolidated Statements of Assets and Liabilities) which would be categorized as Level 1, would be categorized as Level 3 within the fair value hierarchy.

**Note 6. Derivatives** 

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

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

The following tables present the aggregate notional amount and fair value hierarchy of the Company's derivative financial instruments as of September 30, 2025 and December 31, 2024:

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Assets** | | | | | |
| Foreign currency forward contracts | $— | $17880 | $— | $17880 | $2704637 |
| Interest rate swaps |  | 119938 |  | 119938 | 5200000 |
| **Total Derivative assets at fair value** | $— | $137818 | $— | $137818 | $7904637 |
| Cash collateral received |  |  |  | $— |  |
| **Derivative Liabilities** |  |  |  |  |  |
| Foreign currency forward contracts | $— | $(434) | $— | $(434) | $194882 |
| Interest rate swaps |  | (34083) |  | (34083) | 3511225 |
| **Total Derivative liabilities at fair value** | $— | $(34517) | $— | $(34517) | $3706107 |
| Cash collateral posted |  |  |  | $307148 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Assets** | | | | | |
| Foreign currency forward contracts | $— | $11793 | $— | $11793 | $781169 |
| Interest rate swaps |  | 4683 |  | 4683 | 1000000 |
| **Total Derivative assets at fair value** | $— | $16476 | $— | $16476 | $1781169 |
| Cash collateral received |  |  |  | $— |  |
| **Derivative Liabilities** |  |  |  |  |  |
| Foreign currency forward contracts | $— | $— | $— | $— | $— |
| Interest rate swaps |  | (126281) |  | (126281) | 7237975 |
| **Total Derivative liabilities at fair value** | $— | $(126281) | $— | $(126281) | $7237975 |
| Cash collateral posted |  |  |  | $253890 |  |

---

In the tables above:

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

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

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

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

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three and nine month periods ended September 30, 2025 and September 30, 2024, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *Unrealized appreciation (depreciation)* |  |  |  |  |
| Foreign currency forward contracts | $67003 | $(8485) | $5654 | $9438 |
| **Net change in unrealized appreciation (depreciation)** | $67003 | $(8485) | $5654 | $9438 |
| *Realized gain (loss)* |  |  |  |  |
| Foreign currency forward contracts | $(27256) | $(14196) | $(186118) | $(14578) |
| **Net realized gain (loss)** | $(27256) | $(14196) | $(186118) | $(14578) |

---

*Hedging*

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and nine month periods ended September 30, 2025 and September 30, 2024, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest rate swaps | $17645 | $152881 | $207453 | $128572 |
| Hedged items | (18241) | (150919) | (204830) | (127602) |

---

The table below presents the carrying value of unsecured borrowings as of September 30, 2025 and December 31, 2024 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description** | **Carrying Value** | **Cumulative Hedging Adjustments** | **Carrying Value** | **Cumulative Hedging Adjustments** |
| Unsecured notes | $8666597 | $85461 | $8019278 | $(119369) |

---

**Note 7. Borrowings** 

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On August 26, 2020, the Company's sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of September 30, 2025 and December 31, 2024, the Company's asset coverage was 248.8% and 226.5%, respectively.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as described below: Bard Peak Funding, Castle Peak Funding, Summit Peak Funding, Denali Peak Funding, Bushnell Peak Funding, Granite Peak Funding, Middle Peak Funding, Bison Peak Funding, Blanca Peak Funding, Windom Peak Funding, Monarch Peak Funding, Meridian Peak Funding, Haydon Peak Funding, Bear Peak Funding and Phoenix Peak Funding, which are collectively referred to as the **"SPVs**,**"** and such secured financing facilities described below are collectively referred to as the **"SPV Financing Facilities**.**"**

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

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

As of September 30, 2025, and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

*Bard Peak Funding Facility*

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

Advances under the Bard Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which, in the case of dollar advances until June 30, 2023, was three-month LIBOR, from June 30, 2023 until May 14, 2024, was three month term SOFR plus a 0.26% spread adjustment, and from and after May 15, 2024, is one month term SOFR), plus an applicable margin of, prior to May 15, 2024, 1.55% to 2.15% per annum depending on the nature of the advances being requested under the credit facility, subject to a floor of 1.85%. From May 15, 2024 until October 7, 2024, the applicable margin on all outstanding advances was 2.15% per annum. From October 8, 2024 until December 16, 2024, the applicable margin on all outstanding advances was 2.00% per annum. From December 17, 2024, the applicable margin on all advances is 1.90% per annum. From and after May 15, 2027, the applicable margin on all outstanding advances will be 2.40% per annum. Until June 15, 2024, Bard Peak Funding paid a commitment fee of 0.90% per annum if the unused facility amount was greater than 50% or 0.35% per annum if the unused facility amount was less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. From and after June 15, 2024, Bard Peak Funding pays a commitment fee ranging from 0.70% to 2.15% per annum based on the daily unused amount of the financing commitments to the extent in excess of 25%, in addition to certain other fees as agreed between Bard Peak Funding and BNPP.

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

The period during which Bard Peak Funding may make borrowings under the Bard Peak Funding Facility expires on May 15, 2027, and the Bard Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by May 15, 2029.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*Castle Peak Funding Facility*

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

Prior to January 4, 2024, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.70% to 2.20% per annum depending on the nature of the advances being requested. Effective January 4, 2024, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.85% to 2.35% per annum depending on the nature of the advances being requested. Effective September 25, 2024, advances under the Castle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 2.50% per annum depending on the nature of the advances being requested. After the expiration of the reinvestment period, the applicable margin on outstanding advances will be increased by 1.00% per annum. Prior to September 25, 2024, Castle Peak Funding paid a commitment fee of 1.85% per annum if the unused facility amount was greater than 30% or 0.50% per annum if the unused facility amount was less than or equal to 30% and greater than 10%, based on the average daily unused amount of the financing commitments. Effective September 25, 2024, Castle Peak Funding pays a commitment fee of 1.90% per annum if the unused facility amount is greater than 35%, 0.90% per annum if the unused facility amount is less than or equal to 35% and greater than 15%, 0.25% per annum if the unused facility amount is less than or equal to 15% and greater than 5%, and 0.00% per annum if the unused facility amount is less than or equal to 5%, in each case based on the average daily unused amount of the financing commitments until the expiration of the reinvestment period, in addition to certain other fees as agreed between Castle Peak Funding and Citi.

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

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

*Summit Peak Funding Facility*

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

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

*Denali Peak Funding Facility*

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

Prior to April 4, 2023, advances under the Denali Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which was three-month LIBOR for dollar advances), plus the applicable margin of 1.95% per annum. As of April 4, 2023, advances under the Denali Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus, prior to September 26, 2024, a spread adjustment of 0.15% per annum), plus an applicable margin of 1.95% per annum. After September 30, 2026, the applicable margin on outstanding advances will increase by 0.10% per annum. Denali Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin described above. In addition, prior to September 26, 2024, Denali Peak Funding paid an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount. Effective December 26, 2024, Denali Peak Funding pays an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount, plus, from and after March 26, 2025, an additional unused commitment fee of 0.25% on the unused facility amount in excess of such minimum utilization percentage if advances outstanding are below the minimum utilization percentage. Denali Peak Funding also pays an administrative agency fee to DB, in addition to certain other fees, each as agreed between Denali Peak Funding and DB.

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

The period during which Denali Peak Funding may make borrowings under the Denali Peak Funding Facility expires on September 30, 2026, and the Denali Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by October 2, 2028.

*Bushnell Peak Funding Facility*

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

Prior to April 25, 2023, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which was the daily floating LIBOR rate for dollar advances) plus an applicable margin of 1.50% to 1.75% per annum depending on the nature of the advances being requested. From April 25, 2023 until November 21, 2024, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 1.85% per annum depending on the nature of the advances being requested. From and after November 22, 2024, advances under the Bushnell Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.50% to 1.95% per annum depending on the nature of the advances being requested, subject to a floor of 1.70% per annum. Bushnell Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.60% per annum. Bushnell Peak Funding also pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees agreed between Bushnell Peak Funding and Bank of America.

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

The period during which Bushnell Peak Funding may make borrowings under the Bushnell Peak Funding Facility expires on April 25, 2026, and the Bushnell Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by October 25, 2026.

*Granite Peak Funding Facility*

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

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

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

The period during which Granite Peak Funding may make borrowings under the Granite Peak Funding Facility expires on October 5, 2026, and the Granite Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by April 5, 2028.

*Middle Peak Funding Facility*

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

Prior to June 26, 2023, advances under the Middle Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, three-month LIBOR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.00% per annum. From June 26, 2023 until October 22, 2024, advances under the Middle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus, prior to October 23, 2024, a spread adjustment of 0.15% per annum) plus an applicable margin of 2.07% per annum. From October 23, 2024, advances under the Middle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR) plus an applicable margin of 1.97% per annum, which will increase to 2.07% per annum effective on December 28, 2026. Middle Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee from and after October 26, 2023 at a rate equal to the applicable margin for dollar advances as described above. Prior to May 7, 2024, Middle Peak Funding paid a commitment fee of 0.30% per annum on the average daily unused amount of the financing commitments in excess of such minimum utilization amount. From and after May 7, 2024, Middle Peak Funding pays a commitment fee ranging from 0.15% per annum to 0.25% per annum on the average daily unused amount of the financing commitments, depending on the amount of the unused commitments outstanding in excess of such minimum utilization amount. Middle Peak Funding also pays interest on an interest-only loan in the notional amount of the aggregate commitments under the Middle Peak Funding Facility, in addition to certain other fees as agreed between Middle Peak Funding and MS.

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

The period during which Middle Peak Funding may make borrowings under the Middle Peak Funding Facility expires on December 28, 2026, and the Middle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by June 28, 2035.

*Bison Peak Funding Facility*

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

Prior to June 8, 2023, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, the daily floating LIBOR rate, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 1.50% per annum, the applicable margin attributable to large corporate loans equal to 1.75% per annum and the applicable margin applicable to middle market loans equal to 2.00% per annum. From June 8, 2023 until July 24, 2024, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.60% to 2.10% per annum depending on the nature of the advances being requested. From July 25, 2024 until November 18, 2024, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.95% per annum.

From November 19, 2024 until July 23, 2027, advances under the Bison Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.85% per annum. The applicable margin for all advances will increase by 0.30% per annum effective July 24, 2027. Bison Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.50% per annum. Bison Peak Funding also pays an unused fee of 0.20% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to an administrative agent servicing fee and certain other fees as agreed between Bison Peak Funding and Bank of America.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

The period during which Bison Peak Funding may make borrowings under the Bison Peak Funding Facility expires on June 8, 2027, and the Bison Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by June 8, 2029.

*Blanca Peak Funding Facility*

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

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

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

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

*Windom Peak Funding Facility* 

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The period during which Windom Peak Funding may make borrowings under the Windom Peak Funding Facility expires on August 27, 2026, and the Windom Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by August 29, 2029.

*Monarch Peak Funding Facility*

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

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

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

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

*Meridian Peak Funding Facility*

On August 16, 2022, Meridian Peak Funding entered into a senior secured revolving credit facility (the **"Meridian Peak Funding Facility"**) with Massachusetts Mutual Life Insurance Company (**"Mass Mutual"**). Wilmington Trust, National Association served as administrative agent, collateral agent and custodian, and the Company served as equity holder and collateral manager under the Meridian Peak Funding Facility.

Advances under the Meridian Peak Funding Facility bore interest initially at a per annum rate equal to three-month term SOFR plus an applicable margin of 2.50% per annum. Effective August 16, 2023, Meridian Peak Funding was required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 2.50% per annum, in addition to certain other fees as agreed between Meridian Peak Funding and Mass Mutual.

Proceeds from borrowings under the Meridian Peak Funding Facility were used to fund portfolio investments by Meridian Peak Funding and to make advances under revolving loans or delayed draw term loans where Meridian Peak Funding was a lender.

On September 15, 2025, the Meridian Peak Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*Haydon Peak Funding Facility*

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

Prior to May 25, 2023, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin ranging from 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. From May 25, 2023 to November 19, 2024, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 2.35% per annum. From and after November 20, 2024, advances under the Haydon Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 1.90% per annum. Effective April 7, 2023 until November 19, 2024, Haydon Peak Funding paid an unused commitment fee of 0.50% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments. From and after November 20, 2024, Haydon Peak Funding pays an unused commitment fee ranging from 0.75% per annum to 2.00% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.

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

The period during which Haydon Peak Funding may make borrowings under the Haydon Peak Funding Facility expires on May 25, 2026, and the Haydon Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by May 25, 2028.

*Bear Peak Funding Facility*

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

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

The committed principal amount as of September 30, 2025 is €500.0 million. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bear Peak Funding and to make advances under delayed draw term loans and revolving loans where Bear Peak Funding is a lender.

The period during which Bear Peak Funding may make borrowings under the Bear Peak Funding Facility expires on October 10, 2025, and the Bear Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by October 10, 2027.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

On October 24, 2025, the Bear Peak Funding Facility was amended. For further detail on the amendment, see "Note 13. Subsequent Events."

*Phoenix Peak Funding Facility*

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

Advances under the Phoenix Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 1.75% per annum. Effective October 25, 2024 through December 2, 2024, Phoenix Peak Funding was obliged to pay a commitment fee of 0.78% per annum of the unused Term Facility A amount. Phoenix Peak Funding also paid HSBC Plc an arranger fee, in addition to certain other fees, each as agreed between Phoenix Peak Funding and HSBC Plc.

The committed principal amount as of September 30, 2025 is €142.8 million (Term Facility A) and £39.8 million (Term Facility B). Proceeds from borrowings under the Phoenix Peak Funding Facility must be used to finance or refinance advances under a facility agreement financing a portfolio of European real estate assets (the "**Asset Level Facility**") where Phoenix Peak Funding is a lender.

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

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

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

The Revolving Credit Facility provides for borrowings in USD and certain agreed upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of September 30, 2025, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $405.0 million, and (B) revolving commitments in the aggregate principal amount of $5.4 billion, and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. As of September 30, 2025, the period during which the Company may make borrowings on the Revolving Credit Facility expires on August 8, 2029 (other than with respect to (a) the revolving commitments of certain lenders in the amount of $90.0 million, which expire on June 9, 2027 and (b) the revolving commitments of certain lenders in the aggregate amount of $90.0 million, which expire on August 12, 2028), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by August 8, 2030 (other than with respect to (a) the revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on June 9, 2028 and (b) the revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on August 12, 2029), pursuant to an amortization schedule.

Borrowings under the Revolving Credit Facility with respect to revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the "alternate base rate" (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month adjusted term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

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

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

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

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

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

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

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the Private Placement Bonds.

*2026 Notes*

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*May 2027 Notes*

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

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

*October 2027 Notes*

On October 11, 2022, the Company entered into a Master Note Purchase Agreement (the **"October 2022 Note Purchase Agreement"**) governing the issuance of $350.0 million in aggregate principal amount of its 7.49% Series D Senior Notes (the **"October 2027 Notes"**) to qualified institutional investors in a private placement. The October 2027 Notes were issued on October 11, 2022 for an aggregate issue price of $345.6 million, or $987.57 per $1,000 principal amount of the October 2027 Notes, and will mature on October 11, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the October 2027 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the October 2027 Notes at par if certain change in control events occur. The October 2027 Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the October 2022 Note Purchase Agreement) occurs, the October 2027 Notes will bear interest at a fixed rate of 8.49% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

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

*March 2031 Notes*

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*March 2033 Notes*

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

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

*<u>Unsecured Notes</u>*

The Company issued unsecured notes, as further described below: December 2026 Notes, November 2026 Eurobonds, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, April 2026 UK Bonds, September 2025 Notes, November 2028 Notes, January 2031 Notes, July 2029 Notes, September 2027 Notes, April 2030 Notes, November 2029 Notes, November 2034 Notes, January 2032 Notes and September 2030 Notes (each as defined below), which are collectively referred to herein as the **"Unsecured Notes**.**"**

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

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

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

*December 2026 Notes*

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

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

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

*November 2026 Eurobonds* 

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

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

*March 2027 Notes*

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

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

*January 2025 Notes*

On January 18, 2022, the Company issued $500.0 million aggregate principal amount of 2.700% notes due 2025 (the **"January 2025 Notes"**) pursuant to a supplemental indenture, dated as of January 18, 2022 (and together with the Base Indenture, the **"January 2025 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The January 2025 Notes matured on January 15, 2025, and were paid off consistent with the terms of the January 2025 Notes Indenture.

In connection with the January 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the January 2025 Notes in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting of the January 2025 Notes matured on January 15, 2025.

*January 2029 Notes*

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

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

*March 2025 Notes*

On March 24, 2022, the Company issued $900.0 million aggregate principal amount of 4.700% notes due 2025 (the **"March 2025 Notes"**) pursuant to a supplemental indenture, dated as of March 24, 2022 (and together with the Base Indenture, the **"March 2025 Notes Indenture"**), to the Base Indenture between the Company and the Trustee.

The March 2025 Notes matured on March 24, 2025, and were paid off consistent with the terms of the March 2025 Notes Indenture.

In connection with the March 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the March 2025 Notes in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting of the March 2025 Notes matured on March 24, 2025.

*April 2026 UK Bonds*

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

*September 2025 Notes*

On September 27, 2022, the Company issued $600.0 million aggregate principal amount of 7.050% notes due 2025 (the **"September 2025 Notes"**) pursuant to a supplemental indenture, dated as of September 27, 2022 (and together with the Base Indenture, the **"September 2025 Notes Indenture"**), to the Base Indenture between the Company and the Trustee. On November 17, 2022, the Company issued $200.0 million aggregate principal amount of 7.050% notes due 2025 (the **"September 2025 Notes Upsize"**) under the Company's Base Indenture and September 2025 Notes Indenture. The September 2025 Notes Upsize were issued as "Additional Notes" under the September 2025 Notes Indenture and have identical terms to the Company's $600.0 million September 2025 Notes that were issued on September 27, 2022, other than the issue date and the issue price. The September 2025 Notes Upsize were treated as a single class of notes with the September 2025 Notes for all purposes under the September 2025 Notes Indenture.

The September 2025 Notes and the September 2025 Notes Upsize matured on September 29, 2025, and were paid off consistent with the terms of the September 2025 Notes Indenture.

In connection with the September 2025 Notes and the September 2025 Notes Upsize, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap, the September 2025 Notes and the September 2025 Notes Upsize in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting of the September 2025 Notes and the September 2025 Notes Upsize matured on September 29, 2025.

*November 2028 Notes*

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

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*January 2031 Notes*

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

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

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

*July 2029 Notes*

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

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

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

*September 2027 Notes*

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

The September 2027 Notes will mature on September 26, 2027 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the September 2027 Notes Indenture. The September 2027 Notes bear interest at a rate of 4.950% per year payable semi-annually on March 26 and September 26 of each year, commencing on March 26, 2025. The September 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the September 2027 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

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

*April 2030 Notes*

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

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

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

*November 2029 Notes*

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

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

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

*November 2034 Notes*

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

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

*January 2032 Notes*

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

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

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

*September 2030 Notes*

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

*<u>Debt Securitizations</u>*

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

*2021-1 BSL Debt Securitization*

On June 29, 2021, the Company completed an $876.6 million term debt securitization (the **"2021-1 BSL Debt Securitization"**), $819.5 million of which was funded on the closing date. Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2021-1 BSL Debt Securitization (collectively, the **"2021-1 BSL Notes"**) were issued by BCRED BSL CLO 2021-1, Ltd. (**"2021-1 BSL CLO Issuer"**), a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL CLO 2021-1, LLC, a wholly-owned subsidiary of 2021-1 BSL CLO Issuer (collectively, the **"2021-1 BSL Issuers"**), and were secured by a diversified portfolio of senior secured loans and participation interests therein.

On May 29, 2025, the Company redeemed the Class A Notes, Class B Notes, Class C Notes and Class D Notes pursuant to the terms of the indenture governing the 2021-1 BSL Debt Securitization. The redemption of the 2021-1 BSL Notes resulted in a realized loss from the extinguishment of debt of $0.8 million for the three and nine months ended September 30, 2025.

*2021-2 Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** <sup>(2)</sup> | **Credit Rating** |
| Class A-L Loans <sup>(3)</sup> | Senior Secured Floating Rate | $218000 | SOFR + 1.22% | Aaa |
| Class A Notes <sup>(3)</sup> | Senior Secured Floating Rate | 149500 | SOFR + 1.22% | Aaa |
| Class B Notes | Senior Secured Floating Rate | 38100 | SOFR + 1.75% | Aa2 |
| Class C Notes | Mezzanine Secured Deferrable Floating Rate | 48000 | SOFR + 2.05% | A |
| Class D Notes | Mezzanine Secured Deferrable Floating Rate | 52200 | SOFR + 3.15% | BBB- |
| **Total Secured Notes** |  | 505800 |  |  |
| Subordinated Notes <sup>(1)</sup> |  | 97850 |  | Not rated |
| **Total 2021-2 Notes** |  | $603650 |  |  |

---

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

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

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

*MML 2021-1 Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** <sup>(2)</sup> | **Credit Rating** |
| Class A Loans <sup>(3)</sup> | Senior Secured Floating Rate | $50000 | SOFR + 1.48% | Aaa |
| Class A Notes <sup>(3)</sup> | Senior Secured Floating Rate | 480000 | SOFR + 1.48% | Aaa |
| Class B Notes | Senior Secured Floating Rate | 80000 | SOFR + 1.90% | Aa2 |
| Class C Notes | Mezzanine Secured Deferrable Floating Rate | 80000 | SOFR + 2.60% | A2 |
| **Total Secured Notes** |  | 690000 |  |  |
| Subordinated Notes <sup>(1)</sup> |  | 311000 |  | Not rated |
| **Total MML 2021-1 Notes** | **Total MML 2021-1 Notes** | $1001000 |  |  |

---

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

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

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

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

*MML 2022-1 Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A-1 Notes | Senior Secured Floating Rate | $525000 | SOFR + 1.65% | Aaa |
| Class A-2 Notes | Senior Secured Fixed | 80000 | 3.41% | Aaa |
| Class B Notes | Senior Secured Floating Rate | 66000 | SOFR + 2.00% | Aa2 |
| Class C Notes | Mezzanine Secured Deferrable Floating Rate | 88000 | SOFR + 2.75% | A2 |
| **Total Secured Notes** |  | 759000 |  |  |
| Subordinated Notes <sup>(1)</sup> |  | 331360 |  | Not rated |
| **Total MML 2022-1 Notes** |  | $1090360 |  |  |

---

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

The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization in part in exchange for the Company's sale and contribution to the MML 2022-1 Issuer of the initial closing date portfolio. The MML 2022-1 Notes are scheduled to mature on April 20, 2035; however, the MML 2022-1 Notes may be redeemed by the MML 2022-1 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after April 20, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the MML 2022-1 Issuers. The Class A-1 Notes, Class A-2 Notes, Class B Notes and Class C Notes are secured obligations of the MML 2022-1 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-1 Issuer, and the indenture governing the MML 2022-1 Notes includes customary covenants and events of default.

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*2022-1 BSL Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A-1A Notes | Senior Secured Floating Rate | $292000 | SOFR + 1.58% | Aaa |
| Class A-1B Notes | Senior Secured Fixed Rate | 50000 | 4.34% | Aaa |
| Class A-2 Notes | Senior Secured Floating Rate | 12000 | SOFR + 2.00% | AAA |
| Class B-1 Notes | Senior Secured Floating Rate | 40000 | SOFR + 2.35% | AA |
| Class B-2 Notes | Senior Secured Fixed Rate | 26000 | 4.98% | AA |
| Class C Notes <sup>(1)</sup> | Secured Deferrable Floating Rate | 51000 | SOFR + 2.60% | A |
| Class D Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 39000 | SOFR + 3.69% | BBB- |
| Class E Notes <sup>(1)</sup> | Junior Secured Deferrable Floating Rate | 21000 | SOFR + 7.33% | BB- |
| **Total Secured Notes** |  | 531000 |  |  |
| Subordinated Notes <sup>(1)</sup> |  | 58750 |  | Not rated |
| **Total 2022-1 BSL Notes** |  | $589750 |  |  |

---

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

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*MML 2022-2 Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A-L Notes | Senior Secured Floating Rate | $275000 | SOFR + 2.10% | Aaa |
| Class B-1 Notes | Senior Secured Floating Rate | 14000 | SOFR + 3.35% | Aa2 |
| Class B-2 Notes | Senior Secured Fixed Rate | 11500 | 5.88% | Aa2 |
| Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 40500 | SOFR + 2.50% | A2 |
| **Total Secured Notes** |  | 341000 |  |  |
| Subordinated Notes <sup>(1)</sup> | Subordinated | 157105 |  | Not rated |
| **Total MML 2022-2 Notes** | **Total MML 2022-2 Notes** | $498105 |  |  |

---

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

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*2023-1 CLO Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Notes | Senior Secured Floating Rate | $272500 | SOFR + 2.30% | Aaa |
| Class B Notes | Senior Secured Floating Rate | 32500 | SOFR + 3.00% | Aa2 |
| Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 34000 | SOFR + 4.00% | A2 |
| **Total Secured Notes** |  | 339000 |  |  |
| Subordinated Notes <sup>(1)</sup> | Subordinated | 153665 |  | Not Rated |
| **Total 2023-1 Notes** |  | $492665 |  |  |

---

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

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*2024-1 CLO Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Notes <sup>(2)</sup> | Senior Secured Floating Rate | $180000 | SOFR + 1.83% | Aaa |
| Class A-L Loans <sup>(2)</sup> | Senior Secured Floating Rate | 40000 | SOFR + 1.83% | Aaa |
| Class B Notes | Senior Secured Floating Rate | 24000 | SOFR + 2.35% | Aa2 |
| Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 28000 | SOFR + 2.80% | A2 |
| **Total Secured Notes** |  | 272000 |  |  |
| Subordinated Notes <sup>(1)</sup> | Subordinated | 130161 |  | Not Rated |
| **Total 2024-1 Notes** |  | $402161 |  |  |

---

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

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

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

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

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*2024-2 CLO Debt Securitization*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Notes <sup>(2)(3)(4)</sup> | Senior Secured Floating Rate | $60000 | SOFR + 1.50% | Aaa |
| Class A-L1 Loans <sup>(2)</sup> | Senior Secured Floating Rate | 145000 | SOFR + 1.50% | Aaa |
| Class A-L2 Loans <sup>(3)</sup> | Senior Secured Floating Rate | 50000 | SOFR + 1.50% | Aaa |
| Class A-L3 Loans <sup>(4)</sup> | Senior Secured Floating Rate | 20000 | SOFR + 1.50% | Aaa |
| Class B Notes | Senior Secured Floating Rate | 30000 | SOFR + 1.80% | Aa2 |
| Class C Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 35000 | SOFR + 2.00% | A2 |
| **Total Secured Notes** |  | 340000 |  |  |
| Subordinated Notes <sup>(1)</sup> | Subordinated | 160500 |  | Not Rated |
| **Total 2024-2 Notes** |  | $500500 |  |  |

---

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

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

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

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

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

The 2024-2 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*2025-1 CLO Debt Securitization*

On March 21, 2025, the Company completed a $1.3 billion term debt securitization (the **"2025-1 Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2025-1 Debt Securitization (collectively, the **"2025-1 Notes"**) were issued by BCRED CLO 2025-1 LLC (the **"2025-1 Issuer"**), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the 2025-1 Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Notes | Senior Secured Floating Rate | $715000 | SOFR + 1.38% | Aaa |
| Class B Notes | Senior Secured Floating Rate | 78000 | SOFR + 1.70% | Aa2 |
| Class C Notes | Mezzanine Secured Deferrable Floating Rate | 91000 | SOFR + 2.00% | A2 |
| **Total Secured Notes** |  | 884000 |  |  |
| Subordinated Notes <sup>(1)</sup> | Subordinated | 413000 |  | Not Rated |
| **Total 2025-1 Notes** |  | $1297000 |  |  |

---

(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Depositor) retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Depositor) retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization in part in exchange for the Company's sale and contribution to the 2025-1 Issuer of the initial closing date portfolio. The 2025-1 Notes are scheduled to mature on April 20, 2037; however, the 2025-1 Notes may be redeemed by the 2025-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2025-1 Depositor), on any business day after April 20, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2025-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2025-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2025-1 Issuer, and the indenture governing the 2025-1 Notes includes customary covenants and events of default.

The 2025-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2025-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*2025-1 Lender Finance*

On March 26, 2025, the Company entered into a $915.0 million secured term loan credit facility (the **"2025-1 Lender Finance Facility"**). BCRED Lender Finance 2025-1 LLC (the **"2025-1 Lender Finance"**) an indirectly wholly-owned subsidiary of the Company, is the borrower under the 2025-1 Lender Finance Facility and is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The loans incurred under the 2025-1 Lender Finance Facility (collectively, the **"2025-1 Loans"**) are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the loans incurred in the 2025-1 Lender Finance Facility:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Term Loans | Senior Secured Floating Rate | $802500 | SOFR + 1.47% | Aaa |
| Class B Term Loans | Senior Secured Floating Rate | 87500 | SOFR + 1.77% | Aa2 |
| Class C Term Loans <sup>(1)</sup> | Secured Deferrable Floating Rate | 25000 | SOFR + 2.00% | A2 |
| **Total Term Loans** |  | $915000 |  |  |

---

(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Lender Finance Depositor) retained all of the Class C Terms Loans incurred in the 2025-1 Lender Finance Facility which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-1 Lender Finance Facility in part in exchange for the Company's sale and contribution to 2025-1 Lender Finance of the initial closing date portfolio. The funding date for the 2025-1 Loans was March 31, 2025. The 2025-1 Loans are scheduled to mature on April 20, 2037; however the 2025-1 Loans may be prepaid by 2025-1 Lender Finance, at the direction of the Company, on any business day after March 31, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to 2025-1 Lender Finance. The Class A Term Loans, Class B Term Loans and Class C Term Loans are secured obligations of 2025-1 Lender Finance, and the loan and security governing the 2025-1 Loans includes customary covenants and events of default.

The Company serves as collateral manager to 2025-1 Lender Finance under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

*BCRED BSL Static CLO 2025-1 Debt Securitization* 

On May 29, 2025, the name of the 2021-1 BSL CLO Issuer was changed to BCRED BSL Static CLO 2025-1, Ltd. (under such name, the "**2025-1 BSL Issuer**") and the Company completed a $851.7 million static term debt securitization (the **"2025-1 BSL Static Debt Securitization"**). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2025-1 BSL Static Debt Securitization (collectively, the **"2025-1 BSL Notes"**) were issued by the 2025-1 BSL Issuer, a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL Static CLO 2025-1, LLC, a wholly-owned subsidiary of the 2025-1 BSL Issuer (collectively, the **"2025-1 BSL Issuers"**), and are secured by a diversified portfolio of senior secured loans and participation interests.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents information on the secured and unsecured notes issued in the 2025-1 BSL Static Debt Securitization:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** |<br>**Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Notes | Senior Secured Floating Rate | $511920 | SOFR + 1.25% | AAA |
| Class B Notes | Senior Secured Floating Rate | 96380 | SOFR + 1.85% | AA |
| Class C Notes | Mezzanine Secured Deferrable Floating Rate | 53325 | SOFR + 2.10% | A |
| Class D Notes <sup>(1)</sup> | Mezzanine Secured Deferrable Floating Rate | 33575 | SOFR + 2.77% | BBB |
| **Total Secured Notes** |  | 695200 |  |  |
| Subordinated Notes <sup>(1)</sup> |  | 156500 |  | Not rated |
| **Total 2025-1 BSL Notes** |  | $851700 |  |  |

---

(1)The Company retained all of the Class D Notes and the Subordinated Notes issued in the 2025-1 BSL Debt Securitization which are eliminated in consolidation.

The 2025-1 BSL Notes mature on July 24, 2035, unless redeemed by the 2025-1 BSL Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after February 28, 2026. The Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2025-1 BSL Issuers and the Subordinated Notes are the unsecured obligations of 2025-1 BSL Issuer.

The 2025-1 BSL Notes have not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to 2025-1 BSL Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

The following presents the assets and liabilities of the 2021-2 Issuer, MML 2021-1 Issuer, MML 2022-1 Issuer, 2022-1 BSL Issuer, MML 2022-2 Issuer, 2023-1 Issuer, 2024-1 Issuer, 2024-2 Issuer, 2025-1 Issuer, 2025-1 Lender Finance Facility and 2025-1 BSL Issuer (known as 2021-1 BSL CLO Issuer as of December 31, 2024) (collectively referred to as, the **"CLO Issuers"**), after giving effect to the elimination of intercompany balances. The assets of the CLO Issuers are restricted to be used to settle the obligations of the CLO Issuers. The liabilities of the CLO Issuers are only the obligations of the CLO Issuers and the creditors (or beneficial interest holders) do not have recourse to the Company.

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $8476248 | $5866717 |
| Total investments at fair value | 8476248 | 5866717 |
| Cash and cash equivalents (restricted cash of $720,531 and $304,999, respectively) | 720531 | 304999 |
| Interest receivable from non-controlled/non-affiliated investments | 104577 | 44670 |
| **Total assets** | $9301356 | $6216386 |
| **LIABILITIES** |  |  |
| Debt (net of unamortized debt issuance costs of $26,002 and $20,261, respectively) | $5938923 | $4172039 |
| Interest payable | 110912 | 51890 |
| **Total liabilities** | $6049835 | $4223929 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*<u>Short-Term Borrowings</u>*

*Master Repurchase Agreements*

On June 15, 2021 and June 16, 2021, the Company entered into Master Repurchase Agreements (the **"Repurchase Agreements"**) with certain banks to provide short-term borrowings which the Company utilizes from time-to-time to manage its working capital needs. As part of the Repurchase Agreements, the Company can sell a security to the lender for cash with an agreement to buy it back in the future at a pre-determined price. The Company's ability to draw down borrowings under the agreement is subject to 1940 Act leverage limitations and dependent on the Company pledging eligible assets to the banks as collateral. No commitment fees were paid in connection with execution of these agreements.

As of September 30, 2025, and December 31, 2024, respectively, the Company had $373.6 million and $420.8 million of short-term borrowings under the Repurchase Agreements.

Short-term borrowings under the Repurchase Agreements bore interest at a weighted average applicable margin of 4.96% and 5.18% per annum as of September 30, 2025, and December 31, 2024, respectively.

Certain of the Company's investments serve as collateral for the Company's obligations under the Repurchase Agreements and the carrying value of pledged investments were $515.8 million and $575.3 million as of September 30, 2025, and December 31, 2024, respectively.

The Company's outstanding debt obligations were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value (net of unamortized issuance costs, premiums and discounts)** | **Unamortized Debt Issuance Costs (including premiums and discounts)** | **Unused Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| Bard Peak Funding Facility <sup>(3)</sup> | $1650000 | $1419920 | $1419920 | $— | $230080 | $109953 |
| Castle Peak Funding Facility <sup>(3)</sup> | 1900000 | 1334246 | 1334246 |  | 565754 | 447596 |
| Summit Peak Funding Facility <sup>(3)</sup> | 1375000 | 867565 | 867565 |  | 507435 | 374486 |
| Denali Peak Funding Facility | 750000 | 584800 | 584800 |  | 165200 | 119351 |
| Bushnell Peak Funding Facility | 600000 | 590300 | 590300 |  | 9700 | 9700 |
| Granite Peak Funding Facility | 500000 | 392000 | 392000 |  | 108000 | 108000 |
| Middle Peak Funding Facility | 1000000 | 809000 | 809000 |  | 191000 | 191000 |
| Bison Peak Funding Facility | 1500000 | 1228200 | 1228200 |  | 271800 | 271800 |
| Blanca Peak Funding Facility | 1000000 | 750090 | 750090 |  | 249910 | 249910 |
| Windom Peak Funding Facility <sup>(3)</sup> | 2150000 | 944770 | 944770 |  | 1205230 | 1205109 |
| Monarch Peak Funding Facility | 1500000 | 1055000 | 1055000 |  | 445000 | 319852 |
| Haydon Peak Funding Facility | 250000 | 187000 | 187000 |  | 63000 | 63000 |
| Bear Peak Funding Facility <sup>(3)</sup> | 587025 | 258207 | 258207 |  | 328818 | 328753 |
| Phoenix Peak Funding Facility <sup>(3)</sup> | 221169 | 221169 | 219971 | 1198 |  |  |
| Revolving Credit Facility <sup>(4)</sup> | 5800000 | 3083320 | 3083320 |  | 2716680 | 2714922 |
| 2026 Notes | 400000 | 400000 | 399416 | 584 |  |  |
| May 2027 Notes <sup>(5)</sup> | 625000 | 625000 | 618092 | 879 |  |  |
| October 2027 Notes <sup>(5)</sup> | 350000 | 350000 | 348825 | 2795 |  |  |
| March 2031 Notes <sup>(5)</sup> | 500000 | 500000 | 499496 | 10823 |  |  |
| March 2033 Notes <sup>(5)</sup> | 500000 | 500000 | 497698 | 13366 |  |  |
| December 2026 Notes <sup>(5)</sup> | 1250000 | 1250000 | 1226982 | 5786 |  |  |
| November 2026 Eurobonds | 587025 | 587025 | 585206 | 1819 |  |  |
| March 2027 Notes | 1000000 | 1000000 | 996057 | 3943 |  |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value (net of unamortized issuance costs, premiums and discounts)** | **Unamortized Debt Issuance Costs (including premiums and discounts)** | **Unused Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| January 2029 Notes | $650000 | $650000 | $644142 | $5858 | $— | $— |
| April 2026 UK Bonds <sup>(5)</sup> | 336225 | 336225 | 332490 | 473 |  |  |
| November 2028 Notes <sup>(5)</sup> | 650000 | 650000 | 662246 | 1765 |  |  |
| January 2031 Notes <sup>(5)</sup> | 500000 | 500000 | 496241 | 11200 |  |  |
| July 2029 Notes <sup>(5)</sup> | 500000 | 500000 | 505775 | 8581 |  |  |
| September 2027 Notes <sup>(5)</sup> | 400000 | 400000 | 393978 | 4414 |  |  |
| April 2030 Notes <sup>(5)</sup> | 400000 | 400000 | 388820 | 7764 |  |  |
| November 2029 Notes <sup>(5)</sup> | 400000 | 400000 | 400944 | 7491 |  |  |
| November 2034 Notes <sup>(5)</sup> | 800000 | 800000 | 792376 | 22059 |  |  |
| January 2032 Notes <sup>(5)</sup> | 1000000 | 1000000 | 1014199 | 22799 |  |  |
| September 2030 Notes <sup>(5)</sup> | 500000 | 500000 | 488435 | 9894 |  |  |
| 2021-2 Notes | 505800 | 505800 | 504614 | 1186 |  |  |
| MML 2021-1 Debt | 690000 | 690000 | 686736 | 3264 |  |  |
| MML 2022-1 Debt | 759000 | 759000 | 754793 | 4207 |  |  |
| 2022-1 BSL Debt | 420000 | 420000 | 418756 | 1244 |  |  |
| MML 2022-2 Debt | 300500 | 300500 | 298454 | 2046 |  |  |
| 2023-1 Notes | 305000 | 305000 | 303328 | 1672 |  |  |
| 2024-1 Notes | 244000 | 244000 | 242447 | 1553 |  |  |
| 2024-2 Notes | 305000 | 305000 | 302117 | 2883 |  |  |
| 2025-1 Notes | 884000 | 884000 | 880728 | 3272 |  |  |
| 2025-1 Lender Finance | 890000 | 890000 | 887368 | 2632 |  |  |
| 2025-1 BSL Notes | 661625 | 661625 | 659582 | 2043 |  |  |
| Short-Term Borrowings | 373621 | 373621 | 373621 |  |  |  |
| **Total** | $38469990 | $31412383 | $31328351 | $169493 | $7057607 | $6513432 |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.

(3)Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 94.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 69.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 74.6 million

Under the Castle Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 78.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 46.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 38.9 million

Under the Summit Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 64.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 26.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 99.7 million

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

Under the Windom Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 100.4 million

Under the Bear Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 110.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 40.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NZD 128.3 million

Under the Phoenix Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 142.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 39.8 million

(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 44.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 453.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 976.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUD 1.0 million

(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value (net of unamortized issuance costs, premiums and discounts)** | **Unamortized Debt Issuance Costs (including premiums and discounts)** | **Unused Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| Bard Peak Funding Facility <sup>(3)</sup> | $1650000 | $1000298 | $1000298 | $— | $649702 | $559732 |
| Castle Peak Funding Facility <sup>(3)</sup> | 1900000 | 1194401 | 1194401 |  | 705599 | 516131 |
| Summit Peak Funding Facility <sup>(3)</sup> | 1375000 | 952105 | 952105 |  | 422895 | 422895 |
| Denali Peak Funding Facility | 750000 | 562800 | 562800 |  | 187200 | 187200 |
| Bushnell Peak Funding Facility | 600000 | 480300 | 480300 |  | 119700 | 119700 |
| Granite Peak Funding Facility | 500000 | 493554 | 493554 |  | 6446 | 6446 |
| Middle Peak Funding Facility | 1000000 | 750000 | 750000 |  | 250000 | 250000 |
| Bison Peak Funding Facility | 1500000 | 1203200 | 1203200 |  | 296800 | 296800 |
| Blanca Peak Funding Facility | 1500000 | 1375090 | 1375090 |  | 124910 | 65207 |
| Windom Peak Funding Facility <sup>(3)</sup> | 2150000 | 1029841 | 1029841 |  | 1120159 | 1120159 |
| Monarch Peak Funding Facility | 1500000 | 750000 | 750000 |  | 750000 | 534195 |
| Meridian Peak Funding Facility | 350000 | 246000 | 246000 |  | 104000 | 104000 |
| Haydon Peak Funding Facility | 250000 | 250000 | 250000 |  |  |  |
| Bear Peak Funding Facility <sup>(3)</sup> | 517925 | 164816 | 164816 |  | 353109 | 289286 |
| Phoenix Peak Funding Facility <sup>(3)</sup> | 197736 | 197736 | 197736 |  |  |  |
| Revolving Credit Facility <sup>(4)</sup> | 5650000 | 4639587 | 4639587 |  | 1010413 | 1010368 |
| 2026 Notes | 400000 | 400000 | 398930 | 1070 |  |  |
| May 2027 Notes <sup>(5)</sup> | 625000 | 625000 | 606940 | 1293 |  |  |
| October 2027 Notes <sup>(5)</sup> | 350000 | 350000 | 343257 | 3826 |  |  |
| December 2026 Notes <sup>(5)</sup> | 1250000 | 1250000 | 1200860 | 9414 |  |  |
| November 2026 Eurobonds | 517925 | 517925 | 514940 | 2984 |  |  |
| March 2027 Notes | 1000000 | 1000000 | 994032 | 5968 |  |  |
| January 2025 Notes <sup>(5)</sup> | 500000 | 500000 | 499806 | 65 |  |  |
| January 2029 Notes | 650000 | 650000 | 642805 | 7195 |  |  |
| March 2025 Notes <sup>(5)</sup> | 900000 | 900000 | 895447 | 658 |  |  |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value (net of unamortized issuance costs, premiums and discounts)** | **Unamortized Debt Issuance Costs (including premiums and discounts)** | **Unused Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| April 2026 UK Bonds <sup>(5)</sup> | $312975 | $312975 | $303118 | $1128 | $— | $— |
| September 2025 Notes <sup>(5)</sup> | 800000 | 800000 | 796012 | 3183 |  |  |
| November 2028 Notes <sup>(5)</sup> | 500000 | 500000 | 491884 | 9315 |  |  |
| January 2031 Notes <sup>(5)</sup> | 500000 | 500000 | 478572 | 12752 |  |  |
| July 2029 Notes <sup>(5)</sup> | 500000 | 500000 | 492483 | 10248 |  |  |
| September 2027 Notes <sup>(5)</sup> | 400000 | 400000 | 385192 | 5989 |  |  |
| April 2030 Notes <sup>(5)</sup> | 400000 | 400000 | 374785 | 8969 |  |  |
| November 2029 Notes <sup>(5)</sup> | 400000 | 400000 | 389112 | 8737 |  |  |
| November 2034 Notes <sup>(5)</sup> | 800000 | 800000 | 761812 | 23750 |  |  |
| 2021-1 BSL Notes | 663000 | 663000 | 662170 | 830 |  |  |
| 2021-2 Notes | 505800 | 505800 | 504516 | 1284 |  |  |
| MML 2021-1 Debt | 690000 | 690000 | 686473 | 3527 |  |  |
| MML 2022-1 Debt | 759000 | 759000 | 754464 | 4536 |  |  |
| 2022-1 BSL Debt | 420000 | 420000 | 418661 | 1339 |  |  |
| MML 2022-2 Debt | 300500 | 300500 | 298280 | 2220 |  |  |
| 2023-1 Notes | 305000 | 305000 | 303206 | 1794 |  |  |
| 2024-1 Notes | 244000 | 244000 | 242337 | 1663 |  |  |
| 2024-2 Notes | 305000 | 305000 | 301927 | 3073 |  |  |
| Short-Term Borrowings | 420829 | 420829 | 420829 |  |  |  |
| **Total** | $36809690 | $30708757 | $30452578 | $136810 | $6100933 | $5482119 |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.

(3)Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 94.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 69.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 74.6 million

Under the Castle Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 78.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 46.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 64.4 million

Under the Summit Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 64.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 26.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 99.7 million

Under the Windom Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 115.9 million

Under the Bear Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 110.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 40.0 million

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

Under the Phoenix Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 142.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 39.8 million

(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD 816.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EUR 850.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GBP 1,108.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CHF 52.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUD 1.0 million

(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

As of September 30, 2025 and December 31, 2024, $494.1 million and $391.2 million, respectively, of interest expense and $5.6 million and $6.8 million, respectively, of unused commitment fees were included in Interest payable in the Company's Condensed Consolidated Statements of Assets and Liabilities.

For the three and nine months ended September 30, 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 6.09% and 6.13%, respectively. For the three and nine months ended September 30, 2024, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 7.12% and 7.20%, respectively.

For the three and nine months ended September 30, 2025, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 6.23% and 6.25%, respectively, including $2.2 million and $2.2 million, respectively, of deferred financing costs written off as a result of the termination or reduction of the borrowing capacity of SPV Financing Facilities. For the three and nine months ended September 30, 2024, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 7.24% and 7.37%, respectively, including nil and $4.7 million, respectively, of deferred financing costs written off as a result of the termination or reduction of the borrowing capacity of SPV Financing Facilities.

For the three and nine months ended September 30, 2025, the average principal debt outstanding was $30,406.9 million and $30,431.5 million, respectively. For the three and nine months ended September 30, 2024, the average principal debt outstanding was $24,471.8 million and $24,060.8 million, respectively.

The components of interest expense were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| Borrowing interest expense | $455016 | $422608 |
| Facility unused fees | 7267 | 15956 |
| Amortization of deferred financing costs | 8915 | 7934 |
| Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 12063 | 8268 |
| Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | (17645) | (152881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedged items | 18241 | 150919 |
| **Total interest expense** | $483857 | $452804 |
| Cash paid for interest expense | $491646 | $519050 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Borrowing interest expense | $1359908 | $1242170 |
| Facility unused fees | 26749 | 54039 |
| Amortization of deferred financing costs | 26242 | 29581 |
| Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 31225 | 24199 |
| Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | (207453) | (128572) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedged items | 204830 | 127602 |
| **Total interest expense** | $1441501 | $1349019 |
| Cash paid for interest expense | $1656792 | $1513206 |

---

**Note 8. Commitments and Contingencies**

The Company's investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $12.3 billion and $10.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle's allocation may change prior to the date of funding. In this regard, as of September 30, 2025 and December 31, 2024, the Company estimates that $1,198.5 million and $130.2 million, respectively, of investments and backstop arrangements that were committed but not yet funded.

