# EDGAR Filing Document

**Accession Number:** 0001816389
**File Stem:** 0001410368-26-017014
**Filing Date:** 2026-2
**Character Count:** 205568
**Document Hash:** 7588cd672e8d7f471b8b2e43ac78f336
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-017014.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001410368-26-017014

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Private Investments Fund
- **CENTRAL INDEX KEY:** 0001816389

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23584
- **FILM NUMBER:** 26668902

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Nport-Ex

December 31, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Private Investments Fund**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Consolidated Schedule of Investments (unaudited)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Par (000)*<br>| *Value* |
| **Private Equity Investments** | **Private Equity Investments** | **Private Equity Investments** |
| **Direct Investments — 57.8%**<sup>(a)(b)</sup> | **Direct Investments — 57.8%**<sup>(a)(b)</sup> | **Direct Investments — 57.8%**<sup>(a)(b)</sup> |
| **Aerospace & Defense**<sup>(c)</sup> **— 3.7%** | **Aerospace & Defense**<sup>(c)</sup> **— 3.7%** |  |
| Sierra Space Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Shares (Acquired 12/01/21, Cost: <br> $1,582,326)<br>| 157964 | &nbsp;&nbsp; $1790727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred Shares (Acquired 09/22/23, Cost: <br> $64,891)<br>| 5768 | &nbsp;&nbsp; 71586 |
| &nbsp;&nbsp;&nbsp; Yellowstone Ultimate Holdings LP (Acquired 11/08/22, <br> Cost: $5,095,913)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 15013588 |
|  |  | &nbsp;&nbsp; 16875901 |
| **Automobile Components — 0.7%** | **Automobile Components — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; PACP Carta Co-Invest, LP (Acquired 05/24/24, Cost: <br> $42,967)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3172820 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Lotus Co-Invest LP (Acquired 10/31/22, Cost: <br> $2,659,796)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 4361571 |
| **Broadline Retail**<sup>(c)</sup> **— 0.6%** | **Broadline Retail**<sup>(c)</sup> **— 0.6%** |  |
| Attentive Mobile, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Acquired 04/16/21, Cost: <br> $2,181,218)<br>| 74536 | &nbsp;&nbsp; 2258441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1 Preferred Shares (Acquired 04/16/21, Cost: <br> $595,026)<br>| 13033 | &nbsp;&nbsp; 394900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred Shares (Acquired 04/16/21, Cost: <br> $94,643)<br>| 2073 | &nbsp;&nbsp; 62812 |
|  |  | &nbsp;&nbsp; 2716153 |
| **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; NC Harp Co-Invest Beta, LP (Acquired 03/17/25, Cost: <br> $12,898,190)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 16478486 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; PSP AGFS Co-Investment Fund III, LP (Acquired <br> 11/22/23, Cost: $5,708,731)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 7963002 |
| **Commercial Services & Supplies**<sup>(c)</sup> **— 2.1%** | **Commercial Services & Supplies**<sup>(c)</sup> **— 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Horizon Co-Investment, LP (Acquired 06/10/22, Cost: <br> $1,786,032)<sup>(e)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2011428 |
| &nbsp;&nbsp;&nbsp; NP Salon Co-Investment LP I (Acquired 04/08/21, Cost: <br> $2,000,000)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1195394 |
| &nbsp;&nbsp;&nbsp; STAR Victor Co-investment LP (Acquired 09/13/24, Cost: <br> $5,298,224)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 6374882 |
|  |  | &nbsp;&nbsp; 9581704 |
| **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Lindsay Goldberg - Torrey Co-Inv. LP (Acquired <br> 08/28/24, Cost: $4,775,866)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 5838496 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Campus Co-Investment, LP (Acquired 03/12/24, Cost: <br> $2,611,850)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 4478325 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Sycamore Partners Wing Co-Invest LP (Acquired <br> 08/08/25, Cost: $9,059,978)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 9058021 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Shares/*<br> *Par (000)*<br>| *Value* |
| **Diversified Consumer Services**<sup>(c)</sup> **— 2.2%** | **Diversified Consumer Services**<sup>(c)</sup> **— 2.2%** | **Diversified Consumer Services**<sup>(c)</sup> **— 2.2%** |  |
| &nbsp;&nbsp;&nbsp; TPG Eternal Co-Invest II, LP (Acquired 11/14/23, Cost: <br> $4,122,016)<sup>(e)</sup><br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; $5504447 |
| &nbsp;&nbsp;&nbsp; Vistria Soliant Holdings, LP (Acquired 07/17/24, Cost: <br> $4,372,048)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 4415768 |
|  |  |  | &nbsp;&nbsp; 9920215 |
| **Entertainment**<sup>(c)</sup> **— 1.8%** | **Entertainment**<sup>(c)</sup> **— 1.8%** | **Entertainment**<sup>(c)</sup> **— 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Aleph Infinity Investors 2 LP (Acquired 04/28/22, Cost: <br> $4,792,321)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2819313 |
| &nbsp;&nbsp;&nbsp; RB Rouge Co-Invest B LP (Acquired 03/30/21, Cost: <br> $2,995,956)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 5260001 |
|  |  |  | &nbsp;&nbsp; 8079314 |
| **Financial Services — 1.6%** | **Financial Services — 1.6%** | **Financial Services — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Aquiline Madonna Co-Invest LP (Acquired 10/18/24, <br> Cost: $5,964,588)<sup>(c)</sup><br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 7340757 |
| **Food Products**<sup>(c)</sup> **— 1.2%** | **Food Products**<sup>(c)</sup> **— 1.2%** | **Food Products**<sup>(c)</sup> **— 1.2%** |  |
| IK IX Luxco 15 Sàrl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Free Shareholder Loan (Acquired 10/20/23, <br> Cost: $15,170)<br>| EUR | 24 | &nbsp;&nbsp; 23318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preference Shares (Acquired 10/20/23, Cost: <br> $3,710,476)<br>|  | 342950 | &nbsp;&nbsp; 5384188 |
|  |  |  | &nbsp;&nbsp; 5407506 |
| **Health Care Providers & Services**<sup>(c)</sup> **— 5.3%** | **Health Care Providers & Services**<sup>(c)</sup> **— 5.3%** | **Health Care Providers & Services**<sup>(c)</sup> **— 5.3%** |  |
| &nbsp;&nbsp;&nbsp; Atlas Co-Investment Fund 2 LP (Acquired 06/30/21, <br> Cost: $946,674)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1172776 |
| &nbsp;&nbsp;&nbsp; C-Bridge Investment Yaneng Ltd. (Acquired 12/16/21, <br> Cost: $3,183,687)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2671986 |
| &nbsp;&nbsp;&nbsp; Charme - Animalia Coinvestment Fund (Acquired <br> 06/27/24, Cost: $3,553,891)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3888150 |
| &nbsp;&nbsp;&nbsp; Romulus Intermediate Holdings 1, Inc., Series A <br> Preferred Shares (Acquired 11/15/23, Cost: <br> $11,760,000)<br>|  | 12000 | &nbsp;&nbsp; 16333616 |
|  |  |  | &nbsp;&nbsp; 24066528 |
| **Health Care Technology**<sup>(c)</sup> **— 5.1%** | **Health Care Technology**<sup>(c)</sup> **— 5.1%** | **Health Care Technology**<sup>(c)</sup> **— 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Better Life Health Inc., Common Shares (Acquired <br> 11/01/25, Cost: $2,038,241)<br>|  | 19663 | &nbsp;&nbsp; 4384259 |
| &nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings II LP (Acquired <br> 03/19/25, Cost: $1,641,051)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2205775 |
| &nbsp;&nbsp;&nbsp; VCF Compass Co-Investor Holdings LP (Acquired <br> 04/25/24, Cost: $12,448,882)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 16706172 |
|  |  |  | &nbsp;&nbsp; 23296206 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; SL Riviera Investors 2021 LP (Acquired 04/14/21, Cost: <br> $2,078,007)<sup>(c)</sup><br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2457674 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; TPG Arkady Co-Invest, LP (Acquired 08/23/24, Cost: <br> $3,332,518)<sup>(c)(e)</sup><br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3500687 |
| **Personal Care Products**<sup>(c)</sup> **— 1.1%** | **Personal Care Products**<sup>(c)</sup> **— 1.1%** | **Personal Care Products**<sup>(c)</sup> **— 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Bluegem III Co-Invest A, SCSp (Acquired 06/26/24, Cost: <br> $1,096,935)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1167696 |
| &nbsp;&nbsp;&nbsp; PAI MMF Master Sàrl SICAV-RAIF (Acquired 06/18/24, <br> Cost: $3,332,377)<br>|  | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3698455 |
|  |  |  | &nbsp;&nbsp; 4866151 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/*<br> *Par (000)*<br>| *Value* |
| **Pharmaceuticals**<sup>(c)</sup> **— 2.2%** | **Pharmaceuticals**<sup>(c)</sup> **— 2.2%** |  |
| &nbsp;&nbsp;&nbsp; CD&R Opal Co-Investor, LP (Acquired 04/15/25, Cost: <br> $5,931,331)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; $6574271 |
| &nbsp;&nbsp;&nbsp; Epione Co-Investment LP (Acquired 10/10/24, Cost: <br> $3,599,894)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3550502 |
|  |  | &nbsp;&nbsp; 10124773 |
| **Semiconductors & Semiconductor Equipment — 3.1%** | **Semiconductors & Semiconductor Equipment — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; Groq, Inc., Series D Preferred Shares (Acquired <br> 08/01/24, Cost: $3,654,250)<sup>(c)</sup><br>| 229091 | &nbsp;&nbsp; 14322067 |
| **Software — 11.2%** | **Software — 11.2%** |  |
| &nbsp;&nbsp;&nbsp; Aestas Management Company LLC (Acquired 10/06/25, <br> Cost: $3,000,540)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3003330 |
| &nbsp;&nbsp;&nbsp; Angel Lux Holdco II Sàrl (Acquired 05/15/25, Cost: <br> $844,980)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1047292 |
| &nbsp;&nbsp;&nbsp; BCP VI Central Co-Invest LP (Acquired 07/05/23, Cost: <br> $7,902,975)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 12764559 |
| &nbsp;&nbsp;&nbsp; Databricks, Inc., Series J Preferred Shares (Acquired <br> 01/21/25, Cost: $7,843,908)<sup>(c)</sup><br>| 84799 | &nbsp;&nbsp; 16111810 |
| Ecovadis S.A.S.<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary Shares (Acquired 10/04/22, Cost: <br> $1,517,650)<br>| 6350 | &nbsp;&nbsp; 3399186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Shares (Acquired 10/04/22, Cost: <br> $568,820)<br>| 2380 | &nbsp;&nbsp; 1274025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred Shares (Acquired 10/04/22, Cost: <br> $186,420)<br>| 780 | &nbsp;&nbsp; 417540 |
| &nbsp;&nbsp;&nbsp; Flexe, Inc., Series D Preferred Shares (Acquired <br> 06/14/22, Cost: $1,719,347)<sup>(c)</sup><br>| 84056 | &nbsp;&nbsp; 1539055 |
| &nbsp;&nbsp;&nbsp; Project CS Co-Invest Fund, LP (Acquired 02/24/23, Cost: <br> $2,855,405)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 4407669 |
| &nbsp;&nbsp;&nbsp; Stripe, Inc., Series I Preferred Shares (Acquired <br> 03/20/23, Cost: $1,028,251)<br>| 51070 | &nbsp;&nbsp; 2553500 |
| &nbsp;&nbsp;&nbsp; Themis Solutions Inc., Series F-1 Preferred Shares <br> (Acquired 06/18/24, Cost: $3,348,624)<sup>(c)</sup><br>| 95986 | &nbsp;&nbsp; 4370550 |
|  |  | &nbsp;&nbsp; 50888516 |
| **Trading Companies & Distributors — 2.9%** | **Trading Companies & Distributors — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; AI Robin & Cy S.C.A., Common Shares (Acquired <br> 10/07/25, Cost: $11,646,680)<sup>(c)</sup><br>| 4056633 | &nbsp;&nbsp; 13198832 |
| **Transportation Infrastructure — 1.1%** | **Transportation Infrastructure — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; BW Phoenix Co-Invest, LP (Acquired 05/17/24, Cost: <br> $2,932,950)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 5246933 |
| **Total Direct Investments — 57.8%** | **Total Direct Investments — 57.8%** | &nbsp;&nbsp; 263240638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Primary Investments — 0.5%**<sup>(a)(b)</sup> | **Primary Investments — 0.5%**<sup>(a)(b)</sup> | **Primary Investments — 0.5%**<sup>(a)(b)</sup> |
| **Diversified — 0.5%** | **Diversified — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Grotech Ventures IV, LP (Acquired 10/11/22, Cost: <br> $213,642)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 186218 |
| &nbsp;&nbsp;&nbsp; Providence Equity Partners IX-A S.C.Sp. (Acquired <br> 01/26/24, Cost: $1,803,121)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1839798 |
| **Total Primary Investments — 0.5%** | **Total Primary Investments — 0.5%** | &nbsp;&nbsp; 2026016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Secondary Investments — 19.5%**<sup>(a)(b)</sup> | **Secondary Investments — 19.5%**<sup>(a)(b)</sup> | **Secondary Investments — 19.5%**<sup>(a)(b)</sup> |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Amberjack Capital Feeder Fund B LP (Acquired <br> 12/01/21, Cost: $17,014)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; $78495 |
| &nbsp;&nbsp;&nbsp; Platinum Equity Continuation Fund LP (Acquired <br> 12/16/21, Cost: $1,717,529)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 78495 |
| **Diversified — 6.1%** | **Diversified — 6.1%** |  |
| GA Atlas, LP (Acquired 03/22/22, Cost: $2,941,717) | — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2517236 |
| &nbsp;&nbsp;&nbsp; Grotech Ventures III, LP (Acquired 09/30/22, Cost: <br> $1,366,654)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 959766 |
| &nbsp;&nbsp;&nbsp; Inovia Continuity Fund I, LP (Acquired 09/17/21, Cost: <br> $2,089,671)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2234341 |
| &nbsp;&nbsp;&nbsp; Palladium Equity Partners IV CF LP (Acquired 12/12/23, <br> Cost: $3,857,885)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 5731502 |
| &nbsp;&nbsp;&nbsp; Pamlico Capital III Continuation Fund, LP (Acquired <br> 01/27/23, Cost: $3,074,708)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 4314630 |
| &nbsp;&nbsp;&nbsp; Providence Equity Partners VII LP (Acquired 09/28/23, <br> Cost: $2,738,597)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1286038 |
| &nbsp;&nbsp;&nbsp; Providence Equity Partners VII-A LP (Acquired 09/28/23, <br> Cost: $2,851,611)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1339526 |
| &nbsp;&nbsp;&nbsp; Roark Capital Partners CF LP (Acquired 08/26/22, Cost: <br> $2,626,499)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 4214147 |
| &nbsp;&nbsp;&nbsp; STG Alternative Investments SCA SICAV RAIF Sub Fund <br> E (Acquired 10/01/21, Cost: $2,564,451)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 5228392 |
|  |  | &nbsp;&nbsp; 27825578 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Behrman Capital Micross CF LP (Acquired 02/24/22, <br> Cost: $2,707,702)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 5442522 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Amberjack Capital Feeder Fund Cayman LP (Acquired <br> 12/01/21, Cost: $72,623)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 49100 |
| **Food Products**<sup>(c)</sup> **— 1.3%** | **Food Products**<sup>(c)</sup> **— 1.3%** |  |
| &nbsp;&nbsp;&nbsp; CREO Capital Partners V-A LP (Acquired 09/20/21, Cost: <br> $2,806,597)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2681653 |
| &nbsp;&nbsp;&nbsp; Kohlberg TE Investors VII CV LP (Acquired 07/13/21, <br> Cost: $3,136,994)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3519115 |
|  |  | &nbsp;&nbsp; 6200768 |
| **Health Care Providers & Services**<sup>(c)</sup> **— 2.6%** | **Health Care Providers & Services**<sup>(c)</sup> **— 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Pacific Avenue Emerald Continuation Fund (A) LP <br> (Acquired 07/30/21, Cost: $2,035,752)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2910894 |
| &nbsp;&nbsp;&nbsp; Zenyth Partners Continuation Fund, LP (Acquired <br> 09/29/22, Cost: $5,081,584)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 8757791 |
|  |  | &nbsp;&nbsp; 11668685 |