As of September 30, 2025 and December 31, 2024, $497.3 million and $536.7 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

*Other Commitments and Contingencies*

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025 and December 31, 2024, management is not aware of any material pending legal proceedings.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

**Note 9. Net Assets**

The following table presents transactions in Common Shares for the three months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2025** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 92857313 | $2334017 |
| Share transfers between classes | 4734519 | 119101 |
| Distributions reinvested | 14960219 | 376093 |
| Share repurchases | (23484009) | (586395) |
| Early repurchase deduction |  | 114 |
| **Net increase (decrease)** | 89068042 | 2242930 |
| **CLASS S** |  |  |
| Subscriptions | 26856522 | 675173 |
| Share transfers between classes | (1699643) | (42708) |
| Distributions reinvested | 7198526 | 180966 |
| Share repurchases | (7367465) | (183965) |
| Early repurchase deduction |  | 52 |
| **Net increase (decrease)** | 24987940 | 629518 |
| **CLASS D** |  |  |
| Subscriptions | 1284401 | 32323 |
| Share transfers between classes | (3034876) | (76393) |
| Distributions reinvested | 114568 | 2880 |
| Share repurchases | (939571) | (23461) |
| Early repurchase deduction |  | 2 |
| **Net increase (decrease)** | (2575478) | (64649) |
| **Total net increase (decrease)** | 111480504 | $2807799 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents transactions in Common Shares during the nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 284981120 | $7197001 |
| Share transfers between classes | 8082142 | 203836 |
| Distributions reinvested | 41985363 | 1059933 |
| Share repurchases | (79037375) | (1986138) |
| Early repurchase deduction |  | 880 |
| **Net increase (decrease)** | 256011250 | 6475512 |
| **CLASS S** |  |  |
| Subscriptions | 88421776 | 2233734 |
| Share transfers between classes | (4689357) | (118397) |
| Distributions reinvested | 20248946 | 511197 |
| Share repurchases | (17885661) | (449078) |
| Early repurchase deduction |  | 410 |
| **Net increase (decrease)** | 86095704 | 2177866 |
| **CLASS D** |  |  |
| Subscriptions | 5939456 | 150170 |
| Share transfers between classes | (3392785) | (85439) |
| Distributions reinvested | 374084 | 9447 |
| Share repurchases | (1457379) | (36499) |
| Early repurchase deduction |  | 19 |
| **Net increase (decrease)** | 1463376 | 37698 |
| **Total net increase (decrease)** | 343570330 | $8691076 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents transactions in Common Shares for the three months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **For the three months ended September 30, 2024** | **For the three months ended September 30, 2024** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 71124097 | $1817606 |
| Share transfers between classes | 1210658 | 30939 |
| Distributions reinvested | 11161520 | 285248 |
| Share repurchases | (17133445) | (436903) |
| Early repurchase deduction |  | 476 |
| **Net increase (decrease)** | 66362830 | 1697366 |
| **CLASS S** |  |  |
| Subscriptions | 28690983 | 733227 |
| Share transfers between classes | (1212141) | (30977) |
| Distributions reinvested | 5409356 | 138243 |
| Share repurchases | (4234322) | (107977) |
| Early repurchase deduction |  | 234 |
| **Net increase (decrease)** | 28653876 | 732750 |
| **CLASS D** |  |  |
| Subscriptions | 1438639 | 36765 |
| Share transfers between classes | 1483 | 38 |
| Distributions reinvested | 95041 | 2429 |
| Share repurchases | (157352) | (4013) |
| Early repurchase deduction |  | 11 |
| **Net increase (decrease)** | 1377811 | 35230 |
| **Total net increase (decrease)** | 96394517 | $2465346 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents transactions in Common Shares during the nine months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 220310468 | $5618350 |
| Share transfers between classes | 3956845 | 101404 |
| Distributions reinvested | 30888335 | 787774 |
| Share repurchases | (48033808) | (1225970) |
| Early repurchase deduction |  | 947 |
| **Net increase (decrease)** | 207121840 | 5282505 |
| **CLASS S** |  |  |
| Subscriptions | 94238847 | 2402991 |
| Share transfers between classes | (3993771) | (102323) |
| Distributions reinvested | 14915967 | 380424 |
| Share repurchases | (12645990) | (322819) |
| Early repurchase deduction |  | 468 |
| **Net increase (decrease)** | 92515053 | 2358741 |
| **CLASS D** |  |  |
| Subscriptions | 6215313 | 158603 |
| Share transfers between classes | 36926 | 919 |
| Distributions reinvested | 236447 | 6032 |
| Share repurchases | (664268) | (16963) |
| Early repurchase deduction |  | 22 |
| **Net increase (decrease)** | 5824418 | 148613 |
| **Total net increase (decrease)** | 305461311 | $7789859 |

---

*Net Asset Value per Share and Offering Price* 

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
|<br>**For the Months Ended** | **Class I** | **Class S** | **Class D** |
| January 31, 2025 | $25.42 | $25.42 | $25.42 |
| February 28, 2025 | 25.36 | 25.36 | 25.36 |
| March 31, 2025 | 25.25 | 25.25 | 25.25 |
| April 30, 2025 | 25.19 | 25.19 | 25.19 |
| May 31, 2025 | 25.21 | 25.21 | 25.21 |
| June 30, 2025 | 25.17 | 25.17 | 25.17 |
| July 31, 2025 | 25.16 | 25.16 | 25.16 |
| August 31, 2025 | 25.09 | 25.09 | 25.09 |
| September 30, 2025 | 24.97 | 24.97 | 24.97 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the nine months ended September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
|<br>**For the Months Ended** | **Class I** | **Class S** | **Class D** |
| January 31, 2024 | $25.41 | $25.41 | $25.41 |
| February 29, 2024 | 25.43 | 25.43 | 25.43 |
| March 31, 2024 | 25.51 | 25.51 | 25.51 |
| April 30, 2024 | 25.54 | 25.54 | 25.54 |
| May 31, 2024 | 25.55 | 25.55 | 25.55 |
| June 30, 2024 | 25.57 | 25.57 | 25.57 |
| July 31, 2024 | 25.57 | 25.57 | 25.57 |
| August 31, 2024 | 25.53 | 25.53 | 25.53 |
| September 30, 2024 | 25.50 | 25.50 | 25.50 |

---

*Distributions*

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following tables present distributions that were declared and payable for the nine months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2200 | $228819 |
| February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2200 | 238587 |
| March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2200 | 246375 |
| April 16, 2025 | April 30, 2025 | May 27, 2025 | 0.2200 | 253182 |
| May 19, 2025 | May 31, 2025 | June 26, 2025 | 0.2200 | 259757 |
| June 19, 2025 | June 30, 2025 | July 24, 2025 | 0.2200 | 267011 |
| July 18, 2025 | July 31, 2025 | August 26, 2025 | 0.2200 | 267059 |
| August 20, 2025 | August 31, 2025 | September 25, 2025 | 0.2200 | 274235 |
| September 18, 2025 | September 30, 2025 | October 23, 2025 | 0.2200 | 283583 |
|  |  |  | $1.9800 | $2318608 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2020 | $102691 |
| February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2020 | 104955 |
| March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2020 | 107789 |
| April 16, 2025 | April 30, 2025 | May 27, 2025 | 0.2021 | 109761 |
| May 19, 2025 | May 31, 2025 | June 26, 2025 | 0.2022 | 111623 |
| June 19, 2025 | June 30, 2025 | July 24, 2025 | 0.2021 | 113811 |
| July 18, 2025 | July 31, 2025 | August 26, 2025 | 0.2022 | 114847 |
| August 20, 2025 | August 31, 2025 | September 25, 2025 | 0.2022 | 117040 |
| September 18, 2025 | September 30, 2025 | October 23, 2025 | 0.2022 | 119217 |
|  |  |  | $1.8190 | $1001734 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2147 | $5018 |
| February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2147 | 5387 |
| March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2147 | 5442 |
| April 16, 2025 | April 30, 2025 | May 27, 2025 | 0.2147 | 5530 |
| May 19, 2025 | May 31, 2025 | June 26, 2025 | 0.2148 | 5743 |
| June 19, 2025 | June 30, 2025 | July 24, 2025 | 0.2147 | 5885 |
| July 18, 2025 | July 31, 2025 | August 26, 2025 | 0.2148 | 5289 |
| August 20, 2025 | August 31, 2025 | September 25, 2025 | 0.2148 | 5419 |
| September 18, 2025 | September 30, 2025 | October 23, 2025 | 0.2148 | 5439 |
|  |  |  | $1.9327 | $49152 |

---

The following tables present distributions that were declared and payable for the nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 24, 2024 | January 31, 2024 | February 28, 2024 | $0.2200 | $168161 |
| February 22, 2024 | February 29, 2024 | March 28, 2024 | 0.2200 | 173210 |
| March 21, 2024 | March 31, 2024 | April 24, 2024 | 0.2200 | 179042 |
| April 17, 2024 | April 30, 2024 | May 28, 2024 | 0.2200 | 181701 |
| May 20, 2024 | May 31, 2024 | June 27, 2024 | 0.2200 | 189402 |
| June 20, 2024 | June 30, 2024 | July 24, 2024 | 0.2200 | 195500 |
| July 17, 2024 | July 31, 2024 | August 27, 2024 | 0.2200 | 198554 |
| August 20, 2024 | August 31, 2024 | September 27, 2024 | 0.2200 | 204327 |
| September 19, 2024 | September 30, 2024 | October 23, 2024 | 0.2200 | 210943 |
|  |  |  | $1.9800 | $1700840 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 24, 2024 | January 31, 2024 | February 28, 2024 | $0.2020 | $77794 |
| February 22, 2024 | February 29, 2024 | March 28, 2024 | 0.2020 | 79946 |
| March 21, 2024 | March 31, 2024 | April 24, 2024 | 0.2020 | 82446 |
| April 17, 2024 | April 30, 2024 | May 28, 2024 | 0.2019 | 84392 |
| May 20, 2024 | May 31, 2024 | June 27, 2024 | 0.2019 | 86840 |
| June 20, 2024 | June 30, 2024 | July 24, 2024 | 0.2019 | 89255 |
| July 17, 2024 | July 31, 2024 | August 27, 2024 | 0.2019 | 90392 |
| August 20, 2024 | August 31, 2024 | September 27, 2024 | 0.2019 | 92814 |
| September 19, 2024 | September 30, 2024 | October 23, 2024 | 0.2019 | 95008 |
|  |  |  | $1.8174 | $778887 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 24, 2024 | January 31, 2024 | February 28, 2024 | $0.2147 | $3474 |
| February 22, 2024 | February 29, 2024 | March 28, 2024 | 0.2147 | 3512 |
| March 21, 2024 | March 31, 2024 | April 24, 2024 | 0.2147 | 3556 |
| April 17, 2024 | April 30, 2024 | May 28, 2024 | 0.2147 | 3636 |
| May 20, 2024 | May 31, 2024 | June 27, 2024 | 0.2147 | 4277 |
| June 20, 2024 | June 30, 2024 | July 24, 2024 | 0.2147 | 4338 |
| July 17, 2024 | July 31, 2024 | August 27, 2024 | 0.2147 | 4363 |
| August 20, 2024 | August 31, 2024 | September 27, 2024 | 0.2147 | 4479 |
| September 19, 2024 | September 30, 2024 | October 23, 2024 | 0.2147 | 4602 |
|  |  |  | $1.9323 | $36237 |

---

*Distribution Reinvestment Plan*

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the Company's 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. Investors and clients of certain participating brokers in states that do not permit automatic enrollment 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.

*Character of Distributions*

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisers, which is subject to recoupment.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

Through September 30, 2025, a portion of the Company's distributions resulted from expense support from the Sub-Adviser, and future distributions may result from expense support from the Sub-Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods or the Sub-Adviser continues to provide expense support. Shareholders should also understand that the Company's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares nine months ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** |
| | **Class I** | **Class I** | **Class S** | **Class S** | **Class D** | **Class D** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.9800 | $2318608 | $1.8190 | $1001734 | $1.9327 | $49152 |
| Net realized gains |  |  |  |  |  |  |
| **Total** | $1.9800 | $2318608 | $1.8190 | $1001734 | $1.9327 | $49152 |

---

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the nine months ended September 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** |
| | **Class I** | **Class I** | **Class S** | **Class S** | **Class D** | **Class D** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.9800 | $1700840 | $1.8174 | $778887 | $1.9323 | $36237 |
| Net realized gains |  |  |  |  |  |  |
| **Total** | $1.9800 | $1700840 | $1.8174 | $778887 | $1.9323 | $36237 |

---

*Share Repurchase Program*

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an **"Early Repurchase Deduction"**). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder's shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company's Common Shares are sold to certain feeder vehicles primarily created to hold the Company'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 Company will 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 Company for the benefit of remaining shareholders.

*Share Repurchases*

For the three months ended September 30, 2025 and 2024, approximately 31,791,045 and 21,525,119 Common Shares were repurchased, respectively. For the nine months ended September 30, 2025 and 2024, approximately 98,391,573 and 61,344,066 Common Shares were repurchased, respectively.

The following table presents the repurchases of Common Shares pursuant to the Company's share repurchase plan for the nine months ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(3)</sup> |
| March 3, 2025 | 23024370 | 1.5% | $25.25 | March 31, 2025 | $581043 |  |
| May 30, 2025 | 43576158 | 2.6% | $25.17 | June 30, 2025 | $1095993 |  |
| August 29, 2025 | 31791045 | 1.8% | $24.97 | September 30, 2025 | $793653 |  |

---

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

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

The following table presents the repurchases of Common Shares pursuant to the Company's share repurchase plan for the nine months ended September 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(3)</sup> |
| February 29, 2024 | 21862087 | 1.9% | $25.51 | March 31, 2024 | $557579 |  |
| May 31, 2024 | 17956860 | 1.5% | $25.57 | June 30, 2024 | $458564 |  |
| August 30, 2024 | 21482182 | 1.6% | $25.50 | September 30, 2024 | $547076 |  |

---

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

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

Additionally, the Company repurchased 42,937 Common Shares at a price per share of $25.53 (which represented the net asset value per share as of August 31, 2024), for a total amount repurchased of $1.1 million during the three months ended September 30, 2024.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

**Note 10. Financial Highlights and Senior Securities**

The following are the financial highlights for the nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** |
| | **Class I** | **Class S** | **Class D** |
| **Per Share Data** <sup>(1)</sup>**:** | | | |
| Net asset value, beginning of period | $25.42 | $25.42 | $25.42 |
| Net investment income | 1.87 | 1.71 | 1.82 |
| Net change in unrealized and realized gain (loss) | (0.34) | (0.34) | (0.34) |
| Net increase (decrease) in net assets resulting from operations | 1.53 | 1.37 | 1.48 |
| Distributions from net investment income <sup>(2)</sup> | (1.98) | (1.82) | (1.93) |
| Distributions from net realized gains <sup>(2)</sup> |  |  |  |
| Net increase (decrease) in net assets from shareholders' distributions | (1.98) | (1.82) | (1.93) |
| Early repurchase deduction fees <sup>(3)</sup> | 0.00 | 0.00 | 0.00 |
| Total increase (decrease) in net assets | (0.45) | (0.45) | (0.45) |
| Net asset value, end of period | $24.97 | $24.97 | $24.97 |
| Shares outstanding, end of period | 1265529621 | 582232548 | 24382482 |
| Total return based on NAV <sup>(4)</sup> | 6.2% | 5.5% | 6.0% |
| **Ratios:** |  |  |  |
| Ratio of net expenses to average net assets <sup>(5)</sup> | 7.2% | 8.0% | 7.4% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 9.8% | 9.0% | 9.6% |
| Portfolio turnover rate | 12.4% | 12.4% | 12.4% |
| **Supplemental Data:** |  |  |  |
| Net assets, end of period | $31594584 | $14535807 | $608739 |
| Asset coverage ratio | 248.8% | 248.8% | 248.8% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)Amounts are annualized except for amounts relating to excise and other tax expense. For the nine months ended September 30, 2025, the ratio of total operating expenses to average net assets was 7.2%, 8.0%, and 7.4% on Class I, Class S and Class D, respectively. Ratio does not include the expenses of investment companies which the Company has invested in, including joint ventures.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following are the financial highlights for the nine months ended September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** |
| | **Class I** | **Class S** | **Class D** |
| **Per Share Data** <sup>(1)</sup>**:** | | | |
| Net asset value, beginning of period | $25.39 | $25.39 | $25.39 |
| Net investment income | 2.14 | 1.98 | 2.09 |
| Net change in unrealized and realized gain (loss) | (0.05) | (0.05) | (0.05) |
| Net increase (decrease) in net assets resulting from operations | 2.09 | 1.93 | 2.04 |
| Distributions from net investment income <sup>(2)</sup> | (1.98) | (1.82) | (1.93) |
| Distributions from net realized gains <sup>(2)</sup> |  |  |  |
| Net increase (decrease) in net assets from shareholders' distributions | (1.98) | (1.82) | (1.93) |
| Early repurchase deduction fees <sup>(3)</sup> | 0.00 | 0.00 | 0.00 |
| Total increase (decrease) in net assets | 0.11 | 0.11 | 0.11 |
| Net asset value, end of period | $25.50 | $25.50 | $25.50 |
| Shares outstanding, end of period | 941701780 | 466379311 | 21277090 |
| Total return based on NAV <sup>(4)</sup> | 8.5% | 7.8% | 8.3% |
| **Ratios:** |  |  |  |
| Ratio of net expenses to average net assets <sup>(5)</sup> | 8.4% | 9.3% | 8.6% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 11.2% | 10.3% | 10.9% |
| Portfolio turnover rate | 10.4% | 10.4% | 10.4% |
| **Supplemental Data:** |  |  |  |
| Net assets, end of period | $24012040 | $11892013 | $542540 |
| Asset coverage ratio | 236.7% | 236.7% | 236.7% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)Amounts are annualized except for amounts relating to excise tax expense. For the nine months ended September 30, 2024, the ratio of total operating expenses to average net assets was 8.4%, 9.3% and 8.6%, on Class I, Class S and Class D, respectively.

The following is information about the Company's senior securities as of the dates indicated in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **Bard Peak Funding Facility** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $1419920 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 1000298 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 242243 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1235414 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 879000 | 1702 |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **Castle Peak Funding Facility** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $1334246 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 1194401 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 1121681 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1146600 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 1171809 | 1702 |  | N/A |
| **Maroon Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 300000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 483952 | 1702 |  | N/A |
| **Summit Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 867565 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 952105 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 286046 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1691844 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 1643154 | 1702 |  | N/A |
| **Denali Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 584800 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 562800 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 562800 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 749800 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 668400 | 1702 |  | N/A |
| **Bushnell Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 590300 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 480300 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 465300 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 400000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 395500 | 1702 |  | N/A |
| **Granite Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 392000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 493554 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 563600 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 647600 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 248000 | 1702 |  | N/A |
| **Middle Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 809000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 750000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 600950 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 596950 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 799550 | 1702 |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **Bison Peak Funding Facility** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $1228200 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 1203200 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 703200 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1182000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 1320800 | 1702 |  | N/A |
| **Blanca Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 750090 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 1375090 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 1375090 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1081000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 892800 | 1702 |  | N/A |
| **Windom Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 944770 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 1029841 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 967477 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1741465 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 989759 | 1702 |  | N/A |
| **Monarch Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 1055000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 750000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 1400400 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 873400 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 567400 | 1702 |  | N/A |
| **Borah Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 130000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 223000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2022-1 BSL WH** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 148000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **Naomi Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 385000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 400000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **Meridian Peak Funding Facility** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $— | $— |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 246000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 246000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 170000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **Haydon Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 187000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 250000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 49000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 49000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **Bear Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 258207 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 164816 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 360531 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 166031 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **Phoenix Peak Funding Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 221169 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 197736 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **Revolving Credit Facility** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 3083320 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 4639587 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 1131025 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1470758 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 1144422 | 1702 |  | N/A |
| **June 2024 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 435000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 435000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 435000 | 1702 |  | N/A |
| **2026 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 400000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 400000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 400000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 400000 | 1702 |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **May 2027 Notes** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $625000 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 625000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 625000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 625000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **October 2027 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 350000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 350000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 350000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 350000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **March 2031 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 500000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **March 2033 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 500000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **September 2024 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 365000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 365000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 365000 | 1702 |  | N/A |
| **December 2026 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 1250000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 1250000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 1250000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1250000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 1250000 | 1702 |  | N/A |
| **November 2026 Eurobonds** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 587025 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 517925 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 551975 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 534975 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 569958 | 1702 |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **November 2024 Notes** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $— | $— |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 500000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 500000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 500000 | 1702 |  | N/A |
| **March 2027 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 1000000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 1000000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 1000000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 1000000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 1000000 | 1702 |  | N/A |
| **January 2025 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 500000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 500000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **January 2029 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 650000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 650000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 650000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 650000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **March 2025 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 900000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 900000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 900000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **April 2026 UK Bonds** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 336225 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 312975 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 318663 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 301725 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **September 2025 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 800000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 800000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 800000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **November 2028 Notes** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $650000 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 500000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **January 2031 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 500000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **July 2029 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 500000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 500000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **September 2027 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 400000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **April 2030 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 400000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **November 2029 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 400000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 400000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **November 2034 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 800000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 800000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **January 2032 Notes** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $1000000 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **September 2030 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 500000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2021-1 BSL Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 663000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 663000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 663000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 663000 | 1702 |  | N/A |
| **2021-2 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 505800 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 505800 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 505800 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 505800 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 505800 | 1702 |  | N/A |
| **MML 2021-1 Debt** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 690000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 690000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 690000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 690000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 690000 | 1702 |  | N/A |
| **MML 2022-1 Debt** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 759000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 759000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 759000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 759000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2022-1 BSL Debt** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 420000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 420000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 420000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 420000 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **MML 2022-2 Debt** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $300500 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 300500 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 300500 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 300500 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2023-1 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 305000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 305000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 305000 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2024-1 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 244000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 244000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2024-2 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 305000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 305000 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2025-1 Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 884000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2025-1 Lender Finance Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 890000 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |
| **2025-1 BSL Notes** |  |  |  |  |
| &nbsp;&nbsp;September 30, 2025 | 661625 | 2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2023 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2022 |  |  |  | N/A |
| &nbsp;&nbsp;December 31, 2021 |  |  |  | N/A |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities** <sup>(1)</sup> | **Asset Coverage per Unit** <sup>(2)</sup> | **Involuntary Liquidating Preference per Unit** <sup>(3)</sup> | **Average Market Value per Unit** <sup>(4)</sup> |
| **Short-Term Borrowings** | | | | |
| &nbsp;&nbsp;September 30, 2025 | $373621 | $2488 |  | N/A |
| &nbsp;&nbsp;December 31, 2024 | 420829 | 2265 |  | N/A |
| &nbsp;&nbsp;December 31, 2023 | 28546 | 2219 |  | N/A |
| &nbsp;&nbsp;December 31, 2022 | 619377 | 1845 |  | N/A |
| &nbsp;&nbsp;December 31, 2021 | 718156 | 1702 |  | N/A |

---

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company's total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon the Company's involuntary liquidation in preference to any security junior to it. The "-" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

As of September 30, 2025 and December 31, 2024, the aggregate principal amount of indebtedness outstanding was $31.4 billion and $30.7 billion, respectively.

**Note 11. Joint Ventures**

*BCRED Emerald JV*

BCRED Emerald JV LP (**"Emerald JV"**), a Delaware limited partnership, was formed as a joint venture between the Company and a large North American pension fund (the **"Emerald JV Partner"**), commenced operations on January 19, 2022 and operates under a limited partnership agreement. The Emerald JV's principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

On January 19, 2022, a wholly-owned subsidiary of the Company and the Emerald JV Partner initially committed to contribute up to $1,500.0 million and $500.0 million of capital, respectively, to the Emerald JV. On September 26, 2022, the Company and the Emerald JV Partner agreed to increase their capital commitments to the Emerald JV to $2,250.0 million and $750.0 million, respectively.

As of September 30, 2025 and December 31, 2024, the Company had made capital contributions (net of returns of capital) of $1,815.0 million and the Emerald JV Partner had made capital contributions (net of returns of capital) of $605.0 million. As of September 30, 2025 and December 31, 2024, $435.0 million of capital remained uncalled from the Company and $145.0 million of capital remained uncalled from the Emerald JV Partner. The Company and the Emerald JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV.

As of September 30, 2025 and December 31, 2024, the Company and the Emerald JV Partner's equity ownership interests in the Emerald JV were 75% and 25%, respectively.

From time to time, the Company may purchase investments from, or sell investments to, the Emerald JV. Any such purchases and sales require the approval of the Emerald JV's general partner, which is jointly controlled by the Company and the Emerald JV Partner. For the three and nine months ended September 30, 2025, the Company purchased investments from Emerald JV with a par value of $18.0 million, for a total cash purchase price based on then-current fair value (at the time of purchase) of $18.0 million.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The Company and the Emerald JV Partner, through their joint control of the Emerald JV's general partner, have equal control of the Emerald JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The initial term of the Emerald JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval the Emerald JV's general partner, except in the case of a dissolution event. The Company's investment in the Emerald JV cannot be transferred without the consent of the Emerald JV partner. Effective July 18, 2025, the Emerald JV's general partner approved the extension of the Emerald JV to January 18, 2026.

The Company has determined that the Emerald JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Emerald JV and has determined that the Emerald JV is a variable interest entity under ASC 810 - Consolidation (**"ASC 810"**). However, the Company is not deemed to be the primary beneficiary of the Emerald JV as there is equal power between the Company and the Emerald JV Partner. Accordingly, the Company does not consolidate the Emerald JV.

The Company's investment in the Emerald JV is disclosed on the Company's Condensed Consolidated Schedule of Investments as of September 30, 2025 and December 31, 2024.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

The following table presents the consolidated schedule of investments of the Emerald JV as of September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (10)(17) | SOFR + | 4.25% | 8.83% | 7/25/2025 | 5/25/2029 | $8014 | $6036 | $4650 | 0.20% |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (10)(17) | SOFR + | 4.25% | 8.83% | 7/25/2025 | 5/25/2029 | 1150 | 807 | 668 | 0.03 |
| &nbsp;&nbsp;Novaria Holdings, LLC | (8) | SOFR + | 3.25% | 7.41% | 2/5/2025 | 6/6/2031 | 1124 | 1124 | 1127 | 0.05 |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 3.75% | 8.01% | 8/4/2022 | 2/1/2028 | 20076 | 20046 | 16983 | 0.74 |
| &nbsp;&nbsp;Sanders Industries Holdings, Inc. | (7)(9) | SOFR + | 2.50% | 6.83% | 3/10/2025 | 2/26/2032 | 23124 | 22958 | 23073 | 1.00 |
| &nbsp;&nbsp;Signia Aerospace, LLC | (7)(9) | SOFR + | 2.75% | 6.91% | 7/23/2025 | 12/11/2031 | 20841 | 20910 | 20906 | 0.91 |
| &nbsp;&nbsp;TransDigm, Inc. | (8) | SOFR + | 2.50% | 6.50% | 11/19/2024 | 1/19/2032 | 9900 | 9939 | 9906 | 0.43 |
| &nbsp;&nbsp;TransDigm, Inc. | (8) | SOFR + | 2.50% | 6.50% | 11/19/2024 | 2/28/2031 | 3970 | 3949 | 3972 | 0.17 |
| &nbsp;&nbsp;TransDigm, Inc. | (8) | SOFR + | 2.50% | 6.50% | 8/13/2025 | 8/19/2032 | 6780 | 6764 | 6781 | 0.30 |
| &nbsp;&nbsp;TransDigm, Inc. | (8) | SOFR + | 2.25% | 6.25% | 9/11/2025 | 3/22/2030 | 10946 | 10993 | 10947 | 0.48 |
| &nbsp;&nbsp;Vertex Aerospace Services Corp. | (10) | SOFR + | 2.25% | 6.41% | 1/19/2022 | 12/6/2030 | 7859 | 7827 | 7861 | 0.34 |
|  |  |  |  |  |  |  |  | 111353 | 106874 | 4.65 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AIT Worldwide Logistics Holdings, Inc. | (10) | SOFR + | 4.00% | 8.25% | 10/30/2024 | 4/8/2030 | 20169 | 20169 | 20243 | 0.88 |
| &nbsp;&nbsp;Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 10.63% | 1/19/2022 | 12/9/2027 | 30993 | 30993 | 29443 | 1.28 |
| &nbsp;&nbsp;RWL Holdings, LLC | (4)(10) | SOFR + | 5.75% | 9.90% | 1/19/2022 | 12/31/2028 | 26166 | 25922 | 23419 | 1.02 |
| &nbsp;&nbsp;Savage Enterprises, LLC | (8) | SOFR + | 2.50% | 6.75% | 7/30/2025 | 8/5/2032 | 9042 | 9032 | 9060 | 0.39 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(11) | SOFR + | 10.00% | 14.20% PIK | 11/27/2024 | 11/27/2029 | 2762 | 2723 | 2762 | 0.12 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(11) | SOFR + | 7.00% | 11.20% PIK | 11/27/2024 | 5/27/2030 | 8374 | 8374 | 8374 | 0.36 |
| &nbsp;&nbsp;Stonepeak Nile Parent, LLC | (8) | SOFR + | 2.75% | 7.08% | 4/11/2025 | 4/9/2032 | 18318 | 18290 | 18334 | 0.80 |
| &nbsp;&nbsp;Wwex Uni Topco Holdings, LLC | (10) | SOFR + | 4.00% | 8.00% | 11/8/2024 | 7/26/2028 | 6191 | 6099 | 6166 | 0.27 |
| &nbsp;&nbsp;Wwex Uni Topco Holdings, LLC | (4)(10) | SOFR + | 4.75% | 8.75% | 3/21/2025 | 7/26/2028 | 15406 | 15179 | 15464 | 0.67 |
|  |  |  |  |  |  |  |  | 136781 | 133265 | 5.79 |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 2.25% | 6.58% | 1/19/2022 | 4/20/2028 | 2474 | 2474 | 2473 | 0.11 |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 2.25% | 6.50% | 12/12/2024 | 2/15/2028 | 14847 | 14902 | 14844 | 0.65 |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 3.25% | 7.58% | 5/28/2025 | 5/28/2032 | 2859 | 2831 | 2875 | 0.13 |
| &nbsp;&nbsp;JetBlue Airways Corp. | (9) | SOFR + | 4.75% | 8.75% | 11/7/2024 | 8/27/2029 | 4950 | 4968 | 4763 | 0.21 |
|  |  |  |  |  |  |  |  | 25175 | 24955 | 1.10 |
| **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** |
| &nbsp;&nbsp;Belron Finance 2019, LLC | (9) | SOFR + | 2.50% | 6.74% | 7/18/2025 | 10/16/2031 | 9900 | 10001 | 9962 | 0.43 |
| &nbsp;&nbsp;Clarios Global, LP | (8) | SOFR + | 2.50% | 6.66% | 3/5/2025 | 5/6/2030 | 8957 | 8961 | 8973 | 0.39 |
| &nbsp;&nbsp;Clarios Global, LP | (8) | SOFR + | 2.75% | 6.91% | 1/28/2025 | 1/28/2032 | 18482 | 18417 | 18517 | 0.81 |
| &nbsp;&nbsp;Valvoline, Inc. | (8) | SOFR + | 2.00% | 6.32% | 3/19/2025 | 3/19/2032 | 2692 | 2679 | 2705 | 0.12 |
|  |  |  |  |  |  |  |  | 40058 | 40157 | 1.75 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;Sazerac Co, Inc. | (8) | SOFR + | 2.50% | 6.70% | 7/10/2025 | 7/9/2032 | $6567 | $6535 | $6615 | 0.29% |
| &nbsp;&nbsp;Triton Water Holdings, Inc. | (9) | SOFR + | 2.25% | 6.25% | 2/12/2025 | 3/31/2028 | 14791 | 14791 | 14806 | 0.64 |
|  |  |  |  |  |  |  |  | 21326 | 21421 | 0.93 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;Grifols Worldwide Operations USA, Inc. | (8) | SOFR + | 2.00% | 6.26% | 7/23/2025 | 11/15/2027 | 5000 | 5002 | 4991 | 0.22 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (9) | SOFR + | 3.25% | 7.50% | 1/19/2022 | 4/12/2028 | 26210 | 25439 | 24959 | 1.09 |
| &nbsp;&nbsp;Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + | 6.00% | 10.26% | 1/19/2022 | 2/26/2027 | 19098 | 19072 | 18382 | 0.80 |
| &nbsp;&nbsp;LBM Acquisition, LLC | (10) | SOFR + | 3.75% | 7.99% | 6/6/2024 | 5/31/2031 | 9342 | 9256 | 9135 | 0.40 |
| &nbsp;&nbsp;Lindstrom, LLC | (4)(11) | SOFR + | 6.25% | 10.63% | 1/19/2022 | 5/1/2027 | 27116 | 27116 | 26844 | 1.17 |
| &nbsp;&nbsp;MIWD Holdco II, LLC | (8) | SOFR + | 2.75% | 6.91% | 10/3/2024 | 3/28/2031 | 9900 | 9990 | 9949 | 0.43 |
| &nbsp;&nbsp;Oscar Acquisitionco, LLC | (9) | SOFR + | 4.25% | 8.25% | 12/2/2024 | 4/29/2029 | 9898 | 9852 | 9268 | 0.40 |
| &nbsp;&nbsp;Resideo Funding, Inc. | (8) | SOFR + | 2.00% | 6.04% | 8/8/2025 | 8/13/2032 | 6713 | 6715 | 6724 | 0.29 |
| &nbsp;&nbsp;TCP Sunbelt Acquisition, Co. | (8) | SOFR + | 4.25% | 8.45% | 10/15/2024 | 10/24/2031 | 25200 | 24980 | 25305 | 1.10 |
| &nbsp;&nbsp;Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + | 6.50% | 10.65% | 1/19/2022 | 12/29/2026 | 10501 | 10501 | 8322 | 0.36 |
|  |  |  |  |  |  |  |  | 142921 | 138888 | 6.04 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (8) | SOFR + | 3.50% | 7.75% | 2/27/2025 | 2/27/2032 | 71475 | 71421 | 70046 | 3.05 |
| &nbsp;&nbsp;Aretec Group, Inc. | (8) | SOFR + | 3.50% | 7.66% | 12/6/2024 | 8/9/2030 | 19264 | 19101 | 19285 | 0.84 |
| &nbsp;&nbsp;Citco Funding, LLC | (9) | SOFR + | 2.75% | 6.81% | 6/13/2024 | 4/27/2028 | 7156 | 7150 | 7184 | 0.31 |
| &nbsp;&nbsp;Focus Financial Partners, LLC | (8) | SOFR + | 2.75% | 6.91% | 3/13/2025 | 9/15/2031 | 19788 | 19689 | 19815 | 0.86 |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | (8) | SOFR + | 2.75% | 6.75% | 7/25/2025 | 9/5/2031 | 20377 | 20244 | 20401 | 0.89 |
| &nbsp;&nbsp;Hudson River Trading, LLC | (8) | SOFR + | 3.00% | 7.15% | 6/25/2025 | 3/18/2030 | 872 | 869 | 874 | 0.04 |
| &nbsp;&nbsp;ITG Communications, LLC | (8) | SOFR + | 4.75% | 8.95% | 7/1/2025 | 7/9/2031 | 9167 | 8831 | 9072 | 0.40 |
| &nbsp;&nbsp;Jane Street Group, LLC | (8) | SOFR + | 2.00% | 6.20% | 7/23/2025 | 12/15/2031 | 4987 | 4978 | 4957 | 0.22 |
| &nbsp;&nbsp;Jump Financial, LLC | (8) | SOFR + | 3.50% | 7.50% | 7/31/2025 | 2/26/2032 | 699 | 699 | 705 | 0.03 |
| &nbsp;&nbsp;Kestra Advisor Services Holdings A, Inc. | (8) | SOFR + | 3.00% | 7.16% | 8/1/2025 | 3/21/2031 | 1088 | 1088 | 1090 | 0.05 |
| &nbsp;&nbsp;Osaic Holdings, Inc. | (8) | SOFR + | 3.00% | 7.16% | 7/17/2025 | 8/1/2032 | 23260 | 23225 | 23273 | 1.01 |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. | (11) | SOFR + | 6.50% | 10.76% | 12/29/2023 | 10/30/2028 | 944 | 937 | 830 | 0.04 |
| &nbsp;&nbsp;Saphilux S.à r.l. | (8) | S + | 4.75% | 8.96% | 7/27/2023 | 7/18/2028 | 20000 | 25526 | 27010 | 1.18 |
| &nbsp;&nbsp;Saphilux S.à r.l. | (9) | SOFR + | 3.00% | 7.32% | 7/17/2025 | 7/18/2028 | 1330 | 1330 | 1337 | 0.06 |
| &nbsp;&nbsp;Situs-AMC Holdings Corporation | (4)(10) | SOFR + | 5.50% | 9.50% | 9/26/2022 | 5/14/2031 | 90087 | 89504 | 90087 | 3.92 |
| &nbsp;&nbsp;Superannuation & Investments US, LLC  | (9) | SOFR + | 3.00% | 7.16% | 7/18/2025 | 12/1/2028 | 3146 | 3152 | 3166 | 0.14 |
| &nbsp;&nbsp;The Edelman Financial Engines Center, LLC | (8) | SOFR + | 3.00% | 7.16% | 6/5/2024 | 4/7/2028 | 18488 | 18488 | 18522 | 0.81 |
|  |  |  |  |  |  |  |  | 316232 | 317654 | 13.85 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Derby Buyer, LLC | (9) | SOFR + | 3.00% | 7.18% | 12/13/2024 | 11/1/2030 | $13078 | $13139 | $13120 | 0.57% |
| &nbsp;&nbsp;Discovery Purchaser Corp. | (9) | SOFR + | 3.75% | 8.08% | 12/2/2024 | 10/4/2029 | 9976 | 10047 | 9943 | 0.43 |
| &nbsp;&nbsp;Fortis 333, Inc. | (8) | SOFR + | 3.50% | 7.50% | 2/6/2025 | 3/27/2032 | 3491 | 3483 | 3478 | 0.15 |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(14)(17) | SOFR + | 8.25% | 12.51% PIK | 4/14/2023 | 4/14/2029 | 7809 | 4670 | 0 | 0.00 |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(14)(17) | SOFR + | 8.25% | 12.51% PIK | 4/14/2023 | 4/14/2029 | 3813 | 3558 | 2740 | 0.12 |
|  |  |  |  |  |  |  |  | 34897 | 29281 | 1.27 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Access CIG, LLC | (9) | SOFR + | 4.00% | 8.03% | 8/15/2025 | 8/18/2030 | 21551 | 21256 | 21642 | 0.94 |
| &nbsp;&nbsp;Allied Universal Holdco, LLC | (8) | SOFR + | 3.25% | 7.51% | 8/6/2025 | 8/20/2032 | 43339 | 43285 | 43551 | 1.90 |
| &nbsp;&nbsp;Anticimex, Inc. | (9) | SOFR + | 3.40% | 7.76% | 5/25/2022 | 11/16/2028 | 14725 | 14698 | 14781 | 0.64 |
| &nbsp;&nbsp;Anticimex, Inc. | (9) | SOFR + | 3.40% | 7.76% | 4/23/2024 | 11/16/2028 | 24945 | 24945 | 25058 | 1.09 |
| &nbsp;&nbsp;Armor Holdco, Inc. | (9) | SOFR + | 3.75% | 7.92% | 12/13/2024 | 12/11/2028 | 12053 | 12033 | 12074 | 0.53 |
| &nbsp;&nbsp;Belfor Holdings, Inc. | (9) | SOFR + | 2.75% | 6.91% | 8/8/2025 | 11/1/2030 | 143 | 143 | 144 | 0.01 |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + | 3.75% | 7.91% | 7/2/2025 | 7/9/2032 | 12234 | 12175 | 12290 | 0.54 |
| &nbsp;&nbsp;EAB Global, Inc. | (9) | SOFR + | 3.00% | 7.16% | 1/19/2022 | 8/16/2030 | 13067 | 13058 | 12765 | 0.56 |
| &nbsp;&nbsp;Foundational Education Group, Inc. | (9) | SOFR + | 4.25% | 8.53% | 6/7/2022 | 8/31/2028 | 3860 | 3794 | 3445 | 0.15 |
| &nbsp;&nbsp;GBT US III, LLC | (8) | SOFR + | 2.50% | 6.81% | 2/4/2025 | 7/25/2031 | 772 | 772 | 774 | 0.03 |
| &nbsp;&nbsp;GFL Environmental Services USA, Inc. | (8) | SOFR + | 2.50% | 6.67% | 3/3/2025 | 3/3/2032 | 15818 | 15801 | 15833 | 0.69 |
| &nbsp;&nbsp;International SOS The Americas, LP | (4)(9) | SOFR + | 2.75% | 6.75% | 6/28/2024 | 9/7/2028 | 1926 | 1926 | 1928 | 0.08 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.00% | 9.29% | 1/19/2022 | 12/15/2027 | 9457 | 9386 | 9457 | 0.41 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.00% | 9.29% | 1/19/2022 | 12/15/2027 | 2925 | 2910 | 2925 | 0.13 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 9.25% (incl. 3.00% PIK) | 1/19/2022 | 11/8/2031 | 37150 | 36992 | 37150 | 1.62 |
| &nbsp;&nbsp;KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + | 5.50% | 9.91% | 9/26/2022 | 10/19/2028 | 132563 | 129115 | 113673 | 4.95 |
| &nbsp;&nbsp;Lsf12 Crown US Commercial Bidco, LLC | (8) | SOFR + | 3.50% | 7.66% | 9/19/2025 | 12/2/2031 | 4337 | 4337 | 4349 | 0.19 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (8) | SOFR + | 2.50% | 6.81% | 1/26/2024 | 7/25/2030 | 30150 | 30316 | 30199 | 1.32 |
| &nbsp;&nbsp;Pinnacle Buyer, LLC | (7)(8) | SOFR + | 2.50% | 6.56% | 9/11/2025 | 10/1/2032 | 10112 | 10107 | 10140 | 0.44 |
| &nbsp;&nbsp;Polyphase Elevator Holding, Co. | (4)(11) | SOFR + | 6.00% | 10.10% | 9/26/2022 | 6/23/2027 | 29206 | 28932 | 26723 | 1.16 |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (8) | SOFR + | 2.00% | 6.13% | 11/20/2024 | 10/13/2030 | 16873 | 16834 | 16850 | 0.73 |
| &nbsp;&nbsp;Tempo Acquisition, LLC | (9) | SOFR + | 1.75% | 5.91% | 3/13/2025 | 8/31/2028 | 9950 | 9912 | 9754 | 0.42 |
| &nbsp;&nbsp;TMF Sapphire Bidco, BV | (8) | SOFR + | 2.75% | 7.04% | 1/22/2025 | 5/3/2028 | 272 | 272 | 273 | 0.01 |
| &nbsp;&nbsp;TRC Cos, LLC | (8) | SOFR + | 3.00% | 7.16% | 1/14/2025 | 12/8/2028 | 13519 | 13524 | 13554 | 0.59 |
|  |  |  |  |  |  |  |  | 456523 | 439332 | 19.13 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Amentum Holdings, Inc. | (8) | SOFR + | 2.25% | 6.41% | 4/4/2025 | 9/29/2031 | $4010 | $3873 | $4014 | 0.17% |
| &nbsp;&nbsp;Azuria Water Solutions, Inc. | (7)(10) | SOFR + | 3.00% | 7.16% | 5/15/2025 | 5/17/2028 | 4675 | 4626 | 4689 | 0.20 |
| &nbsp;&nbsp;Brookfield WEC Holdings, Inc. | (8) | SOFR + | 2.25% | 6.53% | 1/25/2024 | 1/27/2031 | 28612 | 28624 | 28653 | 1.25 |
| &nbsp;&nbsp;Centuri Group, Inc. | (8) | SOFR + | 2.25% | 6.42% | 7/1/2025 | 7/9/2032 | 3941 | 3931 | 3958 | 0.17 |
| &nbsp;&nbsp;Osmose Utilities Services, Inc. | (9) | SOFR + | 3.25% | 7.53% | 11/7/2024 | 6/23/2028 | 16825 | 16892 | 15994 | 0.70 |
| &nbsp;&nbsp;Pike Electric Corp. | (8) | SOFR + | 3.00% | 7.28% | 6/7/2022 | 1/21/2028 | 5976 | 5892 | 6017 | 0.26 |
| &nbsp;&nbsp;Socotec US Holding, Inc. | (8) | SOFR + | 3.25% | 7.37% | 7/22/2025 | 6/2/2031 | 1372 | 1369 | 1384 | 0.06 |
| &nbsp;&nbsp;Tecta America Corp. | (8) | SOFR + | 3.00% | 7.16% | 2/18/2025 | 2/18/2032 | 2473 | 2467 | 2485 | 0.11 |
| &nbsp;&nbsp;Touchdown Acquirer, Inc. | (8) | SOFR + | 2.75% | 6.95% | 4/8/2025 | 2/21/2031 | 4975 | 4872 | 4977 | 0.22 |
|  |  |  |  |  |  |  |  | 72546 | 72171 | 3.14 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;Green Infrastructure Partners US, LLC | (8) | SOFR + | 2.75% | 6.78% | 9/19/2025 | 9/24/2032 | 9363 | 9365 | 9383 | 0.41 |
| &nbsp;&nbsp;Quikrete Holdings, Inc. | (8) | SOFR + | 2.25% | 6.41% | 4/8/2025 | 2/10/2032 | 4975 | 4845 | 4978 | 0.22 |
| &nbsp;&nbsp;Tamko Building Products, LLC | (8) | SOFR + | 2.75% | 6.91% | 10/23/2024 | 9/20/2030 | 7872 | 7921 | 7904 | 0.34 |
|  |  |  |  |  |  |  |  | 22131 | 22265 | 0.97 |
| **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** |
| &nbsp;&nbsp;CPI Holdco B, LLC | (8) | SOFR + | 2.00% | 6.16% | 7/23/2025 | 5/17/2031 | 4987 | 4996 | 4987 | 0.22 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;Anchor Packaging, LLC | (8) | SOFR + | 3.25% | 7.39% | 12/13/2024 | 7/18/2029 | 4950 | 4989 | 4977 | 0.22 |
| &nbsp;&nbsp;Ascend Buyer, LLC | (4)(10) | SOFR + | 5.75% | 9.75% | 9/26/2022 | 9/30/2028 | 73446 | 73077 | 73446 | 3.20 |
| &nbsp;&nbsp;Berlin Packaging, LLC | (8) | SOFR + | 3.25% | 7.53% | 7/25/2025 | 6/7/2031 | 28996 | 29130 | 29116 | 1.27 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + | 3.18% | 7.34% | 4/13/2022 | 4/13/2029 | 31338 | 31274 | 31331 | 1.36 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + | 3.25% | 7.41% | 8/22/2025 | 4/1/2032 | 10756 | 10716 | 10752 | 0.47 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (7)(9) | SOFR + | 3.25% | 7.41% | 8/22/2025 | 4/1/2032 | 56 | 55 | 56 | 0.00 |
| &nbsp;&nbsp;Graham Packaging Co., Inc. | (8) | SOFR + | 2.50% | 6.66% | 7/31/2024 | 8/4/2027 | 22953 | 23017 | 22978 | 1.00 |
| &nbsp;&nbsp;ProAmpac PG Borrower, LLC | (10) | SOFR + | 4.00% | 8.19% | 4/9/2024 | 9/15/2028 | 12102 | 12053 | 12162 | 0.53 |
| &nbsp;&nbsp;Ring Container Technologies Group, LLC | (9) | SOFR + | 2.50% | 6.66% | 9/11/2025 | 9/15/2032 | 21808 | 21835 | 21794 | 0.95 |
| &nbsp;&nbsp;SupplyOne, Inc. | (8) | SOFR + | 3.50% | 7.66% | 4/19/2024 | 4/19/2031 | 18333 | 18475 | 18439 | 0.80 |
| &nbsp;&nbsp;TricorBraun Holdings, Inc. | (9) | SOFR + | 3.25% | 7.41% | 1/19/2022 | 3/3/2028 | 28203 | 27972 | 28101 | 1.22 |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | (9) | SOFR + | 3.75% | 7.75% | 10/18/2024 | 9/15/2028 | 38146 | 37572 | 37530 | 1.63 |
|  |  |  |  |  |  |  |  | 290165 | 290682 | 12.65 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;Boots Group Finco, LP | (8) | SOFR + | 3.50% | 7.70% | 7/18/2025 | 8/30/2032 | $3379 | $3371 | $3393 | 0.15% |
| &nbsp;&nbsp;BP Purchaser, LLC | (4)(10) | SOFR + | 5.50% | 9.80% | 9/26/2022 | 12/11/2028 | 52011 | 51486 | 43299 | 1.89 |
| &nbsp;&nbsp;Genuine Cable Group, LLC | (4)(10) | SOFR + | 5.75% | 10.01% | 1/19/2022 | 11/2/2026 | 31247 | 31119 | 29450 | 1.28 |
| &nbsp;&nbsp;Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + | 7.00% | 11.44% (incl. 3.25% PIK) | 9/26/2022 | 6/23/2028 | 83365 | 82394 | 74612 | 3.25 |
| &nbsp;&nbsp;Tailwind Colony Holding Corporation | (4)(11) | SOFR + | 6.50% | 10.91% | 1/19/2022 | 11/13/2026 | 30659 | 30572 | 29662 | 1.29 |
|  |  |  |  |  |  |  |  | 198942 | 180416 | 7.86 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Barbri Holdings, Inc. | (4)(10) | SOFR + | 5.00% | 9.00% | 1/19/2022 | 4/30/2030 | 69387 | 68942 | 69387 | 3.02 |
| &nbsp;&nbsp;Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + | 5.50% | 9.93% | 1/19/2022 | 7/20/2028 | 33996 | 33996 | 33826 | 1.47 |
| &nbsp;&nbsp;Cengage Learning, Inc. | (11) | SOFR + | 3.50% | 7.67% | 11/22/2024 | 3/22/2031 | 21473 | 21522 | 21444 | 0.93 |
| &nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc. | (9) | SOFR + | 3.68% | 7.68% | 4/12/2022 | 7/6/2029 | 4863 | 4853 | 4901 | 0.21 |
| &nbsp;&nbsp;Express Wash Concepts, LLC | (4)(7)(11) | SOFR + | 5.00% | 9.26% | 1/19/2022 | 4/30/2027 | 24360 | 24027 | 24360 | 1.06 |
| &nbsp;&nbsp;Express Wash Concepts, LLC | (4)(11) | SOFR + | 5.00% | 9.16% | 1/19/2022 | 4/30/2027 | 28175 | 28048 | 28175 | 1.23 |
| &nbsp;&nbsp;Fugue Finance, LLC | (9) | SOFR + | 2.75% | 6.95% | 7/15/2025 | 1/9/2032 | 6438 | 6464 | 6461 | 0.28 |
| &nbsp;&nbsp;Imagine Learning, LLC | (9) | SOFR + | 3.50% | 7.66% | 2/1/2024 | 12/21/2029 | 20775 | 20768 | 18050 | 0.79 |
| &nbsp;&nbsp;KUEHG Corp. | (9) | SOFR + | 2.75% | 6.75% | 10/21/2024 | 6/12/2030 | 20498 | 20533 | 20509 | 0.89 |
| &nbsp;&nbsp;Learning Care Group US No 2, Inc. | (9) | SOFR + | 4.00% | 8.23% | 3/26/2025 | 8/11/2028 | 3702 | 3677 | 3646 | 0.16 |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.47% | 3/10/2022 | 3/12/2029 | 3860 | 3841 | 3843 | 0.17 |
| &nbsp;&nbsp;Mister Car Wash Holdings, Inc. | (8) | SOFR + | 2.50% | 6.66% | 12/6/2024 | 3/21/2031 | 9007 | 9068 | 9036 | 0.39 |
| &nbsp;&nbsp;Pre-Paid Legal Services, Inc. | (9) | SOFR + | 3.25% | 7.41% | 1/19/2022 | 12/15/2028 | 27521 | 27454 | 26076 | 1.14 |
| &nbsp;&nbsp;Spring Education Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 9/10/2025 | 10/5/2030 | 315 | 315 | 316 | 0.01 |
| &nbsp;&nbsp;University Support Services, LLC | (9) | SOFR + | 2.75% | 6.91% | 2/10/2022 | 2/10/2029 | 15253 | 15231 | 15045 | 0.66 |
|  |  |  |  |  |  |  |  | 288739 | 285075 | 12.41 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Lumen Technologies, Inc. | (14) | SOFR + | 6.00% | 10.16% | 12/18/2024 | 6/1/2028 | 10021 | 10070 | 10223 | 0.45 |
| &nbsp;&nbsp;Radiate Holdco, LLC | (10) | SOFR + | 5.00% | 9.28% (incl. 1.50% PIK) | 6/30/2025 | 9/25/2029 | 2349 | 2348 | 1903 | 0.08 |
| &nbsp;&nbsp;Zacapa, LLC | (9) | SOFR + | 3.75% | 7.75% | 10/29/2024 | 3/22/2029 | 15685 | 15768 | 15726 | 0.68 |
|  |  |  |  |  |  |  |  | 28186 | 27852 | 1.21 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;Alpha Generation, LLC | (8) | SOFR + | 2.00% | 6.16% | 7/23/2025 | 9/30/2031 | 4987 | 4990 | 4987 | 0.22 |
| &nbsp;&nbsp;Cogentrix Finance Holdco I, LLC | (8) | SOFR + | 2.25% | 6.41% | 8/7/2025 | 2/26/2032 | 7666 | 7669 | 7688 | 0.33 |
| &nbsp;&nbsp;NRG Energy, Inc. | (8) | SOFR + | 1.75% | 6.07% | 7/23/2025 | 4/16/2031 | 4987 | 4997 | 4993 | 0.22 |
|  |  |  |  |  |  |  |  | 17656 | 17668 | 0.77 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;Arcline FM Holdings, LLC | (10) | SOFR + | 3.50% | 7.58% | 3/27/2025 | 6/23/2030 | $2946 | $2944 | $2951 | 0.13% |
| &nbsp;&nbsp;Madison IAQ, LLC | (9) | SOFR + | 2.50% | 6.70% | 1/19/2022 | 6/21/2028 | 31306 | 31279 | 31368 | 1.37 |
| &nbsp;&nbsp;Madison IAQ, LLC | (9) | SOFR + | 3.25% | 7.45% | 3/28/2025 | 3/28/2032 | 7867 | 7792 | 7914 | 0.34 |
|  |  |  |  |  |  |  |  | 42015 | 42233 | 1.84 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.10% | 1/19/2022 | 12/23/2026 | 3136 | 3124 | 3073 | 0.13 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.35% | 1/19/2022 | 12/23/2026 | 804 | 802 | 788 | 0.03 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.10% | 1/19/2022 | 12/23/2026 | 10449 | 10410 | 10240 | 0.45 |
| &nbsp;&nbsp;Infinite Bidco, LLC | (9) | SOFR + | 3.75% | 8.32% | 1/19/2022 | 3/2/2028 | 2888 | 2894 | 2821 | 0.12 |
| &nbsp;&nbsp;Modena Buyer, LLC | (8) | SOFR + | 4.50% | 8.81% | 7/1/2024 | 7/1/2031 | 3077 | 3026 | 3043 | 0.13 |
|  |  |  |  |  |  |  |  | 20256 | 19965 | 0.86 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;Covia Holdings, LLC | (8) | SOFR + | 2.75% | 6.95% | 7/31/2025 | 2/26/2032 | 2826 | 2819 | 2845 | 0.12 |
| &nbsp;&nbsp;Ursa Minor US Bidco, LLC | (8) | SOFR + | 2.75% | 6.91% | 12/11/2024 | 3/26/2031 | 4963 | 5020 | 4985 | 0.22 |
|  |  |  |  |  |  |  |  | 7839 | 7830 | 0.34 |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;CE Intermediate I, LLC | (8) | SOFR + | 3.00% | 7.38% | 2/18/2025 | 3/25/2032 | 2953 | 2953 | 2961 | 0.13 |
| &nbsp;&nbsp;EOC Borrower, LLC | (8) | SOFR + | 3.00% | 7.16% | 3/31/2025 | 3/24/2032 | 14629 | 14547 | 14663 | 0.64 |
| &nbsp;&nbsp;UFC Holdings, LLC | (8) | SOFR + | 2.00% | 6.04% | 9/9/2025 | 11/21/2031 | 7525 | 7525 | 7545 | 0.33 |
|  |  |  |  |  |  |  |  | 25025 | 25169 | 1.10 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Mitchell International, Inc. | (9) | SOFR + | 3.25% | 7.41% | 6/17/2024 | 6/17/2031 | 14850 | 14840 | 14853 | 0.65 |
| &nbsp;&nbsp;Planet US Buyer, LLC | (8) | SOFR + | 3.00% | 7.20% | 11/25/2024 | 2/7/2031 | 10708 | 10801 | 10779 | 0.47 |
| &nbsp;&nbsp;Shift4 Payments, LLC | (8) | SOFR + | 2.50% | 6.50% | 7/15/2025 | 6/30/2032 | 2646 | 2639 | 2669 | 0.12 |
| &nbsp;&nbsp;Solera, LLC | (9)(18) | SOFR + | 4.00% | 8.57% | 5/16/2022 | 6/2/2028 | 16600 | 16463 | 16034 | 0.70 |
|  |  |  |  |  |  |  |  | 44743 | 44335 | 1.94 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;CHG PPC Parent, LLC | (9) | SOFR + | 3.00% | 7.28% | 11/7/2024 | 12/8/2028 | 15834 | 15899 | 15873 | 0.69 |
| &nbsp;&nbsp;Dreyers Grand Ice Cream, Inc. | (8) | SOFR + | 2.00% | 6.20% | 11/7/2024 | 9/30/2031 | 21902 | 21817 | 21770 | 0.95 |
| &nbsp;&nbsp;Froneri US, Inc. | (8) | SOFR + | 2.00% | 6.20% | 7/16/2025 | 8/2/2032 | 18266 | 18238 | 18249 | 0.79 |
| &nbsp;&nbsp;Red SPV, LLC | (8) | SOFR + | 2.25% | 6.39% | 3/13/2025 | 3/15/2032 | 7165 | 7132 | 7175 | 0.31 |
|  |  |  |  |  |  |  |  | 63086 | 63067 | 2.74 |
| **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** | **Gas Utilities** |
| &nbsp;&nbsp;CQP Holdco, LP | (9) | SOFR + | 2.00% | 6.00% | 4/4/2025 | 12/31/2030 | 3980 | 3938 | 3985 | 0.17 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;CSHC Buyerco, LLC | (4)(11) | SOFR + | 4.75% | 9.01% | 2/15/2022 | 9/8/2026 | 7227 | 7201 | 7209 | 0.31 |
| &nbsp;&nbsp;CSHC Buyerco, LLC | (4)(10) | SOFR + | 4.75% | 9.01% | 2/15/2022 | 9/8/2026 | 3441 | 3429 | 3433 | 0.15 |
| &nbsp;&nbsp;Embecta Corp. | (9) | SOFR + | 3.00% | 7.16% | 12/11/2024 | 3/30/2029 | 7276 | 7268 | 7283 | 0.32 |
| &nbsp;&nbsp;Natus Medical, Inc. | (4)(9) | SOFR + | 5.25% | 9.40% | 8/18/2022 | 7/20/2029 | 3149 | 3037 | 3146 | 0.14 |
| &nbsp;&nbsp;Resonetics, LLC | (10) | SOFR + | 2.75% | 7.06% | 7/24/2025 | 6/18/2031 | 7344 | 7391 | 7345 | 0.32 |
| &nbsp;&nbsp;WS Audiology A/S | (8) | SOFR + | 3.50% | 7.81% | 6/27/2025 | 2/28/2029 | 18873 | 18873 | 18825 | 0.82 |
|  |  |  |  |  |  |  |  | 47199 | 47241 | 2.06 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | (4)(10) | SOFR + | 6.00% | 10.26% (incl. 3.25% PIK) | 7/7/2023 | 8/2/2028 | $131731 | $131068 | $120534 | 5.25% |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.52% | 1/19/2022 | 5/7/2027 | 1683 | 1676 | 1683 | 0.07 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.48% | 1/19/2022 | 5/7/2027 | 28478 | 28347 | 28478 | 1.24 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(7)(11) | SOFR + | 6.25% | 10.37% | 1/19/2022 | 5/7/2026 | 112 | 110 | 112 | 0.00 |
| &nbsp;&nbsp;Amerivet Partners Management, Inc. | (4)(10) | SOFR + | 5.50% | 9.62% | 9/26/2022 | 2/25/2028 | 81789 | 80780 | 78313 | 3.41 |
| &nbsp;&nbsp;Canadian Hospital Specialties, Ltd. | (4)(11) | CA + | 4.50% | 7.37% | 12/20/2022 | 4/14/2028 | 29091 | 21222 | 20694 | 0.90 |
| &nbsp;&nbsp;CCBlue Bidco, Inc. | (4)(10) | SOFR + | 6.50% | 10.61% (incl. 4.00% PIK) | 1/19/2022 | 12/21/2028 | 24689 | 24507 | 20615 | 0.90 |
| &nbsp;&nbsp;CHG Healthcare Services, Inc. | (9) | SOFR + | 2.75% | 7.05% | 7/25/2025 | 9/29/2028 | 15493 | 15530 | 15515 | 0.68 |
| &nbsp;&nbsp;CNT Holdings I Corp. | (10) | SOFR + | 2.25% | 6.56% | 4/8/2025 | 11/8/2032 | 10497 | 10404 | 10502 | 0.46 |
| &nbsp;&nbsp;DCA Investment Holdings, LLC | (4)(10) | SOFR + | 6.41% | 10.41% | 1/19/2022 | 4/3/2028 | 29383 | 29252 | 26445 | 1.15 |
| &nbsp;&nbsp;Epoch Acquisition, Inc. | (4)(11) | SOFR + | 6.00% | 10.41% | 1/19/2022 | 10/4/2026 | 28284 | 28284 | 28284 | 1.23 |
| &nbsp;&nbsp;Examworks Bidco, Inc. | (9) | SOFR + | 2.75% | 6.91% | 1/19/2022 | 11/1/2028 | 24852 | 24750 | 24926 | 1.09 |
| &nbsp;&nbsp;Global Medical Response, Inc. | (8) | SOFR + | 3.50% | 7.63% | 9/10/2025 | 10/1/2032 | 38246 | 38151 | 38301 | 1.67 |
| &nbsp;&nbsp;Heartland Dental, LLC | (8) | SOFR + | 3.75% | 7.91% | 8/7/2025 | 8/25/2032 | 17886 | 17866 | 17877 | 0.78 |
| &nbsp;&nbsp;ICS US Holdings, Inc. | (9) | SOFR + | 5.25% | 9.47% | 12/20/2022 | 6/8/2028 | 35000 | 33876 | 19950 | 0.87 |
| &nbsp;&nbsp;IVI America, LLC | (8) | SOFR + | 3.25% | 7.25% | 9/11/2025 | 4/18/2031 | 493 | 493 | 496 | 0.02 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 5.00% | 9.11% | 1/19/2022 | 10/15/2026 | 25464 | 25406 | 24636 | 1.07 |
| &nbsp;&nbsp;MED ParentCo, LP | (8) | SOFR + | 3.25% | 7.41% | 10/18/2024 | 4/15/2031 | 25101 | 25101 | 25181 | 1.10 |
| &nbsp;&nbsp;Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + | 5.50% | 9.76% (incl. 4.00% PIK) | 1/19/2022 | 7/16/2030 | 21518 | 21467 | 19034 | 0.83 |
| &nbsp;&nbsp;Onex TSG Intermediate Corp. | (8) | SOFR + | 3.75% | 8.00% | 7/24/2025 | 8/6/2032 | 3079 | 3083 | 3099 | 0.14 |
| &nbsp;&nbsp;PSKW Intermediate, LLC | (4)(11) | SOFR + | 5.50% | 9.76% | 12/11/2024 | 3/9/2028 | 30785 | 30785 | 30785 | 1.34 |
| &nbsp;&nbsp;Radiology Partners, Inc. | (8) | SOFR + | 4.50% | 8.50% | 3/6/2025 | 6/30/2032 | 8825 | 8785 | 8821 | 0.38 |
| &nbsp;&nbsp;Raven Acquisition Holdings, LLC | (7)(8) | SOFR + | 3.00% | 7.16% | 10/15/2024 | 11/19/2031 | 9287 | 9285 | 9295 | 0.40 |
| &nbsp;&nbsp;Smile Doctors, LLC | (4)(7)(10) | SOFR + | 5.75% | 9.98% | 1/19/2022 | 12/23/2028 | 140793 | 139328 | 135699 | 5.91 |
| &nbsp;&nbsp;Southern Veterinary Partners, LLC | (8) | SOFR + | 2.50% | 6.82% | 7/22/2025 | 12/4/2031 | 31341 | 31467 | 31318 | 1.36 |
| &nbsp;&nbsp;WHCG Purchaser III, Inc. | (4)(10) | SOFR + | 6.50% | 10.50% (incl. 5.25% PIK) | 8/2/2024 | 6/30/2029 | 2913 | 2913 | 2913 | 0.13 |
| &nbsp;&nbsp;WHCG Purchaser III, Inc. | (4)(10)(17) |  | 10.00% | 10.00% PIK | 8/2/2024 | 6/30/2030 | 2440 | 892 | 927 | 0.04 |
|  |  |  |  |  |  |  |  | 784828 | 744433 | 32.42 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;athenahealth, Inc. | (9) | SOFR + | 2.75% | 6.91% | 3/13/2025 | 2/15/2029 | $19425 | $19237 | $19411 | 0.85% |
| &nbsp;&nbsp;Cotiviti, Inc. | (8) | SOFR + | 2.75% | 7.03% | 11/25/2024 | 5/1/2031 | 45488 | 45575 | 44762 | 1.95 |
| &nbsp;&nbsp;Gainwell Acquisition Corp. | (10) | SOFR + | 4.00% | 8.10% | 12/18/2024 | 10/1/2027 | 49571 | 48097 | 48877 | 2.13 |
| &nbsp;&nbsp;GI Ranger Intermediate, LLC | (4)(10) | SOFR + | 5.75% | 10.01% | 9/26/2022 | 10/29/2028 | 43556 | 43223 | 43556 | 1.90 |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp. | (4)(8) | SOFR + | 2.75% | 7.03% | 7/18/2025 | 3/10/2028 | 319 | 319 | 320 | 0.01 |
| &nbsp;&nbsp;Waystar Technologies, Inc. | (8) | SOFR + | 2.00% | 6.16% | 8/6/2025 | 10/22/2029 | 6629 | 6606 | 6641 | 0.29 |
|  |  |  |  |  |  |  |  | 163057 | 163567 | 7.13 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;Alterra Mountain, Co. | (8) | SOFR + | 2.50% | 6.66% | 7/23/2025 | 8/17/2028 | 5479 | 5479 | 5495 | 0.24 |
| &nbsp;&nbsp;Alterra Mountain, Co. | (8) | SOFR + | 2.50% | 6.66% | 7/18/2025 | 8/17/2028 | 1456 | 1456 | 1461 | 0.06 |
| &nbsp;&nbsp;Bally's Corp. | (9) | SOFR + | 3.25% | 7.84% | 8/13/2025 | 10/2/2028 | 11969 | 11869 | 11655 | 0.51 |
| &nbsp;&nbsp;FanDuel Group Financing, LLC | (9) | SOFR + | 1.75% | 5.75% | 4/8/2025 | 11/30/2030 | 6633 | 6499 | 6623 | 0.29 |
| &nbsp;&nbsp;Flutter Entertainment PLC | (8) | SOFR + | 2.00% | 6.00% | 7/24/2025 | 6/4/2032 | 726 | 724 | 727 | 0.03 |
| &nbsp;&nbsp;Flynn Restaurant Group, LP | (8) | SOFR + | 3.75% | 7.91% | 3/11/2025 | 1/28/2032 | 24935 | 24493 | 25003 | 1.09 |
| &nbsp;&nbsp;IRB Holding Corp. | (10) | SOFR + | 2.50% | 6.66% | 12/11/2024 | 12/15/2027 | 19875 | 19931 | 19901 | 0.87 |
| &nbsp;&nbsp;Life Time, Inc. | (8) | SOFR + | 2.00% | 6.25% | 8/14/2025 | 11/5/2031 | 19900 | 20002 | 19907 | 0.87 |
| &nbsp;&nbsp;Mic Glen, LLC | (9) | SOFR + | 3.25% | 7.41% | 7/29/2025 | 7/21/2028 | 595 | 595 | 599 | 0.03 |
| &nbsp;&nbsp;Motion Finco, LLC | (8) | SOFR + | 3.50% | 7.50% | 3/13/2025 | 11/12/2029 | 4963 | 4895 | 4470 | 0.19 |
| &nbsp;&nbsp;New Red Finance, Inc. | (8) | SOFR + | 1.75% | 5.91% | 3/13/2025 | 9/12/2030 | 14095 | 13978 | 14066 | 0.61 |
| &nbsp;&nbsp;Scientific Games Holdings, LP | (9) | SOFR + | 3.00% | 7.29% | 6/11/2024 | 4/4/2029 | 14820 | 14809 | 14715 | 0.64 |
| &nbsp;&nbsp;Tacala Investment Corp. | (10) | SOFR + | 3.00% | 7.16% | 9/16/2025 | 1/31/2031 | 4950 | 4986 | 4978 | 0.22 |
| &nbsp;&nbsp;Voyager Parent, LLC | (8) | SOFR + | 4.75% | 8.75% | 7/18/2025 | 7/1/2032 | 24600 | 23855 | 24680 | 1.07 |
| &nbsp;&nbsp;Whatabrands, LLC | (9) | SOFR + | 2.50% | 6.66% | 12/11/2024 | 8/3/2028 | 33916 | 33951 | 33981 | 1.48 |
|  |  |  |  |  |  |  |  | 187522 | 188261 | 8.20 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc. | (9) | SOFR + | 3.00% | 7.28% | 12/5/2024 | 7/31/2028 | 34261 | 34222 | 34367 | 1.50 |
| &nbsp;&nbsp;Madison Safety & Flow, LLC | (4)(8) | SOFR + | 2.75% | 6.91% | 9/25/2025 | 9/26/2031 | 8390 | 8390 | 8390 | 0.37 |
| &nbsp;&nbsp;Weber-Stephen Products, LLC | (8) | SOFR + | 3.75% | 7.74% | 9/17/2025 | 10/1/2032 | 3864 | 3826 | 3829 | 0.17 |
|  |  |  |  |  |  |  |  | 46438 | 46586 | 2.04 |
| **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** |
| &nbsp;&nbsp;Calpine, Corp. | (8) | SOFR + | 1.75% | 5.91% | 12/12/2024 | 1/31/2031 | 2894 | 2891 | 2894 | 0.13 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;Bettcher Industries, Inc. | (4)(9) | SOFR + | 4.00% | 8.00% | 9/19/2025 | 12/14/2028 | 4336 | 4325 | 4358 | 0.19 |
| &nbsp;&nbsp;Engineered Machinery Holdings, Inc. | (10) | SOFR + | 3.50% | 7.76% | 6/7/2022 | 5/19/2028 | 3860 | 3793 | 3886 | 0.17 |
|  |  |  |  |  |  |  |  | 8118 | 8244 | 0.36 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;Alliant Holdings Intermediate, LLC | (8) | SOFR + | 2.50% | 6.67% | 7/31/2025 | 9/19/2031 | $9344 | $9222 | $9328 | 0.41% |
| &nbsp;&nbsp;AmWINS Group, Inc. | (10) | SOFR + | 2.25% | 6.25% | 11/7/2024 | 1/30/2032 | 26219 | 26089 | 26236 | 1.14 |
| &nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC | (8) | SOFR + | 2.50% | 6.64% | 9/12/2025 | 5/26/2031 | 7175 | 7162 | 7190 | 0.31 |
| &nbsp;&nbsp;BroadStreet Partners, Inc. | (8) | SOFR + | 2.75% | 6.91% | 6/14/2024 | 6/14/2031 | 45471 | 45579 | 45565 | 1.98 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(10) | SOFR + | 4.75% | 8.75% | 9/26/2022 | 10/29/2030 | 74672 | 74200 | 74672 | 3.25 |
| &nbsp;&nbsp;HUB International, Ltd. | (8) | SOFR + | 2.25% | 6.58% | 11/25/2024 | 6/20/2030 | 23847 | 23981 | 23909 | 1.04 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 3.50% | 7.66% | 11/22/2024 | 4/18/2030 | 14684 | 14757 | 14688 | 0.64 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 2.75% | 6.91% | 8/4/2025 | 2/15/2031 | 13458 | 13552 | 13474 | 0.59 |
| &nbsp;&nbsp;OneDigital Borrower, LLC | (9) | SOFR + | 3.00% | 7.16% | 11/19/2024 | 7/2/2031 | 19455 | 19552 | 19480 | 0.85 |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (4)(10) | SOFR + | 5.00% | 9.15% | 9/26/2022 | 10/16/2028 | 61885 | 60866 | 61885 | 2.70 |
| &nbsp;&nbsp;TIH Insurance Holdings, LLC | (8) | SOFR + | 2.75% | 6.75% | 12/6/2024 | 5/6/2031 | 10000 | 10073 | 10016 | 0.44 |
| &nbsp;&nbsp;Trucordia Insurance Holdings, LLC | (8) | SOFR + | 3.25% | 7.41% | 6/17/2025 | 6/17/2032 | 6535 | 6519 | 6559 | 0.29 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.25% | 12/23/2024 | 11/22/2029 | 23534 | 23574 | 23531 | 1.02 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.25% | 12/23/2024 | 9/29/2030 | 24800 | 24859 | 24795 | 1.08 |
|  |  |  |  |  |  |  |  | 359985 | 361328 | 15.74 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;Creative Artists Agency, LLC | (8) | SOFR + | 2.50% | 6.66% | 7/23/2025 | 10/1/2031 | 10000 | 10033 | 10026 | 0.44 |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | (8) | SOFR + | 2.75% | 7.07% | 7/16/2024 | 7/16/2031 | 26649 | 26745 | 26606 | 1.16 |
| &nbsp;&nbsp;TripAdvisor, Inc. | (8) | SOFR + | 2.75% | 6.91% | 3/27/2025 | 7/8/2031 | 4274 | 4218 | 4199 | 0.18 |
|  |  |  |  |  |  |  |  | 40996 | 40831 | 1.78 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Ahead DB Holdings, LLC | (10) | SOFR + | 2.75% | 6.75% | 8/2/2024 | 2/1/2031 | 8923 | 8930 | 8944 | 0.39 |
| &nbsp;&nbsp;Fortress Intermediate 3, Inc. | (8) | SOFR + | 3.00% | 7.25% | 7/2/2025 | 6/27/2031 | 5258 | 5295 | 5291 | 0.23 |
| &nbsp;&nbsp;Go Daddy Operating Co, LLC | (8) | SOFR + | 1.75% | 5.91% | 7/23/2025 | 11/9/2029 | 4987 | 4999 | 4987 | 0.22 |
| &nbsp;&nbsp;Informatica, LLC | (8) | SOFR + | 2.25% | 6.41% | 11/7/2024 | 10/27/2028 | 9897 | 9936 | 9928 | 0.43 |
| &nbsp;&nbsp;Newfold Digital Holdings Group, Inc. | (4)(10)(17) | SOFR + | 3.50% | 7.84% | 1/19/2022 | 2/10/2028 | 4334 | 4292 | 3142 | 0.14 |
| &nbsp;&nbsp;Razor Holdco, LLC | (4)(10) | SOFR + | 5.75% | 10.05% | 1/19/2022 | 10/25/2027 | 13016 | 12923 | 13016 | 0.57 |
| &nbsp;&nbsp;Virtusa Corp. | (10) | SOFR + | 3.25% | 7.41% | 6/21/2024 | 2/15/2029 | 30583 | 30733 | 30277 | 1.32 |
| &nbsp;&nbsp;World Wide Technology Holding Co, LLC | (9) | SOFR + | 2.00% | 6.16% | 7/23/2025 | 3/1/2030 | 4988 | 5000 | 5009 | 0.22 |
|  |  |  |  |  |  |  |  | 82108 | 80594 | 3.52 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Parexel International, Inc. | (9) | SOFR + | 2.50% | 6.66% | 3/3/2025 | 11/15/2028 | 13869 | 13941 | 13897 | 0.61 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Machinery** | | | | | | | | | | |
| &nbsp;&nbsp;Chart Industries, Inc. | (9) | SOFR + | 2.50% | 6.79% | 11/13/2024 | 3/16/2030 | $7620 | $7681 | $7673 | 0.33% |
| &nbsp;&nbsp;EMRLD Borrower, LP | (8) | SOFR + | 2.25% | 6.12% | 8/11/2025 | 8/4/2031 | 4988 | 4988 | 4971 | 0.22 |
| &nbsp;&nbsp;Gates Corp. | (9) | SOFR + | 1.75% | 5.91% | 7/23/2025 | 6/4/2031 | 4987 | 4990 | 4987 | 0.22 |
| &nbsp;&nbsp;LSF11 Trinity Bidco, Inc. | (8) | SOFR + | 2.50% | 6.65% | 9/11/2025 | 6/15/2030 | 1212 | 1212 | 1214 | 0.05 |
| &nbsp;&nbsp;Pro Mach Group, Inc. | (11) | SOFR + | 2.75% | 6.91% | 2/7/2025 | 8/31/2028 | 10224 | 10228 | 10255 | 0.45 |
| &nbsp;&nbsp;SPX Flow, Inc. | (9) | SOFR + | 2.75% | 6.91% | 8/1/2025 | 4/5/2029 | 7952 | 7995 | 7998 | 0.35 |
| &nbsp;&nbsp;Titan Co-Borrower, LLC | (8) | SOFR + | 3.75% | 7.74% | 11/19/2024 | 2/15/2029 | 9129 | 9173 | 9164 | 0.40 |
| &nbsp;&nbsp;Victory Buyer, LLC | (9) | SOFR + | 3.75% | 8.03% | 1/19/2022 | 11/19/2028 | 9677 | 9387 | 9721 | 0.42 |
|  |  |  |  |  |  |  |  | 55654 | 55983 | 2.44 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;ABG Intermediate Holdings 2, LLC | (8) | SOFR + | 2.25% | 6.41% | 4/8/2025 | 2/13/2032 | 10211 | 10056 | 10209 | 0.44 |
| &nbsp;&nbsp;McGraw-Hill Education, Inc. | (10) | SOFR + | 2.75% | 6.91% | 9/4/2025 | 8/6/2031 | 3031 | 3071 | 3036 | 0.13 |
| &nbsp;&nbsp;MJH Healthcare Holdings, LLC | (8) | SOFR + | 2.75% | 6.91% | 7/18/2025 | 1/29/2029 | 10980 | 11004 | 10963 | 0.48 |
| &nbsp;&nbsp;Prodege International Holdings, LLC | (4)(10) | SOFR + | 5.75% | 9.92% | 1/19/2022 | 12/15/2027 | 20572 | 20436 | 16817 | 0.73 |
| &nbsp;&nbsp;Wasserman Media Group, LLC | (8) | SOFR + | 3.00% | 7.16% | 6/12/2025 | 6/23/2032 | 1665 | 1657 | 1673 | 0.07 |
|  |  |  |  |  |  |  |  | 46224 | 42698 | 1.85 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;Novelis Holdings, Inc. | (8) | SOFR + | 1.75% | 5.75% | 3/11/2025 | 3/11/2032 | 3876 | 3876 | 3887 | 0.17 |
| &nbsp;&nbsp;SCIH Salt Holdings, Inc. | (10) | SOFR + | 3.00% | 7.20% | 1/19/2022 | 1/31/2029 | 27874 | 27956 | 27935 | 1.22 |
|  |  |  |  |  |  |  |  | 31832 | 31822 | 1.39 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
| &nbsp;&nbsp;KREF Holdings X, LLC | (8) | SOFR + | 2.50% | 6.68% | 8/14/2025 | 3/5/2032 | 4630 | 4626 | 4628 | 0.20 |
| &nbsp;&nbsp;Starwood Property Mortgage, LLC | (8) | SOFR + | 2.00% | 6.16% | 7/24/2025 | 1/2/2030 | 2736 | 2730 | 2741 | 0.12 |
| &nbsp;&nbsp;Starwood Property Mortgage, LLC | (9) | SOFR + | 2.25% | 6.41% | 8/14/2025 | 9/24/2032 | 9405 | 9408 | 9432 | 0.41 |
|  |  |  |  |  |  |  |  | 16764 | 16801 | 0.73 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Freeport LNG Investments, LLLP | (9) | SOFR + | 3.25% | 7.58% | 1/10/2025 | 12/21/2028 | 17872 | 17859 | 17902 | 0.78 |
| &nbsp;&nbsp;StonePeak Bayou Holdings, LP | (4)(8) | SOFR + | 2.75% | 6.75% | 9/24/2025 | 10/1/2032 | 3265 | 3249 | 3265 | 0.14 |
| &nbsp;&nbsp;TransMontaigne Operating Co, LP | (9) | SOFR + | 2.50% | 6.66% | 7/25/2025 | 11/17/2028 | 1959 | 1959 | 1963 | 0.09 |
| &nbsp;&nbsp;WhiteWater Matterhorn Holdings, LLC | (8) | SOFR + | 2.25% | 6.25% | 6/16/2025 | 6/16/2032 | 1562 | 1555 | 1563 | 0.07 |
|  |  |  |  |  |  |  |  | 24622 | 24693 | 1.08 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |
| &nbsp;&nbsp;Profile Products, LLC | (4)(10) | SOFR + | 5.50% | 9.92% | 9/26/2022 | 11/12/2027 | $73964 | $73330 | $73039 | 3.18% |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Elanco Animal Health, Inc. | (8) | SOFR + | 1.75% | 6.13% | 7/23/2025 | 8/1/2027 | 4594 | 4596 | 4594 | 0.20 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;AG Group Holdings, Inc. | (9) | SOFR + | 4.25% | 8.41% | 4/22/2024 | 12/29/2028 | 2746 | 2741 | 2439 | 0.11 |
| &nbsp;&nbsp;AlixPartners, LLP | (9) | SOFR + | 2.00% | 6.16% | 7/31/2025 | 8/12/2032 | 7061 | 7056 | 7022 | 0.31 |
| &nbsp;&nbsp;Amspec Parent, LLC | (7)(8) | SOFR + | 3.50% | 7.50% | 12/20/2024 | 12/22/2031 | 7984 | 7984 | 7936 | 0.35 |
| &nbsp;&nbsp;Ankura Consulting Group, LLC | (10) | SOFR + | 3.50% | 7.66% | 12/17/2024 | 12/17/2031 | 1493 | 1490 | 1485 | 0.06 |
| &nbsp;&nbsp;Ascensus Group Holdings, Inc. | (9) | SOFR + | 3.00% | 7.16% | 12/13/2024 | 8/2/2028 | 21585 | 21623 | 21594 | 0.94 |
| &nbsp;&nbsp;Berkeley Research Group Holdings, LLC | (8) | SOFR + | 3.25% | 7.25% | 5/1/2025 | 5/1/2032 | 15000 | 14788 | 15052 | 0.66 |
| &nbsp;&nbsp;Camelot US Acquisition, LLC | (8) | SOFR + | 2.75% | 6.91% | 1/31/2024 | 1/31/2031 | 21746 | 21618 | 21637 | 0.94 |
| &nbsp;&nbsp;Cast & Crew Payroll, LLC | (9) | SOFR + | 3.75% | 7.91% | 1/19/2022 | 12/29/2028 | 36473 | 35640 | 33131 | 1.44 |
| &nbsp;&nbsp;CFGI Holdings, LLC | (4)(10) | SOFR + | 4.50% | 8.66% | 9/26/2022 | 11/2/2027 | 102458 | 102458 | 102458 | 4.46 |
| &nbsp;&nbsp;CohnReznick Advisory, LLC | (7)(8) | SOFR + | 3.50% | 7.50% | 3/26/2025 | 3/31/2032 | 14727 | 14643 | 14784 | 0.64 |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 4.50% | 8.78% | 12/6/2024 | 11/6/2028 | 1425 | 1423 | 1326 | 0.06 |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 3.50% | 7.78% | 1/19/2022 | 11/6/2028 | 3378 | 3374 | 3189 | 0.14 |
| &nbsp;&nbsp;First Advantage Holdings, LLC | (8) | SOFR + | 2.75% | 6.91% | 7/24/2025 | 10/31/2031 | 4896 | 4908 | 4790 | 0.21 |
| &nbsp;&nbsp;Genuine Financial Holdings, LLC | (8) | SOFR + | 3.25% | 7.41% | 6/28/2024 | 9/27/2030 | 17820 | 17824 | 16461 | 0.72 |
| &nbsp;&nbsp;Grant Thornton Advisors, LLC | (8) | SOFR + | 3.00% | 7.16% | 5/22/2025 | 6/2/2031 | 7169 | 7174 | 7167 | 0.31 |
| &nbsp;&nbsp;Grant Thornton Advisors, LLC | (8) | SOFR + | 2.50% | 6.66% | 8/22/2025 | 6/2/2031 | 9975 | 9973 | 9927 | 0.43 |
| &nbsp;&nbsp;Inmar, Inc. | (8) | SOFR + | 4.50% | 8.66% | 9/12/2025 | 10/30/2031 | 1245 | 1242 | 1246 | 0.05 |
| &nbsp;&nbsp;Kwor Acquisition, Inc. | (4)(7)(11) | SOFR + | 6.25% | 10.45% (incl. 5.25% PIK) | 2/28/2025 | 2/28/2030 | 43159 | 42649 | 43113 | 1.88 |
| &nbsp;&nbsp;Mermaid Bidco, Inc. | (8) | SOFR + | 3.25% | 7.57% | 6/26/2025 | 7/3/2031 | 2627 | 2620 | 2627 | 0.11 |
| &nbsp;&nbsp;Ryan, LLC | (9) | SOFR + | 3.50% | 7.66% | 3/3/2025 | 11/14/2030 | 13869 | 13956 | 13914 | 0.61 |
| &nbsp;&nbsp;Secretariat Advisors, LLC | (7)(8) | SOFR + | 4.00% | 8.00% | 2/24/2025 | 2/28/2032 | 2486 | 2475 | 2495 | 0.11 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (8) | SOFR + | 2.50% | 6.66% | 2/24/2023 | 7/31/2031 | 34408 | 34555 | 34403 | 1.50 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + | 4.25% | 8.48% | 9/26/2022 | 6/29/2029 | 117705 | 117141 | 117705 | 5.13 |
| &nbsp;&nbsp;VT Topco, Inc. | (9) | SOFR + | 3.00% | 7.16% | 12/17/2024 | 8/9/2030 | 4950 | 4999 | 4806 | 0.21 |
| &nbsp;&nbsp;West Monroe Partners, LLC | (4)(7)(10) | SOFR + | 4.75% | 8.88% | 1/19/2022 | 11/8/2028 | 28527 | 28267 | 28242 | 1.23 |
|  |  |  |  |  |  |  |  | 522621 | 518949 | 22.61 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Auctane, Inc. | (4)(10) | SOFR + | 5.75% | 10.14% | 1/19/2022 | 10/5/2028 | $58200 | $57665 | $57182 | 2.49% |
| &nbsp;&nbsp;Avalara, Inc. | (8) | SOFR + | 2.75% | 6.87% | 9/12/2025 | 3/26/2032 | 31958 | 31813 | 32007 | 1.39 |
| &nbsp;&nbsp;BEP Intermediate Holdco, LLC | (8) | SOFR + | 2.75% | 6.91% | 7/10/2025 | 4/25/2031 | 364 | 364 | 366 | 0.02 |
| &nbsp;&nbsp;Boost Newco Borrower, LLC | (8) | SOFR + | 2.00% | 6.00% | 4/10/2025 | 1/31/2031 | 2985 | 2943 | 2993 | 0.13 |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 3.00% | 7.20% | 7/30/2024 | 7/30/2031 | 45099 | 44946 | 45078 | 1.96 |
| &nbsp;&nbsp;Capstone Borrower, Inc. | (8) | SOFR + | 2.75% | 6.75% | 7/23/2025 | 6/17/2030 | 9975 | 9994 | 9971 | 0.43 |
| &nbsp;&nbsp;CDK Global, Inc. | (8) | SOFR + | 3.25% | 7.25% | 12/11/2024 | 7/6/2029 | 49792 | 47042 | 43196 | 1.88 |
| &nbsp;&nbsp;Clearwater Analytics, LLC | (8) | SOFR + | 2.25% | 6.46% | 4/24/2025 | 4/21/2032 | 1383 | 1383 | 1388 | 0.06 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 8/7/2025 | 3/21/2031 | 37143 | 37279 | 37326 | 1.63 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 8/7/2025 | 8/13/2032 | 3492 | 3492 | 3506 | 0.15 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 3.75% | 8.01% | 1/19/2022 | 10/8/2028 | 14190 | 14061 | 13998 | 0.61 |
| &nbsp;&nbsp;Confine Visual Bidco | (4)(8) | SOFR + | 5.75% | 9.87% | 9/26/2022 | 2/23/2029 | 31746 | 31251 | 25476 | 1.11 |
| &nbsp;&nbsp;Confine Visual Bidco | (4)(8) | SOFR + | 5.75% | 9.87% | 9/26/2022 | 2/23/2029 | 758 | 757 | 608 | 0.03 |
| &nbsp;&nbsp;ConnectWise, LLC | (9) | SOFR + | 3.50% | 7.76% | 1/19/2022 | 9/29/2028 | 14228 | 14300 | 14273 | 0.62 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc. | (9) | SOFR + | 3.75% | 8.03% | 2/20/2025 | 10/16/2028 | 29794 | 27446 | 28775 | 1.25 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 2.75% | 7.02% | 11/25/2024 | 11/30/2029 | 49693 | 49575 | 49218 | 2.14 |
| &nbsp;&nbsp;Disco Parent, Inc. | (8) | SOFR + | 3.25% | 7.48% | 8/1/2025 | 8/6/2032 | 3463 | 3454 | 3480 | 0.15 |
| &nbsp;&nbsp;ECI Macola Max Holding, LLC | (10) | SOFR + | 2.75% | 6.75% | 7/10/2025 | 5/9/2030 | 26555 | 26739 | 26588 | 1.16 |
| &nbsp;&nbsp;Epicor Software Corp. | (10) | SOFR + | 2.50% | 6.66% | 5/30/2024 | 5/30/2031 | 15773 | 15812 | 15811 | 0.69 |
| &nbsp;&nbsp;EverCommerce Solutions, Inc. | (9) | SOFR + | 2.25% | 6.41% | 7/24/2025 | 7/7/2031 | 562 | 562 | 561 | 0.02 |
| &nbsp;&nbsp;Facile.It Broker Di Assicurazioni S.p.A | (4)(11) | E + | 4.75% | 6.75% | 9/26/2025 | 12/23/2029 | 10000 | 11648 | 11741 | 0.51 |
| &nbsp;&nbsp;Flash Charm, Inc. | (10) | SOFR + | 3.50% | 7.80% | 6/11/2024 | 3/2/2028 | 9012 | 9000 | 7930 | 0.35 |
| &nbsp;&nbsp;Gen Digital, Inc. | (9) | SOFR + | 1.75% | 5.91% | 6/5/2024 | 9/12/2029 | 7537 | 7546 | 7524 | 0.33 |
| &nbsp;&nbsp;Gen Digital, Inc. | (9) | SOFR + | 1.75% | 5.91% | 4/3/2025 | 2/13/2032 | 11970 | 11818 | 11934 | 0.52 |
| &nbsp;&nbsp;Genesys Cloud Services, Inc. | (8) | SOFR + | 2.50% | 6.66% | 9/26/2024 | 1/30/2032 | 30355 | 30079 | 30200 | 1.32 |
| &nbsp;&nbsp;HS Purchaser, LLC | (10) | SOFR + | 3.75% | 8.16% | 1/19/2022 | 11/19/2026 | 3051 | 3047 | 2892 | 0.13 |
| &nbsp;&nbsp;Icon Parent, Inc. | (8) | SOFR + | 2.75% | 6.75% | 8/14/2025 | 11/13/2031 | 29925 | 30056 | 29917 | 1.30 |
| &nbsp;&nbsp;ION Trading Finance, Ltd. | (8) | SOFR + | 3.50% | 7.50% | 12/10/2024 | 4/1/2028 | 31077 | 31131 | 31111 | 1.36 |
| &nbsp;&nbsp;Javelin Buyer, Inc. | (8) | SOFR + | 2.75% | 7.06% | 7/24/2025 | 12/5/2031 | 30443 | 30707 | 30443 | 1.33 |
| &nbsp;&nbsp;KnowBe4, Inc. | (8) | SOFR + | 3.75% | 8.06% | 7/22/2025 | 7/23/2032 | 15000 | 14963 | 15038 | 0.65 |
| &nbsp;&nbsp;LD Lower Holdings, Inc. | (4)(11) | SOFR + | 7.50% | 11.60% | 1/19/2022 | 8/9/2027 | 13547 | 13523 | 12125 | 0.53 |
| &nbsp;&nbsp;Magenta Security Holdings, LLC | (11) | SOFR + | 6.25% | 10.56% | 8/14/2024 | 7/27/2028 | 292 | 284 | 297 | 0.01 |
| &nbsp;&nbsp;Magenta Security Holdings, LLC | (10)(18) | SOFR + | 6.75% | 11.32% | 8/14/2024 | 7/27/2028 | 829 | 799 | 682 | 0.03 |
| &nbsp;&nbsp;McAfee Corp. | (9) | SOFR + | 3.00% | 7.22% | 5/31/2024 | 3/1/2029 | 26085 | 26066 | 24993 | 1.09 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Medallia, Inc. | (4)(10) | SOFR + | 6.50% | 10.47% (incl. 4.00% PIK) | 1/19/2022 | 10/29/2028 | $52108 | $51715 | $42859 | 1.87% |
| &nbsp;&nbsp;Mitnick Purchaser, Inc. | (9)(18) | SOFR + | 4.75% | 9.16% | 4/20/2022 | 5/2/2029 | 4850 | 4838 | 3544 | 0.15 |
| &nbsp;&nbsp;Mitratech Holdings, Inc. | (4)(10) | SOFR + | 5.00% | 9.41% | 8/9/2022 | 5/18/2028 | 26813 | 26196 | 26813 | 1.17 |
| &nbsp;&nbsp;Mitratech Holdings, Inc. | (10) | SOFR + | 4.25% | 8.82% | 4/5/2023 | 5/18/2028 | 14663 | 14285 | 14727 | 0.64 |
| &nbsp;&nbsp;Monk Holding, Co. | (4)(10)(18) | SOFR + | 5.50% | 9.60% | 1/19/2022 | 12/1/2027 | 106839 | 105860 | 106839 | 4.65 |
| &nbsp;&nbsp;Monk Holding, Co. | (4)(7)(10) | SOFR + | 5.50% | 9.60% | 1/19/2022 | 12/1/2027 | 3525 | 3504 | 3525 | 0.15 |
| &nbsp;&nbsp;MRI Software, LLC | (11) | SOFR + | 4.75% | 8.75% | 9/26/2022 | 2/10/2027 | 9890 | 9796 | 9871 | 0.43 |
| &nbsp;&nbsp;Nintex Topco, Limited | (4)(8) | SOFR + | 6.00% | 10.01% (incl. 1.50% PIK) | 1/19/2022 | 11/13/2028 | 32787 | 32479 | 29755 | 1.30 |
| &nbsp;&nbsp;Perforce Software, Inc. | (8) | SOFR + | 4.75% | 8.91% | 12/18/2024 | 7/1/2029 | 10713 | 10565 | 9890 | 0.43 |
| &nbsp;&nbsp;Planview Parent, Inc. | (8) | SOFR + | 3.50% | 7.50% | 12/17/2024 | 12/17/2027 | 3663 | 3606 | 3615 | 0.16 |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (9) | SOFR + | 3.25% | 7.25% | 11/26/2024 | 10/28/2030 | 20552 | 20505 | 20633 | 0.90 |
| &nbsp;&nbsp;Project Leopard Holdings, Inc. | (9) | SOFR + | 5.25% | 9.66% | 12/19/2024 | 7/20/2029 | 19844 | 18125 | 17955 | 0.78 |
| &nbsp;&nbsp;Proofpoint, Inc. | (9) | SOFR + | 3.00% | 7.16% | 5/28/2024 | 8/31/2028 | 24603 | 24680 | 24730 | 1.08 |
| &nbsp;&nbsp;Pushpay USA, Inc. | (8) | SOFR + | 3.75% | 7.75% | 8/6/2025 | 8/15/2031 | 996 | 996 | 1004 | 0.04 |
| &nbsp;&nbsp;Quartz Acquireco, LLC | (8) | SOFR + | 2.25% | 6.25% | 4/11/2025 | 6/28/2030 | 1865 | 1844 | 1864 | 0.08 |
| &nbsp;&nbsp;Rithum Holdings, Inc. | (8) | SOFR + | 4.75% | 8.75% | 7/2/2025 | 7/21/2032 | 11000 | 10787 | 11010 | 0.48 |
| &nbsp;&nbsp;Rocket Software, Inc. | (9) | SOFR + | 3.75% | 7.91% | 10/5/2023 | 11/28/2028 | 25939 | 25760 | 26026 | 1.13 |
| &nbsp;&nbsp;Skopima Consilio Parent, LLC | (9) | SOFR + | 3.75% | 7.91% | 12/18/2024 | 5/12/2028 | 27175 | 27200 | 23158 | 1.01 |
| &nbsp;&nbsp;Sophos Holdings, LLC | (8) | SOFR + | 3.50% | 7.78% | 1/19/2022 | 3/5/2027 | 19100 | 19092 | 19149 | 0.83 |
| &nbsp;&nbsp;Sovos Compliance, LLC | (8) | SOFR + | 3.25% | 7.41% | 7/24/2025 | 8/12/2029 | 15442 | 15403 | 15484 | 0.67 |
| &nbsp;&nbsp;Starlight Parent, LLC | (8) | SOFR + | 4.00% | 8.03% | 4/16/2025 | 4/16/2032 | 46128 | 45039 | 45379 | 1.98 |
| &nbsp;&nbsp;Storable, Inc. | (8) | SOFR + | 3.25% | 7.41% | 3/10/2025 | 4/16/2031 | 2335 | 2332 | 2346 | 0.10 |
| &nbsp;&nbsp;Tangerine Bidco S.p.A | (4)(8) | E + | 6.00% | 8.04% | 12/17/2022 | 12/30/2029 | 69750 | 72758 | 81890 | 3.57 |
| &nbsp;&nbsp;Triple Lift, Inc. | (4)(7)(10) | SOFR + | 5.75% | 9.90% | 1/19/2022 | 5/5/2028 | 58324 | 58044 | 53487 | 2.33 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 4.00% | 8.57% | 1/19/2022 | 4/24/2028 | 12102 | 11835 | 11727 | 0.51 |
| &nbsp;&nbsp;VS Buyer, LLC | (8) | SOFR + | 2.25% | 6.56% | 7/25/2025 | 4/12/2031 | 14925 | 15080 | 14934 | 0.65 |
| &nbsp;&nbsp;XPLOR T1, LLC | (4)(8) | SOFR + | 3.50% | 7.50% | 12/11/2024 | 6/24/2031 | 4950 | 5012 | 4956 | 0.22 |
| &nbsp;&nbsp;Zodiac Purchaser, LLC | (8) | SOFR + | 3.50% | 7.66% | 12/13/2024 | 2/14/2032 | 19000 | 18935 | 18903 | 0.82 |
|  |  |  |  |  |  |  |  | 1297816 | 1274701 | 55.51 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;CustomInk, LLC | (4)(11)(18) | SOFR + | 5.98% | 10.29% | 1/19/2022 | 5/3/2028 | $36866 | $36803 | $36866 | 1.61% |
| &nbsp;&nbsp;EG America, LLC | (8) | SOFR + | 3.50% | 7.70% | 7/18/2025 | 2/7/2028 | 6981 | 7005 | 7030 | 0.31 |
| &nbsp;&nbsp;Great Outdoors Group, LLC | (10) | SOFR + | 3.25% | 7.41% | 1/23/2025 | 1/23/2032 | 2552 | 2541 | 2554 | 0.11 |
| &nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (10) | SOFR + | 3.00% | 7.20% | 11/19/2024 | 5/4/2028 | 25083 | 25135 | 25109 | 1.09 |
| &nbsp;&nbsp;MillerKnoll, Inc. | (8) | SOFR + | 2.25% | 6.41% | 7/23/2025 | 8/9/2032 | 4031 | 4028 | 4030 | 0.18 |
| &nbsp;&nbsp;StubHub Holdco Sub, LLC | (8) | SOFR + | 4.75% | 8.91% | 3/15/2024 | 3/15/2030 | 7377 | 7425 | 7331 | 0.32 |
|  |  |  |  |  |  |  |  | 82937 | 82920 | 3.62 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;Sandisk, Corp. | (8) | SOFR + | 3.00% | 7.14% | 12/13/2024 | 2/20/2032 | 18323 | 18121 | 18380 | 0.80 |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
| &nbsp;&nbsp;Champ Acquisition Corp. | (8) | SOFR + | 4.00% | 8.17% | 11/8/2024 | 11/25/2031 | 665 | 660 | 672 | 0.03 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;BCPE Empire Holdings, Inc. | (9) | SOFR + | 3.25% | 7.41% | 3/4/2025 | 12/11/2030 | 2714 | 2711 | 2712 | 0.12 |
| &nbsp;&nbsp;FCG Acquisitions, Inc. | (9) | SOFR + | 3.25% | 7.41% | 2/11/2025 | 3/31/2028 | 16094 | 16083 | 16150 | 0.70 |
| &nbsp;&nbsp;Foundation Building Materials, Inc. | (9) | SOFR + | 3.25% | 7.82% | 1/19/2022 | 1/31/2028 | 3353 | 3302 | 3361 | 0.15 |
| &nbsp;&nbsp;Hillman Group, Inc. | (9) | SOFR + | 2.00% | 6.14% | 11/7/2024 | 7/14/2028 | 3947 | 3952 | 3955 | 0.17 |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | SOFR + | 3.25% | 7.25% | 1/19/2022 | 12/22/2031 | 6015 | 5989 | 6062 | 0.26 |
| &nbsp;&nbsp;Johnstone Supply, LLC | (8) | SOFR + | 2.50% | 6.64% | 12/12/2024 | 6/9/2031 | 11296 | 11358 | 11289 | 0.49 |
| &nbsp;&nbsp;Kodiak BP, LLC | (8) | SOFR + | 3.75% | 7.75% | 1/19/2022 | 12/4/2031 | 13599 | 13588 | 13557 | 0.59 |
| &nbsp;&nbsp;Paramount Global Surfaces, Inc. | (4)(11) | SOFR + | 6.00% | 10.26% | 1/19/2022 | 4/30/2027 | 8555 | 8505 | 6566 | 0.29 |
| &nbsp;&nbsp;Park River Holdings, Inc. | (10) | SOFR + | 3.25% | 7.80% | 1/19/2022 | 12/28/2027 | 3308 | 3285 | 3313 | 0.14 |
| &nbsp;&nbsp;QXO Building Products, Inc. | (8) | SOFR + | 3.00% | 7.16% | 4/23/2025 | 4/30/2032 | 2651 | 2626 | 2676 | 0.12 |
| &nbsp;&nbsp;White Cap Buyer, LLC | (8) | SOFR + | 3.25% | 7.42% | 6/13/2024 | 10/19/2029 | 16808 | 16842 | 16831 | 0.73 |
|  |  |  |  |  |  |  |  | 88241 | 86472 | 3.76 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Apple Bidco, LLC | (8) | SOFR + | 2.50% | 6.66% | 6/7/2022 | 9/23/2031 | 30565 | 30597 | 30598 | 1.33 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 10.12% | 1/19/2022 | 10/19/2027 | 11609 | 11568 | 11145 | 0.49 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 9.89% | 1/19/2022 | 10/19/2027 | 6685 | 6649 | 6417 | 0.28 |
| &nbsp;&nbsp;Signature Aviation US Holdings, Inc. | (9) | SOFR + | 2.50% | 6.66% | 8/11/2025 | 7/1/2031 | 5000 | 5005 | 5010 | 0.22 |
| &nbsp;&nbsp;Signature Aviation US Holdings, Inc. | (9) | SOFR + | 2.75% | 6.91% | 7/23/2025 | 7/1/2031 | 4987 | 5018 | 5004 | 0.22 |
| &nbsp;&nbsp;Swissport Stratosphere USA, LLC | (8) | SOFR + | 3.25% | 7.56% | 7/24/2025 | 4/4/2031 | 354 | 354 | 357 | 0.02 |
|  |  |  |  |  |  |  |  | 59191 | 58531 | 2.56 |
| **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 6480223 | 6352649 | 276.70 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | (8) | SOFR + | 5.50% | 9.66% | 7/23/2025 | 7/31/2033 | $5200 | $5175 | $5187 | 0.23% |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Canadian Hospital Specialties, Ltd. | (4)(8) |  | 8.75% | 8.75% | 12/20/2022 | 4/15/2029 | 12000 | 8408 | 8041 | 0.35 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 8.75% | 13.16% | 1/19/2022 | 10/15/2027 | 24712 | 24634 | 23291 | 1.01 |
|  |  |  |  |  |  |  |  | 33042 | 31332 | 1.36 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Curia Global, Inc. | (4)(10) | SOFR + | 10.50% | 14.96% PIK | 9/26/2022 | 3/7/2030 | 40670 | 40187 | 36400 | 1.59 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Victory Buyer, LLC | (4)(9) | SOFR + | 7.00% | 11.28% | 1/19/2022 | 11/19/2029 | 66704 | 65954 | 66370 | 2.89 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Kwor Acquisition, Inc. | (4)(11) | SOFR + | 8.00% | 12.20% PIK | 2/28/2025 | 2/28/2030 | 14699 | 14699 | 14699 | 0.64 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 5.75% | 9.95% | 3/26/2025 | 7/30/2032 | 20000 | 19388 | 19531 | 0.85 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 7.25% | 11.82% | 9/26/2022 | 4/23/2029 | 24942 | 23006 | 23981 | 1.04 |
|  |  |  |  |  |  |  |  | 42394 | 43512 | 1.89 |
| **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | 201451 | 197500 | 8.60 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AGI Group Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 194 | $208 | $315 | 0.01% |
| &nbsp;&nbsp;Mode Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 1230769 | 2215 | 665 | 0.03 |
| &nbsp;&nbsp;Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 3838 | 16269 | 6167 | 0.27 |
|  |  |  |  |  |  |  | 18692 | 7147 | 0.31 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. - Common Equity |  |  |  | 12/29/2023 |  | 11751 | 294 | 44 | 0.00 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Pigments Holdings, LP - LP Interest | (4) |  |  | 4/14/2023 |  | 1212 | 0 | 0 | 0.00 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units | (4) |  |  | 1/19/2022 |  | 1 | 780 | 0 | 0.00 |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 92 | 0 | 0.00 |
| &nbsp;&nbsp;GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4) |  |  | 1/19/2022 |  | 301167 | 1239 | 1218 | 0.05 |
|  |  |  |  |  |  |  | 2111 | 1218 | 0.05 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 1/19/2022 |  | 974662 | 1133 | 1365 | 0.06 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 1/19/2022 |  | 797 | 210 | 19 | 0.00 |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 429 | 113 | 10 | 0.00 |
| &nbsp;&nbsp;WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 667649 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 323 | 29 | 0.00 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** |
| **Professional Services** | | | | | | | | | |
| &nbsp;&nbsp;Kwor Intermediate I, Inc. - Class A Common Shares | (4) |  |  | 2/28/2025 |  | 8617 | $7857 | $7652 | 0.33% |
| &nbsp;&nbsp;Kwor Intermediate I, Inc. - Preferred Equity | (4) |  |  | 2/28/2025 |  | 9216 | 9216 | 9886 | 0.43 |
|  |  |  |  |  |  |  | 17073 | 17538 | 0.76 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Descartes Holdings, Inc. - Class A Common Stock | (4) |  |  | 10/9/2023 |  | 168057 | 728 | 0 | 0.00 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4) |  |  | 1/19/2022 |  | 3000000 | 3542 | 3362 | 0.15 |
| **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | 43896 | 30703 | 1.33 |
| **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 6725570 | 6580852 | 286.63 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management |  |  | 3.90% |  |  |  | 445 | 445 | 0.02 |
| &nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 4.01% |  |  |  | 190 | 190 | 0.01 |
| &nbsp;&nbsp;Other Cash and Cash Equivalents |  |  |  |  |  |  | 173145 | 173145 | 7.54 |
| **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 173780 | 173780 | 7.57 |
| **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $6899350 | $6754632 | 294.20% |