| **IT Services — 1.9%** | **IT Services — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Vestar Capital Partners Rainforest, LP (Acquired <br> 04/09/24, Cost: $6,163,906)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 8500001 |
| **Software**<sup>(c)</sup> **— 5.7%** | **Software**<sup>(c)</sup> **— 5.7%** |  |
| &nbsp;&nbsp;&nbsp; Rubicon Continuation Fund LP (Acquired 11/12/24, Cost: <br> $2,769,169)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 3580644 |
| &nbsp;&nbsp;&nbsp; Vista Equity Partners Hubble, LP (Acquired 04/01/25, <br> Cost: $13,445,524)<br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; 22199999 |
|  |  | &nbsp;&nbsp; 25780643 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Bain Capital Empire Holdings, LP (Acquired 10/27/22, <br> Cost: $3,432,797)<sup>(c)</sup><br>| — <br><sup>(d)</sup><br>| &nbsp;&nbsp; $3403334 |
| **Total Secondary Investments — 19.5%** | **Total Secondary Investments — 19.5%** | &nbsp;&nbsp; 88949126 |
| **Total Private Equity Investments — 77.8%** <br>**(Cost: $255,938,261)** | **Total Private Equity Investments — 77.8%** <br>**(Cost: $255,938,261)** | &nbsp;&nbsp; 354215780 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., Series 2025-43A, Class A1, (3-mo. CME <br> Term SOFR + 1.26%), 5.24%, 09/10/38<sup>(f)(g)</sup><br>| $1500 | &nbsp;&nbsp; 1503829 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO Ltd., Series 2020-15A, <br> Class A1R2, (3-mo. CME Term SOFR + 1.41%), <br> 5.62%, 07/20/38<sup>(f)(g)</sup><br>| 750 | &nbsp;&nbsp; 752966 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. <br> CME Term SOFR + 1.39%), 5.25%, 10/22/34<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1001000 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2024-22A, Class A2, (3-mo. <br> CME Term SOFR + 1.95%), 5.85%, 04/15/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1004208 |
| &nbsp;&nbsp;&nbsp; Bridge Street CLO VI Ltd., Series 2025-2A, Class A1, <br> (3-mo. CME Term SOFR + 1.28%), 0.00%, <br> 01/15/39<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1002525 |
| &nbsp;&nbsp;&nbsp; Carval Clo VIII-C Ltd., Series 2022-2A, Class A1R, (3-<br> mo. CME Term SOFR + 1.42%), 5.28%, 10/22/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003317 |
| &nbsp;&nbsp;&nbsp; CarVal CLO XI C Ltd., Series 2024-3A, Class A1, (3-mo. <br> CME Term SOFR + 1.39%), 5.27%, 10/20/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003490 |
| CIFC Funding Ltd.<sup>(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class A, (3-mo. CME Term SOFR + <br> 1.40%), 5.31%, 10/15/34<br>| 1000 | &nbsp;&nbsp; 1000257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, (3-mo. CME Term SOFR + <br> 1.32%), 5.20%, 04/17/35<br>| 1500 | &nbsp;&nbsp; 1501080 |
| &nbsp;&nbsp;&nbsp; CIFC Funding VII Ltd., Series 2019-7A, Class A1R, (3-<br> mo. CME Term SOFR + 1.28%), 5.37%, 10/19/38<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1002800 |
| Diameter Capital CLO Ltd.<sup>(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME Term SOFR <br> + 1.39%), 5.29%, 10/15/37<br>| 1000 | &nbsp;&nbsp; 1003722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10A, Class A, (3-mo. CME Term SOFR + <br> 1.31%), 5.19%, 04/20/38<br>| 1000 | &nbsp;&nbsp; 1003084 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, (3-<br> mo. CME Term SOFR + 1.52%), 5.40%, 04/20/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003444 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 38 Ltd., Series 2025-1A, Class A, (3-mo. <br> CME Term SOFR + 1.15%), 5.01%, 04/22/38<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 998915 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., Series 2021-55A, <br> Class C1R, (3-mo. CME Term SOFR + 1.90%), <br> 6.05%, 10/20/38<sup>(f)(g)</sup><br>| 1500 | &nbsp;&nbsp; 1506258 |
| Kennedy Lewis CLO Ltd.<sup>(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-13A, Class A1, (3-mo. CME Term SOFR <br> + 1.80%), 5.67%, 01/20/37<br>| 1000 | &nbsp;&nbsp; 1000401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7A, Class A1R, (3-mo. CME Term SOFR + <br> 1.62%), 5.48%, 04/22/37<br>| 1000 | &nbsp;&nbsp; 1003629 |
| &nbsp;&nbsp;&nbsp; Midocean Credit CLO XV Ltd., Series 2024-15A, <br> Class A1, (3-mo. CME Term SOFR + 1.53%), 5.40%, <br> 07/21/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003189 |
| &nbsp;&nbsp;&nbsp; Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, <br> Class AR2, (3-mo. CME Term SOFR + 1.13%), 5.01%, <br> 04/20/38<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 998547 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2021-21A, Class AR, (3-mo. CME <br> Term SOFR + 1.18%), 5.06%, 01/20/38<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 999600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., Series 2024-17A, Class A, <br> (3-mo. CME Term SOFR + 1.48%), 5.36%, <br> 04/20/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; $1003541 |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO, Series 2022-10A, Class A1R, (3-mo. <br> CME Term SOFR + 1.36%), 5.22%, 01/22/38<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003603 |
| &nbsp;&nbsp;&nbsp; Regatta 35 Funding Ltd., Series 2025-5A, Class A1, <br> (3-mo. CME Term SOFR + 1.29%), 5.57%, <br> 10/15/38<sup>(f)(g)</sup><br>| 750 | &nbsp;&nbsp; 752161 |
| &nbsp;&nbsp;&nbsp; Regatta XIX Funding Ltd., Series 2022-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.24%), 5.12%, <br> 10/20/38<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1002085 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., Series 2024-4A, Class A1, (3-mo. <br> CME Term SOFR + 1.63%), 5.53%, 04/15/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003277 |
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., Series 2023-3A, Class A1R, <br> (3-mo. CME Term SOFR + 1.65%), 5.53%, <br> 04/20/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003605 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., Series 2024-41A, Class C, (3-mo. <br> CME Term SOFR + 1.90%), 5.78%, 07/20/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1003947 |
| &nbsp;&nbsp;&nbsp; Trestles CLO IX Ltd., Series 2025-9A, Class A1, (3-mo. <br> CME Term SOFR + 1.26%), 5.13%, 01/15/39<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1002251 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2024-1A, Class B, (3-mo. CME <br> Term SOFR + 2.00%), 5.90%, 04/15/37<sup>(f)(g)</sup><br>| 1000 | &nbsp;&nbsp; 1002519 |
| **Total Asset-Backed Securities — 6.6%** <br>**(Cost: $29,935,982)** | **Total Asset-Backed Securities — 6.6%** <br>**(Cost: $29,935,982)** | &nbsp;&nbsp; 30073250 |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Standard Industries, Inc., 4.75%, 01/15/28<sup>(g)</sup> | 324 | &nbsp;&nbsp; 323127 |
| **Commercial Services & Supplies**<sup>(g)</sup> **— 0.0%** | **Commercial Services & Supplies**<sup>(g)</sup> **— 0.0%** | **Commercial Services & Supplies**<sup>(g)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 5.75%, 04/15/26<br>| 10 | &nbsp;&nbsp; 10003 |
| United Rentals North America, Inc., 6.00%, 12/15/29 | 132 | &nbsp;&nbsp; 135612 |
|  |  | &nbsp;&nbsp; 145615 |
| **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |
| Clarivate Science Holdings Corp., 3.88%, 07/01/28<sup>(g)</sup> | 82 | &nbsp;&nbsp; 79606 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| Block, Inc., 2.75%, 06/01/26 | 210 | &nbsp;&nbsp; 208746 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC, 5.88%, 02/15/28<sup>(g)</sup><br>| 137 | &nbsp;&nbsp; 137525 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Iron Mountain, Inc., 7.00%, 02/15/29<sup>(g)</sup> | 162 | &nbsp;&nbsp; 166408 |
| SBA Communications Corp., 3.13%, 02/01/29 | 225 | &nbsp;&nbsp; 215223 |
|  |  | &nbsp;&nbsp; 381631 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy <br> Operations, Inc., 4.50%, 08/15/28<sup>(g)</sup><br>| 163 | &nbsp;&nbsp; 160764 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., <br> 2.88%, 10/15/26<sup>(g)</sup><br>| 154 | &nbsp;&nbsp; 151754 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Lamb Weston Holdings, Inc., 4.13%, 01/31/30<sup>(g)</sup> | 133 | &nbsp;&nbsp; 128653 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Avantor Funding, Inc., 4.63%, 07/15/28<sup>(g)</sup> | 163 | &nbsp;&nbsp; 162114 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| IQVIA, Inc., 5.00%, 10/15/26<sup>(g)</sup> | $208 | &nbsp;&nbsp; $207882 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., 4.50%, <br> 02/15/29<sup>(g)</sup><br>| 81 | &nbsp;&nbsp; 80193 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Clearway Energy Operating LLC, 4.75%, 03/15/28<sup>(g)</sup> | 347 | &nbsp;&nbsp; 346244 |
| **Internet Software & Services**<sup>(g)</sup> **— 0.1%** | **Internet Software & Services**<sup>(g)</sup> **— 0.1%** | **Internet Software & Services**<sup>(g)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., <br> 5.25%, 12/01/27<br>| 118 | &nbsp;&nbsp; 118321 |
| Match Group Holdings II LLC, 4.63%, 06/01/28 | 333 | &nbsp;&nbsp; 330021 |
|  |  | &nbsp;&nbsp; 448342 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Regal Rexnord Corp., 6.05%, 04/15/28 | 135 | &nbsp;&nbsp; 139652 |
| **Media**<sup>(g)</sup> **— 0.1%** | **Media**<sup>(g)</sup> **— 0.1%** | **Media**<sup>(g)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, <br> 02/01/28<br>| 291 | &nbsp;&nbsp; 288698 |
| Sirius XM Radio LLC, 5.00%, 08/01/27 | 148 | &nbsp;&nbsp; 148360 |
|  |  | &nbsp;&nbsp; 437058 |
| **Metals & Mining**<sup>(g)</sup> **— 0.1%** | **Metals & Mining**<sup>(g)</sup> **— 0.1%** | **Metals & Mining**<sup>(g)</sup> **— 0.1%** |
| Advanced Drainage Systems, Inc., 5.00%, 09/30/27 | 215 | &nbsp;&nbsp; 215107 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<br>| 165 | &nbsp;&nbsp; 166197 |
|  |  | &nbsp;&nbsp; 381304 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br> 5.50%, 04/20/26<sup>(g)</sup><br>| 11 | &nbsp;&nbsp; 11244 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Entegris, Inc., 4.75%, 04/15/29<sup>(g)</sup> | 218 | &nbsp;&nbsp; 218476 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., 8.25%, <br> 12/15/29<sup>(g)</sup><br>| 150 | &nbsp;&nbsp; 159066 |
| **Total Corporate Bonds — 0.9%** <br>**(Cost: $4,263,321)** | **Total Corporate Bonds — 0.9%** <br>**(Cost: $4,263,321)** | &nbsp;&nbsp; 4308996 |
| **Floating Rate Loan Interests**<sup>(f)</sup> | **Floating Rate Loan Interests**<sup>(f)</sup> | **Floating Rate Loan Interests**<sup>(f)</sup> |
| **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br> 09/24/32<br>| 64 | &nbsp;&nbsp; 64160 |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>| 97 | &nbsp;&nbsp; 97310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>| 38 | &nbsp;&nbsp; 37683 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.22%, 02/28/31<br>| 261 | &nbsp;&nbsp; 262049 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| TransDigm, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.22%, 01/19/32<br>| 36 | &nbsp;&nbsp; $36673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.22%, 08/19/32<br>| 24 | &nbsp;&nbsp; 24035 |
|  |  | &nbsp;&nbsp; 457750 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 6.67%, 03/18/30<br>| 44 | &nbsp;&nbsp; 43864 |
| &nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, <br> 04/09/32<br>| 13 | &nbsp;&nbsp; 12993 |
|  |  | &nbsp;&nbsp; 56857 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 2025 Incremental Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.45%, 11/05/32<sup>(h)</sup><br>| 52 | &nbsp;&nbsp; 52217 |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.22%, 05/06/30<br>| 96 | &nbsp;&nbsp; 96043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 6.47%, 01/28/32<br>| 25 | &nbsp;&nbsp; 25031 |
| &nbsp;&nbsp;&nbsp; Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 5.84%, <br> 01/30/32<br>| 11 | &nbsp;&nbsp; 11091 |
|  |  | &nbsp;&nbsp; 184382 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.50%, <br> 03/13/31<br>| 48 | &nbsp;&nbsp; 47807 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 5.92%, <br> 03/31/28<br>| 95 | &nbsp;&nbsp; 95270 |
| &nbsp;&nbsp;&nbsp; Sazerac Co., Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.50%, 07/09/32<br>| 66 | &nbsp;&nbsp; 66064 |
|  |  | &nbsp;&nbsp; 161334 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| EMRLD Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.12%, 08/04/31<br>| 53 | &nbsp;&nbsp; 53540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.25%), 6.07%, 05/31/30<br>| 108 | &nbsp;&nbsp; 107800 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 5.97%, 03/19/29<br>| 82 | &nbsp;&nbsp; 82594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 5.97%, 02/10/32<br>| 169 | &nbsp;&nbsp; 169208 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 04/30/32<br>| 20 | &nbsp;&nbsp; 20070 |
| &nbsp;&nbsp;&nbsp; Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 2.11%), 5.83%, 10/04/28<br>| 48 | &nbsp;&nbsp; 48533 |
|  |  | &nbsp;&nbsp; 481745 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| &nbsp;&nbsp;&nbsp; Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.69%, <br> 11/01/30<br>| $29 | &nbsp;&nbsp; $28990 |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 First Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 10/31/31<br>| 60 | &nbsp;&nbsp; 59990 |
| &nbsp;&nbsp;&nbsp; CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 05/19/31<br>| 170 | &nbsp;&nbsp; 170306 |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.82%, <br> 12/15/31<br>| 184 | &nbsp;&nbsp; 183085 |
|  |  | &nbsp;&nbsp; 442371 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br> Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 5.42%, 12/20/29<br>| 69 | &nbsp;&nbsp; 68693 |
| &nbsp;&nbsp;&nbsp; Chemours Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.22%, 10/15/32<br>| 54 | &nbsp;&nbsp; 53257 |
| &nbsp;&nbsp;&nbsp; Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.84%, 06/12/31<br>| 44 | &nbsp;&nbsp; 44479 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br> 12/18/30<br>| 86 | &nbsp;&nbsp; 86622 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.86%), 5.58%, 02/15/30<br>| 35 | &nbsp;&nbsp; 35324 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.97%, 02/18/30<br>| 57 | &nbsp;&nbsp; 45832 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 7.97%, 10/07/31<br>| 35 | &nbsp;&nbsp; 23014 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 11/26/31<sup>(a)</sup><br>| 45 | &nbsp;&nbsp; 44661 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32<br>| 88 | &nbsp;&nbsp; 88330 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc., Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, <br> 10/29/32<br>| 31 | &nbsp;&nbsp; 31136 |
|  |  | &nbsp;&nbsp; 521348 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, <br> 05/21/31<br>| 30 | &nbsp;&nbsp; 30690 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc., 2025 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br> 06/22/30<br>| 163 | &nbsp;&nbsp; 163571 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br> 07/16/32<br>| 46 | &nbsp;&nbsp; 45551 |
| &nbsp;&nbsp;&nbsp; Belron Finance LLC, 2025 Repriced Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.25%), 6.12%, <br> 10/16/31<br>| 194 | &nbsp;&nbsp; 194761 |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions LLC, 2025 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 5.47%, 08/23/32<br>| 103 | &nbsp;&nbsp; 103985 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.52%, <br> 06/02/32<br>| 38 | &nbsp;&nbsp; $38134 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.13%, 10/13/30<br>| 48 | &nbsp;&nbsp; 47825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.58%, 03/07/32<br>| 35 | &nbsp;&nbsp; 34664 |
|  |  | &nbsp;&nbsp; 659181 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.48%, <br> 10/24/30<br>| 90 | &nbsp;&nbsp; 90198 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| &nbsp;&nbsp;&nbsp; Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32<br>| 40 | &nbsp;&nbsp; 40033 |
| &nbsp;&nbsp;&nbsp; SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br> 01/25/31<br>| 118 | &nbsp;&nbsp; 118791 |
|  |  | &nbsp;&nbsp; 158824 |
| **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29<br>| 106 | &nbsp;&nbsp; 106811 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 2025 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 01/31/31<br>| 143 | &nbsp;&nbsp; 142652 |
| &nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co. LLC, Term Loan B5, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.47%, 04/28/28<br>| 85 | &nbsp;&nbsp; 85587 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br> 06/30/32<br>| 56 | &nbsp;&nbsp; 56151 |
| &nbsp;&nbsp;&nbsp; Trans Union LLC, 2024 Term Loan B8, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.47%, 06/24/31<br>| 231 | &nbsp;&nbsp; 231180 |
| WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.47%, 03/31/28<br>| 59 | &nbsp;&nbsp; 59394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.47%, 03/05/32<br>| 25 | &nbsp;&nbsp; 24792 |
|  |  | &nbsp;&nbsp; 599756 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp; U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br> 10/03/31<br>| 92 | &nbsp;&nbsp; 92703 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp; Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 5.57%, <br> 09/07/27<br>| 89 | &nbsp;&nbsp; 89594 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Core & Main LP, 2024 Term Loan E, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.69%, 02/09/31<br>| 83 | &nbsp;&nbsp; 82610 |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.47%, 11/16/29<br>| 59 | &nbsp;&nbsp; 59570 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** |
| Gates Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B5, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.47%, 06/04/31<br>| 97 | &nbsp;&nbsp; $96975 |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc., 2025 Incremental Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.72%, 08/13/32<br>| 50 | &nbsp;&nbsp; 50063 |
|  |  | &nbsp;&nbsp; 289218 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 01/31/31<br>| 25 | &nbsp;&nbsp; 24905 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.35%, 12/15/31<br>| 72 | &nbsp;&nbsp; 72526 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.47%, 12/20/30<br>| 30 | &nbsp;&nbsp; 29759 |
|  |  | &nbsp;&nbsp; 102285 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| &nbsp;&nbsp;&nbsp; Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.48%, 06/20/31<sup>(a)</sup><br>| 35 | &nbsp;&nbsp; 35637 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br> 03/19/32<br>| 11 | &nbsp;&nbsp; 10675 |
| &nbsp;&nbsp;&nbsp; MX Holdings U.S., Inc., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 03/17/32<br>| 15 | &nbsp;&nbsp; 14950 |
| &nbsp;&nbsp;&nbsp; Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 5.92%, 10/27/32<sup>(a)</sup><br>| 47 | &nbsp;&nbsp; 47059 |
|  |  | &nbsp;&nbsp; 108321 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Deep Blue Operating I LLC, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.59%, <br> 10/01/32<br>| 40 | &nbsp;&nbsp; 40092 |
| &nbsp;&nbsp;&nbsp; Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.69%, <br> 09/22/32<br>| 25 | &nbsp;&nbsp; 25125 |
|  |  | &nbsp;&nbsp; 65217 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 5.42%, <br> 09/30/31<br>| 99 | &nbsp;&nbsp; 99106 |
| &nbsp;&nbsp;&nbsp; DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.53%, <br> 03/04/32<br>| 44 | &nbsp;&nbsp; 44655 |
| &nbsp;&nbsp;&nbsp; GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.92%, 07/31/32<br>| 27 | &nbsp;&nbsp; 26699 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.73%, 10/21/32<br>| 59 | &nbsp;&nbsp; 59000 |
|  |  | &nbsp;&nbsp; 229460 |
| **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.50%), 5.22%, 10/08/32<br>| 26 | &nbsp;&nbsp; 26217 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** |
| Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>| 23 | &nbsp;&nbsp; $23000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR <br> at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>| 7 | &nbsp;&nbsp; 6657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>| 41 | &nbsp;&nbsp; 40967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.25%), 5.98%, 11/30/28<br>| 59 | &nbsp;&nbsp; 59248 |
|  |  | &nbsp;&nbsp; 156089 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 11/05/28<br>| 49 | &nbsp;&nbsp; 48861 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Froneri U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B4, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.45%, 09/30/31<br>| 162 | &nbsp;&nbsp; 161791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B6, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.12%, 09/30/32<br>| 29 | &nbsp;&nbsp; 28989 |
|  |  | &nbsp;&nbsp; 190780 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 04/10/31<br>| 165 | &nbsp;&nbsp; 164871 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| &nbsp;&nbsp;&nbsp; Insulet Corp., 2025 Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 5.72%, 08/01/31<br>| 27 | &nbsp;&nbsp; 26768 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, <br> 09/20/32<br>| 31 | &nbsp;&nbsp; 30661 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 5.72%, 07/26/31<br>| 53 | &nbsp;&nbsp; 53795 |
| &nbsp;&nbsp;&nbsp; ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 5.67%, 07/03/28<br>| 35 | &nbsp;&nbsp; 35528 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 5.42%, 10/23/30<sup>(h)</sup><br>| 78 | &nbsp;&nbsp; 78029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 5.47%, 10/23/28<br>| 47 | &nbsp;&nbsp; 47016 |
|  |  | &nbsp;&nbsp; 245029 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.47%, 05/20/30<br>| 58 | &nbsp;&nbsp; 57881 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International Inc.)/New <br> Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br> 09/20/30<br>| 142 | &nbsp;&nbsp; 141727 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 5.97%, 02/06/31<br>| 67 | &nbsp;&nbsp; 66142 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Caesars Entertainment, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br> 5.97%, 02/06/30<br>| 122 | &nbsp;&nbsp; $121558 |
| Flutter Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 5.42%, 11/30/30<br>| 67 | &nbsp;&nbsp; 66669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.00%), 5.67%, 06/04/32<br>| 48 | &nbsp;&nbsp; 47760 |
| &nbsp;&nbsp;&nbsp; Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, <br> 09/22/32<br>| 78 | &nbsp;&nbsp; 78268 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.48%, 11/08/30<br>| 201 | &nbsp;&nbsp; 202134 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 5.99%, 04/14/29<br>| 105 | &nbsp;&nbsp; 105886 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br> 05/03/29<br>| 44 | &nbsp;&nbsp; 44274 |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.84%, 11/03/32<br>| 45 | &nbsp;&nbsp; 45085 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 5.72%, 12/04/31<br>| 72 | &nbsp;&nbsp; 71661 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.72%, 05/01/31<br>| 22 | &nbsp;&nbsp; 21390 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 03/14/31<br>| 112 | &nbsp;&nbsp; 112299 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.47%, 05/24/30<br>| 180 | &nbsp;&nbsp; 180334 |
|  |  | &nbsp;&nbsp; 1305187 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc., Term Loan B, (1-mo. <br> SOFR at 0.00% Floor + 2.25%), 5.91%, 10/24/31<br>| 5 | &nbsp;&nbsp; 4981 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.47%, 03/04/32<br>| 19 | &nbsp;&nbsp; 19384 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, 2025 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 1.75%), 5.47%, 07/31/30<br>| 141 | &nbsp;&nbsp; 140655 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31<br>| 130 | &nbsp;&nbsp; 130458 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br> 11/25/32<br>| 18 | &nbsp;&nbsp; 17989 |
|  |  | &nbsp;&nbsp; 289102 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.35%), 8.07%, 08/19/28<br>| 114 | &nbsp;&nbsp; 114263 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Asurion LLC (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 7.97%, 09/19/30<br>| 70 | &nbsp;&nbsp; $69616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B13, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 7.97%, 09/19/30<br>| 55 | &nbsp;&nbsp; 55069 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 09/15/31<br>| 99 | &nbsp;&nbsp; 99062 |
|  |  | &nbsp;&nbsp; 338010 |
| **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 5.47%, 09/12/29<br>| 162 | &nbsp;&nbsp; 162061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 5.47%, 04/16/32<br>| 21 | &nbsp;&nbsp; 20905 |
| Go Daddy Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B7, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.47%, 05/30/31<br>| 28 | &nbsp;&nbsp; 28606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.47%, 11/09/29<br>| 139 | &nbsp;&nbsp; 138805 |
|  |  | &nbsp;&nbsp; 350377 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 09/29/31<br>| 86 | &nbsp;&nbsp; 86265 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> + 1.75%), 5.47%, 08/30/30<br>| 12 | &nbsp;&nbsp; 11769 |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.47%, 10/30/31<br>| 20 | &nbsp;&nbsp; 19804 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.84%, 03/01/31<sup>(a)</sup><br>| 62 | &nbsp;&nbsp; 62137 |
|  |  | &nbsp;&nbsp; 179975 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; Bombardier Recreational Products, Inc., 2024 Term Loan <br> B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.97%, 01/22/31<br>| 52 | &nbsp;&nbsp; 52015 |
| &nbsp;&nbsp;&nbsp; Life Time, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.78%, 11/05/31<br>| 18 | &nbsp;&nbsp; 17946 |
|  |  | &nbsp;&nbsp; 69961 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.48%, <br> 03/15/30<br>| 48 | &nbsp;&nbsp; 48777 |
| &nbsp;&nbsp;&nbsp; Generac Power Systems, Inc., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.62%, 07/03/31<br>| 33 | &nbsp;&nbsp; 32928 |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32<br>| 140 | &nbsp;&nbsp; 140510 |
|  |  | &nbsp;&nbsp; 222215 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B4, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 5.99%, 12/07/30<br>| 35 | &nbsp;&nbsp; 35104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.24%, 12/15/31<br>| 25 | &nbsp;&nbsp; 24764 |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 5.95%, <br> 05/24/30<br>| 15 | &nbsp;&nbsp; $14926 |
| &nbsp;&nbsp;&nbsp; Telenet Financing USD LLC, 2020 USD Term Loan AR, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.11%), <br> 5.86%, 04/30/28<br>| 60 | &nbsp;&nbsp; 59955 |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31<br>| 147 | &nbsp;&nbsp; 147443 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.57%, <br> 01/24/31<br>| 191 | &nbsp;&nbsp; 191418 |
|  |  | &nbsp;&nbsp; 473610 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc., Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.35%), 6.22%, <br> 07/31/26<br>| 51 | &nbsp;&nbsp; 51422 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.47%, 05/13/29<br>| 17 | &nbsp;&nbsp; 16886 |
| &nbsp;&nbsp;&nbsp; Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br> 03/11/32<br>| 47 | &nbsp;&nbsp; 46803 |
|  |  | &nbsp;&nbsp; 115111 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br> 11/22/32<br>| 12 | &nbsp;&nbsp; 12008 |
| &nbsp;&nbsp;&nbsp; Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at <br> 0.00% Floor + 1.75%), 5.41%, 07/30/32<br>| 90 | &nbsp;&nbsp; 89663 |
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.94%, 10/04/30<br>| 28 | &nbsp;&nbsp; 28030 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 5.74%, 02/11/30<br>| 23 | &nbsp;&nbsp; 22842 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 5.59%, 04/07/32<br>| 43 | &nbsp;&nbsp; 43346 |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.25%), 5.98%, 10/05/28<br>| 84 | &nbsp;&nbsp; 84236 |
| &nbsp;&nbsp;&nbsp; WhiteWater DBR HoldCo LLC, 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.94%, 03/03/31<br>| 26 | &nbsp;&nbsp; 26797 |
| &nbsp;&nbsp;&nbsp; Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 5.98%, 06/16/32<br>| 16 | &nbsp;&nbsp; 16047 |
| &nbsp;&nbsp;&nbsp; Whitewater Whistler Holdings LLC, 2024 Refinancing <br> Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 5.44%, 02/15/30<br>| 59 | &nbsp;&nbsp; 58739 |
|  |  | &nbsp;&nbsp; 381708 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.13%, <br> 05/28/32<br>| 76 | &nbsp;&nbsp; 75951 |
| &nbsp;&nbsp;&nbsp; Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 5.72%, 03/21/31<br>| 104 | &nbsp;&nbsp; 104695 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2023 1st Lien Term Loan, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.26%, <br> 06/04/29<br>| 85 | &nbsp;&nbsp; $85314 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br> 02/22/31<br>| 81 | &nbsp;&nbsp; 81055 |
|  |  | &nbsp;&nbsp; 347015 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, <br> 10/31/32<br>| 81 | &nbsp;&nbsp; 80862 |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 5.97%, 05/05/28<br>| 120 | &nbsp;&nbsp; 121119 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br> 09/22/32<br>| 86 | &nbsp;&nbsp; 86161 |
| &nbsp;&nbsp;&nbsp; Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 04/20/29<br>| 53 | &nbsp;&nbsp; 52923 |
| &nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc., 2024 US Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 5.67%, 07/03/28<br>| 9 | &nbsp;&nbsp; 8852 |
| &nbsp;&nbsp;&nbsp; Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 1.75%), 5.47%, 08/01/31<br>| 37 | &nbsp;&nbsp; 37137 |
|  |  | &nbsp;&nbsp; 387054 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 2025 Term <br> Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.75%), 6.47%, 01/31/30<br>| 13 | &nbsp;&nbsp; 13630 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.47%, 07/06/29<br>| 12 | &nbsp;&nbsp; 11835 |
| &nbsp;&nbsp;&nbsp; MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br> 08/17/29<br>| 113 | &nbsp;&nbsp; 113550 |
|  |  | &nbsp;&nbsp; 125385 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br> 01/23/32<br>| 55 | &nbsp;&nbsp; 55736 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 05/09/31<br>| 112 | &nbsp;&nbsp; 112616 |
| &nbsp;&nbsp;&nbsp; Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 10/22/29<sup>(a)</sup><br>| 60 | &nbsp;&nbsp; 59996 |
| &nbsp;&nbsp;&nbsp; ZoomInfo LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 5.47%, 02/28/30<sup>(a)</sup><br>| 10 | &nbsp;&nbsp; 9801 |
|  |  | &nbsp;&nbsp; 238149 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br> 09/12/32<br>| $31 | &nbsp;&nbsp; $31213 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 5.92%, 02/19/29<br>| 48 | &nbsp;&nbsp; 47951 |
|  |  | &nbsp;&nbsp; 79164 |
| **Total Floating Rate Loan Interests — 2.4%** <br>**(Cost: $10,847,853)** | **Total Floating Rate Loan Interests — 2.4%** <br>**(Cost: $10,847,853)** | &nbsp;&nbsp; 10864524 |
| **Total Long-Term Investments — 87.7%** <br>**(Cost: $300,985,417)** | **Total Long-Term Investments — 87.7%** <br>**(Cost: $300,985,417)** | &nbsp;&nbsp; 399462550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.0%** | **Money Market Funds — 4.0%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.65%<sup>(i)(j)</sup><br>| 18373873 | &nbsp;&nbsp; 18373873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 6.6%** | **U.S. Treasury Obligations — 6.6%** |  |
| U.S. Treasury Bills, 3.71%, 03/05/26<sup>(k)</sup> | $30000 | &nbsp;&nbsp; 29817378 |
| **Total Short-Term Securities — 10.6%** <br>**(Cost: $48,183,219)** | **Total Short-Term Securities — 10.6%** <br>**(Cost: $48,183,219)** | &nbsp;&nbsp; 48191251 |
| **Total Investments — 98.3%** <br>**(Cost: $349,168,636)** | **Total Investments — 98.3%** <br>**(Cost: $349,168,636)** | &nbsp;&nbsp; 447653801 |
| **Other Assets Less Liabilities — 1.7%** | **Other Assets Less Liabilities — 1.7%** | &nbsp;&nbsp; 7649655 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $455303456 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $354,215,780, representing 77.8% of its net assets as of period end, and an original cost of $255,938,261. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Investment does not issue shares.