---

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of September 30, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or "BB"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2025. Variable rate loans typically include an interest reference rate floor feature.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with GAAP.

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

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

(6)Reserved.

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | $670 | $— |
| Amspec Parent, LLC | Delayed Draw Term Loan | 12/21/2026 | 696 |  |
| Azuria Water Solutions, Inc. | Delayed Draw Term Loan | 6/13/2027 | 701 |  |
| Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 3249 |  |
| Clydesdale Acquisition Holdings, Inc. | Delayed Draw Term Loan | 12/16/2025 | 133 |  |
| CohnReznick Advisory, LLC | Delayed Draw Term Loan | 3/31/2027 | 3418 |  |
| Express Wash Concepts, LLC | Delayed Draw Term Loan | 12/31/2025 | 10500 |  |
| Kwor Acquisition, Inc. | Revolver | 2/28/2030 | 6611 |  |
| Kwor Acquisition, Inc. | Delayed Draw Term Loan | 2/28/2027 | 8990 |  |
| Latham Pool Products, Inc. | Revolver | 2/23/2027 | 11250 | (106) |
| Monk Holding, Co. | Delayed Draw Term Loan | 12/1/2025 | 777 |  |
| Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 634 |  |
| Navigator Acquiror, Inc. | Delayed Draw Term Loan | 7/15/2030 | 634 |  |
| Pinnacle Buyer, LLC | Delayed Draw Term Loan | 4/1/2027 | 1947 |  |
| Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 667 |  |
| Sanders Industries Holdings, Inc. | Delayed Draw Term Loan | 2/26/2027 | 1959 |  |
| Secretariat Advisors, LLC | Delayed Draw Term Loan | 2/28/2027 | 301 |  |
| Signia Aerospace, LLC | Delayed Draw Term Loan | 12/11/2026 | 1017 | (1) |
| Smile Doctors, LLC | Revolver | 12/23/2027 | 4737 | (166) |
| Triple Lift, Inc. | Revolver | 5/5/2028 | 2143 | (171) |
| West Monroe Partners, LLC | Revolver | 11/9/2027 | 2843 |  |
| **Total Unfunded Commitments** |  |  | $63877 | $(444) |

---

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

(9)The interest rate floor on these investments as of September 30, 2025 was 0.50%.

(10)The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(11)The interest rate floor on these investments as of September 30, 2025 was 1.00%.

(12)The interest rate floor on these investments as of September 30, 2025 was 1.25%.

(13)The interest rate floor on these investments as of September 30, 2025 was 1.50%.

(14)The interest rate floor on these investments as of September 30, 2025 was 2.00%.

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

(16)Reserved.

(17)Loan was on non-accrual status as of September 30, 2025.

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

(19)All securities are exempt from registration under the Securities Act, and may be deemed to be "restricted securities." As of September 30, 2025, the aggregate fair value of these securities is $6,580.9 million or 286.63% of the Company's net assets. The initial acquisition dates have been included for such securities.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2024:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;Atlas CC Acquisition Corp. | (10) | SOFR + | 4.25% | 9.03% | 1/19/2022 | 5/25/2028 | $9718 | $9481 | $6577 | 0.28% |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 3.75% | 8.21% | 8/4/2022 | 2/1/2028 | 20237 | 20196 | 18882 | 0.80 |
| &nbsp;&nbsp;Signia Aerospace LLC | (4)(7)(9) | SOFR + | 3.00% | 7.40% | 11/22/2024 | 12/11/2031 | 15171 | 15218 | 15202 | 0.64 |
| &nbsp;&nbsp;TransDigm Inc | (8) | SOFR + | 2.50% | 6.83% | 11/19/2024 | 1/19/2032 | 9975 | 10019 | 10007 | 0.42 |
| &nbsp;&nbsp;TransDigm Inc | (8) | SOFR + | 2.75% | 7.35% | 12/2/2024 | 8/24/2028 | 9975 | 10031 | 10018 | 0.42 |
| &nbsp;&nbsp;Vertex Aerospace Services Corp. | (10) | SOFR + | 2.75% | 7.11% | 1/19/2022 | 12/6/2030 | 2918 | 2928 | 2927 | 0.12 |
|  |  |  |  |  |  |  |  | 67873 | 63613 | 2.68 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AGI-CFI Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.23% | 1/19/2022 | 6/11/2027 | 23992 | 23883 | 23992 | 1.01 |
| &nbsp;&nbsp;AIT Worldwide Logistics Holdings Inc | (10) | SOFR + | 4.75% | 9.28% | 10/30/2024 | 4/8/2030 | 24451 | 24331 | 24657 | 1.04 |
| &nbsp;&nbsp;Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 10.92% | 1/19/2022 | 12/9/2026 | 31256 | 31256 | 30319 | 1.28 |
| &nbsp;&nbsp;RWL Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.23% | 1/19/2022 | 12/31/2028 | 26369 | 26066 | 23468 | 0.99 |
| &nbsp;&nbsp;Savage Enterprises, LLC | (9) | SOFR + | 2.75% | 7.30% | 11/21/2024 | 9/15/2028 | 9975 | 10056 | 10053 | 0.42 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(11) | P + | 7.00% | 15.50% | 7/1/2024 | 12/30/2026 | 734 | 723 | 734 | 0.03 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(11) | SOFR + | 5.00% | 9.50% (incl. 5.00% PIK) | 11/27/2024 | 5/27/2030 | 8038 | 8038 | 8038 | 0.34 |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | (4)(11) | SOFR + | 8.00% | 12.52% | 11/27/2024 | 11/27/2029 | 1849 | 1813 | 1849 | 0.08 |
| &nbsp;&nbsp;Wwex Uni Topco Holdings, LLC | (10) | SOFR + | 4.00% | 8.33% | 11/8/2024 | 7/26/2028 | 4768 | 4756 | 4803 | 0.20 |
|  |  |  |  |  |  |  |  | 130922 | 127913 | 5.39 |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;American Airlines, Inc. | (10) | SOFR + | 4.75% | 9.63% | 1/19/2022 | 4/20/2028 | 2671 | 2724 | 2746 | 0.12 |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 2.75% | 7.26% | 11/25/2024 | 2/15/2028 | 10000 | 10075 | 10062 | 0.42 |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 2.25% | 6.62% | 12/12/2024 | 2/15/2028 | 5000 | 5000 | 5030 | 0.21 |
| &nbsp;&nbsp;JetBlue Airways Corp | (9) | SOFR + | 5.50% | 9.85% | 11/7/2024 | 8/27/2029 | 4988 | 5007 | 5035 | 0.21 |
| &nbsp;&nbsp;KKR Apple Bidco, LLC | (9) | SOFR + | 2.75% | 7.22% | 6/7/2022 | 9/23/2028 | 20796 | 20829 | 20941 | 0.88 |
|  |  |  |  |  |  |  |  | 43635 | 43814 | 1.84 |
| **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** |
| &nbsp;&nbsp;Belron Finance 2019 LLC | (9) | SOFR + | 2.75% | 7.27% | 11/25/2024 | 10/16/2031 | 9975 | 10087 | 10083 | 0.43 |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;Triton Water Holdings, Inc. | (9) | SOFR + | 3.25% | 7.84% | 1/19/2022 | 3/31/2028 | 14695 | 14669 | 14829 | 0.63 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (9) | SOFR + | 3.25% | 7.75% | 1/19/2022 | 4/12/2028 | $16517 | $15941 | $15819 | 0.67% |
| &nbsp;&nbsp;Fencing Supply Group Acquisition, LLC | (4)(11) | SOFR + | 6.00% | 10.46% | 1/19/2022 | 2/26/2027 | 19250 | 19209 | 18769 | 0.79 |
| &nbsp;&nbsp;LBM Acquisition, LLC | (10) | SOFR + | 3.75% | 8.30% | 6/6/2024 | 5/31/2031 | 13865 | 13718 | 13770 | 0.58 |
| &nbsp;&nbsp;Lindstrom, LLC | (4)(11) | SOFR + | 6.25% | 10.90% | 1/19/2022 | 5/1/2027 | 27288 | 27288 | 27015 | 1.14 |
| &nbsp;&nbsp;MIWD Holdco II, LLC | (8) | SOFR + | 3.00% | 7.36% | 10/3/2024 | 3/21/2031 | 9975 | 10075 | 10089 | 0.43 |
| &nbsp;&nbsp;Oscar Acquisitionco, LLC | (9) | SOFR + | 4.25% | 8.50% | 12/2/2024 | 4/29/2029 | 9974 | 9918 | 9885 | 0.42 |
| &nbsp;&nbsp;TCP Sunbelt Acquisition Co | (8) | SOFR + | 4.25% | 8.99% | 10/15/2024 | 10/15/2031 | 25391 | 25142 | 25533 | 1.08 |
| &nbsp;&nbsp;The Chamberlain Group, Inc. | (9) | SOFR + | 3.25% | 7.71% | 1/19/2022 | 11/3/2028 | 14773 | 14749 | 14879 | 0.63 |
| &nbsp;&nbsp;Windows Acquisition Holdings, Inc. | (4)(11) | SOFR + | 6.50% | 10.98% (incl. 8.94% PIK) | 1/19/2022 | 12/29/2026 | 10390 | 10390 | 8416 | 0.35 |
|  |  |  |  |  |  |  |  | 146430 | 144175 | 6.09 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (9) | SOFR + | 3.75% | 8.96% | 1/19/2022 | 7/27/2028 | 1070 | 1060 | 1081 | 0.05 |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (9) | SOFR + | 4.00% | 9.08% | 8/2/2024 | 7/27/2028 | 70715 | 70802 | 71451 | 3.01 |
| &nbsp;&nbsp;Aretec Group, Inc. | (8) | SOFR + | 3.50% | 7.86% | 12/6/2024 | 8/9/2030 | 1320 | 1320 | 1324 | 0.06 |
| &nbsp;&nbsp;Citco Funding, LLC | (9) | SOFR + | 2.75% | 7.31% | 6/13/2024 | 4/27/2028 | 7211 | 7203 | 7281 | 0.31 |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | (8) | SOFR + | 2.75% | 7.08% | 9/5/2024 | 9/5/2031 | 8259 | 8093 | 8302 | 0.35 |
| &nbsp;&nbsp;Osaic Holdings Inc | (8) | SOFR + | 3.50% | 7.86% | 11/26/2024 | 8/17/2028 | 19345 | 19395 | 19447 | 0.82 |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. | (11) | SOFR + | 6.50% | 11.09% | 12/29/2023 | 4/30/2027 | 941 | 932 | 926 | 0.04 |
| &nbsp;&nbsp;Saphilux S.à r.l. | (8) | S + | 4.75% | 9.45% | 7/27/2023 | 7/18/2028 | 20000 | 25474 | 25142 | 1.06 |
| &nbsp;&nbsp;Situs-AMC Holdings Corporation | (4)(11) | SOFR + | 5.50% | 9.93% | 9/26/2022 | 12/22/2027 | 90087 | 89376 | 90087 | 3.80 |
| &nbsp;&nbsp;Superannuation And Investments US, LLC | (9) | SOFR + | 3.75% | 8.22% | 1/19/2022 | 12/1/2028 | 1940 | 1947 | 1954 | 0.08 |
| &nbsp;&nbsp;The Edelman Financial Engines Center, LLC | (8) | SOFR + | 3.00% | 7.36% | 6/5/2024 | 4/7/2028 | 18628 | 18628 | 18764 | 0.79 |
|  |  |  |  |  |  |  |  | 244230 | 245759 | 10.37 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Derby Buyer, LLC | (9) | SOFR + | 3.00% | 7.37% | 12/13/2024 | 11/1/2030 | $3202 | $3202 | $3216 | 0.14% |
| &nbsp;&nbsp;Derby Buyer, LLC | (9) | SOFR + | 3.00% | 7.37% | 5/14/2024 | 11/1/2030 | 10000 | 10069 | 10044 | 0.42 |
| &nbsp;&nbsp;Discovery Purchaser Corp | (9) | SOFR + | 4.38% | 8.95% | 12/2/2024 | 10/4/2029 | 8550 | 8634 | 8613 | 0.36 |
| &nbsp;&nbsp;Ecovyst Catalyst Technologies LLC | (8) | SOFR + | 2.25% | 6.84% | 11/7/2024 | 6/12/2031 | 5000 | 5004 | 5029 | 0.21 |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(11)(17) | SOFR + | 8.25% | 12.69% PIK | 4/14/2023 | 4/14/2029 | 7125 | 4670 | 2367 | 0.10 |
| &nbsp;&nbsp;Pigments Services, Inc. | (4)(11) | SOFR + | 8.25% | 12.69% PIK | 4/14/2023 | 4/14/2029 | 3479 | 3479 | 3479 | 0.15 |
|  |  |  |  |  |  |  |  | 35058 | 32748 | 1.38 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Access CIG, LLC | (9) | SOFR + | 5.00% | 9.59% | 8/18/2023 | 8/18/2028 | 19364 | 18996 | 19577 | 0.83 |
| &nbsp;&nbsp;Allied Universal Holdco, LLC | (9) | SOFR + | 3.75% | 8.21% | 1/19/2022 | 5/12/2028 | 27929 | 27784 | 28055 | 1.18 |
| &nbsp;&nbsp;Amspec Parent LLC | (4)(8) | SOFR + | 4.25% | 8.64% | 12/20/2024 | 12/12/2031 | 2773 | 2759 | 2794 | 0.12 |
| &nbsp;&nbsp;Amspec Parent LLC | (4)(8) | SOFR + | 4.25% | 8.64% | 12/20/2024 | 12/12/2031 | 427 | 426 | 430 | 0.02 |
| &nbsp;&nbsp;Anticimex, Inc. | (9) | SOFR + | 3.15% | 7.72% | 5/25/2022 | 11/16/2028 | 14814 | 14772 | 14938 | 0.63 |
| &nbsp;&nbsp;Anticimex, Inc. | (9) | SOFR + | 3.40% | 7.97% | 4/23/2024 | 11/16/2028 | 24440 | 24440 | 24647 | 1.04 |
| &nbsp;&nbsp;Armor Holdco, Inc. | (9) | SOFR + | 3.75% | 8.03% | 12/13/2024 | 12/11/2028 | 7466 | 7466 | 7574 | 0.32 |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. | (10) | SOFR + | 3.75% | 8.22% | 1/19/2022 | 3/31/2028 | 3477 | 3477 | 3518 | 0.15 |
| &nbsp;&nbsp;EAB Global, Inc. | (9) | SOFR + | 3.25% | 7.61% | 1/19/2022 | 8/16/2028 | 19806 | 19798 | 19907 | 0.84 |
| &nbsp;&nbsp;Foundational Education Group, Inc. | (9) | SOFR + | 3.75% | 8.60% | 6/7/2022 | 8/31/2028 | 3890 | 3806 | 3797 | 0.16 |
| &nbsp;&nbsp;Garda World Security Corp. | (8) | SOFR + | 3.50% | 7.90% | 8/6/2024 | 2/1/2029 | 5865 | 5865 | 5898 | 0.25 |
| &nbsp;&nbsp;International SOS The Americas LP | (4)(9) | SOFR + | 2.75% | 7.08% | 6/28/2024 | 9/7/2028 | 1940 | 1940 | 1955 | 0.08 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.75% | 10.20% | 1/19/2022 | 12/15/2027 | 9529 | 9433 | 9529 | 0.40 |
| &nbsp;&nbsp;Java Buyer, Inc. | (4)(10) | SOFR + | 5.75% | 10.44% | 1/19/2022 | 12/15/2027 | 2947 | 2927 | 2947 | 0.12 |
| &nbsp;&nbsp;JSS Holdings, Inc. | (4)(10) | SOFR + | 5.25% | 10.00% (incl. 3.00% PIK) | 1/19/2022 | 11/8/2031 | 36312 | 36130 | 36312 | 1.53 |
| &nbsp;&nbsp;KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + | 5.50% | 10.19% | 9/26/2022 | 10/19/2028 | 133599 | 129272 | 116231 | 4.90 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (8) | SOFR + | 2.75% | 7.37% | 1/26/2024 | 7/25/2030 | 20381 | 20568 | 20507 | 0.86 |
| &nbsp;&nbsp;Polyphase Elevator Holding Co. | (4)(11) | SOFR + | 6.00% | 10.43% (incl. 5.00% PIK) | 9/26/2022 | 6/23/2027 | 29435 | 29039 | 24358 | 1.03 |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (8) | SOFR + | 2.00% | 6.52% | 11/20/2024 | 10/13/2030 | 7000 | 7000 | 7025 | 0.30 |
| &nbsp;&nbsp;TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.) | (9) | SOFR + | 3.50% | 7.97% | 1/19/2022 | 12/8/2028 | 4621 | 4605 | 4668 | 0.20 |
|  |  |  |  |  |  |  |  | 370503 | 354667 | 14.96 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Brookfield WEC Holdings, Inc. | (8) | SOFR + | 2.25% | 6.80% | 1/25/2024 | 1/27/2031 | $19781 | $19822 | $19821 | 0.84% |
| &nbsp;&nbsp;Centuri Group, Inc. | (9) | SOFR + | 2.50% | 6.96% | 12/2/2024 | 8/27/2028 | 10000 | 10062 | 10061 | 0.42 |
| &nbsp;&nbsp;Groundworks, LLC | (8) | SOFR + | 3.25% | 7.65% | 11/7/2024 | 3/14/2031 | 467 | 468 | 470 | 0.02 |
| &nbsp;&nbsp;Groundworks, LLC | (8) | SOFR + | 3.25% | 7.65% | 11/7/2024 | 3/14/2031 | 2527 | 2533 | 2543 | 0.11 |
| &nbsp;&nbsp;Osmose Utilities Services Inc | (9) | SOFR + | 3.25% | 7.72% | 11/7/2024 | 6/23/2028 | 16956 | 17032 | 17006 | 0.72 |
| &nbsp;&nbsp;Pike Electric Corp. | (8) | SOFR + | 3.00% | 7.47% | 6/7/2022 | 1/21/2028 | 6000 | 5889 | 6056 | 0.26 |
| &nbsp;&nbsp;Refficiency Holdings, LLC | (10) | SOFR + | 3.50% | 7.96% | 1/19/2022 | 12/16/2027 | 9360 | 9383 | 9411 | 0.40 |
| &nbsp;&nbsp;Socotec US Holding Inc | (10) | SOFR + | 3.75% | 8.27% | 11/13/2024 | 6/30/2028 | 1386 | 1382 | 1394 | 0.06 |
|  |  |  |  |  |  |  |  | 66571 | 66762 | 2.83 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;Tamko Building Products, LLC | (8) | SOFR + | 2.75% | 7.09% | 10/23/2024 | 9/20/2030 | 7932 | 7982 | 8006 | 0.34 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;Anchor Packaging, LLC | (8) | SOFR + | 3.25% | 7.69% | 12/13/2024 | 7/18/2029 | 4987 | 5031 | 5022 | 0.21 |
| &nbsp;&nbsp;Ascend Buyer, LLC | (4)(10) | SOFR + | 5.75% | 10.23% | 9/26/2022 | 9/30/2028 | 74018 | 73553 | 74018 | 3.12 |
| &nbsp;&nbsp;Berlin Packaging, LLC | (8) | SOFR + | 3.50% | 8.05% | 6/7/2024 | 6/7/2031 | 10000 | 10054 | 10069 | 0.42 |
| &nbsp;&nbsp;Berlin Packaging, LLC | (8) | SOFR + | 3.50% | 8.05% | 12/6/2024 | 6/7/2031 | 18785 | 18876 | 18916 | 0.80 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + | 3.18% | 7.53% | 4/13/2022 | 4/13/2029 | 26338 | 26266 | 26420 | 1.11 |
| &nbsp;&nbsp;Graham Packaging Co, Inc. | (8) | SOFR + | 2.50% | 6.86% | 7/31/2024 | 8/4/2027 | 18278 | 18342 | 18344 | 0.77 |
| &nbsp;&nbsp;ProAmpac PG Borrower, LLC | (10) | SOFR + | 4.00% | 8.66% | 4/9/2024 | 9/15/2028 | 7905 | 7937 | 7940 | 0.33 |
| &nbsp;&nbsp;Ring Container Technologies Group, LLC | (9) | SOFR + | 2.75% | 7.11% | 7/19/2024 | 8/12/2028 | 12893 | 12961 | 12946 | 0.55 |
| &nbsp;&nbsp;SupplyOne, Inc. | (8) | SOFR + | 3.75% | 8.11% | 4/19/2024 | 4/19/2031 | 18164 | 18324 | 18338 | 0.77 |
| &nbsp;&nbsp;TricorBraun Holdings, Inc. | (9) | SOFR + | 3.25% | 7.72% | 1/19/2022 | 3/3/2028 | 26424 | 26231 | 26438 | 1.11 |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | (9) | SOFR + | 3.75% | 8.19% | 10/18/2024 | 9/15/2028 | 26810 | 26922 | 27084 | 1.14 |
|  |  |  |  |  |  |  |  | 244497 | 245535 | 10.33 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;BP Purchaser, LLC | (4)(10) | SOFR + | 5.50% | 10.16% PIK | 9/26/2022 | 12/10/2028 | 49876 | 49221 | 43891 | 1.85 |
| &nbsp;&nbsp;Genuine Cable Group, LLC | (4)(10) | SOFR + | 5.75% | 10.21% | 1/19/2022 | 11/2/2026 | 31490 | 31273 | 29916 | 1.26 |
| &nbsp;&nbsp;Marcone Yellowstone Buyer, Inc. | (4)(10) | SOFR + | 6.25% | 10.99% (incl. 3.25% PIK) | 9/26/2022 | 6/23/2028 | 81336 | 80099 | 72796 | 3.07 |
| &nbsp;&nbsp;Tailwind Colony Holding Corporation | (4)(11) | SOFR + | 6.50% | 11.19% | 1/19/2022 | 5/13/2026 | 30906 | 30711 | 30288 | 1.28 |
|  |  |  |  |  |  |  |  | 191304 | 176891 | 7.46 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Ascend Learning, LLC | (9) | SOFR + | 3.50% | 7.96% | 1/19/2022 | 12/11/2028 | $17953 | $17851 | $18072 | 0.76% |
| &nbsp;&nbsp;Barbri Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.18% | 1/19/2022 | 4/28/2028 | 69912 | 69380 | 69562 | 2.93 |
| &nbsp;&nbsp;BPPH2 Limited | (4)(8) | S + | 6.50% | 11.32% | 2/21/2023 | 3/16/2028 | 26000 | 30977 | 32549 | 1.37 |
| &nbsp;&nbsp;Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + | 5.50% | 10.23% | 1/19/2022 | 7/20/2028 | 34262 | 34262 | 34262 | 1.44 |
| &nbsp;&nbsp;Cengage Learning, Inc. | (11) | SOFR + | 3.50% | 7.86% | 11/22/2024 | 3/22/2031 | 11610 | 11669 | 11685 | 0.49 |
| &nbsp;&nbsp;Element Materials Technology Group US Holdings Inc. | (9) | SOFR + | 3.75% | 8.08% | 4/12/2022 | 7/6/2029 | 4900 | 4888 | 4938 | 0.21 |
| &nbsp;&nbsp;Express Wash Concepts, LLC | (4)(7)(11) | SOFR + | 5.00% | 9.36% | 1/19/2022 | 4/30/2027 | 38854 | 38360 | 38228 | 1.61 |
| &nbsp;&nbsp;Fugue Finance LLC | (9) | SOFR + | 3.25% | 7.72% | 12/5/2024 | 1/9/2032 | 1458 | 1458 | 1474 | 0.06 |
| &nbsp;&nbsp;Imagine Learning, LLC | (9) | SOFR + | 3.50% | 7.86% | 2/1/2024 | 12/21/2029 | 6934 | 6957 | 6955 | 0.29 |
| &nbsp;&nbsp;KUEHG Corp. | (9) | SOFR + | 3.25% | 7.84% | 10/21/2024 | 6/12/2030 | 10000 | 10113 | 10115 | 0.43 |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.79% | 3/10/2022 | 3/12/2029 | 3890 | 3867 | 3872 | 0.16 |
| &nbsp;&nbsp;Mister Car Wash Holdings, Inc. | (8) | SOFR + | 2.75% | 7.09% | 12/6/2024 | 3/21/2031 | 9975 | 10050 | 10035 | 0.42 |
| &nbsp;&nbsp;Pre-Paid Legal Services, Inc. | (9) | SOFR + | 3.75% | 8.22% | 1/19/2022 | 12/15/2028 | 22703 | 22619 | 22884 | 0.96 |
| &nbsp;&nbsp;University Support Services, LLC | (9) | SOFR + | 2.75% | 7.11% | 2/10/2022 | 2/10/2029 | 23540 | 23482 | 23677 | 1.00 |
|  |  |  |  |  |  |  |  | 285933 | 288308 | 12.13 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Lumen Technologies Inc | (14) | SOFR + | 6.00% | 10.36% | 12/18/2024 | 6/1/2028 | 4935 | 4953 | 4956 | 0.21 |
| &nbsp;&nbsp;Zacapa, LLC | (9) | SOFR + | 3.75% | 8.08% | 10/29/2024 | 3/22/2029 | 15809 | 15903 | 15920 | 0.67 |
|  |  |  |  |  |  |  |  | 20856 | 20876 | 0.88 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;Madison IAQ, LLC | (9) | SOFR + | 2.75% | 7.89% | 1/19/2022 | 6/21/2028 | 26456 | 26415 | 26584 | 1.12 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.68% | 1/19/2022 | 12/23/2026 | 3161 | 3142 | 3019 | 0.13 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.73% | 1/19/2022 | 12/23/2026 | 811 | 807 | 774 | 0.03 |
| &nbsp;&nbsp;Albireo Energy, LLC | (4)(11) | SOFR + | 6.00% | 10.43% | 1/19/2022 | 12/23/2026 | 10531 | 10468 | 10057 | 0.42 |
| &nbsp;&nbsp;Infinite Bidco, LLC | (9) | SOFR + | 3.75% | 8.60% | 1/19/2022 | 3/2/2028 | 2910 | 2918 | 2893 | 0.12 |
| &nbsp;&nbsp;Modena Buyer, LLC | (8) | SOFR + | 4.50% | 8.86% | 7/1/2024 | 7/1/2031 | 3100 | 3042 | 3010 | 0.13 |
|  |  |  |  |  |  |  |  | 20377 | 19753 | 0.83 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;Ursa Minor US Bidco, LLC | (8) | SOFR + | 3.00% | 7.33% | 12/11/2024 | 3/26/2031 | 5000 | 5063 | 5047 | 0.21 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;CE Intermediate I, LLC | (9) | SOFR + | 3.50% | 8.05% | 1/19/2022 | 11/10/2028 | $4863 | $4860 | $4890 | 0.21% |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 4.50% | 9.90% | 12/6/2024 | 11/6/2028 | 1439 | 1435 | 1448 | 0.06 |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 3.50% | 8.09% | 1/19/2022 | 11/6/2028 | 3404 | 3399 | 3396 | 0.14 |
| &nbsp;&nbsp;UFC Holdings, LLC | (8) | SOFR + | 2.25% | 6.77% | 11/14/2024 | 11/21/2031 | 7582 | 7573 | 7633 | 0.32 |
|  |  |  |  |  |  |  |  | 17267 | 17367 | 0.73 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Mitchell International, Inc. | (9) | SOFR + | 3.25% | 7.61% | 6/17/2024 | 6/17/2031 | 14963 | 14951 | 14989 | 0.63 |
| &nbsp;&nbsp;Planet US Buyer, LLC | (8) | SOFR + | 3.00% | 7.52% | 11/25/2024 | 1/31/2031 | 10790 | 10895 | 10896 | 0.46 |
| &nbsp;&nbsp;Solera, LLC | (9)(18) | SOFR + | 4.00% | 8.85% | 5/16/2022 | 6/2/2028 | 16730 | 16551 | 16781 | 0.71 |
|  |  |  |  |  |  |  |  | 42397 | 42666 | 1.80 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;CHG PPC Parent, LLC | (9) | SOFR + | 3.00% | 7.47% | 11/7/2024 | 12/8/2028 | 15951 | 16031 | 16060 | 0.68 |
| &nbsp;&nbsp;Dreyers Grand Ice Cream Inc | (8) | SOFR + | 2.00% | 6.36% | 11/7/2024 | 9/30/2031 | 10000 | 9985 | 10021 | 0.42 |
|  |  |  |  |  |  |  |  | 26016 | 26081 | 1.10 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;Auris Luxembourg III S.à r.l. | (8) | SOFR + | 3.75% | 8.18% | 4/8/2024 | 2/28/2029 | 9942 | 9983 | 10073 | 0.42 |
| &nbsp;&nbsp;CPI Buyer, LLC | (4)(7)(10) | SOFR + | 5.50% | 10.28% | 1/19/2022 | 11/1/2028 | 138142 | 135668 | 135665 | 5.72 |
| &nbsp;&nbsp;CSHC Buyerco, LLC | (4)(7)(11) | SOFR + | 4.75% | 9.42% | 2/15/2022 | 9/8/2026 | 10553 | 10484 | 10526 | 0.44 |
| &nbsp;&nbsp;Embecta Corp | (9) | SOFR + | 3.00% | 7.36% | 12/11/2024 | 3/30/2029 | 4820 | 4806 | 4807 | 0.20 |
| &nbsp;&nbsp;Natus Medical Incorporated | (4)(9) | SOFR + | 5.50% | 10.25% | 8/18/2022 | 7/20/2029 | 3646 | 3489 | 3591 | 0.15 |
| &nbsp;&nbsp;Resonetics, LLC | (10) | SOFR + | 3.25% | 7.60% | 12/6/2024 | 6/18/2031 | 5100 | 5150 | 5139 | 0.22 |
| &nbsp;&nbsp;Sharp Services, LLC | (8) | SOFR + | 3.25% | 7.58% | 10/25/2024 | 12/31/2028 | 4988 | 5028 | 5041 | 0.21 |
|  |  |  |  |  |  |  |  | 174608 | 174842 | 7.36 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;ACI Group Holdings, Inc. | (4)(10) | SOFR + | 6.00% | 10.46% (incl. 3.25% PIK) | 7/7/2023 | 8/2/2028 | $128528 | $127691 | $123387 | 5.20% |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.60% | 1/19/2022 | 5/7/2027 | 1696 | 1686 | 1696 | 0.07 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.25% | 10.78% | 1/19/2022 | 5/7/2027 | 28701 | 28507 | 28701 | 1.21 |
| &nbsp;&nbsp;ADCS Clinics Intermediate Holdings, LLC | (4)(7)(11) | SOFR + | 6.25% | 10.68% | 1/19/2022 | 5/7/2026 | 67 | 64 | 67 | 0.00 |
| &nbsp;&nbsp;Amerivet Partners Management, Inc. | (4)(11) | SOFR + | 5.25% | 9.75% | 9/26/2022 | 2/25/2028 | 82425 | 81089 | 82425 | 3.48 |
| &nbsp;&nbsp;Canadian Hospital Specialties Ltd. | (4)(11) | CA + | 4.50% | 7.82% | 12/20/2022 | 4/14/2028 | 29318 | 21366 | 20090 | 0.85 |
| &nbsp;&nbsp;CCBlue Bidco, Inc. | (4)(10) | SOFR + | 6.50% | 10.93% PIK | 1/19/2022 | 12/21/2028 | 23943 | 23719 | 20771 | 0.88 |
| &nbsp;&nbsp;CHG Healthcare Services, Inc. | (9) | SOFR + | 3.00% | 7.40% | 12/10/2024 | 9/29/2028 | 7567 | 7611 | 7604 | 0.32 |
| &nbsp;&nbsp;DCA Investment Holdings, LLC | (4)(10) | SOFR + | 6.41% | 10.73% | 1/19/2022 | 4/3/2028 | 29635 | 29462 | 28746 | 1.21 |
| &nbsp;&nbsp;Epoch Acquisition, Inc. | (4)(11) | SOFR + | 6.00% | 10.53% | 1/19/2022 | 10/4/2026 | 28511 | 28511 | 28511 | 1.20 |
| &nbsp;&nbsp;Examworks Bidco, Inc. | (9) | SOFR + | 2.75% | 7.11% | 1/19/2022 | 11/1/2028 | 14977 | 14865 | 15051 | 0.63 |
| &nbsp;&nbsp;Global Medical Response Inc | (11) | SOFR + | 5.50% | 9.86% (incl. 0.75% PIK) | 12/18/2024 | 10/31/2028 | 3992 | 4007 | 4010 | 0.17 |
| &nbsp;&nbsp;Heartland Dental, LLC | (10) | SOFR + | 4.50% | 8.86% | 11/7/2024 | 4/30/2028 | 14962 | 14994 | 15011 | 0.63 |
| &nbsp;&nbsp;ICS US Holdings, Inc. | (4)(9) | SOFR + | 4.75% | 9.42% | 12/20/2022 | 6/8/2028 | 35000 | 33564 | 31413 | 1.32 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 5.00% | 9.43% | 1/19/2022 | 10/15/2026 | 25464 | 25365 | 24254 | 1.02 |
| &nbsp;&nbsp;MED ParentCo LP | (8) | SOFR + | 3.50% | 7.86% | 10/18/2024 | 4/15/2031 | 24938 | 25221 | 25169 | 1.06 |
| &nbsp;&nbsp;Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + | 5.50% | 9.96% | 1/19/2022 | 7/16/2027 | 20430 | 20377 | 17672 | 0.75 |
| &nbsp;&nbsp;Onex TSG Intermediate Corp. | (10) | SOFR + | 4.75% | 9.60% | 1/19/2022 | 2/28/2028 | 1940 | 1948 | 1958 | 0.08 |
| &nbsp;&nbsp;PSKW Intermediate, LLC | (4)(11) | SOFR + | 5.50% | 9.90% | 12/11/2024 | 3/9/2028 | 31018 | 31018 | 31018 | 1.31 |
| &nbsp;&nbsp;Raven Acquisition Holdings, LLC | (8) | SOFR + | 3.25% | 7.61% | 10/15/2024 | 11/19/2031 | 9333 | 9331 | 9366 | 0.39 |
| &nbsp;&nbsp;Raven Acquisition Holdings, LLC | (8) | SOFR + | 3.25% | 7.61% | 10/15/2024 | 11/19/2031 | 667 | 667 | 669 | 0.03 |
| &nbsp;&nbsp;Smile Doctors, LLC | (4)(7)(10) | SOFR + | 5.75% | 10.66% | 1/19/2022 | 12/23/2028 | 141903 | 140081 | 138237 | 5.83 |
| &nbsp;&nbsp;Southern Veterinary Partners LLC | (8) | SOFR + | 3.25% | 7.71% | 12/4/2024 | 10/31/2031 | 10000 | 10113 | 10083 | 0.43 |
| &nbsp;&nbsp;WHCG Purchaser III Inc | (4)(10) | SOFR + | 6.50% | 10.83% (incl. 5.41% PIK) | 8/2/2024 | 6/30/2029 | 2797 | 2797 | 2797 | 0.12 |
| &nbsp;&nbsp;WHCG Purchaser III Inc | (4)(10)(17) |  | 10.00% | 10.00% PIK | 8/2/2024 | 6/30/2030 | 2267 | 892 | 866 | 0.04 |
|  |  |  |  |  |  |  |  | 684946 | 669572 | 28.23 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;Cotiviti, Inc. | (8) | SOFR + | 2.75% | 7.30% | 11/25/2024 | 5/1/2031 | $34856 | $35048 | $35096 | 1.48% |
| &nbsp;&nbsp;Gainwell Acquisition Corp. | (10) | SOFR + | 4.00% | 8.43% | 12/18/2024 | 10/1/2027 | 15023 | 14526 | 14589 | 0.62 |
| &nbsp;&nbsp;GI Ranger Intermediate, LLC | (4)(10) | SOFR + | 6.00% | 10.48% | 9/26/2022 | 10/29/2028 | 43895 | 43478 | 43676 | 1.84 |
| &nbsp;&nbsp;Project Ruby Ultimate Parent Corp | (8) | SOFR + | 3.00% | 7.47% | 11/20/2024 | 3/10/2028 | 321 | 321 | 323 | 0.01 |
| &nbsp;&nbsp;Waystar Technologies, Inc. | (8) | SOFR + | 2.25% | 6.59% | 12/30/2024 | 10/22/2029 | 3647 | 3647 | 3669 | 0.15 |
|  |  |  |  |  |  |  |  | 97020 | 97353 | 4.10 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;Alterra Mountain Co | (8) | SOFR + | 2.75% | 7.11% | 11/7/2024 | 8/17/2028 | 6842 | 6842 | 6896 | 0.29 |
| &nbsp;&nbsp;IRB Holding Corp. | (10) | SOFR + | 2.50% | 6.86% | 12/11/2024 | 12/15/2027 | 10000 | 10069 | 10022 | 0.42 |
| &nbsp;&nbsp;Life Time, Inc. | (8) | SOFR + | 2.50% | 7.03% | 10/15/2024 | 11/5/2031 | 20000 | 20111 | 20105 | 0.85 |
| &nbsp;&nbsp;Scientific Games Holdings LP | (9) | SOFR + | 3.00% | 7.59% | 6/11/2024 | 4/4/2029 | 14933 | 14919 | 14987 | 0.63 |
| &nbsp;&nbsp;Tacala Investment Corp. | (10) | SOFR + | 3.50% | 7.86% | 11/13/2024 | 1/31/2031 | 4988 | 5028 | 5034 | 0.21 |
| &nbsp;&nbsp;Whatabrands, LLC | (9) | SOFR + | 2.75% | 7.32% | 5/14/2024 | 8/3/2028 | 10000 | 10062 | 10036 | 0.42 |
| &nbsp;&nbsp;Whatabrands, LLC | (9) | SOFR + | 2.50% | 6.86% | 12/11/2024 | 8/3/2028 | 9147 | 9147 | 9180 | 0.39 |
|  |  |  |  |  |  |  |  | 76178 | 76260 | 3.21 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;ACProducts Holdings Inc | (9) | SOFR + | 4.25% | 8.84% | 5/20/2024 | 5/17/2028 | 2299 | 1988 | 1868 | 0.08 |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc. | (9) | SOFR + | 3.50% | 8.05% | 12/5/2024 | 7/31/2028 | 27433 | 27426 | 27490 | 1.16 |
| &nbsp;&nbsp;Madison Safety & Flow LLC | (8) | SOFR + | 3.25% | 7.61% | 9/26/2024 | 9/26/2031 | 9975 | 10093 | 10061 | 0.42 |
| &nbsp;&nbsp;TGP Holdings III LLC | (10) | SOFR + | 3.25% | 7.71% | 12/12/2024 | 6/29/2028 | 19997 | 19647 | 19592 | 0.83 |
|  |  |  |  |  |  |  |  | 59154 | 59011 | 2.49 |
| **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** |
| &nbsp;&nbsp;Calpine Corp | (8) | SOFR + | 1.75% | 6.57% | 12/12/2024 | 1/31/2031 | 2894 | 2890 | 2889 | 0.12 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;Engineered Machinery Holdings, Inc. | (10) | SOFR + | 3.75% | 8.34% | 6/7/2022 | 5/19/2028 | 3890 | 3803 | 3925 | 0.17 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;Alera Group, Inc. | (4)(10) | SOFR + | 5.25% | 9.61% | 9/26/2022 | 10/2/2028 | $43786 | $43234 | $43786 | 1.85% |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC | (8) | SOFR + | 2.75% | 7.11% | 9/12/2024 | 9/19/2031 | 2397 | 2397 | 2406 | 0.10 |
| &nbsp;&nbsp;AmWINS Group Inc | (10) | SOFR + | 2.25% | 6.72% | 11/7/2024 | 2/19/2028 | 4987 | 4997 | 5008 | 0.21 |
| &nbsp;&nbsp;AssuredPartners, Inc. | (9) | SOFR + | 3.50% | 7.86% | 2/16/2024 | 2/14/2031 | 32205 | 32383 | 32310 | 1.36 |
| &nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC | (8) | SOFR + | 3.25% | 7.61% | 12/11/2024 | 5/26/2031 | 6734 | 6734 | 6788 | 0.29 |
| &nbsp;&nbsp;BroadStreet Partners, Inc. | (8) | SOFR + | 3.00% | 7.36% | 6/14/2024 | 6/14/2031 | 37619 | 37737 | 37792 | 1.59 |
| &nbsp;&nbsp;Foundation Risk Partners Corp. | (4)(10) | SOFR + | 5.25% | 9.58% | 9/26/2022 | 10/29/2030 | 75252 | 74707 | 75252 | 3.17 |
| &nbsp;&nbsp;HUB International, Ltd. | (8) | SOFR + | 2.75% | 7.37% | 11/25/2024 | 6/20/2030 | 19900 | 20099 | 20045 | 0.85 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 3.50% | 7.86% | 11/22/2024 | 4/18/2030 | 9975 | 10081 | 10062 | 0.42 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 3.00% | 7.36% | 11/22/2024 | 2/15/2031 | 11338 | 11444 | 11429 | 0.48 |
| &nbsp;&nbsp;OneDigital Borrower, LLC | (9) | SOFR + | 3.25% | 7.61% | 11/19/2024 | 6/13/2031 | 11970 | 12075 | 12015 | 0.51 |
| &nbsp;&nbsp;Patriot Growth Insurance Services, LLC. | (4)(10) | SOFR + | 5.00% | 9.48% | 9/26/2022 | 10/16/2028 | 62364 | 61084 | 62364 | 2.63 |
| &nbsp;&nbsp;TIH Insurance Holdings, LLC. | (8) | SOFR + | 2.75% | 7.08% | 12/6/2024 | 5/6/2031 | 10000 | 10075 | 10045 | 0.42 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.58% | 12/23/2024 | 11/22/2029 | 16713 | 16800 | 16706 | 0.70 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.58% | 12/23/2024 | 9/29/2030 | 14963 | 15052 | 14959 | 0.63 |
|  |  |  |  |  |  |  |  | 358899 | 360967 | 15.21 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | (8) | SOFR + | 3.50% | 8.15% | 7/16/2024 | 7/16/2031 | 16836 | 16945 | 16977 | 0.72 |
| **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** |
| &nbsp;&nbsp;Identity Digital, Inc. | (4)(11) | SOFR + | 5.25% | 9.74% | 1/19/2022 | 12/29/2027 | 41590 | 41444 | 41590 | 1.75 |
| &nbsp;&nbsp;Prodege International Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.10% | 1/19/2022 | 12/15/2027 | 20732 | 20548 | 20162 | 0.85 |
|  |  |  |  |  |  |  |  | 61992 | 61752 | 2.60 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Ahead DB Holdings, LLC | (10) | SOFR + | 3.50% | 7.83% | 8/2/2024 | 2/1/2031 | 3210 | 3206 | 3236 | 0.14 |
| &nbsp;&nbsp;Dcert Buyer, Inc. | (8) | SOFR + | 4.00% | 8.36% | 5/24/2022 | 10/16/2026 | 9956 | 9804 | 9589 | 0.40 |
| &nbsp;&nbsp;Fortress Intermediate 3 Inc | (4)(8) | SOFR + | 3.50% | 7.86% | 12/11/2024 | 6/27/2031 | 4988 | 5025 | 5009 | 0.21 |
| &nbsp;&nbsp;Informatica LLC | (8) | SOFR + | 2.25% | 6.61% | 11/7/2024 | 10/27/2028 | 9974 | 10023 | 10037 | 0.42 |
| &nbsp;&nbsp;Newfold Digital Holdings Group Inc | (11) | SOFR + | 3.50% | 8.14% | 1/19/2022 | 2/10/2028 | 4368 | 4312 | 3746 | 0.16 |
| &nbsp;&nbsp;Razor Holdco, LLC | (4)(10) | SOFR + | 5.75% | 10.44% | 1/19/2022 | 10/25/2027 | 25220 | 24974 | 25220 | 1.06 |
| &nbsp;&nbsp;Virtusa Corp. | (10) | SOFR + | 3.25% | 7.61% | 6/21/2024 | 2/15/2029 | 25790 | 25965 | 26004 | 1.10 |
|  |  |  |  |  |  |  |  | 83309 | 82841 | 3.49 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;LSCS Holdings, Inc. | (9) | SOFR + | 4.50% | 8.86% | 12/2/2024 | 12/16/2028 | $4987 | $5037 | $5028 | 0.21% |
| &nbsp;&nbsp;PAREXEL International Inc/Wilmington | (9) | SOFR + | 3.00% | 7.36% | 11/19/2024 | 11/15/2028 | 9974 | 10049 | 10055 | 0.42 |
|  |  |  |  |  |  |  |  | 15086 | 15083 | 0.63 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Chart Industries, Inc. | (9) | SOFR + | 2.50% | 7.09% | 11/13/2024 | 3/16/2030 | 8000 | 8071 | 8042 | 0.34 |
| &nbsp;&nbsp;LSF11 Trinity Bidco, Inc. | (4)(8) | SOFR + | 3.00% | 7.37% | 12/11/2024 | 6/14/2030 | 231 | 231 | 233 | 0.01 |
| &nbsp;&nbsp;Pro Mach Group, Inc. | (11) | SOFR + | 3.50% | 7.86% | 9/3/2024 | 8/31/2028 | 5904 | 5904 | 5963 | 0.25 |
| &nbsp;&nbsp;SPX Flow, Inc. | (9) | SOFR + | 3.00% | 7.36% | 6/6/2024 | 4/5/2029 | 6395 | 6445 | 6456 | 0.27 |
| &nbsp;&nbsp;Titan Co-Borrower LLC | (8) | SOFR + | 4.50% | 8.78% | 11/19/2024 | 2/15/2029 | 5208 | 5236 | 5259 | 0.22 |
| &nbsp;&nbsp;Victory Buyer, LLC | (9) | SOFR + | 3.75% | 8.22% | 1/19/2022 | 11/19/2028 | 9752 | 9388 | 9599 | 0.40 |
|  |  |  |  |  |  |  |  | 35275 | 35552 | 1.49 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;McGraw-Hill Education, Inc. | (9) | SOFR + | 4.00% | 8.33% | 11/25/2024 | 8/6/2031 | 4777 | 4842 | 4837 | 0.20 |
| &nbsp;&nbsp;Radiate Holdco, LLC | (10) | SOFR + | 3.25% | 7.72% | 1/19/2022 | 9/25/2026 | 2352 | 2351 | 2063 | 0.09 |
| &nbsp;&nbsp;Sunrise Financing Partnership | (8) | SOFR + | 2.93% | 7.44% | 6/7/2022 | 1/31/2029 | 3346 | 3309 | 3368 | 0.14 |
|  |  |  |  |  |  |  |  | 10502 | 10268 | 0.43 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;SCIH Salt Holdings, Inc. | (10) | SOFR + | 3.00% | 7.35% | 1/19/2022 | 1/31/2029 | 18060 | 18131 | 18131 | 0.76 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
| &nbsp;&nbsp;Blackstone Mortgage Trust Inc | (9) | SOFR + | 3.50% | 7.84% | 11/14/2024 | 5/9/2029 | 4987 | 4993 | 5003 | 0.21 |
| &nbsp;&nbsp;Starwood Property Mortgage LLC | (4)(9) | SOFR + | 2.25% | 6.64% | 12/12/2024 | 12/12/2029 | 2757 | 2750 | 2753 | 0.12 |
|  |  |  |  |  |  |  |  | 7743 | 7756 | 0.33 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;Freeport LNG Investments, LLLP | (9) | SOFR + | 3.50% | 8.38% | 1/19/2022 | 12/21/2028 | 18271 | 18246 | 18381 | 0.77 |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |
| &nbsp;&nbsp;Profile Products, LLC | (4)(10) | SOFR + | 5.75% | 10.29% | 9/26/2022 | 11/12/2027 | 74498 | 73633 | 72263 | 3.05 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;Ankura Consulting Group, LLC | (10) | SOFR + | 3.50% | 7.84% | 12/17/2024 | 12/17/2031 | $1417 | $1414 | $1421 | 0.06% |
| &nbsp;&nbsp;APFS Staffing Holdings, Inc. | (9) | SOFR + | 4.25% | 8.61% | 4/22/2024 | 12/29/2028 | 2977 | 2970 | 2999 | 0.13 |
| &nbsp;&nbsp;Camelot US Acquisition, LLC. | (8) | SOFR + | 2.75% | 7.11% | 1/31/2024 | 1/31/2031 | 7746 | 7724 | 7749 | 0.33 |
| &nbsp;&nbsp;Cast & Crew Payroll, LLC | (9) | SOFR + | 3.75% | 8.11% | 1/19/2022 | 12/29/2028 | 27572 | 26895 | 26790 | 1.13 |
| &nbsp;&nbsp;CFGI Holdings, LLC | (4)(10) | SOFR + | 4.50% | 8.86% | 9/26/2022 | 11/2/2027 | 110069 | 110069 | 110069 | 4.64 |
| &nbsp;&nbsp;Deerfield Dakota Holding, LLC | (11) | SOFR + | 3.75% | 8.08% | 1/19/2022 | 4/9/2027 | 14674 | 14578 | 14385 | 0.61 |
| &nbsp;&nbsp;Dun & Bradstreet Corp | (8) | SOFR + | 2.25% | 6.59% | 11/15/2024 | 1/18/2029 | 12857 | 12882 | 12881 | 0.54 |
| &nbsp;&nbsp;First Advantage Holdings, LLC | (8) | SOFR + | 3.25% | 7.82% | 6/7/2022 | 10/31/2031 | 5000 | 5013 | 5059 | 0.21 |
| &nbsp;&nbsp;Kwor Acquisition, Inc. | (4)(11)(17) | P + | 4.25% | 12.25% | 9/26/2022 | 12/22/2028 | 90815 | 88773 | 73333 | 3.09 |
| &nbsp;&nbsp;Mercury Borrower, Inc. | (8) | SOFR + | 3.00% | 7.36% | 12/13/2024 | 8/2/2028 | 12033 | 12077 | 12153 | 0.51 |
| &nbsp;&nbsp;Mercury Borrower, Inc. | (9) | SOFR + | 3.50% | 8.19% | 5/25/2022 | 8/2/2028 | 4957 | 4975 | 4998 | 0.21 |
| &nbsp;&nbsp;Ryan, LLC | (9) | SOFR + | 3.50% | 7.86% | 11/7/2024 | 11/14/2030 | 9977 | 10057 | 10017 | 0.42 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (8) | SOFR + | 3.00% | 7.59% | 2/24/2023 | 7/31/2031 | 34333 | 34496 | 34583 | 1.46 |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corp. | (4)(10) | SOFR + | 5.25% | 9.76% | 9/26/2022 | 6/29/2028 | 118000 | 117281 | 118000 | 4.98 |
| &nbsp;&nbsp;West Monroe Partners, LLC | (4)(7)(10) | SOFR + | 4.75% | 9.15% | 1/19/2022 | 11/8/2028 | 28749 | 28424 | 28462 | 1.20 |
|  |  |  |  |  |  |  |  | 477628 | 462899 | 19.52 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Progress Residential PM Holdings, LLC | (4)(7)(10) | SOFR + | 5.50% | 9.96% | 1/19/2022 | 8/8/2030 | 18138 | 18257 | 18138 | 0.76 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Applied Systems, Inc. | (8) | SOFR + | 3.00% | 7.33% | 11/25/2024 | 2/24/2031 | 14962 | 15118 | 15125 | 0.64 |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 3.75% | 8.34% | 7/30/2024 | 7/30/2031 | 22626 | 22654 | 22840 | 0.96 |
| &nbsp;&nbsp;CDK Global Inc. | (8) | SOFR + | 3.25% | 7.58% | 12/11/2024 | 7/6/2029 | 17157 | 17095 | 16952 | 0.71 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (9) | SOFR + | 3.75% | 8.08% | 11/4/2024 | 3/21/2031 | 37330 | 37485 | 37496 | 1.58 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 3.75% | 8.21% | 1/19/2022 | 10/8/2028 | 14300 | 14134 | 14289 | 0.60 |
| &nbsp;&nbsp;Confine Visual Bidco | (4)(8) | SOFR + | 5.75% | 10.06% | 9/26/2022 | 2/23/2029 | 32504 | 31899 | 26247 | 1.11 |
| &nbsp;&nbsp;ConnectWise, LLC | (9) | SOFR + | 3.50% | 8.09% | 1/19/2022 | 9/29/2028 | 14339 | 14428 | 14451 | 0.61 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 3.50% | 8.20% | 11/25/2024 | 12/1/2029 | 15000 | 15134 | 15136 | 0.64 |
| &nbsp;&nbsp;ECI Macola Max Holding, LLC | (10) | SOFR + | 3.25% | 7.58% | 9/20/2024 | 5/9/2030 | 26757 | 26969 | 27044 | 1.14 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Epicor Software Corp. | (10) | SOFR + | 2.75% | 7.11% | 5/30/2024 | 5/30/2031 | $15865 | $15907 | $15998 | 0.67% |
| &nbsp;&nbsp;Flash Charm, Inc. | (10) | SOFR + | 3.50% | 8.07% | 6/11/2024 | 3/2/2028 | 10380 | 10361 | 10214 | 0.43 |
| &nbsp;&nbsp;Flexera Software, LLC | (10) | SOFR + | 3.00% | 7.35% | 5/20/2024 | 3/3/2028 | 5641 | 5641 | 5686 | 0.24 |
| &nbsp;&nbsp;Gen Digital Inc | (9) | SOFR + | 1.75% | 6.11% | 6/5/2024 | 9/12/2029 | 2587 | 2587 | 2582 | 0.11 |
| &nbsp;&nbsp;Genesys Cloud Services Holdings II, LLC | (10) | SOFR + | 3.00% | 7.36% | 9/26/2024 | 12/1/2027 | 9364 | 9420 | 9454 | 0.40 |
| &nbsp;&nbsp;Genuine Financial Holdings, LLC | (8) | SOFR + | 4.00% | 8.36% | 6/28/2024 | 9/27/2030 | 17889 | 17883 | 18113 | 0.76 |
| &nbsp;&nbsp;HS Purchaser, LLC | (10) | SOFR + | 4.00% | 8.69% | 1/19/2022 | 11/19/2026 | 3075 | 3068 | 2719 | 0.11 |
| &nbsp;&nbsp;Icon Parent Inc | (8) | SOFR + | 3.00% | 7.52% | 11/7/2024 | 11/13/2031 | 30000 | 30147 | 30145 | 1.27 |
| &nbsp;&nbsp;ION Trading Finance Ltd. | (8) | SOFR + | 4.00% | 8.47% | 6/3/2024 | 4/1/2028 | 16774 | 16839 | 16824 | 0.71 |
| &nbsp;&nbsp;ION Trading Finance Ltd. | (8) | SOFR + | 3.50% | 7.83% | 12/10/2024 | 4/1/2028 | 9435 | 9435 | 9460 | 0.40 |
| &nbsp;&nbsp;Javelin Buyer Inc | (8) | SOFR + | 3.25% | 7.83% | 12/6/2024 | 10/8/2031 | 30000 | 30281 | 30272 | 1.28 |
| &nbsp;&nbsp;LD Lower Holdings, Inc. | (4)(11) | SOFR + | 7.50% | 11.93% | 1/19/2022 | 8/9/2027 | 13661 | 13624 | 13559 | 0.57 |
| &nbsp;&nbsp;Magenta Security Holdings LLC | (11) | SOFR + | 6.25% | 10.84% | 8/14/2024 | 7/27/2028 | 292 | 281 | 298 | 0.01 |
| &nbsp;&nbsp;Magenta Security Holdings LLC | (10)(18) | SOFR + | 6.75% | 11.59% | 8/14/2024 | 7/27/2028 | 829 | 791 | 767 | 0.03 |
| &nbsp;&nbsp;Magenta Security Holdings LLC | (10)(18) | SOFR + | 7.75% | 12.60% (incl. 6.25% PIK) | 8/14/2024 | 7/27/2028 | 638 | 496 | 384 | 0.02 |
| &nbsp;&nbsp;Magenta Security Holdings LLC | (10)(17)(18) | SOFR + | 7.00% | 11.85% (incl. 5.50% PIK) | 8/14/2024 | 7/27/2028 | 201 | 70 | 71 | 0.00 |
| &nbsp;&nbsp;McAfee Corp. | (9) | SOFR + | 3.00% | 7.37% | 5/31/2024 | 3/1/2029 | 21282 | 21307 | 21327 | 0.90 |
| &nbsp;&nbsp;Medallia, Inc. | (4)(10) | SOFR + | 6.50% | 10.85% (incl. 4.00% PIK) | 1/19/2022 | 10/29/2028 | 50559 | 50070 | 47526 | 2.00 |
| &nbsp;&nbsp;Mitnick Purchaser, Inc. | (9)(18) | SOFR + | 4.50% | 9.19% | 4/20/2022 | 5/2/2029 | 4887 | 4872 | 4570 | 0.19 |
| &nbsp;&nbsp;Mitratech Holdings, Inc. | (4)(10) | SOFR + | 5.00% | 9.69% | 8/9/2022 | 5/18/2028 | 27019 | 26221 | 27019 | 1.14 |
| &nbsp;&nbsp;Mitratech Holdings, Inc. | (10) | SOFR + | 4.25% | 9.10% | 4/5/2023 | 5/18/2028 | 14775 | 14286 | 14793 | 0.62 |
| &nbsp;&nbsp;Monk Holding Co. | (4)(10)(18) | SOFR + | 5.50% | 9.93% | 1/19/2022 | 12/1/2027 | 107669 | 106341 | 107669 | 4.54 |
| &nbsp;&nbsp;Monk Holding Co. | (4)(7)(10) | SOFR + | 5.50% | 9.93% | 1/19/2022 | 12/1/2027 | 1032 | 1003 | 974 | 0.04 |
| &nbsp;&nbsp;MRI Software, LLC | (11) | SOFR + | 4.75% | 9.08% | 9/26/2022 | 2/10/2027 | 9968 | 9822 | 9993 | 0.42 |
| &nbsp;&nbsp;Nintex Topco Limited | (4)(8) | SOFR + | 6.00% | 10.76% (incl. 1.50% PIK) | 1/19/2022 | 11/13/2028 | 32668 | 32283 | 30381 | 1.28 |
| &nbsp;&nbsp;Perforce Software, Inc. | (8) | SOFR + | 4.75% | 9.10% | 12/18/2024 | 7/1/2029 | 10794 | 10632 | 10678 | 0.45 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Planview Parent Inc | (8) | SOFR + | 3.50% | 7.83% | 12/17/2024 | 12/17/2027 | $735 | $733 | $741 | 0.03% |
| &nbsp;&nbsp;Project Alpha Intermediate Holding Inc | (9) | SOFR + | 3.25% | 7.76% | 11/22/2024 | 10/28/2030 | 20656 | 20605 | 20814 | 0.88 |
| &nbsp;&nbsp;Project Leopard Holdings, Inc. | (9) | SOFR + | 5.25% | 9.94% | 12/19/2024 | 7/20/2029 | 995 | 898 | 895 | 0.04 |
| &nbsp;&nbsp;Proofpoint, Inc. | (9) | SOFR + | 3.00% | 7.36% | 5/28/2024 | 8/31/2028 | 23679 | 23775 | 23821 | 1.00 |
| &nbsp;&nbsp;Quartz Acquireco, LLC | (4)(8) | SOFR + | 2.75% | 7.08% | 6/3/2024 | 6/28/2030 | 16656 | 16744 | 16802 | 0.71 |
| &nbsp;&nbsp;Rocket Software, Inc. | (9) | SOFR + | 4.25% | 8.61% | 10/5/2023 | 11/28/2028 | 5198 | 5187 | 5243 | 0.22 |
| &nbsp;&nbsp;Skopima Consilio Parent, LLC | (9) | SOFR + | 3.75% | 8.12% | 12/18/2024 | 5/12/2028 | 22380 | 22367 | 22492 | 0.95 |
| &nbsp;&nbsp;Solarwinds Holdings, Inc. | (8) | SOFR + | 2.75% | 7.11% | 7/24/2024 | 2/5/2030 | 12908 | 13006 | 12992 | 0.55 |
| &nbsp;&nbsp;Sovos Compliance, LLC | (9) | SOFR + | 4.50% | 8.97% | 1/19/2022 | 8/11/2028 | 11520 | 11467 | 11619 | 0.49 |
| &nbsp;&nbsp;Stamps.com, Inc. | (4)(10) | SOFR + | 5.75% | 10.94% | 1/19/2022 | 10/5/2028 | 58350 | 57681 | 57329 | 2.42 |
| &nbsp;&nbsp;Surf Holdings, LLC | (8) | SOFR + | 3.50% | 7.95% | 1/19/2022 | 3/5/2027 | 19247 | 19234 | 19398 | 0.82 |
| &nbsp;&nbsp;Triple Lift, Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.25% | 1/19/2022 | 5/5/2028 | 58781 | 58418 | 56344 | 2.38 |
| &nbsp;&nbsp;UKG Inc | (8) | SOFR + | 3.00% | 7.62% | 12/2/2024 | 2/10/2031 | 25404 | 25648 | 25615 | 1.08 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 4.00% | 8.85% | 1/19/2022 | 4/24/2028 | 5897 | 5863 | 5818 | 0.25 |
| &nbsp;&nbsp;VS Buyer, LLC | (8) | SOFR + | 2.75% | 7.12% | 11/19/2024 | 4/12/2031 | 15000 | 15156 | 15131 | 0.64 |
| &nbsp;&nbsp;XPLOR T1, LLC | (8) | SOFR + | 3.50% | 7.83% | 12/11/2024 | 6/24/2031 | 4988 | 5050 | 5037 | 0.21 |
| &nbsp;&nbsp;Zodiac Purchaser LLC | (4)(8) | SOFR + | 3.50% | 7.90% | 12/13/2024 | 12/13/2031 | 5000 | 4975 | 4988 | 0.21 |
|  |  |  |  |  |  |  |  | 945391 | 936135 | 39.46 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;CustomInk, LLC | (4)(11)(18) | SOFR + | 5.98% | 10.57% | 1/19/2022 | 5/3/2026 | 36866 | 36723 | 36866 | 1.55 |
| &nbsp;&nbsp;EG America, LLC | (8) | SOFR + | 4.25% | 8.68% | 7/12/2023 | 2/7/2028 | 6170 | 6200 | 6233 | 0.26 |
| &nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (10) | SOFR + | 3.50% | 7.86% | 11/19/2024 | 5/4/2028 | 9975 | 10062 | 10054 | 0.42 |
| &nbsp;&nbsp;StubHub Holdco Sub, LLC | (8) | SOFR + | 4.75% | 9.11% | 3/15/2024 | 3/15/2030 | 12233 | 12303 | 12279 | 0.52 |
|  |  |  |  |  |  |  |  | 65288 | 65432 | 2.75 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;Sandisk Corp | (8) | SOFR + | 3.00% | 7.40% | 12/13/2024 | 12/13/2031 | 11430 | 11259 | 11255 | 0.47 |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
| &nbsp;&nbsp;Champ Acquisition Corp | (8) | SOFR + | 4.50% | 8.86% | 11/8/2024 | 11/25/2031 | 678 | 671 | 685 | 0.03 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;FCG Acquisitions, Inc. | (9) | SOFR + | 3.75% | 8.22% | 1/19/2022 | 3/31/2028 | $13705 | $13577 | $13818 | 0.58% |
| &nbsp;&nbsp;Foundation Building Materials, Inc. | (9) | SOFR + | 3.25% | 8.10% | 1/19/2022 | 1/31/2028 | 6799 | 6657 | 6712 | 0.28 |
| &nbsp;&nbsp;Hillman Group Inc | (9) | SOFR + | 2.25% | 6.61% | 11/7/2024 | 7/14/2028 | 3987 | 3993 | 4012 | 0.17 |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | SOFR + | 3.50% | 8.09% | 1/19/2022 | 12/22/2028 | 5830 | 5798 | 5885 | 0.25 |
| &nbsp;&nbsp;Johnstone Supply, LLC | (8) | SOFR + | 2.50% | 6.88% | 12/12/2024 | 6/7/2031 | 6394 | 6432 | 6423 | 0.27 |
| &nbsp;&nbsp;Johnstone Supply, LLC | (8) | SOFR + | 3.00% | 7.51% | 12/2/2024 | 6/7/2031 | 5000 | 5034 | 5022 | 0.21 |
| &nbsp;&nbsp;Kodiak BP, LLC | (8) | SOFR + | 3.75% | 8.27% | 1/19/2022 | 12/4/2031 | 15000 | 14981 | 15029 | 0.63 |
| &nbsp;&nbsp;Park River Holdings, Inc. | (10) | SOFR + | 3.25% | 8.10% | 1/19/2022 | 12/28/2027 | 3334 | 3303 | 3262 | 0.14 |
| &nbsp;&nbsp;Porcelain Acquisition Corp. | (4)(11) | SOFR + | 6.00% | 10.43% | 1/19/2022 | 4/1/2027 | 8599 | 8526 | 8040 | 0.34 |
| &nbsp;&nbsp;White Cap Buyer, LLC | (8) | SOFR + | 3.25% | 7.61% | 6/13/2024 | 10/19/2029 | 16935 | 16973 | 16988 | 0.72 |
|  |  |  |  |  |  |  |  | 85274 | 85191 | 3.59 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Liquid Tech Solutions Holdings LLC | (4)(10) | SOFR + | 3.75% | 8.10% | 12/17/2024 | 3/20/2028 | 4936 | 4936 | 4948 | 0.21 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 10.27% | 1/19/2022 | 10/19/2027 | 11703 | 11646 | 11352 | 0.48 |
| &nbsp;&nbsp;Roadsafe Holdings, Inc. | (4)(11) | SOFR + | 5.75% | 11.06% | 1/19/2022 | 10/19/2027 | 6737 | 6688 | 6535 | 0.28 |
|  |  |  |  |  |  |  |  | 23270 | 22835 | 0.97 |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |
| &nbsp;&nbsp;CCI Buyer, Inc. | (10) | SOFR + | 4.00% | 8.33% | 1/19/2022 | 12/17/2027 | 18576 | 18540 | 18618 | 0.78 |
| **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 5462023 | 5386488 | 227.02 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** | **Second Lien Debt** |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Ascend Learning, LLC | (9) | SOFR + | 5.75% | 10.21% | 7/29/2022 | 12/10/2029 | $5301 | $4893 | $5271 | 0.22% |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Canadian Hospital Specialties Ltd. | (4)(8) |  | 8.75% | 8.75% | 12/20/2022 | 4/15/2029 | 12000 | 8329 | 7659 | 0.32 |
| &nbsp;&nbsp;Jayhawk Buyer, LLC | (4)(11) | SOFR + | 8.75% | 13.44% | 1/19/2022 | 10/15/2027 | 24712 | 24606 | 22735 | 0.96 |
|  |  |  |  |  |  |  |  | 32935 | 30394 | 1.28 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Curia Global, Inc. | (4)(10) | SOFR + | 6.50% | 11.35% | 9/26/2022 | 8/31/2029 | 37847 | 37274 | 34441 | 1.45 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Victory Buyer, LLC | (4)(9) | SOFR + | 7.00% | 11.47% | 1/19/2022 | 11/19/2029 | 66704 | 65816 | 63702 | 2.69 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 7.25% | 12.10% | 9/26/2022 | 4/23/2029 | 24942 | 22600 | 24134 | 1.02 |
| **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | **Total Second Lien Debt** | 163518 | 157942 | 6.66 |
| **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Tangerine Bidco S.p.A | (4)(8) | E + | 5.00% | 7.68% | 12/17/2022 | 12/30/2029 | 69750 | 72499 | 72251 | 3.05 |
| **Total Bond** | **Total Bond** | **Total Bond** | **Total Bond** | **Total Bond** | **Total Bond** | **Total Bond** | **Total Bond** | 72499 | 72251 | 3.05 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;AGI Group Holdings LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 194 | $208 | $266 | 0.01% |
| &nbsp;&nbsp;Mode Holdings, L.P. - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 1230769 | 2215 | 1071 | 0.05 |
| &nbsp;&nbsp;Red Griffin ParentCo, LLC - Class A Common Units | (4) |  |  | 11/27/2024 |  | 3838 | 16269 | 12996 | 0.55 |
|  |  |  |  |  |  |  | 18692 | 14333 | 0.61 |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Resolute Investment Managers, Inc. - Common Equity | (4) |  |  | 12/29/2023 |  | 11751 | 294 | 91 | 0.00 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;Pigments Holdings LP - LP Interest | (4) |  |  | 4/14/2023 |  | 1212 | 0 | 0 | 0.00 |
| **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** | **Distributors** |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units | (4) |  |  | 1/19/2022 |  | 1 | 780 | 0 | 0.00 |
| &nbsp;&nbsp;Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units | (4) |  |  | 7/12/2023 |  | 1 | 92 | 18 | 0.00 |
| &nbsp;&nbsp;GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units) | (4) |  |  | 1/19/2022 |  | 301167 | 1239 | 1582 | 0.07 |
|  |  |  |  |  |  |  | 2111 | 1600 | 0.07 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Cambium Holdings, LLC - Senior Preferred Interest | (4) |  | 11.50% | 1/19/2022 |  | 974662 | 1133 | 1393 | 0.06 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-1 Common Units | (4) |  |  | 1/19/2022 |  | 797 | 210 | 29 | 0.00 |
| &nbsp;&nbsp;Jayhawk Holdings, LP - Class A-2 Common Units | (4) |  |  | 1/19/2022 |  | 429 | 113 | 8 | 0.00 |
| &nbsp;&nbsp;WHCG Purchaser, Inc. - Class A Common Units | (4) |  |  | 8/2/2024 |  | 667649 | 0 | 0 | 0.00 |
|  |  |  |  |  |  |  | 323 | 37 | 0.00 |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Descartes Holdings, Inc - Class A Common Stock | (4) |  |  | 10/9/2023 |  | 168057 | 728 | 12 | 0.00 |
| &nbsp;&nbsp;Lobos Parent, Inc. - Series A Preferred Shares | (4) |  | 10.50% | 1/19/2022 |  | 5773 | 5700 | 7476 | 0.32 |
|  |  |  |  |  |  |  | 6428 | 7488 | 0.32 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** | **Equity (continued)** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units) | (4) |  |  | 1/19/2022 |  | 3000000 | $3542 | $4335 | 0.18% |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Frontline Road Safety Investments, LLC - Class A Common Units | (4) |  |  | 1/19/2022 |  | 3936 | 376 | 1066 | 0.04 |
| **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | 32899 | 30343 | 1.28 |
| **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 5730939 | 5647024 | 238.01 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund - Investor Class |  |  | 4.34% |  |  |  | 466 | 466 | 0.02 |
| &nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management |  |  | 4.24% |  |  |  | 384 | 384 | 0.02 |
| &nbsp;&nbsp;Other Cash and Cash Equivalents |  |  |  |  |  |  | 149811 | 150195 | 6.33 |
| **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $5881600 | $5798069 | 244.38% |

---

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

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

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

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

(6)Reserved.

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

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Emerald JV LP**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| ADCS Clinics Intermediate Holdings, LLC | Revolver | 5/7/2026 | $714 | $— |
| Cambium Learning Group, Inc. | Revolver | 7/20/2027 | 3249 |  |
| CPI Buyer, LLC | Revolver | 11/1/2026 | 2974 | (59) |
| CSHC Buyerco, LLC | Delayed Draw Term Loan | 9/8/2026 | 195 |  |
| Express Wash Concepts, LLC | Delayed Draw Term Loan | 4/2/2025 | 24500 |  |
| Latham Pool Products, Inc. | Revolver | 2/23/2027 | 11250 | (233) |
| Monk Holding Co. | Delayed Draw Term Loan | 6/1/2025 | 3290 |  |
| Navigator Acquiror, Inc. | Delayed Draw Term Loan | 1/23/2025 | 616 |  |
| Progress Residential PM Holdings, LLC | Delayed Draw Term Loan | 5/8/2025 | 3721 |  |
| Signia Aerospace LLC | Delayed Draw Term Loan | 12/11/2026 | 1264 |  |
| Smile Doctors, LLC | Revolver | 12/23/2027 | 4737 | (118) |
| Triple Lift, Inc. | Revolver | 5/5/2028 | 2143 | (86) |
| West Monroe Partners, LLC | Revolver | 11/9/2027 | 2843 |  |
| **Total Unfunded Commitments** |  |  | $61496 | $(496) |

---

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

(9)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

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

(16)Reserved.

(17)Loan was on non-accrual status as of December 31, 2024.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." As of December 31, 2024, the aggregate fair value of these securities is $5,647.0 million or 238.01% of the Company's net assets. The initial acquisition dates have been included for such securities.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents the selected consolidated statements of assets and liabilities information of the Emerald JV as of September 30, 2025 and December 31, 2024 (Unaudited):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Investments at fair value (cost of $6,725,570 and $5,730,939, respectively) | $6580852 | $5647024 |
| Cash and cash equivalents | 173780 | 150661 |
| Interest receivable | 40608 | 34431 |
| Receivable for investments sold | 8698 | 65644 |
| Deferred financing costs | 7684 | 11005 |
| **Total assets** | $6811622 | $5908765 |
| **LIABILITIES** |  |  |
| Debt (net of unamortized debt issuance costs of $5,205 and $0, respectively) | $4022707 | $2169241 |
| Distribution payable | 80027 | 75514 |
| Payable for investments purchased and other liabilities | 413040 | 1292277 |
| **Total liabilities** | 4515774 | 3537032 |
| **PARTNERS' CAPITAL** |  |  |
| Partners' capital | 2295848 | 2371733 |
| **Total partners' capital** | 2295848 | 2371733 |
| **Total liabilities and partners' capital** | $6811622 | $5908765 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents the selected consolidated statements of operations information of the Emerald JV for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $135753 | $123360 | $395043 | $413396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 6208 | 2066 | 17210 | 5713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 2922 | 3 | 2922 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 44 |  | 675 | 604 |
| **Total investment income** | 144927 | 125429 | 415850 | 419732 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 58383 | 43758 | 161117 | 141886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1567 | 541 | 3050 | 1603 |
| **Total expenses** | 59950 | 44299 | 164167 | 143489 |
| **Net investment income before tax expense** | 84977 | 81130 | 251683 | 276243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax expense |  |  |  |  |
| **Net investment income after tax expense** | 84977 | 81130 | 251683 | 276243 |
| **Net realized and change in unrealized gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on investments, foreign currency and income tax (provision) benefit | (33652) | (48847) | (71218) | (68702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency | (2995) | 6785 | (19624) | 10972 |
| **Total net realized and change in unrealized gain (loss)** | (36647) | (42062) | (90842) | (57730) |
| **Net increase (decrease) in partners' capital resulting from operations** | $48330 | $39068 | $160841 | $218513 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

*BCRED Verdelite JV*

BCRED Verdelite JV LP (**"Verdelite JV"**), a Delaware limited partnership, was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the **"Verdelite JV Partner"**), commenced operations on October 21, 2022 and operates under a limited partnership agreement. The Verdelite JV's principal purpose is to make investments, primarily in broadly syndicated loans.

On October 21, 2022, a wholly-owned subsidiary of the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV.

As of September 30, 2025 and December 31, 2024, the Company had made capital contributions (net of returns of capital) of $117.7 million and the Verdelite JV Partner had made capital contributions (net of returns of capital) of $16.8 million. As of September 30, 2025 and December 31, 2024, $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner. The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV.

As of September 30, 2025 and December 31, 2024, the Company and the Verdelite JV Partner's equity ownership interests in the Verdelite JV were 87.5% and 12.5%, respectively.

The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV's general partner, have equal control of the Verdelite JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The initial term of the Verdelite JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval the Verdelite JV's general partner, except in the case of a dissolution event. The Company's investment in the Verdelite JV cannot be transferred without the consent of the Verdelite JV partner. Effective October 21, 2025, the Verdelite JV's general partner approved the extension of the Verdelite JV to April 21, 2026.

The Company has determined that the Verdelite JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Verdelite JV and has determined that the Verdelite JV is a variable interest entity under ASC 810*.* However, the Company is not deemed to be the primary beneficiary of the Verdelite JV as there is equal power between the Company and the Verdelite JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.

The Company's investment in the Verdelite JV is disclosed on the Company's Condensed Consolidated Schedule of Investments as of September 30, 2025 and December 31, 2024.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

The following table presents the consolidated schedule of investments of the Verdelite JV as of September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** | **First Lien Debt** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;KBR, Inc. | (8) | SOFR + | 2.00% | 6.16% | 8/14/2024 | 1/17/2031 | $501 | $501 | $502 | 0.39% |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 3.75% | 8.01% | 11/16/2022 | 2/1/2028 | 4940 | 4903 | 4179 | 3.21 |
| &nbsp;&nbsp;TransDigm, Inc. | (8) | SOFR + | 2.50% | 6.50% | 11/28/2023 | 2/28/2031 | 5911 | 5908 | 5915 | 4.54 |
| &nbsp;&nbsp;TransDigm, Inc. | (8) | SOFR + | 2.25% | 6.25% | 9/11/2025 | 3/22/2030 | 89 | 89 | 89 | 0.07 |
| &nbsp;&nbsp;Vertex Aerospace Services Corp. | (10) | SOFR + | 2.25% | 6.41% | 11/16/2022 | 12/6/2030 | 5532 | 5512 | 5533 | 4.25 |
|  |  |  |  |  |  |  |  | 16913 | 16218 | 12.46 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;Savage Enterprises, LLC | (8) | SOFR + | 2.50% | 6.75% | 7/30/2025 | 8/5/2032 | 2848 | 2852 | 2854 | 2.19 |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 2.25% | 6.50% | 2/15/2023 | 2/15/2028 | 2939 | 2939 | 2939 | 2.26 |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 1.75% | 5.98% | 11/16/2022 | 1/29/2027 | 495 | 494 | 494 | 0.38 |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 2.25% | 6.58% | 2/15/2023 | 4/20/2028 | 997 | 970 | 997 | 0.77 |
| &nbsp;&nbsp;United Airlines, Inc. | (8) | SOFR + | 2.00% | 6.20% | 2/22/2024 | 2/22/2031 | 2279 | 2279 | 2289 | 1.76 |
|  |  |  |  |  |  |  |  | 6682 | 6719 | 5.17 |
| **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** | **Auto Components** |
| &nbsp;&nbsp;Clarios Global, LP | (8) | SOFR + | 2.50% | 6.66% | 7/16/2024 | 5/6/2030 | 2942 | 2942 | 2947 | 2.26 |
| &nbsp;&nbsp;Clarios Global, LP | (8) | SOFR + | 2.75% | 6.91% | 3/12/2025 | 1/28/2032 | 2500 | 2484 | 2505 | 1.92 |
|  |  |  |  |  |  |  |  | 5426 | 5452 | 4.18 |
| **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** | **Beverages** |
| &nbsp;&nbsp;Triton Water Holdings, Inc. | (9) | SOFR + | 2.25% | 6.25% | 11/16/2022 | 3/31/2028 | 3397 | 3397 | 3400 | 2.61 |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
| &nbsp;&nbsp;Grifols Worldwide Operations USA, Inc. | (8) | SOFR + | 2.00% | 6.26% | 11/16/2022 | 11/15/2027 | 3114 | 3104 | 3108 | 2.39 |
| **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** | **Broadline Retail** |
| &nbsp;&nbsp;Peer Holding III, BV | (8) | SOFR + | 2.50% | 6.50% | 6/26/2024 | 7/1/2031 | 1928 | 1928 | 1933 | 1.48 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (9) | SOFR + | 3.25% | 7.50% | 11/16/2022 | 4/12/2028 | 3918 | 3878 | 3731 | 2.86 |
| &nbsp;&nbsp;Griffon Corp. | (8) | SOFR + | 2.00% | 6.00% | 6/26/2024 | 1/24/2029 | 3424 | 3430 | 3440 | 2.64 |
| &nbsp;&nbsp;Gulfside Supply, Inc. | (8) | SOFR + | 3.00% | 7.00% | 6/17/2024 | 6/17/2031 | 618 | 616 | 619 | 0.48 |
| &nbsp;&nbsp;LBM Acquisition, LLC | (10) | SOFR + | 3.75% | 7.99% | 6/6/2024 | 5/31/2031 | 5945 | 5897 | 5813 | 4.46 |
| &nbsp;&nbsp;MIWD Holdco II, LLC | (8) | SOFR + | 2.75% | 6.91% | 3/28/2024 | 3/28/2031 | 2039 | 2030 | 2049 | 1.57 |
| &nbsp;&nbsp;Oscar Acquisitionco, LLC | (9) | SOFR + | 4.25% | 8.25% | 11/16/2022 | 4/29/2029 | 2402 | 2405 | 2249 | 1.73 |
| &nbsp;&nbsp;Resideo Funding, Inc. | (8) | SOFR + | 2.00% | 5.84% | 6/14/2024 | 6/13/2031 | 543 | 543 | 545 | 0.42 |
| &nbsp;&nbsp;Resideo Funding, Inc. | (8) | SOFR + | 2.00% | 6.04% | 8/8/2025 | 8/13/2032 | 330 | 330 | 330 | 0.25 |
| &nbsp;&nbsp;Standard Industries, Inc. | (9) | SOFR + | 1.75% | 5.89% | 11/16/2022 | 9/22/2028 | 541 | 541 | 543 | 0.42 |
|  |  |  |  |  |  |  |  | 19670 | 19319 | 14.83 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (8) | SOFR + | 3.50% | 7.75% | 2/27/2025 | 2/27/2032 | $3501 | $3493 | $3431 | 2.63% |
| &nbsp;&nbsp;Aretec Group, Inc. | (8) | SOFR + | 3.50% | 7.66% | 5/29/2024 | 8/9/2030 | 5363 | 5361 | 5369 | 4.12 |
| &nbsp;&nbsp;Citco Funding, LLC | (9) | SOFR + | 2.75% | 6.81% | 6/13/2024 | 4/27/2028 | 980 | 979 | 984 | 0.76 |
| &nbsp;&nbsp;Focus Financial Partners, LLC | (8) | SOFR + | 2.75% | 6.91% | 1/31/2025 | 9/15/2031 | 2481 | 2465 | 2485 | 1.91 |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | (8) | SOFR + | 2.75% | 6.75% | 7/25/2025 | 9/5/2031 | 4121 | 4123 | 4126 | 3.17 |
| &nbsp;&nbsp;Kestra Advisor Services Holdings A, Inc. | (8) | SOFR + | 3.00% | 7.16% | 8/1/2025 | 3/21/2031 | 1570 | 1570 | 1573 | 1.21 |
| &nbsp;&nbsp;Osaic Holdings, Inc. | (8) | SOFR + | 3.00% | 7.16% | 7/17/2025 | 8/1/2032 | 2660 | 2657 | 2662 | 2.04 |
| &nbsp;&nbsp;Superannuation & Investments US, LLC  | (9) | SOFR + | 3.00% | 7.16% | 7/18/2025 | 12/1/2028 | 107 | 107 | 107 | 0.08 |
| &nbsp;&nbsp;The Edelman Financial Engines Center, LLC | (8) | SOFR + | 3.00% | 7.16% | 6/5/2024 | 4/7/2028 | 3851 | 3851 | 3858 | 2.96 |
| &nbsp;&nbsp;Victory Capital Holdings, Inc. | (8) | SOFR + | 2.00% | 6.00% | 9/10/2025 | 9/23/2032 | 5022 | 5016 | 5019 | 3.85 |
|  |  |  |  |  |  |  |  | 29622 | 29614 | 22.73 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;CI Maroon Holdings, LLC | (8) | SOFR + | 3.25% | 7.35% | 2/7/2025 | 3/3/2031 | 891 | 891 | 893 | 0.69 |
| &nbsp;&nbsp;Nouryon USA, LLC | (8) | SOFR + | 3.25% | 7.50% | 4/26/2024 | 4/3/2028 | 3666 | 3666 | 3676 | 2.82 |
|  |  |  |  |  |  |  |  | 4557 | 4569 | 3.51 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Access CIG, LLC | (9) | SOFR + | 4.00% | 8.03% | 8/15/2025 | 8/18/2030 | 5505 | 5395 | 5529 | 4.24 |
| &nbsp;&nbsp;Allied Universal Holdco, LLC | (8) | SOFR + | 3.25% | 7.51% | 8/6/2025 | 8/20/2032 | 3034 | 3030 | 3049 | 2.34 |
| &nbsp;&nbsp;Anticimex, Inc. | (9) | SOFR + | 3.40% | 7.76% | 11/16/2022 | 11/16/2028 | 4320 | 4290 | 4337 | 3.33 |
| &nbsp;&nbsp;Aramark Services, Inc. | (8) | SOFR + | 1.75% | 5.91% | 8/12/2025 | 4/6/2028 | 259 | 259 | 260 | 0.20 |
| &nbsp;&nbsp;Asplundh Tree Expert, LLC | (8) | SOFR + | 1.75% | 5.91% | 5/23/2024 | 5/23/2031 | 1332 | 1329 | 1333 | 1.02 |
| &nbsp;&nbsp;Belfor Holdings, Inc. | (9) | SOFR + | 2.75% | 6.91% | 8/8/2025 | 11/1/2030 | 952 | 952 | 957 | 0.73 |
| &nbsp;&nbsp;EAB Global, Inc. | (9) | SOFR + | 3.00% | 7.16% | 11/16/2022 | 8/16/2030 | 8744 | 8656 | 8542 | 6.56 |
| &nbsp;&nbsp;Foundational Education Group, Inc. | (9) | SOFR + | 4.25% | 8.53% | 11/16/2022 | 8/31/2028 | 2462 | 2397 | 2197 | 1.69 |
| &nbsp;&nbsp;Garda World Security, Corp. | (8) | SOFR + | 3.00% | 7.17% | 8/6/2024 | 2/1/2029 | 3789 | 3789 | 3798 | 2.92 |
| &nbsp;&nbsp;Lsf12 Crown US Commercial Bidco, LLC | (8) | SOFR + | 3.50% | 7.66% | 9/19/2025 | 12/2/2031 | 379 | 379 | 381 | 0.29 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (8) | SOFR + | 2.50% | 6.81% | 1/26/2024 | 7/25/2030 | 3355 | 3336 | 3361 | 2.58 |
| &nbsp;&nbsp;Pinnacle Buyer, LLC | (7)(8) | SOFR + | 2.50% | 6.56% | 9/11/2025 | 10/1/2032 | 444 | 443 | 445 | 0.34 |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (8) | SOFR + | 2.00% | 6.13% | 4/15/2024 | 10/13/2030 | 5223 | 5221 | 5216 | 4.00 |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (8) | SOFR + | 1.75% | 6.00% | 4/4/2025 | 3/7/2032 | 995 | 986 | 987 | 0.76 |
| &nbsp;&nbsp;Tempo Acquisition, LLC | (9) | SOFR + | 1.75% | 5.91% | 1/29/2025 | 8/31/2028 | 2481 | 2462 | 2432 | 1.87 |
| &nbsp;&nbsp;TRC Cos, LLC | (8) | SOFR + | 3.00% | 7.16% | 11/16/2022 | 12/8/2028 | 5462 | 5461 | 5476 | 4.20 |
| &nbsp;&nbsp;Vaco Holdings, Inc. | (10) | SOFR + | 5.00% | 9.15% | 11/16/2022 | 1/21/2029 | 2300 | 2266 | 1987 | 1.53 |
|  |  |  |  |  |  |  |  | 50651 | 50287 | 38.60 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Azuria Water Solutions, Inc. | (10) | SOFR + | 3.00% | 7.16% | 7/23/2024 | 5/17/2028 | $2941 | $2941 | $2949 | 2.26% |
| &nbsp;&nbsp;Brookfield WEC Holdings, Inc. | (8) | SOFR + | 2.25% | 6.53% | 1/25/2024 | 1/27/2031 | 2491 | 2485 | 2495 | 1.92 |
| &nbsp;&nbsp;Touchdown Acquirer, Inc. | (8) | SOFR + | 2.75% | 6.95% | 8/21/2024 | 2/21/2031 | 2383 | 2362 | 2384 | 1.83 |
|  |  |  |  |  |  |  |  | 7788 | 7828 | 6.01 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;Green Infrastructure Partners US, LLC | (8) | SOFR + | 2.75% | 6.78% | 9/19/2025 | 9/24/2032 | 273 | 272 | 273 | 0.21 |
| &nbsp;&nbsp;Quikrete Holdings, Inc. | (8) | SOFR + | 2.25% | 6.41% | 4/4/2025 | 2/10/2032 | 995 | 971 | 996 | 0.76 |
| &nbsp;&nbsp;Tamko Building Products, LLC | (8) | SOFR + | 2.75% | 6.91% | 10/23/2024 | 9/20/2030 | 2608 | 2608 | 2619 | 2.01 |
|  |  |  |  |  |  |  |  | 3851 | 3888 | 2.98 |
| **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** |
| &nbsp;&nbsp;CPI Holdco B, LLC | (8) | SOFR + | 2.00% | 6.16% | 5/17/2024 | 5/17/2031 | 3685 | 3681 | 3685 | 2.83 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;Anchor Packaging, LLC | (8) | SOFR + | 3.25% | 7.39% | 12/13/2024 | 7/18/2029 | 741 | 741 | 745 | 0.57 |
| &nbsp;&nbsp;Berlin Packaging, LLC | (8) | SOFR + | 3.25% | 7.53% | 7/25/2025 | 6/7/2031 | 4486 | 4486 | 4505 | 3.46 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + | 3.18% | 7.34% | 11/16/2022 | 4/13/2029 | 3136 | 3099 | 3135 | 2.41 |
| &nbsp;&nbsp;Graham Packaging Co., Inc. | (8) | SOFR + | 2.50% | 6.66% | 7/31/2024 | 8/4/2027 | 2591 | 2591 | 2594 | 1.99 |
| &nbsp;&nbsp;ProAmpac PG Borrower, LLC | (10) | SOFR + | 4.00% | 8.19% | 4/9/2024 | 9/15/2028 | 5132 | 5132 | 5158 | 3.96 |
| &nbsp;&nbsp;SupplyOne, Inc. | (8) | SOFR + | 3.50% | 7.66% | 4/19/2024 | 4/19/2031 | 1686 | 1680 | 1696 | 1.30 |
| &nbsp;&nbsp;TricorBraun Holdings, Inc. | (9) | SOFR + | 3.25% | 7.41% | 11/16/2022 | 3/3/2028 | 4467 | 4360 | 4450 | 3.42 |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | (9) | SOFR + | 3.75% | 7.75% | 10/18/2024 | 9/15/2028 | 4386 | 4386 | 4315 | 3.31 |
|  |  |  |  |  |  |  |  | 26475 | 26598 | 20.42 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Cengage Learning, Inc. | (11) | SOFR + | 3.50% | 7.67% | 11/22/2024 | 3/22/2031 | 3432 | 3425 | 3428 | 2.63 |
| &nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc. | (9) | SOFR + | 3.68% | 7.68% | 11/16/2022 | 7/6/2029 | 2940 | 2896 | 2963 | 2.27 |
| &nbsp;&nbsp;Imagine Learning, LLC | (9) | SOFR + | 3.50% | 7.66% | 2/1/2024 | 12/21/2029 | 3955 | 3937 | 3436 | 2.64 |
| &nbsp;&nbsp;KUEHG Corp. | (9) | SOFR + | 2.75% | 6.75% | 8/11/2025 | 6/12/2030 | 2494 | 2503 | 2495 | 1.92 |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.47% | 11/16/2022 | 3/12/2029 | 4172 | 4100 | 4153 | 3.19 |
| &nbsp;&nbsp;Mister Car Wash Holdings, Inc. | (8) | SOFR + | 2.50% | 6.66% | 3/27/2024 | 3/21/2031 | 696 | 696 | 698 | 0.54 |
| &nbsp;&nbsp;Pre-Paid Legal Services, Inc. | (9) | SOFR + | 3.25% | 7.41% | 11/16/2022 | 12/15/2028 | 3240 | 3207 | 3070 | 2.36 |
| &nbsp;&nbsp;Spring Education Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 9/29/2023 | 10/5/2030 | 3361 | 3336 | 3377 | 2.59 |
| &nbsp;&nbsp;University Support Services, LLC | (9) | SOFR + | 2.75% | 6.91% | 11/16/2022 | 2/10/2029 | 3688 | 3662 | 3638 | 2.79 |
| &nbsp;&nbsp;Wand NewCo 3, Inc. | (8) | SOFR + | 2.50% | 6.66% | 7/30/2024 | 1/30/2031 | 2898 | 2876 | 2892 | 2.22 |
|  |  |  |  |  |  |  |  | 30638 | 30150 | 23.15 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| &nbsp;&nbsp;Iron Mountain Information Management, LLC | (8) | SOFR + | 2.00% | 6.16% | 12/28/2023 | 1/31/2031 | $845 | $840 | $846 | 0.65% |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Coral-US Co-Borrower, LLC | (8) | SOFR + | 3.25% | 7.57% | 11/16/2022 | 1/31/2028 | 2450 | 2439 | 2429 | 1.86 |
| &nbsp;&nbsp;Virgin Media Bristol, LLC | (8) | SOFR + | 3.18% | 7.37% | 3/2/2023 | 3/31/2031 | 2727 | 2709 | 2693 | 2.07 |
| &nbsp;&nbsp;Zacapa, LLC | (9) | SOFR + | 3.75% | 7.75% | 10/29/2024 | 3/22/2029 | 4467 | 4467 | 4479 | 3.44 |
|  |  |  |  |  |  |  |  | 9615 | 9601 | 7.37 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;Cogentrix Finance Holdco I, LLC | (8) | SOFR + | 2.25% | 6.41% | 8/7/2025 | 2/26/2032 | 2368 | 2373 | 2375 | 1.82 |
| &nbsp;&nbsp;NRG Energy, Inc. | (8) | SOFR + | 1.75% | 6.07% | 4/16/2024 | 4/16/2031 | 1751 | 1748 | 1753 | 1.35 |
| &nbsp;&nbsp;Vistra Operations Co, LLC | (8) | SOFR + | 1.75% | 5.91% | 11/16/2022 | 12/20/2030 | 2601 | 2581 | 2607 | 2.00 |
|  |  |  |  |  |  |  |  | 6702 | 6735 | 5.17 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;Generac Power Systems, Inc. | (8) | SOFR + | 1.75% | 6.03% | 7/3/2024 | 7/3/2031 | 3761 | 3757 | 3787 | 2.91 |
| &nbsp;&nbsp;Madison IAQ, LLC | (9) | SOFR + | 2.50% | 6.70% | 11/16/2022 | 6/21/2028 | 6678 | 6600 | 6692 | 5.14 |
|  |  |  |  |  |  |  |  | 10357 | 10479 | 8.05 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;Celestica, Inc. | (4)(8) | SOFR + | 1.75% | 5.92% | 6/20/2024 | 6/20/2031 | 3456 | 3456 | 3482 | 2.67 |
| &nbsp;&nbsp;Infinite Bidco, LLC | (9) | SOFR + | 3.75% | 8.32% | 11/16/2022 | 3/2/2028 | 2619 | 2569 | 2559 | 1.96 |
| &nbsp;&nbsp;Modena Buyer, LLC | (8) | SOFR + | 4.50% | 8.81% | 7/1/2024 | 7/1/2031 | 1822 | 1792 | 1802 | 1.38 |
|  |  |  |  |  |  |  |  | 7817 | 7843 | 6.01 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;Ursa Minor US Bidco, LLC | (8) | SOFR + | 2.75% | 6.91% | 3/26/2024 | 3/26/2031 | 1181 | 1178 | 1186 | 0.91 |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;EOC Borrower, LLC | (8) | SOFR + | 3.00% | 7.16% | 8/11/2025 | 3/24/2032 | 2494 | 2502 | 2500 | 1.92 |
| &nbsp;&nbsp;Live Nation Entertainment, Inc. | (8) | SOFR + | 1.75% | 5.99% | 11/16/2022 | 10/19/2026 | 3445 | 3447 | 3446 | 2.65 |
| &nbsp;&nbsp;UFC Holdings, LLC | (8) | SOFR + | 2.00% | 6.04% | 9/9/2025 | 11/21/2031 | 171 | 171 | 172 | 0.13 |
|  |  |  |  |  |  |  |  | 6120 | 6118 | 4.70 |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Mitchell International, Inc. | (9) | SOFR + | 3.25% | 7.41% | 6/17/2024 | 6/17/2031 | 4892 | 4872 | 4893 | 3.76 |
| &nbsp;&nbsp;Paysafe Holdings US Corp. | (9) | SOFR + | 2.75% | 7.03% | 11/16/2022 | 6/28/2028 | 1918 | 1912 | 1918 | 1.47 |
| &nbsp;&nbsp;Planet US Buyer, LLC | (8) | SOFR + | 3.00% | 7.20% | 2/9/2024 | 2/7/2031 | 1012 | 1010 | 1019 | 0.78 |
| &nbsp;&nbsp;Solera, LLC | (9)(18) | SOFR + | 4.00% | 8.57% | 11/16/2022 | 6/2/2028 | 2240 | 2190 | 2163 | 1.66 |
|  |  |  |  |  |  |  |  | 9984 | 9993 | 7.67 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;CHG PPC Parent, LLC | (9) | SOFR + | 3.00% | 7.28% | 11/16/2022 | 12/8/2028 | $2923 | $2873 | $2931 | 2.25% |
| &nbsp;&nbsp;Dreyers Grand Ice Cream, Inc. | (8) | SOFR + | 2.00% | 6.20% | 3/11/2025 | 9/30/2031 | 2985 | 2967 | 2967 | 2.28 |
| &nbsp;&nbsp;Froneri US, Inc. | (8) | SOFR + | 2.00% | 6.20% | 7/16/2025 | 8/2/2032 | 1378 | 1374 | 1376 | 1.06 |
| &nbsp;&nbsp;Saratoga Food Specialties, LLC | (8) | SOFR + | 3.25% | 7.31% | 3/7/2024 | 3/7/2029 | 716 | 716 | 721 | 0.55 |
|  |  |  |  |  |  |  |  | 7930 | 7995 | 6.14 |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |
| &nbsp;&nbsp;Genesee & Wyoming, Inc. | (8) | SOFR + | 1.75% | 5.75% | 4/10/2024 | 4/10/2031 | 4281 | 4264 | 4269 | 3.28 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;Resonetics, LLC | (10) | SOFR + | 2.75% | 7.06% | 7/24/2025 | 6/18/2031 | 3555 | 3555 | 3555 | 2.73 |
| &nbsp;&nbsp;WS Audiology A/S | (8) | SOFR + | 3.50% | 7.81% | 4/8/2024 | 2/28/2029 | 4065 | 4065 | 4054 | 3.11 |
|  |  |  |  |  |  |  |  | 7620 | 7609 | 5.84 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Agiliti Health, Inc. | (8) | SOFR + | 3.00% | 7.22% | 5/1/2023 | 5/1/2030 | 3447 | 3449 | 3314 | 2.54 |
| &nbsp;&nbsp;CHG Healthcare Services, Inc. | (9) | SOFR + | 2.75% | 7.05% | 7/25/2025 | 9/29/2028 | 2489 | 2492 | 2492 | 1.91 |
| &nbsp;&nbsp;Concentra Health Services, Inc. | (8) | SOFR + | 2.00% | 6.16% | 7/26/2024 | 6/26/2031 | 2127 | 2127 | 2137 | 1.64 |
| &nbsp;&nbsp;Davita, Inc. | (8) | SOFR + | 1.75% | 5.91% | 5/9/2024 | 5/9/2031 | 3465 | 3465 | 3475 | 2.67 |
| &nbsp;&nbsp;Ensemble RCM, LLC | (8) | SOFR + | 3.00% | 7.31% | 1/30/2024 | 8/1/2029 | 931 | 924 | 935 | 0.72 |
| &nbsp;&nbsp;Examworks Bidco, Inc. | (9) | SOFR + | 2.75% | 6.91% | 11/16/2022 | 11/1/2028 | 4743 | 4700 | 4757 | 3.65 |
| &nbsp;&nbsp;Global Medical Response, Inc. | (8) | SOFR + | 3.50% | 7.63% | 9/10/2025 | 10/1/2032 | 2868 | 2861 | 2873 | 2.21 |
| &nbsp;&nbsp;Heartland Dental, LLC | (8) | SOFR + | 3.75% | 7.91% | 8/7/2025 | 8/25/2032 | 266 | 265 | 266 | 0.20 |
| &nbsp;&nbsp;Hunter US Bidco, Inc. | (4)(9) | SOFR + | 4.25% | 8.35% | 11/16/2022 | 8/19/2028 | 1000 | 995 | 996 | 0.76 |
| &nbsp;&nbsp;MED ParentCo, LP | (8) | SOFR + | 3.25% | 7.41% | 10/18/2024 | 4/15/2031 | 1186 | 1186 | 1189 | 0.91 |
| &nbsp;&nbsp;Outcomes Group Holdings, Inc. | (8) | SOFR + | 3.00% | 7.16% | 5/6/2024 | 5/6/2031 | 2054 | 2054 | 2068 | 1.59 |
| &nbsp;&nbsp;Pediatric Associates Holding Co, LLC | (9) | SOFR + | 3.25% | 7.82% | 11/16/2022 | 12/29/2028 | 477 | 473 | 458 | 0.35 |
| &nbsp;&nbsp;Raven Acquisition Holdings, LLC | (7)(8) | SOFR + | 3.00% | 7.16% | 4/4/2025 | 11/19/2031 | 929 | 908 | 929 | 0.71 |
| &nbsp;&nbsp;Southern Veterinary Partners, LLC | (8) | SOFR + | 2.50% | 6.82% | 7/22/2025 | 12/4/2031 | 2708 | 2709 | 2706 | 2.08 |
|  |  |  |  |  |  |  |  | 28608 | 28595 | 21.94 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;athenahealth, Inc. | (9) | SOFR + | 2.75% | 6.91% | 11/16/2022 | 2/15/2029 | 6460 | 6267 | 6455 | 4.96 |
| &nbsp;&nbsp;Cotiviti, Inc. | (8) | SOFR + | 2.75% | 7.03% | 5/1/2024 | 5/1/2031 | 5153 | 5132 | 5071 | 3.89 |
| &nbsp;&nbsp;Gainwell Acquisition Corp. | (10) | SOFR + | 4.00% | 8.10% | 11/16/2022 | 10/1/2027 | 1959 | 1924 | 1931 | 1.48 |
| &nbsp;&nbsp;Waystar Technologies, Inc. | (8) | SOFR + | 2.00% | 6.16% | 8/6/2025 | 10/22/2029 | 2137 | 2137 | 2141 | 1.64 |
|  |  |  |  |  |  |  |  | 15460 | 15598 | 11.97 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;Alterra Mountain, Co. | (8) | SOFR + | 2.50% | 6.66% | 7/23/2025 | 8/17/2028 | $1835 | $1835 | $1840 | 1.41% |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | (9) | SOFR + | 2.25% | 6.41% | 2/6/2023 | 2/6/2030 | 1330 | 1322 | 1330 | 1.02 |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | (9) | SOFR + | 2.25% | 6.41% | 2/6/2024 | 2/6/2031 | 2783 | 2778 | 2780 | 2.13 |
| &nbsp;&nbsp;Cedar Fair, LP | (8) | SOFR + | 2.00% | 6.16% | 5/1/2024 | 5/1/2031 | 719 | 717 | 715 | 0.55 |
| &nbsp;&nbsp;FanDuel Group Financing, LLC | (9) | SOFR + | 1.75% | 5.75% | 11/24/2023 | 11/30/2030 | 2381 | 2381 | 2377 | 1.83 |
| &nbsp;&nbsp;Fertitta Entertainment, LLC | (9) | SOFR + | 3.25% | 7.41% | 11/16/2022 | 1/27/2029 | 2730 | 2704 | 2729 | 2.10 |
| &nbsp;&nbsp;GVC Finance, LLC | (9) | SOFR + | 2.25% | 6.37% | 5/8/2024 | 10/31/2029 | 5857 | 5865 | 5863 | 4.50 |
| &nbsp;&nbsp;Hilton Grand Vacations Borrower, LLC | (8) | SOFR + | 2.00% | 6.16% | 1/17/2024 | 1/17/2031 | 707 | 706 | 707 | 0.54 |
| &nbsp;&nbsp;IRB Holding Corp. | (10) | SOFR + | 2.50% | 6.66% | 12/11/2024 | 12/15/2027 | 6489 | 6486 | 6498 | 4.99 |
| &nbsp;&nbsp;LC Ahab US Bidco, LLC | (8) | SOFR + | 3.00% | 7.16% | 5/1/2024 | 5/1/2031 | 1660 | 1633 | 1661 | 1.28 |
| &nbsp;&nbsp;Life Time, Inc. | (8) | SOFR + | 2.00% | 6.25% | 8/14/2025 | 11/5/2031 | 1108 | 1108 | 1109 | 0.85 |
| &nbsp;&nbsp;Marriott Ownership Resorts, Inc. | (8) | SOFR + | 2.25% | 6.41% | 4/1/2024 | 4/1/2031 | 3103 | 3122 | 3108 | 2.39 |
| &nbsp;&nbsp;Mic Glen, LLC | (9) | SOFR + | 3.25% | 7.41% | 7/29/2025 | 7/21/2028 | 3374 | 3314 | 3397 | 2.61 |
| &nbsp;&nbsp;Motion Finco, LLC | (8) | SOFR + | 3.50% | 7.50% | 2/5/2024 | 11/12/2029 | 2513 | 2504 | 2263 | 1.74 |
| &nbsp;&nbsp;New Red Finance, Inc. | (8) | SOFR + | 1.75% | 5.91% | 6/16/2024 | 9/12/2030 | 2896 | 2876 | 2890 | 2.22 |
| &nbsp;&nbsp;Ovg Business Services, LLC | (8) | SOFR + | 3.00% | 7.16% | 6/25/2024 | 6/25/2031 | 1497 | 1491 | 1498 | 1.15 |
| &nbsp;&nbsp;Scientific Games Holdings, LP | (9) | SOFR + | 3.00% | 7.29% | 6/11/2024 | 4/4/2029 | 2955 | 2955 | 2934 | 2.25 |
| &nbsp;&nbsp;Tacala Investment Corp. | (10) | SOFR + | 3.00% | 7.16% | 8/6/2025 | 1/31/2031 | 1585 | 1585 | 1594 | 1.22 |
| &nbsp;&nbsp;Whatabrands, LLC | (9) | SOFR + | 2.50% | 6.66% | 12/11/2024 | 8/3/2028 | 6973 | 6971 | 6986 | 5.36 |
|  |  |  |  |  |  |  |  | 52353 | 52279 | 40.14 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc. | (9) | SOFR + | 3.00% | 7.28% | 12/5/2024 | 7/31/2028 | 7229 | 7204 | 7252 | 5.57 |
| &nbsp;&nbsp;Weber-Stephen Products, LLC | (8) | SOFR + | 3.75% | 7.74% | 9/17/2025 | 10/1/2032 | 338 | 335 | 335 | 0.26 |
|  |  |  |  |  |  |  |  | 7539 | 7587 | 5.83 |
| **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** |
| &nbsp;&nbsp;Energizer Holdings, Inc. | (8) | SOFR + | 2.00% | 6.14% | 5/29/2024 | 12/22/2027 | 725 | 722 | 728 | 0.56 |
| **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** | **Independent Power and Renewable Electricity Producers** |
| &nbsp;&nbsp;Calpine, Corp. | (8) | SOFR + | 1.75% | 5.91% | 3/10/2025 | 1/31/2031 | 1000 | 998 | 1000 | 0.77 |
| **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** | **Industrial Conglomerates** |
| &nbsp;&nbsp;Bettcher Industries, Inc. | (4)(9) | SOFR + | 4.00% | 8.00% | 9/19/2025 | 12/14/2028 | 379 | 378 | 381 | 0.29 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;Alliant Holdings Intermediate, LLC | (8) | SOFR + | 2.50% | 6.67% | 7/31/2025 | 9/19/2031 | $995 | $974 | $993 | 0.76% |
| &nbsp;&nbsp;AmWINS Group, Inc. | (10) | SOFR + | 2.25% | 6.25% | 11/16/2022 | 1/30/2032 | 2486 | 2479 | 2488 | 1.91 |
| &nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC | (8) | SOFR + | 2.50% | 6.64% | 9/12/2025 | 5/26/2031 | 3978 | 3970 | 3987 | 3.06 |
| &nbsp;&nbsp;BroadStreet Partners, Inc. | (8) | SOFR + | 2.75% | 6.91% | 6/14/2024 | 6/14/2031 | 7027 | 7016 | 7042 | 5.41 |
| &nbsp;&nbsp;HUB International, Ltd. | (8) | SOFR + | 2.25% | 6.58% | 7/30/2024 | 6/20/2030 | 1419 | 1402 | 1422 | 1.09 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 3.50% | 7.66% | 8/2/2024 | 4/18/2030 | 2381 | 2381 | 2382 | 1.83 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 2.75% | 6.91% | 11/22/2024 | 2/15/2031 | 4652 | 4652 | 4658 | 3.58 |
| &nbsp;&nbsp;OneDigital Borrower, LLC | (9) | SOFR + | 3.00% | 7.16% | 7/2/2024 | 7/2/2031 | 2236 | 2236 | 2238 | 1.72 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.25% | 12/23/2024 | 9/29/2030 | 3476 | 3460 | 3475 | 2.67 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.25% | 12/23/2024 | 11/22/2029 | 1440 | 1435 | 1440 | 1.11 |
|  |  |  |  |  |  |  |  | 30005 | 30125 | 23.14 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;Creative Artists Agency, LLC | (8) | SOFR + | 2.50% | 6.66% | 8/11/2025 | 10/1/2031 | 2500 | 2504 | 2507 | 1.92 |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | (8) | SOFR + | 2.75% | 7.07% | 7/16/2024 | 7/16/2031 | 6483 | 6468 | 6473 | 4.97 |
| &nbsp;&nbsp;TripAdvisor, Inc. | (8) | SOFR + | 2.75% | 6.91% | 7/8/2024 | 7/8/2031 | 2368 | 2363 | 2327 | 1.79 |
|  |  |  |  |  |  |  |  | 11335 | 11307 | 8.68 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Ahead DB Holdings, LLC | (10) | SOFR + | 2.75% | 6.75% | 8/2/2024 | 2/1/2031 | 5864 | 5867 | 5879 | 4.51 |
| &nbsp;&nbsp;Chrysaor Bidco S.à r.l. | (7)(9) | SOFR + | 3.00% | 7.33% | 7/17/2024 | 10/30/2031 | 765 | 765 | 770 | 0.59 |
| &nbsp;&nbsp;Fortress Intermediate 3, Inc. | (8) | SOFR + | 3.00% | 7.25% | 7/2/2025 | 6/27/2031 | 2481 | 2481 | 2497 | 1.92 |
| &nbsp;&nbsp;Go Daddy Operating Co, LLC | (8) | SOFR + | 1.75% | 5.91% | 5/31/2024 | 5/30/2031 | 741 | 740 | 740 | 0.57 |
| &nbsp;&nbsp;Newfold Digital Holdings Group, Inc. | (4)(10)(17) | SOFR + | 3.50% | 7.84% | 11/16/2022 | 2/10/2028 | 3012 | 2907 | 2184 | 1.68 |
| &nbsp;&nbsp;ThoughtWorks, Inc. | (9) | SOFR + | 2.50% | 6.78% | 11/16/2022 | 3/24/2028 | 2250 | 2222 | 2211 | 1.70 |
| &nbsp;&nbsp;Virtusa Corp. | (10) | SOFR + | 3.25% | 7.41% | 6/21/2024 | 2/15/2029 | 4957 | 4957 | 4907 | 3.77 |
| &nbsp;&nbsp;World Wide Technology Holding Co, LLC | (9) | SOFR + | 2.00% | 6.16% | 7/17/2025 | 3/1/2030 | 889 | 889 | 893 | 0.69 |
|  |  |  |  |  |  |  |  | 20828 | 20081 | 15.43 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;Parexel International, Inc. | (9) | SOFR + | 2.50% | 6.66% | 1/10/2025 | 11/15/2028 | 2826 | 2826 | 2832 | 2.17 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;Chart Industries, Inc. | (9) | SOFR + | 2.50% | 6.79% | 7/2/2024 | 3/16/2030 | $2114 | $2114 | $2129 | 1.63% |
| &nbsp;&nbsp;EMRLD Borrower, LP | (8) | SOFR + | 2.25% | 6.12% | 8/11/2025 | 8/4/2031 | 2494 | 2494 | 2486 | 1.91 |
| &nbsp;&nbsp;Innio North America Holding, Inc. | (8) | SOFR + | 2.25% | 6.39% | 7/12/2024 | 11/2/2028 | 666 | 666 | 668 | 0.51 |
| &nbsp;&nbsp;LSF11 Trinity Bidco, Inc. | (8) | SOFR + | 2.50% | 6.65% | 9/11/2025 | 6/15/2030 | 2298 | 2298 | 2303 | 1.77 |
| &nbsp;&nbsp;Pro Mach Group, Inc. | (11) | SOFR + | 2.75% | 6.91% | 9/3/2024 | 8/31/2028 | 3711 | 3711 | 3722 | 2.86 |
| &nbsp;&nbsp;SPX Flow, Inc. | (9) | SOFR + | 2.75% | 6.91% | 8/1/2025 | 4/5/2029 | 3150 | 3150 | 3169 | 2.43 |
| &nbsp;&nbsp;TK Elevator U.S. Newco, Inc. | (9) | SOFR + | 3.00% | 7.20% | 3/14/2024 | 4/30/2030 | 4308 | 4308 | 4323 | 3.32 |
| &nbsp;&nbsp;Vertiv Group Corp. | (8) | SOFR + | 1.75% | 6.03% | 8/7/2025 | 8/12/2032 | 163 | 163 | 163 | 0.13 |
|  |  |  |  |  |  |  |  | 18904 | 18963 | 14.56 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;ABG Intermediate Holdings 2, LLC | (8) | SOFR + | 2.25% | 6.41% | 12/13/2024 | 12/21/2028 | 387 | 387 | 387 | 0.30 |
| &nbsp;&nbsp;American Greetings Corp. | (8) | SOFR + | 5.75% | 9.91% | 4/30/2024 | 10/30/2029 | 1268 | 1249 | 1273 | 0.98 |
| &nbsp;&nbsp;Fleet US Bidco, Inc. | (4)(8) | SOFR + | 2.50% | 6.54% | 8/15/2024 | 2/21/2031 | 657 | 657 | 659 | 0.51 |
| &nbsp;&nbsp;MJH Healthcare Holdings, LLC | (8) | SOFR + | 2.75% | 6.91% | 8/11/2025 | 1/29/2029 | 2494 | 2498 | 2490 | 1.91 |
|  |  |  |  |  |  |  |  | 4791 | 4809 | 3.70 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;Arsenal AIC Parent, LLC | (8) | SOFR + | 2.75% | 6.91% | 8/21/2024 | 8/18/2030 | 371 | 371 | 371 | 0.28 |
| &nbsp;&nbsp;Novelis Holdings, Inc. | (8) | SOFR + | 1.75% | 5.75% | 9/11/2025 | 3/11/2032 | 907 | 907 | 910 | 0.70 |
| &nbsp;&nbsp;SCIH Salt Holdings, Inc. | (10) | SOFR + | 3.00% | 7.20% | 3/19/2025 | 1/31/2029 | 2489 | 2490 | 2494 | 1.91 |
|  |  |  |  |  |  |  |  | 3768 | 3775 | 2.89 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
| &nbsp;&nbsp;Starwood Property Mortgage, LLC | (9) | SOFR + | 2.25% | 6.41% | 8/14/2025 | 9/24/2032 | 385 | 384 | 387 | 0.30 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;AL GCX Holdings, LLC | (9) | SOFR + | 2.00% | 6.22% | 11/16/2022 | 5/17/2029 | 2494 | 2490 | 2494 | 1.91 |
| &nbsp;&nbsp;Buckeye Partners, LP | (8) | SOFR + | 1.75% | 5.91% | 2/6/2024 | 11/1/2026 | 1717 | 1718 | 1721 | 1.32 |
| &nbsp;&nbsp;Freeport LNG Investments, LLLP | (9) | SOFR + | 3.25% | 7.58% | 11/16/2022 | 12/21/2028 | 3782 | 3756 | 3788 | 2.91 |
| &nbsp;&nbsp;GIP Pilot Acquisition Partners, LP | (8) | SOFR + | 2.00% | 6.29% | 5/22/2024 | 10/4/2030 | 1044 | 1044 | 1044 | 0.80 |
| &nbsp;&nbsp;StonePeak Bayou Holdings, LP | (4)(8) | SOFR + | 2.75% | 6.75% | 9/24/2025 | 10/1/2032 | 286 | 284 | 286 | 0.22 |
| &nbsp;&nbsp;TransMontaigne Operating Co, LP | (9) | SOFR + | 2.50% | 6.66% | 7/25/2025 | 11/17/2028 | 171 | 171 | 172 | 0.13 |
|  |  |  |  |  |  |  |  | 9463 | 9505 | 7.29 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Elanco Animal Health, Inc. | (8) | SOFR + | 1.75% | 6.13% | 6/4/2024 | 8/1/2027 | $1923 | $1923 | $1923 | 1.48% |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;AG Group Holdings, Inc. | (9) | SOFR + | 4.25% | 8.41% | 11/16/2022 | 12/29/2028 | 3529 | 3476 | 3134 | 2.41 |
| &nbsp;&nbsp;AlixPartners, LLP | (9) | SOFR + | 2.00% | 6.16% | 7/31/2025 | 8/12/2032 | 995 | 993 | 989 | 0.76 |
| &nbsp;&nbsp;Ankura Consulting Group, LLC | (10) | SOFR + | 3.50% | 7.66% | 12/17/2024 | 12/17/2031 | 1133 | 1131 | 1128 | 0.87 |
| &nbsp;&nbsp;Ascensus Group Holdings, Inc. | (9) | SOFR + | 3.00% | 7.16% | 12/13/2024 | 8/2/2028 | 4571 | 4566 | 4572 | 3.51 |
| &nbsp;&nbsp;Camelot US Acquisition, LLC | (8) | SOFR + | 2.75% | 6.91% | 1/31/2024 | 1/31/2031 | 2700 | 2695 | 2686 | 2.06 |
| &nbsp;&nbsp;Cast & Crew Payroll, LLC | (9) | SOFR + | 3.75% | 7.91% | 11/16/2022 | 12/29/2028 | 1890 | 1883 | 1717 | 1.32 |
| &nbsp;&nbsp;Eisner Advisory Group, LLC | (9) | SOFR + | 4.00% | 8.16% | 2/28/2024 | 2/28/2031 | 1196 | 1187 | 1204 | 0.92 |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 3.50% | 7.78% | 11/16/2022 | 11/6/2028 | 480 | 467 | 453 | 0.35 |
| &nbsp;&nbsp;Genuine Financial Holdings, LLC | (8) | SOFR + | 3.25% | 7.41% | 6/28/2024 | 9/27/2030 | 5791 | 5791 | 5349 | 4.11 |
| &nbsp;&nbsp;Grant Thornton Advisors, LLC | (8) | SOFR + | 2.50% | 6.66% | 5/31/2024 | 6/2/2031 | 2354 | 2354 | 2343 | 1.80 |
| &nbsp;&nbsp;Grant Thornton Advisors, LLC | (8) | SOFR + | 3.00% | 7.16% | 5/31/2024 | 6/2/2031 | 2500 | 2515 | 2499 | 1.92 |
| &nbsp;&nbsp;Mermaid Bidco, Inc. | (8) | SOFR + | 3.25% | 7.57% | 7/1/2024 | 7/3/2031 | 2643 | 2640 | 2644 | 2.03 |
| &nbsp;&nbsp;Ryan, LLC | (9) | SOFR + | 3.50% | 7.66% | 11/9/2023 | 11/14/2030 | 2363 | 2338 | 2370 | 1.82 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (8) | SOFR + | 2.50% | 6.66% | 2/24/2023 | 7/31/2031 | 7203 | 7184 | 7202 | 5.53 |
| &nbsp;&nbsp;Trans Union, LLC | (9) | SOFR + | 1.75% | 5.91% | 1/30/2024 | 6/24/2031 | 4493 | 4488 | 4495 | 3.45 |
| &nbsp;&nbsp;TTF Lower Intermediate, LLC | (8) | SOFR + | 3.75% | 7.79% | 7/18/2024 | 7/18/2031 | 1205 | 1195 | 1145 | 0.88 |
| &nbsp;&nbsp;VT Topco, Inc. | (9) | SOFR + | 3.00% | 7.16% | 4/3/2024 | 8/9/2030 | 1018 | 1018 | 989 | 0.76 |
|  |  |  |  |  |  |  |  | 45921 | 44919 | 34.50 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (9) | SOFR + | 2.75% | 6.91% | 7/16/2025 | 1/31/2030 | 1622 | 1622 | 1629 | 1.25 |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (9) | SOFR + | 2.50% | 6.50% | 9/26/2025 | 1/31/2030 | 1481 | 1483 | 1487 | 1.14 |
|  |  |  |  |  |  |  |  | 3105 | 3116 | 2.39 |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
| &nbsp;&nbsp;Altar Bidco, Inc. | (9) | SOFR + | 3.10% | 7.08% | 3/24/2025 | 2/1/2029 | 992 | 985 | 993 | 0.76 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;BEP Intermediate Holdco, LLC | (8) | SOFR + | 2.75% | 6.91% | 7/10/2025 | 4/25/2031 | $736 | $736 | $740 | 0.57% |
| &nbsp;&nbsp;Boost Newco Borrower, LLC | (8) | SOFR + | 2.00% | 6.00% | 8/1/2024 | 1/31/2031 | 5792 | 5792 | 5807 | 4.46 |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 3.00% | 7.20% | 7/30/2024 | 7/30/2031 | 6234 | 6223 | 6231 | 4.78 |
| &nbsp;&nbsp;Capstone Borrower, Inc. | (8) | SOFR + | 2.75% | 6.75% | 8/11/2025 | 6/17/2030 | 2494 | 2497 | 2493 | 1.91 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 8/7/2025 | 3/21/2031 | 2409 | 2406 | 2421 | 1.86 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (8) | SOFR + | 3.25% | 7.25% | 8/7/2025 | 8/13/2032 | 698 | 698 | 701 | 0.54 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 3.75% | 8.01% | 11/16/2022 | 10/8/2028 | 3505 | 3434 | 3458 | 2.65 |
| &nbsp;&nbsp;Conga Corp. | (10) | SOFR + | 3.50% | 7.81% | 8/8/2024 | 5/8/2028 | 3501 | 3501 | 3466 | 2.66 |
| &nbsp;&nbsp;ConnectWise, LLC | (9) | SOFR + | 3.50% | 7.76% | 11/16/2022 | 9/29/2028 | 3467 | 3400 | 3478 | 2.67 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc. | (9) | SOFR + | 3.75% | 8.03% | 11/16/2022 | 10/16/2028 | 2134 | 2021 | 2061 | 1.58 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 2.75% | 7.02% | 5/1/2024 | 11/30/2029 | 6918 | 6910 | 6852 | 5.26 |
| &nbsp;&nbsp;Disco Parent, Inc. | (8) | SOFR + | 3.25% | 7.48% | 8/1/2025 | 8/6/2032 | 242 | 242 | 244 | 0.19 |
| &nbsp;&nbsp;ECI Macola Max Holding, LLC | (10) | SOFR + | 2.75% | 6.75% | 7/10/2025 | 5/9/2030 | 4423 | 4423 | 4429 | 3.40 |
| &nbsp;&nbsp;Ellucian Holdings, Inc. | (9) | SOFR + | 2.75% | 6.91% | 2/29/2024 | 10/9/2029 | 2646 | 2646 | 2649 | 2.03 |
| &nbsp;&nbsp;Finastra USA, Inc. | (8) | SOFR + | 4.00% | 8.04% | 7/31/2025 | 9/15/2032 | 1371 | 1358 | 1367 | 1.05 |
| &nbsp;&nbsp;Flash Charm, Inc. | (10) | SOFR + | 3.50% | 7.80% | 6/11/2024 | 3/2/2028 | 3827 | 3820 | 3368 | 2.59 |
| &nbsp;&nbsp;Gen Digital, Inc. | (9) | SOFR + | 1.75% | 5.91% | 6/5/2024 | 9/12/2029 | 5792 | 5792 | 5782 | 4.44 |
| &nbsp;&nbsp;Gen Digital, Inc. | (9) | SOFR + | 1.75% | 5.91% | 6/5/2024 | 2/13/2032 | 2494 | 2476 | 2486 | 1.91 |
| &nbsp;&nbsp;Genesys Cloud Services, Inc. | (8) | SOFR + | 2.50% | 6.66% | 9/26/2024 | 1/30/2032 | 2682 | 2674 | 2668 | 2.05 |
| &nbsp;&nbsp;HS Purchaser, LLC | (10) | SOFR + | 3.75% | 8.16% | 11/16/2022 | 11/19/2026 | 3489 | 3396 | 3308 | 2.54 |
| &nbsp;&nbsp;ION Trading Finance, Ltd. | (8) | SOFR + | 3.50% | 7.50% | 12/10/2024 | 4/1/2028 | 3111 | 3108 | 3114 | 2.39 |
| &nbsp;&nbsp;McAfee Corp. | (9) | SOFR + | 3.00% | 7.22% | 5/31/2024 | 3/1/2029 | 3510 | 3510 | 3363 | 2.58 |
| &nbsp;&nbsp;Mitnick Purchaser, Inc. | (9)(18) | SOFR + | 4.75% | 9.16% | 11/16/2022 | 5/2/2029 | 3344 | 3286 | 2443 | 1.88 |
| &nbsp;&nbsp;Planview Parent, Inc. | (8) | SOFR + | 3.50% | 7.50% | 12/17/2024 | 12/17/2027 | 1892 | 1892 | 1867 | 1.43 |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (9) | SOFR + | 3.25% | 7.25% | 5/14/2024 | 10/28/2030 | 3234 | 3234 | 3247 | 2.49 |
| &nbsp;&nbsp;Proofpoint, Inc. | (9) | SOFR + | 3.00% | 7.16% | 5/28/2024 | 8/31/2028 | 2955 | 2955 | 2970 | 2.28 |
| &nbsp;&nbsp;Quartz Acquireco, LLC | (8) | SOFR + | 2.25% | 6.25% | 6/3/2024 | 6/28/2030 | 1953 | 1953 | 1952 | 1.50 |
| &nbsp;&nbsp;RealPage, Inc. | (9) | SOFR + | 3.00% | 7.26% | 11/16/2022 | 4/24/2028 | 2718 | 2669 | 2715 | 2.08 |
| &nbsp;&nbsp;Rocket Software, Inc. | (9) | SOFR + | 3.75% | 7.91% | 10/5/2023 | 11/28/2028 | 3641 | 3616 | 3653 | 2.80 |
| &nbsp;&nbsp;Skopima Consilio Parent, LLC | (9) | SOFR + | 3.75% | 7.91% | 12/18/2024 | 5/12/2028 | 3568 | 3568 | 3041 | 2.33 |
| &nbsp;&nbsp;Sophos Holdings, LLC | (8) | SOFR + | 3.50% | 7.78% | 11/16/2022 | 3/5/2027 | 3490 | 3475 | 3499 | 2.69 |
| &nbsp;&nbsp;Sovos Compliance, LLC | (8) | SOFR + | 3.25% | 7.41% | 7/24/2025 | 8/12/2029 | 3501 | 3464 | 3510 | 2.70 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 4.00% | 8.57% | 11/16/2022 | 4/24/2028 | 3604 | 3467 | 3492 | 2.68 |
| &nbsp;&nbsp;Webpros US Bidco, Inc. | (8) | SOFR + | 3.75% | 7.91% | 3/28/2024 | 3/28/2031 | 645 | 644 | 649 | 0.50 |
| &nbsp;&nbsp;XPLOR T1, LLC | (4)(8) | SOFR + | 3.50% | 7.50% | 12/11/2024 | 6/24/2031 | 2079 | 2079 | 2082 | 1.60 |
| &nbsp;&nbsp;Zodiac Purchaser, LLC | (8) | SOFR + | 3.50% | 7.66% | 2/14/2025 | 2/14/2032 | 1000 | 996 | 995 | 0.76 |
|  |  |  |  |  |  |  |  | 108361 | 106601 | 81.83 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** | **First Lien Debt (continued)** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;Apro, LLC | (8) | 3.75% | 7.94% | 7/9/2024 | 7/9/2031 | $3912 | $3904 | $3915 | 3.01% |
| &nbsp;&nbsp;CWGS Group, LLC | (10) | 2.50% | 6.78% | 11/16/2022 | 6/3/2028 | 2437 | 2390 | 2386 | 1.83 |
| &nbsp;&nbsp;Great Outdoors Group, LLC | (10) | 3.25% | 7.41% | 1/23/2025 | 1/23/2032 | 993 | 994 | 993 | 0.76 |
| &nbsp;&nbsp;HomeServe USA Holding Corp. | (8) | 2.00% | 6.14% | 5/29/2024 | 10/21/2030 | 817 | 817 | 816 | 0.63 |
| &nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (10) | 3.00% | 7.20% | 7/18/2024 | 5/4/2028 | 5521 | 5526 | 5527 | 4.24 |
|  |  |  |  |  |  |  | 13631 | 13637 | 10.47 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;Sandisk, Corp. | (8) | 3.00% | 7.14% | 2/21/2025 | 2/20/2032 | 1875 | 1845 | 1881 | 1.44 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co, Inc. | (8) | 1.75% | 5.91% | 1/31/2024 | 1/31/2031 | 675 | 674 | 677 | 0.52 |
| &nbsp;&nbsp;Avolon TLB Borrower 1 US, LLC | (9) | 1.75% | 5.89% | 6/22/2023 | 6/24/2030 | 2716 | 2702 | 2720 | 2.09 |
| &nbsp;&nbsp;Core & Main, LP | (8) | 2.00% | 6.17% | 2/9/2024 | 2/9/2031 | 1069 | 1069 | 1069 | 0.82 |
| &nbsp;&nbsp;FCG Acquisitions, Inc. | (9) | 3.25% | 7.41% | 11/16/2022 | 3/31/2028 | 7018 | 7019 | 7041 | 5.41 |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | 3.25% | 7.25% | 11/16/2022 | 12/22/2031 | 4288 | 4187 | 4321 | 3.32 |
| &nbsp;&nbsp;Johnstone Supply, LLC | (8) | 2.50% | 6.64% | 12/12/2024 | 6/9/2031 | 1285 | 1285 | 1284 | 0.99 |
| &nbsp;&nbsp;Park River Holdings, Inc. | (10) | 3.25% | 7.80% | 11/16/2022 | 12/28/2027 | 2415 | 2401 | 2418 | 1.86 |
| &nbsp;&nbsp;White Cap Buyer, LLC | (8) | 3.25% | 7.42% | 6/13/2024 | 10/19/2029 | 4380 | 4373 | 4386 | 3.37 |
|  |  |  |  |  |  |  | 23710 | 23916 | 18.38 |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |
| &nbsp;&nbsp;Apple Bidco, LLC | (8) | 2.50% | 6.66% | 11/16/2022 | 9/23/2031 | 3448 | 3439 | 3452 | 2.65 |
| &nbsp;&nbsp;Signature Aviation US Holdings, Inc. | (9) | 2.50% | 6.66% | 8/11/2025 | 7/1/2031 | 2500 | 2503 | 2504 | 1.92 |
| &nbsp;&nbsp;Windsor Holdings III, LLC | (8) | 2.75% | 6.92% | 9/20/2024 | 8/1/2030 | 3812 | 3799 | 3819 | 2.93 |
|  |  |  |  |  |  |  | 9741 | 9775 | 7.50 |
| **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 707246 | 703009 | 539.74 |
| **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 707246 | 703009 | 539.74 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class I |  |  | 4.01% |  |  |  | 3288 | 3288 | 2.52 |
| &nbsp;&nbsp;Other Cash and Cash Equivalents |  |  |  |  |  |  | 55656 | 55656 | 42.73 |
| **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | **Total Cash and Cash Equivalents** | 58944 | 58944 | 45.25 |
| **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $766190 | $761953 | 584.99% |

---

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of September 30, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), Australian Bank Bill Swap Bid Rate ("BBSY" or "BB") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2025. Variable rate loans typically include an interest reference rate floor feature.

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

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

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

(6)Reserved.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Chrysaor Bidco S.à r.l. | Delayed Draw Term Loan | 7/17/2026 | $57 | $— |
| Pinnacle Buyer, LLC | Delayed Draw Term Loan | 4/1/2027 | 85 |  |
| Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 67 |  |
| **Total Unfunded Commitments** |  |  | $209 | $— |

---

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

(9)The interest rate floor on these investments as of September 30, 2025 was 0.50%.

(10)The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(11)The interest rate floor on these investments as of September 30, 2025 was 1.00%.

(12)The interest rate floor on these investments as of September 30, 2025 was 1.25%.

(13)The interest rate floor on these investments as of September 30, 2025 was 1.50%.

(14)The interest rate floor on these investments as of September 30, 2025 was 2.00%.

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

(16)Reserved.

(17)Loan was on non-accrual status as of September 30, 2025.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." As of September 30, 2025, the aggregate fair value of these securities is $703.0 million or 539.74% of the Company's net assets. The initial acquisition dates have been included for such securities.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2024:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien** | **First Lien** | **First Lien** | **First Lien** | **First Lien** | **First Lien** | **First Lien** | **First Lien** | **First Lien** | **First Lien** | **First Lien** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
| &nbsp;&nbsp;KBR, Inc. | (8) | SOFR + | 2.00% | 6.36% | 8/14/2024 | 1/17/2031 | $504 | $504 | $506 | 0.33% |
| &nbsp;&nbsp;Ovation Parent, Inc. | (10) | SOFR + | 3.50% | 7.83% | 4/19/2024 | 3/27/2031 | 933 | 931 | 940 | 0.61 |
| &nbsp;&nbsp;Peraton Corp. | (10) | SOFR + | 3.75% | 8.21% | 11/16/2022 | 2/1/2028 | 4980 | 4930 | 4646 | 3.00 |
| &nbsp;&nbsp;TransDigm Inc | (8) | SOFR + | 2.50% | 6.83% | 11/28/2023 | 2/28/2031 | 4956 | 4958 | 4970 | 3.21 |
| &nbsp;&nbsp;Vertex Aerospace Services Corp. | (10) | SOFR + | 2.75% | 7.11% | 11/16/2022 | 12/6/2030 | 5574 | 5551 | 5591 | 3.61 |
|  |  |  |  |  |  |  |  | 16874 | 16653 | 10.76 |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |
| &nbsp;&nbsp;Savage Enterprises, LLC | (9) | SOFR + | 2.75% | 7.30% | 11/16/2022 | 9/15/2028 | 153 | 153 | 154 | 0.10 |
| **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** | **Airlines** |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 2.25% | 6.62% | 2/15/2023 | 2/15/2028 | 2970 | 2970 | 2987 | 1.93 |
| &nbsp;&nbsp;American Airlines, Inc. | (8) | SOFR + | 1.75% | 6.17% | 11/16/2022 | 1/29/2027 | 500 | 500 | 499 | 0.32 |
| &nbsp;&nbsp;KKR Apple Bidco, LLC | (9) | SOFR + | 2.75% | 7.22% | 11/16/2022 | 9/23/2028 | 1975 | 1967 | 1988 | 1.28 |
| &nbsp;&nbsp;United Airlines, Inc. | (8) | SOFR + | 2.00% | 6.63% | 2/22/2024 | 2/22/2031 | 2297 | 2297 | 2307 | 1.49 |
|  |  |  |  |  |  |  |  | 7734 | 7781 | 5.02 |
| **Auto Components** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Clarios Global LP | (8) | SOFR + | 2.50% | 6.86% | 7/16/2024 | 5/6/2030 | 2965 | 2965 | 2981 | 1.92 |
| &nbsp;&nbsp;First Brands Group, LLC | (11) | SOFR + | 5.00% | 9.85% | 12/15/2022 | 3/30/2027 | 3742 | 3699 | 3515 | 2.27 |
|  |  |  |  |  |  |  |  | 6664 | 6496 | 4.19 |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Triton Water Holdings, Inc. | (9) | SOFR + | 3.25% | 7.84% | 11/16/2022 | 3/31/2028 | 3423 | 3292 | 3454 | 2.23 |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Grifols Worldwide Operations USA Inc | (8) | SOFR + | 2.00% | 6.74% | 11/16/2022 | 11/15/2027 | 3114 | 3101 | 3106 | 2.00 |
| **Broadline Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Peer USA, LLC | (8) | SOFR + | 3.00% | 7.33% | 6/26/2024 | 7/1/2031 | 1943 | 1946 | 1956 | 1.26 |
| **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** | **Building Products** |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. | (9) | SOFR + | 3.25% | 7.75% | 11/16/2022 | 4/12/2028 | 3949 | 3896 | 3782 | 2.44 |
| &nbsp;&nbsp;Griffon Corporation | (8) | SOFR + | 2.25% | 6.61% | 6/26/2024 | 1/24/2029 | 3469 | 3478 | 3493 | 2.25 |
| &nbsp;&nbsp;Gulfside Supply Inc | (8) | SOFR + | 3.00% | 7.33% | 6/17/2024 | 6/17/2031 | 631 | 629 | 635 | 0.41 |
| &nbsp;&nbsp;LBM Acquisition, LLC | (10) | SOFR + | 3.75% | 8.30% | 6/6/2024 | 5/31/2031 | 5991 | 5935 | 5949 | 3.84 |
| &nbsp;&nbsp;MIWD Holdco II, LLC | (8) | SOFR + | 3.00% | 7.36% | 3/28/2024 | 3/21/2031 | 2054 | 2045 | 2077 | 1.34 |
| &nbsp;&nbsp;Oscar Acquisitionco, LLC | (9) | SOFR + | 4.25% | 8.50% | 11/16/2022 | 4/29/2029 | 2420 | 2425 | 2399 | 1.55 |
| &nbsp;&nbsp;Resideo Funding Inc | (8) | SOFR + | 1.75% | 6.11% | 6/14/2024 | 6/13/2031 | 547 | 547 | 550 | 0.35 |
| &nbsp;&nbsp;Standard Industries Inc | (9) | SOFR + | 1.75% | 6.11% | 11/16/2022 | 9/22/2028 | 561 | 561 | 563 | 0.36 |
| &nbsp;&nbsp;The Chamberlain Group, Inc. | (9) | SOFR + | 3.25% | 7.71% | 11/16/2022 | 11/3/2028 | 4508 | 4355 | 4541 | 2.93 |
|  |  |  |  |  |  |  |  | 23871 | 23989 | 15.47 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
| &nbsp;&nbsp;Apex Group Treasury, LLC | (9) | SOFR + | 3.75% | 8.96% | 11/16/2022 | 7/27/2028 | $3518 | $3434 | $3556 | 2.29% |
| &nbsp;&nbsp;Aretec Group, Inc. | (8) | SOFR + | 3.50% | 7.86% | 5/29/2024 | 8/9/2030 | 4403 | 4403 | 4418 | 2.85 |
| &nbsp;&nbsp;Citco Funding, LLC | (9) | SOFR + | 2.75% | 7.31% | 6/13/2024 | 4/27/2028 | 988 | 986 | 997 | 0.64 |
| &nbsp;&nbsp;GTCR Everest Borrower, LLC | (8) | SOFR + | 2.75% | 7.08% | 9/5/2024 | 9/5/2031 | 1445 | 1442 | 1453 | 0.94 |
| &nbsp;&nbsp;Kestra Advisor Services Holdings A, Inc. | (8) | SOFR + | 3.00% | 7.37% | 3/19/2024 | 3/19/2031 | 1486 | 1486 | 1489 | 0.96 |
| &nbsp;&nbsp;Osaic Holdings Inc | (8) | SOFR + | 3.50% | 7.86% | 11/26/2024 | 8/17/2028 | 4318 | 4318 | 4340 | 2.80 |
| &nbsp;&nbsp;The Edelman Financial Engines Center, LLC | (8) | SOFR + | 3.00% | 7.36% | 6/5/2024 | 4/7/2028 | 3880 | 3880 | 3908 | 2.52 |
|  |  |  |  |  |  |  |  | 19949 | 20161 | 13.00 |
| **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** | **Chemicals** |
| &nbsp;&nbsp;CI Maroon Holdings, LLC | (8) | SOFR + | 4.00% | 8.43% | 3/28/2024 | 3/3/2031 | 896 | 891 | 901 | 0.58 |
| &nbsp;&nbsp;Nouryon USA, LLC | (8) | SOFR + | 3.25% | 7.66% | 4/26/2024 | 4/3/2028 | 3721 | 3721 | 3758 | 2.42 |
|  |  |  |  |  |  |  |  | 4612 | 4659 | 3.00 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
| &nbsp;&nbsp;Access CIG, LLC | (9) | SOFR + | 5.00% | 9.59% | 8/18/2023 | 8/18/2028 | 4438 | 4296 | 4486 | 2.89 |
| &nbsp;&nbsp;Allied Universal Holdco, LLC | (9) | SOFR + | 3.75% | 8.21% | 11/16/2022 | 5/12/2028 | 4419 | 4340 | 4439 | 2.86 |
| &nbsp;&nbsp;Anticimex, Inc. | (9) | SOFR + | 3.15% | 7.72% | 11/16/2022 | 11/16/2028 | 4354 | 4316 | 4390 | 2.83 |
| &nbsp;&nbsp;Asplundh Tree Expert, LLC | (8) | SOFR + | 1.75% | 6.11% | 5/23/2024 | 5/23/2031 | 1342 | 1339 | 1345 | 0.87 |
| &nbsp;&nbsp;Belfor Holdings Inc | (4)(9) | SOFR + | 3.75% | 8.11% | 11/3/2023 | 11/1/2030 | 1008 | 999 | 1020 | 0.66 |
| &nbsp;&nbsp;Brightview Landscapes, LLC | (9) | SOFR + | 2.50% | 7.09% | 5/28/2024 | 4/20/2029 | 149 | 149 | 150 | 0.10 |
| &nbsp;&nbsp;EAB Global, Inc. | (9) | SOFR + | 3.25% | 7.61% | 11/16/2022 | 8/16/2028 | 8811 | 8722 | 8856 | 5.71 |
| &nbsp;&nbsp;Foundational Education Group, Inc. | (9) | SOFR + | 3.75% | 8.60% | 11/16/2022 | 8/31/2028 | 2481 | 2399 | 2422 | 1.56 |
| &nbsp;&nbsp;Garda World Security Corp. | (8) | SOFR + | 3.50% | 7.90% | 8/6/2024 | 2/1/2029 | 3817 | 3817 | 3839 | 2.48 |
| &nbsp;&nbsp;GFL Environmental, Inc. | (9) | SOFR + | 2.00% | 6.61% | 7/3/2024 | 7/3/2031 | 831 | 829 | 834 | 0.54 |
| &nbsp;&nbsp;OMNIA Partners, LLC | (8) | SOFR + | 2.75% | 7.37% | 1/26/2024 | 7/25/2030 | 2381 | 2360 | 2395 | 1.55 |
| &nbsp;&nbsp;Prime Security Services Borrower, LLC | (8) | SOFR + | 2.00% | 6.52% | 4/15/2024 | 10/13/2030 | 4263 | 4263 | 4278 | 2.76 |
| &nbsp;&nbsp;TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.) | (9) | SOFR + | 3.50% | 7.97% | 11/16/2022 | 12/8/2028 | 4503 | 4428 | 4549 | 2.94 |
| &nbsp;&nbsp;Vaco Holdings, Inc. | (10) | SOFR + | 5.00% | 9.48% | 11/16/2022 | 1/21/2029 | 2318 | 2276 | 2152 | 1.39 |
|  |  |  |  |  |  |  |  | 44533 | 45155 | 29.14 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
| &nbsp;&nbsp;Azuria Water Solutions Inc | (10) | SOFR + | 3.75% | 8.11% | 7/23/2024 | 5/17/2028 | $2963 | $2963 | $2991 | 1.93% |
| &nbsp;&nbsp;Groundworks, LLC | (7)(8) | SOFR + | 3.25% | 7.65% | 3/14/2024 | 3/14/2031 | 1643 | 1627 | 1655 | 1.07 |
| &nbsp;&nbsp;Refficiency Holdings, LLC | (10) | SOFR + | 3.50% | 7.96% | 11/16/2022 | 12/16/2027 | 4405 | 4367 | 4429 | 2.86 |
| &nbsp;&nbsp;Touchdown Acquirer, Inc. | (8) | SOFR + | 3.25% | 7.58% | 8/21/2024 | 2/21/2031 | 1395 | 1394 | 1410 | 0.91 |
|  |  |  |  |  |  |  |  | 10351 | 10485 | 6.77 |
| **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** | **Construction Materials** |
| &nbsp;&nbsp;Tamko Building Products, LLC | (8) | SOFR + | 2.75% | 7.09% | 10/23/2024 | 9/20/2030 | 2628 | 2628 | 2652 | 1.71 |
| **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** | **Consumer Finance** |
| &nbsp;&nbsp;CPI Holdco B, LLC | (8) | SOFR + | 2.00% | 6.36% | 5/17/2024 | 5/17/2031 | 1201 | 1198 | 1200 | 0.77 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
| &nbsp;&nbsp;Altium Packaging, LLC | (8) | SOFR + | 2.50% | 6.86% | 6/11/2024 | 6/11/2031 | 533 | 533 | 533 | 0.34 |
| &nbsp;&nbsp;Anchor Packaging, LLC | (8) | SOFR + | 3.25% | 7.69% | 12/13/2024 | 7/18/2029 | 746 | 746 | 751 | 0.48 |
| &nbsp;&nbsp;Berlin Packaging, LLC | (8) | SOFR + | 3.50% | 8.05% | 6/7/2024 | 6/7/2031 | 4477 | 4477 | 4509 | 2.91 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (9) | SOFR + | 3.18% | 7.53% | 11/16/2022 | 4/13/2029 | 3136 | 3091 | 3146 | 2.03 |
| &nbsp;&nbsp;Graham Packaging Co, Inc. | (8) | SOFR + | 2.50% | 6.86% | 7/31/2024 | 8/4/2027 | 2634 | 2634 | 2644 | 1.71 |
| &nbsp;&nbsp;ProAmpac PG Borrower, LLC | (10) | SOFR + | 4.00% | 8.66% | 4/9/2024 | 9/15/2028 | 5059 | 5059 | 5081 | 3.28 |
| &nbsp;&nbsp;Ring Container Technologies Group, LLC | (9) | SOFR + | 2.75% | 7.11% | 7/19/2024 | 8/12/2028 | 2107 | 2107 | 2116 | 1.37 |
| &nbsp;&nbsp;SupplyOne, Inc. | (8) | SOFR + | 3.75% | 8.11% | 4/19/2024 | 4/19/2031 | 1699 | 1692 | 1716 | 1.11 |
| &nbsp;&nbsp;TricorBraun Holdings, Inc. | (9) | SOFR + | 3.25% | 7.72% | 11/16/2022 | 3/3/2028 | 4501 | 4400 | 4504 | 2.91 |
| &nbsp;&nbsp;Trident TPI Holdings, Inc. | (9) | SOFR + | 3.75% | 8.19% | 10/18/2024 | 9/15/2028 | 4419 | 4419 | 4464 | 2.88 |
|  |  |  |  |  |  |  |  | 29158 | 29464 | 19.02 |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |
| &nbsp;&nbsp;Ascend Learning, LLC | (9) | SOFR + | 3.50% | 7.96% | 11/16/2022 | 12/11/2028 | 4115 | 4003 | 4142 | 2.67 |
| &nbsp;&nbsp;Bright Horizons Family Solutions, LLC | (9) | SOFR + | 2.00% | 6.36% | 11/16/2022 | 11/24/2028 | 3482 | 3482 | 3495 | 2.26 |
| &nbsp;&nbsp;Cengage Learning, Inc. | (11) | SOFR + | 3.50% | 7.86% | 11/22/2024 | 3/22/2031 | 1958 | 1958 | 1971 | 1.27 |
| &nbsp;&nbsp;Element Materials Technology Group US Holdings Inc. | (9) | SOFR + | 3.75% | 8.08% | 11/16/2022 | 7/6/2029 | 2962 | 2910 | 2985 | 1.93 |
| &nbsp;&nbsp;Imagine Learning, LLC | (9) | SOFR + | 3.50% | 7.86% | 2/1/2024 | 12/21/2029 | 1985 | 1977 | 1991 | 1.28 |
| &nbsp;&nbsp;Mckissock Investment Holdings, LLC | (10) | SOFR + | 5.00% | 9.79% | 11/16/2022 | 3/12/2029 | 4204 | 4116 | 4184 | 2.70 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| &nbsp;&nbsp;Mister Car Wash Holdings, Inc. | (8) | SOFR + | 2.75% | 7.09% | 3/27/2024 | 3/21/2031 | $773 | $773 | $778 | 0.50% |
| &nbsp;&nbsp;Pre-Paid Legal Services, Inc. | (9) | SOFR + | 3.75% | 8.22% | 11/16/2022 | 12/15/2028 | 3264 | 3223 | 3290 | 2.12 |
| &nbsp;&nbsp;Spring Education Group, Inc. | (8) | SOFR + | 4.00% | 8.33% | 9/29/2023 | 9/29/2030 | 3387 | 3317 | 3412 | 2.20 |
| &nbsp;&nbsp;University Support Services, LLC | (9) | SOFR + | 2.75% | 7.11% | 11/16/2022 | 2/10/2029 | 3814 | 3781 | 3836 | 2.48 |
| &nbsp;&nbsp;Wand NewCo 3, Inc. | (8) | SOFR + | 3.25% | 7.61% | 7/30/2024 | 1/30/2031 | 1965 | 1965 | 1975 | 1.27 |
|  |  |  |  |  |  |  |  | 31505 | 32059 | 20.68 |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| &nbsp;&nbsp;Iron Mountain Information Management, LLC | (8) | SOFR + | 2.00% | 6.36% | 12/28/2023 | 1/31/2031 | 851 | 846 | 852 | 0.55 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
| &nbsp;&nbsp;Coral-US Co-Borrower, LLC. | (8) | SOFR + | 2.25% | 7.00% | 11/16/2022 | 1/31/2028 | 2450 | 2428 | 2444 | 1.58 |
| &nbsp;&nbsp;Lorca Co-Borrower, LLC | (9) | SOFR + | 3.50% | 7.83% | 4/30/2024 | 3/25/2031 | 993 | 990 | 1003 | 0.65 |
| &nbsp;&nbsp;Zacapa, LLC | (9) | SOFR + | 3.75% | 8.08% | 10/29/2024 | 3/22/2029 | 4502 | 4502 | 4534 | 2.93 |
|  |  |  |  |  |  |  |  | 7920 | 7981 | 5.16 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
| &nbsp;&nbsp;NRG Energy, Inc. | (8) | SOFR + | 1.75% | 6.35% | 4/16/2024 | 3/27/2031 | 1764 | 1760 | 1769 | 1.14 |
| &nbsp;&nbsp;Tiger Acquisition, LLC | (9) | SOFR + | 3.00% | 7.34% | 11/16/2022 | 6/1/2028 | 1866 | 1866 | 1871 | 1.21 |
| &nbsp;&nbsp;Vistra Operations Co, LLC | (8) | SOFR + | 1.75% | 6.11% | 11/16/2022 | 12/20/2030 | 2621 | 2598 | 2630 | 1.70 |
|  |  |  |  |  |  |  |  | 6224 | 6270 | 4.05 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
| &nbsp;&nbsp;Generac Power Systems Inc | (4)(8) | SOFR + | 1.75% | 6.34% | 7/3/2024 | 6/12/2031 | 3789 | 3785 | 3818 | 2.46 |
| &nbsp;&nbsp;Madison IAQ, LLC | (9) | SOFR + | 2.75% | 7.89% | 11/16/2022 | 6/21/2028 | 4207 | 4105 | 4227 | 2.73 |
|  |  |  |  |  |  |  |  | 7890 | 8045 | 5.19 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
| &nbsp;&nbsp;Celestica Inc. | (8) | SOFR + | 1.75% | 6.09% | 6/20/2024 | 6/20/2031 | 3483 | 3483 | 3491 | 2.25 |
| &nbsp;&nbsp;Infinite Bidco, LLC | (9) | SOFR + | 3.75% | 8.60% | 11/16/2022 | 3/2/2028 | 2639 | 2574 | 2623 | 1.69 |
| &nbsp;&nbsp;Modena Buyer, LLC | (8) | SOFR + | 4.50% | 8.86% | 7/1/2024 | 7/1/2031 | 3500 | 3433 | 3399 | 2.19 |
|  |  |  |  |  |  |  |  | 9490 | 9513 | 6.13 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
| &nbsp;&nbsp;Ursa Minor US Bidco, LLC | (8) | SOFR + | 3.00% | 7.33% | 3/26/2024 | 3/26/2031 | 1190 | 1187 | 1201 | 0.77 |
| **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** | **Entertainment** |
| &nbsp;&nbsp;Live Nation Entertainment Inc | (8) | SOFR + | 1.75% | 6.22% | 11/16/2022 | 10/19/2026 | 3473 | 3476 | 3475 | 2.24 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** | **Financial Services** |
| &nbsp;&nbsp;Mitchell International, Inc. | (9) | SOFR + | 3.25% | 7.61% | 6/17/2024 | 6/17/2031 | $4929 | $4906 | $4938 | 3.19% |
| &nbsp;&nbsp;Paysafe Holdings US Corp | (9) | SOFR + | 2.75% | 7.22% | 11/16/2022 | 6/28/2028 | 1971 | 1963 | 1987 | 1.28 |
| &nbsp;&nbsp;Planet US Buyer, LLC | (8) | SOFR + | 3.00% | 7.52% | 2/9/2024 | 1/31/2031 | 1020 | 1017 | 1030 | 0.66 |
| &nbsp;&nbsp;Solera, LLC | (9)(18) | SOFR + | 4.00% | 8.85% | 11/16/2022 | 6/2/2028 | 2257 | 2193 | 2264 | 1.46 |
|  |  |  |  |  |  |  |  | 10079 | 10219 | 6.59 |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** | **Food Products** |
| &nbsp;&nbsp;CHG PPC Parent, LLC | (9) | SOFR + | 3.00% | 7.47% | 11/16/2022 | 12/8/2028 | 2946 | 2884 | 2967 | 1.91 |
| &nbsp;&nbsp;Saratoga Food Specialties, LLC | (8) | SOFR + | 3.75% | 8.14% | 3/7/2024 | 3/7/2029 | 719 | 716 | 724 | 0.47 |
|  |  |  |  |  |  |  |  | 3600 | 3691 | 2.38 |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |
| &nbsp;&nbsp;Genesee & Wyoming Inc | (8) | SOFR + | 1.75% | 6.08% | 4/10/2024 | 4/10/2031 | 4314 | 4294 | 4311 | 2.78 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
| &nbsp;&nbsp;Auris Luxembourg III S.à r.l. | (8) | SOFR + | 3.75% | 8.18% | 4/8/2024 | 2/28/2029 | 3085 | 3085 | 3126 | 2.02 |
| &nbsp;&nbsp;Resonetics, LLC | (10) | SOFR + | 3.25% | 7.60% | 12/6/2024 | 6/18/2031 | 3556 | 3556 | 3584 | 2.31 |
|  |  |  |  |  |  |  |  | 6641 | 6710 | 4.33 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
| &nbsp;&nbsp;Agiliti Health Inc | (8) | SOFR + | 3.00% | 7.59% | 5/1/2023 | 5/1/2030 | 3474 | 3476 | 3417 | 2.20 |
| &nbsp;&nbsp;Concentra Health Services Inc | (4)(8) | SOFR + | 2.25% | 6.61% | 7/26/2024 | 6/26/2031 | 2138 | 2135 | 2156 | 1.39 |
| &nbsp;&nbsp;Davita Inc | (8) | SOFR + | 2.00% | 6.36% | 5/9/2024 | 5/9/2031 | 3491 | 3491 | 3500 | 2.26 |
| &nbsp;&nbsp;Ensemble RCM, LLC | (8) | SOFR + | 3.00% | 7.59% | 1/30/2024 | 8/1/2029 | 938 | 929 | 946 | 0.61 |
| &nbsp;&nbsp;Examworks Bidco, Inc. | (9) | SOFR + | 2.75% | 7.11% | 11/16/2022 | 11/1/2028 | 3766 | 3715 | 3785 | 2.44 |
| &nbsp;&nbsp;Hunter US Bidco Inc. | (9) | SOFR + | 4.25% | 8.68% | 11/16/2022 | 8/19/2028 | 1000 | 994 | 991 | 0.64 |
| &nbsp;&nbsp;MED ParentCo LP | (8) | SOFR + | 3.50% | 7.86% | 10/18/2024 | 4/15/2031 | 1192 | 1192 | 1203 | 0.78 |
| &nbsp;&nbsp;Outcomes Group Holdings Inc | (8) | SOFR + | 3.25% | 7.61% | 5/6/2024 | 5/6/2031 | 2070 | 2070 | 2095 | 1.35 |
| &nbsp;&nbsp;Pediatric Associates Holding Co., LLC | (10) | SOFR + | 3.25% | 8.10% | 11/16/2022 | 12/29/2028 | 641 | 633 | 625 | 0.40 |
| &nbsp;&nbsp;Surgery Centers Holdings, Inc. | (8) | SOFR + | 2.75% | 7.09% | 6/20/2024 | 12/19/2030 | 1036 | 1036 | 1045 | 0.67 |
|  |  |  |  |  |  |  |  | 19671 | 19763 | 12.74 |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |
| &nbsp;&nbsp;athenahealth, Inc. | (9) | SOFR + | 3.25% | 7.61% | 11/16/2022 | 2/15/2029 | 4492 | 4273 | 4512 | 2.91 |
| &nbsp;&nbsp;Cotiviti, Inc. | (8) | SOFR + | 2.75% | 7.30% | 5/1/2024 | 5/1/2031 | 5192 | 5168 | 5227 | 3.37 |
| &nbsp;&nbsp;Gainwell Acquisition Corp. | (10) | SOFR + | 4.00% | 8.43% | 11/16/2022 | 10/1/2027 | 1974 | 1926 | 1917 | 1.24 |
| &nbsp;&nbsp;Waystar Technologies, Inc. | (8) | SOFR + | 2.25% | 6.59% | 12/30/2024 | 10/22/2029 | 2069 | 2069 | 2081 | 1.34 |
|  |  |  |  |  |  |  |  | 13436 | 13737 | 8.86 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |
| &nbsp;&nbsp;Alterra Mountain Co | (8) | SOFR + | 2.75% | 7.11% | 11/7/2024 | 8/17/2028 | $2291 | $2291 | $2309 | 1.49% |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | (9) | SOFR + | 2.25% | 6.61% | 2/6/2023 | 2/6/2030 | 1342 | 1332 | 1345 | 0.87 |
| &nbsp;&nbsp;Caesars Entertainment, Inc. | (9) | SOFR + | 2.25% | 6.61% | 2/6/2024 | 2/6/2031 | 2804 | 2798 | 2814 | 1.82 |
| &nbsp;&nbsp;Carnival Finance, LLC | (10) | SOFR + | 2.75% | 7.11% | 4/25/2024 | 10/18/2028 | 2321 | 2321 | 2341 | 1.51 |
| &nbsp;&nbsp;Cedar Fair, L.P. | (8) | SOFR + | 2.00% | 6.36% | 5/1/2024 | 5/1/2031 | 724 | 723 | 727 | 0.47 |
| &nbsp;&nbsp;FanDuel Group Financing, LLC. | (9) | SOFR + | 1.75% | 6.08% | 11/24/2023 | 11/25/2030 | 2399 | 2399 | 2397 | 1.55 |
| &nbsp;&nbsp;Fertitta Entertainment, LLC | (9) | SOFR + | 3.50% | 7.86% | 11/16/2022 | 1/27/2029 | 4130 | 4068 | 4150 | 2.68 |
| &nbsp;&nbsp;GVC Finance, LLC | (9) | SOFR + | 2.75% | 7.08% | 5/8/2024 | 10/31/2029 | 3374 | 3382 | 3388 | 2.19 |
| &nbsp;&nbsp;Hilton Grand Vacations Borrower, LLC | (8) | SOFR + | 2.25% | 6.82% | 1/17/2024 | 1/17/2031 | 711 | 709 | 714 | 0.46 |
| &nbsp;&nbsp;IRB Holding Corp. | (10) | SOFR + | 2.50% | 6.86% | 12/11/2024 | 12/15/2027 | 4533 | 4533 | 4543 | 2.93 |
| &nbsp;&nbsp;LC Ahab US Bidco, LLC | (8) | SOFR + | 3.00% | 7.36% | 5/1/2024 | 5/1/2031 | 670 | 667 | 676 | 0.44 |
| &nbsp;&nbsp;Marriott Ownership Resorts Inc | (8) | SOFR + | 2.25% | 6.61% | 4/1/2024 | 4/1/2031 | 3127 | 3148 | 3131 | 2.02 |
| &nbsp;&nbsp;Mic Glen, LLC | (9) | SOFR + | 3.50% | 7.97% | 11/16/2022 | 7/21/2028 | 3347 | 3271 | 3371 | 2.18 |
| &nbsp;&nbsp;New Red Finance, Inc. | (8) | SOFR + | 1.75% | 6.11% | 6/16/2024 | 9/12/2030 | 918 | 916 | 915 | 0.59 |
| &nbsp;&nbsp;Ovg Business Services, LLC | (8) | SOFR + | 3.00% | 7.36% | 6/25/2024 | 6/25/2031 | 1508 | 1501 | 1514 | 0.98 |
| &nbsp;&nbsp;Scientific Games Holdings LP | (9) | SOFR + | 3.00% | 7.59% | 6/11/2024 | 4/4/2029 | 2977 | 2977 | 2988 | 1.93 |
| &nbsp;&nbsp;Tacala Investment Corp. | (10) | SOFR + | 3.50% | 7.86% | 9/26/2024 | 1/31/2031 | 1597 | 1597 | 1612 | 1.04 |
| &nbsp;&nbsp;Whatabrands, LLC | (9) | SOFR + | 2.50% | 6.86% | 12/11/2024 | 8/3/2028 | 4518 | 4518 | 4534 | 2.93 |
|  |  |  |  |  |  |  |  | 43151 | 43469 | 28.08 |
| **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** | **Household Durables** |
| &nbsp;&nbsp;AI Aqua Merger Sub, Inc. | (9) | SOFR + | 3.50% | 8.05% | 12/5/2024 | 7/31/2028 | 4266 | 4266 | 4274 | 2.76 |
| **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** | **Household Products** |
| &nbsp;&nbsp;Energizer Holdings Inc | (8) | SOFR + | 2.00% | 6.36% | 5/29/2024 | 12/22/2027 | 730 | 730 | 733 | 0.47 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** | **Insurance** |
| &nbsp;&nbsp;AmWINS Group Inc | (10) | SOFR + | 2.25% | 6.72% | 11/16/2022 | 2/19/2028 | $742 | $741 | $745 | 0.48% |
| &nbsp;&nbsp;AssuredPartners, Inc. | (9) | SOFR + | 3.50% | 7.86% | 2/16/2024 | 2/14/2031 | 4904 | 4896 | 4920 | 3.17 |
| &nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC | (8) | SOFR + | 3.25% | 7.61% | 12/11/2024 | 5/26/2031 | 4008 | 4008 | 4041 | 2.61 |
| &nbsp;&nbsp;BroadStreet Partners, Inc. | (8) | SOFR + | 3.00% | 7.36% | 6/14/2024 | 6/14/2031 | 4571 | 4566 | 4592 | 2.96 |
| &nbsp;&nbsp;HUB International, Ltd. | (8) | SOFR + | 2.75% | 7.37% | 7/30/2024 | 6/20/2030 | 668 | 668 | 673 | 0.43 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 3.50% | 7.86% | 8/2/2024 | 4/18/2030 | 2399 | 2399 | 2420 | 1.56 |
| &nbsp;&nbsp;Hyperion Refinance S.à r.l. | (9) | SOFR + | 3.00% | 7.36% | 11/22/2024 | 2/15/2031 | 1980 | 1980 | 1996 | 1.29 |
| &nbsp;&nbsp;OneDigital Borrower, LLC | (9) | SOFR + | 3.25% | 7.61% | 7/2/2024 | 6/13/2031 | 1123 | 1118 | 1128 | 0.73 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.58% | 12/23/2024 | 9/29/2030 | 1002 | 1002 | 1002 | 0.65 |
| &nbsp;&nbsp;USI, Inc. | (8) | SOFR + | 2.25% | 6.58% | 12/23/2024 | 11/22/2029 | 451 | 451 | 451 | 0.29 |
|  |  |  |  |  |  |  |  | 21829 | 21968 | 14.17 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;Project Boost Purchaser, LLC | (8) | SOFR + | 3.50% | 8.15% | 7/16/2024 | 7/16/2031 | 4027 | 4018 | 4061 | 2.62 |
| &nbsp;&nbsp;TripAdvisor, Inc. | (8) | SOFR + | 2.75% | 7.11% | 7/8/2024 | 7/8/2031 | 2386 | 2380 | 2405 | 1.55 |
|  |  |  |  |  |  |  |  | 6398 | 6466 | 4.17 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** | **IT Services** |
| &nbsp;&nbsp;Ahead DB Holdings, LLC | (10) | SOFR + | 3.50% | 7.83% | 8/2/2024 | 2/1/2031 | 3364 | 3360 | 3391 | 2.19 |
| &nbsp;&nbsp;Chrysaor Bidco S.à r.l. | (9) | SOFR + | 3.50% | 8.62% | 7/17/2024 | 5/14/2031 | 828 | 828 | 836 | 0.54 |
| &nbsp;&nbsp;Dcert Buyer, Inc. | (8) | SOFR + | 4.00% | 8.36% | 11/16/2022 | 10/16/2026 | 2047 | 2017 | 1971 | 1.27 |
| &nbsp;&nbsp;Fortress Intermediate 3 Inc | (8) | SOFR + | 3.50% | 7.86% | 6/27/2024 | 6/27/2031 | 2494 | 2487 | 2505 | 1.62 |
| &nbsp;&nbsp;Newfold Digital Holdings Group Inc | (11) | SOFR + | 3.50% | 8.14% | 11/16/2022 | 2/10/2028 | 3036 | 2895 | 2603 | 1.68 |
| &nbsp;&nbsp;ThoughtWorks, Inc. | (9) | SOFR + | 2.75% | 7.22% | 11/16/2022 | 3/24/2028 | 2293 | 2256 | 2240 | 1.45 |
| &nbsp;&nbsp;Virtusa Corp. | (10) | SOFR + | 3.25% | 7.61% | 6/21/2024 | 2/15/2029 | 4995 | 4995 | 5036 | 3.25 |
| &nbsp;&nbsp;World Wide Technology Holding Co, LLC | (4)(9) | SOFR + | 2.25% | 6.69% | 3/14/2024 | 3/1/2030 | 896 | 896 | 899 | 0.58 |
|  |  |  |  |  |  |  |  | 19734 | 19481 | 12.58 |
| **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** | **Leisure Products** |
| &nbsp;&nbsp;Motion Finco, LLC | (8) | SOFR + | 3.50% | 7.83% | 2/5/2024 | 11/12/2029 | 2532 | 2521 | 2509 | 1.62 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
| &nbsp;&nbsp;IQVIA Inc | (8) | SOFR + | 2.00% | 6.33% | 11/28/2023 | 1/2/2031 | $433 | $433 | $437 | 0.28% |
| &nbsp;&nbsp;LSCS Holdings, Inc. | (9) | SOFR + | 4.50% | 8.86% | 11/16/2022 | 12/16/2028 | 2431 | 2365 | 2451 | 1.58 |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. | (10) | SOFR + | 3.25% | 7.84% | 5/28/2024 | 11/30/2027 | 3533 | 3533 | 3552 | 2.29 |
| &nbsp;&nbsp;PAREXEL International Inc/Wilmington | (9) | SOFR + | 3.00% | 7.36% | 7/25/2024 | 11/15/2028 | 2847 | 2847 | 2870 | 1.85 |
|  |  |  |  |  |  |  |  | 9178 | 9310 | 6.00 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** | **Machinery** |
| &nbsp;&nbsp;American Trailer World Corp | (10) | SOFR + | 3.75% | 8.21% | 11/16/2022 | 3/3/2028 | 2450 | 2411 | 2187 | 1.41 |
| &nbsp;&nbsp;Chart Industries, Inc. | (9) | SOFR + | 2.50% | 7.09% | 7/2/2024 | 3/16/2030 | 2219 | 2219 | 2231 | 1.44 |
| &nbsp;&nbsp;Innio North America Holding, Inc. | (8) | SOFR + | 3.25% | 7.90% | 7/12/2024 | 11/2/2028 | 673 | 673 | 678 | 0.44 |
| &nbsp;&nbsp;LSF11 Trinity Bidco, Inc. | (8) | SOFR + | 3.00% | 7.37% | 12/11/2024 | 6/14/2030 | 2316 | 2316 | 2336 | 1.51 |
| &nbsp;&nbsp;Pro Mach Group, Inc. | (11) | SOFR + | 3.50% | 7.86% | 9/3/2024 | 8/31/2028 | 3730 | 3730 | 3767 | 2.43 |
| &nbsp;&nbsp;SPX Flow, Inc. | (9) | SOFR + | 3.00% | 7.36% | 6/6/2024 | 4/5/2029 | 3014 | 3014 | 3043 | 1.96 |
| &nbsp;&nbsp;TK Elevator U.S. Newco, Inc. | (9) | SOFR + | 3.50% | 8.59% | 3/14/2024 | 4/30/2030 | 4340 | 4331 | 4377 | 2.82 |
|  |  |  |  |  |  |  |  | 18694 | 18619 | 12.01 |
| **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** | **Media** |
| &nbsp;&nbsp;ABG Intermediate Holdings 2, LLC. | (8) | SOFR + | 2.25% | 6.59% | 12/13/2024 | 12/21/2028 | 391 | 391 | 393 | 0.25 |
| &nbsp;&nbsp;American Greetings Corp | (8) | SOFR + | 5.75% | 10.11% | 4/30/2024 | 10/30/2029 | 1292 | 1270 | 1303 | 0.84 |
| &nbsp;&nbsp;Cogeco Communications Finance USA LP | (9) | SOFR + | 2.50% | 6.97% | 9/29/2023 | 9/1/2028 | 2437 | 2384 | 2426 | 1.57 |
| &nbsp;&nbsp;Fleet US Bidco, Inc. | (4)(8) | SOFR + | 2.75% | 7.58% | 8/15/2024 | 2/21/2031 | 662 | 662 | 667 | 0.43 |
| &nbsp;&nbsp;Virgin Media Bristol, LLC | (8) | SOFR + | 3.18% | 7.72% | 3/2/2023 | 3/31/2031 | 2727 | 2706 | 2705 | 1.75 |
|  |  |  |  |  |  |  |  | 7413 | 7494 | 4.84 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
| &nbsp;&nbsp;Arsenal AIC Parent, LLC | (8) | SOFR + | 3.25% | 7.61% | 8/21/2024 | 8/18/2030 | 637 | 637 | 644 | 0.42 |
| **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** | **Mortgage Real Estate Investment Trusts (REITs)** |
| &nbsp;&nbsp;Blackstone Mortgage Trust Inc | (9) | SOFR + | 3.50% | 7.84% | 11/16/2022 | 5/9/2029 | 2431 | 2353 | 2439 | 1.57 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
| &nbsp;&nbsp;AL GCX Holdings, LLC | (9) | SOFR + | 2.75% | 7.26% | 11/16/2022 | 5/17/2029 | $2571 | $2566 | $2592 | 1.67% |
| &nbsp;&nbsp;Buckeye Partners LP | (8) | SOFR + | 1.75% | 6.11% | 2/6/2024 | 11/1/2026 | 2037 | 2040 | 2040 | 1.32 |
| &nbsp;&nbsp;Freeport LNG Investments, LLLP | (9) | SOFR + | 3.50% | 8.38% | 11/16/2022 | 12/21/2028 | 2969 | 2945 | 2987 | 1.93 |
| &nbsp;&nbsp;GIP Pilot Acquisition Partners LP | (8) | SOFR + | 2.50% | 7.09% | 5/22/2024 | 10/4/2030 | 1115 | 1115 | 1123 | 0.72 |
|  |  |  |  |  |  |  |  | 8666 | 8742 | 5.64 |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;Elanco Animal Health Inc | (8) | SOFR + | 1.75% | 6.40% | 11/16/2022 | 8/1/2027 | 2371 | 2372 | 2371 | 1.53 |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |
| &nbsp;&nbsp;AlixPartners, LLP | (9) | SOFR + | 2.50% | 6.97% | 11/16/2022 | 2/4/2028 | 1360 | 1353 | 1367 | 0.88 |
| &nbsp;&nbsp;Ankura Consulting Group, LLC | (10) | SOFR + | 3.50% | 7.84% | 12/17/2024 | 12/17/2031 | 1142 | 1139 | 1145 | 0.74 |
| &nbsp;&nbsp;APFS Staffing Holdings, Inc. | (9) | SOFR + | 4.25% | 8.61% | 11/16/2022 | 12/29/2028 | 3825 | 3755 | 3853 | 2.49 |
| &nbsp;&nbsp;Camelot US Acquisition, LLC. | (8) | SOFR + | 2.75% | 7.11% | 1/31/2024 | 1/31/2031 | 2700 | 2694 | 2701 | 1.74 |
| &nbsp;&nbsp;Cast & Crew Payroll, LLC | (9) | SOFR + | 3.75% | 8.11% | 11/16/2022 | 12/29/2028 | 1905 | 1897 | 1851 | 1.19 |
| &nbsp;&nbsp;Deerfield Dakota Holding, LLC | (11) | SOFR + | 3.75% | 8.08% | 11/16/2022 | 4/9/2027 | 3733 | 3679 | 3660 | 2.36 |
| &nbsp;&nbsp;Eisner Advisory Group, LLC | (9) | SOFR + | 4.00% | 8.36% | 2/28/2024 | 2/28/2031 | 1205 | 1194 | 1220 | 0.79 |
| &nbsp;&nbsp;EP Purchaser, LLC | (9) | SOFR + | 3.50% | 8.09% | 11/16/2022 | 11/6/2028 | 484 | 468 | 482 | 0.31 |
| &nbsp;&nbsp;Grant Thornton Advisors, LLC | (8) | SOFR + | 3.25% | 7.61% | 5/31/2024 | 6/2/2031 | 2378 | 2378 | 2381 | 1.54 |
| &nbsp;&nbsp;Mercury Borrower, Inc. | (8) | SOFR + | 3.00% | 7.36% | 12/13/2024 | 8/2/2028 | 3607 | 3607 | 3643 | 2.35 |
| &nbsp;&nbsp;Mermaid Bidco, Inc. | (8) | SOFR + | 3.25% | 7.80% | 7/1/2024 | 6/27/2031 | 2573 | 2570 | 2591 | 1.67 |
| &nbsp;&nbsp;Ryan, LLC | (9) | SOFR + | 3.50% | 7.86% | 11/9/2023 | 11/14/2030 | 2381 | 2352 | 2390 | 1.54 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (8) | SOFR + | 3.00% | 7.59% | 2/24/2023 | 7/31/2031 | 4714 | 4690 | 4748 | 3.06 |
| &nbsp;&nbsp;Soliant Lower Intermediate, LLC | (8) | SOFR + | 3.75% | 8.11% | 7/18/2024 | 7/18/2031 | 1257 | 1245 | 1251 | 0.81 |
| &nbsp;&nbsp;Trans Union, LLC. | (8) | SOFR + | 1.75% | 6.11% | 1/30/2024 | 6/24/2031 | 4527 | 4527 | 4526 | 2.92 |
| &nbsp;&nbsp;VT Topco, Inc. | (9) | SOFR + | 3.00% | 7.33% | 4/3/2024 | 8/9/2030 | 1026 | 1026 | 1035 | 0.67 |
|  |  |  |  |  |  |  |  | 38574 | 38844 | 25.06 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (4)(9) | SOFR + | 3.00% | 7.36% | 6/18/2024 | 1/31/2030 | 1746 | 1747 | 1754 | 1.13 |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower, LLC | (4)(9) | SOFR + | 3.25% | 7.61% | 9/25/2024 | 1/31/2030 | 1708 | 1708 | 1729 | 1.12 |
|  |  |  |  |  |  |  |  | 3455 | 3483 | 2.25 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** |
| &nbsp;&nbsp;Applied Systems, Inc. | (8) | SOFR + | 3.00% | 7.33% | 2/23/2024 | 2/24/2031 | $175 | $174 | $177 | 0.11% |
| &nbsp;&nbsp;BEP Intermediate Holdco, LLC | (8) | SOFR + | 3.25% | 7.61% | 4/26/2024 | 4/25/2031 | 742 | 742 | 749 | 0.48 |
| &nbsp;&nbsp;Boost Newco Borrower, LLC | (8) | SOFR + | 2.50% | 6.83% | 8/1/2024 | 1/31/2031 | 5821 | 5821 | 5863 | 3.78 |
| &nbsp;&nbsp;Boxer Parent Company, Inc. | (8) | SOFR + | 3.75% | 8.34% | 7/30/2024 | 7/30/2031 | 4766 | 4755 | 4811 | 3.10 |
| &nbsp;&nbsp;Cloud Software Group, Inc. | (9) | SOFR + | 3.75% | 8.08% | 11/4/2024 | 3/21/2031 | 1419 | 1419 | 1425 | 0.92 |
| &nbsp;&nbsp;Cloudera, Inc. | (9) | SOFR + | 3.75% | 8.21% | 11/16/2022 | 10/8/2028 | 3532 | 3443 | 3530 | 2.28 |
| &nbsp;&nbsp;Conga Corp. | (10) | SOFR + | 3.50% | 8.09% | 8/8/2024 | 5/8/2028 | 3536 | 3536 | 3572 | 2.30 |
| &nbsp;&nbsp;ConnectWise, LLC | (9) | SOFR + | 3.50% | 8.09% | 11/16/2022 | 9/29/2028 | 3494 | 3410 | 3521 | 2.27 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc. | (9) | SOFR + | 3.75% | 8.22% | 11/16/2022 | 10/16/2028 | 2150 | 2009 | 1899 | 1.23 |
| &nbsp;&nbsp;Delta Topco, Inc. | (8) | SOFR + | 3.50% | 8.20% | 5/1/2024 | 12/1/2029 | 5968 | 5955 | 6022 | 3.89 |
| &nbsp;&nbsp;ECI Macola Max Holding, LLC | (10) | SOFR + | 3.25% | 7.58% | 9/20/2024 | 5/9/2030 | 4457 | 4457 | 4505 | 2.91 |
| &nbsp;&nbsp;Ellucian Holdings, Inc. | (9) | SOFR + | 3.00% | 7.36% | 2/29/2024 | 10/9/2029 | 2659 | 2659 | 2680 | 1.73 |
| &nbsp;&nbsp;Flash Charm, Inc. | (10) | SOFR + | 3.50% | 8.07% | 6/11/2024 | 3/2/2028 | 3856 | 3847 | 3794 | 2.45 |
| &nbsp;&nbsp;Flexera Software, LLC | (10) | SOFR + | 3.00% | 7.35% | 5/20/2024 | 3/3/2028 | 601 | 601 | 606 | 0.39 |
| &nbsp;&nbsp;Gen Digital Inc | (9) | SOFR + | 1.75% | 6.11% | 6/5/2024 | 9/12/2029 | 5860 | 5860 | 5848 | 3.77 |
| &nbsp;&nbsp;Genesys Cloud Services Holdings II, LLC | (10) | SOFR + | 3.00% | 7.36% | 9/26/2024 | 12/1/2027 | 2886 | 2886 | 2914 | 1.88 |
| &nbsp;&nbsp;Genuine Financial Holdings, LLC | (8) | SOFR + | 4.00% | 8.36% | 6/28/2024 | 9/27/2030 | 5940 | 5891 | 6014 | 3.88 |
| &nbsp;&nbsp;Go Daddy Operating Co, LLC | (8) | SOFR + | 1.75% | 6.11% | 5/31/2024 | 5/30/2031 | 746 | 745 | 746 | 0.48 |
| &nbsp;&nbsp;HS Purchaser, LLC | (10) | SOFR + | 4.00% | 8.69% | 11/16/2022 | 11/19/2026 | 3517 | 3361 | 3110 | 2.01 |
| &nbsp;&nbsp;ION Trading Finance Ltd. | (8) | SOFR + | 3.50% | 7.83% | 12/10/2024 | 4/1/2028 | 2126 | 2126 | 2132 | 1.38 |
| &nbsp;&nbsp;McAfee Corp. | (9) | SOFR + | 3.00% | 7.37% | 5/31/2024 | 3/1/2029 | 3537 | 3537 | 3545 | 2.29 |
| &nbsp;&nbsp;Mitnick Purchaser, Inc. | (9)(18) | SOFR + | 4.50% | 9.19% | 11/16/2022 | 5/2/2029 | 3370 | 3299 | 3151 | 2.03 |
| &nbsp;&nbsp;Planview Parent Inc | (8) | SOFR + | 3.50% | 7.83% | 12/17/2024 | 12/17/2027 | 1906 | 1906 | 1922 | 1.24 |
| &nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (9) | SOFR + | 3.25% | 7.58% | 5/14/2024 | 10/28/2030 | 3259 | 3259 | 3284 | 2.12 |
| &nbsp;&nbsp;Proofpoint, Inc. | (9) | SOFR + | 3.00% | 7.36% | 5/28/2024 | 8/31/2028 | 2977 | 2977 | 2995 | 1.93 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;Quartz Acquireco, LLC | (8) | SOFR + | 2.75% | 7.08% | 6/3/2024 | 6/28/2030 | $1968 | $1968 | $1985 | 1.28% |
| &nbsp;&nbsp;RealPage, Inc. | (9) | SOFR + | 3.00% | 7.59% | 11/16/2022 | 4/24/2028 | 2740 | 2676 | 2738 | 1.77 |
| &nbsp;&nbsp;Rocket Software, Inc. | (9) | SOFR + | 4.25% | 8.61% | 10/5/2023 | 11/28/2028 | 2572 | 2543 | 2595 | 1.67 |
| &nbsp;&nbsp;Skopima Consilio Parent, LLC | (9) | SOFR + | 3.75% | 8.12% | 12/18/2024 | 5/12/2028 | 3595 | 3595 | 3613 | 2.33 |
| &nbsp;&nbsp;Sovos Compliance, LLC | (9) | SOFR + | 4.50% | 8.97% | 11/16/2022 | 8/11/2028 | 3518 | 3472 | 3549 | 2.29 |
| &nbsp;&nbsp;Surf Holdings, LLC | (8) | SOFR + | 3.50% | 7.95% | 11/16/2022 | 3/5/2027 | 3517 | 3494 | 3545 | 2.29 |
| &nbsp;&nbsp;Vision Solutions, Inc. | (10) | SOFR + | 4.00% | 8.85% | 11/16/2022 | 4/24/2028 | 3632 | 3453 | 3583 | 2.31 |
| &nbsp;&nbsp;Webpros US Bidco, Inc. | (8) | SOFR + | 4.00% | 8.36% | 3/28/2024 | 3/19/2031 | 650 | 649 | 657 | 0.42 |
| &nbsp;&nbsp;XPLOR T1, LLC | (8) | SOFR + | 3.50% | 7.83% | 12/11/2024 | 6/24/2031 | 2095 | 2095 | 2116 | 1.37 |
|  |  |  |  |  |  |  |  | 102620 | 103196 | 66.58 |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;Apro, LLC. | (8) | SOFR + | 3.75% | 8.27% | 7/9/2024 | 7/9/2031 | 3942 | 3933 | 3985 | 2.57 |
| &nbsp;&nbsp;CWGS Group, LLC | (10) | SOFR + | 2.50% | 6.97% | 11/16/2022 | 6/3/2028 | 2487 | 2426 | 2441 | 1.58 |
| &nbsp;&nbsp;HomeServe USA Holding Corp | (8) | SOFR + | 2.00% | 6.37% | 5/29/2024 | 10/21/2030 | 823 | 823 | 825 | 0.53 |
| &nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (10) | SOFR + | 3.50% | 7.86% | 7/18/2024 | 5/4/2028 | 3043 | 3043 | 3067 | 1.98 |
|  |  |  |  |  |  |  |  | 10225 | 10318 | 6.66 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
| &nbsp;&nbsp;Xerox Corp | (9) | SOFR + | 4.00% | 8.34% | 11/17/2023 | 11/17/2029 | 2357 | 2331 | 2360 | 1.52 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co, Inc. | (8) | SOFR + | 1.75% | 6.11% | 1/31/2024 | 1/31/2031 | 680 | 679 | 683 | 0.44 |
| &nbsp;&nbsp;Avolon TLB Borrower 1 US, LLC | (9) | SOFR + | 1.75% | 6.12% | 6/22/2023 | 6/24/2030 | 2737 | 2718 | 2739 | 1.77 |
| &nbsp;&nbsp;Core & Main, LP | (8) | SOFR + | 2.00% | 6.38% | 2/9/2024 | 2/9/2031 | 1077 | 1077 | 1082 | 0.70 |
| &nbsp;&nbsp;FCG Acquisitions, Inc. | (9) | SOFR + | 3.75% | 8.22% | 11/16/2022 | 3/31/2028 | 7073 | 6971 | 7131 | 4.60 |
| &nbsp;&nbsp;FleetPride, Inc. | (9) | SOFR + | 4.50% | 8.86% | 9/29/2023 | 9/29/2028 | 3735 | 3701 | 3486 | 2.25 |
| &nbsp;&nbsp;Foundation Building Materials, Inc. | (9) | SOFR + | 3.25% | 8.10% | 11/16/2022 | 1/31/2028 | 2962 | 2940 | 2924 | 1.89 |
| &nbsp;&nbsp;Icebox Holdco III, Inc. | (9) | SOFR + | 3.50% | 8.09% | 11/16/2022 | 12/22/2028 | 4321 | 4199 | 4362 | 2.81 |
| &nbsp;&nbsp;Johnstone Supply, LLC | (8) | SOFR + | 2.50% | 6.88% | 12/12/2024 | 6/7/2031 | 1295 | 1295 | 1301 | 0.84 |
| &nbsp;&nbsp;Park River Holdings, Inc. | (10) | SOFR + | 3.25% | 8.10% | 11/16/2022 | 12/28/2027 | 2434 | 2415 | 2381 | 1.54 |
| &nbsp;&nbsp;Sunsource Borrower, LLC | (8) | SOFR + | 4.00% | 8.46% | 3/25/2024 | 3/25/2031 | 1742 | 1736 | 1753 | 1.13 |
| &nbsp;&nbsp;White Cap Buyer, LLC | (8) | SOFR + | 3.25% | 7.61% | 6/13/2024 | 10/19/2029 | 4585 | 4574 | 4599 | 2.97 |
| &nbsp;&nbsp;Windsor Holdings III LLC | (8) | SOFR + | 3.50% | 7.86% | 9/20/2024 | 8/1/2030 | 1840 | 1840 | 1866 | 1.20 |
|  |  |  |  |  |  |  |  | 34145 | 34307 | 22.14 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**BCRED Verdelite JV LP**

**Consolidated Schedule of Investments** 

**December 31, 2024**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(19)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)(15)</sup> | **Acquisition Date** | **Maturity Date** | **Par Amount/Units** <sup>(1)</sup> | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Partners' Capital** |
| **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** | **First Lien (continued)** |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |
| &nbsp;&nbsp;CCI Buyer, Inc. | (10) | SOFR + | 4.00% | 8.33% | 11/16/2022 | 12/17/2027 | $4303 | $4266 | $4313 | 2.78% |
| **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | **Total First Lien Debt** | 645881 | 650532 | 419.74 |
| **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | **Total Investment Portfolio** | 645881 | 650532 | 419.74 |
| **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** | **Cash and Cash Equivalents** |
| &nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class I |  |  |  | 4.34% |  |  |  | 92784 | 92784 | 59.87 |
| &nbsp;&nbsp;Other Cash and Cash Equivalents |  |  |  |  |  |  |  | 56459 | 56459 | 36.43 |
| **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | **Total Portfolio Investments, Cash and Cash Equivalents** | $795124 | $799775 | 516.04% |

---

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Sterling Overnight Interbank Average Rate ("SONIA" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Swiss Average Rate Overnight ("SARON" or "SA"), New Zealand Bank Bill Reference Rate ("BKBM" or "B"), or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

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

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

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

(6)Reserved.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Groundworks, LLC | Delayed Draw Term Loan | 3/14/2026 | $248 | $— |
| **Total Unfunded Commitments** |  |  | $248 | $— |

---

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

(9)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

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

(16)Reserved.

(17)Reserved.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." As of December 31, 2024, the aggregate fair value of these securities is $650.5 million or 419.74% of the Company's net assets. The initial acquisition dates have been included for such securities.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of September 30, 2025 and December 31, 2024 (Unaudited):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Investments at fair value (cost of $707,246 and $645,881, respectively) | $703009 | $650532 |
| Cash and cash equivalents | 58944 | 149243 |
| Interest receivable | 2960 | 4502 |
| Receivable for investments sold | 3659 | 936 |
| **Total assets** | $768572 | $805213 |
| **LIABILITIES** |  |  |
| Debt (net of unamortized debt issuance costs of $1,252 and $1,638, respectively) | $581823 | $634716 |
| Distribution payable | 5039 |  |
| Payable for investments purchased and other liabilities | 51462 | 15512 |
| **Total liabilities** | 638324 | 650228 |
| **PARTNERS' CAPITAL** |  |  |
| Partners' capital | 130248 | 154985 |
| **Total partners' capital** | 130248 | 154985 |
| **Total liabilities and partners' capital** | $768572 | $805213 |

---

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $13489 | $16260 | $41202 | $45080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income |  |  | 3 | 22 |
| **Total investment income** | 13489 | 16260 | 41205 | 45102 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 8606 | 11271 | 26361 | 27162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 153 | 41 | 350 | 150 |
| **Total expenses** | 8759 | 11312 | 26711 | 27312 |
| **Net investment income before tax expense** | 4730 | 4948 | 14494 | 17790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax expense |  |  |  |  |
| **Net investment income after tax expense** | 4730 | 4948 | 14494 | 17790 |
| **Net realized and change in unrealized gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on investments | (2162) | (3294) | (8889) | (6612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (2444) | 413 | (2419) | 530 |
| **Total net realized and change in unrealized gain (loss)** | (4606) | (2881) | (11308) | (6082) |
| **Net increase (decrease) in partners' capital resulting from operations** | $124 | $2067 | $3186 | $11708 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Blackstone Private Credit Fund**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

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

**Note 12. Segment Reporting**

The Company operates as a single reportable segment and derives revenues from investing primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.

The chief operating decision maker (**"CODM"**) consists of the Company's co-chief executive officers and chief financial officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is Net increase (decrease) in net assets resulting from operations which is reported on the Condensed Consolidated Statement of Operations.

Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. These key metrics, in addition to other factors, are utilized by the CODM to determine allocation of profits, such as for investment or the amount of dividends to be distributed to the Company's shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Condensed Consolidated Statements of Assets and Liabilities as Total net assets and the significant segment expenses are listed on the Condensed Consolidated Statement of Operations.

**Note 13. Subsequent Events**

The Company's management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of September 30, 2025, except as discussed below.

*<u>October Subscriptions and Distribution Declaration</u>*

The Company received approximately $1,151.9 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares for subscriptions effective October 1, 2025.

On September 18, 2025, the Company's Board declared net distributions of $0.2000 per Class I share, $0.1823 per Class S share, and $0.1948 per Class D share, which is payable to shareholders of record as of the open of business on October 31, 2025, and will be paid on or about November 26, 2025.

*<u>November Subscriptions</u>*

Through the date of issuance of the condensed consolidated financial statements the Company received approximately $1,356.5 million of subscriptions, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares effective November 1, 2025.

*<u>Bear Peak Amendment</u>*

On October 24, 2025, the Bear Peak Funding Facility was amended pursuant to the Third Amendment to the Revolving Credit and Security Agreement (the **"Bear Peak Third Amendment"**). The Bear Peak Third Amendment provides for, among other things, an extension of the reinvestment period for borrowings under the Bear Peak Funding Facility to December 31, 2025.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

*The information contained in this section should be read in conjunction with "Item 1. Financial Statements" hereto and "Part II, Item 8—Financial Statements and Supplementary Data" of our <u>[Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)</u>, as updated from time to time by the Company's periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company's control, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our <u>[Annual Report on Form 10-K for the year ended](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)[December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)</u>, as updated from time to time by the Company's periodic filings with the SEC.*

**Overview and Investment Framework**

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on February 11, 2020, we are externally managed by the Advisers, which are responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Advisers are registered as investment advisers with the SEC. We have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under our Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by us. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of certain expenses incurred by the Administrators in performing their obligations under the Administration Agreements, including our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days' notice of such change. Under normal circumstances we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, **"Private Credit"**). In limited instances, we may retain the "last out" portion of a first-lien loan. In such cases, the "first out" portion of the first lien loan would receive priority with respect to payment over our "last out" position. In exchange for the higher risk of loss associated with such "last out" portion, we would earn a higher rate of interest than the "first out" position. To a lesser extent, we will also invest in broadly syndicated loans. We expect that such investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs' requirement to invest at least 70% of its assets in U.S. private companies), we also expect to invest to some extent in European and other non-U.S. companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

**Key Components of Our Results of Operations**

***Investments***

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

***Revenues***

We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or Payment-in-kind (**"PIK"**) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities and on our equity interests in joint ventures is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.

***Expenses***

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in the Advisory Agreements and the Administration Agreements; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case, for any such amounts paid on our behalf. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

*Expense Support and Conditional Reimbursement Agreement*

We have entered into an Expense Support Agreement with the Sub-Adviser. For additional information see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions*."

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

 **Portfolio and Investment Activity**

For the three months ended September 30, 2025, we made $8,671.4 million aggregate principal amount of new investment commitments (including $2,468.3 million of which remained unfunded as of September 30, 2025), $6,833.9 million of which was first lien debt, $191.8 million of which was second lien debt, $35.0 million of which was unsecured debt, $10.8 million of which was structured finance debt obligations, $91.8 million of which was structured finance equity obligations and $1,508.1 million of which was equity and other.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **As of and for the three months ended September 30,** | **As of and for the three months ended September 30,** |
| | **2025** | **2024** |
| **Investments:** |  |  |
| Total investments, beginning of period | $73407377 | $56109623 |
| New investments purchased | 6836184 | 7169989 |
| Payment-in-kind interest capitalized | 134414 | 107199 |
| Net accretion of discount on investments | 67937 | 44886 |
| Net realized gain (loss) on investments | (58768) | (61988) |
| Investments sold or repaid | (3308950) | (1577957) |
| **Total investments, end of period** | $77078194 | $61791752 |
| **Amount of investments funded at principal:** |  |  |
| First lien debt | $5740546 | $6894791 |
| Second lien debt | 202471 | 320347 |
| Unsecured debt | 35000 | 22113 |
| Structured finance obligations - debt instruments | 19500 | 37807 |
| Structured finance obligations - equity instruments | 73744 | 67805 |
| Equity and other | 795895 | 27083 |
| **Total** | $6867156 | $7369946 |
| **Proceeds from investments sold or repaid:** |  |  |
| First lien debt | $(2966742) | $(1463211) |
| Second lien debt | (200891) | (86671) |
| Structured finance obligations - debt instruments | (66676) | (28075) |
| Structured finance obligations - equity instruments | (2984) |  |
| Equity and other | (71657) |  |
| **Total** | $(3308950) | $(1577957) |
|  | **September 30, 2025** | **December 31, 2024** |
| Number of portfolio companies | 675 | 603 |
| Weighted average yield on performing debt and income producing investments, at amortized cost <sup>(1)(2)</sup> | 9.7% | 10.1% |
| Weighted average yield on performing debt and income producing investments, at fair value <sup>(1)(2)</sup> | 9.7% | 10.2% |
| Average loan-to-value (LTV) <sup>(3)</sup> | 44.9% | 42.8% |
| Percentage of performing debt investments bearing a floating rate <sup>(4)</sup> | 99.7% | 99.7% |
| Percentage of assets on non-accrual, at amortized cost <sup>(5)</sup> | 0.4% | 0.5% |

---

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 9.2% and 9.5%, respectively. As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 9.2% and 9.6%, respectively.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

(3)Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

(4)As a percentage of total fair value of performing debt investments. As of September 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 96.0% and 97.2%, respectively, of total investments at fair value (excluding investments in joint ventures).

(5)As a percentage of total amortized cost of investments (excluding investments in joint ventures). Assets on non-accrual represented 0.2% and 0.2% of total investments at fair value (excluding investments in joint ventures) as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025 and September 30, 2024, our portfolio companies had a weighted average annual EBITDA of $256 million and $223 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-backed investments. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments*."

***BCRED Emerald JV LP***

BCRED Emerald JV LP (**"Emerald JV"**), a Delaware limited partnership, was formed as a joint venture between the Company and a large North American pension fund (the **"Emerald JV Partner"**), commenced operations on January 18, 2022 and operates under a limited partnership agreement. The Emerald JV's principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

As of September 30, 2025, the Company and the Emerald JV Partner committed to contribute up to $2,250.0 million and $750.0 million, of capital, respectively, to the Emerald JV. As of September 30, 2025, the Company had contributed (net of returns of capital) $1,815.0 million and the Emerald JV Partner had contributed (net of returns of capital) $605.0 million and $435.0 million of capital remained uncalled from the Company and $145.0 million of capital remained uncalled from the Emerald JV Partner. The Company and the Emerald JV Partner own 75% and 25%, respectively, of the equity ownership interests of the Emerald JV. The Company and the Emerald JV Partner, through their joint control of the Emerald JV's general partner, have equal control of the Emerald JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The Company does not consolidate the Emerald JV.

The following table is a summary of Emerald JV's portfolio as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Total investments, at fair value | $6580852 | $5647024 |
| Total senior secured debt investments, at fair value | $6550149 | $5544430 |
| Number of portfolio companies | 344 | 275 |
| Weighted average yield on performing debt and income producing investments, at amortized cost <sup>(1)(2)</sup> | 8.7% | 9.0% |
| Weighted average yield on performing debt and income producing investments, at fair value <sup>(1)(2)</sup> | 8.8% | 9.2% |
| Percentage of performing debt investments bearing a floating rate <sup>(3)</sup> | 99.9% | 99.9% |
| Percentage of assets on non-accrual, at amortized cost <sup>(4)</sup> | 0.3% | 1.6% |

---

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 8.6% and 8.8%, respectively. As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 8.8% and 9.0%, respectively.

(3)As a percentage of total fair value of performing debt investments. As of September 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 99.2% and 98.0%, respectively, of total investment at fair value.

(4)As a percentage of total amortized cost of investments of Emerald JV. Assets on non-accrual represented 0.2% and 1.4% of total investments at fair value of Emerald JV as of September 30, 2025 and December 31, 2024, respectively.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

***BCRED Verdelite JV LP***

BCRED Verdelite JV LP (**"Verdelite JV"**), a Delaware limited partnership, was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the **"Verdelite JV Partner"**), commenced operations on October 21, 2022 and operates under a limited partnership agreement. The Verdelite JV's principal purpose is to make investments, primarily in broadly syndicated loans.

As of September 30, 2025, the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. As of September 30, 2025, the Company had contributed (net of returns of capital) $117.7 million and the Verdelite JV Partner had contributed (net of returns of capital) $16.8 million and $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner. The Company and the Verdelite JV Partner own 87.5% and 12.5%, respectively, of the equity ownership interests of the Verdelite JV. The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV's general partner, have equal control of the Verdelite JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The Company does not consolidate the Verdelite JV.

The following table is a summary of Verdelite JV's portfolio as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Total investments, at fair value | $703009 | $650532 |
| Total senior secured debt investments, at fair value | $703009 | $650532 |
| Number of portfolio companies | 251 | 240 |
| Weighted average yield on performing debt and income producing investments, at amortized cost <sup>(1)(2)</sup> | 7.3% | 7.2% |
| Weighted average yield on performing debt and income producing investments, at fair value <sup>(1)(2)</sup> | 7.3% | 7.1% |
| Percentage of performing debt investments bearing a floating rate <sup>(3)</sup> | 100.0% | 100.0% |
| Percentage of assets on non-accrual, at amortized cost <sup>(4)</sup> | 0.4% | —% |

---

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 7.2% and 7.2%, respectively. As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 7.3% and 7.1%, respectively.

(3)As a percentage of total fair value of performing debt investments. As of September 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 99.7% and 100.0%, respectively, of total investment at fair value.

(4)As a percentage of total amortized cost of investments of Verdelite JV. Assets on non-accrual represented 0.3% of total investments at fair value of Verdelite JV as of September 30, 2025 and Verdelite JV had no assets on non-accrual as of December 31, 2024.

For additional information on the Emerald JV and Verdelite JV, including a listing of portfolio investments for each, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures*."

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Results of Operations**

The following table represents the operating results (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $1935657 | $1697156 | $5620900 | $4908913 |
| Total expenses before tax expense | 835372 | 739540 | 2444593 | 2161343 |
| **Net investment income before tax expense** | 1100285 | 957616 | 3176307 | 2747570 |
| Excise and other tax expense | 7346 | 6990 | 16894 | 25352 |
| **Net investment income after tax expense** | 1092939 | 950626 | 3159413 | 2722218 |
| Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit | (190122) | (81778) | (318618) | 45129 |
| Net realized gain (loss), net of tax expense | (98056) | (68243) | (279010) | (129086) |
| **Net increase (decrease) in net assets resulting from operations** | $804761 | $800605 | $2561785 | $2638261 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

***Investment Income***

Investment income was as follows (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest income | $1707986 | $1535300 | $5012068 | $4392412 |
| Payment-in-kind interest income | 123658 | 93679 | 326729 | 281578 |
| Dividend income | 102440 | 64649 | 263655 | 224941 |
| Fee income | 1573 | 3528 | 18448 | 9982 |
| **Total investment income** | $1935657 | $1697156 | $5620900 | $4908913 |

---

Total investment income increased to $1.9 billion for the three months ended September 30, 2025, an increase of $238.5 million or 14% compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by a lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 26% to $74,652.2 million for the three months ended September 30, 2025 compared to $59,028.2 million for the three months ended September 30, 2024.

Total investment income increased to $5.6 billion for the nine months ended September 30, 2025, an increase of $0.7 billion or 15% compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by a lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 30% to $71,922.4 million for the nine months ended September 30, 2025 compared to $55,168.8 million for the nine months ended September 30, 2024.

Additionally, for the three months ended September 30, 2025, we recorded $23.5 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $3.9 million for the same period in the prior year, primarily as a result of increased prepayments. For the nine months ended September 30, 2025, we recorded $75.4 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $37.7 million for the same period in the prior year, primarily as a result of increased prepayments.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

For the three months ended September 30, 2025 and 2024, PIK interest income represented 6.4% and 5.5% of total investment income, respectively, and represented 11.3% and 9.9% of net investment income, respectively. For the nine months ended September 30, 2025 and 2024, PIK interest income represented 5.8% and 5.7% of total investment income, respectively, and represented 10.3% and 10.3% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

Elevated interest rates continued to favorably impact our investment income for the three and nine months ended September 30, 2025. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers' and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

***Expenses***

Expenses were as follows (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest expense | $483857 | $452804 | $1441501 | $1349019 |
| Management fees | 145621 | 112634 | 413502 | 312344 |
| Income based incentive fees | 160605 | 139413 | 464172 | 398969 |
| Capital gains based incentive fees |  |  |  |  |
| Distribution and shareholder servicing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 30903 | 24940 | 88602 | 69675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | 394 | 331 | 1189 | 892 |
| Professional fees | 2989 | 2780 | 5714 | 9510 |
| Board of Trustees' fees | 230 | 225 | 708 | 671 |
| Administrative service expenses | 3067 | 1408 | 7336 | 5149 |
| Other general and administrative | 6722 | 3889 | 18707 | 12501 |
| Amortization of continuous offering costs | 984 | 1116 | 3162 | 2613 |
| **Total expenses before tax expense** | 835372 | 739540 | 2444593 | 2161343 |
| **Net investment income before tax expense** | 1100285 | 957616 | 3176307 | 2747570 |
| Excise and other tax expense | 7346 | 6990 | 16894 | 25352 |
| **Net investment income after tax expense** | $1092939 | $950626 | $3159413 | $2722218 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

*Interest Expense*

Total interest expense increased to $483.9 million for the three months ended September 30, 2025, an increase of $31.1 million or 7% compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $30,406.9 million for the three months ended September 30, 2025 from $24,471.8 million for the same period in the prior year. Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 6.09% for the three months ended September 30, 2025 from 7.12% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 6.23% for the three months ended September 30, 2025 from 7.24% for the same period in the prior year.

Total interest expense increased to $1,441.5 million for the nine months ended September 30, 2025, an increase of $92.5 million or 7% compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $30,431.5 million for the nine months ended September 30, 2025 from $24,060.8 million for the same period in the prior year. Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 6.13% for the nine months ended September 30, 2025 from 7.20% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 6.25% for the nine months ended September 30, 2025 from 7.37% for the same period in the prior year.

*Management Fees*

Management fees increased to $145.6 million for the three months ended September 30, 2025, an increase of $33.0 million or 29% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $46,711.3 million for the three months ended September 30, 2025 compared to $36,161.3 million for the same period in the prior year.

Management fees increased to $413.5 million for the nine months ended September 30, 2025, an increase of $101.2 million or 32% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $44,253.2 million for the nine months ended September 30, 2025 compared to $33,467.2 million for the same period in the prior year.

*Income Based Incentive Fees*

Income based incentive fees increased to $160.6 million for the three months ended September 30, 2025, an increase of $21.2 million or 15% compared to the same period in the prior year, primarily due to an increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $1,284.8 million for the three months ended September 30, 2025 from $1,115.3 million for the same period in the prior year.

Income based incentive fees increased to $464.2 million for the nine months ended September 30, 2025, an increase of $65.2 million or 16% compared to the same period in the prior year, primarily due to an increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $3,713.4 million for the nine months ended September 30, 2025 from $3,191.8 million for the same period in the prior year.

*Capital Gains Based Incentive Fees*

We accrued no capital gains based incentive fees for the three and nine months ended September 30, 2025 and 2024. The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

*Other Expenses*

Total other expenses increased to $45.3 million for the three months ended September 30, 2025, an increase of $10.6 million or 31% compared to the same period in the prior year. Total other expenses for the three months ended September 30, 2025 primarily consist of $31.3 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $6.7 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $3.1 million of administrative service expenses, and $3.0 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company). The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S and Class D shares.

Total other expenses increased to $125.4 million for the nine months ended September 30, 2025, an increase of $24.4 million or 24% compared to the same period in the prior year. Total other expenses for the nine months ended September 30, 2025 primarily consist of $89.8 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $18.7 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $7.3 million of administrative service expenses, and $5.7 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company). The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S and Class D shares.

*Income Taxes, Including Excise Taxes* 

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended September 30, 2025 and 2024, we accrued $4.1 million and $7.0 million, respectively, of U.S. federal excise tax.

For the nine months ended September 30, 2025 and 2024, we accrued $13.6 million and $25.4 million, respectively, of U.S. federal excise tax.

BCRED Investments LLC (**"BCRED Investments"**), a wholly-owned and consolidated subsidiary that was formed in 2021, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BCRED Investments is subject to certain U.S. federal, state and local taxes. For the three months ended September 30, 2025, BCRED Investments recorded an income tax benefit of $4.4 million. For the nine months ended September 30, 2025, BCRED Investments recorded an income tax provision of $0.6 million. For the three and nine months ended September 30, 2024, BCRED Investments recorded an income tax provision of $0.0 million and $0.0 million, respectively.

As of September 30, 2025 and 2024, BCRED Investments recorded a deferred tax liability of $9.5 million, and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

For the three months ended September 30, 2025, BCRED Investments recorded a current tax expense of $5.9 million, of which $3.3 million is related to dividend income and is included in Excise tax and other tax expense in the Condensed Consolidated Statements of Operations, and $2.6 million is related to gains associated with the sale of an investment in a partnership interest and is included in Current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

For the nine months ended September 30, 2025, BCRED Investments recorded a current tax expense of $7.2 million, of which $3.3 million is related to dividend income and is included in Excise tax and other tax expense in the Condensed Consolidated Statements of Operations, and $3.9 million is related to gains associated with the sale of an investment in a partnership interest and is included in Current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

For the three and nine months ended September 30, 2024, BCRED Investments recorded a current tax expense of $0.0 million and $0.0 million, respectively.

***Net Unrealized Gain (Loss)***

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net change in unrealized gain (loss) on investments | $(260936) | $(65684) | $(326095) | $33136 |
| Net change in unrealized gain (loss) on derivative instruments | 67003 | (8485) | 5654 | 9438 |
| Net change in unrealized gain (loss) on foreign currency and other transactions | (627) | (7609) | 2421 | 2555 |
| Income tax (provision) benefit | 4438 |  | (598) |  |
| **Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit** | $(190122) | $(81778) | $(318618) | $45129 |

---

For the three months ended September 30, 2025, the net change in unrealized losses on investments of $260.9 million was primarily driven by a decrease in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal decreased by 0.2% during the three months ended September 30, 2025 driven primarily by changes in certain portfolio company fundamentals and the economic outlook.

Partially offsetting these losses for the three months ended September 30, 2025 were gains of $67.0 million on derivative instruments, which were primarily a result of fluctuations in the EUR, GBP and CAD exchange rates vs. USD.

For the nine months ended September 30, 2025, the net change in unrealized losses on investments of $326.1 million was primarily driven by a decrease in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal decreased by 0.4% during the nine months ended September 30, 2025 driven primarily by changes in certain portfolio company fundamentals and the economic outlook.

Partially offsetting these losses for the nine months ended September 30, 2025, were gains of $5.7 million and $2.4 million on derivative instruments and foreign currency transactions, respectively, which were primarily a result of fluctuations in the EUR, GBP and CAD exchange rates vs. USD.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

***Net Realized Gain (Loss)***

The realized gains and losses on fully exited and partially exited investments consisted of the following (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net realized gain (loss) on investments | $(58768) | $(61988) | $(95258) | $(126497) |
| Net realized gain (loss) on derivative instruments | (27256) | (14196) | (186118) | (14578) |
| Net realized gain (loss) on foreign currency and other transactions | (9410) | 7941 | 7024 | 11989 |
| Net realized gain (loss) on extinguishment of debt |  |  | (794) |  |
| Current tax expense on realized gains | (2622) |  | (3864) |  |
| **Net realized gain (loss), net of tax expense** | $(98056) | $(68243) | $(279010) | $(129086) |

---

For the three months ended September 30, 2025, we recognized net realized losses on investments of $58.8 million, primarily driven by the full or partial sales of investments and the restructuring of certain debt investments. We incurred additional losses of $27.3 million and $9.4 million on derivative instruments and foreign currency and other transactions, respectively. These losses were driven by the settlement of our foreign currency derivative transactions, primarily as a result of USD vs. EUR forwards and fluctuations in the EUR and CAD exchange rates vs. USD, respectively.

For the nine months ended September 30, 2025, we recognized net realized losses on investments of $95.3 million, primarily driven by the full or partial sales of investments and the restructuring of certain debt investments, partially offset by a gain on the sale of an equity investment. We incurred additional losses of $186.1 million on derivative instruments as a result of the settlement of our foreign currency derivative transactions, primarily USD vs. EUR and GBP forwards. These losses were partially offset by gains of $7.0 million on foreign currency and other transactions, primarily as a result of fluctuations in the CAD and EUR exchange rates vs. USD.

**Financial Condition, Liquidity and Capital Resources**

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to the holders of our Common Shares.

As of September 30, 2025 and December 31, 2024, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances, short term borrowings related to repurchase obligations and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than USD. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2025 and December 31, 2024, we had an aggregate principal amount of $31.4 billion and $30.7 billion, of debt outstanding and our asset coverage ratio was 248.8% and 226.5%, respectively.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

Cash and cash equivalents as of September 30, 2025, taken together with our $7.1 billion of unused capacity under our credit facilities (subject to borrowing base availability, $6.5 billion is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of September 30, 2025, we had a significant amount of unfunded commitments, which we plan to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $5,840.4 million of Level 1 and Level 2 investments as of September 30, 2025.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of September 30, 2025, we had $2.2 billion in cash and cash equivalents. For the nine months ended September 30, 2025, cash used in operating activities was $5.4 billion, primarily due to purchases of investments of $16.6 billion, partially offset by proceeds from sales of investments and principal repayments of $8.9 billion and an increase in net assets resulting from operations of $2.6 billion. Cash provided by financing activities was $5.9 billion during the period, primarily as a result of proceeds from the issuance our of Common Shares of $9.6 billion, partially offset by share repurchases of $2.2 billion, and dividends paid in cash of $1.7 billion.

***Equity***

The following tables present transactions in the Common Shares (dollars in thousands except share amounts):

---

| | | |
|:---|:---|:---|
| | **For the three months ended September 30, 2025** | **For the three months ended September 30, 2025** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 92857313 | $2334017 |
| Share transfers between classes | 4734519 | 119101 |
| Distributions reinvested | 14960219 | 376093 |
| Share repurchases | (23484009) | (586395) |
| Early repurchase deduction |  | 114 |
| **Net increase (decrease)** | 89068042 | 2242930 |
| **CLASS S** |  |  |
| Subscriptions | 26856522 | 675173 |
| Share transfers between classes | (1699643) | (42708) |
| Distributions reinvested | 7198526 | 180966 |
| Share repurchases | (7367465) | (183965) |
| Early repurchase deduction |  | 52 |
| **Net increase (decrease)** | 24987940 | 629518 |
| **CLASS D** |  |  |
| Subscriptions | 1284401 | 32323 |
| Share transfers between classes | (3034876) | (76393) |
| Distributions reinvested | 114568 | 2880 |
| Share repurchases | (939571) | (23461) |
| Early repurchase deduction |  | 2 |
| **Net increase (decrease)** | (2575478) | (64649) |
| **Total net increase (decrease)** | 111480504 | $2807799 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

---

| | | |
|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 284981120 | $7197001 |
| Share transfers between classes | 8082142 | 203836 |
| Distributions reinvested | 41985363 | 1059933 |
| Share repurchases | (79037375) | (1986138) |
| Early repurchase deduction |  | 880 |
| **Net increase (decrease)** | 256011250 | 6475512 |
| **CLASS S** |  |  |
| Subscriptions | 88421776 | 2233734 |
| Share transfers between classes | (4689357) | (118397) |
| Distributions reinvested | 20248946 | 511197 |
| Share repurchases | (17885661) | (449078) |
| Early repurchase deduction |  | 410 |
| **Net increase (decrease)** | 86095704 | 2177866 |
| **CLASS D** |  |  |
| Subscriptions | 5939456 | 150170 |
| Share transfers between classes | (3392785) | (85439) |
| Distributions reinvested | 374084 | 9447 |
| Share repurchases | (1457379) | (36499) |
| Early repurchase deduction |  | 19 |
| **Net increase (decrease)** | 1463376 | 37698 |
| **Total net increase (decrease)** | 343570330 | $8691076 |

---

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

***Distributions and Distribution Reinvestment Plan***

The following tables summarize our distributions declared and payable for the nine months ended September 30, 2025 (dollar amounts in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2200 | $228819 |
| February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2200 | 238587 |
| March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2200 | 246375 |
| April 16, 2025 | April 30, 2025 | May 27, 2025 | 0.2200 | 253182 |
| May 19, 2025 | May 31, 2025 | June 26, 2025 | 0.2200 | 259757 |
| June 19, 2025 | June 30, 2025 | July 24, 2025 | 0.2200 | 267011 |
| July 18, 2025 | July 31, 2025 | August 26, 2025 | 0.2200 | 267059 |
| August 20, 2025 | August 31, 2025 | September 25, 2025 | 0.2200 | 274235 |
| September 18, 2025 | September 30, 2025 | October 23, 2025 | 0.2200 | 283583 |
|  |  |  | $1.9800 | $2318608 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2020 | $102691 |
| February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2020 | 104955 |
| March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2020 | 107789 |
| April 16, 2025 | April 30, 2025 | May 27, 2025 | 0.2021 | 109761 |
| May 19, 2025 | May 31, 2025 | June 26, 2025 | 0.2022 | 111623 |
| June 19, 2025 | June 30, 2025 | July 24, 2025 | 0.2021 | 113811 |
| July 18, 2025 | July 31, 2025 | August 26, 2025 | 0.2022 | 114847 |
| August 20, 2025 | August 31, 2025 | September 25, 2025 | 0.2022 | 117040 |
| September 18, 2025 | September 30, 2025 | October 23, 2025 | 0.2022 | 119217 |
|  |  |  | $1.8190 | $1001734 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| January 22, 2025 | January 31, 2025 | February 27, 2025 | $0.2147 | $5018 |
| February 20, 2025 | February 28, 2025 | March 26, 2025 | 0.2147 | 5387 |
| March 19, 2025 | March 31, 2025 | April 24, 2025 | 0.2147 | 5442 |
| April 16, 2025 | April 30, 2025 | May 27, 2025 | 0.2147 | 5530 |
| May 19, 2025 | May 31, 2025 | June 26, 2025 | 0.2148 | 5743 |
| June 19, 2025 | June 30, 2025 | July 24, 2025 | 0.2147 | 5885 |
| July 18, 2025 | July 31, 2025 | August 26, 2025 | 0.2148 | 5289 |
| August 20, 2025 | August 31, 2025 | September 25, 2025 | 0.2148 | 5419 |
| September 18, 2025 | September 30, 2025 | October 23, 2025 | 0.2148 | 5439 |
|  |  |  | $1.9327 | $49152 |

---

With respect to distributions, we have adopted an "opt out" distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not "opted out" of the distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional Common Shares rather than receiving cash distributions. Shareholders who receive distributions in the form of Common Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and distribution reinvestment plan, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets*."

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

*Share Repurchase Program*

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company's Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All Common Shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, it is expected to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an **"Early Repurchase Deduction"**). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of Common Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company's Common Shares are sold to certain feeder vehicles primarily created to hold the Company'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 Company will 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 Company for the benefit of remaining shareholders.

For additional information on our share repurchase program, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets*."

***Borrowings***

As of September 30, 2025 and December 31, 2024, we had an aggregate principal amount of $31.4 billion and $30.7 billion, respectively, of debt outstanding.

For additional information on our debt obligations see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 7. Borrowings.*"

***Interest Rate Swaps***

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments*" and "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements— Note 6. Derivatives*" for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Off-Balance Sheet Arrangements**

***Portfolio Company Commitments***

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $12.3 billion and $10.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle's allocation may change prior to the date of funding. In this regard, as of September 30, 2025 and December 31, 2024, we estimate that $1,198.5 million and $130.2 million, respectively, of investments and backstop arrangements were committed but not yet funded.

***Other Commitments and Contingencies***

As of September 30, 2025 and December 31, 2024, $497.3 million and $536.7 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of September 30, 2025, management is not aware of any material pending legal proceedings.

**Related-Party Transactions**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sub-Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Intermediary Manager Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Expense Support and Conditional Reimbursement Agreement.

In addition to the aforementioned agreements, we, Blackstone, our Advisers and certain of their affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers, Blackstone or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions, as well as regulatory requirements and other pertinent factors.

The Company has investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. From time to time, the Company may purchase investments from or sell investments to Emerald JV and Verdelite JV. For the nine months ended September 30, 2025, the Company purchased investments from Emerald JV with a par value of $18.0 million, for a total cash purchase price based on then-current fair value (at the time of purchase) of $18.0 million. For the nine months ended September 30, 2025, the Company did not purchase investments from or sell investments to Verdelite JV.

For the nine months ended September 30, 2025, the Company made investments of $190.0 million into, and accrued $3.2 million of dividends, of which $1.3 million is receivable from Blackstone Private Real Estate Credit and Income Fund (**"**BREC**"**), a business development company advised by Blackstone Real Estate Special Situations Advisors L.L.C., an affiliate of Blackstone.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

See "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions*" and "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures.*"

**Recent Developments**

*Macroeconomic Environment*

The nine months ended September 30, 2025 have been characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.

Tariff announcements in the U.S. and ongoing global trade negotiations have contributed to significant uncertainty and volatility of debt and equity markets. Although inflation generally decelerated throughout 2024 and during the first three quarters of 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 this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

Further contributing to economic uncertainty, the current U.S. presidential administration has signaled its intention to implement or has implemented significant changes to U.S. trade policy, the size of the federal government and the enforcement of various regulations. These policy shifts could introduce additional market instability and reduce investor confidence. For example, changes in trade policy and the imposition of new tariffs could disrupt supply chains and potentially reverse the recent downward trend in inflation. The uncertainty as to how or what tariffs will be imposed or what retaliatory measures other countries may take in response to tariffs proposed or imposed by the U.S. could further increase costs, decrease margins, reduce the competitiveness of products and services offered by our portfolio companies and adversely affect the revenues and profitability of our portfolio companies whose business rely on imported goods. Meanwhile, substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and adversely affect the Company, its portfolio companies or their respective financial performance.

**Critical Accounting Estimates**

The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our <u>[Annual Report on Form 10-K for the year ended](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)[December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)</u>, filed with the SEC on March 14, 2025, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to valuation risk has not materially changed from what was previously disclosed in our <u>[Annual Report on Form 10-K for the](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)[year ended](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)[December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)</u>.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023.

As of September 30, 2025, 99.7% of our performing debt investments based on fair value in our portfolio were at floating rates. Based on our Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering interest rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Interest Income** | **Interest Expense** | **Net Income** <sup>(1)</sup> |
| Up 300 basis points | $2196084 | $(847027) | $1349057 |
| Up 200 basis points | 1463888 | (564685) | 899203 |
| Up 100 basis points | 731690 | (282342) | 449348 |
| Down 100 basis points | (731392) | 282342 | (449050) |
| Down 200 basis points | (1458327) | 564685 | (893642) |
| Down 300 basis points | (2149559) | 847027 | (1302532) |

---

(1)Excludes the impact of incentive fees. See *"Item 1. Financial Statements —Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions"* for further information.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Item 4. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Evaluation of Disclosure Controls and Procedures***

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer.

Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that the design and operation of our disclosure controls and procedures are (a) effective at the reasonable assurance level to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors.** 

There have been no material changes to the risk factors discussed in Part I, Item 1A. *"Risk Factors"* in our <u>[Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001803498/000180349825000021/bcred-20241231.htm)</u>.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

Refer to our Current Reports on Form 8-K filed with SEC on July 21, 2025, August 21, 2025 and September 19, 2025 for information about unregistered sales of our equity securities during the quarter.

For the three months ended September 30, 2025, approximately 31,791,045 Common Shares were repurchased for a total value of $793.7 million (net of Early Repurchase Deduction).

The following table sets forth information regarding repurchases of Common Shares pursuant to the Company's share repurchase plan for the three months ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** <sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan** <sup>(3)</sup> |
| August 29, 2025 | 31791045 | 1.8% | $24.97 | September 30, 2025 | $793653 |  |

---

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

(2)Amounts shown net of Early Repurchase Deduction

(3)All repurchase requests were satisfied in full.

For additional information on our share repurchases, see "*Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets*."

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

None.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibits** |
| 3.1 | <u>[Fifth Amended and Restated Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on February 23, 2024).](https://www.sec.gov/Archives/edgar/data/1803498/000119312524043597/d780966dex31.htm)</u> |
| 3.2 | <u>[Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed on February 23, 2024).](https://www.sec.gov/Archives/edgar/data/1803498/000119312524043597/d780966dex32.htm)</u> |
| 4.1 | <u>[Nineteenth Supplemental Indenture, dated as of September 10, 2025, relating to the 5.050% Notes due 2030, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed on September 10, 2025).](https://www.sec.gov/Archives/edgar/data/1803498/000121390025086542/ea025678801ex4-2_blackstone.htm)</u> |
| 4.2 | <u>[Form of 5.050% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K, filed on September 10, 2025).](https://www.sec.gov/Archives/edgar/data/1803498/000121390025086542/ea025678801ex4-2_blackstone.htm)</u> |
| 10.1 | <u>[Amendment No. 4, dated August 8, 2025, to the Amended and Restated Senior Secured Credit Agreement dated May 6, 2022, by and among the Company, each of the Lenders from time to time party thereto and Citibank, N.A., as administrative agent and collateral agent](https://www.sec.gov/Archives/edgar/data/1803498/000180349825000062/bcred-06302025xexx102.htm)[(incorporated by reference to Exhibit 10.2 to the Compa](https://www.sec.gov/Archives/edgar/data/1803498/000180349825000062/bcred-06302025xexx102.htm)[ny](https://www.sec.gov/Archives/edgar/data/1803498/000180349825000062/bcred-06302025xexx102.htm)['](https://www.sec.gov/Archives/edgar/data/1803498/000180349825000062/bcred-06302025xexx102.htm)[s Quarterly Report on Form 10-Q, filed on August 12, 2025](https://www.sec.gov/Archives/edgar/data/1803498/000180349825000062/bcred-06302025xexx102.htm)[)](https://www.sec.gov/Archives/edgar/data/1803498/000180349825000062/bcred-06302025xexx102.htm)[.](https://www.sec.gov/Archives/edgar/data/1803498/000180349825000062/bcred-06302025xexx102.htm)</u> |
| 31.1 | <u>[Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](bcred-09302025xexx311.htm)</u> |
| 31.2 | <u>[Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](bcred-09302025xexx312.htm)</u> |
| 31.3 | <u>[Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](bcred-09302025xexx313.htm)</u> |
| 32.1 | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)](bcred-09302025xexx321.htm)</u> |
| 32.2 | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)](bcred-09302025xexx322.htm)</u> |
| 32.3 | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)](bcred-09302025xexx323.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\*Filed herewith.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

------

<u>[**Table of Contents**](#i850d80e9d8b9465d8a5961aae47f0a27_10)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Blackstone Private Credit Fund** |
| Date: | November 13, 2025 | /s/ Brad Marshall |
|  |  | Brad Marshall |
|  |  | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | November 13, 2025 | /s/ Jonathan Bock |
|  |  | Jonathan Bock |
|  |  | Co-Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | November 13, 2025 | /s/ Teddy Desloge |
|  |  | Teddy Desloge |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brad Marshall, Co-Chief Executive Officer of Blackstone Private Credit Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Private Credit Fund (the "registrant");

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 officers 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 officers 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 trustees (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: November 13, 2025 |  |  |
|  | By: | /s/ Brad Marshall |
|  |  | Brad Marshall |
|  |  | Co-Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jonathan Bock, Co-Chief Executive Officer of Blackstone Private Credit Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Private Credit Fund (the "registrant");

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 officers 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 officers 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 trustees (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: November 13, 2025 |  |  |
|  | By: | /s/ Jonathan Bock |
|  |  | Jonathan Bock |
|  |  | Co-Chief Executive Officer |

---

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Teddy Desloge, Chief Financial Officer of Blackstone Private Credit Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Private Credit Fund (the "registrant");

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 officers 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 officers 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 trustees (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: November 13, 2025 |  |  |
|  | By: | /s/ Teddy Desloge |
|  |  | Teddy Desloge |
|  |  | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Co-Chief Executive Officer of Blackstone Private Credit Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended September 30, 2025 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 Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 |  |  |
|  | By: | /s/ Brad Marshall |
|  |  | Brad Marshall |
|  |  | Co-Chief Executive Officer |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Co-Chief Executive Officer of Blackstone Private Credit Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended September 30, 2025 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 Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 |  |  |
|  | By: | /s/ Jonathan Bock |
|  |  | Jonathan Bock |
|  |  | Co-Chief Executive Officer |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.3

**Exhibit 32.3**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blackstone Private Credit Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended September 30, 2025 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 Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 |  |  |
|  | By: | /s/ Teddy Desloge |
|  |  | Teddy Desloge |
|  |  | Chief Financial Officer |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

<br>