<sup>(e)</sup> Investment is held by a wholly-owned subsidiary.

<sup>(f)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(g)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(h)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. 

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Annualized 7-day yield as of period end.

<sup>(k)</sup> Rates are discount rates or a range of discount rates as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $2528142<br> $15845731 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $18373873 | 18373873 | $189980 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; DoubleVerify <br> Holdings, Inc.<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.07%, 3.87%<br>| At Termination | BNP Paribas SA | N/A | 07/20/26 | USD | 676 | $188117 | $— | $188117 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway <br> Brands Corp.<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.07%, 3.87%<br>| At Termination | BNP Paribas SA | N/A | 07/20/26 | USD | 281 | (84087)<br>|  | (84087)<br>|

---

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; DoubleVerify <br> Holdings, Inc.<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.05%, 3.87%<br>| At Termination | BNP Paribas SA | N/A | 08/25/26 | USD | 45 | $13876 | $— | $13876 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway <br> Brands Corp.<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.05%, 3.87%<br>| At Termination | BNP Paribas SA | N/A | 08/25/26 | USD | 159 | (28780)<br>|  | (28780)<br>|
|  |  |  |  |  |  |  |  |  | $89126 | $— | $89126 |

---

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Equity Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $263240638 | &nbsp;&nbsp;&nbsp;&nbsp; $263240638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Investments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2026016 | &nbsp;&nbsp;&nbsp;&nbsp; 2026016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary Investments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88949126 | &nbsp;&nbsp;&nbsp;&nbsp; 88949126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30073250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30073250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4308996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4308996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10605233 | &nbsp;&nbsp;&nbsp;&nbsp; 259291 | &nbsp;&nbsp;&nbsp;&nbsp; 10864524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 18373873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18373873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29817378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29817378 |
|  | &nbsp;&nbsp; $18373873 | &nbsp;&nbsp;&nbsp;&nbsp; $74804857 | &nbsp;&nbsp;&nbsp;&nbsp; $354475071 | &nbsp;&nbsp;&nbsp;&nbsp; $447653801 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $201993 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $201993 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (112867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (112867)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $89126 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $89126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps contracts. Swaps contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Direct* <br>*Investments*<br>| *Primary* <br>*Investments*<br>| *Secondary* <br>*Investments*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Total*  |
| **Assets** |  |  |  |  |  |
| Opening balance, as of March 31, 2025 | &nbsp;&nbsp; $211919649 | $1553657 | $59346426 | $428415 | $273248147 |
| Transfers into Level 3 | &nbsp;&nbsp; — |  |  | 45436 | 45436 |
| Transfers out of Level 3 | &nbsp;&nbsp; — |  |  | (86455)<br>| (86455)<br>|
| Other <sup>(a)</sup> | &nbsp;&nbsp; (23285310)<br>| 94256 | 27568053 |  | 4376999 |
| Accrued discounts/premiums | &nbsp;&nbsp; — |  |  | (23)<br>| (23)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 585900 |  | (65739)<br>| (1989)<br>| 518172 |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp; 53404486 | (22637)<br>| 6978519 | 1875 | 60362243 |
| Purchases | &nbsp;&nbsp; 33238014 | 589252 | 1784415 | 107107 | 35718788 |
| Sales | &nbsp;&nbsp; (12622101)<br>| (188512)<br>| (6662548)<br>| (235075)<br>| (19708236)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp; $263240638 | $2026016 | $88949126 | $259291 | $354475071 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(b)</sup> | &nbsp;&nbsp; $56328606 | $(22637)<br>| $6978519 | $1060 | $63285548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes return of capital and/or capitalized expenses from Portfolio Companies and/or Portfolio Funds investments, as well as certain Level 3 investments that were re-classified between Direct Investments and Secondary Investments. 

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $259,291.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Direct Investments<sup>(b)</sup> | &nbsp;&nbsp; $263240638 | Market | EBITDA Multiple | 3.50x - 29.70x | 11.89x |
|  |  |  | Revenue Multiple | 1.33x - 38.50x | 12.51x |
|  |  |  | Volatility | 35% |  |
|  |  |  | Time to Exit | 0.8 years |  |
|  |  |  | Liquidity Discount | 5% |  |
|  |  |  | Book Value Multiple | 2.68x |  |
|  |  | Income | Discount | 16% |  |
| Primary Investments | &nbsp;&nbsp; 2026016 | Market | Market Adjustment Factor | 1.00x - 1.00x | 1.00x |
| Secondary Investments | &nbsp;&nbsp; 88949126 | Market | Market Adjustment Factor | 0.98x - 1.01x | 1.00x |
|  |  |  | EBITDA Multiple | 7.61x - 13.53x | 12.02x |
|  |  |  | Revenue Multiple | 6.19x |  |
|  | &nbsp;&nbsp; $354215780 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

<sup>(b)</sup> The fund valued certain of its Level 3 Direct Investments using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $14,322,067 as of December 31, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| EUR | Euro |
| GBP | British Pound |

---

---

| | |
|:---|:---|
| **Currency Abbreviation (continued)** | **Currency Abbreviation (continued)** |
| USD | United States Dollar |

---

------

Consolidated Schedule of Investments (unaudited)(continued)

December 31, 2025

**BlackRock Private Investments Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange  |
| CPI | Consumer Price Index |
| DAC | Designated Activity Company  |
| GO | General Obligation Bonds |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate |

---

Consolidated Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Private Investments Fund

- **b. Investment Company Act file number:** 811-23584

- **c. CIK number of Registrant:** 0001816389

- **d. LEI of Registrant:** 549300Y64WQH7MUK7169

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

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

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

- **a. Name of Series:** BlackRock Private Investments Fund

- **c. LEI of Series:** 549300Y64WQH7MUK7169

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $458563077.78

**Total Liabilities:** $3269036.76

**Net Assets:** $455294041.02

**Amount of Assets Invested in Other Investment Companies:** $11016749.80

**Delayed Delivery Securities:** $130036.89

**Cash Not Reported:** $2880039.08

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.74%                | 2.23%                | 4.60%                |
| Class ID N/A | 1.79%                | 2.13%                | 4.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18120.67               | $7172250.45                                |
| Month 2  | $387412.35               | $8756048.92                                |
| Month 3  | $10894098.10             | $9306000.41                                |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AHP Health Partners, Inc.                             | AHP Health Partners Inc 2025 Term Loan B                              | CUSIP: 00130MAL8<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | LON              | CORP              | US        |     30661 | PA      | $30660.94     | 0.01%             | 2032-09-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| APi Group DE Inc                                      | APi Group DE Inc 2025 Term Loan                                       | CUSIP: 00186XAN3<br>LEI: 549300XP4G7B4QYA0G83 | Long             | LON              | CORP              | US        |    106456 | PA      | $106810.59    | 0.02%             | 2029-01-03      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ASGN Incorporated                                     | ASGN Inc 2024 Term Loan B                                             | CUSIP: 00218JAD8<br>LEI: LZBNYYCBUKY537072438 | Long             | LON              | CORP              | US        |     11730 | PA      | $11769.06     | 0.00%             | 2030-08-30      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| AZZ Inc                                               | AZZ Inc Term Loan B                                                   | CUSIP: 00247NAG7<br>LEI: 549300HD1X2NFLWPYC83 | Long             | LON              | CORP              | US        |     16844 | PA      | $16885.70     | 0.00%             | 2029-05-13      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                              | American Airlines Inc/AAdvantage Loyalty IP Ltd                       | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     11168 | PA      | $11184.04     | 0.00%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage Systems Inc                         | Advanced Drainage Systems Inc Term Loan B                             | CUSIP: 00769QAG8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | LON              | CORP              | US        |     51316 | PA      | $51422.49     | 0.01%             | 2026-07-31      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                              | Advanced Drainage Systems Inc                                         | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215106.64    | 0.05%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                        | AGL CLO 43 Ltd                                                        | CUSIP: 00852TAA3<br>LEI: 254900MOOKTGLK7JFO07 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1503828.90   | 0.33%             | 2038-09-10      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AB7<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    137000 | PA      | $137525.07    | 0.03%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Albion Financing 3 SARL                               | Albion Financing 3 SARL 2025 USD Term Loan                            | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     30537 | PA      | $30690.01     | 0.01%             | 2031-05-21      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc                              | Allison Transmission Inc 2024 Term Loan                               | CUSIP: 01973KAH9<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | LON              | CORP              | US        |     47629 | PA      | $47807.13     | 0.01%             | 2031-03-13      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                              | ALLISON TRANSMISSION INC 2025 INCREMENTAL TERM LOAN B                 | CUSIP: 01973KAJ5<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | LON              | CORP              | US        |     52000 | PA      | $52216.84     | 0.01%             | 2032-11-05      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC              | Amentum Government Services Holdings LLC 2024 Term Loan B             | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |     86130 | PA      | $86264.33     | 0.02%             | 2031-09-29      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                 | American Airlines Inc 2023 1st Lien Term Loan                         | CUSIP: 02376CBM6<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |     85260 | PA      | $85313.71     | 0.02%             | 2029-06-04      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                               | American Airlines Inc 2025 Term Loan B                                | CUSIP: 02376CBT1<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | KY        |     75620 | PA      | $75951.22     | 0.02%             | 2032-05-28      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                             | Anchorage Capital CLO 15 Ltd                                          | CUSIP: 03329FAW4<br>LEI: 549300H5Q0HJ2EHSSX26 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752965.65    | 0.17%             | 2038-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC                 | Prime Security Services Borrower LLC 2024 1st Lien Term Loan B        | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |     47777 | PA      | $47824.68     | 0.01%             | 2030-10-13      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC                 | Prime Security Services Borrower LLC 2025 Incremental Term Loan B     | CUSIP: 03765VAQ3<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |     34775 | PA      | $34663.88     | 0.01%             | 2032-03-07      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                            | Apidos CLO XXXVII                                                     | CUSIP: 03769HAA5<br>LEI: 549300OGB01ASKLNI660 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001000.20   | 0.22%             | 2034-10-22      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                                  | ARAMARK SERVICES INC 2025 TERM LOAN                                   | CUSIP: 03852JBC4<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    163228 | PA      | $163570.62    | 0.04%             | 2030-06-22      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert LLC                              | Asplundh Tree Expert LLC 2021 Term Loan B                             | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     89314 | PA      | $89593.84     | 0.02%             | 2027-09-07      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                           | Asurion LLC 2023 Term Loan B11                                        | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    114120 | PA      | $114262.54    | 0.03%             | 2028-08-19      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                           | Asurion LLC 2024 Term Loan B12                                        | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     69648 | PA      | $69615.51     | 0.02%             | 2030-09-19      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                           | Asurion LLC 2025 Term Loan B13                                        | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     55112 | PA      | $55069.37     | 0.01%             | 2030-09-19      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                   | Avantor Funding Inc                                                   | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    163000 | PA      | $162114.34    | 0.04%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                            | Avis Budget Car Rental LLC 2025 Term Loan B                           | CUSIP: 05377JAU6<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |     45818 | PA      | $45550.77     | 0.01%             | 2032-07-16      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                         | Ballyrock CLO 22 Ltd                                                  | CUSIP: 05877GAE3<br>LEI: 254900XC0FEB91ZCO167 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004207.90   | 0.22%             | 2037-04-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Beach Acquisition Bidco LLC                           | Beach Acquisition Bidco LLC USD Term Loan B                           | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |     31000 | PA      | $31213.28     | 0.01%             | 2032-09-12      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| QXO INC                                               | QXO Inc 2025 Term Loan B                                              | CUSIP: 07368RAM3<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |     20022 | PA      | $20070.07     | 0.00%             | 2032-04-30      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                               | Belron Finance 2019 LLC 2025 Repriced Term Loan B                     | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    193792 | PA      | $194761.42    | 0.04%             | 2031-10-16      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                               | Big River Steel LLC / BRS Finance Corp                                | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $166196.91    | 0.04%             | 2029-01-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Blackfin Pipeline LLC                                 | Blackfin Pipeline LLC Term Loan B                                     | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |     40000 | PA      | $40033.20     | 0.01%             | 2032-09-29      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Recreational Products Inc                  | Bombardier Recreational Products Inc 2024 Term Loan B4                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     51870 | PA      | $52015.24     | 0.01%             | 2031-01-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Bridge Street CLO I Ltd                               | Bridge Street CLO VI Ltd                                              | CUSIP: 10806PAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002524.80   | 0.22%             | 2039-01-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Bright Horizons Family Solutions LLC                  | Bright Horizons Family Solutions LLC 2025 Term Loan B                 | CUSIP: 10919RAR0<br>LEI: 254900BHOU40CFNXWQ75 | Long             | LON              | CORP              | US        |    103500 | PA      | $103985.42    | 0.02%             | 2032-08-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                   | Buckeye Partners LP 2025 Term Loan B7                                 | CUSIP: 11823LAR6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |     11950 | PA      | $12008.10     | 0.00%             | 2032-11-22      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                | CCO Holdings LLC / CCO Holdings Capital Corp                          | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    291000 | PA      | $288697.46    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCC Intelligent Solutions Inc                         | CCC Intelligent Solutions Inc Term Loan                               | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |     55597 | PA      | $55735.60     | 0.01%             | 2032-01-23      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                      | CIFC Funding 2021-VI Ltd                                              | CUSIP: 12553SAC8<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000256.90   | 0.22%             | 2034-10-15      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                      | CIFC Funding 2022-I Ltd                                               | CUSIP: 12570LAA6<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501080.45   | 0.33%             | 2035-04-17      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| CPI HOLDCO B LLC                                      | CPI HOLDCO B LLC 2025 FUNGIBLE Add-On TERM LOAN                       | CUSIP: 1261MAAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    169998 | PA      | $170306.20    | 0.04%             | 2031-05-19      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CACI International Inc                                | CACI International Inc Term Loan B                                    | CUSIP: 12718FAL8<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | LON              | CORP              | US        |     19800 | PA      | $19804.16     | 0.00%             | 2031-10-30      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                             | Caesars Entertainment Inc Term Loan B                                 | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    122662 | PA      | $121557.68    | 0.03%             | 2030-02-06      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                             | Caesars Entertainment Inc 2024 Term Loan B1                           | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     66810 | PA      | $66141.90     | 0.01%             | 2031-02-06      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Calpine Construction Finance Company, L.P.            | Calpine Construction Finance Company LP 2025 Repriced Term Loan B     | CUSIP: 13134NAK7<br>LEI: V0Q3DOB0FIB2XI1KWU77 | Long             | LON              | CORP              | US        |    140590 | PA      | $140655.69    | 0.03%             | 2030-07-31      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                        | Carval Clo VIII-C Ltd                                                 | CUSIP: 14686NAL5<br>LEI: 254900NZG2CMHKHNPU97 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1003317.00   | 0.22%             | 2037-10-22      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                        | CarVal CLO XI C Ltd                                                   | CUSIP: 14688RAA8<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003490.50   | 0.22%             | 2037-10-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corporation                   | Six Flags Entertainment Corporation 2024 Term Loan B                  | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | LON              | CORP              | US        |     21670 | PA      | $21390.02     | 0.00%             | 2031-05-01      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Chart Industries Inc                                  | Chart Industries Inc 2024 Term Loan B                                 | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |     48637 | PA      | $48776.82     | 0.01%             | 2030-03-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                  | Charter Communications Operating LLC 2023 Term Loan B4                | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |     35148 | PA      | $35104.32     | 0.01%             | 2030-12-07      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC                 | Charter Communications Operating LLC 2024 Term Loan B5                | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |     24750 | PA      | $24763.86     | 0.01%             | 2031-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Chemours Company (The)                                | Chemours Company (The) 2025 Term Loan B                               | CUSIP: 16384YAM9<br>LEI: 549300M1BOLNXL8DOV14 | Long             | LON              | CORP              | US        |     54000 | PA      | $53257.50     | 0.01%             | 2032-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Ciena Corporation                                     | Ciena Corporation 2025 Repriced Term Loan B                           | CUSIP: 17178HAR3<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | LON              | CORP              | US        |     90029 | PA      | $90198.30     | 0.02%             | 2030-10-24      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                      | CIFC Funding 2019-VII Ltd                                             | CUSIP: 171935AA7<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002800.00   | 0.22%             | 2038-10-19      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                      | Cinemark USA Inc 2025 Term Loan B                                     | CUSIP: 172442AV7<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     14925 | PA      | $14925.86     | 0.00%             | 2030-05-24      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                 | Citadel Securities LP 2024 First Lien Term Loan                       | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |     59698 | PA      | $59989.83     | 0.01%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                                   | Clarivate Science Holdings Corp                                       | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     82000 | PA      | $79605.90     | 0.02%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Clean Harbors Inc                                     | Clean Harbors Inc 2025 Term Loan                                      | CUSIP: 18449EAJ9<br>LEI: 5493000SJVZVZJKHJF48 | Long             | LON              | CORP              | US        |     26000 | PA      | $26216.58     | 0.01%             | 2032-10-08      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                | Clearway Energy Operating LLC                                         | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    347000 | PA      | $346243.96    | 0.08%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Colossus Acquireco LLC                                | Colossus Acquireco LLC Term Loan B                                    | CUSIP: 19682LAB4<br>LEI: 2549009FT92RXWA46910 | Long             | LON              | CORP              | US        |     89775 | PA      | $89662.78     | 0.02%             | 2032-07-30      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Concentra Health Services Inc                         | Concentra Health Services Inc 2025 Repriced Term Loan B               | CUSIP: 20602RAD2<br>LEI: 984500GB84105F75DE32 | Long             | LON              | CORP              | US        |     53461 | PA      | $53795.15     | 0.01%             | 2031-07-26      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Reworld Holding Corp                                  | Reworld Holding Corp Term Loan B                                      | CUSIP: 22282GAM9<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     59206 | PA      | $59248.06     | 0.01%             | 2028-11-30      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Reworld Holding Corp                                  | Reworld Holding Corp 2025 1st Lien Term Loan B                        | CUSIP: 22282GAR8<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     23000 | PA      | $23000.00     | 0.01%             | 2031-01-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                  | REWORLD HOLDING CORP 2025 TERM LOAN B1                                | CUSIP: 22282GAS6<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     40967 | PA      | $40967.27     | 0.01%             | 2031-01-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                  | REWORLD HOLDING CORP 2025 1st LIEN TERM LOAN C                        | CUSIP: 22282GAT4<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |      6657 | PA      | $6657.19      | 0.00%             | 2031-01-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Crocs, Inc.                                           | Crocs Inc 2024 Term Loan                                              | CUSIP: 22704NAF9<br>LEI: 549300B0J6YCXD63OG72 | Long             | LON              | CORP              | US        |     47706 | PA      | $47950.45     | 0.01%             | 2029-02-19      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U.S. Borrower, LLC                | Cushman & Wakefield US Borrower LLC 2025 Term Loan B3                 | CUSIP: 23340DAW2<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |     13560 | PA      | $13629.70     | 0.00%             | 2030-01-31      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Dayforce Inc                                          | Dayforce Inc 2025 Term Loan B                                         | CUSIP: 23958CAD9<br>LEI: 549300T64GVCHFJ8L449 | Long             | LON              | CORP              | US        |     62215 | PA      | $62137.10     | 0.01%             | 2031-03-01      | Floating      | 5.84%                 | No            |                  3 | On Loan: No      |
| Deep Blue Operating I LLC                             | Deep Blue Operating I LLC Term Loan                                   | CUSIP: 24369TAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     40000 | PA      | $40091.60     | 0.01%             | 2032-10-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                  | Diameter Capital Clo 1 Ltd                                            | CUSIP: 25255DAL4<br>LEI: 25490018I1ROE4V49X69 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003721.80   | 0.22%             | 2037-10-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                  | Diameter Capital CLO 10 Ltd                                           | CUSIP: 25290BAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003083.70   | 0.22%             | 2038-04-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| ZoomInfo LLC                                          | ZoomInfo LLC 2024 Term Loan B                                         | CUSIP: 25471YAN2<br>LEI: 549300XF0FRWD2286I33 | Long             | LON              | CORP              | US        |      9875 | PA      | $9800.64      | 0.00%             | 2030-02-28      | Floating      | 5.47%                 | No            |                  3 | On Loan: No      |
| Dynasty Acquisition Co Inc                            | Dynasty Acquisition Co Inc 2024 1st Lien Term Loan B1                 | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |     96990 | PA      | $97310.34     | 0.02%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                            | Dynasty Acquisition Co Inc 2024 1st Lien Term Loan B2                 | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |     37559 | PA      | $37683.36     | 0.01%             | 2031-10-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                     | EMRLD Borrower LP Term Loan B                                         | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    107591 | PA      | $107800.54    | 0.02%             | 2030-05-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                     | EMRLD Borrower LP 2024 Term Loan B                                    | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     53461 | PA      | $53539.60     | 0.01%             | 2031-08-04      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| ECO Services Operations Corp                          | ECO Services Operations Corp 2024 Term Loan B                         | CUSIP: 27922JAC0<br>LEI: 254900NH3N3I82Z6Q744 | Long             | LON              | CORP              | US        |     44455 | PA      | $44478.80     | 0.01%             | 2031-06-12      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Incorporated                     | Elanco Animal Health Inc 2025 Term Loan B                             | CUSIP: 28414BAJ5<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |     80778 | PA      | $80862.43     | 0.02%             | 2032-10-31      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 38 Ltd                                    | Elmwood CLO 38 Ltd                                                    | CUSIP: 289908AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998914.90    | 0.22%             | 2038-04-22      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 29 Ltd                                    | Elmwood CLO 29 Ltd                                                    | CUSIP: 289913AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003444.50   | 0.22%             | 2037-04-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                              | Energizer Holdings Inc 2025 Term Loan B                               | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |     10684 | PA      | $10675.33     | 0.00%             | 2032-03-19      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Entegris Inc                                          | Entegris Inc 2023 Term Loan B                                         | CUSIP: 29362LAM6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | LON              | CORP              | US        |     11780 | PA      | $11834.65     | 0.00%             | 2029-07-06      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                          | Entegris Inc                                                          | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    218000 | PA      | $218475.68    | 0.05%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                     | GIP Pilot Acquisition Partners LP 2025 Term Loan B                    | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |     28000 | PA      | $28030.29     | 0.01%             | 2030-10-04      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Corpay Technologies Operating Company LLC             | Corpay Technologies Operating Company LLC Term Loan B5                | CUSIP: 33903RAZ2<br>LEI: 549300FKKKZCXLK48427 | Long             | LON              | CORP              | US        |     85541 | PA      | $85586.82     | 0.02%             | 2028-04-28      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Four Seasons Hotels Limited                           | Four Seasons Hotels Limited 2025 Term Loan B                          | CUSIP: 000000000<br>LEI: 5493009FUVX8LHYY2202 | Long             | LON              | CORP              | CA        |     77868 | PA      | $78268.27     | 0.02%             | 2032-09-22      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Garrett LX I SARL                                     | Garrett LX I SARL 2025 USD Term Loan B                                | CUSIP: 36649XAG3<br>LEI: 549300LKYJ4RR1ELO069 | Long             | LON              | CORP              | LU        |     11070 | PA      | $11091.13     | 0.00%             | 2032-01-30      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                                      | Gates Global LLC 2022 Term Loan B4                                    | CUSIP: 36740UAX0<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |     59469 | PA      | $59569.91     | 0.01%             | 2029-11-16      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                                      | Gates Global LLC 2024 Term Loan B5                                    | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |     96774 | PA      | $96975.38     | 0.02%             | 2031-06-04      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Generac Power Systems Inc                             | Generac Power Systems Inc 2024 Term Loan B                            | CUSIP: 36874VAQ1<br>LEI: 549300JQWLGGW8KC1X38 | Long             | LON              | CORP              | US        |     32846 | PA      | $32928.43     | 0.01%             | 2031-07-03      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                 | Kennedy Lewis CLO 13 Ltd                                              | CUSIP: 370918AA2<br>LEI: 549300OHYOREA2V0F579 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1000401.30   | 0.22%             | 2037-01-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                 | Kennedy Lewis CLO 7 Ltd                                               | CUSIP: 37149LAL1<br>LEI: 25490036G9JNQQPHIX69 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003629.00   | 0.22%             | 2037-04-22      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Genesee & Wyoming Inc (New)                           | Genesee & Wyoming Inc (New) 2024 Term Loan                            | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |    164912 | PA      | $164871.27    | 0.04%             | 2031-04-10      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                                   | Go Daddy Operating Co LLC / GD Finance Co Inc                         | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $118321.55    | 0.03%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Company LLC                        | Go Daddy Operating Company LLC 2024 Term Loan B7                      | CUSIP: 38017BAW6<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |     28565 | PA      | $28605.84     | 0.01%             | 2031-05-30      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Company LLC                        | Go Daddy Operating Company LLC 2024 Term Loan B8                      | CUSIP: 38017BAX4<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |    138641 | PA      | $138804.54    | 0.03%             | 2029-11-09      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                       | Golub Capital Partners CLO 55B LTD                                    | CUSIP: 38182AAE7<br>LEI: 254900ZZ9HHZTOQ1XK24 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1506258.30   | 0.33%             | 2038-10-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| H.B. Fuller Company                                   | HB Fuller Company 2025 Term Loan B                                    | CUSIP: 40409VAW4<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | LON              | CORP              | US        |     35280 | PA      | $35324.27     | 0.01%             | 2030-02-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Core & Main LP                                        | Core & Main LP 2024 Term Loan E                                       | CUSIP: 40416VAH8<br>LEI: 549300ZSLF8Q660SCD17 | Long             | LON              | CORP              | US        |     82610 | PA      | $82610.18     | 0.02%             | 2031-02-09      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                   | Hilcorp Energy I LP Term Loan B                                       | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |     22828 | PA      | $22841.88     | 0.01%             | 2030-02-11      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Company Inc                 | Hilton Domestic Operating Company Inc 2023 Term Loan B4               | CUSIP: 43289DAK9<br>LEI: 5493003EG7H0N1E4XV50 | Long             | LON              | CORP              | US        |    201000 | PA      | $202133.64    | 0.04%             | 2030-11-08      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                             | IQVIA Inc                                                             | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    208000 | PA      | $207881.73    | 0.05%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Insulet Corporation                                   | Insulet Corporation 2025 Term Loan                                    | CUSIP: 45784QAF6<br>LEI: 549300TZTYD2PYN92D43 | Long             | LON              | CORP              | US        |     26582 | PA      | $26767.47     | 0.01%             | 2031-08-01      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                                     | Iron Mountain Inc 2023 Term Loan B                                    | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              |  | US        |     24936 | PA      | $24905.22     | 0.01%             | 2031-01-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                     | Iron Mountain Inc                                                     | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    162000 | PA      | $166408.18    | 0.04%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                 | Jane Street Group LLC 2024 Term Loan B1                               | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    184088 | PA      | $183085.16    | 0.04%             | 2031-12-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Life Time Fitness Inc                                 | Life Time Fitness Inc 2025 Term Loan                                  | CUSIP: 50218KAN8<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |     17890 | PA      | $17946.16     | 0.00%             | 2031-11-05      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                       | Lamb Weston Holdings Inc                                              | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    133000 | PA      | $128652.99    | 0.03%             | 2030-01-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                         | Live Nation Entertainment Inc 2025 Term Loan B                        | CUSIP: 53803HAY6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |     59000 | PA      | $59000.00     | 0.01%             | 2032-10-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| MKS Instruments Inc                                   | MKS Instruments Inc 2025 USD Repriced Term Loan                       | CUSIP: 55314NAZ7<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |    113150 | PA      | $113550.20    | 0.02%             | 2029-08-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| MV Holding GmbH                                       | MV Holding GmbH 2025 USD Term Loan B                                  | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |     14925 | PA      | $14950.01     | 0.00%             | 2032-03-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                | Match Group Holdings II LLC                                           | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    333000 | PA      | $330020.72    | 0.07%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Meade Pipeline CO LLC                                 | Meade Pipeline CO LLC Term Loan B                                     | CUSIP: 58307PAB8<br>LEI: 254900UZE9CEDHUYSZ47 | Long             | LON              | CORP              | US        |     25000 | PA      | $25125.00     | 0.01%             | 2032-09-22      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                   | Medline Borrower LP 2025 Term Loan B                                  | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     46889 | PA      | $47015.61     | 0.01%             | 2028-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                   | Medline Borrower LP 2025 Incremental Term Loan B                      | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     77778 | PA      | $78029.22     | 0.02%             | 2030-10-23      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                   | Midocean Credit CLO XV Ltd                                            | CUSIP: 59801FAA1<br>LEI: 254900R5AXF91DYP1Y16 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1003189.40   | 0.22%             | 2037-07-21      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Minerals Technologies Inc                             | Minerals Technologies Inc 2024 Term Loan B                            | CUSIP: 60315GAH1<br>LEI: 549300D3I1QU67GP6403 | Long             | LON              | CORP              | US        |     44550 | PA      | $44661.38     | 0.01%             | 2031-11-26      | Floating      | 5.72%                 | No            |                  3 | On Loan: No      |
| Murphy USA Inc                                        | Murphy USA Inc Term Loan B                                            | CUSIP: 62675KAB5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | LON              | CORP              | US        |     43000 | PA      | $43345.72     | 0.01%             | 2032-04-07      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                        | NRG Energy Inc 2024 Term Loan                                         | CUSIP: 62937NBC0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | LON              | CORP              | US        |    130155 | PA      | $130457.80    | 0.03%             | 2031-04-16      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Waystar Technologies, Inc.                            | Waystar Technologies Inc 2025 Term Loan B                             | CUSIP: 63939WAN3<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |     59698 | PA      | $59996.15     | 0.01%             | 2029-10-22      | Floating      | 5.72%                 | No            |                  3 | On Loan: No      |
| Gen Digital Inc                                       | Gen Digital Inc 2024 Term Loan B                                      | CUSIP: 66877AAF5<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |    161882 | PA      | $162061.26    | 0.04%             | 2029-09-12      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                       | Gen Digital Inc 2025 Term Loan B                                      | CUSIP: 66877AAG3<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |     20895 | PA      | $20905.45     | 0.00%             | 2032-04-16      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                   | Novelis Corporation 2025 Term Loan B                                  | CUSIP: 67000LAB8<br>LEI: 549300ZJQN1PEAT42X90 | Long             | LON              | CORP              | US        |     46648 | PA      | $46802.84     | 0.01%             | 2032-03-11      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                           | OCP CLO 2021-21 Ltd                                                   | CUSIP: 671000AL1<br>LEI: 2549000M7NBNQ7XU2038 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999600.00    | 0.22%             | 2038-01-20      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                              | OHA Credit Funding 17 Ltd                                             | CUSIP: 67109SAA5<br>LEI: 254900ZA7EPUCGQUTA43 | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1003541.00   | 0.22%             | 2037-04-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                              | Oak Hill Credit Partners X-R Ltd                                      | CUSIP: 67707CBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998546.50    | 0.22%             | 2038-04-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Option Care Health Inc                                | Option Care Health Inc 2025 Term Loan B                               | CUSIP: 68404YAD6<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | LON              | CORP              | US        |     85758 | PA      | $86160.58     | 0.02%             | 2032-09-22      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC             | Oryx Midstream Services Permian Basin LLC 2025 Term Loan B            | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |     83912 | PA      | $84235.52     | 0.02%             | 2028-10-05      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                              | Pattern Energy Operations LP / Pattern Energy Operations Inc          | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    163000 | PA      | $160764.24    | 0.04%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENN Entertainment Inc                                | PENN Entertainment Inc 2022 Term Loan B                               | CUSIP: 70757DAZ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     44054 | PA      | $44274.48     | 0.01%             | 2029-05-03      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Perrigo Investments, LLC                              | Perrigo Investments LLC 2024 Term Loan B                              | CUSIP: 71429TAF7<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | US        |     52725 | PA      | $52922.93     | 0.01%             | 2029-04-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                                        | Pikes Peak CLO 10                                                     | CUSIP: 72132HAL6<br>LEI: 5493003SA5I7NBQCGD83 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1003603.00   | 0.22%             | 2038-01-22      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Element Solutions Inc                                 | Element Solutions Inc 2023 Term Loan B                                | CUSIP: 72766TAH2<br>LEI: 549300FLGN6P5CU20J91 | Long             | LON              | CORP              | US        |     86227 | PA      | $86621.81     | 0.02%             | 2030-12-18      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                              | Prime Security Services Borrower LLC / Prime Finance Inc              | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10003.58     | 0.00%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                 | Qnity Electronics Inc Term Loan B                                     | CUSIP: 74737SAB9<br>LEI: 254900RSUG4J9TFFZX53 | Long             | LON              | CORP              | US        |     88000 | PA      | $88330.00     | 0.02%             | 2032-11-01      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                 | Quikrete Holdings Inc 2024 Term Loan B1                               | CUSIP: 74839XAK5<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     82320 | PA      | $82594.10     | 0.02%             | 2029-03-19      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                 | Quikrete Holdings Inc 2025 Term Loan B                                | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    168725 | PA      | $169207.55    | 0.04%             | 2032-02-10      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                              | RHP Hotel Properties LP / RHP Finance Corp                            | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              |  | US        |     81000 | PA      | $80193.31     | 0.02%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                               | RHP Hotel Properties LP 2024 1st Lien Term Loan B                     | CUSIP: 74958NAL0<br>LEI: 549300SJMSMA2471GA96 | Long             | LON              |  | US        |     57971 | PA      | $57880.76     | 0.01%             | 2030-05-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Raising Cane's Restaurants, LLC                       | Raising Cane's Restaurants LLC 2025 Term Loan B                       | CUSIP: 75101XAQ0<br>LEI: 254900V6ADXFWHYOED66 | Long             | LON              | CORP              | US        |     45000 | PA      | $45084.60     | 0.01%             | 2032-11-03      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Rand Parent, LLC                                      | Rand Parent LLC 2025 Term Loan B                                      | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     43779 | PA      | $43863.83     | 0.01%             | 2030-03-18      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                    | Regal Rexnord Corp                                                    | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139652.50    | 0.03%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Regatta XIX Funding Ltd                               | Regatta XIX Funding Ltd                                               | CUSIP: 75888EAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002084.80   | 0.22%             | 2038-10-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Regatta 35 Funding Ltd.                               | Regatta 35 Funding Ltd                                                | CUSIP: 75903YAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752160.68    | 0.17%             | 2038-10-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                                   | Resideo Funding Inc 2025 Incremental Term Loan                        | CUSIP: 76090LAM6<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |     50000 | PA      | $50062.50     | 0.01%             | 2032-08-13      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Zurn Holdings Inc                                     | Zurn Holdings Inc 2021 Term Loan B                                    | CUSIP: 76168JAS5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     48312 | PA      | $48533.51     | 0.01%             | 2028-10-04      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Reynolds Consumer Products LLC                        | Reynolds Consumer Products LLC 2025 Term Loan B                       | CUSIP: 76171JAE1<br>LEI: 549300DWNZYMOSR1X343 | Long             | LON              | CORP              | US        |     19292 | PA      | $19383.58     | 0.00%             | 2032-03-04      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                              | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                   | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    154000 | PA      | $151753.68    | 0.03%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty Group LLC                              | Ryan Specialty Group LLC 2024 USD Term Loan B                         | CUSIP: 78350UAJ4<br>LEI: 549300K52N7QBO3PYY45 | Long             | LON              | CORP              | US        |     99000 | PA      | $99062.37     | 0.02%             | 2031-09-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| SBA Senior Finance II LLC                             | SBA Senior Finance II LLC 2024 Term Loan B                            | CUSIP: 78404XAJ4<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              | CORP              | US        |    118360 | PA      | $118790.82    | 0.03%             | 2031-01-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                               | SBA Communications Corp                                               | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |    225000 | PA      | $215222.65    | 0.05%             | 2029-02-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                                 | SS&C Technologies Inc 2024 Term Loan B8                               | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    112006 | PA      | $112616.46    | 0.02%             | 2031-05-09      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| SeaWorld Parks & Entertainment Inc                    | SeaWorld Parks & Entertainment Inc 2024 Term Loan B3                  | CUSIP: 78488CAL4<br>LEI: 549300UZV72O3371JJ53 | Long             | LON              | CORP              | US        |     72233 | PA      | $71660.72     | 0.02%             | 2031-12-04      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| SANMINA CORP                                          | Sanmina Corp Term Loan B                                              | CUSIP: 80105GAP5<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | LON              | CORP              | US        |     47000 | PA      | $47058.75     | 0.01%             | 2032-10-27      | Floating      | 5.92%                 | No            |                  3 | On Loan: No      |
| Sazerac Company Inc                                   | Sazerac Company Inc Term Loan B                                       | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |     66000 | PA      | $66064.02     | 0.01%             | 2032-07-09      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Light and Wonder International, Inc.                  | Light and Wonder International Inc 2024 Term Loan B2                  | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    105655 | PA      | $105886.11    | 0.02%             | 2029-04-14      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte Ltd               | SEAGATE DATA STOR                                                     | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    150000 | PA      | $159065.55    | 0.03%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                 | Silver Point Clo 4 Ltd                                                | CUSIP: 82809EAA8<br>LEI: 254900DVAEEJOXQ8PL85 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1003276.70   | 0.22%             | 2037-04-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                   | Sirius XM Radio LLC                                                   | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    148000 | PA      | $148360.40    | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Solstice Advanced Materials Inc                       | Solstice Advanced Materials Inc Term Loan B                           | CUSIP: 83443PAC9<br>LEI: 2138004GZ4H9TW6HK435 | Long             | LON              | CORP              | US        |     31000 | PA      | $31135.78     | 0.01%             | 2032-10-29      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                             | Block Inc                                                             | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208746.15    | 0.05%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                              | Standard Industries Inc/NY                                            | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    324000 | PA      | $323127.21    | 0.07%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                   | Station Casinos LLC 2024 Term Loan B                                  | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    112005 | PA      | $112299.57    | 0.02%             | 2031-03-14      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Stonepeak Nile Parent LLC                             | Stonepeak Nile Parent LLC 2025 Term Loan B                            | CUSIP: 86184XAD6<br>LEI: 254900TJV3VAFZD0GU41 | Long             | LON              | CORP              | US        |     13000 | PA      | $12992.98     | 0.00%             | 2032-04-09      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                 | Sycamore Tree CLO 2023-3 Ltd                                          | CUSIP: 87122FAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003605.50   | 0.22%             | 2037-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                      | Symphony CLO 41 Ltd                                                   | CUSIP: 871971AG2<br>LEI: 254900CYVR9C4WFQB631 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003946.90   | 0.22%             | 2037-07-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                               | Talen Energy Supply LLC 2024-1 Incremental Term Loan                  | CUSIP: 87422LAY6<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |     72270 | PA      | $72525.84     | 0.02%             | 2031-12-15      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                               | TALEN ENERGY SUPPLY LLC 2025 TERM LOAN B                              | CUSIP: 87422LBA7<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |     18000 | PA      | $17988.84     | 0.00%             | 2032-11-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Somnigroup International Inc                          | Somnigroup International Inc Term Loan B                              | CUSIP: 88025BAP6<br>LEI: 549300HFEKVR3US71V91 | Long             | LON              | CORP              | US        |      4952 | PA      | $4981.20      | 0.00%             | 2031-10-24      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Company LLC                         | Vistra Operations Company LLC 1st Lien Term Loan B3                   | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |     29622 | PA      | $29759.30     | 0.01%             | 2030-12-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Trans Union LLC                                       | Trans Union LLC 2024 Term Loan B8                                     | CUSIP: 89334GBF0<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |    230804 | PA      | $231179.92    | 0.05%             | 2031-06-24      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                         | TransDigm Inc 2023 Term Loan J                                        | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    261161 | PA      | $262048.75    | 0.06%             | 2031-02-28      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                         | TransDigm Inc 2024 Term Loan L                                        | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     36538 | PA      | $36673.05     | 0.01%             | 2032-01-19      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                         | TransDigm Inc 2025 Term Loan M                                        | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     23940 | PA      | $24034.80     | 0.01%             | 2032-08-19      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                      | Trestles CLO IX Ltd                                                   | CUSIP: 894932AC6<br>LEI: 254900TP9ZGKPKCMHR24 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002250.70   | 0.22%             | 2039-01-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Primo Brands Corporation                              | Primo Brands Corporation 2025 Term Loan B                             | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |     95040 | PA      | $95270.00     | 0.02%             | 2028-03-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| TKO Worldwide Holdings LLC                            | TKO Worldwide Holdings LLC 2025 Term Loan                             | CUSIP: 90266UAL7<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    146852 | PA      | $147442.40    | 0.03%             | 2031-11-21      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| PALLADIUM EQUITY PARTNERS IV CF LP                    | PALLADIUM EQUITY PARTNERS IV CF LP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3857885 | NS      | $5731502.18   | 1.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROVIDENCE EQUITY PART VII A                          | PROVIDENCE EQUITY PART VII A                                          | CUSIP: 000000000<br>LEI: 549300WQVK43AGRMH093 | Long             |  | PF                | KY        |   2993749 | NS      | $1339525.89   | 0.29%             |  |  |  | No            |                  3 | On Loan: No      |
| IK IX LUXCO 15 SARL                                   | IK IX LUXCO 15 SARL                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | LU        |   3483941 | NS      | $5384187.63   | 1.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIERRA SPACE CORPORATION                              | SIERRA SPACE CORPORATION                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      5768 | NS      | $71586.04     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG ETERNAL CO INVEST II, L.P.                        | TPG ETERNAL CO INVEST II, L.P.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | KY        |   6411879 | NS      | $5504446.77   | 1.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PSP AGFS CO-INVESTMENT FUND III LP                    | PSP AGFS CO-INVESTMENT FUND III LP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   5658841 | NS      | $7963002.22   | 1.75%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Axalta Coating Systems U.S. Holdings, Inc.            | Axalta Coating Systems US Holdings Inc 2024 Term Loan B7              | CUSIP: 90347BAP3<br>LEI: 549300NZ43V4QV4UGN28 | Long             | LON              | CORP              | US        |     68553 | PA      | $68693.55     | 0.02%             | 2029-12-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                          | US Foods Inc 2024 1st Lien Term Loan B                                | CUSIP: 90351HAG3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | LON              | CORP              | US        |     92070 | PA      | $92703.44     | 0.02%             | 2031-10-03      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| United Airlines Inc                                   | United Airlines Inc 2024 1st Lien Term Loan B                         | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |     80802 | PA      | $81054.91     | 0.02%             | 2031-02-22      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                               | United Rentals North America Inc                                      | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    132000 | PA      | $135611.92    | 0.03%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Bills                                                   | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29809346.25  | 6.55%             | 2026-03-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corporation                              | Vertiv Group Corporation 2025 Term Loan                               | CUSIP: 92537EAG3<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |    139905 | PA      | $140509.76    | 0.03%             | 2032-08-12      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE EQUITY PTNRS VII LP                        | PROVIDENCE EQUITY PTNRS VII LP                                        | CUSIP: 000000000<br>LEI: 549300WQVK43AGRMH093 | Long             |  | PF                | XX        |   2873667 | NS      | $1286037.75   | 0.28%             |  |  |  | No            |                  3 | On Loan: No      |
| Vizient Inc                                           | Vizient Inc 2024 Term Loan B                                          | CUSIP: 92855LAR7<br>LEI: 5493007V6T3HZ7777P70 | Long             | LON              | CORP              | US        |     37068 | PA      | $37137.41     | 0.01%             | 2031-08-01      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                          | Voya CLO 2024-1 Ltd                                                   | CUSIP: 92920DAC9<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002518.80   | 0.22%             | 2037-04-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| WMG Acquisition Corp                                  | WMG Acquisition Corp 2024 Term Loan J                                 | CUSIP: 92929LBA5<br>LEI: 549300NAS11NXI33CP80 | Long             | LON              | CORP              | US        |    191000 | PA      | $191418.29    | 0.04%             | 2031-01-24      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                              | Boost Newco Borrower LLC 2025 USD Term Loan B2                        | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |    142563 | PA      | $142652.51    | 0.03%             | 2031-01-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                             | BlackRock Liquidity Funds: T-Fund, Institutional Shares               | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  18373873 | NS      | $18373872.81  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SIERRA SPACE CORPORATION                              | SIERRA SPACE CORPORATION                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    157964 | NS      | $1790727.14   | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMBERJACK CAPITAL FEEDER FUND CAYMAN LP               | AMBERJACK CAPITAL FEEDER FUND CAYMAN LP                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     16973 | NS      | $78495.00     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| C BRIDGE INVESTMENT YANENG LTD                        | C BRIDGE INVESTMENT YANENG LTD                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3162993 | NS      | $2671985.78   | 0.59%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PLATINUM EQUITY CONTINUATION FUND LP                  | PLATINUM EQUITY CONTINUATION FUND LP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1717529 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BEHRMAN CAPITAL MICROSS CF LP                         | BEHRMAN CAPITAL MICROSS CF LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2707702 | NS      | $5442521.64   | 1.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GA ATLAS, L.P.                                        | GA ATLAS, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2983925 | NS      | $2517235.76   | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALEPH INFINITY INVESTORS 2 LP                         | ALEPH INFINITY INVESTORS 2 LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   4792321 | NS      | $2819312.79   | 0.62%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 16057349 CANADA INC                                   | 16057349 CANADA INC                                                   | CUSIP: 000000000<br>LEI: 5493005JT54IX5MZ9P52 | Long             |  | PF                | US        |     95986 | NS      | $4370549.74   | 0.96%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RB Rouge Co-Invest B LP                               | RB Rouge Co-Invest B LP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2995397 | NS      | $5260001.00   | 1.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NP Salon Co-Investment LP I                           | NP Salon Co-Investment LP I                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2000000 | NS      | $1195394.00   | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SL RIVIERA INVESTORS 2021 LP                          | SL RIVIERA INVESTORS 2021 LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2078007 | NS      | $2457674.00   | 0.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATTENTIVE MOBILE                                      | ATTENTIVE MOBILE                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     74536 | NS      | $2258440.80   | 0.50%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATTENTIVE MOBILE                                      | ATTENTIVE MOBILE                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     13033 | NS      | $394899.90    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATTENTIVE MOBILE                                      | ATTENTIVE MOBILE                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      2073 | NS      | $62811.90     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATLAS CO INVESTMENT FUND 2 LP                         | ATLAS CO INVESTMENT FUND 2 LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    796669 | NS      | $1172776.61   | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KOHLBERG TE INVESTORS VII CV L.P.                     | KOHLBERG TE INVESTORS VII CV L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3168964 | NS      | $3519115.51   | 0.77%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PACIFIC AVENUE EMERALD CONTINUATION FUND (A) LP       | PACIFIC AVENUE EMERALD CONTINUATION FUND (A) LP                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2035590 | NS      | $2910894.09   | 0.64%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INOVIA CONTINUITY FUND I, L.P.                        | INOVIA CONTINUITY FUND I, L.P.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2089671 | NS      | $2234341.15   | 0.49%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CREO CAPITAL PARTNERS V A LP                          | CREO CAPITAL PARTNERS V A LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2806597 | NS      | $2681652.96   | 0.59%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STG ALTERNATIVE INVESTMENTS SCA SICAV RAIF SUB FUND E | STG ALTERNATIVE INVESTMENTS SCA SICAV RAIF SUB FUND E                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2277046 | NS      | $5228391.77   | 1.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| YELLOWSTONE ULTIMATE HOLDINGS LP                      | YELLOWSTONE ULTIMATE HOLDINGS LP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   5095482 | NS      | $15013588.03  | 3.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMBERJACK CAPITAL FEEDER FUND B LP                    | AMBERJACK CAPITAL FEEDER FUND B LP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     72623 | NS      | $49099.97     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HORIZON CO INVESTMENT, L.P.                           | HORIZON CO INVESTMENT, L.P.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | KY        |   1760000 | NS      | $2011428.32   | 0.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROARK CAPITAL PARTNERS CF LP                          | ROARK CAPITAL PARTNERS CF LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2626499 | NS      | $4214146.99   | 0.93%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLEXE, INC.                                           | FLEXE, INC.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     84056 | NS      | $1539055.11   | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BCP VI CENTRAL CO INVEST L.P.                         | BCP VI CENTRAL CO INVEST L.P.                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | CA        |   7892058 | NS      | $12764558.99  | 2.80%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZENYTH PARTNERS LP                                    | ZENYTH PARTNERS LP                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   5081585 | NS      | $8757790.83   | 1.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GROTECH VENTURES III LP                               | GROTECH VENTURES III LP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1363075 | NS      | $959765.85    | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL EMPIRE HOLDINGS LP                       | BAIN CAPITAL EMPIRE HOLDINGS LP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3413571 | NS      | $3403333.68   | 0.75%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GROTECH VENTURES IV LP                                | GROTECH VENTURES IV LP                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    213465 | NS      | $186217.90    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECOVADIS S.A.S.                                       | ECOVADIS S.A.S.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |      2380 | NS      | $1274025.52   | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECOVADIS S.A.S.                                       | ECOVADIS S.A.S.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |      6350 | NS      | $3399185.79   | 0.75%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECOVADIS S.A.S.                                       | ECOVADIS S.A.S.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |       780 | NS      | $417539.60    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LINDSAY GOLDBERG-TORREY CO-INV                        | LINDSAY GOLDBERG-TORREY CO-INV                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   4775866 | NS      | $5838496.19   | 1.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BLUEGEM III CO INVEST A, SCSP                         | BLUEGEM III CO INVEST A, SCSP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | LU        |   1022524 | NS      | $1167695.44   | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAI MMF MASTER SARL SICAV-RAIF                        | PAI MMF MASTER SARL SICAV-RAIF                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | LU        |   3069142 | NS      | $3698455.35   | 0.81%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHARME ANIMALIA COINVESTMENT FUND                     | CHARME ANIMALIA COINVESTMENT FUND                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | IT        |   3298924 | NS      | $3888149.71   | 0.85%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CAMPUS CO-INVESTMENT LP                               | CAMPUS CO-INVESTMENT LP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2605632 | NS      | $4478324.92   | 0.98%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VCF COMPASS CO INVESTOR HOLDINGS LP                   | VCF COMPASS CO INVESTOR HOLDINGS LP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  12429050 | NS      | $16706171.97  | 3.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VESTAR CAPITAL PARTNERS RAINFOREST LP                 | VESTAR CAPITAL PARTNERS RAINFOREST LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   6163906 | NS      | $8500001.62   | 1.87%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PACP CARTA CO INVEST, LP                              | PACP CARTA CO INVEST, LP                                              | CUSIP: 948WZRII0<br>LEI: N/A                  | Long             |  | PF                | US        |     27776 | NS      | $3172820.37   | 0.70%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BW PHOENIX CO INVEST, L.P.                            | BW PHOENIX CO INVEST, L.P.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2877182 | NS      | $5246932.67   | 1.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TTF Solutions, LLC                                    | TTF Solutions, LLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   4372048 | NS      | $4415768.48   | 0.97%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG ARKADY CO INVEST, L.P.                            | TPG ARKADY CO INVEST, L.P.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3332518 | NS      | $3500686.86   | 0.77%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GROQ INC                                              | GROQ INC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    229091 | NS      | $14322067.16  | 3.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LOTUS CO INVEST L.P.                                  | LOTUS CO INVEST L.P.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |   2664547 | NS      | $4361570.96   | 0.96%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAMLICO CAPITAL III CONTINUATION FUND LP              | PAMLICO CAPITAL III CONTINUATION FUND LP                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3074708 | NS      | $4314630.61   | 0.95%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROJECT CS CO INVEST FUND L.P.                        | PROJECT CS CO INVEST FUND L.P.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2825429 | NS      | $4407669.24   | 0.97%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STRIPE INC                                            | STRIPE INC                                                            | CUSIP: 000000000<br>LEI: 549300CLHGIPTCYHQ143 | Long             |  | PF                | US        |     97460 | NS      | $2553500.05   | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROVIDENCE EQ PTN IX A S.C.SP.                        | PROVIDENCE EQ PTN IX A S.C.SP.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1785801 | NS      | $1839798.26   | 0.40%             |  |  |  | No            |                  3 | On Loan: No      |
| ROMULUS INTERMEDIATE HOLDINGS 1 INC                   | ROMULUS INTERMEDIATE HOLDINGS 1 INC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     12000 | NS      | $16333616.00  | 3.59%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IK IX LUXCO 15 SARL                                   | IK IX LUXCO 15 SARL                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | LU        |     14391 | NS      | $23318.31     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STAR VICTOR CO INVESTMENT LP                          | STAR VICTOR CO INVESTMENT LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   5273038 | NS      | $6374881.47   | 1.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NC HARP CO INVEST BETA, L.P.                          | NC HARP CO INVEST BETA, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |   9923135 | NS      | $16478486.43  | 3.62%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VCF COMPASS CO-INVESTOR HOLDINGS II LP                | VCF COMPASS CO-INVESTOR HOLDINGS II LP                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1641051 | NS      | $2205774.39   | 0.48%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VISTA EQUITY PARTNERS HUBBLE L.P.                     | VISTA EQUITY PARTNERS HUBBLE L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |  13445524 | NS      | $22199998.80  | 4.88%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD+R OPAL CO INVESTOR, L.P.                           | CD+R OPAL CO INVESTOR, L.P.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   5919535 | NS      | $6574271.09   | 1.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AI ROBIN + CY S.C.A.                                  | AI ROBIN + CY S.C.A.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | LU        |   4056633 | NS      | $13198832.47  | 2.90%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BETTER LIFE HEALTH, INC.                              | BETTER LIFE HEALTH, INC.                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     19663 | NS      | $4384259.17   | 0.96%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ANGEL LUX HOLDCO II S.A R.L.                          | ANGEL LUX HOLDCO II S.A R.L.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | LU        |     14987 | NS      | $1047291.56   | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RUBICON CONTINUATION FUND L P                         | RUBICON CONTINUATION FUND L P                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2757128 | NS      | $3580643.87   | 0.79%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EPIONE CO-INVEST LP                                   | EPIONE CO-INVEST LP                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GR        |   3243843 | NS      | $3550501.52   | 0.78%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AQUILINE MADONNA CO INVEST L.P                        | AQUILINE MADONNA CO INVEST L.P                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | KY        |   5934740 | NS      | $7340757.06   | 1.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WEX Inc                                               | WEX Inc 2024 Term Loan B2                                             | CUSIP: 96208UAW1<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |     59274 | PA      | $59394.25     | 0.01%             | 2028-03-31      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| WEX Inc                                               | WEX Inc 2025 Incremental Term Loan B                                  | CUSIP: 96208UAX9<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |     24812 | PA      | $24791.91     | 0.01%             | 2032-03-05      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| WhiteWater DBR HoldCo LLC                             | WhiteWater DBR HoldCo LLC 1st Lien Term Loan B                        | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |     26663 | PA      | $26796.50     | 0.01%             | 2031-03-03      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Whitewater Whistler Holdings, LLC                     | Whitewater Whistler Holdings LLC 2024 Refinancing Term Loan           | CUSIP: 96620EAF4<br>LEI: 549300FRGKJP12ZORL46 | Long             | LON              | CORP              | US        |     58985 | PA      | $58739.50     | 0.01%             | 2030-02-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                        | DATABRICKS INC                                                        | CUSIP: 000000000<br>LEI: 984500FEDAC7FBD96273 | Long             |  | PF                | US        |     84799 | NS      | $16111810.00  | 3.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                          | Wyndham Hotels & Resorts Inc 2024 Term Loan                           | CUSIP: 98310CAF9<br>LEI: 549300FE3MQ4RVXXC673 | Long             | LON              | CORP              | US        |    180021 | PA      | $180334.28    | 0.04%             | 2030-05-24      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| AllSpring Buyer LLC                                   | AllSpring Buyer LLC 2024 Term Loan B                                  | CUSIP: 98922AAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     28855 | PA      | $28989.97     | 0.01%             | 2030-11-01      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| SYCAMORE PARTNERS WING CO-INVEST LP                   | SYCAMORE PARTNERS WING CO-INVEST LP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   9059978 | NS      | $9058021.04   | 1.99%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AESTAS MANAGEMENT COMPANY LLC                         | AESTAS MANAGEMENT COMPANY LLC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3000540 | NS      | $3003330.50   | 0.66%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Telenet Financing USD LLC                             | Telenet Financing USD LLC 2020 USD Term Loan AR                       | CUSIP: 000000000<br>LEI: 213800BMPOX34U6DWN81 | Long             | LON              | CORP              | US        |     60000 | PA      | $59955.00     | 0.01%             | 2028-04-30      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| DK Crown Holdings Inc                                 | DK Crown Holdings Inc 2025 Term Loan B                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     44662 | PA      | $44654.46     | 0.01%             | 2032-03-04      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Whitewater Matterhorn Holdings LLC                    | Whitewater Matterhorn Holdings LLC 2025 Term Loan B                   | CUSIP: 000000000<br>LEI: 2138009J7G187M6C4Q91 | Long             | LON              | CORP              | US        |     16000 | PA      | $16047.36     | 0.00%             | 2032-06-16      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments LLC                                   | Shift4 Payments LLC 2025 Term Loan                                    | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | LON              | CORP              | US        |     55860 | PA      | $56151.03     | 0.01%             | 2032-06-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| GVC Holdings (Gibraltar) Limited                      | GVC Holdings (Gibraltar) Limited 2025 Term Loan B5 (2032)             | CUSIP: 000000000<br>LEI: 213800ATWJIEYQ8NF838 | Long             | LON              | CORP              | GI        |     26931 | PA      | $26699.43     | 0.01%             | 2032-07-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC                            | Outfront Media Capital LLC 2025 Term Loan B                           | CUSIP: 000000000<br>LEI: 5493005WC7J0FDMW0610 | Long             | LON              | CORP              | US        |     64000 | PA      | $64160.00     | 0.01%             | 2032-09-24      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                     | HERC HOLDINGS INC REPRICED TERM LOAN B                                | CUSIP: 000000000<br>LEI: 549300TP80QLITMSBP82 | Long             | LON              | CORP              | US        |     38000 | PA      | $38134.52     | 0.01%             | 2032-06-02      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                        | TRSWAP: MODG US EQUITY                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    280793 | OU      | $94859.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                        | TRSWAP: DV US EQUITY                                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    676071 | OU      | $-162178.88   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                        | TRSWAP: DV US EQUITY                                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     45317 | OU      | $-12556.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                        | TRSWAP: MODG US EQUITY                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |    158883 | OU      | $33405.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Canada                                            | Air Canada 2024 Term Loan B                                           | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    104174 | PA      | $104695.07    | 0.02%             | 2031-03-21      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Celestica Inc                                         | Celestica Inc 2024 Term Loan B                                        | CUSIP: 000000000<br>LEI: 549300J3CG5T6RZWLN53 | Long             | LON              | CORP              | CA        |     35460 | PA      | $35637.30     | 0.01%             | 2031-06-20      | Floating      | 5.48%                 | No            |                  3 | On Loan: No      |
| 1011778 BC Unlimited Liability Company                | 1011778 BC Unlimited Liability Company 2024 Term Loan B6              | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    141683 | PA      | $141726.64    | 0.03%             | 2030-09-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                     | Clarios Global LP 2024 USD Term Loan B                                | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     96030 | PA      | $96042.48     | 0.02%             | 2030-05-06      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                     | Clarios Global LP 2025 USD Term Loan B                                | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     24938 | PA      | $25031.02     | 0.01%             | 2032-01-28      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                                | Froneri Lux Finco Sarl 2024 USD Term Loan B4                          | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | LON              | CORP              | US        |    161972 | PA      | $161790.52    | 0.04%             | 2031-09-30      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                                | Froneri Lux Finco Sarl 2025 USD Term Loan B6                          | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | LON              | CORP              | US        |     29000 | PA      | $28988.98     | 0.01%             | 2032-09-30      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Ineos US Finance LLC                                  | Ineos US Finance LLC 2023 USD Term Loan B                             | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |     56845 | PA      | $45831.64     | 0.01%             | 2030-02-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Holdings UK Ltd                         | INEOS Quattro Holdings UK Ltd 2024 USD Term Loan B                    | CUSIP: 000000000<br>LEI: 213800HKSMBSJQ32CA45 | Long             | LON              | CORP              | US        |     34738 | PA      | $23013.59     | 0.01%             | 2031-10-07      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux Sarl                               | Jazz Financing Lux Sarl 2024 1st Lien Term Loan B2                    | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    120666 | PA      | $121118.82    | 0.03%             | 2028-05-05      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing Designated Activity Company  | Setanta Aircraft Leasing Designated Activity Company 2024 Term Loan B | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |     48650 | PA      | $48861.14     | 0.01%             | 2028-11-05      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Delta 2 (LUX) S.a.r.l.                                | Delta 2 (LUX) Sarl 2024 Term Loan B1                                  | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |     98859 | PA      | $99106.02     | 0.02%             | 2031-09-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| ICON Luxembourg SARL                                  | ICON Luxembourg SARL 2024 LUX Term Loan B                             | CUSIP: 000000000<br>LEI: 635400PUWMHSPI2DDA35 | Long             | LON              | CORP              | LU        |     35275 | PA      | $35528.24     | 0.01%             | 2028-07-03      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| PRA Health Sciences Inc                               | PRA Health Sciences Inc 2024 US Term Loan B                           | CUSIP: 000000000<br>LEI: 549300R1HR1VWWHIAK47 | Long             | LON              | CORP              | US        |      8789 | PA      | $8851.85      | 0.00%             | 2028-07-03      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Flutter Financing BV                                  | Flutter Financing BV 2024 Term Loan B                                 | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |     66781 | PA      | $66669.18     | 0.01%             | 2030-11-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Flutter Financing BV                                  | Flutter Financing BV 2025 Term Loan B                                 | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |     47760 | PA      | $47760.00     | 0.01%             | 2032-06-04      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** BlackRock Private Investments Fund

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer