0001803498bcred:InterestRateSwap2Memberus-gaap:DerivativeMember2023-01-012023-06-300001803498bcred:ThirdPartyInvestorMemberbcred:SpecialLendingCompanyMember2021-10-112021-10-110001803498Vertex Aerospace Services Corp., Verdelite JV LP2023-06-30
Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 20222023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  __________  to __________
Commission File Number 814-01358

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

Delaware84-7071531
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
345 Park Avenue, 31st Floor
New York, New York
10154
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 503-2100
N/A
(Former name, former address and former fiscal year, if changed since last report)
________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  x   No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitiondefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
The number of shares of Registrant’s common shares of beneficial interest (“Common Stock,Shares”), $0.01 par value per share, outstanding as of August 12, 20227, 2023 was 591,163,860, 252,246,023657,297,434, 322,587,176 and 38,832,08512,454,999 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude August 1, 20222023 subscriptions since the issuance price is not yet finalized at this time.


Table of Contents
Table of Contents
Page
Financial Statements
Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2023June 30, 2022 and December 31, 20212022 (Unaudited)
2
Consolidated Statement of Operations for the three months ended June 30, 2022 and 2021 (Unaudited)
4
Condensed Consolidated StatementStatements of Changes in Net AssetsOperations for the three months ended June 30, 2022 and 2021 (Unaudited)
5
Consolidated Statement of Cash Flows for six months ended June 30, 2023June and 2022 30, 2022 and 2021 (Unaudited)
6
Condensed Consolidated ScheduleStatements of Investments asChanges in Net Assets for the three and six months ended June 30, 2023 and 2022 (Unaudited)
7
Condensed Consolidated Statements of Cash Flows for the Junesix 3months ended June 30, 20230, 2022 and December 31, 20212022 (Unaudited)
8
Condensed Consolidated Schedules of Investments as of June 30, 2023 and December 31, 2022 (Unaudited)
10
Notes toCondensed Consolidated Financial Statements (Unaudited)
6572
Management’s Discussion and Analysis of Financial Condition and Results of Operations
138177
Quantitative and Qualitative Disclosures About Market Risk
158192
Controls and Procedures
159192
Legal Proceedings
160193
Risk Factors
160193
Unregistered Sales of Equity Securities, and Use of Proceeds and Issuer Purchases of Equity Securities
160193
Defaults Upon Senior Securities
160193
160193
160193
161194
Signatures


Table of Contents
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Private Credit Fund (together, with its consolidated subsidiaries, the ““Company,” “we,” "“weus" or “our,” “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•our future operating results;
•our business prospects and the prospects of the companies in which we may invest;
•the impact of the investments that we expect to make;
•our ability to raise sufficient capital and repurchase shares to execute our investment strategy;
•general economic, logistical and political trends and other external factors, including the current novel coronavirus ("COVID-19") pandemic, related COVID-19 variants, inflation and recent supply chain and labor market disruptions;
•turmoil in Ukraine and Russia and the potential for volatility in energy prices and its impact on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•our current and expected financing arrangements and investments;
•changes in the general interest rate environment;
•the adequacy of our cash resources, financing sources and working capital;
•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
•our contractual arrangements and relationships with third parties;
•risks associated with the demand for liquidity under our share repurchase program and the Board of Trustee’s (the “Board”) continued approval of quarterly tender offers;
•actual and potential conflicts of interest with Blackstone Credit BDC Advisors LLC (the “Adviser”) or any of its affiliates;
•the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;
•the dependence of our future success on the general economy and its effect on the industries in which we may invest;
•our use of financial leverage;leverage, including the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital on favorable terms or at all;
•our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to challenges posed by the COVID-19 pandemic;COVID-19;
•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
•the impact of future acquisitions and divestitures;
•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
•general price and volume fluctuations in the stock market;
•our ability to qualify for and maintain our qualification as a regulated investment company and as a business development company (“BDC”);
•the impact on our business of U.S. and international financial reform legislation, rules and regulations;
•the effect of changes to tax legislation and our tax position; and
•the tax status of the enterprises in which we may invest.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” in Part I, Item 1A of our annual reportAnnual Report on Form 10-K for the year ended December 31, 20212022 as updated by the Company's periodic filings with the United States Securities and Exchange Commission.Commission (the “SEC”). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.
Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act“Exchange Act””).
13

Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Blackstone Private Credit Fund
CondensedConsolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
June 30, 2022December 31, 2021
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $46,155,408 and $30,483,619 at June 30, 2022 and December 31, 2021, respectively)$45,273,003 $30,579,870 
Non-controlled/affiliated investments (cost of $719 and $583 at June 30, 2022 and December 31, 2021, respectively)1,797 1,614 
Controlled/affiliated investments (cost of $984,900 and $213,821 at June 30, 2022 and December 31, 2021, respectively)951,146 214,209 
Total investments at fair value (cost of $47,141,027 and $30,698,023 at June 30, 2022 and December 31, 2021, respectively)46,225,946 30,795,693 
Cash and cash equivalents (restricted cash of $138,810 and $2,500 at June 30, 2022 and December 31, 2021, respectively)1,644,386 617,986 
Interest receivable from non-controlled/non-affiliated investments412,441 194,493 
Deferred financing costs95,256 76,357 
Deferred offering costs4,381 2,471 
Receivable for investments sold733,335 663,594 
Subscription receivable3,517 826 
Unrealized appreciation on foreign currency forward contracts (Note 5)— 1,505 
Other assets3,853 789 
Total assets$49,123,115 $32,353,714 
LIABILITIES
Debt (net of unamortized debt issuance costs of $94,091 and $61,526 at June 30, 2022 and December 31, 2021, respectively)$25,378,087 $18,239,934 
Payable for investments purchased1,949,274 997,408 
Management fees payable (Note 3)64,941 35,038 
Income based incentive fees payable (Note 3)62,964 36,004 
Capital gains incentive fees payable (Note 3)— 15,058 
Interest payable147,634 50,294 
Due to affiliates17,408 9,348 
Distribution payable (Note 8)144,580 100,155 
Payable for share repurchases (Note 8)284,910 12,205 
Unrealized depreciation on foreign currency forward contracts583 — 
Accrued expenses and other liabilities102,022 3,450 
Total liabilities28,152,403 19,498,894 
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, $0.01 par value (845,602,205 and 495,831,116 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively)8,456 4,958 
Additional paid in capital21,766,326 12,734,425 
Distributable earnings (loss)(804,070)115,437 
Total net assets20,970,712 12,854,820 
Total liabilities and net assets$49,123,115 $32,353,714 

The accompanying notes are an integral part of these consolidated financial statements.
June 30, 2023December 31, 2022
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $46,107,745 and $47,528,550 at June 30, 2023 and December 31, 2022, respectively)$45,356,457 $46,543,190 
Non-controlled/affiliated investments (cost of $558 and $719 at June 30, 2023 and December 31, 2022, respectively)2,779 2,813 
Controlled/affiliated investments (cost of $2,317,940 and $2,406,027 at June 30, 2023 and December 31, 2022, respectively)2,325,632 2,362,605 
Total investments at fair value (cost of $48,426,243 and $49,935,296 at June 30, 2023 and December 31, 2022, respectively)47,684,868 48,908,608 
Cash and cash equivalents (restricted cash of $3,701 and $3,701 at June 30, 2023 and December 31, 2022, respectively)1,389,032 1,351,901 
Interest receivable from non-controlled/non-affiliated investments559,248 586,632 
Dividend receivable from controlled/affiliated investments52,002 69,964 
Receivable from broker375,711 355,742 
Deferred financing costs110,532 102,324 
Deferred offering costs748 1,750 
Receivable for investments sold1,440,628 1,297,385 
Subscription receivable1,686 9,550 
Derivative assets at fair value (Note 6)— 3,952 
Other assets581 5,088 
Total assets$51,615,036 $52,692,896 
LIABILITIES
Debt (net of unamortized debt issuance costs of $89,965 and $102,290 at June 30, 2023 and December 31, 2022, respectively)$24,000,374 $26,493,658 
Payable for investments purchased1,562,973 1,345,581 
Management fees payable (Note 3)75,636 73,392 
Income based incentive fees payable (Note 3)109,501 94,117 
Interest payable322,263 316,000 
Derivative liabilities at fair value (Note 6)275,381 250,351 
Due to affiliates43,493 38,967 
Distribution payable (Note 9)205,657 198,736 
Payable for share repurchases (Note 9)1,204,469 1,170,768 
Accrued expenses and other liabilities19,650 26,261 
Total liabilities27,819,397 30,007,831 
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (957,303,603 and 922,574,582 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively)9,573 9,226 
Additional paid in capital24,546,310 23,689,778 
Distributable earnings (loss)(760,244)(1,013,939)
Total net assets23,795,639 22,685,065 
Total liabilities and net assets$51,615,036 $52,692,896 

The accompanying notes are an integral part of these condensed consolidated financial statements.
24

Table of Contents
Blackstone Private Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets$14,048,171 $8,985,674 
Common shares outstanding ($0.01 par value, unlimited shares authorized)566,461,843 346,591,556 
Net asset value per share$24.80 $25.93 
Class S Shares:
Net assets$6,014,726 $3,433,213 
Common shares outstanding ($0.01 par value, unlimited shares authorized)242,530,420 132,425,100 
Net asset value per share$24.80 $25.93 
Class D Shares:
Net assets$907,815 $435,933 
Common shares outstanding ($0.01 par value, unlimited shares authorized)36,609,942 16,814,460 
Net asset value per share$24.80 $25.93 
The accompanying notes are an integral part of these consolidated financial statements.
3

Blackstone Private Credit Fund
Consolidated Statement of Operations
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Investment income:
From non-controlled/non-affiliated investments:
Interest income$667,704 $114,433 $1,180,511 $148,636 
Payment-in-kind interest income31,373 578 52,792 700 
Dividend income— — 1,510 — 
Fee income13,448 8,113 14,097 8,177 
From controlled/affiliated investments:
Dividend income24,312 — 43,613 — 
Total investment income736,837 123,124 1,292,523 157,513 
Expenses:
Interest expense158,169 17,345 271,559 20,785 
Management fees (Note 3)64,941 12,620 115,568 17,000 
Income based incentive fee (Note 3)62,964 10,916 111,112 13,761 
Capital gains incentive fee (Note 3)(4,557)6,517 (15,059)9,319 
Distribution and shareholder servicing fees
Class S12,439 1,798 21,892 2,156 
Class D538 23 921 23 
Professional fees3,939 1,009 5,627 1,587 
Board of Trustees’ fees208 140 402 279 
Administrative service expenses (Note 3)1,007 324 2,193 619 
Other general & administrative3,476 1,324 5,846 2,259 
Organization costs— — — 1,090 
Amortization of continuous offering costs1,214 838 2,142 1,609 
Total expenses304,338 52,854 522,203 70,487 
Expense support (Note 3)— — — (2,199)
Recoupment of expense support (Note 3)— 2,199 — 2,199 
Management fees waived (Note 3)— (12,620)— (17,000)
Incentive fees waived (Note 3)— (10,916)— (13,761)
Net expenses304,338 31,517 522,203 39,726 
Net investment income before excise tax432,499 91,607 770,320 117,787 
Excise tax expense175 — 292 — 
Net investment income after excise tax432,324 91,607 770,028 117,787 
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(836,816)52,318 (914,911)68,528 
Controlled/affiliated investments(38,939)3 (34,142)3 
Non-controlled/affiliated investments(138)— 46 — 
Foreign currency forward contracts11,793 — (1,669)— 
Forward purchase obligation (Note 7)— (1,910)— — 
Net unrealized appreciation (depreciation)(864,100)50,411 (950,676)68,531 
Realized gain (loss):
Non-controlled/non-affiliated investments(17,565)360 (15,903)777 
Forward purchase obligation (Note 7)— 2,248 — 3,709 
Derivative (Note 7)— — — 2,334 
Foreign currency transactions3,634 (883)4,587 (802)
Net realized gain (loss)(13,931)1,725 (11,316)6,018 
Net realized and unrealized gain (loss)(878,031)52,136 (961,992)74,549 
Net increase (decrease) in net assets resulting from operations$(445,707)$143,743 $(191,964)$192,336 
Blackstone Private Credit Fund
Condensed Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHAREJune 30, 2023December 31, 2022
Class I Shares:
Net assets$15,829,602 $14,537,932 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)636,830,636 591,237,616 
Net asset value per share$24.86 $24.59 
Class S Shares:
Net assets$7,769,195 $6,947,313 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)312,554,067 282,541,041 
Net asset value per share$24.86 $24.59 
Class D Shares:
Net assets$196,842 $1,199,819 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)7,918,900 48,795,925 
Net asset value per share$24.86 $24.59 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Blackstone Private Credit Fund
Condensed Consolidated StatementStatements of Operations
(in thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Investment income:
From non-controlled/non-affiliated investments:
Interest income$1,274,647 $667,704 $2,506,394 $1,180,511 
Payment-in-kind interest income51,402 31,373 92,222 52,792 
Dividend income— — — 1,510 
Fee income384 13,448 1,381 14,097 
From non-controlled/affiliated investments:
Dividend income7 — 7 — 
From controlled/affiliated investments:
Payment-in-kind interest income262 — 262 — 
Dividend income80,603 24,312 142,781 43,613 
Total investment income1,407,305 736,837 2,743,047 1,292,523 
Expenses:
Interest expense438,599 158,169 874,822 271,559 
Management fees (Note 3)75,635 64,941 149,238 115,568 
Income based incentive fees (Note 3)109,501 62,964 210,259 111,112 
Capital gains incentive fees (Note 3)— (4,557)— (15,059)
Distribution and shareholder servicing fees
Class S16,297 12,439 31,688 21,892 
Class D121 538 681 921 
Professional fees3,959 3,939 7,980 5,627 
Board of Trustees’ fees240 208 464 402 
Administrative service expenses (Note 3)1,432 1,007 3,354 2,193 
Other general & administrative4,728 3,476 9,372 5,846 
Amortization of continuous offering costs1,016 1,214 2,315 2,142 
Total expenses651,528 304,338 1,290,173 522,203 
Net investment income before excise tax755,777 432,499 1,452,874 770,320 
Excise tax expense5,691 175 13,433 292 
Net investment income after excise tax750,086 432,324 1,439,441 770,028 
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments14,594 (836,816)137,836 (914,911)
Controlled/affiliated investments5,315 (38,939)51,114 (34,142)
Non-controlled/affiliated investments(215)(138)127 46 
Derivative instruments (Note 6)(3,026)11,793 (14,966)(1,669)
Foreign currency and other transactions(4,523)— (5,783)— 
Net unrealized appreciation (depreciation)12,145 (864,100)168,328 (950,676)
Realized gain (loss):
Non-controlled/non-affiliated investments(76,354)(17,565)(178,050)(15,903)
Non-controlled/affiliated investments213 — 213 — 
Derivative instruments (Note 6)(2,464)— 2,306 — 
Foreign currency and other transactions(820)3,634 3,423 4,587 
Net realized gain (loss)(79,425)(13,931)(172,108)(11,316)
Net realized and unrealized gain (loss)(67,280)(878,031)(3,780)(961,992)
Net increase (decrease) in net assets resulting from operations$682,806 $(445,707)$1,435,661 $(191,964)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
Blackstone Private Credit Fund
Condensed Consolidated Statements of Changes in Net Assets
(in thousands)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20222021202220212023202220232022
Operations:Operations:Operations:
Net investment income$432,324 $91,607 $770,028 $117,787 
Net realized gain (loss) on investments(13,931)1,725 (11,316)6,018 
Net change in unrealized appreciation (depreciation) on investments(864,100)50,411 (950,676)68,531 
Net investment income after excise taxNet investment income after excise tax$750,086 $432,324 $1,439,441 $770,028 
Net realized gain (loss)Net realized gain (loss)(79,425)(13,931)(172,108)(11,316)
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)12,145 (864,100)168,328 (950,676)
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations(445,707)143,743 (191,964)192,336 Net increase (decrease) in net assets resulting from operations682,806 (445,707)1,435,661 (191,964)
Distributions to common shareholders:Distributions to common shareholders:Distributions to common shareholders:
Class IClass I(286,660)(76,615)(511,347)(97,735)Class I(415,176)(286,660)(807,405)(511,347)
Class SClass S(106,896)(19,303)(187,144)(21,833)Class S(178,614)(106,896)(347,507)(187,144)
Class DClass D(17,015)(1,065)(28,996)(1,065)Class D(4,804)(17,015)(27,053)(28,996)
Net decrease in net assets resulting from distributionsNet decrease in net assets resulting from distributions(410,571)(96,983)(727,487)(120,633)Net decrease in net assets resulting from distributions(598,594)(410,571)(1,181,965)(727,487)
Share transactions:Share transactions:Share transactions:
Class I:Class I:Class I:
Proceeds from shares soldProceeds from shares sold2,465,578 1,863,782 5,719,346 3,669,228 Proceeds from shares sold991,563 2,465,578 1,461,821 5,719,346 
Share transfers between classesShare transfers between classes25,240 2,745 39,479 2,745 Share transfers between classes19,887 25,240 1,131,859 39,479 
Distributions reinvestedDistributions reinvested117,013 19,715 218,785 24,563 Distributions reinvested185,625 117,013 355,737 218,785 
Repurchased shares, net of early repurchase deductionRepurchased shares, net of early repurchase deduction(255,340)(1,239)(293,192)(1,239)Repurchased shares, net of early repurchase deduction(1,069,607)(255,340)(1,820,533)(293,192)
Net increase (decrease) from share transactionsNet increase (decrease) from share transactions2,352,491 1,885,003 5,684,418 3,695,297 Net increase (decrease) from share transactions127,468 2,352,491 1,128,884 5,684,418 
Class S:Class S:Class S:
Proceeds from shares soldProceeds from shares sold1,309,690 813,582 2,805,720 1,093,871 Proceeds from shares sold534,160 1,309,690 892,824 2,805,720 
Share transfers between classesShare transfers between classes(3,754)— (4,520)— Share transfers between classes(8,406)(3,754)(42,140)(4,520)
Distributions reinvestedDistributions reinvested44,483 4,766 81,177 5,341 Distributions reinvested80,362 44,483 155,962 81,177 
Repurchased shares, net of early repurchase deductionRepurchased shares, net of early repurchase deduction(25,142)6 (41,612)6 Repurchased shares, net of early repurchase deduction(131,460)(25,142)(263,106)(41,612)
Net increase (decrease) from share transactionsNet increase (decrease) from share transactions1,325,277 818,354 2,840,765 1,099,218 Net increase (decrease) from share transactions474,656 1,325,277 743,540 2,840,765 
Class D:Class D:Class D:
Proceeds from shares soldProceeds from shares sold262,493 80,347 534,032 80,347 Proceeds from shares sold20,071 262,493 72,284 534,032 
Share transfers between classesShare transfers between classes(21,486)(2,745)(34,959)(2,745)Share transfers between classes(11,481)(21,486)(1,089,719)(34,959)
Distributions reinvestedDistributions reinvested7,831 62 13,305 62 Distributions reinvested707 7,831 15,705 13,305 
Repurchased shares, net of early repurchase deductionRepurchased shares, net of early repurchase deduction(2,023)— (2,218)— Repurchased shares, net of early repurchase deduction(3,351)(2,023)(13,816)(2,218)
Net increase (decrease) from share transactionsNet increase (decrease) from share transactions246,815 77,664 510,160 77,664 Net increase (decrease) from share transactions5,946 246,815 (1,015,546)510,160 
Total increase (decrease) in net assetsTotal increase (decrease) in net assets3,068,305 2,827,781 8,115,892 4,943,882 Total increase (decrease) in net assets692,282 3,068,305 1,110,574 8,115,892 
Net assets, beginning of periodNet assets, beginning of period17,902,407 2,116,153 12,854,820 52 Net assets, beginning of period23,103,357 17,902,407 22,685,065 12,854,820 
Net assets, end of periodNet assets, end of period$20,970,712 $4,943,934 $20,970,712 $4,943,934 Net assets, end of period$23,795,639 $20,970,712 $23,795,639 $20,970,712 
The accompanying notes are an integral part of these consolidated financial statements.
5

Blackstone Private Credit Fund
Consolidated Statement of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$(191,964)$192,336 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments949,007 (68,531)
Net change in unrealized gain/loss on foreign currency forward contracts1,669 — 
Net realized (gain) loss on investments15,903 (777)
Net realized (gain) loss on forward purchase obligation— (3,709)
Net realized (gain) loss on derivative— (2,334)
Payment-in-kind interest capitalized(62,785)— 
Net accretion of discount and amortization of premium(56,991)(6,155)
Amortization of deferred financing costs10,778 2,268 
Amortization of debt issuance costs and original issue discount on notes8,866 2 
Amortization of offering costs2,142 1,609 
Payment in connection with purchase of Syndicated Warehouse, net of cash received— (44,521)
Payment in connection with Purchase Agreement transaction, net of cash received— (697,431)
Purchases of investments(17,826,021)(10,637,605)
Proceeds from sale of investments and principal repayments1,486,289 723,427 
Changes in operating assets and liabilities:
Interest receivable(217,947)(37,620)
Receivable for investments(69,741)(255,469)
Other assets(5,060)(84)
Payable for investments purchased951,867 2,169,374 
Management fee payable29,902 — 
Income based incentive fee payable26,959 — 
Capital gains incentive fee payable(15,058)9,319 
Due to affiliates8,060 4,236 
Interest payable97,339 6,654 
Accrued expenses and other liabilities(13,317)5,204 
Net cash provided by (used in) operating activities(14,870,103)(8,639,807)
Cash flows from financing activities:
Borrowings on debt11,805,978 7,048,495 
Repayments on debt(4,482,363)(2,689,814)
Deferred financing costs paid(36,082)(27,540)
Debt issuance costs paid(6,362)(227)
Deferred offering costs paid(4,666)(3,113)
Proceeds from issuance of common shares9,056,410 4,843,446 
Repurchased shares, net of early repurchase deduction paid(66,723)— 
Dividends paid in cash(369,689)(35,899)
Net cash provided by (used in) financing activities15,896,503 9,135,348 
Net increase (decrease) in cash and cash equivalents1,026,400 495,541 
Effect of foreign exchange rate changes on cash and cash equivalents— (26)
Cash and cash equivalents, beginning of period617,986 52 
Cash and cash equivalents, end of period$1,644,386 $495,567 
The accompanying notes are an integral part of these consolidated financial statements.
6

Blackstone Private Credit Fund
Consolidated Statement of Cash Flows
(in thousands)
Supplemental information and non-cash activities:
Interest paid during the period$181,128 $11,837 
Distribution payable$144,580 $54,770 
Reinvestment of dividends during the period$313,267 $29,966 
Accrued but unpaid debt financing and debt issuance costs$2,004 $5,254 
Accrued but unpaid offering costs$6 $289 
Share repurchases accrued but not yet paid$282,505 $1,233 
Non-cash assets acquired/liabilities assumed:
Syndicated Warehouse (Note 7):
Investments$— $300,464 
Debt$— $(134,000)
Other assets/liabilities, net$— $(118,411)
Twin Peaks (Note 11):
Investments$— $1,023,188 
Debt$— $(337,648)
Other assets/liabilities, net$— $35,473 

The accompanying notes are an integral part of thesecondensed consolidated financial statements.
7
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Investments—non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC (9)L + 3.75%5.42%1/29/2027$7,972 $7,857 $7,613 0.04 %
Amentum Government Services Holdings, LLC (9)SOFR + 4.00%5.60%2/15/202919,306 19,219 18,437 0.09 
Atlas CC Acquisition Corp. (7)(10)L + 4.25%5.82%5/25/202859,095 56,947 51,337 0.24 
Corfin Holdings, Inc. (4)(11)L + 5.75%8.00%2/5/202630,735 30,726 30,658 0.15 
Corfin Holdings, Inc. (4)(11)L + 5.75%7.32%2/5/20261,702 1,676 1,698 0.01 
Linquest Corp. (4)(5)(7)(10)L + 5.75%6.50%7/28/2028156,319 153,217 152,354 0.73 
Loar Group, Inc. (4)(7)(11)L + 7.25%8.92%10/2/202329,271 27,520 27,271 0.13 
MAG DS Corp. (11)L + 5.50%7.75%4/1/202710,614 10,464 9,765 0.05 
Maverick Acquisition, Inc. (4)(5)(7)(11)L + 6.00%8.25%6/1/202748,959 47,936 46,953 0.22 
Peraton Corp. (10)L + 3.75%5.42%2/1/202880,489 80,284 75,803 0.36 
Vertex Aerospace Services Corp. (10)L + 4.00%5.67%10/27/202840,284 40,193 38,345 0.18 
West Star Aviation Acquisition, LLC (4)(7)(10)L + 6.00%6.75%3/1/20284,091 3,991 3,991 0.02 
480,031 464,226 2.21 
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.75%6/11/2027269,950 265,239 267,251 1.27 
Livingston International, Inc. (4)(6)(10)L + 5.50%7.75%4/30/2027105,148 104,447 104,096 0.50 
Mode Purchaser, Inc. (4)(11)SOFR + 6.25%7.25%12/9/202634,213 33,356 34,213 0.16 
Mode Purchaser, Inc. (4)(11)SOFR + 6.25%7.25%2/5/2029170,029 166,824 170,029 0.81 
R1 Holdings, LLC (4)(7)(11)L + 6.00%7.00%1/2/202638,608 38,570 38,608 0.18 
Redwood Services Group, LLC (4)(7)(10)SOFR + 6.00%6.75%6/15/202936,851 36,032 36,395 0.17 
RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%7.95%12/31/2028218,288 213,726 215,524 1.03 
SEKO Global Logistics Network, LLC (4)(5)(11)E + 5.00%6.00%12/30/2026€35,393 40,465 37,093 0.18 
SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%6.67%12/30/2026104,864 103,750 104,718 0.50 
The Kenan Advantage Group, Inc. (10)L + 3.75%5.38%3/12/202642,639 42,440 40,187 0.19 
Wwex Uni Topco Holdings, LLC (10)L + 4.00%6.25%7/26/202817,605 17,520 16,085 0.08 
1,062,367 1,064,199 5.07 
Airlines
Air Canada (6)(10)L + 3.50%4.25%8/11/202816,819 16,684 15,515 0.07 
American Airlines, Inc. (6)(10)L + 4.75%5.81%3/11/20287,314 7,254 6,996 0.03 
United Airlines, Inc. (6)(10)L + 3.75%5.39%4/21/202826,509 26,547 24,753 0.12 
50,485 47,265 0.23 
Blackstone Private Credit Fund
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended June 30,
20232022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$1,435,661 $(191,964)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments(189,077)949,007 
Net change in unrealized gain/loss on derivative instruments14,966 1,669 
 Net change in unrealized gain/loss on translation of assets and liabilities in foreign currency5,783 — 
Net realized (gain) loss on investments177,837 15,903 
Net realized (gain) loss on translation of assets and liabilities in foreign currency(3,423)— 
Net realized (gain) loss on derivative instruments(2,306)— 
Payment-in-kind interest capitalized(99,977)(62,785)
Net accretion of discount and amortization of premium(82,560)(56,991)
Amortization of deferred financing costs15,190 10,778 
Amortization of debt issuance costs and original issue discount on notes13,242 8,866 
Amortization of deferred offering costs2,315 2,142 
Purchases of investments(1,677,844)(17,826,021)
Proceeds from sale of investments and principal repayments3,191,597 1,486,289 
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments27,384 (217,947)
Dividend receivable from Controlled/affiliated investments17,962 — 
Receivable from broker(19,969)— 
Receivable for investments sold(143,243)(69,741)
Other assets4,507 (5,060)
Payable for investments purchased217,392 951,867 
Management fees payable2,244 29,902 
Income based incentive fees payable15,384 26,959 
Capital gains incentive fees payable— (15,058)
Due to affiliates4,526 8,060 
Interest payable6,263 97,339 
Accrued expenses and other liabilities(6,611)(13,317)
Net cash provided by (used in) operating activities2,927,243 (14,870,103)
Cash flows from financing activities:
Borrowings on debt2,250,773 11,805,978 
Repayments on debt(4,830,765)(4,482,363)
Deferred financing costs paid(26,568)(36,082)
Debt issuance costs paid(1,377)(6,362)
Deferred offering costs paid(337)(4,666)
Proceeds from issuance of common shares2,426,929 9,056,410 
Repurchased shares, net of early repurchase deduction paid(2,056,186)(66,723)
Dividends paid in cash(647,345)(369,689)
Net cash provided by (used in) financing activities(2,884,876)15,896,503 
Net increase (decrease) in cash and cash equivalents42,367 1,026,400 
Effect of foreign exchange rate changes on cash and cash equivalents(5,236)— 
Cash and cash equivalents, beginning of period1,351,901 617,986 
Cash and cash equivalents, end of period$1,389,032 $1,644,386 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Auto Components
Clarios Global LP (6)(8)L + 3.25%4.92%4/30/202619,806 19,658 18,543 0.09 
GC EOS Buyer, Inc. (8)L + 4.50%6.17%8/1/202511,941 11,950 11,884 0.06 
Metis Buyer, Inc. (5)(7)(10)SOFR + 4.00%5.63%5/4/202857,750 56,397 52,629 0.25 
Wheel Pros, Inc. (10)L + 4.50%6.10%4/23/202825,776 25,782 21,468 0.10 
113,786 104,524 0.50 
Beverages
Arterra Wines Canada, Inc. (6)(10)L + 3.50%5.75%11/24/20277,917 7,903 7,429 0.04 
Naked Juice, LLC (9)SOFR + 3.25%5.40%1/24/202925,108 25,002 23,452 0.11 
Triton Water Holdings, Inc. (9)L + 3.50%5.75%3/31/202861,202 60,054 54,405 0.26 
92,958 85,286 0.41 
Building Products
Cornerstone Building Brands, Inc. (6)(9)L + 3.25%4.57%4/12/20287,410 7,385 6,182 0.03 
CP Atlas Buyer, Inc. (9)L + 3.75%5.42%11/23/202754,371 54,034 47,975 0.23 
Engineered Stone Group Holdings III Ltd. (4)(6)(7)(10)E + 5.75%7.25%4/23/2028€58,583 57,902 57,641 0.27 
Fencing Supply Group Acquisition, LLC (4)(5)(7)(11)L + 6.00%7.00%2/26/2027108,447 106,963 108,447 0.52 
Great Day Improvements, LLC (4)(10)L + 6.25%8.50%12/29/2027182,831 179,482 180,089 0.86 
Griffon Corporation (6)(9)P + 2.75%4.36%1/24/20291,265 1,262 1,212 0.01 
Illuminate Merger Sub Corp. (9)L + 3.50%6.38%6/30/202830,853 30,560 27,131 0.13 
Jacuzzi Brands, LLC (4)(10)SOFR + 6.00%8.05%2/25/2025258,938 256,034 258,938 1.23 
Kodiak BP, LLC (10)L + 3.25%5.50%2/25/202849,052 48,682 43,135 0.21 
L&S Mechanical Acquisition, LLC (4)(5)(7)(10)L + 5.75%8.00%9/1/2027114,219 112,251 109,650 0.52 
Lindstrom, LLC (4)(11)L + 6.25%7.31%4/7/202533,869 33,568 33,869 0.16 
Mi Windows and Doors, LLC (9)SOFR + 3.50%5.13%12/18/202711,772 11,797 11,075 0.05 
New Arclin US Holding Corp. (6)(7)(9)L + 3.75%5.42%10/2/202821,366 21,309 19,553 0.09 
Tamko Building Product, LLC (8)L + 3.00%5.25%6/1/20266,977 6,862 6,558 0.03 
The Chamberlain Group, Inc. (9)L + 3.50%5.17%11/3/202848,335 47,953 43,824 0.21 
Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%8.75%12/29/202660,700 59,784 60,700 0.29 
1,035,827 1,015,980 4.84 
Capital Markets
Advisor Group Holdings, Inc. (8)L + 4.50%6.17%7/31/202642,147 42,068 40,201 0.19 
AllSpring Buyer, LLC (6)(9)L + 3.25%5.56%11/1/20282,993 3,008 2,885 0.01 
Resolute Investment Managers, Inc. (4)(11)L + 4.25%6.50%4/30/202412,090 12,128 11,304 0.05 
Situs-AMC Holdings Corporation (4)(11)SOFR + 5.75%8.00%12/22/2027109,725 108,723 108,628 0.52 
Superannuation And Investments US, LLC (6)(9)L + 3.75%5.42%9/23/202821,310 21,211 20,524 0.10 
The Edelman Financial Engines Center, LLC (10)L + 3.50%5.17%3/15/202853,159 52,858 49,338 0.24 
239,997 232,881 1.11 
Blackstone Private Credit Fund
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended June 30,
20232022
Supplemental information and non-cash activities:
Interest paid during the period$963,045 $181,128 
Distribution payable205,657 144,580 
Subscription receivable1,686 — 
Reinvestment of distributions during the period527,404 313,267 
Accrued but unpaid debt financing and debt issuance costs— 2,004 
Accrued but unpaid offering costs6 6 
Share repurchases accrued but not yet paid1,204,469 282,505 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

9
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Chemicals
Ascend Performance Materials Operations, LLC (10)L + 4.75%7.00%8/27/20264,937 5,001 4,826 0.02 
DCG Acquisition Corp. (4)(8)L + 4.50%6.17%9/30/20264,975 4,986 4,676 0.02 
Dominion Colour Corporation (4)(6)(11)L + 7.25% (incl. 2.00% PIK)8.93%4/6/202435,696 34,918 32,840 0.16 
Geon Performance Solutions, LLC (10)L + 4.50%6.17%8/9/20287,352 7,302 6,984 0.03 
Hexion Holdings Corp. (9)SOFR + 4.50%5.92%3/15/20295,340 5,212 4,809 0.02 
Hyperion Materials & Technologies, Inc. (9)L + 4.50%6.07%8/28/202825,165 25,079 23,907 0.11 
LSF11 Skyscraper Holdco S.à r.l, LLC (4)(6)(10)L + 3.50%5.75%9/29/202719,801 19,717 19,108 0.09 
NIC Acquisition Corp. (10)L + 3.75%6.00%12/29/202711,199 11,215 9,874 0.05 
Olympus Water US Holding Corp. (9)L + 3.75%6.06%9/21/202813,789 13,775 12,884 0.06 
Oxea Corporation (6)(8)L + 3.25%4.38%10/14/20246 6 6 0.00 
Polymer Additives, Inc. (8)L + 6.00%7.24%7/31/202530,263 28,455 29,166 0.14 
WR Grace Holdings, LLC (6)(9)L + 3.75%6.06%9/22/20289,950 9,968 9,470 0.05 
165,635 158,551 0.76 
Commercial Services & Supplies
Access CIG, LLC (8)L + 3.75%5.32%2/27/202540,825 40,691 38,671 0.18 
Allied Universal Holdco, LLC (9)L + 3.75%5.42%5/12/202872,561 72,276 66,666 0.32 
Anticimex, Inc. (4)(6)(9)L + 4.00%5.60%11/16/20282,790 2,800 2,658 0.01 
Anticimex, Inc. (6)(9)L + 3.50%5.10%11/16/202840,340 40,108 38,256 0.18 
APX Group, Inc. (6)(9)L + 3.50%5.01%7/10/202847,670 47,333 45,148 0.22 
Atlas Luxco 4 SARL (8)4.63%4.63%6/1/20282,000 1,722 1,655 0.01 
Bazaarvoice, Inc. (4)(7)(8)L + 5.75%7.71%5/7/2028370,305 370,305 370,305 1.77 
Belfor Holdings, Inc. (8)L + 3.75%5.42%4/6/20264,924 4,941 4,776 0.02 
DG Investment Intermediate Holdings 2, Inc. (4)(7)(10)SOFR + 3.75%5.78%3/17/202823,585 23,304 22,487 0.11 
DG Investment Intermediate Holdings 2, Inc. (9)SOFR + 3.75%5.42%3/17/202846,413 46,436 43,498 0.21 
Divisions Holding Corp. (4)(10)L + 4.75%6.42%5/29/202823,916 23,712 22,541 0.11 
EAB Global, Inc. (9)L + 3.50%4.74%6/28/202826,014 25,811 24,544 0.12 
eResearchTechnology, Inc. (11)L + 4.50%6.17%2/4/202736,429 36,394 33,750 0.16 
Foundational Education Group, Inc. (9)SOFR + 3.75%6.07%8/31/20289,097 9,017 8,733 0.04 
Garda World Security Corp. (6)(8)L + 4.25%5.90%10/30/202653,980 53,812 50,040 0.24 
Genuine Financial Holdings, LLC (8)L + 3.75%5.42%7/11/202526,809 26,741 25,575 0.12 
GFL Environmental, Inc. (9)L + 3.00%4.24%5/30/20254,987 4,957 4,875 0.02 
International SOS The Americas LP (4)(6)(9)L + 3.75%6.06%8/5/20282,320 2,299 2,221 0.01 
Java Buyer, Inc. (4)(7)(10)L + 5.75%7.58%12/15/2027158,344 155,019 154,461 0.74 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/202746,272 45,720 46,272 0.22 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/2028241,849 238,483 241,849 1.15 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Amentum Government Services Holdings, LLC(4)(8)SOFR +4.00%9.22%1/29/2027$2,532 $2,535 $2,501 0.01 %
Amentum Government Services Holdings, LLC(4)(9)SOFR +4.00%9.15%2/15/202912,16312,11411,9200.05 
Atlas CC Acquisition Corp.(7)(10)SOFR +4.25%9.78%5/25/202856,96055,34244,4440.19 
Cobham Holdings, Inc.(4)(7)(10)SOFR +6.75%11.99%1/9/20301,9951,9291,9480.01 
Corfin Holdings, Inc.(4)(10)SOFR +6.00%11.38%12/27/20279549189350.00 
Corfin Holdings, Inc.(4)(11)SOFR +6.00%11.41%12/27/202730,41830,41129,8100.13 
Corfin Holdings, Inc.(4)(11)L +6.00%11.41%2/5/20261,6851,6661,6510.01 
Linquest Corp.(4)(5)(10)SOFR +5.75%10.95%7/28/2028154,744152,500148,5540.62 
Loar Group, Inc.(4)(11)SOFR +7.25%12.45%10/2/2024143,550141,897143,5500.60 
Loar Group, Inc.(4)(11)SOFR +7.25%12.45%9/29/202328,95628,95628,9560.12 
Loar Group, Inc.(4)(7)(11)SOFR +7.25%12.45%4/1/202419,95019,19818,3500.08 
MAG DS Corp.(11)SOFR +5.50%10.84%4/1/202710,48310,3669,8930.04 
Maverick Acquisition, Inc.(4)(5)(11)L +6.25%11.44%6/1/202738,31837,81730,6540.13 
Maverick Acquisition, Inc.(4)(5)(12)L +6.25%11.44%6/1/202710,1499,9528,1190.03 
Peraton Corp.(10)SOFR +3.75%8.95%2/1/202813,58013,60713,3690.06 
Vertex Aerospace Services Corp.(10)SOFR +3.50%8.95%12/6/202811,85011,80311,8620.05 
West Star Aviation Acquisition, LLC(4)(7)(10)SOFR +6.00%8.59%3/1/20284,0503,9573,9510.02 
534,968510,4672.15 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%10.86%6/11/2027267,015263,297258,3371.09 
Alliance Ground(4)(10)SOFR +5.75%10.86%6/11/202795,18893,64892,0940.39 
ENV Bidco AB(4)(6)(7)(8)E +5.75%9.35%7/19/2029EUR114,140 111,315118,2580.50 
ENV Bidco AB(4)(6)(10)SOFR +5.75%10.99%7/19/2029102,349 100,129100,8140.42 
Livingston International, Inc.(4)(6)(10)L +5.50%10.84%4/30/2027104,085 103,536102,0040.43 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.44%12/9/202628,088 27,54328,0880.12 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.44%2/5/2029139,452 137,221139,4520.59 
Redwood Services Group, LLC(4)(7)(10)SOFR +6.15%11.50%6/15/202945,616 44,86444,6620.19 
RoadOne Inc(4)(7)(11)SOFR +6.25%11.11%12/30/20281,091 1,0511,0610.00 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%11.14%12/31/2028216,100 212,273211,1970.89 
SEKO Global Logistics Network, LLC(4)(5)(11)E +4.75%6.95%12/30/2026EUR34,950 40,06337,8450.16 
SEKO Global Logistics Network, LLC(4)(5)(11)SOFR +4.75%10.14%12/30/202659,386 58,92058,9410.25 
SEKO Global Logistics Network, LLC(4)(5)(11)L +4.75%9.48%12/30/20269,398 9,2499,3270.04 
SEKO Global Logistics Network, LLC(4)(5)(7)(11)P +3.75%12.00%12/30/20261,743 1,6981,6550.01 
SEKO Global Logistics Network, LLC(4)(5)(7)(11)SOFR +4.75%10.02%12/30/20269,0488,9898,8900.04 
The Kenan Advantage Group, Inc.(10)SOFR +4.18%9.48%3/24/202613,11613,12813,1100.06 
Wwex Uni Topco Holdings, LLC(10)SOFR +4.00%9.50%7/26/202814,11414,00713,4410.06 
1,240,9311,239,1765.24 
Airlines
Air Canada(6)(10)L +3.50%8.84%8/11/202812,69112,67812,7080.05 
United Airlines, Inc.(6)(10)L +3.75%9.29%4/21/202815,96816,02715,9860.07 
28,70528,6940.12 
Auto Components
Clarios Global LP(6)(8)SOFR +3.75%8.85%5/6/20303,5003,4983,4960.01 
Metis Buyer, Inc.(5)(7)(10)SOFR +4.00%9.22%5/4/202827,46826,83327,1320.11 
30,33130,6280.12 
10
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%7.44%12/10/202744,885 43,770 43,656 0.21 
KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%6.46%10/19/2028204,808 201,073 200,686 0.96 
MaxGen Energy Services Corporation (4)(11)L + 5.00%6.00%6/2/202783,392 81,610 81,308 0.39 
Onex Baltimore Buyer, Inc. (4)(7)(10)L + 5.75%6.80%12/1/2027242,838 237,598 237,138 1.13 
PECF USS Intermediate Holding III Corp. (9)L + 4.25%5.92%12/15/202830,701 30,714 27,816 0.13 
Polyphase Elevator Holding Co. (4)(7)(11)L + 5.50%7.75%12/21/202736,004 35,439 34,446 0.16 
Recycle & Resource US, LLC (4)(6)(9)L + 3.50%5.75%7/8/20285,193 5,159 4,895 0.02 
Revspring, Inc. (8)L + 4.00%5.67%10/11/202515,380 15,277 14,765 0.07 
Spin Holdco Inc. (10)L + 4.00%5.61%3/1/202822,040 21,956 20,354 0.10 
The Action Environmental Group, Inc. (4)(5)(12)L + 6.00%7.25%1/16/202610,079 9,870 9,889 0.05 
The Action Environmental Group, Inc. (4)(5)(11)L + 6.00%7.27%1/16/202614,660 14,233 14,477 0.07 
TRC Companies, Inc. (9)L + 3.75%6.00%12/8/202845,664 45,383 43,114 0.21 
USIC Holdings, Inc. (10)L + 3.50%5.17%5/12/202824,813 24,707 23,178 0.11 
Vaco Holdings, LLC (10)SOFR + 5.00%7.20%1/20/202921,375 21,275 20,627 0.10 
Veregy Consolidated, Inc. (11)L + 6.00%7.24%11/2/202720,480 20,524 19,559 0.09 
2,080,467 2,044,887 9.75 
Construction & Engineering
Aegion Corporation (10)L + 4.75%6.27%5/17/202823,760 23,700 21,799 0.10 
ASP Endeavor Acquisition, LLC (4)(5)(9)L + 6.50%7.87%5/3/202735,640 35,065 33,769 0.16 
Brookfield WEC Holdings, Inc. (9)SOFR + 3.75%5.75%8/1/202534,957 33,735 33,512 0.16 
COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L + 5.00%6.67%12/31/2027125,987 123,098 123,379 0.59 
Peak Utility Services Group, Inc. (4)(7)(11)L + 5.00%6.50%2/26/202823,562 23,341 23,408 0.11 
Pike Electric Corp. (8)L + 3.00%4.67%1/21/20283,000 2,906 2,861 0.01 
Refficiency Holdings, LLC (7)(10)L + 3.75%5.42%12/31/202729,252 29,040 27,226 0.13 
Thermostat Purchaser III, Inc. (4)(7)(10)L + 4.50%6.07%8/24/202842,556 41,361 39,757 0.19 
Tutor Perini Corp. (6)(11)L + 4.75%5.75%8/13/20272,948 2,975 2,774 0.01 
315,221 308,485 1.47 
Construction Materials
White Cap Buyer, LLC (9)SOFR + 3.75%5.28%10/19/202753,642 53,385 49,586 0.24 
Containers & Packaging
Ascend Buyer, LLC (4)(7)(10)L + 5.75%8.00%9/30/202876,961 75,469 76,124 0.36 
Berlin Packaging, LLC (9)L + 3.75%6.01%3/11/202842,673 42,541 39,828 0.19 
Bway Holding Corporation (8)L + 3.25%4.31%4/3/202410,358 10,159 9,773 0.05 
Charter NEX US, Inc. (10)L + 3.75%5.42%12/1/202746,755 46,808 44,155 0.21 
Graham Packaging Co, Inc. (10)L + 3.00%4.67%8/4/202718,855 18,712 17,735 0.08 
IBC Capital US, LLC (6)(8)L + 3.75%5.78%9/11/202318,417 18,391 16,675 0.08 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Beverages
Triton Water Holdings, Inc.(9)SOFR +3.25%8.49%3/31/2028$44,998 $44,222 $43,613 0.18 %
Building Products
Cornerstone Building Brands, Inc.(6)(9)SOFR +5.63%10.77%8/1/202825,87025,49724,9000.10 
Cornerstone Building Brands, Inc.(6)(9)SOFR +3.25%8.50%4/12/20287,3357,3167,0500.03 
CP Atlas Buyer, Inc.(9)SOFR +3.75%8.95%11/23/202753,75353,60050,7430.21 
Engineered Stone Group Holdings III Ltd.(4)(6)(8)E +5.75%9.35%4/23/2028EUR28,400 30,77929,4350.12 
Engineered Stone Group Holdings III Ltd.(4)(6)(7)(10)SOFR +6.01%11.06%4/23/202858,583 57,65654,4630.23 
Fencing Supply Group Acquisition, LLC(4)(5)(11)SOFR +6.00%11.65%2/26/2027107,269106,162107,2690.45 
Great Day Improvements, LLC(4)(10)L +6.25%11.44%12/29/2027179,750177,056174,8070.73 
Jacuzzi Brands, LLC(4)(11)SOFR +6.00%11.24%2/25/202546,16145,92143,3920.18 
Jacuzzi Brands, LLC(4)(10)SOFR +6.00%11.24%2/25/2027203,425201,516191,2190.80 
Jacuzzi Brands, LLC(4)(10)SOFR +6.00%11.24%2/25/20256,7336,6986,3290.03 
Kodiak BP, LLC(10)SOFR +3.25%8.75%3/12/202840,59740,39039,6840.17 
L&S Mechanical Acquisition, LLC(4)(5)(10)SOFR +7.75%12.80%9/1/2027112,573111,009101,3150.43 
Lindstrom, LLC(4)(11)SOFR +6.25%11.51%4/7/2025149,212146,744147,7200.62 
Mi Windows and Doors, LLC(9)SOFR +3.50%8.70%12/18/20275,5175,5275,4800.02 
Oscar AcquisitionCo LLC(9)SOFR +4.50%9.84%4/29/20293,4863,3693,4120.01 
The Chamberlain Group, Inc.(9)SOFR +3.25%8.45%11/3/202825,33825,13924,8060.10 
Windows Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.50%11.89%12/29/202656,26555,60556,2650.24 
1,099,9841,068,2894.47 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%9.69%7/31/20265,6385,6495,6500.02 
AllSpring Buyer, LLC(6)(9)SOFR +3.00%8.75%11/1/20282,9632,9762,9210.01 
FFML Holdco Ltd(4)(6)(8)L +6.25%11.99%11/30/2028NZD39,278 23,73523,3420.10 
Focus Financial Partners LLC(9)SOFR +3.50%8.57%6/30/20287,0006,9566,9710.03 
Focus Financial Partners LLC(9)SOFR +3.25%8.35%6/30/20281,9971,9801,9860.01 
Resolute Investment Managers, Inc.(11)L +4.25%9.79%4/30/20246,0116,0174,4390.02 
Situs-AMC Holdings Corporation(4)(11)SOFR +5.50%10.84%12/22/202712,91012,81312,7810.05 
Superannuation And Investments US, LLC(6)(9)L +3.75%8.97%12/1/202813,22713,15613,1940.06 
The Edelman Financial Engines Center, LLC(10)L +3.75%8.94%4/7/202818,55818,52218,1280.08 
91,80489,4120.38 
Chemicals
DCG Acquisition Corp.(8)SOFR +4.50%9.70%9/30/20264,9244,9334,8570.02 
Geon Performance Solutions, LLC(10)L +4.50%10.04%8/18/20283,6343,6143,5900.02 
Hyperion Materials & Technologies, Inc.(9)L +4.25%9.73%8/30/202817,60817,56017,5030.07 
Olympus Water US Holding Corp.(9)SOFR +3.75%9.25%11/9/20285,5415,5305,3360.02 
Oxea Corporation(6)(8)SOFR +3.25%8.74%10/14/20246660.00 
WR Grace Holdings, LLC(6)(9)L +3.75%9.31%9/22/20284,2324,2454,2140.02 
35,88835,5060.15 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%8.94%2/27/202520,16720,14919,9820.08 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.95%5/12/202848,35948,26647,0960.20 
Anticimex, Inc.(6)(9)SOFR +3.40%8.45%11/16/202811,825 11,788 11,695 0.05 
APX Group, Inc.(6)(9)SOFR +3.25%8.46%7/10/202817,47917,44717,4880.07 
Bazaarvoice, Inc.(4)(7)(8)SOFR +5.75%10.74%5/7/2028366,583366,583366,5831.54 
Belfor Holdings, Inc.(8)SOFR +4.00%9.22%4/6/20264,8854,8984,8890.02 
11
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Containers & Packaging (continued)
LABL, Inc. (9)L + 5.00%6.67%10/29/20287,107 7,008 6,601 0.03 
MAR Bidco Sarl (6)(9)L + 4.05%6.30%7/6/20283,918 3,900 3,644 0.02 
Novolex, Inc. (9)SOFR + 4.25%5.88%4/13/2029106,808 104,188 100,133 0.48 
Pretium PKG Holdings, Inc. (9)L + 4.00%5.12%8/27/202823,769 23,379 21,526 0.10 
ProAmpac PG Borrower, LLC (10)L + 3.75%5.26%11/3/202545,220 45,204 42,009 0.20 
Ring Container Technologies Group, LLC (9)L + 3.75%4.27%8/12/202816,436 16,361 15,655 0.07 
TricorBraun Holdings, Inc. (9)L + 3.25%4.92%3/3/202843,276 42,781 40,405 0.19 
Trident TPI Holdings, Inc. (11)L + 3.25%5.50%7/29/202818,802 18,777 18,179 0.09 
Trident TPI Holdings, Inc. (7)(9)L + 4.00%6.25%9/15/202834,292 33,921 32,190 0.15 
507,599 484,632 2.31 
Distributors
BP Purchaser, LLC (4)(10)L + 5.50%7.19%12/10/202834,713 34,074 34,019 0.16 
Bution Holdco 2, Inc. (4)(11)L + 6.25%7.92%10/17/20255,875 5,791 5,875 0.03 
Dana Kepner Company, LLC (4)(10)SOFR + 6.00%8.09%12/29/202767,012 65,678 66,677 0.32 
Dana Kepner Company, LLC (4)(11)L + 6.25%8.31%12/29/202614,775 14,552 14,701 0.07 
Genuine Cable Group, LLC (4)(7)(10)L + 5.75%6.87%11/2/202626,249 25,667 25,964 0.12 
Marcone Yellowstone Buyer, Inc. (4)(5)(7)(10)L + 5.50%7.75%12/23/202890,217 88,425 88,363 0.42 
NDC Acquisition Corp. (4)(7)(11)L + 5.75%8.00%3/9/202722,219 21,668 21,962 0.10 
Tailwind Colony Holding Corporation (4)(7)(11)SOFR + 6.25%7.46%11/13/202468,260 66,993 67,138 0.32 
Unified Door & Hardware Group, LLC (4)(11)L + 5.75%6.75%6/30/202553,345 52,598 52,544 0.25 
375,445 377,244 1.80 
Diversified Consumer Services
Ascend Learning, LLC (9)L + 3.50%5.17%12/11/202834,153 33,592 31,634 0.15 
Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.56%7/20/2028963,271 954,920 963,271 4.59 
Colibri Group, LLC (10)SOFR + 5.00%5.95%3/12/202920,772 20,612 20,149 0.10 
Dreambox Learning Holding, LLC (4)(5)(10)L + 6.25%7.00%12/1/2027135,213 132,744 132,509 0.63 
EM Bidco Limited (6)(7)(9)L + 4.25%4.75%4/12/20293,657 3,639 3,455 0.02 
Go Car Wash Management Corp. (4)(7)(11)L + 5.75%7.38%12/31/202689,736 86,808 87,493 0.42 
KUEHG Corp. (11)L + 3.75%6.00%2/21/202554,045 53,335 50,494 0.24 
Learning Care Group (11)L + 3.25%4.92%3/13/202543,649 42,931 40,539 0.19 
Loyalty Ventures, Inc. (9)L + 4.50%6.17%11/3/20277,902 7,752 6,296 0.03 
Pre-Paid Legal Services, Inc. (9)L + 3.75%5.42%12/15/202860,383 59,841 56,514 0.27 
Prime Security Service Borrower, LLC (10)L + 2.75%3.81%9/23/202617,787 17,513 16,650 0.08 
Rinchem Company, LLC (4)(9)SOFR + 4.50%6.65%2/2/20294,045 4,026 3,807 0.02 
SSH Group Holdings, Inc. (8)L + 4.25%6.50%7/30/20254,974 4,893 4,661 0.02 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +4.75%9.85%3/31/2028$8,109 $8,039 $7,982 0.03 %
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.97%3/31/202837,88037,91237,2650.16 
Divisions Holding Corp.(10)SOFR +4.75%9.85%5/27/20289,7469,6729,5670.04 
EAB Global, Inc.(9)L +3.50%8.87%8/16/20284,9254,9074,8770.02 
Foundational Education Group, Inc.(4)(9)SOFR +3.75%9.47%8/31/20289,0068,9397,9400.03 
Garda World Security Corp.(6)(8)SOFR +4.25%9.43%10/30/202612,00012,02511,9550.05 
Garda World Security Corp.(6)(8)SOFR +4.25%9.33%2/1/20299,1439,0709,0630.04 
Genuine Financial Holdings, LLC(8)L +3.75%8.94%7/11/20256,0426,0346,0430.03 
Java Buyer, Inc.(4)(10)SOFR +5.75%11.10%12/15/2027134,347132,350130,3170.55 
Java Buyer, Inc.(4)(7)(10)SOFR +5.75%11.13%12/15/202730,97730,07128,7810.12 
JSS Holdings, Inc.(4)(10)SOFR +6.00%11.31%12/18/202845,82945,38245,8290.19 
JSS Holdings, Inc.(4)(10)SOFR +6.00%11.31%12/17/2028239,263236,449239,2631.01 
Knowledge Pro Buyer, Inc.(4)(7)(10)SOFR +5.75%10.94%12/10/202751,27250,43851,1720.22 
Knowledge Pro Buyer, Inc.(4)(7)(10)P +4.75%13.00%12/10/20272,1552,0222,1550.01 
KPSKY Acquisition, Inc.(4)(10)(18)SOFR +5.60%10.65%10/19/202847,20246,48745,7860.19 
KPSKY Acquisition, Inc.(4)(10)SOFR +5.50%10.75%10/19/202821,05820,65720,4260.09 
MaxGen Energy Services Corporation(4)(11)SOFR +4.75%9.99%6/2/202782,44781,04379,9740.34 
Onex Baltimore Buyer, Inc.(4)(10)(18)SOFR +6.25%10.95%12/1/2027187,232184,448185,3590.78 
Onex Baltimore Buyer, Inc.(4)(7)(10)SOFR +5.75%10.95%12/1/202781,61580,38480,2230.34 
Pearce Services, LLC(4)(7)(11)SOFR +4.75%9.99%6/2/20271,0009489480.00 
PECF USS Intermediate Holding III Corp.(9)L +4.25%9.52%12/15/202830,38030,39125,0370.11 
Polyphase Elevator Holding Co.(4)(7)(11)SOFR +5.50%10.84%6/23/202716,29616,0809,1760.04 
Recycle & Resource US, LLC(6)(9)SOFR +3.50%9.00%7/14/20285,1415,1134,6310.02 
Revspring, Inc.(8)SOFR +4.00%9.50%10/11/202515,20515,13314,6600.06 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.15%11.37%1/16/20261,5381,5061,5190.01 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.00%11.37%1/16/202614,47214,17014,2910.06 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.15%11.40%1/15/20263,9993,9443,9490.02 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.43%11.25%1/15/20264,4464,3854,3900.02 
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)(9)L +3.75%8.97%12/8/202827,21427,11326,8400.11 
USIC Holdings, Inc.(10)L +3.50%8.69%5/12/202824,56324,47623,3550.10 
Vaco Holdings, Inc.(10)SOFR +5.00%10.59%1/21/20299,0789,0428,3010.03 
Veregy Consolidated, Inc.(11)SOFR +6.00%11.31%11/2/202720,22920,26418,0540.08 
1,648,0251,626,8616.86 
Construction & Engineering
Aegion Corporation(10)SOFR +4.75%9.97%5/17/202816,05816,03315,6120.07 
ASP Endeavor Acquisition, LLC(4)(5)(9)L +6.50%11.82%5/3/202735,28034,82932,9870.14 
Brookfield WEC Holdings, Inc.(9)SOFR +3.75%8.85%8/1/20252,9782,8982,9840.01 
COP Home Services TopCo IV, Inc.(4)(5)(7)(11)SOFR +6.00%11.20%12/31/2027212,158206,665210,6390.89 
Peak Utility Services Group, Inc.(4)(11)SOFR +5.00%10.41%3/2/202823,317 23,167 22,734 0.10 
Refficiency Holdings, LLC(10)SOFR +3.75%8.95%12/16/202711,29211,22511,2440.05 
Thermostat Purchaser III, Inc.(4)(7)(10)SOFR +4.50%9.91%8/31/202842,66341,69041,4030.17 
Tutor Perini Corp.(6)(11)SOFR +4.75%10.25%8/18/20272,6072,6262,3630.01 
339,133339,9661.44 
Construction Materials
White Cap Buyer, LLC(9)SOFR +3.75%8.85%10/19/202717,08817,13416,9730.07 
12
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Diversified Consumer Services (continued)
The ADT Security Corp. (8)4.13%4.13%8/1/20292,000 1,692 1,629 0.01 
TruGreen Limited Partnership (10)L + 4.00%5.67%11/2/20275,925 5,957 5,653 0.03 
University Support Services, LLC (9)L + 3.25%4.92%2/10/202937,012 36,770 34,976 0.17 
Weld North Education, LLC (9)L + 3.75%5.42%12/21/202742,064 41,905 40,101 0.19 
1,508,930 1,499,831 7.15 
Diversified Financial Services
Barbri Holdings, Inc. (4)(10)L + 5.75%7.42%4/30/2028120,251 118,200 119,048 0.57 
Barbri Holdings, Inc. (4)(7)(10)L + 5.75%7.42%4/28/202845,694 44,856 45,237 0.22 
Comet Acquisition, Inc. (4)(9)SOFR + 4.25%6.12%10/24/202515,909 15,677 15,352 0.07 
Lereta, LLC (10)L + 5.25%6.92%7/27/202831,292 31,020 28,515 0.14 
Mitchell International, Inc. (9)L + 3.75%5.35%10/15/202867,809 67,240 61,961 0.30 
Polaris Newco, LLC (9)L + 4.00%5.67%6/2/202847,413 46,827 43,950 0.21 
Sedgwick Claims Management Services, Inc. (6)(11)L + 4.25%5.92%9/3/20262,425 2,446 2,347 0.01 
Sedgwick Claims Management Services, Inc. (6)(8)L + 3.75%5.42%12/31/202556,951 56,293 53,922 0.26 
SelectQuote, Inc. (4)(7)(10)L + 5.00%6.67%11/5/2024276,511 275,564 249,675 1.19 
658,122 620,008 2.96 
Diversified Telecommunication Services
Numericable US, LLC (5)(6)(8)5.13%5.13%7/15/20293,000 2,491 2,274 0.01 
Numericable US, LLC (6)(8)L + 4.00%5.41%8/14/202651,478 51,355 47,110 0.22 
Numericable US, LLC (6)(8)L + 3.69%4.73%1/31/20264,987 4,930 4,544 0.02 
Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/2028161,190 156,775 156,248 0.75 
Zacapa, LLC (6)(9)SOFR + 4.25%6.30%3/22/202911,100 10,977 10,397 0.05 
Zayo Group Holdings, Inc. (8)L + 3.00%4.67%3/9/20271,333 1,262 1,234 0.01 
Zayo Group Holdings, Inc. (9)SOFR + 4.25%5.78%3/9/202715,975 15,579 14,973 0.07 
243,370 236,781 1.13 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.71%3/26/202748,704 47,654 48,104 0.23 
Electrical Equipment
Emergency Power Holdings, LLC (4)(5)(7)(11)L + 5.50%6.50%8/17/2028194,025 190,136 189,583 0.90 
Madison IAQ, LLC (9)L + 3.25%4.52%6/16/202854,908 54,183 50,161 0.24 
Relay Purchaser, LLC (4)(5)(7)(10)L + 6.00%8.25%8/30/2028199,000 195,257 196,227 0.94 
Shoals Holdings, LLC (4)(11)SOFR + 3.25%4.47%11/25/202611,320 11,107 11,433 0.05 
450,683 447,404 2.13 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Containers & Packaging
Ascend Buyer, LLC(4)(7)(10)SOFR +6.40%11.79%10/2/2028$11,473 $11,059 $11,166 0.05 %
Berlin Packaging, LLC(9)L +3.75%9.29%3/11/202815,51815,50015,2890.06 
Charter NEX US, Inc.(10)SOFR +3.75%8.97%12/1/202716,15516,19816,0490.07 
Graham Packaging Co, Inc.(10)SOFR +3.00%8.22%8/4/20278,9268,9118,8820.04 
LABL, Inc.(9)SOFR +5.00%10.20%10/29/20287,0366,9536,9780.03 
MAR Bidco Sarl(6)(9)L +4.30%9.46%7/6/20283,8883,8743,7420.02 
Novolex, Inc.(9)SOFR +4.18%9.38%4/13/202917,02816,66216,7890.07 
Pretium PKG Holdings, Inc.(9)L +4.00%9.51%10/2/202823,53123,20617,7390.07 
ProAmpac PG Borrower, LLC(10)SOFR +3.75%9.14%11/3/202516,43316,46016,2890.07 
Ring Container Technologies Group, LLC(9)SOFR +3.50%8.72%8/12/20281,0009969970.00 
TricorBraun Holdings, Inc.(9)SOFR +3.25%8.47%3/3/20287,1447,1056,9700.03 
Trident TPI Holdings, Inc.(9)L +4.00%9.54%9/15/202816,05716,01415,8390.07 
142,938136,7290.58 
Distributors
BP Purchaser, LLC(4)(10)SOFR +5.50%11.00%12/10/20287,9207,7977,8010.03 
Bution Holdco 2, Inc.(4)(11)SOFR +6.25%11.45%10/17/20255,6615,6055,6610.02 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%11.36%12/29/202766,29465,21565,9630.28 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%11.36%12/29/202614,50014,33014,4280.06 
Genuine Cable Group, LLC(4)(10)SOFR +5.50%10.70%11/2/202630,10829,59629,5060.12 
Marcone Yellowstone Buyer, Inc.(4)(5)(7)(10)SOFR +6.50%11.89%6/23/202815,73015,16014,8720.06 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%11.64%6/23/202826,60826,23025,2770.11 
NDC Acquisition Corp.(4)(11)SOFR +5.75%11.09%3/9/202721,99421,62221,5540.09 
NDC Acquisition Corp.(4)(7)(11)L +5.75%11.00%3/9/20275144564450.00 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.60%11.63%5/13/20269989719580.00 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.60%11.65%11/13/202418,31418,15217,8560.08 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.50%11.65%11/13/202455,62655,00754,2360.23 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.85%11.09%6/30/202511,85111,45011,3770.05 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.85%11.19%6/30/202552,56752,07750,4640.21 
323,668320,3981.34 
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +3.50%8.70%12/11/202820,68520,33419,4950.08 
BPPH2 Limited(4)(5)(6)(8)S +6.87%11.30%3/2/2028GBP40,700 55,27451,3000.22 
Cambium Learning Group, Inc.(4)(7)(10)SOFR +5.50%10.65%7/20/2028953,464946,581953,4644.01 
Colibri Group, LLC(10)SOFR +5.00%10.39%3/12/20299,8979,8169,6000.04 
Dreambox Learning Holding, LLC(4)(5)(10)SOFR +6.25%11.63%12/1/2027135,213133,214125,0720.53 
EM Bidco Limited(6)(9)SOFR +4.25%9.59%7/6/20294,1484,1354,0750.02 
Go Car Wash Management Corp.(4)(14)SOFR +6.25%11.45%12/31/202641,96341,32940,9130.17 
Go Car Wash Management Corp.(4)(7)(11)SOFR +6.25%11.45%12/31/202648,51046,20547,0100.20 
Go Car Wash Management Corp.(4)(7)(11)SOFR +6.25%11.45%12/31/20264,4474,2384,2190.02 
Groundworks, LLC(4)(7)(11)SOFR +6.50%11.65%3/14/2030715 691 693 0.00 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.94%12/15/202815,81615,70815,6230.07 
Rinchem Company, LLC(4)(9)SOFR +4.50%9.59%3/2/20294,0053,9883,7790.02 
Sunshine Cadence Holdco, LLC(4)(7)(10)SOFR +3.75%9.09%3/23/20277006826930.00 
Sunshine Cadence Holdco, LLC(8)SOFR +4.25%9.75%3/23/202739,39236,99638,6050.16 
TruGreen Limited Partnership(10)SOFR +4.00%9.20%11/2/20275,8655,8915,4130.02 
University Support Services, LLC(9)SOFR +3.25%8.45%2/10/20299,8859,8459,8230.04 
Weld North Education, LLC(9)SOFR +3.75%8.97%12/21/20279,2799,2799,1380.04 
1,344,2061,338,9155.64 
13
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%8.13%12/23/202635,317 34,744 33,794 0.16 
CPI International, Inc. (11)L + 3.50%4.74%7/26/202418,882 18,890 18,733 0.09 
Infinite Bidco, LLC (9)L + 3.25%5.50%2/24/202842,137 41,933 39,187 0.19 
Ingram Micro, Inc. (9)L + 3.50%5.75%3/31/202821,870 21,788 20,749 0.10 
LTI Holdings, Inc. (8)L + 3.50%5.17%9/6/20254,974 4,960 4,642 0.02 
Presidio, Inc. (8)L + 3.50%5.17%1/22/20277,959 7,972 7,565 0.04 
130,288 124,669 0.59 
Energy Equipment & Services
Abaco Energy Technologies, LLC (4)(13)L + 7.00% (incl. 1.00% PIK)8.50%10/4/202410,111 9,636 10,111 0.05 
EnergySolutions, LLC (11)L + 3.75%6.00%5/9/20256,201 6,200 5,801 0.03 
Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.92%9/10/202522,793 21,947 22,793 0.11 
37,782 38,704 0.18 
Entertainment
CE Intermediate I, LLC (4)(9)L + 4.00%5.40%11/10/20287,758 7,688 7,332 0.03 
Herschend Entertainment Co, LLC (9)L + 3.75%5.44%8/27/20285,279 5,233 5,048 0.02 
Recorded Books, Inc. (8)L + 4.00%6.00%8/29/202538,615 38,587 36,756 0.18 
51,507 49,136 0.23 
Food Products
CHG PPC Parent, LLC (4)(9)L + 3.00%4.69%11/16/202810,314 10,294 9,772 0.05 
Quantum Bidco, Ltd. (6)(8)S + 6.00%7.63%2/5/2028£18,500 24,546 18,763 0.09 
Snacking Investments US, LLC (6)(11)L + 4.00%5.06%12/18/20264,957 4,987 4,709 0.02 
39,826 33,245 0.16 
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc. (4)(7)(9)SOFR + 5.75%7.44%6/13/202925,000 24,315 24,400 0.12 
Auris Luxembourg III Sarl (6)(8)L + 3.75%5.58%2/27/202636,892 36,293 33,480 0.16 
CPI Buyer, LLC (4)(7)(10)L + 5.50%7.07%11/1/2028270,851 264,837 263,481 1.26 
GCX Corporation Buyer, LLC (4)(5)(7)(10)L + 5.50%6.78%9/13/2027196,515 192,434 191,910 0.92 
Mozart Borrower LP (9)L + 3.25%4.92%9/20/202845,890 44,567 42,699 0.20 
Resonetics, LLC (10)L + 4.00%5.24%4/28/202888,308 87,870 84,114 0.40 
Sunshine Luxembourg VII S.à r.l, LLC (6)(10)L + 3.75%6.00%10/2/2026£57,281 56,822 53,209 0.25 
TecoStar Holdings, Inc. (11)L + 3.50%4.50%5/1/202432,892 31,894 28,698 0.14 
739,031 721,990 3.44 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Financial Services
Barbri Holdings, Inc.(4)(10)SOFR +5.75%10.95%4/28/2028$128,422 $126,727 $126,545 0.53 %
Comet Acquisition, Inc.(9)SOFR +4.25%9.45%10/24/202515,75015,59215,3960.06 
Lereta, LLC(10)SOFR +5.25%10.47%7/30/202829,30629,09326,9620.11 
Mitchell International, Inc.(9)L +3.75%8.94%10/15/202866,65466,05265,3000.27 
Polaris Newco, LLC(9)L +4.00%9.54%6/2/202841,65041,21738,4570.16 
Sedgwick Claims Management Services, Inc.(6)(8)SOFR +3.75%8.85%2/24/20285,2385,1895,2140.02 
SelectQuote, Inc.(4)(10)SOFR +8.00%13.20% (incl. 2.00% PIK)11/5/2024274,582273,931247,1241.04 
557,801524,9982.19 
Diversified Telecommunication Services
Numericable US, LLC(6)(8)SOFR +5.50%10.49%8/15/202822,75122,32620,3250.09 
Point Broadband Acquisition, LLC(4)(11)SOFR +6.00%11.02%10/1/2028159,550156,556158,7520.67 
Point Broadband Acquisition, LLC(4)(7)(11)SOFR +6.00%11.18%10/1/202863,96862,69663,5390.27 
Zacapa, LLC(6)(9)SOFR +4.00%9.24%3/22/20296,0526,0425,9070.02 
247,620248,5231.05 
Electric Utilities
Qualus Power Services Corp.(4)(11)SOFR +5.00%10.36%3/26/202750,75150,00250,2440.21 
Electrical Equipment
Emergency Power Holdings, LLC(4)(5)(7)(11)SOFR +5.50%10.84%8/17/2028198,790195,570197,3030.83 
Madison IAQ, LLC(9)L +3.25%8.30%6/21/202840,23839,87139,4640.17 
Relay Purchaser, LLC(4)(5)(7)(10)L +6.00%11.21%8/30/2028175,286172,518175,0000.74 
Shoals Holdings, LLC(4)(11)SOFR +5.75%10.98%11/25/202611,20411,04211,2600.05 
419,001423,0271.79 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)SOFR +6.00%11.33%12/23/202625,38525,08822,9730.10 
Albireo Energy, LLC(4)(5)(11)L +6.00%11.38%12/23/20261,9541,9411,7680.01 
Albireo Energy, LLC(4)(5)(11)L +6.00%11.25%12/23/20267,6197,5646,8950.03 
CPI Intermediate Holdings Inc(4)(7)(10)SOFR +5.50%10.57%10/8/2029464,546454,733454,1391.91 
Infinite Bidco, LLC(9)L +3.25%8.91%3/2/202839,03538,89937,7660.16 
Ingram Micro, Inc.(9)L +3.50%9.04%6/30/20282,9202,8992,9150.01 
Presidio, Inc.(8)SOFR +3.50%8.70%1/22/20272,1862,1882,1790.01 
533,312528,6352.23 
14
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Health Care Providers & Services
ACI Group Holdings, Inc. (4)(5)(7)(10)L + 5.50%7.75%8/2/2028210,189 205,595 208,371 0.99 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%8.22%5/7/202745,502 44,630 44,881 0.21 
ADMI Corp. (9)L + 3.50%5.17%12/23/202749,370 49,080 45,379 0.22 
AHP Health Partners, Inc. (9)L + 3.50%5.17%8/4/202811,666 11,609 11,046 0.05 
Amerivet Partners Management, Inc. (4)(5)(7)(10)SOFR + 5.50%7.70%2/25/202897,650 94,947 94,782 0.45 
AMGH Holding Corp. (11)L + 4.25%5.92%3/14/202516,676 16,693 15,559 0.07 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)C + 4.50%7.16%4/14/2028C$44,218 34,369 34,252 0.16 
Caramel Bidco Limited (4)(5)(6)(7)(8)S + 6.00%6.44%2/24/2029£60,000 77,680 68,136 0.32 
CCBlue Bidco, Inc. (4)(7)(10)L + 6.25% (incl. 2.75% PIK)7.00%12/21/2028470,463 461,038 460,136 2.19 
CHG Healthcare Services, Inc. (9)L + 3.25%4.75%9/29/202832,825 32,701 31,134 0.15 
Covenant Surgical Partners, Inc. (8)L + 4.00%5.67%7/1/20262,963 2,924 2,792 0.01 
Cross Country Healthcare, Inc. (4)(10)L + 5.75%7.39%6/8/202780,880 79,483 80,880 0.39 
DCA Investment Holdings, LLC (4)(7)(10)SOFR + 6.25%7.00%4/3/202841,324 40,816 40,923 0.20 
DCA Investment Holdings, LLC (4)(7)(11)SOFR + 6.00%7.00%4/3/20284,389 4,332 4,328 0.02 
Electron Bidco, Inc. (9)L + 3.00%4.67%11/1/202822,943 22,839 21,548 0.10 
Epoch Acquisition, Inc. (4)(11)L + 6.00%7.67%10/4/202429,269 29,269 29,269 0.14 
Global Medical Response, Inc. (11)L + 4.25%5.25%10/2/202534,466 34,542 32,150 0.15 
Gordian Medical, Inc. (10)L + 6.25%8.50%3/29/202752,053 50,613 45,286 0.22 
Heartland Dental, LLC (8)L + 4.00%5.64%4/30/202547,856 47,645 44,913 0.21 
ICS US Holdings, Inc. (4)(6)(9)L + 5.25%5.75%6/8/202835,000 33,311 34,475 0.16 
Jayhawk Buyer, LLC (4)(7)(11)L + 5.00%7.25%10/15/2026176,874 174,064 174,513 0.83 
Jayhawk Buyer, LLC (4)(11)L + 5.00%6.01%10/15/202639,689 38,997 39,292 0.19 
Legacy LifePoint Health, LLC (8)4.38%4.38%2/15/20273,000 2,730 2,574 0.01 
LifePoint Health, Inc. (8)L + 3.75%5.42%11/16/202547,379 47,021 44,340 0.21 
Medical Knowledge Group, LLC (4)(7)(10)L + 5.75%6.55%2/1/2029164,529 160,791 161,238 0.77 
Midwest Physician Administrative Services, LLC (10)L + 3.25%5.50%3/5/202819,280 19,203 17,737 0.08 
National Mentor Holdings, Inc. (10)L + 3.75%6.01%2/18/202811,814 11,801 10,300 0.05 
Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.79%7/16/2027393,910 390,781 393,910 1.88 
NMSC Holdings, Inc. (10)SOFR + 5.25%6.15%2/23/202910,249 10,149 9,510 0.05 
Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202563,649 63,278 63,331 0.30 
Onex TSG Intermediate Corp. (6)(10)L + 4.75%6.42%2/28/202823,140 22,973 21,636 0.10 
Pathway Vet Alliance, LLC (8)L + 3.75%6.00%3/31/202730,879 30,650 28,756 0.14 
Pediatric Associates Holding Co., LLC (7)(9)L + 3.25%5.08%12/29/20289,722 9,547 9,071 0.04 
PetVet Care Centers, LLC (10)L + 3.50%5.17%2/14/202554,685 54,651 51,722 0.25 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Energy Equipment & Services
Abaco Energy Technologies, LLC(4)(13)L +7.00%12.15%10/4/2024$5,691 $5,542 $5,691 0.02 %
EnergySolutions, LLC(11)L +3.75%9.29%5/9/20254,448 4,448 4,379 0.02 
ISQ Hawkeye Holdco, Inc.(4)(7)(10)SOFR +6.25%11.38%8/17/20298,489 8,281 8,386 0.04 
Tetra Technologies, Inc.(4)(6)(11)SOFR +6.25%11.45%9/10/202522,793 22,211 22,793 0.10 
40,482 41,249 0.18 
Entertainment
CE Intermediate I, LLC(4)(9)L +4.00%8.84%11/10/20287,681 7,622 7,565 0.03 
Recorded Books, Inc.(8)SOFR +4.00%9.14%8/29/202511,815 11,827 11,828 0.05 
19,449 19,393 0.08 
Food Products
Quantum Bidco, Ltd.(6)(8)S +5.93%10.85%1/29/2028GBP18,500 24,679 21,149 0.09 
Snacking Investments US, LLC(6)(11)SOFR +4.00%9.10%12/18/20264,906 4,930 4,892 0.02 
29,609 26,041 0.11 
Ground Transportation
Quality Distribution LLC(4)(7)(11)SOFR +6.75%11.92%6/30/2028622 600 599 0.00 
Quality Distribution LLC(4)(5)(7)(11)L +5.25%11.58%7/1/20286,909 6,627 6,193 0.03 
7,227 6,792 0.03 
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc.(4)(7)(9)SOFR +5.75%11.14%6/13/202925,253 24,673 24,506 0.10 
Auris Luxembourg III Sarl(6)(7)(8)L +3.75%9.12%2/27/202634,353 33,946 32,279 0.14 
CPI Buyer, LLC(4)(7)(10)SOFR +5.50%11.03%11/1/2028171,091 168,247 164,524 0.69 
Egrotron Acquisition, LLC(4)(10)SOFR +5.75%10.95%7/6/202867,448 66,321 65,931 0.28 
GCX Corporation Buyer, LLC(4)(5)(10)SOFR +5.50%10.68%9/13/2028194,535 191,642 190,644 0.80 
GCX Corporation Buyer, LLC(4)(5)(7)(10)SOFR +5.50%10.73%9/13/202849,253 48,386 48,087 0.20 
Natus Medical Incorporated(4)(9)SOFR +5.50%10.89%7/20/202949,750 46,722 45,770 0.19 
Natus Medical Incorporated(4)(7)(9)SOFR +4.75%9.95%7/21/20273,463 3,348 2,767 0.01 
Resonetics, LLC(10)L +4.00%9.10%4/28/202839,001 38,220 37,989 0.16 
Resonetics, LLC(10)L +4.00%9.10%4/11/202927,372 26,840 26,662 0.11 
Sunshine Luxembourg VII S.à r.l, LLC(6)(10)SOFR +3.75%9.09%10/1/202613,836 13,866 13,784 0.06 
662,211 652,943 2.74 
Health Care Providers & Services
123Dentist, Inc.(4)(6)(7)(10)C +5.50%10.65%8/10/2029CAD205,798 156,372 146,207 0.61 
ACI Group Holdings, Inc.(4)(5)(7)(10)SOFR +5.75%10.95% (incl. 1.25% PIK)8/2/202899,669 97,651 97,461 0.41 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.87%5/7/202711,816 11,595 11,498 0.05 
ADCS Clinics Intermediate Holdings, LLC(4)(11)SOFR +6.50%11.94%5/7/20278,671 8,572 8,541 0.04 
ADMI Corp.(9)SOFR +3.75%8.97%12/23/202746,282 46,067 43,370 0.18 
Amerivet Partners Management, Inc.(4)(5)(7)(10)SOFR +5.50%10.89%2/25/202826,857 25,983 24,908 0.10 
AMGH Holding Corp.(11)SOFR +4.25%9.47%3/14/202511,554 11,565 6,557 0.03 
Canadian Hospital Specialties Ltd.(4)(5)(6)(11)C +4.50%9.87%4/14/2028CAD14,896 11,789 13,768 0.06 
Canadian Hospital Specialties Ltd.(4)(5)(6)(7)(10)C +4.86%10.45%4/15/2027CAD4,523 3,486 3,226 0.01 
Caramel Bidco Limited(4)(5)(6)(7)(8)S +6.00%10.43%2/24/2029GBP60,000 78,306 71,840 0.30 
Caramel Bidco Limited(4)(5)(6)(8)E +6.00%9.78%2/24/2024EUR14,000 15,580 14,435 0.06 
Caramel Bidco Limited(4)(5)(6)(8)SOFR +6.00%11.05%2/24/20246,125 6,472 5,788 0.02 
15
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Phoenix Guarantor, Inc. (6)(8)L + 3.50%5.14%3/5/202627,019 26,882 25,400 0.12 
Plasma Buyer, LLC (4)(7)(10)SOFR + 5.75%6.50%5/12/202991,722 89,373 89,361 0.43 
PSKW Intermediate, LLC (4)(11)L + 6.25%7.92%3/9/202621,994 21,994 21,994 0.10 
Radnet, Inc. (6)(10)P + 3.00%4.62%4/22/20284,887 4,867 4,657 0.02 
Reverb Buyer, Inc. (7)(9)L + 3.50%6.38%11/1/202842,512 42,189 39,487 0.19 
Smile Doctors, LLC (4)(7)(10)L + 5.75%7.71%12/1/2028484,920 473,564 472,989 2.26 
Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%7.60%6/1/2028560,342 547,357 556,121 2.65 
SpecialtyCare, Inc. (4)(5)(7)(11)L + 5.75%6.75%6/18/202868,930 66,969 67,703 0.32 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.76%1/2/2029132,231 128,950 128,683 0.61 
Surgery Centers Holdings, Inc. (6)(10)L + 3.75%4.95%8/31/202666,536 65,845 62,190 0.30 
The Fertility Partners, Inc. (4)(5)(6)(10)L + 5.75%7.42%3/16/202839,000 38,258 38,220 0.18 
The Fertility Partners, Inc. (4)(5)(6)(7)(10)C + 5.75%7.92%3/16/2029C$122,590 90,161 88,724 0.42 
The Fertility Partners, Inc. (4)(5)(6)(7)(10)L + 5.75%6.95%3/16/202924,132 23,899 23,891 0.11 
The GI Alliance Management, LLC (4)(11)L + 6.25%7.43%11/4/202476,696 75,470 76,696 0.37 
The GI Alliance Management, LLC (4)(7)(11)L + 6.25%7.80%8/5/2028217,785 216,801 217,624 1.04 
TTF Holdings, LLC (4)(10)L + 4.25%5.94%3/24/20285,944 5,907 5,721 0.03 
U.S. Anesthesia Partners, Inc. (9)L + 4.25%5.31%9/22/202838,823 38,706 36,319 0.17 
Unified Physician Management, LLC (4)(7)(9)SOFR + 5.50%7.03%6/18/2029844,174 844,174 844,174 4.03 
US Acute Care Solutions (5)(6)(8)6.38%6.38%3/1/20262,885 2,924 2,588 0.01 
US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.96%11/18/2027131,930 128,887 130,582 0.62 
Veonet GmbH (4)(6)(8)S + 5.75%5.75%3/14/2029£170,000 218,377 194,121 0.93 
WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%8.00%6/22/2028104,620 102,469 103,254 0.49 
WP CityMD Bidco, LLC (9)L + 3.25%5.50%11/18/202827,935 27,740 26,381 0.13 
5,692,510 5,635,051 26.87 
Health Care Technology
athenahealth, Inc. (7)(9)SOFR + 3.50%5.01%2/15/202939,048 38,512 35,566 0.17 
Caerus US 1, Inc. (4)(6)(7)(10)SOFR + 5.50%7.25%5/25/2029392,476 383,344 382,620 1.82 
Edifecs, Inc. (4)(10)L + 5.50%7.75%9/21/2026122,882 120,741 121,039 0.58 
Edifecs, Inc. (4)(11)L + 7.50%9.75%9/21/202629,510 29,397 30,395 0.14 
Ensemble RCM, LLC (4)(9)L + 5.00%6.24%8/3/202690,000 88,288 88,200 0.42 
GI Ranger Intermediate, LLC (4)(7)(10)SOFR + 6.00%7.55%10/29/2028136,121 133,312 134,303 0.64 
Imprivata, Inc. (9)SOFR + 4.25%5.43%12/1/20276,960 6,880 6,736 0.03 
Netsmart Technologies, Inc. (10)L + 4.00%5.67%10/1/202724,747 24,842 23,634 0.11 
NMC Crimson Holdings, Inc. (4)(7)(10)L + 6.00%6.97%3/1/202871,173 69,064 69,991 0.33 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
CCBlue Bidco, Inc.(4)(7)(10)L +6.25%11.41% (incl. 2.75% PIK)12/21/2028$503,675 $495,579 $466,483 1.96 %
Covenant Surgical Partners, Inc.(8)SOFR +4.00%8.82%7/1/20262,938 2,909 2,299 0.01 
DCA Investment Holdings, LLC(4)(10)SOFR +6.41%11.65%4/3/202825,543 25,389 24,968 0.10 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.50%11.74%4/3/20285,240 5,032 5,050 0.02 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%11.15%10/4/202628,941 28,941 28,796 0.12 
Global Medical Response, Inc.(11)L +4.25%9.44%10/2/202534,116 34,170 19,361 0.08 
Gordian Medical, Inc.(10)SOFR +6.25%11.75%1/31/202731,604 30,921 22,637 0.10 
Heartland Dental, LLC(8)SOFR +4.00%9.20%4/30/20251,866 1,863 1,850 0.01 
Jayhawk Buyer, LLC(4)(7)(11)SOFR +5.00%10.35%10/15/2026273,631 270,072 268,158 1.13 
LifePoint Health, Inc.(8)L +3.75%9.02%11/16/202515,504 15,469 14,397 0.06 
Medical Knowledge Group, LLC(4)(10)SOFR +5.75%10.94%2/1/2029184,683 181,473 182,374 0.77 
Midwest Physician Administrative Services, LLC(10)L +3.25%8.79%3/12/202819,084 19,022 17,639 0.07 
National Mentor Holdings, Inc.(10)SOFR +3.75%9.09%3/2/202811,141 11,132 8,478 0.04 
Navigator Acquiror, Inc.(4)(9)SOFR +5.75%10.93% (incl. 5.59% PIK)7/16/2027397,819 395,329 387,874 1.63 
Navigator Acquiror, Inc.(4)(7)(9)SOFR +5.75%10.63%7/16/202747,368 47,162 46,184 0.19 
NMSC Holdings, Inc.(10)SOFR +5.25%10.45%2/23/20293,905 3,868 2,735 0.01 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%10.98%11/16/202550,082 49,820 50,081 0.21 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%11.00%11/16/20259,357 9,357 9,357 0.04 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%10.95%11/16/20254,211 4,211 4,211 0.02 
Onex TSG Intermediate Corp.(6)(10)SOFR +4.75%10.06%2/28/202822,906 22,772 20,472 0.09 
Pathway Vet Alliance, LLC(8)L +3.75%8.94%3/31/202730,543 30,365 27,056 0.11 
Pediatric Associates Holding Co., LLC(7)(9)SOFR +3.25%8.47%12/29/2028419 405 411 0.00 
PetVet Care Centers, LLC(10)L +3.50%8.69%2/14/202554,122 54,103 53,121 0.22 
Phoenix Guarantor, Inc.(8)SOFR +3.50%8.60%3/5/20267,964 7,964 7,886 0.03 
Plasma Buyer, LLC(4)(7)(10)SOFR +5.75%10.99%5/12/202991,035 88,979 81,829 0.34 
PPV Intermediate Holdings, LLC(4)(7)(10)SOFR +5.75%11.01%8/31/2029126,926 124,614 125,558 0.53 
PSKW Intermediate, LLC(4)(11)SOFR +6.25%11.45%3/9/202614,229 14,229 14,229 0.06 
Radnet, Inc.(6)(10)SOFR +3.00%8.22%4/21/20284,826 4,809 4,822 0.02 
Smile Doctors, LLC(4)(7)(10)SOFR +5.75%11.09%12/23/2028466,316 459,003 457,815 1.92 
Smile Doctors, LLC(4)(10)SOFR +5.90%11.14%12/23/202822,702 20,120 19,397 0.08 
Smile Doctors, LLC(4)(7)(10)P +5.75%13.00%12/23/20272,078 1,302 1,039 0.00 
Snoopy Bidco, Inc.(4)(7)(10)L +6.00%11.50%6/1/2028623,786 615,534 593,411 2.49 
SpecialtyCare, Inc.(4)(5)(7)(11)L +5.75%10.93%6/18/202869,184 67,545 64,712 0.27 
Stepping Stones Healthcare Services, LLC(4)(7)(10)SOFR +5.75%11.09%1/2/2029157,904 155,626 152,196 0.64 
Stepping Stones Healthcare Services, LLC(4)(7)(10)SOFR +5.75%11.00%12/30/20264,500 4,185 3,713 0.02 
Surgery Centers Holdings, Inc.(6)(10)L +3.75%8.90%8/31/20269,435 9,430 9,434 0.04 
The Fertility Partners, Inc.(4)(5)(6)(10)C +5.75%10.76%3/16/2028CAD137,447 106,329 93,975 0.39 
The Fertility Partners, Inc.(4)(5)(6)(7)(10)C +5.75%10.79%9/16/2027CAD8,688 6,665 5,793 0.02 
The Fertility Partners, Inc.(4)(5)(6)(7)(10)L +5.75%10.90%3/16/202846,352 45,682 41,785 0.18 
The GI Alliance Management, LLC(4)(11)SOFR +6.25%11.45%9/15/2028259,797 253,022 257,199 1.08 
The GI Alliance Management, LLC(4)(11)SOFR +6.25%11.55%9/15/202856,115 54,653 55,554 0.23 
16
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Health Care Technology (continued)
Project Ruby Ultimate Parent Corp. (10)L + 3.25%4.92%3/3/20288,504 8,468 7,997 0.04 
RPBLS Midco, LLC (4)(7)(10)SOFR + 5.75%6.50%4/1/2028132,500 129,624 129,499 0.62 
Verscend Holding Corp. (8)L + 4.00%5.67%8/27/202534,751 34,804 33,361 0.16 
Waystar Technologies, Inc. (8)L + 4.00%5.67%10/22/202630,067 30,140 28,602 0.14 
1,097,415 1,091,944 5.21 
Hotels, Restaurants & Leisure
Alterra Mountain Company (9)L + 3.50%5.17%8/17/202827,362 27,385 26,097 0.12 
CEC Entertainment, Inc. (5)(8)6.75%6.75%5/1/202679,800 79,782 70,392 0.34 
Century Casinos, Inc. (6)(10)SOFR + 6.00%7.15%4/2/202943,950 43,096 42,522 0.20 
Fertitta Entertainment, LLC (9)SOFR + 4.00%5.53%1/27/202938,070 37,812 35,215 0.17 
Flynn Restaurant Group LP (9)L + 4.25%5.92%12/1/202818,669 18,522 17,460 0.08 
Golden Nugget, Inc. (8)4.63%4.63%1/15/20292,000 1,767 1,711 0.01 
GVC Holdings Gibraltar, Ltd. (6)(9)L + 2.25%3.74%3/16/20274,987 4,877 4,802 0.02 
IRB Holding Corp. (10)SOFR + 3.00%4.24%12/15/202749,501 49,451 46,593 0.22 
IRB Holding Corp. (11)SOFR + 2.75%4.42%2/5/202511,595 11,590 11,023 0.05 
Mic Glen, LLC (9)L + 3.50%5.17%7/21/202831,204 31,050 29,123 0.14 
Penn National Gaming, Inc. (6)(9)SOFR +2.75%4.38%5/3/20296,761 6,728 6,503 0.03 
Scientific Games Holdings LP (9)SOFR + 3.50%4.18%4/4/202926,700 26,407 24,910 0.12 
Tacala Investment Corp. (10)L + 3.50%5.17%2/5/202753,242 53,222 49,944 0.24 
Twin River Worldwide Holdings, Inc. (6)(9)L + 3.25%4.37%10/2/202832,747 32,278 30,501 0.15 
Whatabrands, LLC (9)L + 3.25%4.92%8/3/202814,925 14,850 14,032 0.07 
438,817 410,827 1.96 
Household Durables
AI Aqua Merger Sub, Inc. (6)(7)(9)SOFR + 4.00%4.50%7/31/202863,149 62,269 56,962 0.27 
Fluidra SA (6)(9)SOFR + 2.00%3.63%1/29/20291,467 1,464 1,428 0.01 
Hunter Douglas, Inc. (6)(9)SOFR + 3.50%4.84%2/26/202916,147 16,059 13,959 0.07 
Instant Brands Holdings, Inc. (10)L + 5.00%7.08%4/12/202878,233 77,263 62,717 0.30 
157,054 135,066 0.64 
Independent Power and Renewable Electricity Producers
Calpine Corp (8)3.75%3.75%3/1/20314,000 3,346 3,262 0.02 
Industrial Conglomerates
Bettcher Industries, Inc. (9)SOFR + 4.00%5.53%12/13/202811,288 11,183 10,723 0.05 
CEP V Investment 11 Sarl (4)(6)(7)(8)S + 5.75%5.75%2/11/2028Fr.97,449 97,689 104,066 0.50 
Engineered Machinery Holdings, Inc. (10)L + 3.75%6.00%5/19/202832,375 32,358 30,493 0.15 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
TTF Holdings, LLC(10)L +4.00%9.25%3/31/2028$4,006 $3,986 $4,009 0.02 %
U.S. Anesthesia Partners, Inc.(9)L +4.25%9.42%10/1/202838,431 38,335 36,191 0.15 
UMP Holdings, LLC(4)(10)SOFR +5.50%10.41%7/15/20289,645 9,484 9,308 0.04 
UMP Holdings, LLC(4)(7)(10)SOFR +5.50%10.56%7/15/202812,603 12,497 12,117 0.05 
Unified Physician Management, LLC(4)(7)(9)SOFR +5.25%10.35%6/18/2029888,285 888,285 888,285 3.73 
US Oral Surgery Management Holdco, LLC(4)(10)L +6.00%11.38%11/18/2027127,120 125,262 121,082 0.51 
US Oral Surgery Management Holdco, LLC(4)(7)(11)L +6.00%11.48%11/18/202754,163 53,277 50,976 0.21 
Veonet GmbH(6)(8)S +5.25%10.18%3/14/2029GBP170,000 218,826 207,912 0.87 
WHCG Purchaser III, Inc.(4)(5)(10)SOFR +5.75%11.25%6/22/2028103,440 102,041 79,298 0.33 
WHCG Purchaser III, Inc.(4)(5)(7)(10)SOFR +5.75%11.25%6/22/202612,455 12,306 9,240 0.04 
5,716,792 5,520,356 23.15 
Health Care Technology
athenahealth, Inc.(7)(9)SOFR +3.50%8.59%2/15/202936,745 36,391 35,304 0.15 
Caerus US 1, Inc.(4)(6)(10)SOFR +5.50%10.74%5/25/2029389,532 382,967 381,742 1.60 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.75%10.99%5/25/202986,596 84,929 85,604 0.36 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.75%10.85%5/25/202930,271 28,913 29,176 0.12 
Color Intermediate LLC(4)(10)SOFR +5.50%10.84%10/4/2029370,709 362,352 367,002 1.54 
Edifecs, Inc.(4)(10)SOFR +5.50%10.84%9/21/202651,606 50,944 51,606 0.22 
Edifecs, Inc.(4)(10)SOFR +5.50%10.74%9/21/202670,040 69,084 70,040 0.29 
Edifecs, Inc.(4)(11)SOFR +7.00%12.34%9/21/202629,210 29,125 29,502 0.12 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +5.75%11.14%10/29/202897,675 96,101 95,799 0.40 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +5.75%11.14%10/29/20274,320 4,164 4,158 0.02 
Imprivata, Inc.(9)SOFR +3.75%8.97%12/1/20272,033 2,037 1,997 0.01 
Netsmart Technologies, Inc.(10)SOFR +4.00%9.22%10/1/202713,037 13,086 12,996 0.05 
NMC Crimson Holdings, Inc.(4)(10)L +6.00%11.04%3/1/202871,173 69,750 70,462 0.30 
NMC Crimson Holdings, Inc.(4)(7)(10)SOFR +6.00%11.41%3/1/20284,815 4,614 4,554 0.02 
Project Ruby Ultimate Parent Corp.(10)SOFR +3.25%8.47%3/10/20284,705 4,686 4,608 0.02 
RPBLS Midco, LLC(4)(10)SOFR +5.75%10.74%4/1/2028165,985 163,622 165,985 0.70 
Verscend Holding Corp.(8)SOFR +4.00%9.22%8/27/202530,324 30,361 30,353 0.13 
Waystar Technologies, Inc.(8)SOFR +4.00%9.22%10/22/202612,353 12,366 12,337 0.05 
1,445,492 1,453,225 6.10 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%8.69%8/17/20286,209 6,218 6,207 0.03 
Century Casinos, Inc.(6)(10)SOFR +6.00%11.26%4/2/202943,450 42,731 41,929 0.18 
Fertitta Entertainment, LLC(9)SOFR +4.00%9.10%1/27/202913,529 13,523 13,378 0.06 
Flynn Restaurant Group LP(9)SOFR +4.25%9.47%12/1/20287,605 7,552 7,524 0.03 
IRB Holding Corp.(10)SOFR +3.00%8.20%12/15/202715,682 15,682 15,594 0.07 
Mic Glen, LLC(9)SOFR +3.25%8.47%7/21/202821,468 21,379 21,122 0.09 
Scientific Games Holdings LP(9)SOFR +3.50%8.42%4/4/202910,372 10,349 10,261 0.04 
Tacala Investment Corp.(10)L +3.50%8.69%2/5/202738,672 38,702 38,121 0.16 
Twin River Worldwide Holdings, Inc.(6)(9)L +3.25%8.40%10/2/20289,676 9,631 9,474 0.04 
Whatabrands LLC(9)L +3.25%8.47%8/3/20285,486 5,437 5,461 0.02 
171,204 169,071 0.72 
Household Durables
AI Aqua Merger Sub, Inc.(6)(9)SOFR +3.75%8.90%7/31/202832,844 32,466 32,285 0.14 
Industrial Conglomerates
Bettcher Industries, Inc.(9)SOFR +4.00%9.10%12/14/202811,174 11,087 10,888 0.05 
CEP V Investment 11 Sarl(4)(6)(7)(10)SA +6.45%7.89%2/11/2028CHF47,449 43,967 51,873 0.22 
17
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Industrial Conglomerates (continued)
Excelitas Technologies Corp. (4)(11)L + 3.50%5.75%12/2/202422,670 22,691 21,763 0.10 
FCG Acquisitions, Inc. (9)L + 3.75%6.00%3/16/202845,890 45,723 43,307 0.21 
SPX Flow, Inc. (9)SOFR + 4.50%6.13%4/5/202954,658 52,337 51,078 0.24 
Vertical US Newco, Inc. (6)(9)L + 3.50%4.02%7/30/202745,535 45,409 42,774 0.20 
Victory Buyer, LLC (9)L + 3.75%5.81%11/19/202822,978 22,880 21,313 0.10 
330,268 325,518 1.55 
Insurance
Acrisure, LLC (8)L + 3.50%5.17%2/15/20276,962 6,754 6,412 0.03 
Acrisure, LLC (9)L + 3.75%5.42%2/15/202722,076 21,835 20,724 0.10 
Acrisure, LLC (9)L + 4.25%5.92%2/15/202719,750 19,702 18,697 0.09 
Alera Group, Inc. (4)(7)(10)L + 5.50%7.17%9/30/202881,425 80,558 80,515 0.38 
Alliant Holdings Intermediate, LLC (8)L + 3.25%4.92%5/9/202527,943 27,575 26,400 0.13 
Alliant Holdings Intermediate, LLC (9)L + 3.50%5.01%11/6/202737,006 36,983 34,536 0.16 
AssuredPartners, Inc. (9)SOFR + 3.50%5.03%2/12/202766,364 65,780 62,286 0.30 
Baldwin Risk Partners, LLC (6)(9)L + 3.50%4.69%10/14/202733,806 33,671 32,242 0.15 
Benefytt Technologies, Inc. (4)(7)(10)L + 6.00%8.00%8/12/202794,028 92,156 77,371 0.37 
BroadStreet Partners, Inc. (8)L + 3.00%4.67%1/27/202721,833 21,695 20,592 0.10 
CFC Underwriting, Ltd.(4)(6)(8)SOFR + 5.50%5.80%11/30/2028138,161 134,374 134,503 0.64 
Foundation Risk Partners Corp. (4)(7)(10)L + 5.50%7.75%10/29/2028117,274 115,343 115,235 0.55 
Galway Borrower, LLC (4)(5)(7)(10)L + 5.25%6.26%9/24/2028245,417 240,918 239,895 1.14 
High Street Buyer, Inc. (4)(5)(7)(10)L + 6.00%7.67%4/14/2028105,710 103,125 103,999 0.50 
Howden Group Holdings Limited (6)(10)L + 3.25%4.94%11/12/202746,925 46,733 44,416 0.21 
HUB International Limited (10)L + 3.25%4.35%4/25/202543,375 43,353 41,253 0.20 
HUB International Limited (8)L + 3.00%4.21%4/25/202519,897 19,569 18,890 0.09 
Integrity Marketing Acquisition, LLC (4)(5)(10)L + 5.50%7.58%8/27/202543,969 43,462 43,364 0.21 
Integrity Marketing Acquisition, LLC (4)(5)(7)(11)L + 5.75%7.83%8/27/2025106,319 104,048 104,601 0.50 
Jones Deslauriers Insurance Management, Inc. (5)(6)(10)C + 4.25%6.45%3/28/2028C$96,914 76,178 70,369 0.34 
NFP Corp. (8)L + 3.25%4.92%2/15/202741,543 41,071 38,511 0.18 
PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L + 5.50%7.50%10/14/202875,914 74,391 74,269 0.35 
RSC Acquisition, Inc. (4)(5)(6)(7)(10)L + 5.50%7.70%10/30/202636,126 34,955 34,378 0.16 
SG Acquisition, Inc. (4)(9)L + 5.00%7.25%1/27/2027142,772 142,283 142,772 0.68 
Tennessee Bidco Limited (4)(5)(6)(7)(8)S + 7.00%8.47%8/3/2028£97,320 123,732 114,461 0.55 
Tennessee Bidco Limited (4)(5)(6)(8)L + 7.00%7.53%8/3/2028197,072 192,282 198,058 0.94 
1,942,525 1,898,748 9.05 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Industrial Conglomerates (continued)
Engineered Machinery Holdings, Inc.(10)L +3.50%9.04%5/19/2028$8,936 $8,913 $8,779 0.04 %
Excelitas Technologies Corp.(4)(8)E +5.75%9.05%8/13/2029EUR25,197 25,413 26,940 0.11 
Excelitas Technologies Corp.(4)(7)(10)SOFR +5.75%10.94%8/13/2029162,750 159,860 159,303 0.67 
Excelitas Technologies Corp.(4)(7)(10)SOFR +5.50%11.00%8/12/20287,784 7,532 7,489 0.03 
FCG Acquisitions, Inc.(9)L +3.75%8.91%3/31/202823,058 22,977 22,753 0.10 
SPX Flow, Inc.(9)SOFR +4.50%9.70%4/5/20298,549 8,235 8,460 0.04 
Vertical US Newco, Inc.(6)(9)L +3.50%8.60%7/30/202717,796 17,847 17,681 0.07 
Victory Buyer, LLC(9)SOFR +3.75%9.26%11/19/202822,748 22,667 20,658 0.09 
328,498 334,824 1.42 
Insurance
Acrisure LLC(9)L +4.25%9.44%2/15/20272,247 2,224 2,207 0.01 
Alera Group, Inc.(4)(10)SOFR +6.00%11.20%10/2/202863,634 63,148 62,044 0.26 
Alliant Holdings Intermediate, LLC(9)L +3.50%8.65%11/6/20274,504 4,503 4,483 0.02 
Amerilife Holdings LLC(4)(10)SOFR +5.75%10.88%8/31/2029307,749 302,326 304,671 1.28 
Amerilife Holdings LLC(4)(7)(10)SOFR +4.75%10.88%8/31/20298,119 7,280 7,632 0.03 
Amerilife Holdings LLC(4)(7)(10)SOFR +5.75%10.62%8/31/202951,291 50,160 50,521 0.21 
AssuredPartners, Inc.(9)SOFR +3.50%8.72%2/12/202718,001 17,875 17,851 0.08 
Baldwin Risk Partners, LLC(6)(9)L +3.50%8.65%10/14/20277,844 7,818 7,730 0.03 
Benefytt Technologies, Inc.(4)(10)(17)SOFR +10.75%15.85%8/12/202798,483 95,433 46,780 0.20 
Benefytt Technologies, Inc.(4)(7)(10)(17)SOFR +10.75%15.74%8/12/202723,929 23,378 11,330 0.05 
BroadStreet Partners, Inc.(8)SOFR +2.75%7.97%1/27/20279,857 9,837 9,749 0.04 
CFC Underwriting, Ltd.(4)(6)(7)(9)SOFR +5.00%10.05%5/16/2029138,161 135,048 137,957 0.58 
Foundation Risk Partners Corp.(4)(7)(10)SOFR +6.25%11.49%10/29/202827,851 27,402 26,594 0.11 
Foundation Risk Partners Corp.(4)(7)(10)SOFR +6.25%11.59%10/30/202823,644 23,289 22,613 0.10 
Galway Borrower, LLC(4)(5)(7)(10)SOFR +5.25%10.59%9/29/2028220,614 217,301 215,739 0.91 
High Street Buyer, Inc.(4)(5)(7)(10)SOFR +6.00%11.39%4/14/202890,998 89,672 90,232 0.38 
High Street Buyer, Inc.(4)(5)(7)(10)SOFR +5.75%11.14%4/16/202842,367 41,364 41,114 0.17 
Howden Group Holdings Limited(6)(10)L +3.25%8.50%11/12/202713,427 13,371 13,376 0.06 
Integrity Marketing Acquisition, LLC(4)(11)SOFR +6.05%11.41%8/27/202539,158 38,880 38,375 0.16 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.05%11.31%8/27/202541,199 40,876 40,375 0.17 
Integrity Marketing Acquisition, LLC(4)(5)(7)(10)SOFR +6.02%11.28%8/27/202596,284 94,971 94,338 0.40 
Integrity Marketing Acquisition, LLC(4)(5)(7)(10)SOFR +6.00%11.08%8/27/20252,276 2,204 2,209 0.01 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.02%11.38%8/27/202572,350 71,718 70,903 0.30 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.03%11.39%8/27/20252,327 2,307 2,281 0.01 
Jones Deslauriers Insurance Management, Inc.(5)(6)(10)C +4.25%9.29%3/27/2028CAD10,619 8,386 7,824 0.03 
Jones Deslauriers Insurance Management, Inc.(5)(6)(8)C +4.25%9.29%3/27/2028CAD28,017 21,923 20,640 0.09 
NFP Corp.(8)SOFR +3.25%8.47%2/15/202713,526 13,466 13,280 0.06 
PGIS Intermediate Holdings, LLC(4)(5)(7)(10)SOFR +5.75%11.14%10/16/202824,381 24,024 23,463 0.10 
Riser Merger Sub, Inc.(4)(10)S +5.75%9.93%8/1/2028GBP13,614 16,696 16,443 0.07 
Riser Merger Sub, Inc.(4)(10)SOFR +5.88%11.12%8/1/2028207,540 204,015 197,163 0.83 
Riser Merger Sub, Inc.(4)(7)(10)P +4.88%13.13%8/1/20286,494 6,080 5,276 0.02 
Riser Merger Sub, Inc.(4)(7)(10)SOFR +6.50%11.58%8/1/20282,169 1,869 1,887 0.01 
RSC Acquisition, Inc.(4)(5)(7)(10)SOFR +5.50%10.91%10/30/202671,109 70,600 68,757 0.29 
SG Acquisition, Inc.(4)(9)SOFR +5.50%10.70%1/27/202793,540 93,296 90,500 0.38 
18
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Interactive Media & Services
Ancestry.com Operations, Inc (9)L + 3.25%4.92%12/6/20279,279 9,224 8,490 0.04 
Bungie, Inc. (4)(11)L + 6.25%7.82%8/28/20242,500 2,500 2,525 0.01 
Cengage Learning, Inc. (11)L + 4.75%5.75%7/14/202618,858 18,699 17,066 0.08 
MH Sub I, LLC (11)L + 3.75%5.42%9/13/202472,857 72,611 68,798 0.33 
Project Boost Purchaser, LLC (8)L + 3.50%5.17%6/1/20268,446 8,436 7,873 0.04 
Project Boost Purchaser, LLC (9)L + 3.50%5.17%5/2/202925,388 25,192 23,643 0.11 
Red Planet Borrower, LLC (9)L + 3.75%5.42%10/2/202841,377 41,045 36,645 0.17 
SurveyMonkey, Inc. (4)(6)(8)L + 3.75%5.42%10/10/20255,992 5,988 5,812 0.03 
UFC Holdings, LLC (10)L + 2.75%3.50%4/29/20269,973 9,717 9,320 0.04 
Warner Music Group Corp (6)(8)3.00%3.00%2/15/20313,000 2,513 2,332 0.01 
William Morris Endeavor Entertainment, LLC (8)L + 2.75%4.42%5/18/20255,997 5,792 5,664 0.03 
201,716 188,167 0.90 
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)SOFR + 6.00%7.45%12/29/2026237,304 235,569 237,304 1.13 
Donuts, Inc. (4)(7)(11)SOFR + 6.00%7.45%12/29/2027277,606 277,606 277,606 1.32 
Hoya Midco, LLC (6)(9)SOFR + 3.25%3.69%2/3/20299,975 9,926 9,701 0.05 
Prodege International Holdings, LLC (4)(7)(10)L + 5.75%7.58%12/15/2027545,007 534,865 533,497 2.54 
Shutterfly, LLC (10)SOFR + 5.00%7.25%9/25/2026158,295 156,871 128,694 0.61 
Wireless Vision, LLC (4)(11)L + 5.50%7.75%12/30/202520,896 20,896 20,896 0.10 
1,235,732 1,207,698 5.76 
IT Services
Ahead DB Holdings, LLC (5)(10)L + 3.75%6.01%10/18/20272,583 2,595 2,437 0.01 
AI Altius Bidco, Inc. (4)(5)(7)(10)L + 5.50%8.28%12/13/2028144,577 141,583 141,338 0.67 
AI Altius Bidco, Inc. (4)(5)(8)9.75% PIK9.75%12/21/202922,256 21,668 21,588 0.10 
BCP V Everise Acquisition, LLC (4)(10)SOFR + 6.50%7.25%5/3/202775,000 73,183 73,125 0.35 
ConvergeOne Holdings, Inc. (8)L + 5.00%6.67%1/4/202631,601 30,895 27,177 0.13 
Dcert Buyer, Inc. (8)L + 4.00%5.67%10/16/202633,088 33,132 31,717 0.15 
Endurance International Group Holdings, Inc. (10)L + 3.50%4.62%2/10/202848,939 48,479 44,127 0.21 
Ensono Holdings, LLC (10)L + 4.00%5.67%5/19/202845,827 45,693 42,626 0.20 
Infostretch Corporation (4)(7)(10)SOFR + 5.75%6.55%4/1/2028183,000 179,492 178,938 0.85 
Inovalon Holdings, Inc. (4)(7)(10)L + 6.25%7.22%11/24/2028946,958 924,525 936,244 4.46 
Park Place Technologies, LLC (11)L + 5.00%6.63%11/10/202742,148 41,336 40,638 0.19 
Rackspace Technology Global (10)L + 2.75%3.50%2/15/20285,000 4,787 4,572 0.02 
Razor Holdco, LLC (4)(10)L + 5.75%6.81%10/25/2027190,244 186,872 186,439 0.89 
Red River Technology, LLC (4)(7)(11)L + 6.00%7.67%5/26/2027150,066 147,920 141,812 0.68 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Shelf Bidco Ltd(4)(6)(10)(18)SOFR +6.34%10.93%1/3/2030$132,377 $128,657 $129,068 0.54 %
Tennessee Bidco Limited(4)(6)(8)E +7.00%9.94%8/3/2028EUR5,436 6,944 5,828 0.02 
Tennessee Bidco Limited(4)(5)(6)(7)(8)S +7.28%10.70%7/9/2028GBP48,569 46,030 51,865 0.22 
Tennessee Bidco Limited(4)(5)(6)(8)S +7.28%12.07%7/9/2028GBP80,971 110,378 101,124 0.42 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.09%7/9/2028166,473 162,853 163,559 0.69 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.66%8/3/202848,283 47,706 47,438 0.20 
Tennessee Bidco Limited(4)(6)(8)L +6.25%11.68%8/3/202866,086 65,545 62,947 0.26 
USI, Inc.(9)SOFR +3.75%8.99%11/22/20298,957 8,873 8,957 0.04 
2,419,726 2,337,123 9.84 
Interactive Media & Services
Ancestry.com Operations, Inc(9)SOFR +3.25%8.45%12/6/20278,306 8,261 8,031 0.03 
MH Sub I, LLC(11)SOFR +3.75%8.85%9/13/20244,530 4,527 4,536 0.02 
Project Boost Purchaser, LLC(9)SOFR +3.50%8.72%5/30/20264,912 4,866 4,860 0.02 
17,654 17,427 0.07 
Internet & Direct Marketing Retail
Donuts, Inc.(4)(11)SOFR +6.00%11.27%12/29/2026234,562 233,120 232,216 0.98 
Donuts, Inc.(4)(11)SOFR +6.00%11.27%12/29/2027274,338 274,338 271,595 1.14 
Hoya Midco, LLC(6)(9)SOFR +3.25%8.30%2/3/20299,593 9,550 9,529 0.04 
Prodege International Holdings, LLC(4)(10)SOFR +5.75%11.15%12/15/2027558,863 551,671 530,920 2.23 
Wireless Vision, LLC(4)(11)L +5.50%10.66%12/30/202516,968 16,968 16,968 0.07 
1,085,647 1,061,228 4.46 
IT Services
Ahead DB Holdings, LLC(5)(10)SOFR +3.75%9.09%10/18/20272,557 2,566 2,395 0.01 
AI Altius Bidco, Inc.(4)(5)(8)9.75%9.75% PIK12/21/202924,510 24,014 23,713 0.10 
AI Altius Bidco, Inc.(4)(5)(7)(10)SOFR +5.18%10.47%12/21/2028140,722 138,524 137,636 0.58 
BCP V Everise Acquisition, LLC(4)(10)SOFR +6.25%11.14%5/3/202770,402 69,048 69,346 0.29 
Dcert Buyer, Inc.(8)SOFR +4.00%9.26%10/16/202619,608 19,628 19,470 0.08 
Endurance International Group Holdings, Inc.(10)L +3.50%8.79%2/10/202844,826 44,538 41,856 0.18 
Infostretch Corporation(4)(10)SOFR +5.75%11.14%4/1/2028181,170 178,300 171,659 0.72 
Inovalon Holdings, Inc.(4)(7)(10)SOFR +6.25%11.66% (incl. 2.75% PIK)11/24/2028971,326 952,400 960,369 4.04 
Monterey Financing, S.A.R.L(4)(6)(8)CI +6.00%9.62%9/28/2029DKK560,750 72,204 80,112 0.34 
Monterey Financing, S.A.R.L(4)(6)(9)N +6.00%10.33%9/28/2029NOK599,094 54,552 54,433 0.23 
Monterey Financing, S.A.R.L(4)(6)(8)ST +6.00%9.88%9/28/2029SEK243,186 21,241 21,976 0.09 
Monterey Financing, S.A.R.L(4)(6)(7)(8)E +6.00%9.55%9/28/2029EUR76,519 69,695 83,686 0.35 
Park Place Technologies, LLC(11)SOFR +5.00%10.20%11/10/2027792 794 773 0.00 
Razor Holdco, LLC(4)(10)L +5.75%10.90%10/25/2027188,557 185,843 187,143 0.79 
Red River Technology, LLC(4)(11)SOFR +6.00%11.20%5/26/2027148,554 146,863 148,554 0.62 
S&P Global Engineering Solutions(4)(7)(11)SOFR +7.00%12.08%5/2/20301,600 1,546 1,545 0.01 
TierPoint, LLC(10)L +3.75%9.23%5/5/202612,305 12,265 12,259 0.05 
Turing Holdco, Inc.(4)(5)(6)(8)E +6.00%9.43% (incl. 2.50% PIK)9/28/2028EUR16,320 18,494 17,495 0.07 
19
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
IT Services (continued)
Sabre GLBL, Inc. (6)(9)L + 3.50%5.17%12/17/202748,513 48,041 45,537 0.22 
TierPoint, LLC (10)L + 3.75%5.42%5/6/202619,663 19,568 18,434 0.09 
Turing Holdco, Inc. (4)(5)(6)(7)(8)E + 6.00%6.00%8/3/2028€22,569 25,793 24,720 0.12 
Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%7.04%8/3/202812,655 12,316 12,466 0.06 
Virtusa Corp. (10)L + 3.75%5.42%2/11/202846,317 46,096 43,922 0.21 
2,033,974 2,017,857 9.62 
Leisure Products
Lew's Intermediate Holdings, LLC (4)(10)SOFR + 5.00%6.40%1/26/202831,045 30,823 29,337 0.14 
Lucky Bucks, LLC (10)L + 5.50%6.25%7/21/202756,537 55,565 52,014 0.25 
Motion Finco, LLC (6)(8)L + 3.25%5.50%11/12/202622,384 21,676 20,742 0.10 
Recess Holdings, Inc. (11)L + 3.75%4.99%9/30/202419,325 19,306 18,624 0.09 
127,370 120,718 0.58 
Life Sciences Tools & Services
Cambrex Corp. (10)SOFR + 3.50%4.53%12/4/202626,691 26,646 25,390 0.12 
Curia Global, Inc. (10)L + 3.75%4.99%8/30/202645,156 45,158 42,748 0.20 
LSCS Holdings, Inc. (9)L + 4.50%6.73%12/16/202818,163 18,075 17,346 0.08 
Maravai Intermediate Holdings, LLC (4)(6)(9)SOFR + 3.00%3.85%10/19/20271,973 1,993 1,880 0.01 
Packaging Coordinators Midco, Inc. (10)L + 3.75%6.00%11/30/202713,675 13,643 12,965 0.06 
105,516 100,328 0.48 
Machinery
Apex Tool Group, LLC (9)L + 5.25%6.53%2/8/202914,831 14,765 13,106 0.06 
ASP Blade Holdings, Inc. (9)L + 4.00%5.67%10/13/20284,976 4,954 4,396 0.02 
MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%7.04%7/21/202710,768 10,564 10,532 0.05 
Phoenix Services Merger Sub, LLC (11)L + 3.75%5.42%3/1/20255,907 5,890 4,490 0.02 
Pro Mach Group, Inc. (7)(11)L + 4.00%5.67%8/31/202826,315 26,242 24,827 0.12 
Titan Acquisition Ltd. (6)(8)L + 3.00%5.88%3/28/202523,184 22,599 21,334 0.10 
85,014 78,685 0.38 
Marine
Armada Parent, Inc. (4)(7)(10)L + 5.75%6.99%10/29/2027224,338 219,673 219,086 1.04 
Media
Altice Financing S.A. (5)(6)(8)5.75%5.75%8/15/20293,994 3,537 3,217 0.02 
Clear Channel Outdoor Holdings, Inc. (6)(8)L + 3.50%4.74%8/21/202633,867 33,005 29,270 0.14 
Digital Media Solutions, LLC (6)(10)L + 5.00%7.25%5/24/202629,668 29,087 27,146 0.13 
iHeartCommunications, Inc. (6)(8)4.75%4.75%1/15/20282,000 1,737 1,651 0.01 
McGraw-Hill Education, Inc. (9)L + 4.75%5.55%7/28/202828,646 28,391 26,020 0.12 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Turing Holdco, Inc.(4)(5)(6)(8)E +6.00%9.18% (incl. 2.50% PIK)8/3/2028EUR12,000 $13,616 $12,863 0.05 %
Turing Holdco, Inc.(4)(5)(6)(8)L +6.00%11.76%9/28/2028$12,655 12,371 12,434 0.05 
Virtusa Corp.(10)L +3.75%9.33%2/11/20288,872 8,883 8,783 0.04 
Virtusa Corp.(10)SOFR +3.75%8.95%2/15/20292,434 2,409 2,409 0.01 
2,049,794 2,070,909 8.70 
Leisure Products
Lew's Intermediate Holdings, LLC(4)(10)SOFR +5.00%10.26%2/11/202825,781 25,634 19,980 0.08 
Motion Finco, LLC(6)(8)L +3.25%8.79%11/12/20263,706 3,634 3,680 0.02 
Recess Holdings, Inc.(11)L +3.75%9.02%9/30/202411,816 11,805 11,838 0.05 
41,073 35,498 0.15 
Life Sciences Tools & Services
Cambrex Corp.(10)SOFR +3.50%8.70%12/4/20264,510 4,522 4,479 0.02 
Curia Global, Inc.(10)SOFR +3.75%8.90%8/30/202640,437 40,451 34,963 0.15 
Jupiter Bidco Limited(4)(6)(7)(9)E +6.25%9.85%8/27/2029EUR5,860 2,169 6,075 0.03 
Jupiter Bidco Limited(4)(6)(10)SOFR +6.25%11.49%8/27/202988,177 85,851 85,532 0.36 
LSCS Holdings, Inc.(9)L +4.50%9.69%12/16/20288,050 8,018 7,879 0.03 
Maravai Intermediate Holdings, LLC(6)(9)SOFR +3.00%8.03%10/19/20271,949 1,964 1,950 0.01 
Packaging Coordinators Midco, Inc.(10)SOFR +3.50%9.00%11/30/20271,872 1,872 1,848 0.01 
144,847 142,726 0.61 
20
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Media (continued)
Radiate Holdco, LLC (10)L + 3.25%4.92%9/25/202650,714 50,576 47,282 0.23 
Radiate Holdco, LLC (8)4.50%4.50%9/15/20263,000 2,726 2,591 0.01 
Terrier Media Buyer, Inc. (8)L + 3.50%5.17%12/17/20264,676 4,677 4,322 0.02 
Univision Communications, Inc. (10)L + 3.25%4.92%3/15/202636,535 36,282 34,586 0.16 
Univision Communications, Inc. (11)L + 2.75%4.42%3/15/20241,213 1,218 1,196 0.01 
Univision Communications, Inc. (8)4.50%4.50%5/1/20293,000 2,661 2,520 0.01 
Univision Communications, Inc. (9)SOFR + 4.25%4.75%6/8/20291,364 1,323 1,303 0.01 
Virgin Media (6)(8)4.25%4.25%1/31/20312,000 1,658 1,613 0.01 
VZ Secured Financing BV (6)(8)5.00%5.00%1/15/20321,650 1,399 1,373 0.01 
198,277 184,090 0.88 
Metals & Mining
American Rock Salt Company, LLC (10)L + 4.00%5.67%6/4/202830,709 30,689 27,869 0.13 
SCIH Salt Holdings, Inc. (10)L + 4.00%4.75%3/16/202745,392 45,114 40,682 0.19 
75,802 68,551 0.33 
Oil, Gas & Consumable Fuels
CQP Holdco, LP (9)L + 3.75%6.00%6/5/202833,332 33,308 31,415 0.15 
Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.82%11/26/202436,013 35,664 36,013 0.17 
Freeport LNG Investments, LLLP (9)L + 3.50%4.56%12/21/202855,901 55,697 48,633 0.23 
Lucid Energy Group II Borrower, LLC (10)L + 4.25%5.87%11/24/202812,414 12,295 12,288 0.06 
136,964 128,350 0.61 
Paper & Forest Products
Profile Products, LLC (4)(7)(10)L + 5.50%6.91%11/12/2027119,431 116,836 116,530 0.56 
Personal Products
Sunshine Cadence Holdco, LLC (10)L + 3.75%6.00%3/23/202739,797 36,728 36,216 0.17 
Pharmaceuticals
ANI Pharmaceuticals, Inc. (6)(10)L + 6.00%7.67%4/27/202838,486 37,812 36,995 0.18 
Jazz Pharmaceuticals, Inc. (6)(9)L + 3.50%5.17%4/21/20286,955 6,932 6,653 0.03 
Padagis, LLC (6)(9)L + 4.75%5.72%7/6/202829,371 29,328 27,095 0.13 
Rhea Parent, Inc. (4)(5)(10)SOFR + 5.75%6.50%2/18/2029206,500 202,585 202,370 0.97 
Sharp Midco, LLC (4)(9)L + 4.00%6.25%12/14/20285,309 5,297 4,991 0.02 
281,953 278,103 1.33 
Professional Services
ALKU, LLC (4)(10)L + 5.25%7.45%3/1/2028163,412 162,073 163,003 0.78 
ALKU, LLC (4)(10)SOFR + 5.00%5.75%3/1/202879,003 78,168 78,213 0.37 
APFS Staffing Holdings, Inc. (9)SOFR + 4.00%5.53%12/29/20287,285 7,267 7,012 0.03 
Aqgen Island Holdings, Inc. (9)L + 3.50%5.81%8/2/202868,733 68,388 64,265 0.31 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Chart Industries, Inc.(6)(9)SOFR +3.75%8.94%3/15/2030$5,985 $5,934 $5,987 0.03 %
MHE Intermediate Holdings, LLC(4)(5)(7)(11)SOFR +6.00%11.20%7/21/202710,38410,23210,0800.04 
MHE Intermediate Holdings, LLC(4)(5)(11)SOFR +6.25%11.45%7/21/20271,2781,2501,2520.01 
MHE Intermediate Holdings, LLC(4)(5)(11)SOFR +6.00%9.16%7/21/20271,1871,1711,1540.00 
Pro Mach Group, Inc.(11)L +4.00%9.19%8/31/20287,3677,3027,3580.03 
25,889 25,831 0.11 
Marine
Armada Parent, Inc.(4)(7)(10)SOFR +5.75%11.11%10/29/2027232,791228,960227,5940.96 
Media
Clear Channel Outdoor Holdings, Inc.(6)(8)SOFR +3.50%8.75%8/21/202633,50632,83432,0640.13 
Digital Media Solutions, LLC(6)(10)L +5.00%10.54%5/25/202629,36828,94023,1550.10 
McGraw-Hill Education, Inc.(9)L +4.75%9.99%7/28/202818,40818,27017,3030.07 
Radiate Holdco, LLC(10)SOFR +3.25%8.48%9/25/202647,22747,13439,5350.17 
Terrier Media Buyer, Inc.(8)L +3.50%8.66%12/17/20265295314750.00 
Trader Corp.(4)(6)(7)(10)C +6.75%11.96%12/22/2029CAD110,234 78,97082,1580.35 
Univision Communications, Inc.(10)L +3.25%8.44%3/15/202612,06212,06811,9780.05 
218,747 206,668 0.87 
Metals & Mining
American Rock Salt Company, LLC(10)SOFR +4.00%9.22%6/9/202819,58419,57018,4910.08 
SCIH Salt Holdings, Inc.(10)L +4.00%9.19%3/16/202713,45613,39013,2790.06 
32,960 31,770 0.14 
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.(4)(6)(10)SOFR +6.25%11.34%8/15/202830,19029,62429,9640.13 
Freeport LNG Investments, LLLP(9)L +3.50%8.75%12/21/202835,35535,27834,7030.15 
KKR Alberta Midsteam FINCE Inc(4)(6)(10)SOFR +6.25%11.34%8/15/202816,42416,11616,3010.07 
81,018 80,968 0.35 
Paper & Forest Products
Profile Products, LLC(4)(7)(10)SOFR +5.75%10.99%11/12/202764,01263,10061,7650.26 
Profile Products, LLC(4)(7)(10)P +4.75%13.00%11/12/20279,1258,9848,8040.04 
72,084 70,569 0.30 
Pharmaceuticals
Doc Generici (Diocle S.p.A.)(4)(6)(7)(8)E +6.50%10.55%10/27/2028EUR60,136 58,04464,3760.27 
Padagis, LLC(6)(9)L +4.75%9.97%7/6/202829,37129,33527,8660.12 
Rhea Parent, Inc.(4)(5)(10)SOFR +5.75%11.14%2/18/2029204,535201,241204,5350.86 
Sharp Midco, LLC(4)(9)SOFR +4.00%9.34%12/31/20285,2565,2465,1770.02 
293,866 301,954 1.27 
Professional Services
ALKU, LLC(4)(10)SOFR +6.25%11.33%3/1/202855,54854,19054,8530.23 
Apex Companies, LLC(4)(7)(11)SOFR +6.25%11.30%1/31/20281,6051,5601,5760.01 
APFS Staffing Holdings Inc(4)(9)SOFR +4.00%9.10%12/29/20283,2583,2513,1850.01 
Aqgen Island Holdings, Inc.(9)SOFR +3.50%8.72%8/2/202842,63342,51942,0210.18 
Armor Holdco, Inc.(6)(9)SOFR +4.50%10.09%12/11/20283,5823,5543,5930.02 
CFGI Holdings, LLC(4)(7)(10)SOFR +5.00%10.25%11/2/202721,54420,94421,1450.09 
Chronicle Bidco, Inc.(4)(11)SOFR +6.75%11.61%5/18/202945,53945,24644,6280.19 
Chronicle Bidco, Inc.(4)(7)(11)SOFR +6.75%11.85%5/18/20291,169 1,1691,0830.00 
Claims Automation Intermediate 2, LLC(4)(7)(10)SOFR +4.75%9.95%12/16/202745,146 43,965 43,558 0.18 
Clearview Buyer, Inc.(4)(5)(7)(10)SOFR +5.25%10.59%8/26/2027149,730147,315146,2430.61 
CoreLogic, Inc.(9)L +3.50%8.75%6/2/202840,92940,69337,0510.16 
21
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Professional Services (continued)
Armor Holdco, Inc. (6)(9)L + 4.50%6.75%12/11/20283,618 3,585 3,446 0.02 
BMC Acquisition, Inc. (11)L + 5.25%7.08%12/28/20244,717 4,706 4,493 0.02 
BPPH2 Limited (4)(5)(6)(8)S + 6.87%7.81%3/2/2028£40,700 55,087 49,803 0.24 
Camelot US Acquisition, LLC (6)(11)L + 3.00%4.67%10/30/202637,305 37,033 35,269 0.17 
Cast & Crew Payroll, LLC (8)L + 3.50%5.17%2/9/202619,436 19,450 18,506 0.09 
Cast & Crew Payroll, LLC (9)SOFR + 3.75%5.28%12/29/202813,982 13,945 13,317 0.06 
CFGI Holdings, LLC (4)(7)(10)P + 5.25%6.67%11/1/2027145,199 142,057 143,846 0.69 
Chronicle Bidco, Inc. (4)(7)(10)L + 6.00%7.44%11/14/20252,958 2,460 1,957 0.01 
Claims Automation Intermediate 2, LLC (4)(7)(10)L + 4.75%5.63%12/16/202745,833 44,375 44,231 0.21 
Clearview Buyer, Inc. (4)(5)(7)(10)L + 5.25%6.26%8/26/2027151,250 148,224 147,733 0.70 
CoreLogic, Inc. (9)L + 3.50%5.19%6/2/202841,346 41,059 34,648 0.17 
Deerfield Dakota Holding, LLC (11)SOFR + 3.75%5.28%4/9/2027101,924 101,399 95,714 0.46 
Eliassen Group, LLC (4)(7)(10)SOFR + 5.75%7.80%4/14/202863,981 63,325 62,804 0.30 
Emerald US, Inc. (6)(8)L + 3.50%5.17%7/12/20283,919 3,915 3,756 0.02 
Galaxy US Opco, Inc. (6)(9)SOFR + 4.75%6.28%4/29/202912,326 12,024 11,601 0.06 
Guidehouse, Inc. (4)(5)(10)L + 5.50%7.17%10/16/20281,199,794 1,189,011 1,187,796 5.66 
HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)L + 6.00%7.10%8/17/2027101,292 99,519 100,583 0.48 
IG Investments Holdings, LLC (4)(5)(7)(10)L + 6.00%8.25%9/22/2028600,062 588,959 596,899 2.85 
Inmar, Inc. (11)L + 4.00%5.67%5/1/202444,327 44,068 41,806 0.20 
Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.25%6.92%12/14/202878,000 76,378 76,632 0.37 
Kwor Acquisition, Inc. (4)(7)(10)L + 5.25%6.26%12/22/202895,351 93,817 94,178 0.45 
Legacy Intermediate, LLC (4)(5)(7)(10)SOFR + 5.75%7.24%2/25/202893,600 91,334 91,196 0.43 
Material Holdings, LLC (4)(5)(7)(10)L + 5.75%8.00%8/19/2027248,699 244,268 243,521 1.16 
Minotaur Acquisition, Inc. (8)SOFR + 4.75%6.38%3/27/2026301,240 292,529 285,927 1.36 
National Intergovernmental Purchasing Alliance Co. (8)L + 3.50%5.75%5/23/202519,938 19,864 19,016 0.09 
Polyconcept Investments B.V. (10)SOFR + 5.50%6.25%5/18/202945,000 44,111 42,610 0.20 
Sherlock Buyer Corp. (4)(7)(10)L + 5.75%6.74%12/8/202834,465 33,648 33,575 0.16 
The Dun & Bradstreet Corporation (8)L + 3.25%4.87%2/6/20266,795 6,623 6,430 0.03 
Thevelia US, LLC (5)(6)(9)L + 4.00%4.50%2/9/202934,639 34,293 32,388 0.15 
Trans Union, LLC (8)L + 1.75%3.42%11/16/20261,795 1,722 1,699 0.01 
Trans Union, LLC (9)L + 2.25%3.92%12/1/20287,030 7,014 6,720 0.03 
Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%7.08%6/29/2027162,320 159,237 160,368 0.76 
Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%8.00%12/21/2028367,021 359,224 358,591 1.71 
Victors CCC Buyer, LLC (4)(6)(7)(10)SOFR + 5.75%7.75%6/1/2029150,651 146,860 146,816 0.70 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Cumming Group, Inc.(4)(7)(11)SOFR +6.00%11.10%5/26/2027$183,485 $180,890 $178,309 0.75 %
Cumming Group, Inc.(4)(7)(11)SOFR +6.00%11.10%11/16/20271,2521,2151,2180.01 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.99%4/9/202785,53285,17283,2260.35 
Eliassen Group, LLC(4)(10)SOFR +5.50%10.84%4/14/202863,50262,82062,2320.26 
Eliassen Group, LLC(4)(7)(10)SOFR +5.50%10.69%4/14/20282,1652,0601,8740.01 
Emerald US, Inc.(6)(8)SOFR +3.25%8.75%7/12/20283,8693,8663,8500.02 
EP Purchaser LLC(9)SOFR +3.50%9.00%11/6/20281,9951,9551,9580.01 
Galaxy US Opco, Inc.(6)(9)SOFR +4.75%9.85%4/29/202912,23311,97811,5300.05 
Guidehouse, Inc.(4)(5)(10)SOFR +6.25%11.45%10/16/20281,191,6101,182,0301,167,7784.91 
HIG Orca Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.00%11.40%8/17/202794,31793,01893,3730.39 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%11.26%8/17/20272,5912,4962,4990.01 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%11.27%8/12/20278,8618,8448,6750.04 
IG Investments Holdings, LLC(4)(5)(10)SOFR +6.00%11.15%9/22/202816,29616,16616,2140.07 
IG Investments Holdings, LLC(4)(5)(7)(10)SOFR +6.00%11.20%9/22/2028429,847422,793427,4731.80 
Inmar, Inc.(9)SOFR +5.50%10.73%5/1/202629,90228,85229,1170.12 
Kaufman Hall & Associates, LLC(4)(10)SOFR +5.25%10.45%12/14/202877,02575,82477,0250.32 
Kaufman Hall & Associates, LLC(4)(10)SOFR +5.25%10.40%12/14/202819,84019,53119,8400.08 
Kwor Acquisition, Inc.(4)(7)(10)SOFR +5.25%10.45%12/22/20281,1491,0959690.00 
Kwor Acquisition, Inc.(4)(7)(11)P +4.25%12.50%12/22/20276,7076,5716,2800.03 
Legacy Intermediate, LLC(4)(5)(7)(10)SOFR +5.75%11.13%2/25/2028122,405120,526122,0460.51 
Mantech International CP(4)(7)(10)SOFR +5.75%10.80%9/14/2029774,500757,188763,7823.21 
Material Holdings, LLC(4)(5)(7)(10)SOFR +6.00%11.34%8/19/2027257,577253,807241,1691.01 
Minotaur Acquisition, Inc.(8)SOFR +4.75%9.95%3/27/2026224,879220,034221,7170.93 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.74%5/23/20254,1854,1724,1710.02 
Petrus Buyer Inc(4)(7)(10)SOFR +6.50%11.52%10/17/202936,08234,81735,0880.15 
Polyconcept Investments B.V.(10)SOFR +5.50%10.60%5/18/202944,66343,90842,4630.18 
Sherlock Buyer Corp.(4)(7)(10)SOFR +5.75%11.09%12/8/20286,4556,2026,1250.03 
Thevelia US, LLC(5)(6)(9)SOFR +4.00%9.05%6/18/202934,37933,07234,3360.14 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.62%6/29/202719,71919,06819,1760.08 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.35%6/29/202726,35825,88525,9110.11 
Trinity Partners Holdings, LLC(4)(7)(10)SOFR +5.75%11.53%12/21/2028386,413379,379381,3911.60 
Victors CCC Buyer, LLC(4)(7)(10)SOFR +5.75%11.02%6/1/2029145,530143,087145,2190.61 
Victors CCC Buyer, LLC(4)(7)(10)SOFR +5.75%10.45%6/1/20294,3813,8874,3810.02 
VT Topco, Inc.(10)SOFR +3.75%8.97%8/1/202512,75812,72212,6130.05 
VT Topco, Inc.(7)(10)L +3.75%7.82%8/1/20255535535470.00 
West Monroe Partners, LLC(4)(7)(10)L +5.25%10.40%11/8/2028726,236715,114700,8182.95 
West Monroe Partners, LLC(4)(7)(10)L +5.25%10.41%11/8/202718,85717,77518,1970.08 
5,402,7785,371,52622.59 
Real Estate Management & Development
McCarthy & Stone PLC(4)(5)(6)(8)7.00%7.00%12/16/2025GBP20,000 28,045 23,771 0.10 
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.66%2/16/202870,32469,13970,3240.30 
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.66%7/25/202915,20514,87615,2050.06 
112,060109,3000.46 
22
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Professional Services (continued)
VT Topco, Inc. (7)(10)L + 3.75%5.97%8/1/2025977 976 920 0.00 
VT Topco, Inc. (10)L + 3.75%5.42%8/1/202526,593 26,502 25,895 0.12 
West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.75%11/8/2028747,734 733,072 732,779 3.49 
5,301,568 5,269,960 25.13 
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)L + 5.75%6.76%5/26/2027160,991 158,191 158,905 0.76 
McCarthy & Stone PLC (4)(5)(6)(8)7.00%7.00%12/16/2025£20,000 28,018 23,056 0.11 
Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.31%2/16/202870,324 68,883 70,324 0.34 
255,092 252,285 1.20 
Road & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.25%6.26%7/1/202882,671 80,705 81,453 0.39 
Software
2U, Inc. (6)(10)L + 5.75%8.00%11/30/202475,784 74,916 73,069 0.35 
Anaplan, Inc. (4)(6)(7)(10)SOFR + 6.50%8.01%6/21/2029596,043 583,109 583,058 2.78 
Apex Group Treasury, LLC (6)(9)L + 3.75%6.00%7/27/202828,292 28,286 26,877 0.13 
Apttus Corp. (10)L + 4.25%5.62%4/27/202815,394 15,369 14,470 0.07 
Armstrong Bidco Limited (4)(6)(7)(8)S + 5.75%5.75%6/28/2029£314,735 373,882 373,847 1.78 
AxiomSL Group, Inc. (4)(7)(11)L + 6.00%7.67%12/3/202778,616 77,135 76,929 0.37 
Barracuda Networks, Inc. (9)L + 4.50%5.00%5/17/2029100,000 97,000 96,125 0.46 
Boxer Parent Company, Inc. (8)L + 3.75%5.42%10/2/202564,086 63,872 59,867 0.29 
Brave Parent Holdings, Inc. (8)L + 4.00%5.67%4/18/202510,829 10,861 10,439 0.05 
Byjus Alpha, Inc. (6)(10)L + 5.50%7.01%11/5/202693,701 91,139 80,114 0.38 
CDK Global, Inc. (9)L + 4.75%5.25%6/8/202916,805 16,301 15,931 0.08 
Cloudera, Inc. (9)L + 3.75%5.42%8/9/202860,988 59,955 56,312 0.27 
Community Brands ParentCo, LLC (4)(5)(7)(10)SOFR + 5.75%7.38%2/24/202891,645 89,698 89,578 0.43 
Confine Visual Bidco (4)(6)(7)(10)SOFR + 5.75%7.19%2/23/2029252,786 244,666 244,369 1.17 
Connatix Buyer, Inc. (4)(5)(7)(10)L + 5.50%6.91%7/14/2027112,587 110,149 111,938 0.53 
ConnectWise, LLC (9)L + 3.50%5.75%9/29/202832,338 32,215 29,696 0.14 
Cornerstone OnDemand, Inc. (9)L + 3.75%5.42%10/16/202829,761 29,655 26,711 0.13 
Delta Topco, Inc. (10)L + 3.75%5.84%12/1/202735,242 35,203 32,005 0.15 
Diligent Corporation (4)(11)L + 5.75%8.63%8/4/202589,000 88,113 88,333 0.42 
Discovery Education, Inc. (4)(7)(10)SOFR + 5.75%7.90%4/9/2029473,333 463,165 462,816 2.21 
DTI Holdco, Inc. (7)(10)SOFR + 4.75%6.28%4/26/202952,800 51,345 48,823 0.23 
ECI Macola Max Holding, LLC (6)(10)L + 3.75%6.00%11/9/202729,859 29,916 28,236 0.13 
EP Purchaser, LLC (9)L + 3.50%5.75%11/6/202819,781 19,700 18,875 0.09 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software
2U, Inc.(6)(10)SOFR +6.50%11.32%12/28/2026$5,311 $5,073 $5,129 0.02 %
Anaplan, Inc.(4)(7)(10)SOFR +6.50%11.60%6/21/2029537,534527,564531,6792.23 
Apex Group Treasury, LLC(6)(9)L +3.75%9.07%7/27/202815,21815,19115,0470.06 
Apttus Corp.(10)L +4.25%9.52%5/8/202811,65711,64611,4510.05 
Armstrong Bidco Limited(4)(6)(8)S +5.25%10.18%6/28/2029GBP314,735 375,234376,6691.58 
Armstrong Bidco Limited(4)(6)(7)(8)S +5.25%10.18%6/28/2029GBP144,252 171,479176,6630.74 
Avalara Inc(4)(7)(10)SOFR +7.25%12.49%10/19/202823,07722,51622,8230.10 
AxiomSL Group, Inc.(4)(7)(11)SOFR +5.75%10.97%12/3/202777,82276,63577,7670.33 
Beeline, LLC(4)(7)(10)SOFR +5.25%10.38%5/2/202944,75944,35844,5020.19 
Beeline, LLC(4)(7)(10)SOFR +5.25%10.35%5/2/20289248798960.00 
BlueCat Networks USA, Inc.(4)(7)(10)SOFR +6.00%11.24% (incl. 2.00% PIK)8/8/202869,08167,81467,5780.28 
BlueCat Networks USA, Inc.(4)(7)(10)SOFR +6.00%11.08%8/8/20287,5457,3787,4240.03 
Boxer Parent Company, Inc.(8)SOFR +3.75%8.97%10/2/202514,79814,75614,6980.06 
CDK Global Inc.(9)SOFR +4.25%9.49%7/6/20292,9922,9812,9880.01 
Circana Group, L.P.(4)(10)SOFR +5.75%10.95%12/1/2028685,350673,410678,4962.85 
Circana Group, L.P.(4)(10)SOFR +6.25%11.39% (incl. 2.75% PIK)12/1/2028894,308879,364880,8943.70 
Circana Group, L.P.(4)(7)(10)SOFR +4.75%10.92%12/1/20278,3936,6547,3440.03 
Cloudera, Inc.(9)SOFR +3.75%8.95%10/8/202836,87036,45836,0750.15 
Community Brands ParentCo, LLC(4)(5)(7)(10)SOFR +5.75%10.70%2/24/202815,16914,75214,6310.06 
Confine Visual Bidco(4)(6)(7)(10)SOFR +5.75%10.80%2/23/2029258,821251,938232,1960.98 
Connatix Buyer, Inc.(4)(5)(7)(10)L +5.50%10.65%7/14/2027108,467106,568102,5260.43 
ConnectWise, LLC(9)L +3.50%8.69%9/29/202828,46528,39427,7890.12 
Cornerstone OnDemand, Inc.(9)SOFR +3.75%9.25%10/16/202827,28027,19125,4900.11 
Coupa Software Inc.(4)(6)(7)(10)SOFR +7.50%12.60%2/27/20301,8361,7871,8050.01 
Delta Topco, Inc.(10)SOFR +3.75%9.07%12/1/202734,88634,85233,8400.14 
Diligent Corporation(4)(11)L +5.75%10.95%8/4/202587,97587,38185,3360.36 
Discovery Education, Inc.(4)(7)(10)SOFR +5.75%10.71%4/9/2029469,783461,174447,5851.88 
DTI Holdco, Inc.(4)(7)(10)P +3.75%12.00%4/26/20273,6803,6802,7020.01 
DTI Holdco, Inc.(10)SOFR +4.75%9.80%4/26/202932,71031,90330,5330.13 
ECI Macola Max Holding, LLC(6)(10)SOFR +3.75%9.25%11/9/202711,94911,97011,8410.05 
Epicor Software Corp.(10)SOFR +3.25%8.47%7/30/20275,9525,9765,8860.02 
Episerver, Inc.(4)(5)(7)(11)SOFR +5.50%10.89%4/9/202624,97324,66822,8290.10 
Experity, Inc.(4)(5)(7)(10)SOFR +5.75%11.09%2/24/2028137,203135,034132,7760.56 
Forterro UK Ltd.(4)(6)(8)ST +4.75%8.17%7/9/2029SEK112,563 10,44110,2400.04 
Forterro UK Ltd.(4)(6)(9)SA +4.75%6.45%7/9/2029CHF10,674 10,71911,7220.05 
Forterro UK Ltd.(4)(6)(7)(8)E +4.75%7.81%7/9/2029EUR31,713 30,66634,5500.15 
Forterro UK Ltd.(4)(6)(10)S +4.75%9.68%7/9/2029GBP8,894 10,452 11,093 0.05 
GI Consilio Parent, LLC(7)(9)L +4.00%9.19%5/12/202840,12139,44538,7390.16 
Gigamon Inc.(4)(7)(10)SOFR +5.75%10.89%3/9/2029434,540427,270433,3891.82 
GovernmentJobs.com, Inc.(4)(7)(10)SOFR +5.50%10.70%12/1/2028144,141141,512140,0060.59 
GovernmentJobs.com, Inc.(4)(7)(10)SOFR +5.50%10.70%12/2/20277,4117,1587,0160.03 
GraphPAD Software, LLC(4)(7)(11)L +5.50%10.71%4/27/20272,6372,5582,4130.01 
GraphPAD Software, LLC(4)(7)(11)L +5.50%10.87%4/27/202717,15016,95916,7650.07 
23
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Software (continued)
Epicor Software Corp. (10)L + 3.25%4.92%7/30/202743,844 43,736 41,502 0.20 
Episerver, Inc. (4)(5)(7)(11)L + 5.25%7.50%4/9/202618,000 17,745 17,728 0.08 
Episerver, Inc. (4)(11)L + 5.25%7.50%4/9/20267,228 7,066 7,010 0.03 
Experity, Inc. (4)(5)(7)(10)L + 5.75%6.50%2/24/2028135,829 133,163 132,844 0.63 
Flexera Software, LLC (10)L + 3.75%5.37%3/3/202828,177 28,103 26,775 0.13 
GI Consilio Parent, LLC (9)L + 4.00%5.67%4/30/202847,712 46,766 43,126 0.21 
Gigamon Inc. (4)(7)(10)SOFR + 5.75%6.78%3/11/2029443,055 434,338 423,130 2.02 
GovernmentJobs.com, Inc. (4)(7)(10)L + 5.50%7.17%12/1/2028145,617 142,152 141,684 0.68 
GraphPAD Software, LLC (4)(7)(11)L + 5.50%7.17%4/27/202735,668 35,185 35,183 0.17 
Greeneden U.S. Holdings II, LLC (10)L + 4.00%5.67%12/1/202741,521 41,641 39,819 0.19 
HS Purchaser, LLC (10)L + 4.00%5.63%11/19/202652,705 52,669 49,556 0.24 
Hyland Software, Inc. (10)L + 3.50%5.17%7/1/202430,157 30,173 29,182 0.14 
Idera, Inc. (10)L + 3.75%4.82%3/2/202858,165 58,015 53,821 0.26 
Imperva, Inc. (11)L + 4.00%5.40%1/12/202619,247 19,322 17,380 0.08 
ION Trading Finance Ltd. (6)(8)L + 4.75%7.00%4/3/202828,167 28,192 26,064 0.12 
Ivanti Software, Inc. (10)L + 4.25%5.85%12/1/202743,427 43,117 37,494 0.18 
Kaseya, Inc. (4)(7)(10)SOFR + 5.75%8.29%6/25/2029733,231 716,996 717,147 3.42 
LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%8.75%2/8/2026118,377 116,626 118,377 0.56 
Lightbox Intermediate, LP (4)(8)L + 5.00%7.25%5/9/202638,000 37,069 37,050 0.18 
MA FinanceCom, LLC (6)(11)L + 4.25%5.92%6/5/20254,513 4,562 4,141 0.02 
Magnesium BorrowerCo, Inc. (4)(6)(10)S + 5.75%6.94%5/18/2029103,411 126,369 123,151 0.59 
Magnesium BorrowerCo, Inc. (4)(6)(7)(10)SOFR + 5.75%7.36%5/18/2029£970,174 946,544 946,140 4.51 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L + 3.75%4.99%7/6/202880,338 79,233 79,062 0.38 
Medallia, Inc. (4)(10)L + 6.75% PIK8.42%10/29/2028768,229 754,317 752,865 3.59 
Mitnick Purchaser, Inc. (9)SOFR + 4.75%5.82%5/2/202916,333 16,253 15,558 0.07 
Mitratech Holdings, Inc. (4)(5)(10)L + 3.75%4.99%5/18/202816,915 16,844 15,942 0.08 
Monk Holding Co. (4)(7)(10)L + 5.75%7.75%12/1/202792,037 89,508 89,307 0.43 
MRI Software, LLC (4)(5)(7)(11)L + 5.50%7.75%2/10/202620,948 20,842 20,033 0.10 
Neogames Connect SARL (4)(6)(8)E + 6.25%6.25%5/30/2028100,400 101,542 102,067 0.49 
Nintex Topco Limited (4)(6)(10)L + 5.75%6.50%11/13/2028€686,605 674,091 666,007 3.18 
NortonLifeLock, Inc. (6)(9)SOFR + 2.00%2.50%1/27/202931,714 31,556 30,152 0.14 
Onex AP Merger Sub, LLC (4)(7)(10)SOFR + 5.75%6.83%4/4/202821,739 21,259 21,239 0.10 
Paya Holdings III, LLC (4)(5)(6)(7)(10)L + 3.25%4.92%6/16/20289,429 9,281 8,811 0.04 
Perforce Software, Inc. (8)L + 3.75%5.42%7/1/202638,644 38,424 35,736 0.17 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Greeneden U.S. Holdings II, LLC(10)SOFR +4.00%9.22%12/1/2027$5,845 $5,869 $5,837 0.02 %
HS Purchaser, LLC(10)SOFR +4.00%9.15%11/19/202648,58648,56944,4570.19 
Hyland Software, Inc.(10)L +3.50%8.69%7/1/20249,7999,8049,7310.04 
Idera, Inc.(10)SOFR +3.75%9.01%3/2/202852,36852,25451,1130.21 
Imperva, Inc.(11)L +4.00%9.34%1/12/202619,02019,07417,2730.07 
ION Trading Finance Ltd.(6)(8)SOFR +4.75%10.09%4/3/202827,88327,90427,4050.12 
Kaseya, Inc.(4)(7)(10)SOFR +6.25%11.36%6/25/2029748,131734,106739,8663.11 
LD Lower Holdings, Inc.(4)(11)SOFR +6.50%11.84%2/8/2026117,178 115,929115,4200.49 
Lightbox Intermediate, LP(4)(8)L +5.00%10.54%5/9/202637,62036,93736,3030.15 
Magnesium BorrowerCo, Inc.(4)(10)S +5.75%10.68%5/18/2029GBP102,635 125,516128,4270.54 
Magnesium BorrowerCo, Inc.(4)(7)(10)SOFR +5.75%10.95%5/18/2029962,898940,361945,9763.98 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(7)(9)SOFR +3.75%9.14%7/31/202877,12676,21666,3550.28 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)SOFR +6.25%11.64%6/9/203063,00061,11061,1100.26 
Medallia, Inc.(4)(10)L +6.50%11.69% (incl. 5.83% PIK)10/29/20281,020,8861,005,5621,000,4694.20 
Mitnick Purchaser, Inc.(9)SOFR +4.75%9.90%5/2/202911,79411,74511,4550.05 
Mitratech Holdings, Inc.(5)(7)(10)SOFR +3.75%9.06%5/18/202816,74615,31514,7530.06 
Monk Holding Co.(4)(10)(18)SOFR +5.70%10.84%12/1/202711,11310,91611,0020.05 
Monk Holding Co.(4)(7)(10)SOFR +5.50%10.84%12/1/20273,5793,1403,0220.01 
MRI Software, LLC(5)(7)(11)SOFR +5.50%10.84%2/10/202623,21623,19222,4720.09 
Neogames Connect SARL(4)(6)(8)E +6.25%9.85%5/30/2028EUR100,400 102,070109,5420.46 
Nintex Topco Limited(4)(6)(10)SOFR +6.00%11.39%11/13/2028678,078667,658634,0032.66 
NortonLifeLock, Inc.(6)(7)(9)SOFR +2.00%7.20%9/12/20296,8566,8056,8030.03 
Onex AP Merger Sub, LLC(4)(7)(10)SOFR +5.75%10.37%4/4/202821,57621,23421,4520.09 
Oranje Holdco Inc(4)(7)(11)SOFR +7.75%12.79%2/1/202966,00064,27164,8860.27 
Perforce Software, Inc.(8)L +3.75%8.94%7/1/202615,37615,36314,5970.06 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%9.20%4/26/202414,20314,21214,1870.06 
Project Leopard Holdings, Inc.(7)(9)SOFR +5.25%10.45%7/20/2029141,478134,468127,6840.54 
Proofpoint, Inc.(5)(9)SOFR +6.25%11.47%8/31/20289008968820.00 
Quest Software US Holdings, Inc.(6)(9)SOFR +4.25%9.45%2/1/202927,74227,53521,6730.09 
Rally Buyer, Inc.(4)(7)(10)SOFR +5.50%10.72%7/19/2028115,373113,125112,7110.47 
Rally Buyer, Inc.(4)(7)(10)SOFR +5.75%10.85%7/19/20283,9553,6423,6240.02 
RealPage, Inc.(9)SOFR +3.00%8.22%4/24/20281,9801,9751,9400.01 
Relativity ODA, LLC(4)(7)(11)SOFR +6.50%11.70%5/12/20278757977880.00 
Rocket Software, Inc.(8)SOFR +4.25%9.47%11/28/202510,75610,76110,6650.04 
Rocket Software, Inc.(9)SOFR +4.25%9.47%11/28/20253,9373,8833,9080.02 
S2P Acquisition Borrower, Inc.(6)(8)SOFR +4.00%9.20%8/14/202613,03613,05413,0170.05 
Sailpoint Technologies, Inc.(4)(7)(10)SOFR +6.25%11.35%8/16/2029384,906377,585379,6681.60 
Solarwinds Holdings, Inc.(8)SOFR +4.00%8.85%2/5/20272,9932,9702,9970.01 
Sophia, LP(9)L +3.50%9.04%10/7/20271,9851,9751,9670.01 
24
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Software (continued)
Project Alpha Intermediate Holding, Inc. (8)L + 4.00%5.67%4/26/202448,534 48,599 46,821 0.22 
Project Boost Purchaser, LLC (4)(7)(10)SOFR + 5.75%6.90%5/2/202944,412 43,879 43,866 0.21 
Project Leopard Holdings, Inc. (11)L + 4.50%6.17%7/7/202425,657 25,701 25,544 0.12 
Project Leopard Holdings, Inc. (9)L + 5.25%5.75%6/16/2028150,000 141,336 138,750 0.66 
Proofpoint, Inc. (5)(9)L + 3.25%4.82%8/31/202812,947 12,727 12,067 0.06 
Quest Software US Holdings, Inc. (6)(9)SOFR + 4.25%5.42%2/1/202927,951 27,705 24,955 0.12 
RealPage, Inc. (9)L + 3.00%4.67%4/24/202836,882 36,619 34,193 0.16 
Relativity ODA, LLC (4)(7)(11)L + 8.15% PIK9.15%5/12/202745,717 44,767 44,958 0.21 
Rocket Software, Inc. (9)L + 4.25%5.92%11/28/202559,568 59,317 55,520 0.26 
S2P Acquisition Borrower, Inc. (6)(8)L + 3.75%5.42%8/14/202620,385 20,416 19,509 0.09 
Sophia, LP (9)L + 3.25%5.50%10/7/202726,915 26,676 25,182 0.12 
Sovos Compliance, LLC (7)(9)L + 4.50%6.17%7/29/202836,120 36,112 34,122 0.16 
Spitfire Parent, Inc. (4)(5)(11)E + 5.50%6.50%3/11/2027€19,305 22,960 19,981 0.10 
Spitfire Parent, Inc. (4)(7)(11)L + 5.50%7.00%3/11/2027106,051 104,213 104,852 0.50 
SS&C Technologies, Inc. (6)(9)SOFR + 2.25%3.88%3/22/20291,321 1,288 1,263 0.01 
Stamps.com, Inc. (4)(10)L + 5.75%6.87%10/5/2028858,560 843,171 849,975 4.05 
Stamps.com, Inc. (4)(10)L + 5.75%6.87%10/5/202810,123 9,937 10,022 0.05 
Surf Holdings, LLC (6)(8)SOFR + 3.50%5.42%3/5/202743,778 43,648 41,260 0.20 
Sybil Software, LLC (6)(8)L + 1.75%4.00%3/22/20286,218 6,179 6,099 0.03 
Symphony Technology Group (5)(6)(10)L + 4.75%5.98%7/27/202870,015 69,397 63,139 0.30 
Symphony Technology Group (6)(9)L + 4.00%5.15%3/1/202933,936 33,637 30,995 0.15 
Tegra118 Wealth Solutions, Inc. (8)L + 4.00%5.46%2/18/20273,945 3,962 3,752 0.02 
The NPD Group L.P. (4)(7)(10)L + 6.00%7.57%11/9/2028692,999 677,646 685,544 3.27 
The Ultimate Software Group, Inc. (9)L + 3.25%4.21%5/4/202657,555 57,128 54,091 0.26 
Triple Lift, Inc. (4)(7)(10)SOFR + 5.75%6.58%5/6/2028121,748 119,502 120,354 0.57 
Veritas US, Inc. (6)(11)L + 5.00%7.25%9/1/202520,503 20,577 16,932 0.08 
Virgin Pulse, Inc. (10)L + 4.00%5.67%4/6/202842,234 41,885 36,268 0.17 
Vision Solutions, Inc. (10)L + 4.00%5.18%3/4/202848,509 48,378 44,094 0.21 
10,275,708 10,147,605 48.39 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Sovos Compliance, LLC(9)SOFR +4.50%9.72%8/11/2028$5,197 $5,206 $5,028 0.02 %
Spitfire Parent, Inc.(4)(5)(11)E +5.50%8.79%3/11/2027EUR19,110 22,79620,5360.09 
Spitfire Parent, Inc.(4)(11)SOFR +5.50%11.14%3/11/202786,57085,44085,2710.36 
Spitfire Parent, Inc.(4)(11)SOFR +5.50%10.61%3/11/202731,963 31,93331,4840.13 
Stamps.com, Inc.(4)(10)L +5.75%10.94%10/5/2028859,950847,011838,4513.52 
Surf Holdings, LLC(6)(8)L +3.50%8.70%3/5/20273,2193,2233,1980.01 
Symphony Technology Group(5)(6)(10)L +4.75%10.03%7/27/202865,73065,21049,7080.21 
Symphony Technology Group(5)(6)(9)SOFR +3.75%9.01%3/1/202930,02329,79128,8020.12 
Tegra118 Wealth Solutions, Inc.(8)SOFR +4.00%9.13%2/18/20273,9003,9183,8020.02 
The Ultimate Software Group, Inc.(9)SOFR +3.25%8.27%5/4/20269,9689,9679,7970.04 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.23%5/5/202825,91525,50525,3970.11 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.87%5/5/202844,15443,54343,2710.18 
Triple Lift, Inc.(4)(7)(10)SOFR +5.25%10.30%5/5/20285,4805,2825,1940.02 
Virgin Pulse, Inc.(10)SOFR +3.75%8.97%4/6/202841,80941,52339,7050.17 
Vision Solutions, Inc.(10)L +4.00%9.51%4/24/202845,83745,72343,6640.18 
VS Buyer LLC(6)(8)SOFR +3.25%8.52%2/28/20279979869880.00 
Zendesk Inc(4)(7)(10)SOFR +7.00%12.25% (incl. 3.50% PIK)11/30/2028920,826894,653906,5443.81 
11,933,34611,842,10149.74 
Specialty Retail
CustomInk, LLC(4)(11)(18)SOFR +6.18%11.26%5/3/202636,86636,45236,8660.15 
EG America, LLC(4)(6)(8)SOFR +5.50%10.73%2/28/202846,99945,34645,7180.19 
EG Dutch Finco BV(6)(8)SOFR +4.00%9.16%2/7/20259889179750.00 
Runner Buyer, Inc.(10)L +5.50%10.69%10/20/202877,02575,75759,7910.25 
158,472143,3500.59 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.95%2/28/202845,89345,96245,5490.19 
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC(11)L +7.00%12.54%7/15/202723,33522,92816,7430.07 
S&S Holdings, LLC(9)SOFR +5.00%10.09%3/11/20286,3966,2975,6130.02 
29,22522,3560.09 
Trading Companies & Distributors
Foundation Building Materials, Inc.(9)L +3.25%8.52%1/31/202814,82914,56314,4440.06 
Icebox Holdco III, Inc.(9)SOFR +3.75%9.09%12/22/202815,86415,81315,4170.06 
LBM Acquisition, LLC(10)L +3.75%8.90%12/17/202755,08754,80453,0500.22 
Park River Holdings, Inc.(10)L +3.25%8.52%12/28/202770,68669,54167,9670.29 
Porcelain Acquisition Corp.(4)(7)(11)SOFR +6.00%11.34%4/1/202782,25480,54679,9710.34 
Specialty Building Products Holdings, LLC(9)SOFR +3.25%8.45%10/15/202829,88529,83428,6800.12 
SRS Distribution, Inc.(9)SOFR +3.50%8.70%6/2/20288,0087,9687,8330.03 
SRS Distribution, Inc.(9)L +3.50%8.69%6/2/202818,51818,46718,0340.08 
The Cook & Boardman Group, LLC(11)SOFR +5.75%10.94%10/17/202524,86124,37822,8550.10 
The Cook & Boardman Group, LLC(11)SOFR +5.75%10.94%10/18/202510,36310,3169,5260.04 
Windsor Holdings III LLC(6)(8)SOFR +4.50%9.72%6/21/20305,0004,9254,9180.02 
331,155322,6951.36 
Transportation Infrastructure
Capstone Logistics, LLC(4)(11)SOFR +4.75%9.95%11/12/202722,118 22,172 21,787 0.09 
Enstructure LLC(4)(7)(9)(18)SOFR +6.35%11.45%5/25/202979,97278,01379,9720.34 
25
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Specialty Retail
CustomInk, LLC (4)(11)L + 6.18%7.18%5/3/202636,866 36,306 36,405 0.17 
EG America, LLC (6)(9)L + 4.25%6.50%3/10/202622,922 22,751 21,776 0.10 
EG Dutch Finco BV (6)(8)L + 4.00%6.25%2/7/202535,415 35,172 33,379 0.16 
Petco Health & Wellness Co, Inc. (10)L + 3.25%5.50%2/24/20284,882 4,872 4,614 0.02 
PetSmart, Inc. (5)(10)L + 3.75%4.50%2/11/20283,270 3,244 3,088 0.01 
Runner Buyer, Inc. (10)L + 5.50%7.07%10/20/202877,800 76,310 60,879 0.29 
178,655 160,140 0.76 
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)L + 6.75%8.42%2/28/202646,128 46,207 44,629 0.21 
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC (11)L + 7.00%9.88%6/30/202726,494 25,930 24,904 0.12 
S&S Holdings, LLC (9)L + 5.00%6.74%3/4/20286,462 6,340 6,079 0.03 
32,270 30,984 0.15 
Trading Companies & Distributors
Foundation Building Materials, Inc. (9)L + 3.25%4.49%2/3/202834,403 33,893 30,275 0.14 
Icebox Holdco III, Inc. (7)(9)L + 3.75%6.00%12/22/202820,043 19,852 18,651 0.09 
LBM Acquisition, LLC (10)L + 3.75%5.42%12/17/202755,677 55,329 45,908 0.22 
Park River Holdings, Inc. (10)L + 3.25%4.22%12/28/202769,407 68,296 57,261 0.27 
Porcelain Acquisition Corp. (4)(7)(11)L + 5.75%8.00%4/30/202783,374 80,896 82,377 0.39 
Specialty Building Products Holdings, LLC (9)L + 3.75%5.35%10/15/202830,250 30,183 26,847 0.13 
SRS Distribution, Inc. (8)4.63%4.63%7/1/2028500 450 438 0.00 
SRS Distribution, Inc. (9)SOFR + 3.50%4.02%6/4/202867,006 66,664 62,002 0.30 
The Cook & Boardman Group, LLC (11)SOFR + 5.75%6.97%10/17/202578,935 76,850 75,777 0.36 
432,415 399,536 1.91 
Transportation Infrastructure
AIT Worldwide Logistics Holdings, Inc. (10)L + 4.75%5.72%3/31/202851,695 50,986 47,086 0.22 
Capstone Logistics, LLC (4)(11)L + 4.75%6.42%11/12/202722,345 22,412 22,178 0.11 
Enstructure LLC (4)(7)(11)SOFR + 5.75%7.35%5/25/202979,972 77,744 77,961 0.37 
First Student Bidco, Inc. (9)L + 3.00%5.23%7/21/202813,720 13,632 12,288 0.06 
Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.68%5/3/2027171,618 168,726 165,182 0.79 
Helix TS, LLC (4)(7)(10)L + 5.75%7.42%8/4/2027119,031 116,982 116,723 0.56 
Italian Motorway Holdings S.à.r.l (4)(6)(8)E + 5.25%5.25%4/28/2029€236,429 242,297 237,258 1.13 
Liquid Tech Solutions Holdings, LLC (4)(10)L + 4.75%7.00%3/19/202819,239 19,158 18,662 0.09 
Roadsafe Holdings, Inc. (4)(7)(11)L + 5.75%7.76%10/19/2027118,770 116,417 116,806 0.56 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure (continued)
Frontline Road Safety, LLC(4)(10)SOFR +5.75%11.05%5/3/2027$169,399 $167,293 $162,200 0.68 %
Helix TS, LLC(4)(10)SOFR +6.25%11.45%8/4/202793,26191,98892,7940.39 
Helix TS, LLC(4)(7)(10)SOFR +6.25%11.65%8/4/202762,90062,34962,5800.26 
Italian Motorway Holdings S.à.r.l(4)(6)(8)E +5.25%8.90%4/28/2029EUR236,429 243,181252,8021.06 
Liquid Tech Solutions Holdings, LLC(4)(10)SOFR +4.75%9.96%3/20/202818,997 18,93118,6650.08 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%10.94%10/19/202762,02961,20859,7030.25 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%11.14%10/19/202724,74824,74823,8200.10 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%10.66%1/31/2029108,100107,170104,0330.44 
Safety Borrower Holdings LP(4)(5)(11)SOFR +5.25%11.01%9/1/202745,51545,22745,2870.19 
Safety Borrower Holdings LP(4)(5)(7)(11)P +4.25%12.50%9/1/20271,6781,6551,6440.01 
Sam Holding Co, Inc.(4)(7)(11)L +5.00%10.46%9/24/2027192,854190,164190,6900.80 
Sam Holding Co, Inc.(4)(7)(11)P +4.00%12.00%3/24/20271,4401,1141,1400.00 
TRP Infrastructure Services, LLC(4)(11)SOFR +5.50%10.55%7/9/202772,58871,61565,3300.27 
1,186,8281,182,4474.96 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%9.24%12/17/202718,08118,08817,7760.07 
Total First Lien Debt - non-controlled/non-affiliated43,113,282 42,524,598 178.76 
First Lien Debt - controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments Services, Inc.(4)(6)(11)(16)(17)SOFR +8.25%13.24%4/14/203015,34411,7100.05 
Pigments Services, Inc.(4)(6)(11)(16)SOFR +8.25%13.24% (incl. 13.24% PIK)4/14/20309,0699,0690.04 
Total First Lien Debt - controlled/affiliated (excluding Investments in Joint Ventures)24,413 20,779 0.09 
Total First Lien Debt43,137,695 42,545,377 178.85 
26
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Transportation Infrastructure (continued)
Safety Borrower Holdings LP (4)(5)(7)(11)L + 5.25%7.50%9/1/202738,404 38,016 37,953 0.18 
Sam Holding Co, Inc. (4)(7)(11)L + 5.50%6.63%9/24/2027165,268 161,856 162,882 0.78 
TRP Infrastructure Services, LLC (4)(7)(11)L + 5.50%7.17%7/9/202773,329 71,991 69,714 0.33 
1,100,217 1,084,693 5.17 
Wireless Telecommunication Services
CCI Buyer, Inc. (10)SOFR + 4.00%6.05%12/17/202759,740 59,338 54,662 0.26 
Total First Lien Debt$42,760,066 $42,028,355 200.41 %
Second Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp. (4)(5)(10)L + 7.63%9.20%5/25/2029$44,520 $43,944 $43,630 0.21 %
Peraton Corp. (10)L + 7.75%9.00%2/26/202953,508 52,844 50,030 0.24 
96,788 93,659 0.45 
Air Freight & Logistics
The Kenan Advantage Group, Inc. (4)(10)L + 7.25%8.92%9/1/202733,015 32,438 30,209 0.14 
Wwex Uni Topco Holdings, LLC (10)L + 7.00%9.25%7/26/202933,000 32,574 29,948 0.14 
65,011 60,156 0.29 
Capital Markets
The Edelman Financial Engines Center, LLC (8)L + 6.75%8.42%7/20/202614,000 13,891 12,898 0.06 
Chemicals
Hexion Holdings Corp. (4)(9)SOFR + 7.44%8.87%3/2/203065,000 63,274 57,525 0.27 
NIC Acquisition Corp. (10)L + 7.75%10.00%12/29/202831,500 31,111 28,114 0.13 
Pearls Netherlands Bidco (4)(6)(9)SOFR + 7.25%7.92%2/25/203042,453 41,334 41,285 0.20 
135,719 126,924 0.61 
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.(4)(10)L + 6.75%8.42%3/18/202929,464 29,340 28,580 0.14 
USIC Holdings, Inc. (5)(10)L + 6.50%8.17%5/7/20298,594 8,541 8,186 0.04 
37,880 36,766 0.18 
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(11)L + 8.75%10.42%12/31/202843,277 42,552 42,628 0.20 
Thermostat Purchaser III, Inc. (4)(7)(10)L + 7.25%8.82%8/24/202932,725 32,248 32,192 0.15 
74,799 74,820 0.36 
Diversified Consumer Services
Pre-Paid Legal Services, Inc. (9)L + 7.00%8.67%12/7/202925,000 24,765 24,000 0.11 
Health Care Equipment & Supplies
Confluent Medical Technologies, Inc. (4)(5)(9)SOFR + 6.50%7.03%2/16/203052,500 51,499 51,188 0.24 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.(4)(5)(10)SOFR +7.63%13.15%5/25/2029$44,520 $44,027 $38,287 0.16 %
Peraton Corp.(10)SOFR +7.75%12.98%2/1/202953,50852,94452,0030.22 
96,97190,2900.38 
Air Freight & Logistics
Wwex Uni Topco Holdings, LLC(10)SOFR +7.00%12.50%7/26/202933,00032,63426,5650.11 
Capital Markets
The Edelman Financial Engines Center, LLC(8)L +6.75%11.94%7/20/202614,00013,91113,5640.06 
Chemicals
Hexion Holdings Corp.(9)SOFR +7.44%12.63%3/15/203046,00044,93738,1030.16 
Pearls Netherlands Bidco(4)(6)(9)SOFR +7.25%12.30%2/25/203042,45341,48041,3920.17 
86,41779,4950.33 
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +6.75%11.97%3/30/202929,46429,35826,2420.11 
USIC Holdings, Inc.(5)(10)L +6.50%11.69%5/14/20298,5948,5447,8780.03 
37,90234,1200.14 
Construction & Engineering
Thermostat Purchaser III, Inc.(4)(7)(10)SOFR +7.25%12.66%8/31/202932,72532,31431,7010.13 
Diversified Consumer Services
Pre-Paid Legal Services, Inc.(9)L +7.00%12.19%12/14/202925,00024,79722,7500.10 
Health Care Equipment & Supplies
Confluent Medical Technologies, Inc.(4)(5)(9)SOFR +6.50%11.89%2/16/203052,50051,63052,3690.22 
Health Care Providers & Services
Canadian Hospital Specialties Ltd.(4)(5)(6)(8)8.75%8.75%4/15/2029CAD3,800 3,0132,5270.01 
CD&R Artemis UK Bidco Ltd.(4)(6)(8)S +7.50%12.43%8/19/2029GBP65,340 87,54881,3850.34 
CD&R Artemis UK Bidco Ltd.(4)(6)(9)SOFR +7.25%12.59%8/19/202925,00024,49124,1880.10 
Jayhawk Buyer, LLC(4)(11)L +8.75%14.03%10/15/20276,5376,4496,4710.03 
121,501114,5710.48 
Health Care Technology
Imprivata, Inc.(4)(9)SOFR +6.25%11.35%12/1/202844,11843,75841,6910.18 
Hotels, Restaurants & Leisure
Mic Glen, LLC(9)SOFR +6.75%11.95%7/30/202916,00015,96014,8530.06 
Industrial Conglomerates
Victory Buyer, LLC(4)(9)SOFR +7.00%12.51%11/1/202924,67724,47622,4560.09 
IT Services
Dcert Buyer, Inc.(8)SOFR +7.00%12.26%2/19/202960,97561,14556,1990.24 
Inovalon Holdings, Inc.(4)(5)(10)SOFR +10.50%15.99% (incl. 15.99% PIK)11/24/2033100,78398,661100,7830.42 
159,806156,9820.66 
Life Sciences Tools & Services
Curia Global, Inc.(4)(10)L +6.50%11.77%8/31/202945,97745,26737,9310.16 
LSCS Holdings, Inc.(4)(9)L +8.00%13.19%12/17/202940,00039,51435,6000.15 
Phoenix Newco, Inc.(4)(6)(9)SOFR +6.50%11.72%11/15/202952,15351,29552,1530.22 
136,076125,6840.53 
Media
Houghton Mifflin, LLC(4)(7)(9)SOFR +8.50%13.60%4/8/203080,50078,79567,0230.28 
27
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Second Lien Debt (continued)
Health Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(6)(8)8.50%8.50%4/15/2029C$15,800 12,445 11,956 0.06 
CD&R Artemis UK Bidco Ltd. (4)(6)(7)(9)L + 7.25%9.50%8/19/202925,000 21,908 22,189 0.11 
CD&R Artemis UK Bidco Ltd. (4)(6)(8)S + 7.25%9.13%8/19/2029£65,340 87,302 77,442 0.37 
Jayhawk Buyer, LLC (4)(11)L + 8.75%9.99%10/15/202729,372 28,885 29,151 0.14 
150,541 140,739 0.67 
Health Care Technology
Imprivata, Inc.(4)(9)SOFR + 6.25%7.78%12/1/202844,118 43,692 44,338 0.21 
Hotels, Restaurants & Leisure
Mic Glen, LLC (9)L + 6.75%8.42%7/30/202919,000 18,945 18,193 0.09 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L + 7.00%9.06%11/1/202962,524 61,933 61,273 0.29 
Insurance
Jones Deslauriers Insurance Management, Inc. (5)(6)(9)C + 7.50%9.31%3/26/2029C$32,694 25,468 23,797 0.11 
IT Services
Dcert Buyer, Inc. (8)L + 7.00%8.67%2/16/202960,975 61,175 57,011 0.27 
Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK12.13%11/24/203387,378 85,023 87,378 0.42 
146,198 144,390 0.69 
Life Sciences Tools & Services
Curia Global, Inc. (4)(10)L + 6.50%7.25%8/31/202983,824 82,321 81,518 0.39 
LSCS Holdings, Inc. (4)(9)L + 8.00%10.25%11/30/202940,000 39,439 37,800 0.18 
Phoenix Newco, Inc. (4)(6)(9)L + 6.50%8.17%11/15/202990,000 88,286 85,950 0.41 
210,046 205,268 0.98 
Media
Houghton Mifflin, LLC (4)(7)(9)SOFR + 8.50%10.03%4/8/203080,500 78,535 74,190 0.35 
Pharmaceuticals
Sharp Midco, LLC (4)(5)(9)L + 7.25%9.50%12/31/202931,500 30,762 30,476 0.15 
Professional Services
Aqgen Island Holdings, Inc. (5)(9)L + 6.50%7.50%8/2/202934,508 34,177 32,352 0.15 
Celestial Saturn Parent, Inc. (4)(9)L + 6.50%8.19%6/4/2029134,488 133,278 98,849 0.47 
Deerfield Dakota Holding, LLC (10)L + 6.75%8.42%4/7/202829,650 29,562 29,032 0.14 
Thevelia US, LLC (4)(6)(9)SOFR + 6.90%8.79%6/17/2030182,046 176,611 176,585 0.84 
VT Topco, Inc. (4)(10)L + 6.75%8.42%7/31/202635,500 35,353 33,548 0.16 
408,981 370,365 1.77 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Second Lien Debt - non-controlled/non-affiliated (continued)
Pharmaceuticals
Sharp Midco, LLC(4)(5)(9)SOFR +7.25%12.59%12/31/2029$31,500 $30,860 $30,634 0.13 %
Professional Services
Aqgen Island Holdings, Inc.(5)(6)(9)L +6.50%11.69%8/2/202934,50834,22431,0580.13 
Celestial Saturn Parent, Inc.(9)L +6.50%11.75%6/4/2029134,488133,449109,6080.46 
Deerfield Dakota Holding, LLC(10)L +6.75%12.29%4/7/202827,06927,00525,3860.11 
Thevelia US, LLC(4)(6)(9)SOFR +6.75%12.14%6/17/2030182,046177,293181,1360.76 
VT Topco, Inc.(4)(10)SOFR +6.75%11.97%7/31/202635,50035,39133,9030.14 
407,362381,0911.60 
Software
Apex Group Treasury, LLC(4)(6)(9)L +6.75%12.29%7/27/202928,15328,17727,7310.12 
Cloudera, Inc.(9)SOFR +6.00%11.25%10/8/202966,69766,26060,6940.26 
HS Purchaser, LLC(10)SOFR +6.75%11.95%11/19/202771,00071,09654,0780.23 
Human Security, Inc.(4)(11)SOFR +6.75%11.85%7/22/202750,00049,28749,1250.21 
Human Security, Inc.(4)(11)SOFR +6.75%11.97%7/22/202750,00049,28749,1250.21 
Idera, Inc.(4)(10)SOFR +6.75%12.01%3/2/202930,33130,25126,8150.11 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)SOFR +6.50%11.89%7/30/202931,95031,61227,9560.12 
Mitratech Holdings, Inc.(4)(10)L +6.75%12.02%5/18/202918,00017,94116,4230.07 
Proofpoint, Inc.(5)(9)SOFR +6.25%11.47%8/31/202963,27463,11661,5340.26 
Symphony Technology Group(6)(10)L +8.25%13.53%7/27/202991,64790,64360,4870.25 
Virgin Pulse, Inc.(10)SOFR +7.25%12.47%4/6/202927,00026,85422,4270.09 
Vision Solutions, Inc.(5)(10)L +7.25%12.51%4/23/202985,90185,53374,5290.31 
610,057530,9242.24 
Trading Companies & Distributors
Icebox Holdco III, Inc.(4)(9)SOFR +6.75%12.25%12/21/202914,00013,88512,3200.05 
Total Second Lien Debt - non-controlled/non-affiliated2,019,1121,849,0837.77 
Total Second Lien Debt2,019,1121,849,0837.77 
28
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Second Lien Debt (continued)
Software
Apex Group Treasury, LLC (4)(6)(9)L + 6.75%9.00%7/27/202966,000 64,902 66,990 0.32 
Cloudera, Inc. (9)L + 6.00%7.67%8/9/202966,697 66,193 58,693 0.28 
HS Purchaser, LLC (10)SOFR + 6.75%7.56%11/19/202771,000 71,118 68,160 0.33 
Idera, Inc. (4)(10)L + 6.75%7.82%3/2/202930,331 30,236 28,966 0.14 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L + 6.50%7.74%7/6/202931,950 31,557 31,471 0.15 
Mitratech Holdings, Inc. (4)(10)L + 6.75%7.99%4/28/202918,000 17,934 17,280 0.08 
Proofpoint, Inc. (5)(9)L + 6.25%7.82%6/8/2029101,121 100,767 97,413 0.46 
Symphony Technology Group (6)(10)L + 8.25%9.48%5/3/202991,647 90,478 84,238 0.40 
Virgin Pulse, Inc. (10)L + 7.25%8.92%3/30/202927,000 26,829 23,288 0.11 
Vision Solutions, Inc. (5)(10)L + 7.25%8.43%3/4/2029126,381 125,603 112,847 0.54 
625,615 589,346 2.81 
Trading Companies & Distributors
Icebox Holdco III, Inc. (4)(9)L + 6.75%9.00%12/16/202922,500 22,288 21,488 0.10 
Transportation Infrastructure
Drive Chassis Holdco, LLC (8)L + 6.75%7.74%4/10/2026131,767 130,387 130,120 0.62 
Total Second Lien Debt$2,453,742 $2,334,394 11.13 %
Structured Finance Obligations
522 Funding CLO 2020-6, Ltd. (4)(5)(6)(8)L + 6.50%7.68%10/23/2034$3,000 $3,000 $2,608 0.01 %
AIMCO CLO Series 2015-A (5)(6)(8)L + 6.60%7.64%10/17/20347,450 7,450 6,714 0.03 
Allegro CLO Ltd. (4)(5)(6)(8)L + 7.00%8.06%1/19/20333,895 3,857 3,620 0.02 
Apidos CLO XXXIII (4)(5)(6)(8)L + 5.95%7.62%7/20/20348,500 8,500 7,361 0.04 
Apidos CLO XXXIII (5)(6)(8)L + 6.35%8.60%10/24/20345,000 4,953 4,415 0.02 
Ares LXI CLO, Ltd. (4)(5)(6)(8)L + 6.50%8.75%1/25/20349,000 9,000 8,039 0.04 
Ares LXI CLO, Ltd. (4)(5)(6)(8)L + 6.25%8.50%10/20/20347,750 7,750 6,825 0.03 
Ares LXI CLO, Ltd. (5)(6)(8)L + 6.75%9.46%10/28/20347,000 6,934 6,107 0.03 
Balboa Bay Loan Funding 2021-2, Ltd. (4)(5)(6)(8)L + 6.60%8.20%1/20/20357,000 6,933 6,262 0.03 
Barings CLO, Ltd. (4)(6)(8)L + 6.25%7.71%7/15/20346,000 6,000 5,147 0.02 
Barings CLO, Ltd. (4)(5)(6)(8)L + 6.65%7.71%1/18/20357,200 7,200 6,339 0.03 
Benefit Street Partners CLO XXI (4)(6)(8)L + 6.75%8.44%7/15/20346,500 6,500 5,922 0.03 
Benefit Street Partners CLO XXII (4)(5)(6)(8)L + 6.70%8.44%10/15/20343,000 2,970 2,721 0.01 
BlueMountain CLO XXIX Ltd (4)(6)(8)L + 6.86%8.04%7/25/20342,750 2,684 2,522 0.01 
Broad River Ltd 2020-1 (4)(6)(8)L + 6.50%7.56%7/20/20347,000 6,945 6,262 0.03 
Carlyle US CLO 2020-1, Ltd. (4)(5)(6)(8)L + 6.25%7.31%7/20/20347,000 7,000 6,200 0.03 
Carval CLO V-C, LTD. (4)(5)(6)(8)L + 6.75%9.26%10/15/20348,000 7,923 7,285 0.03 
Carval CLO VI-C Ltd. (4)(6)(8)L + 7.33%8.73%4/21/20348,750 8,663 8,068 0.04 
CIFC Funding 2019-III, Ltd. (4)(5)(6)(8)L + 6.80%8.35%10/16/20348,000 8,000 7,342 0.04 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations - non-controlled/non-affiliated
Diversified Financial Services
522 Funding CLO 2020-6, Ltd.(4)(5)(6)(8)L +6.50%11.77%10/23/2034$3,000 $3,000 $2,610 0.01 %
AIMCO CLO Series 2015-A(5)(6)(8)L +6.60%11.86%10/17/20347,450 7,450 6,969 0.03 
Allegro CLO XI Ltd.(4)(5)(6)(8)L +7.00%11.23%1/19/20333,895 3,861 3,664 0.02 
Apidos CLO XXXIII(5)(6)(8)L +6.35%11.17%10/24/20345,000 4,957 4,560 0.02 
Apidos CLO XXXVI(4)(5)(6)(8)L +5.95%10.19%7/20/20348,500 8,500 7,747 0.03 
Ares LXI CLO, Ltd.(4)(5)(6)(8)L +6.25%11.06%10/20/20347,750 7,750 7,009 0.03 
Ares LXII CLO, Ltd.(4)(5)(6)(8)L +6.50%11.76%1/25/20349,000 9,000 7,993 0.03 
Ares XXVII CLO, Ltd.(5)(6)(8)L +6.75%12.00%10/28/20347,000 6,939 6,431 0.03 
Balboa Bay Loan Funding 2021-2, Ltd.(4)(5)(6)(8)L +6.60%11.41%1/20/20357,000 6,938 6,300 0.03 
Barings CLO Ltd 2021-II(4)(5)(6)(8)L +6.25%11.08%7/15/20346,000 6,000 5,300 0.02 
Barings CLO Ltd 2021-III(4)(5)(6)(8)L +6.65%11.91%1/18/20357,200 7,200 6,215 0.03 
Benefit Street Partners CLO XX(4)(5)(6)(8)L +6.75%11.58%7/15/20346,500 6,500 6,078 0.03 
Benefit Street Partners LLC BSP 2020-21A(4)(5)(6)(8)L +6.70%11.96%10/15/20343,000 2,973 2,801 0.01 
BlueMountain CLO XXIX Ltd(4)(5)(6)(8)L +6.86%12.12%7/25/20342,750 2,689 2,419 0.01 
Broad River Ltd 2020-1(4)(5)(6)(8)L +6.50%11.75%7/20/20347,000 6,950 6,493 0.03 
Carlyle US CLO 2020-1, Ltd.(4)(5)(6)(8)L +6.25%11.50%7/20/20347,000 7,000 6,349 0.03 
Carval CLO V-C, LTD.(4)(5)(6)(8)L +6.75%11.58%10/15/20348,000 7,930 7,456 0.03 
Carval CLO VI-C, LTD.(4)(5)(6)(8)SOFR +7.33%12.39%4/21/20348,750 8,670 8,323 0.03 
CIFC Funding 2019-III, Ltd.(4)(5)(6)(8)L +6.80%11.63%10/16/20348,000 8,000 7,596 0.03 
CIFC Funding 2022-V, Ltd.(4)(5)(6)(8)SOFR +7.55%12.54%7/16/203310,000 9,909 9,772 0.04 
Dryden 95 CLO, Ltd.(4)(5)(6)(8)L +6.15%11.53%8/20/20348,000 8,000 6,954 0.03 
Eaton Vance CLO 2019-1 Ltd(4)(5)(6)(8)L +6.50%11.76%4/15/20313,750 3,754 3,581 0.02 
Elmwood CLO 16, Ltd.(4)(5)(6)(8)SOFR +7.22%12.27%4/20/20346,000 5,945 5,785 0.02 
Elmwood CLO III, Ltd.(4)(5)(6)(8)SOFR +6.50%11.76%10/20/20343,500 3,500 3,304 0.01 
Elmwood CLO VI, Ltd.(5)(6)(8)L +6.50%11.76%10/20/20344,000 4,000 3,825 0.02 
Flatiron RR CLO 22, LLC(5)(6)(8)L +6.20%11.53%10/15/20345,000 5,000 4,700 0.02 
Fort Washington CLO 2021-2, Ltd.(4)(5)(6)(8)L +6.61%11.42%10/20/203412,000 11,896 10,847 0.05 
Galaxy 30 CLO, Ltd.(4)(5)(6)(8)SOFR +7.00%11.94%4/15/20353,000 2,973 2,816 0.01 
Galaxy XXV CLO, Ltd.(4)(5)(6)(8)L +5.95%11.46%10/25/20314,000 3,951 3,535 0.01 
Goldentree Loan Management US Clo 12 Ltd.(4)(5)(6)(8)SOFR +7.25%12.30%4/20/20346,500 6,444 6,261 0.03 
Goldentree Loan Management US Clo 8 Ltd.(4)(5)(6)(8)L +6.15%10.96%10/20/20346,200 6,200 5,735 0.02 
Gulf Stream Meridian 5, Ltd.(4)(5)(6)(8)L +6.33%11.59%7/15/20343,500 3,489 3,147 0.01 
Gulf Stream Meridian 7, Ltd.(4)(5)(6)(8)SOFR +6.90%10.71%7/15/20355,000 4,955 4,594 0.02 
Gulf Stream Meridian GSM 2021-IIIA, Ltd.(4)(5)(6)(8)L +6.75%12.01%4/15/20341,000 961 930 0.00 
Halseypoint Clo 5, Ltd.(4)(5)(6)(8)L +6.95%12.41%1/30/20359,500 9,332 8,712 0.04 
HPS Loan Management 15-2019 Ltd(4)(5)(6)(8)SOFR +6.80%11.60%1/22/20354,000 3,964 3,672 0.02 
Jamestown CLO XIV, Ltd.(5)(6)(8)L +7.20%12.45%10/20/203410,000 9,825 9,115 0.04 
Kayne CLO III, Ltd.(4)(5)(6)(8)L +6.50%11.76%4/15/20325,000 5,008 4,560 0.02 
Magnetite XXXII Ltd(4)(5)(6)(8)SOFR +6.90%11.89%4/15/20355,000 5,000 4,812 0.02 
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.(5)(6)(8)L +6.75%12.09%10/20/20346,500 6,500 5,969 0.03 
Neuberger Berman Loan Advisers CLO 38, Ltd.(5)(6)(8)L +6.25%11.50%10/20/203511,000 11,000 10,083 0.04 
OCP CLO 2021-22, Ltd.(4)(5)(6)(8)L +6.60%11.41%12/2/20349,000 8,892 8,184 0.03 
Octagon 55, Ltd(4)(5)(6)(8)L +6.50%11.75%7/20/203411,000 10,883 9,852 0.04 
Octagon 66, Ltd(4)(5)(6)(8)SOFR +7.80%12.87%8/16/203310,000 9,908 9,742 0.04 
29
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Structured Finance Obligations (continued)
CIFC Funding 2022-V, Ltd. (4)(6)(8)L + 7.55%7.55%7/16/203310,000 9,900 9,900 0.05 
Dryden 95 CLO, Ltd. (4)(5)(6)(8)L + 6.15%7.84%8/20/20348,000 8,000 6,805 0.03 
Eaton Vance CLO 2019-1 Ltd (4)(5)(6)(8)L + 6.50%7.54%4/15/20313,750 3,754 3,436 0.02 
Elmwood CLO 16, Ltd. (4)(5)(6)(8)L + 7.22%8.72%4/20/20346,000 5,940 5,509 0.03 
Elmwood CLO III, Ltd. (4)(6)(8)L + 6.50%7.54%10/20/20343,500 3,500 3,132 0.01 
Elmwood CLO VI, Ltd. (5)(6)(8)L + 6.50%7.54%10/20/20344,000 4,000 3,579 0.02 
Flatiron RR CLO 22, LLC (5)(6)(8)L + 6.20%7.56%10/15/20345,000 5,000 4,579 0.02 
Fort Washington CLO 2021-2, Ltd. (4)(5)(6)(8)L + 6.61%8.44%10/20/203412,000 11,887 10,791 0.05 
Galaxy 30 CLO, Ltd. (4)(5)(6)(8)L + 5.95%8.01%10/25/20314,000 3,946 3,629 0.02 
Galaxy XXV CLO, Ltd. (4)(5)(6)(8)L + 7.00%7.00%4/15/20353,000 2,971 2,725 0.01 
Goldentree Loan Management US Clo 8 Ltd. (4)(6)(8)L + 6.15%7.78%10/20/20346,200 6,200 5,426 0.03 
Goldentree Loan Management US Clo 12 Ltd. (4)(5)(6)(8)L + 7.25%7.25%4/20/20346,500 6,439 6,022 0.03 
Gulf Stream Meridian 5, Ltd. (4)(5)(6)(8)L + 6.33%7.37%7/15/20343,500 3,488 3,125 0.01 
Gulf Stream Meridian 7, Ltd. (4)(5)(6)(8)L + 6.90%6.90%7/15/20355,000 4,951 4,490 0.02 
Gulf Stream Meridian IIIA, Ltd. (4)(6)(8)L + 6.75%7.79%4/15/20341,000 957 918 0.00 
Halseypoint Clo 5, Ltd. (4)(5)(6)(8)L + 6.95%7.16%1/30/20359,500 9,318 8,566 0.04 
HPS Loan Management 15-2019 Ltd (4)(5)(6)(8)L + 6.80%7.70%1/22/20354,000 3,961 3,627 0.02 
Jamestown CLO XIV, Ltd. (5)(6)(8)L + 7.20%8.26%10/20/203410,000 9,810 8,828 0.04 
Kayne CLO III, Ltd. (4)(5)(6)(8)L + 6.50%7.54%4/15/20325,000 5,009 4,463 0.02 
Magnetite XXXII Ltd (4)(5)(6)(8)L + 6.90%6.90%4/15/20355,000 5,000 4,567 0.02 
Morgan Stanley Eaton Vance Clo 2021-1, Ltd. (5)(6)(8)L + 6.75%8.08%10/20/20346,500 6,500 5,922 0.03 
Neuberger Berman Loan Advisers CLO 38, Ltd. (5)(6)(8)L + 6.25%7.31%10/20/203511,000 11,000 9,403 0.04 
OCP CLO 2021-22, Ltd. (4)(5)(6)(8)L + 6.50%6.75%10/20/20344,250 4,065 3,673 0.02 
OCP CLO 2021-22, Ltd. (4)(5)(6)(8)L + 6.60%8.21%12/2/20349,000 8,883 7,787 0.04 
Octagon 55, Ltd (4)(6)(8)L + 6.50%7.56%7/20/203411,000 10,873 9,868 0.05 
Octagon 66, Ltd (4)(6)(8)L + 7.80%7.80%8/16/203310,000 9,900 9,900 0.05 
Octagon Investment Partners 41, Ltd. (5)(6)(8)L + 7.13%8.17%10/15/20335,000 4,977 4,371 0.02 
Palmer Square CLO 2015-1, Ltd. (4)(6)(8)L + 6.50%8.00%5/21/20342,000 1,906 1,755 0.01 
Palmer Square CLO 2019-1, Ltd. (4)(5)(6)(8)L + 6.50%7.91%11/14/203414,500 14,500 13,011 0.06 
Park Avenue Institutional Advisers CLO Ltd 2022-1 (4)(5)(6)(8)L + 7.30%7.92%4/20/20356,000 5,824 5,569 0.03 
Post CLO 2022-1, Ltd. (4)(6)(8)L + 6.45%8.14%10/15/20346,000 6,000 5,377 0.03 
Post CLO 2021-1, Ltd. (4)(5)(6)(8)L + 6.80%6.80%4/20/20355,000 4,976 4,494 0.02 
PPM CLO 2, Ltd. (4)(5)(6)(8)L + 6.55%7.61%4/16/20325,000 5,008 4,562 0.02 
PPM CLO 6, Ltd. (5)(6)(8)L + 6.50%7.56%10/18/20348,775 8,775 7,742 0.04 
PPM CLO, Ltd. (5)(6)(8)L + 6.50%7.71%10/18/20344,800 4,800 4,235 0.02 
Rad CLO 14, Ltd. (4)(5)(6)(8)L + 6.50%7.51%1/15/20356,750 6,750 5,856 0.03 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations - non-controlled/non-affiliated (continued)
Diversified Financial Services (continued)
Octagon Investment Partners 41, Ltd.(5)(6)(8)L +7.13%12.39%10/15/2033$5,000 $4,979 $4,441 0.02 %
Onex Credit Partners OCP 2020-19A(4)(5)(6)(8)L +6.50%11.75%10/20/20344,250 4,080 3,815 0.02 
Palmer Square CLO 2015-1, Ltd.(4)(5)(6)(8)L +6.50%11.88%5/21/20342,000 1,914 1,802 0.01 
Palmer Square CLO 2019-1, Ltd.(4)(5)(6)(8)L +6.50%11.82%11/14/203412,000 12,000 10,943 0.05 
Palmer Square CLO 2022-1, Ltd.(4)(5)(6)(8)SOFR +6.40%11.40%4/20/20352,500 2,500 2,296 0.01 
Park Avenue Institutional Advisers CLO Ltd 2022-1(4)(5)(6)(8)SOFR +7.30%12.34%4/20/20356,000 5,838 5,694 0.02 
Post CLO 2021-1, Ltd.(4)(5)(6)(8)L +6.45%11.28%10/15/20346,000 6,000 5,565 0.02 
Post CLO 2022-1, Ltd.(4)(5)(6)(8)SOFR +6.80%11.80%4/20/20355,000 4,978 4,596 0.02 
PPM CLO 2, Ltd.(4)(5)(6)(8)L +6.55%11.81%4/16/20325,000 5,007 4,245 0.02 
PPM CLO 4, Ltd.(5)(6)(8)L +6.50%11.76%10/18/20348,775 8,775 7,503 0.03 
PPM CLO 5, Ltd.(5)(6)(8)L +6.50%11.75%10/18/20344,800 4,800 4,104 0.02 
Rad CLO 14, Ltd.(4)(5)(6)(8)L +6.50%11.33%1/15/20356,750 6,750 6,102 0.03 
Rockford Tower CLO 2021-3, Ltd.(5)(6)(8)L +6.72%12.01%10/20/20344,000 3,948 3,305 0.01 
RR 19, Ltd.(5)(6)(8)L +6.50%10.58%10/15/20353,000 3,000 2,831 0.01 
RR 20, Ltd.(4)(5)(6)(8)SOFR +7.25%12.24%7/15/20374,000 3,963 3,840 0.02 
Signal Peak 7, Ltd.(4)(5)(6)(8)L +6.89%12.19%4/30/20323,875 3,845 3,590 0.02 
Sound Point CLO XXVII, Ltd.(4)(5)(6)(8)L +6.56%11.82%10/25/20346,900 6,780 5,623 0.02 
Symphony CLO 34-PS, Ltd.(4)(5)(6)(8)SOFR +7.56%12.59%7/24/20347,000 6,935 6,856 0.03 
Trestles Clo IV, Ltd.(4)(5)(6)(8)L +6.25%11.07%7/21/20348,000 8,000 7,259 0.03 
Vibrant CLO XII, Ltd.(4)(5)(6)(8)L +7.11%12.65%1/20/20342,875 2,852 2,614 0.01 
Vibrant CLO XIII, Ltd.(4)(5)(6)(8)L +7.06%12.32%7/15/20346,250 6,197 5,778 0.02 
Voya CLO 2019-4, Ltd.(4)(5)(6)(8)L +6.70%11.96%1/15/20358,250 8,105 7,542 0.03 
Voya CLO 2020-2, Ltd.(4)(5)(6)(8)L +6.40%11.67%7/19/20345,000 4,912 4,529 0.02 
Total Structured Finance Obligations - non-controlled/non-affiliated409,754 377,673 1.60 
Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units(4)2,890,586 4,336 7,920 0.03 
Micross Topco, Inc.(4)116 125 146 0.00 
4,461 8,066 0.03 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)1,674 1,674 1,221 0.01 
Mode Holdings, L.P. - Class A-2 Common Units(4)1,076,923 1,077 2,272 0.01 
2,751 3,493 0.02 
Distributors
Box Co-Invest Blocker, LLC(4)3,308,320 3,308 2,977 0.01 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.50%29,194,330 28,735 35,549 0.15 
Deneb Ultimate Topco, LLC - Class A Units(4)4,060 4,060 2,553 0.01 
32,795 38,102 0.16 
30
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Structured Finance Obligations (continued)
Rockford Tower CLO 2021-3, Ltd. (5)(6)(8)L + 6.72%7.94%10/20/20344,000 3,943 3,524 0.02 
RR 19, Ltd. (5)(6)(8)L + 6.50%7.83%10/15/20353,000 3,000 2,703 0.01 
RR 20, Ltd. (4)(6)(8)L + 7.25%7.25%7/15/20374,000 3,960 3,717 0.02 
Signal Peak 7, Ltd. (4)(6)(8)L + 6.89%8.18%4/30/20323,875 3,842 3,597 0.02 
Sound Point CLO XXVII, Ltd. (4)(5)(6)(8)L + 6.56%7.74%10/25/20346,900 6,769 5,900 0.03 
Symphony CLO 34-PS, Ltd. (4)(6)(8)L + 7.56%7.56%7/24/20347,000 6,929 6,929 0.03 
Trestles Clo IV, Ltd. (4)(5)(6)(8)L + 6.25%7.67%7/21/20348,000 8,000 7,068 0.03 
Vibrant CLO XIII, Ltd. (4)(5)(6)(8)L + 7.06%8.10%7/15/20346,250 6,192 5,578 0.03 
Vibrant CLO XII, Ltd. (4)(6)(8)L + 7.11%9.36%1/30/20342,875 2,850 2,593 0.01 
Voya CLO 2019-4, Ltd. (4)(5)(6)(8)L + 6.70%7.74%1/15/20358,250 8,092 7,104 0.03 
Voya CLO 2020-2, Ltd. (4)(5)(6)(8)L + 6.40%7.46%7/19/20345,000 4,904 4,418 0.02 
Total Structured Finance Obligations$409,511 $370,531 1.77 %
Unsecured Debt
Health Care Technology
Minerva Merger Sub, Inc. (5)(8)6.50%6.50%2/15/2030$7,146 $7,146 $5,964 0.03 %
IT Services
Endurance International Group Holdings, Inc. (5)(8)6.00%6.00%2/15/20296,272 6,076 4,536 0.02 
Software
Condor Merger Sub, Inc. (8)7.38%7.38%2/15/203014,286 14,286 11,654 0.06 
Total Unsecured Debt$27,508 $22,153 0.11 %
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units (4)2,890,586 $4,336 $5,492 0.03 %
Micross Topco, Inc. (4)116 125 116 0.00 
4,461 5,608 0.03 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)1,674 1,674 1,802 0.01 
Mode Holdings, L.P. - Class A-2 Common Units (4)1,076,923 1,077 1,788 0.01 
2,751 3,590 0.02 
Distributors
Box Co-Invest Blocker, LLC (4)3,308,320 3,308 3,454 0.02 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)29,194,330 28,735 34,912 0.17 
Deneb Ultimate Topco, LLC - Class A Units (4)4,060 4,060 4,060 0.02 
32,795 38,972 0.19 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Equity - non-controlled/non-affiliated (continued)
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units(4)12,870 $10,915 $13,091 0.06 %
Point Broadband Holdings, LLC - Class B Units(4)685,760 1,955 3,764 0.02 
Point Broadband Holdings, LLC - Class Additional A Units(4)147,380 420 809 0.00 
Point Broadband Holdings, LLC - Class Additional B Units(4)2,766 2,346 2,813 0.01 
15,636 20,477 0.09 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units(4)4,853 4,853 2,912 0.01 
Health Care Providers & Services
AVE Holdings I Corp.(4)12,237,213 11,870 12,971 0.05 
CD&R Artemis Holdco 2 Limited - Preferred Shares(4)(6)33,000,000 43,662 48,605 0.20 
CD&R Ulysses Equity Holdings, L.P. - Common Shares(4)(6)6,000,000 6,090 5,040 0.02 
Jayhawk Holdings, LP - A-1 Common Units(4)12,472 2,220 2,046 0.01 
Jayhawk Holdings, LP - A-2 Common Units(4)6,716 1,195 1,101 0.00 
Maia Aggregator, L.P. - Class A Units(4)19,700,000 19,700 20,094 0.08 
NC Eve, L.P. - LP Interest(4)(6)2,500,000 3,398 2,412 0.01 
88,135 92,269 0.37 
Health Care Technology
Caerus Midco 2 S.À. R.L - Additional Vehicle Units(4)(6)988,290 988 109 0.00 
Caerus Midco 2 S.À. R.L - Vehicle Units(4)(6)4,941,452 4,941 4,596 0.02 
5,929 4,705 0.02 
Insurance
Shelf Holdco Ltd Common Equity(4)(6)1,300,000 1,300 1,495 0.01 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest(4)25,687,196 25,687 27,485 0.12 
Professional Services
Guidehouse Holding Corp. - Preferred Equity(4)11.50%54,010 52,935 61,571 0.26 
OHCP V TC COI, LP. - LP Interest(4)6,500,000 6,500 9,425 0.04 
Tricor Horizon, LP(4)(6)14,151,361 14,151 14,151 0.06 
Victors CCC Topco, LP(4)9,600,000 9,600 13,440 0.06 
83,186 98,587 0.42 
Software
Connatix Parent, LLC - Class L Common Units(4)126,136 1,388 592 0.00 
Expedition Holdco, LLC(4)810,810 810 402 0.00 
Knockout Intermediated Holdings I, Inc.(4)49,020 47,795 54,290 0.23 
Lobos Parent, Inc. - Series A Preferred Shares(4)10.50%45,090 43,963 49,261 0.21 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares(4)31,950,000 30,992 27,797 0.12 
Mimecast Limited(4)73,213,759 73,214 71,705 0.30 
Zoro Common Equity(4)1,195,880 11,959 11,959 0.05 
Zoro Series A Preferred Shares(4)12.50%44,535 42,976 45,982 0.19 
253,097 261,988 1.10 
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Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Equity (continued)
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)15,636 13,261 12,616 0.06 
Point Broadband Holdings, LLC - Class B Units (4)833,140 2,375 1,925 0.01 
15,636 14,540 0.07 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)4,500 4,500 3,038 0.01 
Health Care Providers & Services
AVE Holdings I Corp. (4)12,237,213 11,870 12,023 0.06 
CD&R Artemis Holdco 2 Limited - Preferred Shares (4)(6)33,000,000 43,662 42,423 0.20 
CD&R Ulysses Equity Holdings, L.P. - Common Shares (4)(6)6,000,000 6,090 5,460 0.03 
Jayhawk Holdings, LP - A-1 Common Units (4)12,472 2,220 3,552 0.02 
Jayhawk Holdings, LP - A-2 Common Units (4)6,716 1,195 1,913 0.01 
Maia Aggregator, L.P. - Class A Units (4)19,700,000 19,700 18,912 0.09 
NC Eve, L.P. - LP Interest (4)(6)2,500,000 3,398 3,046 0.01 
88,135 87,329 0.42 
Health Care Technology
Caerus Midco 2 S.À. R.L - Vehicle Units (4)(6)4,941,452 4,941 4,941 0.02 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)25,687,196 25,687 25,687 0.12 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)54,010 52,935 56,845 0.27 
OHCP V TC COI, LP. - LP Interest (4)6,500,000 6,500 6,500 0.03 
Tricor Horizon, LP (4)(6)14,151,361 14,151 14,151 0.07 
Victors CCC Topco, LP (4)9,600,000 9,600 9,600 0.05 
83,186 87,097 0.42 
Software
Connatix Parent, LLC - Class L Common Units (4)126,136 1,388 1,770 0.01 
Expedition Holdco, LLC (4)810,810 810 665 — 
Knockout Intermediated Holdings I, Inc. (4)49,020 47,795 47,795 0.23 
Lobos Parent, Inc. - Series A Preferred Shares (4)45,090 43,963 45,767 0.22 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares (4)31,950,000 30,992 32,589 0.16 
Mimecast Limited (4)(6)(7)73,213,759 73,214 71,339 0.34 
198,160 199,923 0.95 
32
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Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Equity (continued)
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest (4)34,238,400 33,725 36,122 0.17 
Frontline Road Safety Investments, LLC - Class A Common Units (4)58,590 6,178 6,152 0.03 
Ncp Helix Holdings, LLC. - Preferred Shares (4)1,485,282 1,116 1,116 0.01 
41,019 43,389 0.21 
Total Equity Investments$504,581 $517,569 2.47 %
Total Investments - non-controlled/non-affiliated$46,957,986 $46,041,480 219.55 %
Investments — non-controlled/affiliated
Equity
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units (4)(6)(14)$719 $1,797 0.01 %
Total Equity$719 $1,797 0.01 %
Total Investments — non-controlled/affiliated$719 $1,797 0.01 %
Investments—controlled/affiliated
Equity
Diversified Financial Services
Specialty Lending Company LLC - LLC Interest (4)(5)(6)$180,900 $180,900 0.86 %
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units (4)(6)(14)1,421 1,767 0.01 
Total Equity$182,321 $182,667 0.87 %
Total Investments — controlled/affiliated$182,321 $182,667 0.87 %
Investment in Joint Venture
BCRED Emerald JV (6)$802,579 $768,479 3.66 %
Investment in Joint Venture Total$802,579 $768,479 3.66 %
Total Investment Portfolio$47,141,027 $46,225,946 220.43 %
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund$140,579 $140,579 0.67 %
Other Cash and Cash Equivalents1,503,807 1,503,807 7.17 
Total Portfolio Investments, Cash and Cash Equivalents$48,785,413 $47,870,332 228.27 %
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Equity - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest(4)34,238,400 $33,725 $32,184 0.14 %
Enstructure LLC(4)4,642,254 3,440 4,593 0.02 
Frontline Road Safety Investments, LLC - Class A Common Units(4)58,590 6,178 4,353 0.02 
Ncp Helix Holdings, LLC. - Preferred Shares(4)1,485,282 1,116 1,417 0.01 
44,459 42,547 0.19 
Total Equity - non-controlled/non-affiliated565,597 605,103 2.55 
Total Investments - non-controlled/non-affiliated46,107,745 45,356,457 190.68 
Equity - non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units(4)(6)(16)558 2,779 0.01 
Total Equity - non-controlled/affiliated558 2,779 0.01 
Total Investments - non-controlled/affiliated558 2,779 0.01 
Equity - controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments LP Int(4)(6)(16)— — 0.00 
Diversified Financial Services
Specialty Lending Company LLC - LLC Interest(4)(5)(6)(16)171,900 172,665 0.73 
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units(4)(6)(16)1,421 1,980 0.01 
Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)173,321 174,645 0.74 
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)197,734 195,424 0.83 
Investments in Joint Ventures
BCRED Emerald JV(6)(16)2,002,500 2,010,728 8.45 
BCRED Verdelite JV(6)(16)117,706 119,480 0.50 
Total Investments in Joint Ventures Total2,120,206 2,130,208 8.95 
Total Investment Portfolio48,426,243 47,684,868 200.47 
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund26,978 26,978 0.11 
Other Cash and Cash Equivalents1,362,054 1,362,054 5.72 
Total Portfolio Investments, Cash and Cash Equivalents$49,815,275 $49,073,900 206.30 %

(1)
33
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
(1)    Unless otherwise indicated, issuers ofall debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, andwhile the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”L”), Canadian Dollar Offered Rate (“CDOR”CDOR” or “C”“C”), Sterling Overnight Interbank Average Rate (“SONIA”SONIA” or “S”“S”), Euro Interbank Offer Rate (“Euribor”Euribor” or “E”“E”), Secured Overnight Financing Rate (“SOFR"SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR" or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”) or an alternate base rate (commonly based on the Federal
32
Table of Contents
Funds Rate (“F”F”) or the U.S. Prime Rate (“P”P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2022.2023. Variable rate loans typically include an interest reference rate floor feature. As of June 30, 2022, 91.9% of the portfolio at fair value had a base rate floor above zero. For each such loan, the Company has provided the interest rate in effect on the date presented.
(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"(“GAAP”).
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.
(6)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”).Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2022,2023, non-qualifying assets represented 17.1%22.2% of total assets as calculated in accordance with regulatory requirements.
(7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
Investments—non-controlled/non-affiliatedInvestments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value		Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien DebtFirst and Second Lien DebtFirst and Second Lien Debt
123Dentist, Inc.123Dentist, Inc.Delayed Draw Term Loan8/10/2029$32,114 $(3,064)
ACI Group Holdings, Inc.ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/2023$65,909 $— ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/202339,051 — 
ACI Group Holdings, Inc.ACI Group Holdings, Inc.Revolver8/2/202721,482 (107)ACI Group Holdings, Inc.Revolver8/2/202721,482 (322)
ADCS Clinics Intermediate Holdings, LLCADCS Clinics Intermediate Holdings, LLCRevolver5/7/20273,902 (78)ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20273,902 (78)
ADCS Clinics Intermediate Holdings, LLCADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/202310,867 — ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan4/14/20248,400 (63)
Advancing Eyecare Center, Inc.Advancing Eyecare Center, Inc.Delayed Draw Term Loan6/13/20295,000 — Advancing Eyecare Center, Inc.Delayed Draw Term Loan6/13/20294,620 (116)
AI Altius Bidco, Inc.AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/202334,698 (347)AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/202813,557 — 
AI Aqua Merger Sub, Inc.Delayed Draw Term Loan7/30/20287,593 — 
Albireo Energy, LLCDelayed Draw Term Loan12/23/202611,026 — 
Alera Group, Inc.Delayed Draw Term Loan10/2/202829,389 — 
Alera Group, Inc.Delayed Draw Term Loan9/30/2028536 — 
Amerilife Holdings LLCAmerilife Holdings LLCRevolver8/31/202840,596 — 
Amerilife Holdings LLCAmerilife Holdings LLCDelayed Draw Term Loan8/31/202925,775 — 
Amerivet Partners Management, Inc.Amerivet Partners Management, Inc.Revolver2/25/202811,511 (230)Amerivet Partners Management, Inc.Revolver2/25/202811,511 (460)
Amerivet Partners Management, Inc.Amerivet Partners Management, Inc.Delayed Draw Term Loan2/25/202468,476 (685)Amerivet Partners Management, Inc.Delayed Draw Term Loan2/25/202441,445 — 
Anaplan, Inc.Anaplan, Inc.Revolver6/21/202853,206 (1,064)Anaplan, Inc.Revolver6/21/202847,983 (480)
Apex Companies, LLCApex Companies, LLCDelayed Draw Term Loan1/31/2028369 (5)
Armada Parent, Inc.Armada Parent, Inc.Delayed Draw Term Loan10/29/202322,500 (225)Armada Parent, Inc.Delayed Draw Term Loan10/29/202311,250 — 
Armada Parent, Inc.Armada Parent, Inc.Revolver10/29/202727,000 — Armada Parent, Inc.Revolver10/29/202727,000 (540)
Armstrong Bidco LimitedArmstrong Bidco LimitedDelayed Draw Term Loan6/28/2029200,065 (8)Armstrong Bidco LimitedDelayed Draw Term Loan6/28/202925,033 — 
Ascend Buyer, LLCAscend Buyer, LLCRevolver9/30/20276,725 — Ascend Buyer, LLCRevolver9/30/20277,760 (78)
athenahealth, Inc.athenahealth, Inc.Delayed Draw Term Loan2/15/20296,618 — athenahealth, Inc.Delayed Draw Term Loan2/15/20294,449 (156)
Atlas CC Acquisition Corp.Atlas CC Acquisition Corp.Revolver5/26/202618,518 — Atlas CC Acquisition Corp.Delayed Draw Term Loan5/26/202614,403 (2,404)
Atlas CC Acquisition Corp.Atlas CC Acquisition Corp.Delayed Draw Term Loan5/26/202614,403 — Atlas CC Acquisition Corp.Revolver5/26/202617,283 (1,856)
Auris Luxembourg III SarlAuris Luxembourg III SarlRevolver2/27/202617,850 (330)
Avalara IncAvalara IncRevolver10/19/20282,308 (23)
AxiomSL Group, Inc.AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20275,478 (55)AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20275,478 (55)
AxiomSL Group, Inc.AxiomSL Group, Inc.Revolver12/3/20255,983 (60)AxiomSL Group, Inc.Revolver12/3/20255,983 — 
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/202322,662 — 
Bazaarvoice, Inc.Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202257,432 — Bazaarvoice, Inc.Revolver5/7/202642,994 — 
Bazaarvoice, Inc.Revolver5/7/202642,994 — 
Beeline, LLCBeeline, LLCRevolver5/2/20284,619 — 
Beeline, LLCBeeline, LLCDelayed Draw Term Loan5/2/20296,659 (33)
Benefytt Technologies, Inc.Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/202326,865 — Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/20233,573 — 
BlueCat Networks USA, Inc.BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/20284,615 — 
BlueCat Networks USA, Inc.BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/202812,159 (122)
Caerus US 1, Inc.Caerus US 1, Inc.Delayed Draw Term Loan5/25/202959,019 (590)
Caerus US 1, Inc.Caerus US 1, Inc.Delayed Draw Term Loan5/25/202959,019 — Caerus US 1, Inc.Revolver5/25/202920,181 — 
Caerus US 1, Inc.Caerus US 1, Inc.Revolver5/25/202941,313 (826)Caerus US 1, Inc.Delayed Draw Term Loan5/25/202912,551 (126)
Cambium Learning Group, Inc.Cambium Learning Group, Inc.Revolver7/20/2028101,715 — Cambium Learning Group, Inc.Revolver7/20/2028101,715 — 
Canadian Hospital Specialties Ltd.Canadian Hospital Specialties Ltd.Revolver4/14/2027782 — 
Caramel Bidco LimitedCaramel Bidco LimitedDelayed Draw Term Loan2/24/20243,032 (199)
CCBlue Bidco, Inc.CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/202367,275 — 
CEP V Investment 11 SarlCEP V Investment 11 SarlDelayed Draw Term Loan2/11/202856,171 — 
CFC Underwriting, Ltd.CFC Underwriting, Ltd.Delayed Draw Term Loan11/30/202816,304 (204)
CFGI Holdings, LLCCFGI Holdings, LLCRevolver11/2/202719,950 (399)
Chronicle Bidco, Inc.Chronicle Bidco, Inc.Revolver11/14/20253,162 — 
Circana Group, L.P.Circana Group, L.P.Revolver12/1/202796,517 — 
Claims Automation Intermediate 2, LLCClaims Automation Intermediate 2, LLCDelayed Draw Term Loan12/16/202768,521 (685)
33
Table of Contents
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Clearview Buyer, Inc.Revolver2/26/2027$8,085 $(162)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/202433,015 — 
Cobham Holdings, Inc.Revolver1/9/2028376 (8)
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/202410,809 (108)
Community Brands ParentCo, LLCRevolver2/24/20286,330 (127)
Confine Visual BidcoDelayed Draw Term Loan3/11/202449,522 — 
Connatix Buyer, Inc.Revolver7/14/202716,294 (733)
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202332,700 (327)
COP Home Services TopCo IV, Inc.Revolver12/31/202511,176 (120)
COP Home Services TopCo IV, Inc.Revolver12/31/20258,788 (94)
COP Home Services TopCo IV, Inc.Delayed Draw Term Loan12/30/202748,936 (245)
Coupa Software Inc.Delayed Draw Term Loan8/27/2024164 (2)
Coupa Software Inc.Revolver2/27/2030126 (2)
CPI Buyer, LLCRevolver11/1/202628,928 (579)
CPI Intermediate Holdings IncDelayed Draw Term Loan10/8/2029111,547 (1,115)
Cumming Group, Inc.Revolver5/26/202723,577 (589)
Cumming Group, Inc.Delayed Draw Term Loan5/26/2027343 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/20284,806 — 
Discovery Education, Inc.Delayed Draw Term Loan4/9/2029120,227 — 
Discovery Education, Inc.Revolver4/9/202952,540 (2,233)
Doc Generici (Diocle S.p.A.)Delayed Draw Term Loan10/26/20245,288 — 
DTI Holdco, Inc.Revolver4/26/20276,320 — 
Eliassen Group, LLCDelayed Draw Term Loan4/14/202812,360 — 
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202349,368 (511)
Engineered Stone Group Holdings III Ltd.Delayed Draw Term Loan4/23/202823,817 — 
Enstructure LLCDelayed Draw Term Loan5/25/202918,743 — 
ENV Bidco ABDelayed Draw Term Loan7/19/202928,642 (4,404)
Episerver, Inc.Revolver4/9/20263,833 (211)
Episerver, Inc.Delayed Draw Term Loan4/9/202610,185 (560)
Excelitas Technologies Corp.Revolver8/14/20286,996 — 
Excelitas Technologies Corp.Delayed Draw Term Loan8/13/202919,214 (192)
Experity, Inc.Revolver2/24/202810,377 — 
Forterro UK Ltd.Delayed Draw Term Loan7/7/202917,829 — 
Foundation Risk Partners Corp.Revolver10/29/20279,529 (143)
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/202811,352 — 
Galway Borrower, LLCRevolver9/30/202719,017 (380)
Galway Borrower, LLCDelayed Draw Term Loan9/30/20232,364 (83)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/202318,000 — 
GI Consilio Parent, LLCRevolver2/10/20266,300 (358)
GI Ranger Intermediate, LLCRevolver10/29/20276,480 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/202827,360 — 
Gigamon Inc.Revolver3/11/202825,774 (64)
Go Car Wash Management Corp.Delayed Draw Term Loan12/31/202684,833 (954)
Go Car Wash Management Corp.Delayed Draw Term Loan5/6/202415,826 — 
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/202362,600 (1,252)
GovernmentJobs.com, Inc.Revolver12/2/202312,352 — 
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20278,571 (171)
GraphPAD Software, LLCRevolver4/27/20272,832 (42)
Groundworks, LLCDelayed Draw Term Loan9/13/2025130 (2)
Groundworks, LLCRevolver3/14/202942 (1)
Helix TS, LLCDelayed Draw Term Loan6/14/2024614 — 
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20276,663 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20239,724 — 
High Street Buyer, Inc.Revolver4/16/20274,186 (84)
High Street Buyer, Inc.Delayed Draw Term Loan4/16/202840,581 — 
Houghton Mifflin, LLCRevolver4/7/202718,750 (3,415)
34
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20236,398 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20273,896 — 
Caramel Bidco LimitedDelayed Draw Term Loan2/24/202426,770 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/202391,739 (917)
CD&R Artemis UK Bidco Ltd.Revolver8/19/202625,000 — 
CEP V Investment 11 SarlDelayed Draw Term Loan2/11/202852,130 — 
CFC Underwriting, Ltd.Delayed Draw Term Loan11/30/202816,304 — 
CFGI Holdings, LLCDelayed Draw Term Loan11/2/202722,800 (228)
CFGI Holdings, LLCRevolver11/2/202719,950 (399)
Chronicle Bidco, Inc.Delayed Draw Term Loan11/14/202542,780 (765)
Chronicle Bidco, Inc.Revolver11/14/20254,331 (87)
Claims Automation Intermediate 2, LLCDelayed Draw Term Loan12/16/202768,521 (685)
Clearview Buyer, Inc.Revolver2/26/20278,085 (162)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/202433,015 — 
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/202810,809 (108)
Community Brands ParentCo, LLCRevolver2/24/20286,330 (127)
Confine Visual BidcoDelayed Draw Term Loan2/23/202955,557 (833)
Connatix Buyer, Inc.Revolver7/14/202716,294 — 
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202332,700 (327)
COP Home Services TopCo IV, Inc.Revolver12/31/20259,580 — 
CPI Buyer, LLCDelayed Draw Term Loan5/1/202378,721 — 
CPI Buyer, LLCRevolver11/1/202623,143 — 
Cumming Group, Inc.Delayed Draw Term Loan5/26/202725,392 (254)
Cumming Group, Inc.Revolver5/26/202722,178 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/20274,381 — 
DG Investment Intermediate Holdings 2, Inc.Delayed Draw Term Loan3/31/20283,865 — 
Discovery Education, Inc.Delayed Draw Term Loan4/9/2029120,227 — 
Discovery Education, Inc.Revolver4/9/202952,540 (1,051)
Donuts, Inc.Delayed Draw Term Loan5/14/2023128,295 — 
DTI Holdco, Inc.Revolver4/26/20277,200 — 
Eliassen Group, LLCDelayed Draw Term Loan4/14/202814,541 (218)
EM Bidco LimitedDelayed Draw Term Loan4/12/20291,688 — 
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202356,100 — 
Engineered Stone Group Holdings III Ltd.Delayed Draw Term Loan11/22/202354,432 — 
Enstructure LLCDelayed Draw Term Loan5/25/202918,743 — 
Episerver, Inc.Delayed Draw Term Loan4/9/202610,185 (127)
Episerver, Inc.Revolver4/9/20263,833 (48)
Experity, Inc.Revolver7/22/202713,452 (269)
Fencing Supply Group Acquisition, LLCDelayed Draw Term Loan8/2/202227,125 — 
Foundation Risk Partners Corp.Revolver10/29/20279,529 (143)
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/202823,239 — 
Frontline Road Safety, LLC - ADelayed Draw Term Loan5/3/20275,129 — 
Frontline Road Safety, LLC - BDelayed Draw Term Loan4/30/202739,526 — 
Galway Borrower, LLCRevolver9/30/202719,017 (380)
Galway Borrower, LLCDelayed Draw Term Loan9/30/202325,060 — 
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/202367,500 (675)
Genuine Cable Group, LLCDelayed Draw Term Loan4/1/20232,246 — 
GI Ranger Intermediate, LLCRevolver10/29/20279,720 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/202836,000 (360)
Gigamon Inc.Revolver3/11/202825,774 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
IG Investments Holdings, LLCRevolver9/22/2027$44,828 $(224)
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202499,544 (1,244)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/20251,040 — 
Integrity Marketing Acquisition, LLCRevolver7/9/2023303 (6)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan7/9/20231,517 (15)
ISQ Hawkeye Holdco, Inc.Revolver8/17/2028806 (8)
ISQ Hawkeye Holdco, Inc.Delayed Draw Term Loan8/17/2029453 — 
Java Buyer, Inc.Delayed Draw Term Loan12/15/202362,909 — 
Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/202633 — 
Jupiter Bidco LimitedDelayed Draw Term Loan8/5/202941,392 (127)
Kaseya, Inc.Delayed Draw Term Loan6/25/202941,761 — 
Kaseya, Inc.Revolver6/25/202936,559 — 
Knowledge Pro Buyer, Inc.Revolver12/10/20276,824 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20239,964 — 
Kwor Acquisition, Inc.Delayed Draw Term Loan12/22/20273,988 — 
Kwor Acquisition, Inc.Revolver12/22/20275,488 — 
Legacy Intermediate, LLCDelayed Draw Term Loan8/25/20235,923 — 
Loar Group, Inc.Delayed Draw Term Loan9/29/202380,000 — 
Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/202999,913 (2,478)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/202610,800 (1,323)
Mantech International CPDelayed Draw Term Loan9/14/2029186,262 (1,863)
Mantech International CPRevolver9/14/2028111,118 (1,111)
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan6/23/20285,722 (229)
Material Holdings, LLCRevolver8/17/202715,897 (954)
Material Holdings, LLCDelayed Draw Term Loan8/19/202314,625 — 
Metis Buyer, Inc.Revolver5/4/20269,000 (138)
MHE Intermediate Holdings, LLCRevolver7/21/2027691 — 
Mitratech Holdings, Inc.Delayed Draw Term Loan11/26/202470,000 (1,400)
Monk Holding Co.Delayed Draw Term Loan8/12/202338,468 — 
Monterey Financing, S.A.R.LDelayed Draw Term Loan9/19/202955,578 — 
MRI Software, LLCRevolver2/10/2026673 (19)
MRI Software, LLCDelayed Draw Term Loan2/10/20263,159 (87)
Natus Medical IncorporatedRevolver7/21/20272,788 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202376,346 — 
NDC Acquisition Corp.Revolver3/9/20272,911 — 
NMC Crimson Holdings, Inc.Delayed Draw Term Loan1/1/202412,560 — 
NortonLifeLock, Inc.Revolver9/12/20293,375 (28)
Onex AP Merger Sub, LLCRevolver4/4/20283,261 (16)
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/202357,531 — 
Oranje Holdco IncRevolver2/1/20298,250 (124)
Pearce Services, LLCDelayed Draw Term Loan6/2/20271,500 — 
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/20289 — 
Petrus Buyer IncDelayed Draw Term Loan10/17/202911,304 (170)
Petrus Buyer IncRevolver10/17/20295,163 (103)
PGIS Intermediate Holdings, LLCRevolver10/16/20286,274 (125)
Plasma Buyer, LLCRevolver5/12/202814,467 (1,230)
Plasma Buyer, LLCDelayed Draw Term Loan5/12/202923,780 (238)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/20238,760 — 
Polyphase Elevator Holding Co.Revolver6/23/2027374 — 
Polyphase Elevator Holding Co.Delayed Draw Term Loan12/21/202754,535 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202721,722 (638)
PPV Intermediate Holdings, LLCRevolver8/31/20299,910 (99)
Profile Products, LLCRevolver11/12/2027761 — 
Profile Products, LLCRevolver12/20/20246,700 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/202916,623 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/20232,915 — 
35
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/20235,204 — 
Go Car Wash Management Corp.Delayed Draw Term Loan12/31/2026100,000 (1,125)
GovernmentJobs.com, Inc.Revolver11/30/202719,764 (395)
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/202362,600 — 
GraphPAD Software, LLCRevolver4/27/20272,832 — 
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20278,571 (86)
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20236,930 — 
Gruden Acquisition, Inc.Revolver7/1/20267,875 — 
Helix TS, LLCDelayed Draw Term Loan8/3/202338,209 — 
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20273,239 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/202318,629 (186)
High Street Buyer, Inc.Revolver4/16/20274,186 (84)
High Street Buyer, Inc.Delayed Draw Term Loan2/2/202476,315 — 
Houghton Mifflin, LLCRevolver4/7/202718,750 — 
Icebox Holdco III, Inc.Delayed Draw Term Loan12/22/20284,157 (239)
IG Investments Holdings, LLCRevolver9/22/202732,500 — 
Infostretch CorporationRevolver4/1/202820,103 (402)
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202499,544 (1,244)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202598,095 (981)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan7/9/20236,321 — 
Java Buyer, Inc.Delayed Draw Term Loan12/15/202371,642 — 
Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/202659,184 — 
Kaseya, Inc.Delayed Draw Term Loan6/25/202944,474 (445)
Kaseya, Inc.Revolver6/25/202948,746 (975)
Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/202319,840 (198)
Knowledge Pro Buyer, Inc.Revolver12/10/20277,327 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/202318,452 (185)
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/20231,283 — 
Kwor Acquisition, Inc.Delayed Draw Term Loan12/22/20285,137 — 
Kwor Acquisition, Inc.Revolver12/22/20279,512 — 
L&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/202236,794 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202319,979 — 
Legacy Intermediate, LLCRevolver2/25/202817,242 (172)
Legacy Intermediate, LLCDelayed Draw Term Loan2/25/202336,000 (360)
Linquest Corp.Delayed Draw Term Loan1/27/202344,775 (448)
Loar Group, Inc.Delayed Draw Term Loan4/1/2024100,000 — 
Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/202999,913 (2,206)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/20268,370 — 
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan6/23/202819,765 — 
Material Holdings, LLCRevolver8/17/202710,174 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/202331,793 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/202316,185 (103)
Medical Knowledge Group, LLCRevolver2/1/202934,020 — 
Metis Buyer, Inc.Revolver5/4/20269,000 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027804 — 
MHE Intermediate Holdings, LLCDelayed Draw Term Loan7/21/2027831 — 
Monk Holding Co.Delayed Draw Term Loan12/1/202342,074 (558)
MRI Software, LLCDelayed Draw Term Loan2/10/202615,887 (303)
MRI Software, LLCRevolver2/10/2026673 — 
MRI Software, LLCRevolver5/14/20266,300 (709)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Project Leopard Holdings, Inc.Revolver7/20/2027$16,590 $(859)
Quality Distribution LLCRevolver4/3/202894 (3)
Quality Distribution LLCDelayed Draw Term Loan10/3/202479 (1)
Quality Distribution LLCRevolver7/1/20269,000 (405)
Rally Buyer, Inc.Revolver7/19/202817,745 (355)
Rally Buyer, Inc.Delayed Draw Term Loan7/19/202829,147 — 
Redwood Services Group, LLCDelayed Draw Term Loan6/15/202938 — 
Redwood Services Group, LLCDelayed Draw Term Loan6/15/2029672 — 
Relativity ODA, LLCRevolver5/12/20274,937 (74)
Relay Purchaser, LLCRevolver8/30/202628,571 (286)
Riser Merger Sub, Inc.Revolver8/1/202817,857 — 
Riser Merger Sub, Inc.Delayed Draw Term Loan5/1/202420,331 — 
RoadOne IncRevolver12/30/2028275 — 
RoadOne IncDelayed Draw Term Loan12/30/2028177 — 
RSC Acquisition, Inc.Delayed Draw Term Loan10/30/20267,283 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/202758,064 (581)
S&P Global Engineering SolutionsRevolver5/2/2029249 (7)
Safety Borrower Holdings LPRevolver9/1/20271,678 — 
Sailpoint Technologies, Inc.Revolver8/15/202834,083 (426)
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/20232,320 — 
Sam Holding Co, Inc.Revolver3/24/202722,560 — 
SEKO Global Logistics Network, LLCRevolver12/30/20269,874 — 
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/20266,048 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/8/202811,177 (112)
Sherlock Buyer Corp.Revolver12/8/20274,445 (89)
Smile Doctors, LLCRevolver12/23/202749,877 — 
Smile Doctors, LLCDelayed Draw Term Loan6/9/202536,969 (370)
Smile Doctors, LLCDelayed Draw Term Loan6/9/2025124,106 (1,862)
Snoopy Bidco, Inc.Delayed Draw Term Loan5/6/202451,214 (2,305)
SpecialtyCare, Inc.Revolver6/18/20265,579 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/19/20286,544 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/202318,125 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/202618,001 — 
Sunshine Cadence Holdco, LLCDelayed Draw Term Loan3/23/2027300 — 
Tennessee Bidco LimitedDelayed Draw Term Loan6/22/2024293,162 (8,714)
The Fertility Partners, Inc.Revolver9/16/2027806 — 
The Fertility Partners, Inc.Delayed Draw Term Loan3/16/202416,410 — 
Thermostat Purchaser III, Inc.Delayed Draw Term Loan8/31/20286,692 (117)
Thermostat Purchaser III, Inc.Revolver8/31/20268,125 (396)
Thermostat Purchaser III, Inc.Delayed Draw Term Loan8/31/20235,600 (42)
Trader Corp.Revolver12/22/20286,858 — 
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202718,371 — 
Trinity Air Consultants Holdings Corp.Revolver6/29/202712,780 (128)
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/30/202621,904 (219)
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/2023115,743 (1,157)
Triple Lift, Inc.Revolver5/6/20288,815 — 
UMP Holdings, LLCDelayed Draw Term Loan7/15/20284,470 — 
Unified Physician Management, LLCDelayed Draw Term Loan6/18/20293,623 — 
Unified Physician Management, LLCRevolver6/18/2029101,845 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/202712,932 (614)
Victors CCC Buyer, LLCDelayed Draw Term Loan6/1/202931,095 — 
Victors CCC Buyer, LLCRevolver6/1/202924,824 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/20256 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/2023188,572 — 
West Monroe Partners, LLCRevolver11/9/202751,857 — 
West Star Aviation Acquisition, LLCDelayed Draw Term Loan3/1/2028909 (18)
36
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/2023107,230 — 
NDC Acquisition Corp.Revolver3/9/20273,425 — 
New Arclin US Holding Corp.Delayed Draw Term Loan9/22/20283,135 — 
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202331,400 (471)
Onex AP Merger Sub, LLCRevolver4/4/20283,261 (65)
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/202384,378 — 
Paya Holdings III, LLCRevolver6/16/20283,375 — 
Peak Utility Services Group, Inc.Delayed Draw Term Loan3/2/20287,200 — 
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/28/2028686 — 
PGIS Intermediate Holdings, LLCRevolver10/16/20286,274 (63)
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/202812,547 — 
Plasma Buyer, LLCRevolver5/12/202814,467 (289)
Plasma Buyer, LLCDelayed Draw Term Loan5/12/202923,780 (238)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202373,003 (913)
Polyphase Elevator Holding Co.Delayed Draw Term Loan6/23/20273,352 — 
Polyphase Elevator Holding Co.Revolver6/23/20272,400 — 
Polyphase Elevator Holding Co.Delayed Draw Term Loan12/21/202758,112 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202721,722 — 
Pro Mach Group, Inc.Delayed Draw Term Loan8/31/20281,216 — 
Prodege International Holdings, LLCDelayed Draw Term Loan12/15/202287,711 — 
Profile Products, LLCDelayed Draw Term Loan11/12/202725,460 — 
Profile Products, LLCRevolver11/12/202712,887 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — 
Project Boost Purchaser, LLCRevolver5/2/20285,543 (55)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/20299,189 (46)
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20239,016 — 
R1 Holdings, LLCDelayed Draw Term Loan1/2/20265,686 — 
Red River Technology, LLCDelayed Draw Term Loan5/26/202347,832 — 
Redwood Services Group, LLCDelayed Draw Term Loan6/15/20298,766 — 
Refficiency Holdings, LLCDelayed Draw Term Loan12/16/20275,243 — 
Relativity ODA, LLCRevolver5/12/20274,937 (74)
Relay Purchaser, LLCRevolver8/30/202628,571 (286)
Reverb Buyer, Inc.Delayed Draw Term Loan11/1/20288,117 — 
Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/202377,680 — 
RPBLS Midco, LLCDelayed Draw Term Loan4/1/202835,074 (351)
RSC Acquisition, Inc.Delayed Draw Term Loan10/30/202688,750 (750)
RWL Holdings, LLCDelayed Draw Term Loan12/1/202758,064 (581)
Safety Borrower Holdings LPRevolver9/1/20272,517 — 
Safety Borrower Holdings LPDelayed Draw Term Loan9/1/20228,390 — 
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202331,600 — 
Sam Holding Co, Inc.Revolver3/24/202724,000 (480)
SEKO Global Logistics Network, LLCRevolver12/30/20267,744 — 
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/20229,712 — 
SelectQuote, Inc.Delayed Draw Term Loan11/5/202458,933 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/1/202811,177 (112)
Sherlock Buyer Corp.Revolver12/8/20274,445 (89)
Smile Doctors, LLCRevolver12/23/202743,227 — 
Smile Doctors, LLCDelayed Draw Term Loan12/23/2028150,022 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/2023114,658 — 
SpecialtyCare, Inc.Revolver6/18/20265,935 — 
37
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20237,139 (178)
Spitfire Parent, Inc.Delayed Draw Term Loan9/4/202213,833 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/202345,312 (453)
Stepping Stones Healthcare Services, LLCRevolver12/30/202622,501 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan12/10/20226,519 — 
Tennessee Bidco LimitedDelayed Draw Term Loan8/3/202874,991 — 
Tennessee Bidco LimitedDelayed Draw Term Loan6/22/2024342,095 — 
The Fertility Partners, Inc.Revolver9/16/20278,055 (705)
The Fertility Partners, Inc.Delayed Draw Term Loan3/16/202816,410 — 
The GI Alliance Management, LLCDelayed Draw Term Loan11/4/202432,132 — 
The NPD Group L.P.Revolver12/1/202752,471 — 
Thermostat Purchaser III, Inc.Delayed Draw Term Loan8/31/20287,481 — 
Thermostat Purchaser III, Inc. (2nd Lien)Delayed Draw Term Loan8/31/20235,600 — 
Thermostat Purchaser III, Inc.Revolver8/31/20267,875 — 
Trident TPI Holdings, Inc.Delayed Draw Term Loan9/15/20281,333 — 
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202320,128 — 
Trinity Air Consultants Holdings Corp.Revolver6/29/202712,780 — 
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/2023109,037 (1,090)
Triple Lift, Inc.Revolver5/6/20288,815 — 
TRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/202313,187 (132)
Turing Holdco, Inc.Delayed Draw Term Loan8/3/20286,263 — 
Unified Physician Management, LLCDelayed Draw Term Loan6/18/202954,346 — 
Unified Physician Management, LLCRevolver6/18/2029101,845 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/202349,353 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/202712,932 (194)
Victors CCC Buyer, LLCDelayed Draw Term Loan6/1/202931,095 — 
Victors CCC Buyer, LLCRevolver6/1/202925,554 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/2025794 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/2023188,572 — 
West Monroe Partners, LLCRevolver11/9/202756,571 — 
West Star Aviation Acquisition, LLCDelayed Draw Term Loan3/1/2028909 — 
WHCG Purchaser III, Inc.Revolver6/22/202612,486 (125)
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202319,482 — 
Specialty Lending Company LLCLLC Interest102,600 — 
Total Unfunded Commitments  $6,873,623 $(30,992)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
WHCG Purchaser III, Inc.Revolver6/22/2026$31 $— 
Zendesk IncRevolver11/3/202897,650 (1,953)
Zendesk IncDelayed Draw Term Loan11/22/2028208,035 (3,121)
Total First and Second Lien Debt$5,476,723 $(69,870)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of June 30, 20222023 was 0.50%.
(10)The interest rate floor on these investments as of June 30, 20222023 was 0.75%.
(11)The interest rate floor on these investments as of June 30, 20222023 was 1.00%.
(12)The interest rate floor on these investments as of June 30, 20222023 was 1.25%.
(13)The interest rate floor on these investments as of June 30, 20222023 was 1.50%.
(14)The interest rate floor on these investments as of June 30, 2023 was 2.00%
(15)For unsettled positions the interest rate does not include the base rate.
(15)    (16)Under the Investment Company Act of 1940, Act,as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2022,2023, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:
Fair value as of December 31, 2022Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Net Realized Gain (Loss)Fair value as of June 30, 2023Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP$2,813 $— $(374)$127 $213 $2,779 $7 
Controlled/Affiliated Investments
Pigments Services, Inc.— 15,344 — (3,634)— 11,710 — 
Pigments Services, Inc.— 9,069 — — — 9,069 262 
Specialty Lending Company LLC172,330 — — 335 — 172,665 — 
BCRED Emerald JV LP2,072,717 — (112,500)50,511 — 2,010,728 128,430 
BCRED Verdelite JV LP115,677 — — 3,803 — 119,480 14,351 
GSO DL Co-Invest CI LP1,881 — — 99 — 1,980 — 
Total$2,365,418 $24,413 $(112,874)$51,241 $213 $2,328,411 $143,050 

(17)Loan was on non-accrual status as of June 30, 2023.
(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.
3837
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Fair value
as of December 31, 2021		Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Fair value
as of June 30, 2022		Dividend and Interest Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP$1,614 $— $— $183 $1,797 $— 
Controlled/Affiliated Investments
Specialty Lending Company LLC212,400 — (31,500)— 180,900 12,159 
BCRED Emerald JV— 802,579 — (34,100)768,479 31,454 
GSO DL Co-Invest CI LP1,809 — — (42)1,767 — 
Total Controlled/Affiliated Investments$214,209 $802,579 $(31,500)$(34,142)$951,146 $43,613 


ADDITIONAL INFORMATION

Foreign currency forward contracts
CounterpartyCurrency PurchasedCurrency SoldSettlement DateUnrealized Appreciation (Depreciation)
Goldman Sachs Bank USAEuro 66 millionUS Dollar 69 million7/22/2022$(541)
State Street Bank and TrustSwedish Krona 110 millionUS Dollar 11 million10/5/2022$(42)
Currency Forward Contracts
CounterpartyCurrency PurchasedCurrency SoldSettlement DateUnrealized Appreciation (Depreciation)
Deutsche Bank AGUSD14,994 CAD20,000 9/13/2023$(131)
Goldman Sachs Bank USAUSD79,455 DKK546,731 9/14/2023(1,070)
Deutsche Bank AGUSD37,659 EUR35,000 9/14/2023(691)
Deutsche Bank AGUSD37,434 GBP30,000 9/14/2023(697)
Goldman Sachs Bank USAUSD54,286 NOK584,117 9/14/2023(396)
Goldman Sachs Bank USAUSD23,352 NZD38,100 9/14/2023(2)
Goldman Sachs Bank USAUSD21,982 SEK237,106 9/14/2023(81)
Goldman Sachs Bank USAUSD10,174 SEK109,749 9/13/2023(37)
Total Foreign Currency Forward Contracts$(3,105)

Interest Rate Swaps
Interest Rate Swaps as of June 30, 2022
Interest Rate SwapsInterest Rate Swaps
CounterpartyCounterpartyHedged InstrumentCompany ReceivesCompany PaysMaturity DateNotional AmountFair Market ValueUpfront Payments / ReceiptsChange in Unrealized Gains / (Losses)CounterpartyHedged InstrumentCompany ReceivesCompany PaysMaturity DateNotional AmountFair Market ValueUpfront Payments / Receipts
Change in Unrealized Gains / (Losses)(1)
Goldman Sachs Bank USAGoldman Sachs Bank USAJune 2024 Notes2.56%SOFR + 0.93%6/21/2024$435,000 $(15,240)$— $3,685 
Goldman Sachs Bank USAGoldman Sachs Bank USASeptember 2024 Notes1.75%SOFR + 0.08%9/15/2024365,000 (15,266)— 2,233 
Goldman Sachs Bank USAGoldman Sachs Bank USAJune 2024 Notes2.56%SOFR + 0.93%6/21/2024$435,000 $(11,527)$1,796 $(11,380)Goldman Sachs Bank USANovember 2024 Notes2.35%SOFR + 0.66%11/22/2024500,000 (23,137)— 2,225 
Goldman Sachs Bank USAGoldman Sachs Bank USASeptember 2024 Notes1.75%SOFR + 0.08%9/15/2024365,000 (10,134)(545)(10,093)Goldman Sachs Bank USAJanuary 2025 Notes2.70%SOFR + 0.99%1/15/2025500,000 (25,042)— 1,547 
Goldman Sachs Bank USAGoldman Sachs Bank USANovember 2024 Notes2.35%SOFR + 0.66%11/22/2024500,000 (14,532)1,822 (14,393)Goldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (38,208)— (3,551)
Goldman Sachs Bank USAGoldman Sachs Bank USAJanuary 2025 Notes2.70%SOFR + 0.99%1/15/2025500,000 (15,075)923 (14,823)Goldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (37,942)— (3,590)
Goldman Sachs Bank USAGoldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (11,953)2,387 (11,783)Goldman Sachs Bank USAMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025400,000 (18,114)— (136)
Deutsche BankDeutsche BankDecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (11,624)2,370 (11,805)Deutsche BankMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025500,000 (22,659)— (165)
Goldman Sachs Bank USAGoldman Sachs Bank USAMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025400,000 (6,955)— (6,808)Goldman Sachs Bank USAApril 2026 UK Bonds4.87%SONIA + 2.78%4/14/2026GBP250,000 (28,871)— (8,931)
Deutsche BankMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025500,000 (8,719)— (8,508)
Deutsche BankApril 2026 UK Notes4.87%SOFR + 2.78%4/14/2026£250,000 (4,803)— (4,752)
Goldman Sachs Bank USAGoldman Sachs Bank USAMay 2027 Notes5.61%SOFR + 2.79%5/3/2027625,000 (30,690)— (4,555)
Sumitomo Mitsui Banking CorporationSumitomo Mitsui Banking CorporationSeptember 2025 Notes7.05%SOFR + 2.93%9/27/2025600,000 (8,638)— (6,472)
Goldman Sachs Bank USAGoldman Sachs Bank USAOctober 2027 Notes7.49%SOFR + 3.72%10/11/2027350,000 (5,406)— (3,988)
Sumitomo Mitsui Banking CorporationSumitomo Mitsui Banking CorporationMay 2027 Notes5.61%SOFR + 3.00%5/3/2027625,000 (883)— (884)Sumitomo Mitsui Banking CorporationSeptember 2025 Notes7.05%SOFR + 2.97%9/29/2025200,000 (3,063)— (2,267)
Total Interest Rate SwapsTotal Interest Rate Swaps$(96,205)$8,753 $(95,229)Total Interest Rate Swaps$(272,276)$— $(23,965)

(1)

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

The accompanying notes are an integral part of these condensed consolidated financial statements.
38
Table of Contents



Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC(8)L +4.00%8.17%1/29/2027$7,507 $7,405 $7,360 0.03 %
Amentum Government Services Holdings, LLC(9)SOFR +4.00%8.12%2/15/202912,224 12,171 11,942 0.05 
Atlas CC Acquisition Corp.(7)(10)L +4.25%8.98%5/25/202857,655 56,070 45,640 0.20 
Corfin Holdings, Inc.(4)(11)L +5.75%10.13%2/5/202630,560 30,552 29,949 0.13 
Corfin Holdings, Inc.(4)(11)L +5.75%10.13%2/5/20261,694 1,671 1,660 0.01 
Linquest Corp.(4)(5)(7)(10)L +5.75%9.10%7/28/2028155,531 152,699 148,862 0.66 
Loar Group, Inc.(4)(7)(11)L +7.25%11.63%10/2/2024144,300 140,735 142,300 0.63 
Loar Group, Inc.(4)(11)L +7.25%11.63%9/29/202329,120 29,120 29,120 0.13 
MAG DS Corp.(4)(11)L +5.50%10.23%4/1/202710,540 10,407 9,696 0.04 
Maverick Acquisition, Inc.(4)(5)(11)L +6.25%10.98%6/1/202748,722 47,931 44,961 0.20 
Peraton Corp.(10)L +3.75%8.13%2/1/202826,527 26,512 25,952 0.11 
Vertex Aerospace Services Corp.(10)L +3.50%7.88%12/6/202811,918 11,865 11,726 0.05 
West Star Aviation Acquisition, LLC(4)(7)(10)SOFR +6.00%8.59%3/1/20284,070 3,973 3,971 0.02 
531,111 513,139 2.26 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%9.13%6/11/2027268,425 264,218 265,741 1.17 
Alliance Ground(4)(10)SOFR +5.75%9.98%6/11/202795,668 93,927 94,711 0.42 
ENV Bidco AB(4)(6)(10)SOFR +6.00%10.73%7/19/2029102,349 99,947 99,790 0.44 
ENV Bidco AB (4)(6)(7)(8)E +6.00%8.20%7/19/2029EUR114,140 111,025 115,596 0.51 
Livingston International, Inc.(4)(6)(10)L +5.50%10.23%4/30/2027104,616 103,993 103,570 0.46 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%10.57%12/9/202634,038 33,282 34,038 0.15 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%10.57%2/5/2029168,981 166,038 168,981 0.74 
Redwood Services Group, LLC(4)(7)(10)SOFR +6.00%10.69%6/15/202943,077 42,294 42,191 0.19 
RoadOne Inc(4)(7)(11)SOFR +6.25%10.81%12/30/20281,067 1,024 1,024 0.00 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%10.48%12/31/2028217,194 213,004 214,441 0.95 
SEKO Global Logistics Network, LLC(4)(5)(6)(11)E +5.00%6.00%12/30/2026EUR35,393 40,516 37,584 0.17 
SEKO Global Logistics Network, LLC(4)(5)(7)(11)L +4.75%9.48%12/30/202682,542 81,718 82,111 0.36 
The Kenan Advantage Group, Inc.(10)L +3.75%8.13%3/24/202633,842 33,697 33,074 0.15 
Wwex Uni Topco Holdings, LLC(10)L +4.00%8.73%7/26/202818,968 18,734 17,421 0.08 
1,303,417 1,310,273 5.79 
Airlines
Air Canada(6)(10)L +3.50%8.13%8/11/202812,755 12,741 12,645 0.06 
United Airlines, Inc.(6)(10)L +3.75%8.11%4/21/202820,165 20,213 19,967 0.09 
32,954 32,612 0.15 
39
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Corfin Holdings, Inc. (4)(7)(11)L + 6.00%7.00%12/27/2027$6,619 $6,579 $6,500 0.05 %
Linquest Corp. (4)(7)(10)L + 5.75%6.50%7/28/2028157,106 153,737 153,516 1.19 
Loar Group, Inc. (4)(11)L + 7.25%8.25%10/2/202329,422 29,422 29,422 0.23 
MAG DS Corp. (11)L + 5.50%6.50%4/1/202710,849 10,680 9,981 0.08 
Peraton Corp. (10)L + 3.75%4.50%2/1/202872,389 72,163 72,543 0.56 
Vertex Aerospace Services Corp. (10)L + 4.00%4.75%10/27/202822,385 22,293 22,379 0.17 
294,874 294,342 2.28 
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.25%6/11/2027271,064 265,859 268,354 2.09 
Livingston International, Inc. (4)(6)(10)L + 5.50%6.25%4/30/2027105,679 104,902 104,622 0.81 
Mode Purchaser, Inc. (4)(11)L + 6.25%7.25%12/9/202634,388 33,430 34,388 0.27 
R1 Holdings, LLC (4)(7)(11)L + 6.00%7.00%1/2/202638,742 38,698 38,742 0.30 
RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%6.50%12/31/2028218,835 213,914 213,878 1.66 
SEKO Global Logistics Network, LLC (4)(11)E + 5.00%6.00%12/30/2026€35,393 40,412 40,295 0.31 
SEKO Global Logistics Network, LLC (4)(7)(11)L + 5.00%6.00%12/30/2026103,543 102,300 103,315 0.80 
The Kenan Advantage Group, Inc. (10)L + 3.75%4.50%3/12/202619,039 19,034 19,013 0.15 
Wwex Uni Topco Holdings, LLC (10)L + 4.25%5.00%7/26/202812,681 12,562 12,731 0.10 
831,112 835,338 6.49 
Airlines
Air Canada (6)(10)L + 3.50%4.25%8/11/20287,819 7,745 7,823 0.06 
American Airlines, Inc. (6)(10)L + 4.75%5.50%3/11/20287,314 7,248 7,591 0.06 
United Airlines, Inc. (6)(10)L + 3.75%4.50%4/21/202816,631 16,629 16,728 0.13 
31,622 32,143 0.25 
Auto Components
Clarios Global LP (6)(8)L + 3.25%3.35%4/30/20266,806 6,809 6,780 0.05 
Metis Buyer, Inc. (4)(5)(7)(8) - Revolving Term LoanL + 3.75%3.85%5/4/20284,275 4,099 4,221 0.03 
Metis Buyer, Inc. (10)L + 4.00%4.75%5/4/202849,750 48,510 49,859 0.39 
Wheel Pros, Inc. (10)L + 4.50%5.25%4/23/202825,906 25,912 25,901 0.20 
85,330 86,761 0.67 
Beverages
Arterra Wines Canada, Inc. (6)(10)L + 3.50%4.25%11/24/20274,957 4,984 4,970 0.04 
Triton Water Holdings, Inc. (9)L + 3.50%4.00%3/18/202826,637 26,601 26,387 0.21 
31,585 31,357 0.25 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Auto Components
Metis Buyer, Inc.(5)(7)(10)SOFR +4.00%8.50%5/4/2028$57,438 $56,210 $54,273 0.24 %
Beverages
Naked Juice, LLC(9)SOFR +3.25%7.93%1/24/202910,631 10,609 9,561 0.04 
Triton Water Holdings, Inc.(9)L +3.50%8.23%3/31/202857,402 56,420 53,578 0.24 
67,029 63,139 0.28 
Building Products
Camelot Return Merger SU (6)(8)8.75%8.75%8/1/20287,599 6,915 6,983 0.03 
Cornerstone Building Brands, Inc. (6)(9)SOFR +5.63%9.96%8/1/202850,000 45,395 47,225 0.21 
Cornerstone Building Brands, Inc. (6)(9)L +3.25%7.57%4/12/20287,372 7,347 6,649 0.03 
CP Atlas Buyer, Inc.(9)L +3.50%7.88%11/23/202754,021 53,843 47,517 0.21 
Engineered Stone Group Holdings III Ltd.(4)(6)(7)(10)SOFR +5.51%9.81%4/23/202858,583 57,561 56,935 0.25 
Engineered Stone Group Holdings III Ltd. (4)(6)(8)E +5.00%7.20%4/23/2028EUR28,400 30,711 29,779 0.13 
Fencing Supply Group Acquisition, LLC(4)(5)(11)L +6.00%11.21%2/26/2027107,885 106,619 107,885 0.48 
Great Day Improvements, LLC(4)(10)L +6.25%10.98%12/29/2027181,913 178,885 176,455 0.78 
Jacuzzi Brands, LLC(4)(10)SOFR +6.00%10.32%4/21/2030204,950 202,766 204,950 0.90 
Jacuzzi Brands, LLC(4)(11)SOFR +6.00%10.32%2/25/202552,938 52,580 52,938 0.23 
Kodiak BP, LLC(10)L +3.25%7.98%3/12/202848,808 48,481 45,941 0.20 
L&S Mechanical Acquisition, LLC(4)(5)(10)L +5.75%10.14%9/1/2027113,644 111,876 106,825 0.47 
Lindstrom, LLC(4)(11)SOFR +6.25%10.47%4/7/2025150,208 147,026 148,706 0.66 
Mi Windows and Doors, LLC(9)SOFR +3.50%7.92%12/18/20275,545 5,558 5,498 0.02 
New Arclin US Holding Corp. (6)(7)(9)L +3.75%8.13%10/2/202811,236 11,201 9,731 0.04 
The Chamberlain Group, Inc.(9)L +3.25%7.63%11/3/202945,466 45,147 42,966 0.19 
Windows Acquisition Holdings, Inc.(4)(5)(11)L +6.50%11.23%12/29/202660,465 59,655 60,465 0.27 
1,171,566 1,157,448 5.10 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%8.88%7/31/202615,667 15,700 15,357 0.07 
AllSpring Buyer, LLC (6)(9)L +3.00%7.75%11/1/20282,978 2,992 2,943 0.01 
Resolute Investment Managers, Inc.(11)L +4.25%8.98%4/30/202410,033 10,056 8,177 0.04 
Situs-AMC Holdings Corporation(4)(11)SOFR +5.75%10.23%12/22/202712,975 12,867 12,845 0.06 
Superannuation And Investments US, LLC (6)(9)L +3.75%8.13%12/1/202812,859 12,779 12,686 0.06 
The Edelman Financial Engines Center, LLC(10)L +3.50%7.88%4/7/202845,653 45,196 42,719 0.19 
99,590 94,727 0.43 
Chemicals
DCG Acquisition Corp.(8)SOFR +4.50%8.72%9/30/20264,950 4,960 4,677 0.02 
Dominion Colour Corporation(4)(6)(11)(17)L +8.25%11.19%4/6/202435,696 35,396 18,116 0.08 
Geon Performance Solutions, LLC(10)L +4.50%9.23%8/18/20283,652 3,630 3,561 0.02 
40
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Building Products
Cornerstone Building Brands, Inc. (6)(9)L + 3.25%3.75%4/12/20282,947 2,934 2,946 0.02 
CP Atlas Buyer, Inc. (9)L + 3.75%4.25%11/23/202731,556 31,560 31,461 0.24 
Empire Today, LLC (10)L + 5.00%5.75%3/8/202869,572 68,419 68,485 0.53 
Fencing Supply Group Acquisition, LLC (4)(7)(11)L + 6.00%7.00%2/26/202778,944 77,860 78,550 0.61 
Great Day Improvements, LLC (4)(7)(9)L + 6.25%6.75%12/29/2027245,000 239,342 239,335 1.86 
Illuminate Merger Sub Corp. (9)L + 3.50%4.00%6/30/20288,000 7,944 7,949 0.06 
Jacuzzi Brands, LLC (4)(11)L + 6.50%7.50%2/25/202552,938 52,414 52,938 0.41 
Kodiak BP, LLC (10)L + 3.25%4.00%2/25/202810,389 10,369 10,330 0.08 
L&S Mechanical Acquisition, LLC (4)(7)(10)L + 5.75%6.50%9/1/2027114,795 112,627 112,499 0.88 
Latham Pool Products, Inc. (8)L + 6.00%6.10%6/18/2025105,696 105,247 106,269 0.83 
Lindstrom, LLC (4)(11)L + 6.25%7.25%4/7/202527,963 27,739 27,963 0.22 
Mi Windows and Doors, LLC (10)L + 3.75%4.50%12/18/202724,288 24,404 24,425 0.19 
Symphony Technology Group (10)L + 5.00%5.75%5/3/202863,186 62,591 63,117 0.49 
Windows Acquisition Holdings, Inc. (4)(11)L + 6.50%7.50%12/29/202662,366 61,321 62,366 0.49 
884,772 888,631 6.91 
Capital Markets
Advisor Group Holdings, Inc. (8)L + 4.50%4.60%7/31/202617,347 17,392 17,418 0.14 
Situs-AMC Holdings Corporation (4)(10)L + 5.75%6.50%12/22/2027110,000 108,905 108,900 0.85 
Superannuation And Investments US, LLC (6)(9)L + 3.75%4.25%9/23/202814,364 14,244 14,391 0.11 
The Edelman Financial Engines Center, LLC (10)L + 3.50%4.25%3/15/202819,880 19,814 19,894 0.15 
160,355 160,602 1.25 
Chemicals
Dominion Colour Corporation (4)(6)(7)(11)L + 8.25% (incl. 2.00% PIK)9.25%4/6/202435,687 34,449 35,062 0.27 
Geon Performance Solutions, LLC (10)L + 4.75%5.50%8/9/20287,389 7,336 7,463 0.06 
Hyperion Materials & Technologies, Inc. (9)L + 4.50%5.00%8/28/202825,252 25,160 25,326 0.20 
LSF11 Skyscraper Holdco S.à r.l, LLC (6)(10)L + 3.50%4.25%9/29/202719,850 19,758 19,863 0.15 
New Arclin US Holding Corp. (6)(7)(9)L + 3.75%4.25%9/21/202820,208 20,115 20,209 0.16 
NIC Acquisition Corp. (10)L + 3.75%4.50%12/29/202713,837 13,824 13,698 0.11 
Olympus Water US Holding Corp. (9)L + 3.75%4.25%9/21/202810,625 10,598 10,605 0.08 
Polymer Additives, Inc. (8)L + 6.00%6.13%7/31/202530,420 28,311 29,675 0.23 
159,550 161,901 1.26 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Chemicals (continued)
Hyperion Materials & Technologies, Inc.(9)L +4.50%9.23%8/30/2028$17,712 $17,660 $17,247 0.08 %
LSF11 Skyscraper Holdco S.à r.l, LLC(4)(6)(10)L +3.50%8.23%9/29/202719,653 19,577 19,260 0.08 
NIC Acquisition Corp.(10)L +3.75%8.48%12/29/20278,793 8,809 6,429 0.03 
Olympus Water US Holding Corp.(9)L +3.75%8.50%11/9/202813,708 13,694 13,195 0.06 
Oxea Corporation (6)(8)L +3.25%7.00%10/14/20246 6 6 0.00 
WR Grace Holdings, LLC (6)(9)L +3.75%8.50%9/22/20284,253 4,267 4,186 0.02 
107,999 86,677 0.39 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%7.82%2/27/202532,330 32,279 31,740 0.14 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.17%5/12/202868,605 68,383 65,312 0.29 
Anticimex, Inc. (6)(9)L +3.50%8.23%11/16/202816,886 16,756 16,338 0.07 
APX Group, Inc.(6)(11)L +3.25%6.73%7/10/202842,013 41,769 41,639 0.18 
Bazaarvoice, Inc. (4)(7)(8)SOFR +5.75%10.28%5/7/2028368,444 368,444 368,444 1.62 
Belfor Holdings, Inc.(8)L +4.00%8.38%4/6/20264,911 4,926 4,886 0.02 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +4.75%9.07%3/31/20288,150 8,071 7,844 0.03 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.07%3/31/202841,187 41,227 39,488 0.17 
Divisions Holding Corp.(10)L +4.75%9.13%5/27/202823,795 23,610 23,245 0.10 
EAB Global, Inc.(9)L +3.50%7.88%8/16/20288,067 8,006 7,780 0.03 
eResearchTechnology, Inc.(11)L +4.50%8.88%2/4/202712,852 12,893 11,378 0.05 
Foundational Education Group, Inc. (4)(9)SOFR +3.75%8.59%8/31/20289,051 8,978 8,146 0.04 
Garda World Security Corp. (6)(8)L +4.25%8.93%10/30/202627,085 27,139 26,421 0.12 
Garda World Security Corp. (6)(8)SOFR +4.25%8.53%2/1/202916,492 16,352 15,914 0.07 
Genuine Financial Holdings, LLC(8)L +3.75%8.33%7/11/20256,078 6,067 5,866 0.03 
Java Buyer, Inc.(4)(7)(10)L +5.75%10.52%12/15/2027166,245 163,006 159,825 0.70 
JSS Holdings, Inc.(4)(10)L +6.00%10.34%12/27/202846,038 45,540 46,038 0.20 
JSS Holdings, Inc.(4)(10)L +6.00%10.34%12/27/2028240,481 237,395 240,481 1.06 
Knowledge Pro Buyer, Inc.(4)(7)(10)L +5.75%10.04%12/10/202751,532 50,453 50,978 0.22 
KPSKY Acquisition, Inc.(4)(10)L +5.50%9.89%10/19/202847,442 46,656 44,714 0.20 
KPSKY Acquisition, Inc.(4)(10)L +5.50%12.00%10/19/202821,259 20,894 20,036 0.09 
MaxGen Energy Services Corporation(4)(11)L +5.00%9.18%6/2/202783,035 81,442 80,959 0.36 
Onex Baltimore Buyer, Inc.(4)(7)(10)SOFR +5.75%10.50%12/1/2027269,254 264,782 265,986 1.17 
PECF USS Intermediate Holding III Corp.(9)L +4.25%8.63%12/15/202830,534 30,546 25,574 0.11 
Polyphase Elevator Holding Co.(4)(7)(11)SOFR +5.50%10.18%6/3/202715,053 14,809 12,736 0.06 
Recycle & Resource US, LLC (6)(9)L +3.50%8.23%7/14/20285,167 5,136 4,711 0.02 
Revspring, Inc.(8)L +4.00%8.73%10/11/202515,284 15,197 14,787 0.07 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.00%10.66%1/16/202616,094 15,691 15,892 0.07 
The Action Environmental Group, Inc.(4)(5)(12)L +6.00%9.91%1/15/20264,050 3,983 3,999 0.02 
41
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies
Access CIG, LLC (8)L + 3.75%3.84%2/27/202516,040 16,025 15,961 0.12 
Allied Universal Holdco, LLC (9)L + 3.75%4.25%5/12/202833,952 33,913 33,884 0.26 
Bazaarvoice, Inc. (4)(7)(8)L + 5.75%5.85%5/7/2028372,166 372,166 372,166 2.90 
DG Investment Intermediate Holdings 2, Inc. (10)L + 3.50%4.25%3/17/202829,592 29,647 29,620 0.23 
Divisions Holding Corp. (10)L + 4.75%5.50%5/29/202824,036 23,815 24,126 0.19 
EAB Global, Inc. (9)L + 3.50%4.00%6/28/20288,000 7,956 7,967 0.06 
ECP Gopher Holdings L.P. (11)L + 3.25%4.25%3/6/20253,958 3,973 3,721 0.03 
Foundational Education Group, Inc. (4)(9)L + 4.25%4.75%8/31/20289,143 9,056 9,166 0.07 
Garda World Security Corp. (6)(8)L + 4.25%4.36%10/30/202629,435 29,511 29,432 0.23 
Genuine Financial Holdings, LLC (8)L + 3.75%3.85%7/11/20256,938 6,850 6,924 0.05 
International SOS The Americas LP (6)(9)L + 3.75%4.25%8/5/20282,331 2,309 2,337 0.02 
Java Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/15/2027136,278 132,073 132,067 1.03 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/2028243,525 239,876 241,699 1.88 
JSS Holdings, Inc. (4)(11)L + 6.25%7.25%12/17/202846,505 45,900 46,157 0.36 
Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/10/202745,655 44,433 44,421 0.35 
KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%6.25%10/19/2028197,224 193,290 193,280 1.50 
MaxGen Energy Services Corporation (4)(11)L + 4.75%5.75%6/2/202759,700 58,353 58,208 0.45 
Onex Baltimore Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/1/2027260,796 255,309 255,275 1.99 
PECF USS Intermediate Holding III Corp. (9)L + 4.25%4.75%12/15/202820,842 20,811 20,891 0.16 
Recycle & Resource US, LLC (6)(9)L + 3.50%4.00%7/8/20285,219 5,182 5,213 0.04 
Revspring, Inc. (8)L + 4.25%4.47%10/11/202515,443 15,323 15,501 0.12 
Spin Holdco Inc. (10)L + 4.00%4.75%3/1/202825,434 25,326 25,547 0.20 
The Action Environmental Group, Inc. (4)(7)(12)L + 6.00%7.25%1/16/202616,289 15,748 15,668 0.12 
TRC Companies, Inc. (9)L + 3.75%4.25%6/21/202418,778 18,679 18,711 0.15 
TruGreen Limited Partnership (10)L + 4.00%4.75%11/2/20275,955 5,990 5,969 0.05 
USIC Holdings, Inc. (10)L + 3.50%4.25%5/12/202824,938 24,822 24,938 0.19 
Veregy Consolidated, Inc. (11)L + 6.00%7.00%11/2/202720,584 20,632 20,636 0.16 
1,656,969 1,659,483 12.91 
Construction & Engineering
Aegion Corporation (10)L + 4.75%5.50%5/17/202823,879 23,814 24,018 0.19 
ASP Endeavor Acquisition, LLC (4)(9)L + 6.50%7.00%5/3/202735,820 35,183 35,462 0.28 
COP Home Services TopCo IV, Inc. (4)(7)(11)L + 5.00%6.00%12/31/2027128,886 125,700 127,513 0.99 
Peak Utility Services Group, Inc. (4)(7)(11)L + 5.00%6.00%2/26/202823,622 23,380 23,467 0.18 
Thermostat Purchaser III, Inc. (4)(7)(10)L + 4.50%5.25%8/24/202842,519 41,196 42,498 0.33 
Tutor Perini Corp. (6)(11)L + 4.75%5.75%8/13/20272,963 2,992 2,974 0.02 
252,266 255,933 1.99 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.15%10.47%1/15/2026$4,459 $4,386 $4,403 0.02 %
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)(9)L +3.75%8.13%12/8/202841,852 41,624 40,136 0.18 
USIC Holdings, Inc.(10)L +3.50%7.88%5/12/202824,688 24,591 23,618 0.10 
Vaco Holdings, LLC(10)SOFR +5.00%9.73%1/21/202921,214 21,122 20,534 0.09 
Veregy Consolidated, Inc.(4)(11)L +6.00%10.41%11/2/202720,376 20,415 16,708 0.07 
1,792,568 1,766,556 7.77 
Construction & Engineering
Aegion Corporation(10)L +4.75%9.13%5/17/202823,640 23,585 22,152 0.10 
ASP Endeavor Acquisition, LLC (4)(5)(9)L +6.50%11.06%5/3/202735,460 34,948 33,598 0.15 
Brookfield WEC Holdings, Inc.(9)SOFR +3.75%8.07%8/1/20252,993 2,864 2,986 0.01 
COP Home Services TopCo IV, Inc.(4)(5)(7)(11)L +5.00%9.38%12/31/2027125,111 122,456 118,736 0.52 
Peak Utility Services Group, Inc.(4)(11)L +5.00%9.17%3/2/202823,391 23,214 22,338 0.10 
Refficiency Holdings, LLC(10)L +3.75%7.82%12/16/202713,801 13,674 13,102 0.06 
Thermostat Purchaser III, Inc.(4)(7)(10)L +4.50%9.23%8/31/202842,932 41,843 39,898 0.18 
Tutor Perini Corp.(6)(11)L +4.75%9.13%8/18/20272,933 2,957 2,768 0.01 
265,541 255,578 1.13 
Construction Materials
White Cap Buyer, LLC(9)SOFR +3.75%8.07%10/19/202735,942 35,870 34,819 0.15 
Containers & Packaging
Ascend Buyer, LLC(4)(7)(10)SOFR +6.25%10.67%10/2/202811,530 11,073 11,337 0.05 
Berlin Packaging, LLC(9)L +3.75%7.88%3/11/202828,131 28,094 27,131 0.12 
Charter NEX US, Inc.(10)L +3.75%8.13%12/1/202716,273 16,321 15,837 0.07 
Graham Packaging Co, Inc.(10)L +3.00%7.38%8/4/20279,081 9,055 8,939 0.04 
LABL, Inc.(9)L +5.00%9.38%10/29/20287,071 6,981 6,731 0.03 
MAR Bidco Sarl (6)(9)L +4.30%9.03%7/6/20283,898 3,882 3,567 0.02 
Novolex, Inc.(9)SOFR +3.93%8.60%4/13/202943,986 42,984 42,001 0.19 
Pretium PKG Holdings, Inc.(9)L +4.00%7.74%10/2/202823,650 23,293 18,971 0.08 
ProAmpac PG Borrower, LLC(10)L +3.75%7.96%11/3/202540,486 40,474 38,875 0.17 
TricorBraun Holdings, Inc.(9)L +3.25%7.63%3/3/202828,991 28,750 27,730 0.12 
Trident TPI Holdings, Inc. (7)(9)L +4.00%7.67%9/15/202822,865 22,788 21,993 0.10 
233,695 223,112 0.99 
Distributors
BP Purchaser, LLC(4)(10)L +5.50%10.24%12/10/20287,960 7,825 7,701 0.03 
Bution Holdco 2, Inc.(4)(11)L +6.25%10.63%10/17/20255,825 5,754 5,825 0.03 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.66%12/29/202614,588 14,392 14,515 0.06 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.66%12/29/202766,848 65,640 66,514 0.29 
Genuine Cable Group, LLC(4)(10)SOFR +5.75%10.17%11/2/202630,261 29,669 29,655 0.13 
42
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Construction Materials
White Cap Buyer, LLC (9)L + 4.00%4.50%10/19/202723,827 23,913 23,878 0.19 
Containers & Packaging
Ascend Buyer, LLC (4)(7)(10)L + 5.75%6.50%9/30/202877,601 75,982 75,920 0.59 
Berlin Packaging, LLC (9)L + 3.75%4.25%3/11/20288,544 8,480 8,545 0.07 
Charter NEX US, Inc. (10)L + 3.75%4.50%12/1/202721,359 21,428 21,431 0.17 
Flex Acquisition Co., Inc. (9)L + 3.50%4.00%2/23/20288,191 8,173 8,185 0.06 
Flex Acquisition Co., Inc. (8)L + 3.00%3.13%6/29/20259,475 9,462 9,404 0.07 
Graham Packaging Co, Inc. (10)L + 3.00%3.75%8/4/20274,963 4,972 4,956 0.04 
IBC Capital US, LLC (6)(8)L + 3.75%3.97%9/11/202318,513 18,477 18,393 0.14 
LABL, Inc. (9)L + 5.00%5.50%10/29/20287,143 7,037 7,144 0.06 
MAR Bidco Sarl (6)(9)L + 4.25%4.75%4/20/20283,806 3,788 3,813 0.03 
Pretium PKG Holdings, Inc. (9)L + 4.00%4.50%8/27/202818,889 18,439 18,878 0.15 
ProAmpac PG Borrower, LLC (10)L + 3.75%4.50%11/3/202530,050 30,103 30,121 0.23 
TricorBraun Holdings, Inc. (9)L + 3.25%3.75%3/3/202813,067 13,011 12,991 0.10 
Trident TPI Holdings, Inc. (7)(11)L + 3.25%4.25%10/17/202413,886 13,875 13,907 0.11 
Trident TPI Holdings, Inc. (9)L + 4.00%4.50%7/29/20287,433 7,426 7,440 0.06 
240,652 241,124 1.88 
Distributors
BP Purchaser, LLC (4)(10)L + 5.50%6.25%12/10/202834,800 34,110 34,104 0.27 
Bution Holdco 2, Inc. (4)(11)L + 6.25%7.25%10/17/20255,925 5,827 5,880 0.05 
Dana Kepner Company, LLC (4)(11)L + 6.25%7.25%12/29/202614,850 14,601 14,887 0.12 
Genuine Cable Group, LLC (4)(6)(7)(10)L + 5.75%6.50%11/2/202622,695 22,079 22,239 0.17 
Marcone Yellowstone Buyer, Inc. (7)(10)L + 5.50%6.25%12/23/202883,636 81,696 81,696 0.64 
NDC Acquisition Corp. (4)(11)L + 5.75%6.75%3/9/202722,331 21,801 22,108 0.17 
NDC Acquisition Corp. (4)(5)(7)(11) - Revolving Term LoanL + 5.75%6.75%3/9/2027214 133 180 0.00 
Tailwind Colony Holding Corporation (4)(7)(11)L + 7.50%8.50%11/13/202456,508 55,192 55,378 0.43 
Tailwind Colony Holding Corporation (4)(11)L + 6.25%7.25%11/13/202411,961 11,740 11,591 0.09 
Unified Door & Hardware Group, LLC (4)(11)L + 6.25%7.25%6/30/202553,486 52,614 53,218 0.41 
299,793 301,281 2.35 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Distributors (continued)
Marcone Yellowstone Buyer, Inc.(4)(5)(7)(10)SOFR +6.50%7.25%6/23/2028$15,810 $15,180 $15,164 0.07 %
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%10.62%6/23/202826,742 26,330 25,672 0.11 
NDC Acquisition Corp.(4)(7)(11)L +5.50%10.23%3/9/202722,620 22,130 22,109 0.10 
Tailwind Colony Holding Corporation(4)(11)L +6.25%10.98%11/13/202474,385 73,315 73,269 0.32 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.75%10.52%6/30/202511,911 11,408 11,375 0.05 
Unified Door & Hardware Group, LLC(4)(11)L +5.75%10.49%12/18/202752,948 52,332 52,022 0.23 
323,975 323,821 1.42 
Diversified Consumer Services
Ascend Learning, LLC(9)L +3.50%7.88%12/11/202830,790 30,294 29,188 0.13 
Cambium Learning Group, Inc.(4)(7)(10)L +5.50%9.74%7/20/2028958,418 950,821 958,418 4.22 
Colibri Group, LLC(10)SOFR +5.00%8.87%3/12/202913,099 12,998 12,260 0.05 
Dreambox Learning Holding, LLC(4)(5)(10)L +6.25%9.44%12/1/2027135,213 132,990 127,101 0.56 
EM Bidco Limited (6)(9)SOFR +4.25%8.93%7/6/20294,168 4,154 4,083 0.02 
Go Car Wash Management Corp.(4)(7)(11)SOFR +6.25%10.67%12/31/202648,755 46,720 47,045 0.21 
Go Car Wash Management Corp.(4)(14)SOFR +6.25%10.67%12/31/202642,256 41,527 41,199 0.18 
KUEHG Corp.(11)L +3.75%8.48%2/21/202546,275 45,808 44,559 0.20 
Learning Care Group(11)L +3.25%7.61%3/13/202537,491 36,954 34,974 0.15 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.13%12/15/202815,896 15,734 15,323 0.07 
Rinchem Company, LLC (4)(9)SOFR +4.50%9.18%3/2/20294,025 4,007 3,814 0.02 
Sunshine Cadence Holdco, LLC(4)(7)(10)SOFR +6.50%10.24%3/23/2027700 680 679 0.00 
Sunshine Cadence Holdco, LLC(8)L +4.25%8.98%3/23/202739,696 36,960 36,421 0.16 
TruGreen Limited Partnership(10)L +4.00%8.38%11/2/20275,895 5,924 5,250 0.02 
University Support Services, LLC(9)L +3.25%7.63%2/10/202914,898 14,738 14,525 0.06 
Weld North Education, LLC(9)L +3.75%7.72%12/21/20279,326 9,326 9,161 0.04 
1,389,635 1,384,000 6.09 
Diversified Financial Services
Barbri Holdings, Inc.(4)(7)(10)L +5.75%10.13%4/28/2028129,071 127,193 127,765 0.56 
Comet Acquisition, Inc. (4)(9)SOFR +4.25%8.98%10/24/202515,830 15,626 15,355 0.07 
Lereta, LLC(10)L +5.25%9.63%7/30/202829,455 29,220 25,921 0.11 
Mitchell International, Inc.(9)L +3.75%8.41%10/15/202866,990 66,327 61,932 0.27 
Polaris Newco, LLC(9)L +4.00%8.73%6/2/202841,862 41,380 38,304 0.17 
Sedgwick Claims Management Services, Inc.(6)(11)L +4.25%8.63%9/3/20262,399 2,418 2,375 0.01 
Sedgwick Claims Management Services, Inc. (6)(8)L +3.75%8.13%9/3/20262,851 2,854 2,804 0.01 
SelectQuote, Inc.(4)(10)SOFR +8.00%12.42% (incl. 2.00% PIK)11/5/2024274,238 273,743 246,814 1.09 
558,761 521,270 2.29 
43
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Diversified Consumer Services
Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.25%7/20/2028968,124 959,067 968,124 7.53 
Dreambox Learning Holding LLC (4)(10)L + 6.25%7.00%12/1/2027135,213 132,360 132,509 1.03 
eResearchTechnology, Inc. (11)L + 4.50%5.50%2/4/202728,103 28,220 28,234 0.22 
Go Car Wash Management Corp. (4)(7)(11)L + 5.75%6.75%12/31/202644,291 42,789 42,744 0.33 
KUEHG Corp. (11)L + 3.75%4.75%2/21/202522,830 22,577 22,417 0.17 
LAH Borrower, LL (4)(6)(10)L + 5.75%6.50%10/12/20279,250 9,071 9,215 0.07 
Learning Care Group (11)L + 3.25%4.25%3/13/202519,838 19,548 19,491 0.15 
Loyalty Ventures, Inc. (9)L + 4.50%5.00%11/3/20279,375 9,189 9,355 0.07 
Pre-Paid Legal Services, Inc. (9)L + 3.75%4.25%5/1/202523,239 23,007 23,133 0.18 
Weld North Education, LLC (9)L + 3.75%4.25%12/21/202724,271 24,271 24,307 0.19 
1,270,100 1,279,529 9.94 
Diversified Financial Services
Barbri Holdings, Inc. (4)(7)(10)L + 5.75%6.50%4/30/2028166,707 163,558 165,040 1.28 
Lereta, LLC (10)L + 5.25%6.00%7/27/202834,635 34,309 34,664 0.27 
Mitchell International, Inc. (9)L + 3.75%4.25%10/15/202838,979 38,694 38,809 0.30 
Sedgwick Claims Management Services, Inc. (6)(11)L + 4.25%5.25%9/3/20262,450 2,474 2,457 0.02 
Sedgwick Claims Management Services, Inc. (6)(8)L + 3.25%3.35%12/31/20257,961 7,937 7,909 0.06 
SelectQuote, Inc. (4)(7)(10)L + 5.00%5.75%11/5/2024277,963 275,701 277,079 2.16 
522,673 525,958 4.09 
Diversified Telecommunication Services
Numericable US, LLC (6)(8)L + 3.69%3.81%1/31/20265,050 5,056 5,016 0.04 
Numericable US, LLC (6)(8)L + 4.00%4.12%8/14/202623,829 23,851 23,745 0.18 
Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/2028162,000 157,216 157,037 1.22 
186,123 185,798 1.44 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.50%3/26/202748,950 47,785 48,332 0.38 
Electrical Equipment
Emergency Power Holdings, LLC (4)(7)(11)L + 5.50%6.50%8/17/2028195,000 190,778 190,539 1.48 
Madison IAQ, LLC (9)L + 3.25%3.75%6/16/20286,989 6,956 6,992 0.05 
Radwell International, LLC (4)(6)(7)(10)L + 5.50%6.25%7/13/2027348,034 346,642 346,861 2.70 
Relay Purchaser, LLC (4)(7)(10)L + 6.00%6.75%8/30/2028200,000 195,928 197,214 1.53 
Shoals Holdings, LLC (4)(11)L + 3.25%4.25%11/25/202611,377 11,140 11,434 0.09 
751,443 753,040 5.85 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Telecommunication Services
Numericable US, LLC (6)(8)L +3.69%7.77%1/31/2026$15,505 $15,446 $14,406 0.06 %
Numericable US, LLC (6)(8)L +4.00%8.65%8/14/202633,493 33,515 31,246 0.14 
Numericable US, LLC (6)(8)L +2.75%7.16%7/31/20252,861 2,834 2,723 0.01 
Point Broadband Acquisition, LLC(4)(7)(11)L +6.00%10.56%10/1/2028194,794 190,399 189,073 0.83 
Zacapa, LLC (6)(9)SOFR +4.25%8.83%3/22/20296,082 6,069 5,861 0.03 
Zayo Group Holdings, Inc.(9)SOFR +4.25%8.57%3/9/20274,857 4,742 4,054 0.02 
253,005 247,363 1.09 
Electric Utilities
Qualus Power Services Corp.(4)(7)(11)L +5.25%10.01%3/26/202750,994 50,060 50,425 0.22 
Electrical Equipment
Emergency Power Holdings, LLC(4)(5)(7)(11)L +5.50%10.23%8/17/2028193,050 189,496 189,111 0.83 
Madison IAQ, LLC(9)L +3.25%7.99%6/21/202850,454 49,866 47,067 0.21 
Relay Purchaser, LLC(4)(5)(7)(10)L +6.00%10.73%8/30/2028186,571 183,344 185,353 0.82 
Shoals Holdings, LLC(4)(11)SOFR +3.25%7.51%11/25/202611,262 11,075 11,318 0.05 
433,781 432,849 1.91 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)L +6.00%10.75%12/23/202635,138 34,718 32,854 0.14 
CPI Intermediate Holdings Inc(4)(7)(10)SOFR +5.50%9.68%10/8/2029465,710 455,099 455,280 2.01 
Infinite Bidco, LLC(9)L +3.25%7.98%3/2/202839,231 39,080 37,760 0.17 
Ingram Micro, Inc.(9)L +3.50%8.23%6/30/20283,940 3,909 3,891 0.02 
Jupiter Bidco Limited(4)(6)(10)SOFR +6.25%10.83%8/27/202988,177 85,665 85,532 0.38 
Jupiter Bidco Limited (4)(6)(7)(9)E +6.25%8.45%8/27/2029EUR5,922 2,718 3,972 0.02 
LTI Holdings, Inc.(8)L +3.50%7.88%9/6/20254,948 4,936 4,749 0.02 
Presidio, Inc.(8)SOFR +3.50%7.92%1/22/20272,197 2,200 2,167 0.01 
628,325 626,205 2.77 
44
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(7)(11)L + 6.00%7.00%12/23/202635,496 34,857 34,858 0.27 
ConvergeOne Holdings, Inc. (7)(8)L + 5.00%5.10%1/4/202631,765 28,772 29,603 0.23 
CPI International, Inc. (11)L + 3.25%4.25%7/26/20248,977 8,991 8,980 0.07 
Infinite Bidco, LLC (9)L + 3.75%4.25%2/24/202821,831 21,806 21,797 0.17 
Ingram Micro, Inc. (9)L + 3.50%4.00%3/31/20283,980 3,942 3,986 0.03 
98,369 99,224 0.77 
Energy Equipment & Services
Abaco Energy Technologies, LLC (4)(11)L + 7.50% (incl. 1.00% PIK)8.50%10/4/202410,668 10,058 10,482 0.08 
EnergySolutions, LLC (11)L + 3.75%4.75%5/9/202511,270 11,255 11,270 0.09 
Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.25%9/10/202522,793 21,815 22,793 0.18 
43,128 44,544 0.35 
Entertainment
CE Intermediate I, LLC (4)(9)L + 4.00%4.50%11/10/20287,778 7,701 7,729 0.06 
Herschend Entertainment Co, LLC (9)L + 3.75%4.25%8/27/20285,306 5,255 5,306 0.04 
Recorded Books, Inc. (8)L + 4.00%4.10%8/29/202515,615 15,631 15,623 0.12 
28,588 28,658 0.22 
Food Products
CHG PPC Parent, LLC (9)L + 3.00%3.50%11/16/20287,339 7,303 7,326 0.06 
Quantum Bidco, Ltd. (6)(8)S + 6.00%6.11%2/5/2028£18,500 24,474 24,712 0.19 
Snacking Investments US, LLC (6)(11)L + 4.00%5.00%12/18/20264,975 5,005 4,984 0.04 
36,782 37,022 0.29 
Health Care Equipment & Supplies
CPI Holdco, LLC (4)(7)(10)L + 5.50%6.25%11/1/2028265,496 258,989 258,905 2.01 
GCX Corporation Buyer, LLC (4)(7)(10)L + 5.50%6.25%9/13/2027197,505 193,079 192,880 1.50 
Mozart Borrower LP (9)L + 3.25%3.75%9/20/202830,000 29,171 30,027 0.23 
Resonetics, LLC (10)L + 4.00%4.75%4/28/202818,666 18,616 18,689 0.15 
Sunshine Luxembourg VII S.à r.l, LLC (6)(10)L + 3.75%4.50%10/2/202618,726 18,778 18,821 0.15 
TecoStar Holdings, Inc. (11)L + 3.50%4.50%5/1/202420,799 20,703 19,852 0.15 
539,336 539,175 4.19 
Health Care Providers & Services
ACI Group Holdings, Inc. (4)(7)(10)L + 5.50%6.25%8/2/2028202,967 198,052 199,981 1.56 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%7.25%5/7/202743,521 42,636 42,961 0.33 
ADMI Corp. (9)L + 3.50%4.00%12/23/202715,586 15,514 15,582 0.12 
AHP Health Partners, Inc. (9)L + 3.50%4.00%8/4/20284,725 4,703 4,732 0.04 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Energy Equipment & Services
Abaco Energy Technologies, LLC(4)(13)L +7.00%11.29%10/4/2024$8,031 $7,738 $8,031 0.04 %
EnergySolutions, LLC(11)L +3.75%8.48%5/9/20254,675 4,675 4,369 0.02 
ISQ Hawkeye Holdco, Inc.(4)(7)(10)SOFR +6.25%10.63%8/17/20298,189 7,967 8,048 0.04 
Tetra Technologies, Inc.(4)(6)(11)L +6.25%10.63%9/10/202522,793 22,080 22,793 0.10 
42,460 43,241 0.20 
Entertainment
CE Intermediate I, LLC(4)(9)L +4.00%8.59%11/10/20287,719 7,655 7,372 0.03 
Recorded Books, Inc.(8)SOFR +4.00%8.32%8/29/202511,815 11,832 11,584 0.05 
19,487 18,956 0.08 
Food Products
Quantum Bidco, Ltd.(6)(8)S +6.00%6.28%1/29/2028GBP18,500 24,611 19,080 0.08 
Snacking Investments US, LLC(6)(11)L +4.00%8.32%12/18/20264,944 4,970 4,833 0.02 
29,581 23,913 0.10 
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc.(4)(7)(9)SOFR +5.75%10.48%6/13/202925,380 24,746 24,255 0.11 
Auris Luxembourg III Sarl(6)(8)L +3.75%8.68%2/27/202634,532 34,030 30,993 0.14 
CPI Buyer, LLC(4)(7)(10)L +5.50%10.23%11/1/2028161,899 158,173 153,414 0.68 
Egrotron Acquisition, LLC(4)(10)SOFR +5.75%10.18%7/6/202867,705 66,462 66,182 0.29 
GCX Corporation Buyer, LLC(4)(5)(7)(10)L +5.50%9.84%9/13/2028245,025 240,888 240,440 1.06 
Mozart Borrower LP(7)(9)L +3.25%7.63%10/23/20281,985 1,884 477 0.00 
Natus Medical Incorporated(4)(7)(9)SOFR +5.50%8.68%7/20/202953,463 50,042 49,330 0.22 
Resonetics, LLC(10)L +4.00%8.41%4/28/202881,849 80,299 78,166 0.34 
Sunshine Luxembourg VII S.à r.l, LLC(6)(10)L +3.75%8.48%10/1/202623,496 23,346 22,560 0.10 
TecoStar Holdings, Inc.(11)L +3.50%7.24%5/1/202425,881 25,647 21,764 0.10 
705,517 687,581 3.04 
Health Care Providers & Services
123Dentist, Inc.(4)(6)(7)(10)C +5.75%10.36%8/10/2029CAD204,779 156,140 144,435 0.64 
ACI Group Holdings, Inc.(4)(5)(7)(10)L +5.75%10.13%8/2/202892,158 90,007 90,086 0.40 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.66%5/7/202720,661 20,251 20,229 0.09 
ADMI Corp.(9)L +3.75%8.13%12/23/202746,518 46,278 42,491 0.19 
Amerivet Partners Management, Inc.(4)(5)(7)(10)SOFR +5.50%9.59%2/25/202817,532 16,596 15,861 0.07 
AMGH Holding Corp.(11)L +4.25%8.63%3/14/202511,615 11,628 8,300 0.04 
Canadian Hospital Specialties Ltd.(4)(5)(6)(7)(11)C +4.50%9.36%4/14/2028CAD16,795 12,933 14,973 0.07 
Caramel Bidco Limited(4)(5)(6)(8)S +6.00%9.43%2/24/2029GBP60,000 78,167 69,698 0.31 
Caramel Bidco Limited(4)(5)(6)(7)(8)SOFR +6.00%9.43%2/24/2024GBP5,392 6,968 4,202 0.02 
CCBlue Bidco, Inc.(4)(7)(10)L +6.25%9.92% (incl. 2.75% PIK)12/21/2028499,035 488,434 470,913 2.08 
45
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
AMGH Holding Corp. (11)L + 4.25%5.25%3/14/202511,762 11,768 11,735 0.09 
Canadian Hospital Specialties Ltd. (4)(6)(7)(11)L + 4.25%5.25%4/14/2028C$41,781 32,404 32,351 0.25 
CCBlue Bidco, Inc. (4)(7)(10)L + 6.25%7.00%12/21/2028464,809 454,639 454,595 3.54 
CHG Healthcare Services, Inc. (9)L + 3.50%4.00%9/29/20288,978 8,938 8,990 0.07 
Covenant Surgical Partners, Inc. (8)L + 4.00%4.10%7/1/20262,975 2,931 2,946 0.02 
Cross Country Healthcare, Inc. (4)(10)L + 5.75%6.50%6/8/2027113,594 111,423 112,458 0.87 
DCA Investment Holdings, LLC (4)(7)(10)L + 6.25%7.00%3/12/202736,706 36,191 36,297 0.28 
Epoch Acquisition, Inc. (4)(11)L + 6.75%7.75%10/4/202429,421 29,421 29,421 0.23 
GC EOS Buyer, Inc. (8)L + 4.50%4.60%8/1/20252,003 1,993 2,003 0.02 
Global Medical Response, Inc. (11)L + 4.25%5.25%10/2/202521,619 21,698 21,560 0.17 
Gordian Medical, Inc. (10)L + 6.25%7.00%3/29/202766,833 64,778 66,554 0.52 
Heartland Dental, LLC (8)L + 4.00%4.10%4/30/202515,057 14,999 15,054 0.12 
ICS US Holdings, Inc. (6)(9)L + 5.25%5.75%6/8/202835,000 33,250 33,250 0.26 
Jayhawk Buyer, LLC (4)(11)L + 5.00%6.00%10/15/2026204,293 200,666 202,250 1.57 
LifePoint Health, Inc. (8)L + 3.75%3.85%11/16/202510,000 10,018 10,005 0.08 
Midwest Physician Administrative Services, LLC (10)L + 3.25%4.00%3/5/20286,377 6,350 6,348 0.05 
National Mentor Holdings, Inc. (7)(10)L + 3.75%4.50%2/18/202811,320 11,038 10,943 0.09 
Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.25%7/16/2027375,002 371,541 373,127 2.90 
Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202568,328 67,902 68,328 0.53 
Onex TSG Intermediate Corp. (6)(10)L + 4.75%5.50%2/28/202815,257 15,044 15,273 0.12 
Padagis, LLC (6)(9)L + 4.75%5.25%6/30/202810,371 10,296 10,338 0.08 
Pathway Vet Alliance, LLC (8)L + 3.75%3.85%3/31/20271,985 1,983 1,981 0.02 
PetVet Care Centers, LLC (10)L + 3.50%4.25%2/14/202531,505 31,530 31,540 0.25 
Phoenix Guarantor, Inc. (8)L + 3.25%3.35%3/5/20264,754 4,759 4,730 0.04 
Phoenix Guarantor, Inc. (8)L + 3.50%3.60%3/5/20268,086 8,086 8,064 0.06 
Pluto Acquisition I, Inc. (8)L + 4.00%4.18%6/22/2026398 398 397 0.00 
PSKW Intermediate, LLC (4)(11)L + 6.25%7.25%3/9/202622,106 22,106 22,106 0.17 
Radnet, Inc. (6)(10)L + 3.00%3.75%4/22/20284,912 4,890 4,918 0.04 
Reverb Buyer, Inc. (7)(9)L + 3.50%4.00%11/1/20288,592 8,546 8,594 0.07 
Smile Doctors, LLC (4)(7)(10)L + 5.75%6.50%12/23/2028398,136 388,413 388,500 3.02 
Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%6.75%6/1/2028396,000 383,095 388,125 3.02 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.50%1/2/2029132,563 129,011 129,008 1.00 
Surgery Centers Holdings, Inc. (6)(10)L + 3.75%4.50%8/31/202624,744 24,721 24,767 0.19 
The GI Alliance Management, LLC (4)(7)(11)L + 6.25%7.25%11/4/2024211,618 208,856 209,542 1.63 
TTF Holdings, LLC (4)(10)L + 4.25%5.00%3/24/20286,551 6,507 6,567 0.05 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
CHG Healthcare Services, Inc.(9)L +3.25%7.63%9/29/2028$8,021 $7,983 $7,864 0.03 %
Covenant Surgical Partners, Inc.(8)L +4.00%8.41%7/1/20262,951 2,916 2,501 0.01 
Cross Country Healthcare, Inc.(4)(10)L +5.75%10.14%6/8/202748,234 46,982 48,234 0.21 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.00%9.98%4/3/202825,015 24,846 24,620 0.11 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%10.19%10/4/202429,118 29,118 28,972 0.13 
Global Medical Response, Inc.(11)L +4.25%8.42%10/2/202534,291 34,358 24,239 0.11 
Gordian Medical, Inc.(4)(10)L +6.25%10.98%1/31/202751,790 50,515 37,548 0.17 
Heartland Dental, LLC(8)L +4.00%8.39%4/30/202547,639 47,471 44,388 0.20 
Jayhawk Buyer, LLC(4)(7)(11)L +5.00%9.73%10/15/2026274,677 270,560 271,930 1.20 
LifePoint Health, Inc.(8)L +3.75%8.16%11/16/202543,804 43,532 41,401 0.18 
Medical Knowledge Group, LLC(4)(10)SOFR +5.75%9.99%2/1/202921,910 21,243 21,636 0.10 
Medical Knowledge Group, LLC(4)(10)L +5.75%10.042/1/2029163,706 160,860 161,660 0.71 
Midwest Physician Administrative Services, LLC(10)L +3.25%7.98%3/12/202819,182 19,113 17,719 0.08 
National Mentor Holdings, Inc.(10)L +3.75%8.48%3/2/202811,192 11,182 7,884 0.03 
Navigator Acquiror, Inc.(4)(7)(9)L +5.75%9.98% (incl.5.11% PIK)7/16/2027416,586 413,661 412,420 1.82 
NMSC Holdings, Inc.(10)SOFR +5.25%9.67%2/23/20297,476 7,405 6,156 0.03 
Odyssey Holding Company, LLC(4)(11)L +5.75%10.45%11/16/202563,649 63,333 63,649 0.28 
Onex TSG Intermediate Corp.(6)(10)L +4.75%9.16%2/28/202823,023 22,873 20,622 0.09 
Pathway Vet Alliance, LLC(8)L +3.75%8.13%3/31/202730,697 30,494 25,734 0.11 
Pediatric Associates Holding Co., LLC(7)(9)L +3.25%7.63%12/29/20285,036 4,910 4,778 0.02 
PetVet Care Centers, LLC(10)L +3.50%7.88%2/14/202554,403 54,377 51,297 0.23 
Phoenix Guarantor, Inc.(6)(8)L +3.50%7.88%3/5/202617,904 17,889 16,891 0.07 
Plasma Buyer, LLC(4)(7)(10)SOFR +5.75%10.07%5/12/202991,493 89,190 86,487 0.38 
PPV Intermediate Holdings, LLC(4)(7)(10)SOFR +5.75%10.07%8/31/2029114,624 112,184 113,256 0.50 
PSKW Intermediate, LLC(4)(11)L +6.25%10.64%3/9/202614,303 14,303 14,303 0.06 
Radnet, Inc.(6)(10)L +3.00%7.73%4/21/20284,850 4,832 4,733 0.02 
Reverb Buyer, Inc.(9)L +3.50%7.88%11/1/20286,551 6,504 6,155 0.03 
Smile Doctors, LLC(4)(7)(10)L +5.75%11.00%12/21/2028460,037 450,702 449,712 1.98 
Snoopy Bidco, Inc.(4)(7)(10)L +6.00%10.76%6/1/2028623,786 615,035 601,186 2.65 
SpecialtyCare, Inc.(4)(5)(7)(11)L +5.75%9.76%6/18/202872,500 70,742 70,051 0.31 
Stepping Stones Healthcare Services, LLC(4)(7)(10)L +5.75%10.51%1/2/2029166,289 163,129 160,844 0.71 
Surgery Centers Holdings, Inc.(6)(10)L +3.75%8.05%8/31/202614,435 14,425 14,289 0.06 
The Fertility Partners, Inc.(4)(5)(6)(10)L +5.75%10.13%3/16/202838,903 38,228 37,346 0.16 
The Fertility Partners, Inc.(4)(5)(6)(7)(10)C +5.75%10.46%3/16/2028CAD155,062 121,396 111,823 0.49 
The GI Alliance Management, LLC(4)(7)(11)SOFR +6.25%10.49%9/15/2028261,135 252,087 254,229 1.12 
46
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Unified Women's Healthcare, LLC (10)L + 4.25%5.00%12/16/202720,334 20,333 20,382 0.16 
U.S. Anesthesia Partners, Inc. (9)L + 4.25%4.75%9/22/202829,018 28,878 28,984 0.23 
US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.25%11/18/2027131,930 128,607 128,952 1.00 
WHCG Purchaser III, Inc. (4)(7)(10)L + 5.75%6.50%6/22/202886,559 84,384 84,226 0.66 
WP CityMD Bidco, LLC (9)L + 3.25%3.75%11/18/202815,000 14,981 15,012 0.12 
3,278,275 3,293,479 25.64 
Health Care Technology
athenahealth, Inc. (8)L + 4.25%4.40%2/11/202619,188 19,298 19,215 0.15 
Edifecs, Inc. (4)(10)L + 5.50%6.25%9/21/2026123,323 120,934 120,856 0.94 
Edifecs, Inc. (4)(11)L + 7.00%8.00%9/21/202629,660 29,533 30,549 0.24 
FH MD Buyer, Inc. (10)L + 5.00%5.75%6/16/202847,381 46,937 47,144 0.37 
GI Ranger Intermediate, LLC (4)(7)(10)L + 6.00%6.75%10/29/2028117,720 115,039 114,970 0.89 
Netsmart Technologies, Inc. (10)L + 4.00%4.75%10/1/202724,813 24,916 24,900 0.19 
NMC Crimson Holdings, Inc. (4)(7)(10)L + 6.00%6.75%3/1/202871,173 68,879 69,279 0.54 
Project Ruby Ultimate Parent Corp. (10)L + 3.25%4.00%3/3/20288,547 8,507 8,549 0.07 
Therapy Brands Holdings, LLC (4)(5)(7)(10)L + 4.00%4.75%5/12/20286,357 6,328 6,357 0.05 
Verscend Holding Corp. (8)L + 4.00%4.10%8/27/202520,423 20,486 20,443 0.16 
Waystar Technologies, Inc. (8)L + 4.00%4.10%10/22/202623,226 23,299 23,236 0.18 
484,157 485,498 3.78 
Hotels, Restaurants & Leisure
CEC Entertainment, Inc. (5)(8)6.75%6.75%5/1/202679,800 79,780 78,287 0.61 
Flynn Restaurant Group LP (9)L + 4.25%4.75%12/1/202817,789 17,641 17,609 0.14 
IRB Holding Corp. (11)L + 3.25%4.25%12/15/202734,705 34,778 34,753 0.27 
Tacala Investment Corp. (10)L + 3.50%4.25%2/5/202735,473 35,557 35,454 0.28 
167,756 166,104 1.30 
Household Durables
AI Aqua Merger Sub, Inc. (6)(7)(9)L + 4.00%4.50%6/16/202816,024 15,984 16,097 0.13 
Instant Brands Holdings, Inc. (10)L + 5.00%5.75%4/12/202881,813 80,711 76,904 0.60 
96,694 93,000 0.73 
Industrial Conglomerates
Bettcher Industries, Inc. (4)(11)SOFR + 4.00%4.12%12/13/202811,316 11,203 11,316 0.09 
Engineered Machinery Holdings, Inc. (10)L + 3.75%4.50%5/19/202815,525 15,510 15,510 0.12 
Excelitas Technologies Corp. (11)L + 3.50%4.50%12/2/202422,788 22,813 22,902 0.18 
FCG Acquisitions, Inc. (9)L + 3.75%4.25%3/16/202823,578 23,590 23,549 0.18 
Madison Safety & Flow LLC (8)L + 3.75%4.25%12/14/20285,195 5,169 5,201 0.04 
Vertical US Newco, Inc. (6)(9)L + 3.50%4.00%7/30/202715,650 15,731 15,681 0.12 
94,015 94,160 0.73 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
TTF Holdings, LLC(4)(10)L +4.00%8.13%3/31/2028$5,944 $5,910 $5,884 0.03 %
U.S. Anesthesia Partners, Inc.(9)L +4.25%8.37%10/1/202838,627 38,496 36,876 0.16 
Unified Physician Management, LLC(4)(7)(9)SOFR +5.50%10.50%6/18/2029863,748 863,748 863,748 3.81 
United Mutual Acquisition Holdings, LLC(4)(7)(10)SOFR +5.75%10.09%7/15/202815,654 15,421 15,229 0.07 
US Acute Care Solutions(5)(8)6.38%6.38%3/1/20262,885 2,919 2,564 0.01 
US Oral Surgery Management Holdco, LLC(4)(10)L +5.50%10.18%11/18/2027127,120 125,052 125,849 0.55 
US Oral Surgery Management Holdco, LLC(4)(7)(11)L +4.50%10.72%11/18/202339,604 38,717 38,933 0.17 
Veonet GmbH(6)(8)S +5.25%8.68%3/14/2029GBP170,000 218,598 190,515 0.84 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.48%6/22/2028108,280 106,326 88,257 0.39 
5,680,967 5,515,600 24.33 
Health Care Technology
athenahealth, Inc.(7)(9)SOFR +3.50%7.82%2/15/202936,931 36,518 33,015 0.15 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.50%6.25%5/25/202986,813 85,002 84,951 0.37 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.50%10.08%5/25/2029403,316 394,706 390,501 1.72 
Color Intermediate LLC(4)(10)SOFR +5.50%10.18%10/4/2029371,638 362,597 364,206 1.61 
Edifecs, Inc.(4)(10)L +5.50%10.23%9/21/2026122,264 120,388 121,042 0.53 
Edifecs, Inc.(4)(11)L +7.50%12.23%9/21/202629,360 29,261 29,947 0.13 
Ensemble RCM, LLC(4)(9)SOFR +5.00%9.19%8/3/202689,550 88,057 87,759 0.39 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +6.00%10.73%10/29/202899,248 97,345 97,383 0.43 
Imprivata, Inc.(9)L +3.75%8.13%12/1/20273,940 3,948 3,801 0.02 
Netsmart Technologies, Inc.(10)L +4.00%8.38%10/1/202715,149 15,208 14,628 0.06 
NMC Crimson Holdings, Inc.(4)(7)(10)L +6.00%9.74%3/1/202875,988 74,013 74,805 0.33 
Project Ruby Ultimate Parent Corp.(10)L +3.25%7.63%3/10/20288,461 8,428 8,019 0.04 
RPBLS Midco, LLC(4)(10)SOFR +5.75%9.41%4/1/2028166,892 164,279 165,223 0.73 
Verscend Holding Corp.(8)L +4.00%8.38%8/27/202530,479 30,524 30,346 0.13 
Waystar Technologies, Inc.(8)L +4.00%8.38%10/22/202612,408 12,425 12,222 0.05 
1,522,699 1,517,848 6.69 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%7.88%8/17/20286,241 6,251 6,180 0.03 
CEC Entertainment, Inc.(5)(8)6.75%6.75%5/1/202651,052 51,052 47,542 0.21 
Century Casinos, Inc.(6)(10)SOFR +6.00%10.22%4/2/202943,670 42,885 41,650 0.18 
Fertitta Entertainment, LLC(9)SOFR +4.00%8.32%1/27/202933,590 33,463 32,003 0.14 
Flynn Restaurant Group LP(9)L +4.25%8.63%12/1/20287,999 7,922 7,522 0.03 
IRB Holding Corp.(10)SOFR +3.00%7.32%12/15/202715,762 15,761 15,321 0.07 
Mic Glen, LLC(9)L +3.50%7.88%7/21/202826,577 26,430 25,348 0.11 
Scientific Games Holdings LP(9)SOFR +3.50%7.10%4/4/202910,434 10,389 9,976 0.04 
Tacala Investment Corp.(10)L +3.50%7.88%2/5/202748,876 48,867 47,129 0.21 
47
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Insurance
Acrisure, LLC (8)L + 3.50%3.72%2/15/20271,985 1,970 1,966 0.02 
Acrisure, LLC (9)L + 3.75%4.25%2/15/202712,180 12,078 12,180 0.09 
Acrisure, LLC (9)L + 4.25%4.75%2/15/20276,849 6,799 6,858 0.05 
Alera Group, Inc. (4)(7)(10)L + 5.50%6.25%9/30/202870,556 69,671 69,642 0.54 
Alliant Holdings Intermediate, LLC (8)L + 3.25%3.35%5/9/20258,017 8,008 7,947 0.06 
Alliant Holdings Intermediate, LLC (9)L + 3.50%4.00%10/8/202713,351 13,335 13,354 0.10 
AssuredPartners, Inc. (9)L + 3.50%4.00%2/12/202730,484 30,255 30,479 0.24 
Baldwin Risk Partners, LLC (6)(9)L + 3.50%4.00%10/14/202710,448 10,398 10,409 0.08 
Benefytt Technologies, Inc. (4)(7)(10)L + 6.00%6.75%8/12/202794,500 92,464 92,341 0.72 
BroadStreet Partners, Inc. (8)L + 3.00%3.10%1/27/20277,919 7,917 7,831 0.06 
Foundation Risk Partners Corp. (4)(7)(10)L + 5.75%6.50%10/29/202897,144 95,523 95,418 0.74 
Galway Borrower, LLC (4)(7)(10)L + 5.25%6.00%9/24/2028238,194 233,541 233,365 1.82 
High Street Buyer, Inc. (4)(7)(10)L + 6.00%6.75%4/14/202892,587 90,757 90,519 0.70 
Howden Group Holdings Limited (6)(10)L + 3.25%4.00%11/12/202714,040 14,011 14,001 0.11 
HUB International Limited (10)L + 3.25%4.00%4/25/202512,595 12,576 12,610 0.10 
HUB International Limited (8)L + 2.75%2.87%4/25/20252,969 2,970 2,939 0.02 
Integrity Marketing Acquisition, LLC (4)(7)(10)L + 5.50%6.25%8/27/202536,854 35,775 36,165 0.28 
Integrity Marketing Acquisition, LLC (4)(11)L + 5.75%6.75%8/27/202539,758 39,280 39,659 0.31 
Jones Deslauriers Insurance Management, Inc. (6)(7)(10)C + 4.25%5.00%3/28/2028C$81,932 63,941 64,639 0.50 
NFP Corp. (8)L + 3.25%3.35%2/15/20279,525 9,506 9,388 0.07 
PGIS Intermediate Holdings, LLC (4)(7)(10)L + 5.50%6.25%10/14/202864,080 62,478 62,505 0.49 
RSC Acquisition, Inc. (4)(5)(6)(7)(10)L + 5.50%6.25%10/30/202624,096 23,610 24,034 0.19 
SG Acquisition, Inc. (4)(9)L + 5.00%5.50%1/27/2027100,946 100,383 100,694 0.78 
Tennessee Bidco Limited (4)(5)(6)(7)(8)S + 7.00%7.05%8/3/2028£77,545 102,899 101,517 0.79 
Tennessee Bidco Limited (4)(6)(8)L + 7.00%7.15%8/3/2028194,958 189,838 189,110 1.47 
1,329,987 1,329,568 10.33 
Interactive Media & Services
Bungie, Inc. (4)(11)L + 6.25%7.25%8/28/20242,500 2,500 2,500 0.02 
Cengage Learning, Inc. (11)L + 4.75%5.75%6/29/202618,953 18,758 19,028 0.15 
MH Sub I, LLC (11)L + 3.75%4.75%9/13/202434,088 34,142 34,201 0.27 
Project Boost Purchaser, LLC (8)L + 3.50%3.60%6/1/2026990 990 990 0.01 
Project Boost Purchaser, LLC (9)L + 3.50%4.00%6/1/202610,468 10,442 10,481 0.08 
SurveyMonkey, Inc. (6)(8)L + 3.75%3.86%10/10/20256,829 6,823 6,804 0.05 
73,656 74,005 0.58 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Hotels, Restaurants & Leisure (continued)
Twin River Worldwide Holdings, Inc.(6)(9)L +3.25%7.54%10/2/2028$19,084 $18,942 $17,710 0.08 %
261,962 250,381 1.10 
Household Durables
AI Aqua Merger Sub, Inc.(6)(7)(9)SOFR +3.75%7.84%7/31/202852,858 52,304 49,784 0.22 
Hunter Douglas, Inc.(6)(9)SOFR +3.50%7.86%2/26/202914,896 14,820 13,181 0.06 
Instant Brands Holdings, Inc.(10)L +5.00%9.73%4/12/202875,061 74,211 50,741 0.22 
141,335 113,706 0.50 
Industrial Conglomerates
Bettcher Industries, Inc.(9)SOFR +4.00%8.32%12/14/202811,238 11,142 10,591 0.05 
CEP V Investment 11 Sarl(4)(6)(7)(10)S +5.75%5.75%2/11/2028CHF97,449 97,920 104,199 0.46 
Engineered Machinery Holdings, Inc.(10)L +3.75%8.48%5/19/20287,978 7,978 7,738 0.03 
Excelitas Technologies Corp.(4)(7)(10)SOFR +5.75%10.12%8/13/2029161,600 158,150 157,944 0.70 
Excelitas Technologies Corp.(4)(8)E +5.75%7.55%8/13/2029EUR25,323 25,502 26,486 0.12 
FCG Acquisitions, Inc.(9)L +3.75%8.48%3/31/202840,676 40,520 38,782 0.17 
SPX Flow, Inc.(9)SOFR +4.50%8.92%4/5/202952,169 49,972 48,862 0.22 
Vertical US Newco, Inc.(6)(9)L +3.50%6.87%7/30/202729,953 29,980 28,898 0.13 
Victory Buyer, LLC(4)(9)L +3.75%8.10%11/19/202822,863 22,774 19,262 0.08 
443,938 442,762 1.96 
Insurance
Acrisure LLC(8)L +3.50%7.88%2/15/20273,815 3,739 3,589 0.02 
Acrisure LLC(9)L +4.25%8.63%2/15/202718,985 18,947 18,424 0.08 
Acrisure LLC(9)L +3.75%8.13%2/15/202718,973 18,838 18,071 0.08 
Alera Group, Inc.(4)(10)SOFR +6.00%10.42%10/2/202863,957 63,421 62,273 0.27 
Alliant Holdings Intermediate, LLC(9)L +3.50%7.85%11/5/20277,935 7,894 7,766 0.03 
Amerilife Holdings, LLC(4)(7)(10)SOFR +5.75%9.01%8/31/2029360,844 352,810 356,491 1.57 
AssuredPartners, Inc.(9)L +3.50%7.88%2/12/202730,226 29,966 29,355 0.13 
AssuredPartners, Inc.(9)SOFR +3.50%7.822/12/2027993 991 966 0.00 
Baldwin Risk Partners, LLC(6)(9)L +3.50%7.79%10/14/20277,884 7,853 7,707 0.03 
Benefytt Technologies, Inc.(4)(10)SOFR +8.75%12.09% (incl. 7.75% PIK)8/12/202797,056 95,617 78,615 0.35 
Benefytt Technologies, Inc.(4)(7)(8)SOFR +7.50%10.58% (incl. 7.75% PIK)8/12/202723,520 22,851 19,016 0.08 
BroadStreet Partners, Inc.(8)L +3.00%7.38%1/27/202710,816 10,774 10,509 0.05 
CFC Underwriting, Ltd.(4)(6)(7)(8)SOFR +5.00%8.79%5/16/2029138,161 134,805 136,576 0.60 
Foundation Risk Partners Corp.(4)(7)(10)SOFR +6.00%10.68%10/29/202855,681 54,797 54,978 0.24 
Galway Borrower, LLC(4)(5)(7)(10)L +5.25%8.99%9/30/2028222,069 218,415 216,018 0.95 
High Street Buyer, Inc.(4)(5)(7)(10)L +6.00%10.73%4/14/2028127,353 124,844 125,698 0.55 
48
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)L + 6.00%7.00%12/29/2026113,838 111,902 113,268 0.88 
Prodege International Holdings, LLC (4)(7)(10)L + 5.75%6.50%12/15/2027491,000 479,825 479,737 3.73 
Shutterfly, LLC (4)(10)L + 5.00%5.75%9/25/2026160,969 159,357 159,761 1.24 
Wireless Vision, LLC (4)(11)L + 5.50%6.50%12/30/202522,715 22,715 22,715 0.18 
773,799 775,483 6.03 
IT Services
Ahead DB Holdings, LLC (5)(10)L + 3.75%4.50%10/18/20272,596 2,609 2,603 0.02 
AI Altius Bidco, Inc. (4)(5)(6)(7)(10)L + 5.50%6.25%12/1/2028144,577 141,353 141,338 1.10 
AI Altius Bidco, Inc. (4)(6)(7)(8)9.75%9.75%12/1/202821,205 20,571 20,568 0.16 
Dcert Buyer, Inc. (8)L + 4.00%4.10%10/16/202613,244 13,263 13,236 0.10 
Endurance International Group Holdings, Inc. (10)L + 3.50%4.25%2/10/202831,555 31,393 31,333 0.24 
Ensono Holdings, LLC (10)L + 4.00%4.75%5/19/202841,033 40,949 41,054 0.32 
Inovalon Holdings, Inc. (4)(7)(10)L + 5.75%6.50%11/24/2028931,793 907,468 907,254 7.06 
Park Place Technologies, LLC (4)(11)L + 5.00%6.00%11/10/202740,362 39,483 40,370 0.31 
Razor Holdco, LLC (4)(10)L + 5.75%6.50%10/25/2027191,200 187,495 187,376 1.46 
Red River Technology, LLC (4)(7)(11)L + 6.00%7.00%5/26/2027150,822 148,448 145,920 1.14 
Sabre GLBL, Inc. (6)(9)L + 3.50%4.00%12/17/202712,227 12,197 12,089 0.09 
TierPoint, LLC (10)L + 3.75%4.50%5/6/202619,767 19,658 19,800 0.15 
Turing Holdco, Inc. (4)(6)(7)(8)L + 6.00%6.13%8/3/202828,975 30,407 30,009 0.23 
Virtusa Corp. (10)L + 3.75%4.50%2/11/202819,367 19,370 19,452 0.15 
1,614,663 1,612,403 12.53 
Leisure Products
Alterra Mountain Company (9)L + 3.50%4.00%8/17/20284,988 5,003 4,988 0.04 
Lew's Intermediate Holdings, LLC (4)(10)L + 5.00%5.75%1/26/202826,202 25,972 26,136 0.20 
Lucky Bucks, LLC (6)(10)L + 5.50%6.25%7/21/202758,000 56,906 57,130 0.44 
Recess Holdings, Inc. (11)L + 3.75%4.75%9/30/202419,824 19,800 19,768 0.15 
107,681 108,022 0.83 
Life Sciences Tools & Services
Cambrex Corp. (10)L + 3.50%4.25%12/4/202615,136 15,199 15,169 0.12 
Curia Global, Inc. (10)L + 3.75%4.50%8/30/202632,868 32,900 32,950 0.26 
LSCS Holdings, Inc. (9)L + 4.50%5.00%12/16/202815,748 15,664 15,772 0.12 
Maravai Intermediate Holdings, LLC (6)(11)L + 3.75%4.75%10/19/20271,978 2,000 1,989 0.02 
Packaging Coordinators Midco, Inc. (10)L + 3.75%4.50%11/30/202710,694 10,683 10,707 0.08 
76,446 76,588 0.60 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Insurance (continued)
Howden Group Holdings Limited(6)(10)L +3.25%7.69%11/12/2027$13,503 $13,440 $13,173 0.06 %
HUB International Limited(10)L +3.25%7.53%4/25/20251,957 1,958 1,943 0.01 
Integrity Marketing Acquisition, LLC(4)(5)(10)L +6.05%11.28%8/27/202580,767 80,024 77,935 0.34 
Integrity Marketing Acquisition, LLC(4)(5)(7)(10)SOFR +5.75%9.49%8/27/202579,904 78,423 76,727 0.34 
Integrity Marketing Acquisition, LLC(4)(5)(10)L +5.75%7.50%8/27/202574,979 74,173 72,168 0.32 
Jones Deslauriers Insurance Management, Inc.(5)(6)(10)C +4.25%8.81%3/27/2028CAD15,393 12,486 10,679 0.05 
Jones Deslauriers Insurance Management, Inc.(5)(6)(10)C +4.25%8.81%3/27/2028CAD11,206 8,797 7,774 0.03 
Jones Deslauriers Insurance Management, Inc.(5)(6)(8)C +4.25%8.81%3/17/2028CAD69,903 54,634 48,513 0.21 
NFP Corp.(8)L +3.25%7.63%2/15/202713,596 13,511 13,038 0.06 
PGIS Intermediate Holdings, LLC(4)(5)(7)(10)L +5.50%10.63%10/16/202824,461 23,947 23,541 0.10 
Riser Merger Sub, Inc.(4)(6)(7)(10)SOFR +5.75%10.33%8/1/2028159,870 155,983 155,699 0.69 
Riser Merger Sub, Inc.(4)(6)(10)S +5.75%9.18%8/1/2028GBP13,683 16,452 16,130 0.07 
RSC Acquisition, Inc.(4)(5)(10)L +5.50%9.11%10/30/202615,000 14,870 14,588 0.06 
RSC Acquisition, Inc.(4)(5)(7)(10)L +5.50%9.74%10/30/202610,680 10,160 8,928 0.04 
SG Acquisition, Inc.(4)(9)L +5.00%9.17%1/27/202793,540 93,262 93,540 0.41 
Shelf Bidco Ltd(6)(10)SOFR +6.00%6.75%1/3/2030132,377 128,377 128,377 0.57 
Tennessee Bidco Limited(4)(5)(6)(8)S +7.28%8.47%7/9/2028GBP48,569 65,941 57,592 0.25 
Tennessee Bidco Limited(4)(5)(6)(7)(8)S +7.00%7.00%7/9/2028GBP101,623 116,566 108,100 0.48 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%10.38%7/9/2028166,473 162,496 163,559 0.72 
Tennessee Bidco Limited(4)(5)(6)(8)L +6.25%10.43%8/3/202817,423 17,179 17,118 0.08 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.21%8/3/202830,570 30,181 30,035 0.13 
2,339,422 2,285,209 10.05 
Interactive Media & Services
Ancestry.com Operations, Inc(9)L +3.25%7.63%12/6/20278,349 8,298 7,751 0.03 
Cengage Learning, Inc.(11)L +4.75%7.81%7/14/202618,763 18,629 16,919 0.07 
MH Sub I, LLC(11)L +3.75%8.13%9/13/202415,647 15,655 15,240 0.07 
Project Boost Purchaser, LLC(9)L +3.50%7.88%5/30/20269,924 9,785 9,596 0.04 
Red Planet Borrower, LLC(9)L +3.75%8.13%10/2/202839,653 39,368 25,021 0.11 
SurveyMonkey, Inc.(6)(8)L +3.75%8.14%10/10/20255,957 5,869 5,778 0.03 
97,604 80,305 0.35 
49
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Machinery
Apex Tool Group, LLC (12)L + 5.50%6.75%8/1/202470,120 70,206 68,987 0.54 
ASP Blade Holdings, Inc. (9)L + 4.00%4.50%10/13/20285,000 4,973 5,006 0.04 
MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%6.75%7/21/20279,912 9,709 9,700 0.08 
Phoenix Services Merger Sub, LLC (11)L + 3.75%4.75%3/1/20255,938 5,917 5,907 0.05 
Pro Mach Group, Inc. (7)(11)L + 4.00%5.00%8/31/202816,527 16,505 16,614 0.13 
107,311 106,214 0.84 
Marine
Armada Parent, Inc. (4)(7)(10)L + 5.75%6.50%10/29/2027227,250 222,139 221,985 1.73 
Media
Altice Financing S.A. (5)(6)(8)5.75%5.75%8/15/2029994 1,004 986 0.01 
Digital Media Solutions, LLC (6)(10)L + 5.00%5.75%5/24/202632,818 32,093 32,633 0.25 
McGraw-Hill Education, Inc. (9)L + 4.75%5.25%7/28/202828,790 28,514 28,704 0.22 
Radiate Holdco, LLC (10)L + 3.25%4.00%9/25/202627,000 26,934 26,944 0.21 
Terrier Media Buyer, Inc. (8)L + 3.50%3.60%12/17/20264,697 4,697 4,681 0.04 
Univision Communications, Inc. (10)L + 3.25%4.00%3/15/202614,860 14,838 14,912 0.12 
108,079 108,860 0.85 
Metals & Mining
American Rock Salt Company, LLC (10)L + 4.00%4.75%6/4/202820,895 20,877 20,869 0.16 
SCIH Salt Holdings, Inc. (10)L + 4.00%4.75%3/16/202729,854 29,802 29,612 0.23 
50,679 50,481 0.39 
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.75%11/26/202436,013 35,593 36,013 0.28 
Freeport LNG Investments, LLLP (9)L + 3.50%4.00%12/21/20284,230 4,190 4,195 0.03 
Lucid Energy Group II Borrower, LLC (6)(10)L + 4.25%5.00%11/24/202814,988 14,839 14,830 0.12 
54,622 55,038 0.43 
Paper & Forest Products
Profile Products, LLC (4)(7)(10)L + 5.50%6.25%11/12/2027115,420 112,583 112,517 0.88 
Pharmaceuticals
ANI Pharmaceuticals, Inc. (6)(10)L + 6.00%6.75%4/27/202838,680 37,831 38,857 0.30 
Jazz Pharmaceuticals, Inc. (6)(9)L + 3.50%4.00%4/21/20285,985 5,957 6,015 0.05 
Sharp Midco, LLC (4)(9)L + 4.00%4.50%12/14/20285,323 5,309 5,329 0.04 
49,097 50,201 0.39 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Internet & Direct Marketing Retail
Donuts, Inc.(4)(7)(11)SOFR +6.00%10.43%12/29/2026$511,530 $510,002 $506,414 2.23 %
Hoya Midco, LLC(6)(9)SOFR +3.25%7.57%2/3/20299,729 9,675 9,595 0.04 
Prodege International Holdings, LLC(4)(10)L +5.75%10.52%12/15/2027561,698 553,677 550,464 2.43 
Wireless Vision, LLC(4)(11)L +5.50%10.23%12/30/202519,197 19,197 19,197 0.08 
1,092,551 1,085,670 4.78 
IT Services
Ahead DB Holdings, LLC(5)(10)L +3.75%8.48%10/18/20272,570 2,580 2,488 0.01 
AI Altius Bidco, Inc.(4)(5)(7)(10)L +5.50%10.65%12/13/2028106,023 103,921 103,556 0.46 
AI Altius Bidco, Inc.(4)(5)(8)9.75% PIK9.75% PIK12/29/202922,256 21,714 21,532 0.09 
BCP V Everise Acquisition, LLC(4)(10)SOFR +6.50%10.83%5/3/202774,063 72,272 72,211 0.32 
Dcert Buyer, Inc.(8)SOFR +4.00%8.70%10/16/202628,834 28,864 27,917 0.12 
Endurance International Group Holdings, Inc.(10)L +3.50%7.72%2/10/202845,056 44,735 40,663 0.18 
Infostretch Corporation(4)(10)SOFR +5.75%10.48%4/1/2028182,010 178,827 174,730 0.77 
Inovalon Holdings, Inc.(4)(7)(10)L +6.25%10.95% (incl. 2.75% PIK)11/24/2028958,135 937,472 947,309 4.18 
Monterey Financing, S.A.R.L(4)(6)(7)(8)E +6.00%8.14%9/28/2029EUR76,519 69,979 81,366 0.36 
Monterey Financing, S.A.R.L(4)(6)(8)CI +6.00%8.42%9/28/2029DKK560,750 72,060 78,665 0.35 
Monterey Financing, S.A.R.L(4)(6)(8)ST +6.00%8.65%9/28/2029SEK243,186 21,200 22,727 0.10 
Monterey Financing, S.A.R.L(4)(6)(9)N +6.00%9.26%9/28/2029NOK599,094 54,450 59,479 0.26 
Park Place Technologies, LLC(11)SOFR +5.00%9.42%11/10/2027796 798 753 0.00 
Razor Holdco, LLC(4)(10)L +5.75%9.42%10/25/2027189,288 186,250 185,502 0.82 
Red River Technology, LLC(4)(7)(11)L +6.00%10.38%5/26/2027149,310 147,395 148,190 0.65 
Sabre GLBL, Inc.(6)(9)SOFR +4.25%8.67%6/30/20281,321 1,292 1,213 0.01 
Sabre GLBL, Inc.(6)(9)L +3.50%7.88%12/17/202717,783 17,734 16,249 0.07 
TierPoint, LLC(10)L +3.75%8.13%5/5/202612,370 12,323 11,601 0.05 
Turing Holdco, Inc.(4)(5)(6)(8)E +6.00%8.00% (incl. 2.50% PIK)8/3/2028EUR16,320 18,455 17,200 0.08 
Turing Holdco, Inc.(4)(5)(6)(7)(8)E +6.00%7.36%8/3/2028EUR8,284 9,576 8,587 0.04 
Turing Holdco, Inc.(4)(5)(6)(8)L +6.00%10.01%8/3/202812,655 12,344 12,466 0.05 
Virtusa Corp.(10)L +3.75%8.13%2/11/20288,918 8,930 8,632 0.04 
Virtusa Corp.(10)L +3.75%8.17%2/15/2029942 934 912 0.00 
2,024,105 2,043,948 9.01 
50
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Professional Services
ALKU, LLC (4)(10)L + 5.25%6.00%3/1/2028164,239 162,776 163,418 1.27 
Aqgen Island Holdings, Inc. (9)L + 3.50%4.00%5/20/202834,000 33,854 33,915 0.26 
Armor Holdco, Inc. (6)(9)L + 4.50%5.00%12/11/20283,636 3,600 3,653 0.03 
Ascend Performance Materials Operations, LLC (10)L + 4.75%5.50%8/27/20264,962 5,034 4,998 0.04 
BMC Acquisition, Inc. (11)L + 5.25%6.25%12/28/20244,717 4,704 4,699 0.04 
BPPH2 Limited (4)(6)(8)S + 6.75%6.92%3/2/202840,700 54,988 55,653 0.43 
Camelot US Acquisition, LLC (5)(6)(11)L + 3.00%4.00%10/30/20264,950 4,967 4,953 0.04 
Cast & Crew Payroll, LLC (8)L + 3.50%3.60%2/9/20261,985 1,965 1,987 0.02 
Cast & Crew Payroll, LLC (9)L + 3.75%4.25%12/9/20285,000 4,988 5,009 0.04 
CFGI Holdings, LLC (4)(6)(7)(10)L + 5.25%6.00%11/1/2027145,825 142,379 142,282 1.11 
Claims Automation Intermediate 2, LLC (4)(7)(10)L + 4.75%5.50%12/16/202745,833 43,702 43,686 0.34 
Clearview Buyer, Inc. (4)(7)(10)L + 5.25%6.00%8/26/2027156,053 152,720 152,520 1.19 
Deerfield Dakota Holding, LLC (11)L + 3.75%4.75%4/9/202721,998 22,078 22,051 0.17 
Emerald US, Inc. (6)(8)L + 3.25%3.47%7/12/20283,929 3,925 3,912 0.03 
Guidehouse LLP (4)(7)(10)L + 5.50%6.25%10/16/20281,210,823 1,199,067 1,198,715 9.33 
HIG Orca Acquisition Holdings, Inc. (4)(7)(11)L + 6.00%7.00%8/17/2027100,569 98,500 98,282 0.76 
IG Investments Holdings, LLC (4)(7)(10)L + 6.00%6.75%9/22/2028596,565 584,680 592,797 4.61 
Inmar, Inc. (11)L + 4.00%5.00%5/1/202416,004 15,992 16,012 0.12 
Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.50%6.25%12/14/202878,000 76,254 76,242 0.59 
Kwor Acquisition, Inc. (4)(7)(10)L + 5.25%6.00%12/22/202889,024 87,530 87,524 0.68 
Material Holdings, LLC (4)(7)(10)L + 5.75%6.50%8/19/2027246,741 241,860 241,539 1.88 
Minotaur Acquisition, Inc. (8)L + 4.75%4.85%3/27/202618,566 18,560 18,496 0.14 
National Intergovernmental Purchasing Alliance Co. (8)L + 3.50%3.72%5/23/20255,032 5,010 5,009 0.04 
Sherlock Buyer Corp. (4)(7)(8)L + 5.75%5.75%12/8/202834,551 33,668 33,660 0.26 
Trans Union, LLC (9)L + 2.25%2.75%12/1/20288,119 8,098 8,108 0.06 
Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%6.00%6/29/2027147,943 144,779 144,486 1.12 
Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%6.50%12/21/2028367,966 359,553 359,517 2.80 
VT Topco, Inc. (7)(10)L + 3.75%4.50%8/1/202514,552 14,469 14,556 0.11 
West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.25%11/8/2028735,429 721,023 720,229 5.60 
4,250,725 4,257,909 33.11 
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)L + 5.75%6.75%5/26/2027135,721 132,398 135,243 1.05 
McCarthy & Stone PLC (5)(6)(8)7.00%7.00%12/16/2025£20,000 28,004 26,936 0.21 
Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.00%2/16/202870,324 68,756 71,027 0.55 
229,158 233,206 1.81 
Road & Rail
Gruden Acquisition, Inc. (4)(7)(11)L + 5.25%6.25%7/1/202878,593 76,447 76,286 0.59 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Leisure Products
Lew's Intermediate Holdings, LLC(4)(10)SOFR +5.00%9.40%2/11/2028$25,913 $25,749 $23,710 0.10 %
Lucky Bucks, LLC(10)L +5.50%10.43%7/30/202747,204 46,462 27,811 0.12 
Motion Finco, LLC(6)(8)L +3.25%7.98%11/12/202619,460 18,857 18,611 0.08 
Recess Holdings, Inc.(11)L +3.75%8.16%9/30/202411,924 11,909 11,880 0.05 
102,977 82,012 0.35 
Life Sciences Tools & Services
Cambrex Corp.(10)SOFR +3.50%7.92%12/4/20264,512 4,527 4,394 0.02 
Curia Global, Inc.(10)L +3.75%8.16%8/30/202640,647 40,658 33,673 0.15 
LSCS Holdings, Inc.(9)L +4.50%8.88%12/16/202815,594 15,527 14,941 0.07 
Maravai Intermediate Holdings, LLC(6)(9)SOFR +3.00%6.96%10/19/20271,958 1,976 1,925 0.01 
Packaging Coordinators Midco, Inc.(10)L +3.50%8.23%11/30/20271,881 1,878 1,789 0.01 
64,566 56,722 0.26 
51
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Software
2U, Inc. (6)(10)L + 5.75%6.50%11/30/202476,224 75,188 76,033 0.59 
Apex Group Treasury, LLC (6)(9)L + 3.75%4.25%7/27/202818,393 18,341 18,387 0.14 
Apttus Corp. (10)L + 4.25%5.00%4/27/202813,467 13,475 13,517 0.11 
AxiomSL Group, Inc. (4)(7)(11)L + 6.00%7.00%12/3/202779,013 77,385 77,203 0.60 
Belfor Holdings, Inc. (4)(8)L + 3.75%3.85%4/6/20264,962 4,980 4,974 0.04 
Boxer Parent Company, Inc. (8)L + 3.75%3.97%10/2/202511,997 11,996 11,937 0.09 
Brave Parent Holdings, Inc. (8)L + 4.00%4.10%4/18/20252,977 2,978 2,976 0.02 
Byjus Alpha, Inc. (6)(10)L + 5.50%6.25%11/5/202650,000 49,229 50,729 0.39 
Cloudera, Inc. (9)L + 3.75%4.25%8/9/202823,556 23,328 23,523 0.18 
Connatix Buyer, Inc. (4)(7)(10)L + 5.50%6.25%7/14/2027113,154 110,466 110,238 0.86 
CoreLogic, Inc. (9)L + 3.50%4.00%6/2/202814,529 14,480 14,536 0.11 
Cornerstone OnDemand, Inc. (9)L + 3.75%4.25%10/16/20289,836 9,788 9,820 0.08 
Delta Topco, Inc. (10)L + 3.75%4.50%12/1/202722,388 22,475 22,440 0.17 
Diligent Corporation (4)(11)L + 5.75%6.75%8/4/202589,325 88,292 88,655 0.69 
ECI Macola Max Holding, LLC (6)(10)L + 3.75%4.50%11/9/202730,011 30,072 30,063 0.23 
EP Purchaser, LLC (9)L + 3.50%4.00%11/6/20286,947 6,918 6,959 0.05 
Epicor Software Corp. (10)L + 3.25%4.00%7/30/20279,037 9,060 9,041 0.07 
Episerver, Inc. (4)(7)(11)L + 5.50%6.50%4/9/202625,356 24,884 24,765 0.19 
Experity, Inc. (4)(7)(10)L + 5.50%6.25%7/22/202776,743 75,165 75,038 0.58 
Flexera Software, LLC (10)L + 3.75%4.50%1/26/202816,393 16,426 16,425 0.13 
GI Consilio Parent, LLC (7)(9)L + 4.00%4.50%4/30/202819,192 18,478 19,016 0.15 
Gigamon Inc. (10)L + 3.75%4.50%12/27/202422,565 22,603 22,610 0.18 
GovernmentJobs.com, Inc. (4)(6)(7)(10)L + 5.50%6.25%12/1/2028145,966 142,065 142,025 1.10 
GraphPAD Software, LLC (4)(7)(11)L + 5.50%6.50%4/27/202735,804 35,270 35,318 0.27 
Greeneden U.S. Holdings II, LLC (10)L + 4.00%4.75%12/1/202734,775 34,908 34,938 0.27 
HS Purchaser, LLC (10)L + 4.00%4.75%11/19/202630,955 30,988 30,909 0.24 
Hyland Software, Inc. (10)L + 3.50%4.25%7/1/202423,314 23,362 23,431 0.18 
Idera, Inc. (10)L + 3.75%4.50%2/4/202841,607 41,506 41,626 0.32 
Imperva, Inc. (11)L + 4.00%5.00%1/12/202619,317 19,404 19,316 0.15 
Imprivata, Inc. (9)L + 3.50%4.00%12/1/20273,980 3,992 3,982 0.03 
ION Trading Finance Ltd. (6)(8)L + 4.75%4.97%3/26/202818,310 18,305 18,381 0.14 
Ivanti Software, Inc. (10)L + 4.00%4.75%12/1/20273,993 3,985 3,979 0.03 
Ivanti Software, Inc. (11)L + 4.75%5.75%12/1/202714,357 14,328 14,397 0.11 
LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%7.50%2/8/2026118,976 116,974 117,786 0.92 
MA FinanceCom, LLC (6)(11)L + 4.25%5.25%6/5/20254,936 4,999 5,013 0.04 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Machinery
Apex Tool Group, LLC(9)SOFR +5.25%9.67%2/8/2029$14,756 $14,691 $12,743 0.06 %
MHE Intermediate Holdings, LLC(4)(5)(7)(11)SOFR +6.00%9.50%7/21/202710,431 10,262 10,042 0.04 
MHE Intermediate Holdings, LLC(4)(5)(11)SOFR +6.25%9.75%12/9/20251,284 1,253 1,249 0.01 
MHE Intermediate Holdings, LLC(4)(5)(11)L +6.00%6.75%4/7/20241,201 1,181 1,168 0.01 
Pro Mach Group, Inc.(11)L +4.00%8.38%8/31/2028238 236 232 0.00 
Titan Acquisition Ltd.(6)(8)L +3.00%5.88%3/28/202515,097 14,773 14,142 0.06 
42,396 39,576 0.18 
Marine
Armada Parent, Inc.(4)(7)(10)L +5.75%10.13%10/29/2027233,972 229,683 226,879 1.00 
Media
Clear Channel Outdoor Holdings, Inc.(6)(8)L +3.50%7.91%8/21/202633,680 32,906 30,754 0.14 
Digital Media Solutions, LLC(4)(6)(10)L +5.00%9.73%5/25/202629,518 29,015 25,238 0.11 
McGraw-Hill Education, Inc.(9)L +4.75%8.32%7/28/202828,501 28,269 26,907 0.12 
Radiate Holdco, LLC(10)L +3.25%7.63%9/25/202647,479 47,370 38,787 0.17 
Terrier Media Buyer, Inc.(8)L +3.50%8.23%12/17/20261,955 1,963 1,836 0.01 
Trader Corp.(4)(6)(7)(10)C +5.75%10.40%12/22/2029CAD110,510 79,009 79,416 0.35 
Univision Communications, Inc.(10)L +3.25%7.63%3/15/202620,074 19,952 19,798 0.09 
238,484 222,736 0.99 
Metals & Mining
American Rock Salt Company, LLC(10)L +4.00%8.38%6/9/202819,684 19,672 18,577 0.08 
SCIH Salt Holdings, Inc.(10)L +4.00%8.41%3/16/202745,105 44,859 43,962 0.19 
64,531 62,539 0.27 
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.(4)(6)(10)SOFR +6.25%10.52%8/15/202830,190 29,569 29,737 0.13 
Freeport LNG Investments, LLLP(9)L +3.50%7.74%12/21/202855,586 55,399 52,984 0.23 
KKR Alberta Midsteam Finance Inc.(4)(6)(10)SOFR +6.25%10.52%8/15/202816,424 16,087 16,178 0.07 
101,055 98,899 0.43 
Paper & Forest Products
Profile Products, LLC(4)(7)(10)L +5.50%9.36%11/12/202740,166 39,406 39,080 0.17 
Profile Products, LLC(4)(10)C +5.50%10.1411/12/202723,595 23,211 23,064 0.10 
62,617 62,144 0.27 
Pharmaceuticals
Doc Generici (Diocle S.p.A.)(4)(6)(7)(8)E +6.50%8.56%10/27/2028EUR60,136 57,958 63,092 0.28 
Padagis, LLC(6)(9)L +4.75%8.49%7/6/202829,371 29,331 26,189 0.12 
Rhea Parent, Inc.(4)(5)(10)SOFR +5.75%10.33%2/18/2029205,468 201,868 202,899 0.89 
Sharp Midco, LLC(4)(9)L +4.00%8.73%12/31/20285,283 5,271 5,032 0.02 
294,428 297,212 1.31 
52
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Software (continued)
Mandolin Technology Intermediate Holdings, Inc. (4)(7)(9)L + 3.75%4.25%7/6/202878,300 77,094 77,018 0.60 
Maverick Acquisition, Inc. (4)(5)(7)(11)L + 6.00%7.00%6/1/202749,180 48,049 48,526 0.38 
Maverick Acquisition, Inc. (5)(10)L + 3.75%4.50%4/28/202817,000 16,922 17,032 0.13 
Medallia, Inc. (4)(6)(10)L + 6.75% PIK7.50%10/29/2028677,068 663,808 663,527 5.16 
Mic Glen, LLC (9)L + 3.50%4.00%7/21/20284,011 3,991 3,990 0.03 
Mobileum, Inc. (4)(11)L + 4.75%5.75%8/12/202448,574 48,059 48,387 0.38 
Monk Holding Co. (4)(7)(10)L + 5.75%6.50%12/1/202792,268 89,502 89,533 0.70 
MRI Software, LLC (7)(11)L + 5.50%6.50%2/10/202613,261 13,185 13,244 0.10 
Nintex Topco Limited (4)(6)(10)L + 5.75%6.50%11/13/2028655,025 642,181 641,925 4.99 
Paya Holdings III, LLC (4)(5)(6)(7)(10)L + 3.25%4.00%6/16/20289,476 9,314 9,433 0.07 
Perforce Software, Inc. (8)L + 3.75%3.85%7/1/202611,681 11,674 11,608 0.09 
Project Alpha Intermediate Holding, Inc. (8)L + 4.00%4.11%4/26/202423,781 23,846 23,848 0.19 
Project Leopard Holdings, Inc. (11)L + 4.75%5.75%7/7/202425,787 25,843 25,851 0.20 
Quest Software US Holdings, Inc. (6)(8)L + 4.25%4.38%5/16/202526,966 26,950 26,976 0.21 
Relativity ODA, LLC (4)(7)(11)L + 7.50% PIK8.50%5/12/202744,197 43,150 43,460 0.34 
Rocket Software, Inc. (8)L + 4.25%4.35%11/28/202514,840 14,864 14,780 0.11 
Rocket Software, Inc. (9)L + 4.25%4.75%11/28/20258,292 8,106 8,293 0.06 
S2P Acquisition Borrower, Inc. (6)(8)L + 4.00%4.10%8/14/20262,970 2,979 2,971 0.02 
Sovos Compliance, LLC (6)(7)(9)L + 4.50%5.00%7/29/202812,567 12,537 12,623 0.10 
SpecialtyCare, Inc. (4)(7)(11)L + 5.75%6.75%6/18/202869,276 67,114 67,858 0.53 
Spitfire Parent, Inc. (4)(7)(11)L + 5.50%6.50%3/11/2027106,399 104,361 105,197 0.82 
Spitfire Parent, Inc. (4)(11)L + 5.50%6.50%3/11/2027€19,403 23,040 21,844 0.17 
Stamps.com, Inc. (4)(10)L + 5.75%6.50%10/5/2028860,712 844,090 843,498 6.56 
Stamps.com, Inc. (4)(10)L + 5.75%6.50%10/5/202810,123 9,922 9,921 0.08 
Surf Holdings, LLC (6)(8)L + 3.50%3.69%3/5/20276,445 6,449 6,404 0.05 
Tegra118 Wealth Solutions, Inc. (8)L + 4.00%4.16%2/18/20273,960 3,986 3,967 0.03 
The NPD Group L.P. (4)(6)(7)(10)L + 6.00%6.75%12/1/2028694,734 678,130 677,922 5.27 
The Ultimate Software Group, Inc. (9)L + 3.25%3.75%5/4/202626,777 26,777 26,682 0.21 
Triple Lift, Inc. (4)(7)(10)L + 5.75%6.50%5/6/202890,545 88,645 89,354 0.70 
University Support Services, LLC (9)L + 3.25%3.75%7/17/202510,000 9,950 9,972 0.08 
Veritas US, Inc. (6)(11)L + 5.00%6.00%9/1/202521,534 21,699 21,561 0.17 
Virgin Pulse, Inc. (10)L + 4.00%4.75%4/6/202842,447 42,066 41,987 0.33 
Vision Solutions, Inc. (10)L + 4.00%4.75%3/4/202836,178 36,013 36,178 0.28 
4,960,390 4,965,354 38.59 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Professional Services
ALKU, LLC(4)(10)SOFR +5.25%9.67%3/1/2028$154,467 $153,315 $154,467 0.68 %
ALKU, LLC(4)(10)SOFR +5.00%9.42%3/1/202878,607 77,850 78,607 0.35 
APFS Staffing Holdings, Inc.(4)(7)(9)SOFR +4.00%8.09%12/29/20283,275 3,065 2,529 0.01 
Aqgen Island Holdings, Inc.(9)L +3.50%8.25%8/2/202864,131 63,860 61,432 0.27 
Armor Holdco, Inc.(6)(9)SOFR +4.50%9.54%12/11/20283,600 3,569 3,578 0.02 
BPPH2 Limited(4)(5)(6)(8)S +6.87%10.30%3/2/2028GBP40,700 55,179 49,379 0.22 
CFGI Holdings, LLC(4)(7)(10)L +5.00%9.39%11/2/202722,918 22,044 22,291 0.10 
Chronicle Bidco, Inc.(4)(7)(11)SOFR +6.75%9.80%5/18/20292,944 2,930 2,798 0.01 
Chronicle Bidco, Inc.(4)(11)SOFR +6.25%10.83%5/18/202942,743 42,387 41,888 0.18 
Claims Automation Intermediate 2, LLC(4)(7)(10)L +4.75%8.76%12/16/202745,500 44,182 43,449 0.19 
Clearview Buyer, Inc.(4)(5)(7)(10)L +5.25%9.98%8/26/2027150,490 147,773 146,988 0.65 
CoreLogic, Inc.(9)L +3.50%7.94%6/2/202841,138 40,876 34,466 0.15 
Cumming Group, Inc.(4)(11)SOFR +5.25%8.92%11/16/20271,600 1,561 1,561 0.01 
Cumming Group, Inc.(4)(7)(11)L +5.25%8.92%5/26/2027171,367 168,531 165,889 0.73 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.07%4/9/202786,146 85,708 80,668 0.36 
Eliassen Group, LLC(4)(7)(10)SOFR +5.50%10.08%4/14/202865,997 65,126 64,430 0.28 
Emerald US, Inc.(6)(8)L +3.25%7.98%7/12/20283,889 3,886 3,874 0.02 
Galaxy US Opco, Inc.(6)(9)SOFR +4.75%9.07%4/29/202912,326 12,046 11,185 0.05 
Guidehouse, Inc.(4)(5)(10)L +6.25%10.32%10/16/202849,874 48,441 48,877 0.22 
Guidehouse, Inc.(4)(5)(10)L +6.25%10.63%10/16/20281,147,802 1,138,302 1,124,846 4.96 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%9.78%8/17/2027107,511 105,846 106,284 0.47 
IG Investments Holdings, LLC(4)(5)(7)(10)L +6.00%10.39%9/22/2028466,344 458,429 463,878 2.04 
Inmar, Inc.(11)L +4.00%8.73%5/1/202439,981 39,814 36,493 0.16 
Kaufman Hall & Associates, LLC(4)(10)L +5.25%9.63%12/14/202897,255 95,601 96,526 0.43 
Legacy Intermediate, LLC(4)(5)(7)(10)SOFR +5.75%10.26%2/25/202893,094 91,039 91,631 0.40 
Mantech International CP(4)(7)(10)SOFR +5.75%9.58%9/14/2029778,402 759,603 767,644 3.38 
Material Holdings, LLC(4)(5)(7)(10)SOFR +6.00%10.68%8/19/2027264,920 260,943 256,724 1.13 
Minotaur Acquisition, Inc.(8)SOFR +4.75%9.17%3/27/2026281,425 274,304 269,816 1.19 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.08%5/23/20254,207 4,175 4,159 0.02 
Petrus Buyer Inc(4)(7)(10)SOFR +6.50%10.70%10/17/202936,173 34,805 34,763 0.15 
Polyconcept Investments B.V.(10)SOFR +5.50%10.08%5/18/202944,888 44,066 42,138 0.19 
Sherlock Buyer Corp.(4)(7)(10)L +5.75%10.48%12/8/20286,488 6,210 6,060 0.03 
Thevelia US, LLC(5)(6)(9)SOFR +4.00%8.73%6/18/202934,466 33,046 33,518 0.15 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.18%6/29/202744,320 43,315 43,548 0.19 
Trinity Partners Holdings, LLC(4)(7)(10)SOFR +5.75%9.99%12/21/2028389,123 381,440 380,183 1.68 
Victors CCC Buyer, LLC(4)(7)(10)SOFR +5.75%10.69%6/1/2029146,370 143,164 144,011 0.63 
VT Topco, Inc.(7)(10)L +3.75%8.13%8/1/202522,103 22,056 21,466 0.09 
53
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Specialty Retail
CustomInk, LLC (4)(11)L + 6.21%7.21%5/3/202636,866 36,233 36,405 0.28 
EG America, LLC (6)(9)L + 4.25%4.75%3/10/202614,993 14,919 15,115 0.12 
Petco Health & Wellness Co, Inc. (10)L + 3.25%4.00%2/24/20284,899 4,887 4,899 0.04 
PetSmart, Inc. (5)(10)L + 3.75%4.50%2/11/20283,287 3,258 3,296 0.03 
Runner Buyer, Inc. (10)L + 5.50%6.25%10/20/202880,000 78,419 79,200 0.62 
137,715 138,916 1.09 
Technology Hardware, Storage & Peripherals
Deliver Buyer, Inc. (8)L + 5.00%5.13%5/1/202414,955 14,918 15,001 0.12 
Lytx, Inc. (4)(11)L + 6.75%7.75%2/28/202646,363 46,453 46,132 0.36 
61,370 61,133 0.48 
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC (11)L + 7.00%8.00%6/30/202726,831 26,204 26,429 0.21 
S&S Holdings, LLC (9)L + 5.00%5.50%3/4/20286,507 6,335 6,517 0.05 
32,540 32,946 0.26 
Trading Companies & Distributors
Foundation Building Materials, Inc. (9)L + 3.25%3.75%2/3/20284,975 4,956 4,947 0.04 
LBM Acquisition, LLC (10)L + 3.75%4.50%12/17/202734,953 34,839 34,694 0.27 
Park River Holdings, Inc. (10)L + 3.25%4.00%12/28/202735,482 34,625 35,205 0.27 
Porcelain Acquisition Corp. (4)(7)(11)L + 6.00%7.00%4/30/202771,334 68,594 68,732 0.53 
Specialty Building Products Holdings, LLC (6)(9)L + 3.75%4.25%10/15/202810,263 10,213 10,254 0.08 
SRS Distribution, Inc. (9)L + 3.75%4.25%6/4/202828,159 28,044 28,137 0.22 
The Cook & Boardman Group, LLC (11)L + 5.75%6.75%10/17/202568,817 67,235 67,131 0.52 
248,506 249,099 1.93 
Transportation Infrastructure
AIT Worldwide Logistics Holdings, Inc. (10)L + 4.75%5.50%3/31/202848,956 48,202 49,018 0.38 
Atlas CC Acquisition Corp. (7)(10)L + 4.25%5.00%4/28/202847,568 45,497 47,581 0.37 
Capstone Logistics, LLC (7)(11)L + 4.75%5.75%11/12/202722,459 22,524 22,511 0.18 
First Student Bidco, Inc. (6)(9)L + 3.00%3.50%7/21/20285,000 4,976 4,985 0.04 
Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.50%5/3/2027136,605 134,176 131,482 1.02 
Helix TS, LLC (4)(7)(10)L + 5.75%6.50%8/4/2027108,579 106,542 106,407 0.83 
Liquid Tech Solutions Holdings, LLC (4)(10)L + 4.75%5.50%3/19/202819,288 19,200 19,288 0.15 
Roadsafe Holdings, Inc. (4)(7)(11)L + 5.75%6.75%10/19/202790,519 88,772 89,465 0.70 
Safety Borrower Holdings LP (4)(7)(11)L + 5.75%6.75%9/1/202737,754 37,326 37,301 0.29 
Sam Holding Co, Inc. (4)(7)(11)L + 5.50%6.50%9/24/2027153,220 149,468 149,290 1.16 
Spireon, Inc. (4)(11)L + 6.50%7.50%10/4/202442,624 42,624 42,624 0.33 
TRP Infrastructure Services, LLC (4)(7)(11)L + 5.50%6.50%7/9/202773,699 72,223 72,094 0.56 
771,529 772,045 6.01 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Professional Services (continued)
West Monroe Partners, LLC(4)(7)(10)L +5.50%9.84%11/8/2028$729,914 $716,495 $711,312 3.14 %
5,694,982 5,653,356 24.93 
Real Estate Management & Development
McCarthy & Stone PLC(4)(5)(6)(8)7.00%7.00%12/16/2025GBP20,000 28,031 21,121 0.09 
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%10.67%2/16/202870,324 69,012 70,324 0.31 
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%10.67%7/25/202915,205 14,849 15,205 0.07 
111,892 106,650 0.47 
Road & Rail
Gruden Acquisition, Inc.(4)(5)(7)(11)L +5.50%7.75%7/1/2028628 404 429 0.00 
Software
2U, Inc.(6)(10)L +5.75%10.16%12/30/20247,960 7,880 7,666 0.03 
Anaplan, Inc.(4)(6)(7)(10)SOFR +6.50%10.82%6/21/2029532,311 521,322 520,601 2.29 
Apex Group Treasury, LLC(6)(9)L +3.75%8.26%7/27/202819,608 19,584 18,775 0.08 
Apttus Corp.(10)L +4.25%8.66%5/8/202811,717 11,696 11,014 0.05 
Armstrong Bidco Limited(4)(6)(7)(8)S +5.75%8.68%6/28/2029GBP127,438 150,291 159,339 0.70 
Armstrong Bidco Limited(4)(6)(8)S +5.75%8.68%6/28/2029GBP314,735 374,547 360,861 1.59 
Avalara Inc(4)(7)(10)SOFR +7.25%8.00%10/19/202823,077 22,519 22,442 0.10 
AxiomSL Group, Inc.(4)(7)(11)L +5.75%10.13%12/3/202778,219 76,887 77,322 0.34 
Barracuda Networks, Inc.(9)SOFR +4.50%8.59%8/15/202932,103 31,056 31,015 0.14 
Project Boost Purchaser, LLC(4)(7)(10)SOFR +5.25%9.68%5/2/202944,993 44,498 44,698 0.20 
BlueCat Networks USA, Inc.(4)(6)(7)(10)SOFR +6.00%10.46%8/8/202869,864 68,344 68,246 0.30 
Boxer Parent Company, Inc.(8)L +3.75%8.13%10/2/202514,886 14,828 14,287 0.06 
Cloudera, Inc.(9)L +3.75%8.13%10/8/202857,082 56,256 54,005 0.24 
Community Brands ParentCo, LLC(4)(5)(7)(10)SOFR +5.75%10.17%2/24/202815,246 14,783 14,706 0.06 
Confine Visual Bidco(4)(6)(7)(10)SOFR +5.75%10.05%2/23/2029258,821 251,334 245,348 1.08 
Connatix Buyer, Inc.(4)(5)(7)(10)L +5.50%10.14%7/14/2027110,695 108,529 107,828 0.48 
ConnectWise, LLC(9)L +3.50%7.88%9/29/202828,620 28,541 27,260 0.12 
Cornerstone OnDemand, Inc.(9)L +3.75%8.13%10/16/202827,418 27,320 24,607 0.11 
Delta Topco, Inc.(10)SOFR +3.75%8.15%12/1/202735,059 35,021 32,500 0.14 
Diligent Corporation(4)(11)L +5.75%10.13%8/4/202588,425 87,687 85,772 0.38 
Discovery Education, Inc.(4)(7)(10)SOFR +5.75%9.83%4/9/2029472,150 462,759 453,786 2.00 
DTI Holdco, Inc.(7)(10)SOFR +4.75%8.84%4/26/202953,078 51,741 48,874 0.22 
ECI Macola Max Holding, LLC(6)(10)L +3.75%8.48%11/9/202712,010 12,033 11,560 0.05 
Epicor Software Corp.(10)L +3.25%7.63%7/30/20275,983 6,003 5,758 0.03 
Episerver, Inc.(4)(5)(7)(11)L +5.25%9.98%4/9/202625,101 24,739 23,340 0.10 
Experity, Inc.(4)(5)(7)(10)L +5.75%10.48%2/24/2028135,023 132,608 132,054 0.58 
Forterro UK Ltd.(4)(6)(7)(8)E +5.50%6.70%7/9/2029EUR42,187 41,136 44,292 0.20 
54
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Wireless Telecommunication Services
CCI Buyer, Inc. (10)L + 3.75%4.50%12/17/202728,831 28,965 28,898 0.22 
Total First Lien Debt$28,076,107 $28,143,451 218.93 %
Second Lien Debt
Aerospace & Defense
Peraton Corp. (10)L + 7.75%8.50%2/26/2029$50,000 $49,310 $50,813 0.40 %
Air Freight & Logistics
The Kenan Advantage Group, Inc. (4)(10)L + 7.25%8.00%9/1/202733,015 32,355 32,974 0.26 
Wwex Uni Topco Holdings, LLC (10)L + 7.00%7.75%7/26/202933,000 32,544 33,144 0.26 
64,898 66,118 0.52 
Chemicals
NIC Acquisition Corp. (10)L + 7.75%8.50%12/29/202831,500 31,081 31,106 0.24 
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc. (10)L + 6.75%7.50%3/18/202929,464 29,331 29,538 0.23 
USIC Holdings, Inc. (5)(10)L + 6.50%7.25%5/7/20296,042 5,984 6,104 0.05 
35,314 35,641 0.28 
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(11)L + 8.75%9.75%12/31/202843,277 42,496 43,277 0.34 
Thermostat Purchaser III, Inc. (4)(7)(10)L + 7.25%8.00%8/24/202932,725 32,215 32,438 0.25 
74,711 75,714 0.59 
Diversified Consumer Services
Pre-Paid Legal Services, Inc. (9)L + 7.00%7.50%12/7/202925,000 24,750 24,985 0.19 
Health Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(6)(8)8.50%8.50%4/15/2029C$15,800 12,408 12,468 0.10 
CD&R Artemis UK Bidco Ltd. (4)(6)(8)S + 7.50%7.50%8/19/2029£80,340 101,796 100,908 0.78 
Jayhawk Buyer, LLC (4)(11)L + 8.75%9.75%10/15/202729,372 28,840 29,005 0.23 
143,044 142,381 1.11 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L + 7.00%7.50%11/1/202971,576 70,905 70,860 0.55 
Insurance
Jones Deslauriers Insurance Management, Inc. (6)(7)(9)C + 7.50%8.00%3/26/2029C$30,259 23,498 24,296 0.19 
IT Services
Dcert Buyer, Inc. (8)L + 7.00%7.10%2/16/202944,277 44,381 44,462 0.35 
Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK11.25%11/24/203382,638 80,180 80,159 0.62 
124,562 124,621 0.97 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Forterro UK Ltd.(4)(6)(8)L +5.50%6.45%7/9/2029CHF10,674 $10,698 $11,192 0.05 %
Forterro UK Ltd.(4)(6)(8)ST +5.50%7.17%7/9/2029SEK112,563 10,422 10,478 0.05 
GI Consilio Parent, LLC(7)(9)L +4.00%8.38%5/12/202845,327 44,499 42,475 0.19 
Gigamon Inc.(4)(7)(11)SOFR +5.75%9.73%3/9/2029440,154 432,145 429,670 1.89 
GovernmentJobs.com, Inc.(4)(7)(10)L +5.50%9.88%12/1/2028144,871 141,696 140,952 0.62 
GraphPAD Software, LLC(4)(7)(11)L +5.50%10.43%4/27/202719,874 19,569 19,547 0.09 
Greeneden U.S. Holdings II, LLC(10)L +4.00%8.38%12/1/20275,875 5,901 5,654 0.02 
HS Purchaser, LLC(10)SOFR +4.00%8.19%11/19/202648,835 48,815 44,159 0.19 
Hyland Software, Inc.(10)L +3.50%7.88%7/1/20249,851 9,857 9,739 0.04 
Idera, Inc.(10)L +3.75%7.50%3/2/202855,721 55,589 52,691 0.23 
Imperva, Inc.(11)L +4.00%8.59%1/12/202619,119 19,184 15,716 0.07 
ION Trading Finance Ltd.(6)(8)L +4.75%9.48%4/3/202828,045 28,067 26,673 0.12 
Ivanti Software, Inc.(10)L +4.00%8.73%12/1/20275,128 5,117 4,061 0.02 
Ivanti Software, Inc.(10)L +4.25%9.01%12/1/202736,390 36,142 28,979 0.13 
Kaseya, Inc.(4)(7)(10)SOFR +5.75%10.33%6/25/2029733,231 718,045 724,967 3.20 
LD Lower Holdings, Inc.(4)(7)(11)L +6.50%11.23%2/8/2026117,777 116,281 116,011 0.51 
Lightbox Intermediate, LP(4)(8)L +5.00%9.73%5/9/202637,810 37,005 36,487 0.16 
Magnesium BorrowerCo, Inc.(4)(10)S +5.75%9.18%5/18/2029GBP103,153 125,918 122,440 0.54 
Magnesium BorrowerCo, Inc.(4)(7)(10)SOFR +5.75%10.17%5/18/2029967,749 943,201 950,755 4.19 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(7)(9)L +3.75%8.16%7/31/202885,175 84,168 82,084 0.36 
Medallia, Inc.(4)(10)L +6.50%10.88% (incl. 5.44% PIK)10/29/2028992,925 976,148 973,067 4.29 
Mitnick Purchaser, Inc.(9)SOFR +4.75%8.94%5/2/202911,854 11,800 11,135 0.05 
Mitratech Holdings, Inc.(5)(10)L +3.75%8.16%5/18/202816,831 16,766 15,996 0.07 
Monk Holding Co.(4)(7)(10)L +5.50%9.67%12/1/202714,767 14,057 14,014 0.06 
MRI Software, LLC(5)(7)(11)L +5.50%10.23%2/10/202618,567 18,537 17,581 0.08 
Neogames Connect SARL(4)(6)(8)E +6.25%8.45%5/30/2028EUR100,400 101,799 104,131 0.46 
Nintex Topco Limited(4)(6)(10)L +6.00%10.73%11/13/2028681,511 670,072 637,213 2.81 
NortonLifeLock, Inc.(6)(9)SOFR +2.00%6.42%9/12/202912,000 11,942 11,823 0.05 
Onex AP Merger Sub, LLC(4)(7)(10)SOFR +5.75%9.74%4/4/202821,687 21,307 21,188 0.09 
Paya Holdings III, LLC(4)(5)(6)(7)(10)L +3.25%7.63%6/25/20289,381 9,247 9,021 0.04 
Perforce Software, Inc.(8)L +3.75%8.13%7/1/202615,455 15,441 14,443 0.06 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%8.39%4/26/202414,275 14,291 13,961 0.06 
Project Leopard Holdings, Inc.(7)(9)SOFR +5.25%9.80%7/20/2029145,740 138,104 131,807 0.58 
Proofpoint, Inc.(5)(9)L +3.25%7.98%8/31/2028904 874 872 0.00 
Quest Software US Holdings, Inc.(6)(9)SOFR +4.25%8.49%2/1/202927,881 27,655 21,634 0.10 
Rally Buyer, Inc.(4)(7)(10)SOFR +5.75%8.78%7/19/2028115,925 113,139 112,920 0.50 
55
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Second Lien Debt (continued)
Life Sciences Tools & Services
Curia Global, Inc. (4)(10)L + 6.50%7.25%8/31/202983,824 82,217 82,147 0.64 
LSCS Holdings, Inc. (9)L + 8.00%8.50%11/30/202940,000 39,401 39,900 0.31 
Phoenix Newco, Inc. (4)(9)L + 6.50%7.00%11/15/202990,000 88,171 88,200 0.69 
209,789 210,247 1.64 
Pharmaceuticals
Sharp Midco, LLC (4)(5)(9)L + 7.25%7.75%12/31/202931,500 30,713 30,713 0.24 
Professional Services
Aqgen Island Holdings, Inc. (5)(9)L + 6.50%7.00%5/4/202928,238 27,969 28,388 0.22 
Deerfield Dakota Holding, LLC (10)L + 6.75%7.50%4/7/202819,650 19,561 20,080 0.16 
VT Topco, Inc. (4)(10)L + 6.75%7.50%7/31/202625,000 24,827 25,125 0.20 
72,358 73,593 0.58 
Software
Apex Group Treasury, LLC (4)(6)(9)L + 6.75%7.25%7/27/202920,000 19,809 20,300 0.16 
Celestial Saturn Parent, Inc. (9)L + 6.50%7.00%4/13/2029113,488 112,432 114,837 0.89 
Cloudera, Inc. (9)L + 6.00%6.50%8/9/202958,000 57,714 58,145 0.45 
HS Purchaser, LLC (10)L + 6.75%7.50%11/19/202771,000 71,128 71,030 0.55 
Idera, Inc. (4)(10)L + 6.75%7.50%2/4/202930,331 30,229 30,407 0.24 
Mandolin Technology Intermediate Holdings, Inc. (4)(9)L + 6.50%7.00%7/6/202931,950 31,529 31,471 0.24 
Maverick Acquisition, Inc. (4)(10)L + 6.75%7.50%4/28/202917,000 16,922 17,085 0.13 
Mic Glen, LLC (9)L + 6.75%7.25%6/22/202919,000 18,941 19,079 0.15 
Proofpoint, Inc. (5)(9)L + 6.25%6.75%6/8/202995,000 94,541 96,306 0.75 
Quest Software US Holdings, Inc. (5)(6)(8)L + 8.25%8.38%5/18/202611,098 11,103 11,113 0.09 
Symphony Technology Group (10)L + 8.25%9.00%5/3/202981,667 80,397 81,335 0.63 
Virgin Pulse, Inc. (4)(10)L + 7.25%8.00%3/30/202929,000 28,835 28,746 0.22 
Vision Solutions, Inc. (5)(10)L + 7.25%8.00%3/4/2029107,950 107,130 108,119 0.84 
680,709 687,973 5.34 
Trading Companies & Distributors
Icebox Holdco III, Inc. (9)L + 6.75%7.25%12/16/202922,500 22,275 22,599 0.18 
Transportation Infrastructure
Atlas CC Acquisition Corp. (4)(5)(10)L + 7.63%8.38%5/25/202944,520 43,903 43,852 0.34 
Drive Chassis Holdco, LLC (8)L + 6.75%6.87%4/10/202697,751 97,837 98,362 0.77 
141,740 142,214 1.11 
Total Second Lien Debt$1,799,656 $1,813,872 14.11 %
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
RealPage, Inc.(9)L +3.00%7.38%4/24/2028$21,393 $21,320 $20,387 0.09 %
Relativity ODA, LLC(4)(7)(11)L +10.55%11.89% (incl. 11.55% PIK)5/12/20271,165 1,075 1,073 0.00 
Rocket Software, Inc.(8)L +4.25%8.63%11/28/202510,838 10,843 10,446 0.05 
Rocket Software, Inc.(9)L +4.25%8.63%11/28/20253,968 3,854 3,832 0.02 
S2P Acquisition Borrower, Inc.(6)(8)SOFR +4.00%8.32%8/14/202616,684 16,709 16,253 0.07 
Sailpoint Technologies, Inc.(4)(7)(10)SOFR +6.25%10.58%8/16/2029384,906 376,984 376,526 1.66 
Sophia, LP(9)L +3.50%8.23%10/7/20276,957 6,878 6,731 0.03 
Sovos Compliance, LLC(9)L +4.50%8.88%8/11/20285,665 5,675 5,233 0.02 
Spitfire Parent, Inc.(4)(5)(11)E +6.00%7.86%3/11/2027EUR19,256 22,936 20,140 0.09 
Spitfire Parent, Inc.(4)(7)(11)SOFR +6.00%9.28%3/11/2027113,685 112,419 111,356 0.49 
Stamps.com, Inc.(4)(10)L +5.75%10.13%10/5/202810,047 9,877 9,796 0.04 
Stamps.com, Inc.(4)(10)L +5.75%10.13%10/5/2028854,257 840,199 832,901 3.67 
Surf Holdings, LLC(6)(8)L +3.50%8.23%3/5/202712,018 12,013 11,683 0.05 
Symphony Technology Group(5)(6)(10)L +4.75%9.17%7/27/202866,060 65,486 56,874 0.25 
Symphony Technology Group(5)(6)(9)SOFR +3.75%7.97%3/1/202930,178 29,921 28,173 0.12 
Tegra118 Wealth Solutions, Inc.(8)SOFR +4.00%8.32%2/18/20273,920 3,940 3,731 0.02 
The NPD Group L.P.(4)(10)SOFR +6.25%10.43% (incl. 2.75% PIK)12/1/2028886,351 869,959 868,624 3.83 
The NPD Group L.P.(4)(7)(10)L +5.75%10.13%12/1/2028701,481 686,473 693,543 3.06 
The Ultimate Software Group, Inc.(9)L +3.25%7.00%5/4/202620,018 19,963 19,092 0.08 
Triple Lift, Inc.(4)(7)(10)SOFR +5.50%9.61%5/5/202875,913 74,564 74,219 0.33 
Virgin Pulse, Inc.(10)L +4.00%8.38%4/6/202842,021 41,704 35,823 0.16 
Vision Solutions, Inc.(10)L +4.00%8.36%4/24/202846,070 45,944 38,272 0.17 
Zendesk Inc(4)(7)(10)SOFR +6.50%11.04%11/22/2028912,838 887,862 889,508 3.92 
11,904,038 11,767,708 51.86 
Specialty Retail
CustomInk, LLC(4)(11)L +6.18%7.18%5/3/202636,866 36,379 36,866 0.16 
EG America, LLC(6)(9)L +4.25%8.98%3/31/202618,398 18,309 17,282 0.08 
EG Dutch Finco BV(6)(8)L +4.00%9.15%2/7/202535,152 34,947 33,285 0.15 
Petco Health and Wellness Comp(10)SOFR +3.25%7.83%3/3/2028192 191 187 0.00 
Runner Buyer, Inc.(4)(10)L +5.50%10.23%10/20/202877,415 76,021 54,965 0.24 
165,847 142,585 0.63 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.17%2/28/202645,893 45,960 44,057 0.19 
56
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Structured Finance Obligations
522 Funding CLO 2020-6, Ltd. (4)(5)(6)(8)L + 6.50%6.50%10/23/2034$3,000 $3,000 $2,971 0.02 %
AIMCO CLO Series 2015-A (5)(6)(8)L + 6.60%6.72%10/17/20347,450 7,450 7,441 0.06 
Apidos CLO XXXIII (5)(6)(8)L + 6.35%6.57%10/24/20345,000 4,951 4,972 0.04 
Apidos CLO XXXVI, LLC (4)(5)(6)(8)L + 5.95%6.14%7/20/20348,500 8,500 8,424 0.07 
Ares LXI CLO, Ltd. (4)(5)(6)(8)L + 6.25%6.47%10/20/20347,750 7,750 7,749 0.06 
Ares LXII CLO, Ltd. (4)(5)(6)(8)L + 6.50%6.50%1/25/20349,000 9,000 8,998 0.07 
Ares XXVII CLO, Ltd. (5)(6)(8)L + 6.75%6.88%10/20/20347,000 6,931 6,964 0.05 
Balboa Bay Loan Funding 2021-2, Ltd. (4)(5)(6)(8)L + 6.60%6.77%1/20/20357,000 6,930 6,965 0.05 
Barings CLO, Ltd. (4)(5)(6)(8)L + 6.25%6.41%7/15/20346,000 6,000 5,999 0.05 
Barings CLO, Ltd. (4)(5)(6)(8)L + 6.65%6.65%1/18/20357,200 7,200 7,200 0.06 
Benefit Street Partners CLO XXI (4)(5)(6)(8)L + 6.75%6.92%7/15/20349,500 9,469 9,411 0.07 
Carlyle US CLO 2020-1, Ltd. (4)(5)(6)(8)L + 6.25%6.38%7/20/20347,000 7,000 6,859 0.05 
Carval CLO V-C, LTD. (4)(5)(6)(8)L + 6.75%6.75%10/15/20348,000 7,920 7,920 0.06 
CIFC Funding 2019-III, Ltd. (4)(5)(6)(8)L + 6.80%6.98%10/16/20348,000 8,000 7,991 0.06 
Dryden 95 CLO, Ltd. (4)(5)(6)(8)L + 6.15%6.35%8/20/20348,000 8,000 7,955 0.06 
Elmwood CLO III, Ltd. (4)(5)(6)(8)L + 6.50%6.62%10/20/20343,500 3,500 3,481 0.03 
Elmwood CLO VI, Ltd. (5)(6)(8)L + 6.50%6.62%10/20/20344,000 4,000 3,978 0.03 
Flatiron RR CLO 22, LLC (5)(6)(8)L + 6.20%6.34%10/15/20345,000 5,000 4,957 0.04 
Fort Washington CLO 2021-2, Ltd. (4)(5)(6)(8)L + 6.61%6.81%10/20/203412,000 11,883 11,808 0.09 
Galaxy XXV CLO, Ltd. (4)(5)(6)(8)L + 5.95%6.16%10/25/20314,000 3,943 3,966 0.03 
Goldentree Loan Management US Clo 8 Ltd. (4)(5)(6)(8)L + 6.15%6.32%10/20/20346,200 6,200 6,122 0.05 
Gulf Stream Meridian 5, Ltd. (4)(5)(6)(8)L + 6.33%6.45%7/15/20343,500 3,487 3,475 0.03 
Halseypoint Clo 5, Ltd. (4)(5)(6)(8)L + 6.95%6.95%1/30/20359,500 9,310 9,310 0.07 
Jamestown CLO XIV, Ltd. (5)(6)(8)L + 7.20%7.33%10/20/203410,000 9,802 9,851 0.08 
Kayne CLO III, Ltd. (4)(5)(6)(8)L + 6.50%6.62%4/15/20325,000 5,009 4,998 0.04 
Morgan Stanley Eaton Vance Clo 2021-1, Ltd. (5)(6)(8)L + 6.75%6.90%10/20/20346,500 6,500 6,493 0.05 
Neuberger Berman Loan Advisers CLO 38, Ltd. (5)(6)(8)L + 6.25%6.38%10/20/203511,000 11,000 10,906 0.08 
OCP CLO 2021-22, Ltd. (4)(5)(6)(8)L + 6.60%6.77%12/2/20347,500 7,500 7,500 0.06 
Octagon Investment Partners 41, Ltd. (5)(6)(8)L + 7.13%7.25%10/15/20335,000 4,976 4,988 0.04 
Palmer Square CLO 2019-1, Ltd. (4)(5)(6)(8)L + 6.50%6.50%11/14/203412,000 12,000 12,000 0.09 
Post CLO 2021-1, Ltd. (4)(5)(6)(8)L + 6.45%6.65%10/15/20346,000 6,000 6,000 0.05 
PPM CLO 2, Ltd. (4)(5)(6)(8)L + 6.55%6.67%4/16/20325,000 5,008 4,976 0.04 
PPM CLO 4, Ltd. (5)(6)(8)L + 6.50%6.62%10/18/20348,775 8,775 8,753 0.07 
PPM CLO 5, Ltd. (5)(6)(8)L + 6.50%6.63%10/18/20344,800 4,800 4,788 0.04 
Rad CLO 14, Ltd. (4)(5)(6)(8)L + 6.50%6.50%1/15/20356,750 6,750 6,750 0.05 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC(11)L +7.00%11.73%7/15/2027$26,156 $25,655 $21,644 0.10 %
S&S Holdings, LLC(9)L +5.00%9.29%3/11/20286,429 6,319 5,877 0.03 
31,974 27,521 0.13 
Trading Companies & Distributors
Foundation Building Materials, Inc.(9)L +3.25%7.66%1/31/202834,242 33,782 32,504 0.14 
Icebox Holdco III, Inc.(9)L +3.50%8.23%12/22/202821,955 21,803 20,336 0.09 
LBM Acquisition, LLC(10)L +3.75%7.12%12/17/202755,472 55,153 48,339 0.21 
Park River Holdings, Inc.(10)L +3.25%6.99%12/28/202771,062 69,778 62,445 0.28 
Porcelain Acquisition Corp.(4)(7)(11)L +5.75%10.48%4/1/202782,828 80,883 82,190 0.36 
Specialty Building Products Holdings, LLC(9)L +3.25%7.64%10/15/202830,036 29,981 27,145 0.12 
SRS Distribution, Inc.(9)SOFR +3.50%7.92%6/2/202852,570 52,335 50,382 0.22 
The Cook & Boardman Group, LLC(11)SOFR +5.75%9.99%10/17/202535,410 34,763 30,231 0.13 
378,478 353,572 1.55 
Transportation Infrastructure
AIT Worldwide Logistics Holdings, Inc.(10)L +4.75%8.49%4/6/202820,870 20,530 19,233 0.08 
Capstone Logistics, LLC(4)(11)L +4.75%9.13%11/12/202722,232 22,292 21,398 0.09 
Enstructure LLC(4)(7)(9)SOFR +5.50%9.92%5/25/202979,972 77,907 78,961 0.35 
FFML Holdco Ltd(4)(6)(8)B +6.25%7.00%11/30/2028NZD 39,27823,664 24,096 0.11 
First Student Bidco, Inc.(9)L +3.00%7.73%7/21/202812,569 12,491 11,399 0.05 
Frontline Road Safety, LLC(4)(10)L +5.75%6.68%5/3/2027170,595 168,204 160,359 0.71 
Helix TS, LLC(4)(7)(10)L +5.75%10.16%8/4/2027156,854 154,791 156,062 0.69 
Italian Motorway Holdings S.à.r.l(4)(6)(8)E +5.25%7.35%4/28/2029EUR236,429 242,728 244,571 1.08 
Liquid Tech Solutions Holdings, LLC(4)(10)L +4.75%8.92%3/20/202819,094 19,021 18,235 0.08 
Roadsafe Holdings, Inc.(4)(7)(11)L +5.75%10.87%10/19/2027142,790 140,438 140,831 0.62 
Safety Borrower Holdings LP(4)(5)(7)(11)L +5.25%10.46%9/1/202745,784 45,434 45,334 0.20 
Sam Holding Co, Inc.(4)(7)(11)L +5.25%9.95%9/24/2027169,256 166,058 166,682 0.73 
TRP Infrastructure Services, LLC(4)(7)(11)L +5.50%10.08%7/9/202772,961 71,763 67,722 0.30 
1,165,321 1,154,883 5.09 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%8.58%12/17/202724,976 24,947 23,926 0.11 
Total First Lien Debt44,461,300 43,710,812 192.69 
57
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Structured Finance Obligations (continued)
Rockford Tower CLO 2021-3, Ltd. (5)(6)(8)L + 6.72%6.85%10/20/20344,000 3,941 3,942 0.03 
RR 19, Ltd. (5)(6)(8)L + 6.50%6.65%10/15/20353,000 3,000 2,985 0.02 
Sound Point CLO XXVII, Ltd. (4)(5)(6)(8)L + 6.56%6.69%10/25/20346,900 6,764 6,672 0.05 
Trestles Clo IV, Ltd. (4)(5)(6)(8)L + 6.25%6.40%7/21/20348,000 8,000 8,000 0.06 
Vibrant CLO XII, Ltd. (4)(5)(6)(8)L + 7.11%7.33%1/20/20342,875 2,849 2,847 0.02 
Vibrant CLO XIII, Ltd. (4)(5)(6)(8)L + 7.06%7.23%7/15/20346,250 6,190 6,202 0.05 
Voya CLO 2019-4, Ltd. (4)(5)(6)(8)L + 6.71%6.71%1/15/20358,250 8,085 8,085 0.06 
Voya CLO 2020-2, Ltd. (4)(5)(6)(8)L + 6.40%6.52%7/19/20345,000 4,901 4,959 0.04 
Total Structured Finance Obligations$287,275 $286,610 2.23 %
Unsecured Debt
IT Services
Endurance International Group Holdings, Inc. (5)(8)6.00%6.00%2/15/2029$6,272 $6,061 $5,842 0.05 %
Total Unsecured Debt$6,061 $5,842 0.05 %
Equity
Aerospace & Defense
Corfin Holdco, Inc. - Common Stock (4)52,143 $125 $233 0.00 %
Loar Acquisition 13, LLC - Common Units (4)2,890,586 4,336 4,885 0.04 
4,461 5,118 0.04 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)1,674 1,674 1,802 0.01 
Mode Holdings, L.P. - Class A-2 Common Units (4)1,076,923 1,077 1,938 0.02 
2,751 3,741 0.03 
Distributors
Box Co-Invest Blocker, LLC (4)3,308,320 3,308 3,308 0.03 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)29,194,330 28,735 33,787 0.26 
Deneb Ultimate Topco, LLC - Class A Units (4)4,060 4,060 4,060 0.03 
32,795 37,846 0.29 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)12,870 10,915 10,915 0.08 
Point Broadband Holdings, LLC - Class B Units (4)685,760 1,955 1,954 0.02 
12,870 12,869 0.10 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)4,500 4,500 4,500 0.04 
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp.(4)(5)(10)L +7.63%12.36%5/25/2029$44,520 $43,986 $40,068 0.18 %
Peraton Corp.(10)L +7.75%12.09%2/1/202953,508 52,894 51,140 0.23 
96,880 91,208 0.41 
Air Freight & Logistics
The Kenan Advantage Group, Inc.(10)L +7.25%11.63%9/1/202733,015 32,494 30,649 0.14 
Wwex Uni Topco Holdings, LLC(10)L +7.00%11.73%7/26/202933,000 32,604 27,658 0.12 
65,098 58,307 0.26 
Capital Markets
The Edelman Financial Engines Center, LLC(8)L +6.75%11.13%7/20/202614,000 13,899 12,659 0.06 
Chemicals
Hexion Holdings Corp.(4)(9)SOFR +7.44%11.86%3/15/203046,000 44,841 36,570 0.16 
NIC Acquisition Corp.(4)(10)L +7.75%12.48%12/29/202831,500 31,141 19,373 0.09 
Pearls Netherlands Bidco(4)(6)(9)SOFR +7.25%11.34%2/25/203042,453 41,408 41,392 0.18 
117,390 97,335 0.43 
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +6.75%11.07%3/30/202929,464 29,349 26,174 0.12 
USIC Holdings, Inc.(5)(10)L +6.50%10.88%5/14/20298,594 8,541 8,093 0.04 
37,890 34,267 0.16 
Construction & Engineering
COP Home Services TopCo IV, Inc.(4)(5)(11)L +8.75%13.13%12/29/202843,277 42,608 41,329 0.18 
Thermostat Purchaser III, Inc.(4)(7)(10)L +7.25%11.98%8/31/202932,725 32,281 31,374 0.14 
74,889 72,703 0.32 
Diversified Consumer Services
Pre-Paid Legal Services, Inc.(9)L +7.00%11.38%12/14/202925,000 24,781 22,859 0.10 
Health Care Equipment & Supplies
Confluent Medical Technologies, Inc.(4)(5)(9)SOFR +6.50%11.23%2/16/203052,500 51,565 51,188 0.23 
Health Care Providers & Services
Canadian Hospital Specialties Ltd.(4)(5)(6)(8)8.75%8.75%4/15/2029CAD3,800 3,005 2,587 0.01 
CD&R Artemis UK Bidco Ltd.(4)(6)(8)S +7.50%10.93%8/19/2029GBP65,340 87,423 76,820 0.34 
CD&R Artemis UK Bidco Ltd.(4)(6)(9)L +7.25%7.25%8/19/202925,000 24,450 24,250 0.11 
Jayhawk Buyer, LLC(4)(11)L +8.75%13.17%10/15/20276,537 6,439 6,488 0.03 
121,317 110,145 0.49 
Health Care Technology
Imprivata, Inc.(4)(9)SOFR +6.25%10.57%12/1/202844,118 43,725 44,338 0.20 
Hotels, Restaurants & Leisure
Mic Glen, LLC(9)L +6.75%11.13%7/30/202919,000 18,949 17,520 0.08 
58
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Equity (continued)
Health Care Providers & Services
CD&R Artemis Holdco 2 Limited - Preferred Shares (4)(6)33,000,000 43,662 44,916 0.35 
CD&R Ulysses Equity Holdings, L.P. - Common Shares (4)(6)6,000,000 6,090 6,120 0.05 
Jayhawk Holdings, LP - A-1 Common Units (4)12,472 2,220 3,279 0.03 
Jayhawk Holdings, LP - A-2 Common Units (4)6,716 1,195 1,766 0.01 
53,167 56,080 0.44 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)25,687,196 25,687 25,687 0.20 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)54,010 52,935 55,230 0.43 
OHCP V TC COI, LP. - LP Interest (4)6,500,000 6,500 6,500 0.05 
59,435 61,730 0.48 
Software
Connatix Parent, LLC - Class L Common Units (4)126,136 1,388 1,388 0.01 
Lobos Parent, Inc. - Series A Preferred Shares (4)(6)45,090 43,963 44,327 0.34 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares (4)31,950,000 30,992 32,417 0.25 
76,342 78,131 0.60 
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest (4)34,238 33,725 35,950 0.28 
Frontline Road Safety Investments, LLC - Class A Common Units (4)41,304 4,363 3,942 0.03 
Ncp Helix Holdings, LLC. - Preferred Shares (4)1,485,282 1,116 1,192 0.01 
39,204 41,084 0.32 
Total Equity Investments$314,520 $330,095 2.57 %
Total Investments - non-controlled/non-affiliated$30,483,619 $30,579,871 237.89 %
Investments — non-controlled/affiliated
Equity
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units (4)(14)$583 $1,614 0.01 %
Total Equity$583 $1,614 0.01 %
Total Investments — non-controlled/affiliated$583 $1,614 0.01 %
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Second Lien Debt (continued)
Industrial Conglomerates
Victory Buyer, LLC(4)(9)L +7.00%11.35%11/1/2029$24,677 $24,460 $21,161 0.09 %
IT Services
Dcert Buyer, Inc.(8)L +7.00%11.70%2/19/202960,975 61,159 55,914 0.25 
Inovalon Holdings, Inc.(4)(5)(10)L +10.50%15.20% (incl. 15.20% PIK)11/24/203393,252 91,001 93,252 0.41 
152,160 149,166 0.66 
Life Sciences Tools & Services
Curia Global, Inc.(4)(10)L +6.50%10.91%8/31/202945,977 45,210 35,862 0.16 
LSCS Holdings, Inc.(4)(9)L +8.00%12.38%12/17/202940,000 39,476 36,000 0.16 
Phoenix Newco, Inc.(4)(6)(9)L +6.50%10.88%11/15/202952,153 51,228 50,980 0.22 
135,914 122,842 0.54 
Media
Houghton Mifflin, LLC(4)(7)(9)SOFR +8.50%12.82%4/8/203080,500 78,678 76,034 0.34 
Pharmaceuticals
Sharp Midco, LLC(4)(5)(9)L +7.25%11.98%12/31/202931,500 30,811 29,925 0.13 
Professional Services
Aqgen Island Holdings, Inc.(5)(6)(9)L +6.50%10.25%8/2/202934,508 34,200 30,310 0.13 
Celestial Saturn Parent, Inc.(9)L +6.50%10.94%6/4/2029134,488 133,362 96,294 0.42 
Deerfield Dakota Holding, LLC(10)L +6.75%11.13%4/7/202829,650 29,569 28,353 0.12 
Thevelia US, LLC(4)(6)(9)SOFR +6.75%11.48%6/17/2030182,046 176,955 177,950 0.78 
VT Topco, Inc.(4)(10)L +6.75%11.13%7/31/202635,500 35,373 34,080 0.15 
409,459 366,987 1.60 
Software
Apex Group Treasury, LLC(4)(6)(9)L +6.75%11.48%7/27/202928,153 28,179 27,097 0.12 
Cloudera, Inc.(9)L +6.00%10.38%10/8/202966,697 66,226 55,942 0.25 
HS Purchaser, LLC(10)SOFR +6.75%10.94%11/19/202771,000 71,107 56,534 0.25 
Human Security, Inc.(4)(7)(11)SOFR +6.75%11.07%7/22/202750,000 49,209 48,250 0.21 
Idera, Inc.(4)(10)L +6.75%10.50%3/2/202930,331 30,243 25,175 0.11 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)L +6.50%10.91%7/30/202931,950 31,584 30,832 0.14 
Mitratech Holdings, Inc.(4)(10)L +6.75%11.16%5/18/202918,000 17,939 16,830 0.07 
Proofpoint, Inc.(5)(9)L +6.25%10.98%8/31/202963,274 63,103 61,086 0.27 
Symphony Technology Group(6)(10)L +8.25%12.67%7/27/202991,647 90,561 72,859 0.32 
Virgin Pulse, Inc.(4)(10)L +7.25%11.63%4/6/202927,000 26,841 21,060 0.09 
Vision Solutions, Inc.(5)(10)L +7.25%11.61%4/23/202988,534 88,114 66,041 0.29 
563,106 481,706 2.12 
59
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Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Second Lien Debt (continued)
Trading Companies & Distributors
Icebox Holdco III, Inc.(4)(9)L +6.75%11.48%12/21/2029$14,000 $13,879 $12,457 0.05 %
Total Second Lien Debt2,074,849 1,872,806 8.26 
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Investments—controlled/affiliated
Equity
Diversified Financial Services
Specialty Lending Company LLC - LLC Interest (4)(5)(6)$212,400 $212,400 1.65 %
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units (4)(14)1,421 1,809 0.01 
Total Equity$213,821 $214,209 1.66 %
Total Investments — controlled/affiliated$213,821 $214,209 1.66 %
Total Investment Portfolio$30,698,023 $30,795,693 239.57 %
Cash and Cash Equivalents
Other Cash and Cash Equivalents$617,986 $617,986 4.81 %
Total Portfolio Investments, Cash and Cash Equivalents$31,316,009 $31,413,679 244.38 %
60
Table of Contents
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations
522 Funding CLO 2020-6, Ltd.(4)(5)(6)(8)L +6.50%10.82%10/23/2034$3,000 $3,000 $2,631 0.01 %
AIMCO CLO Series 2015-A(5)(6)(8)L +6.60%10.68%10/17/20347,450 7,450 6,664 0.03 
Allegro CLO XI Ltd.(4)(5)(6)(8)L +7.00%11.23%1/19/20333,895 3,859 3,617 0.02 
Apidos CLO XXXVI(4)(5)(6)(8)L +5.95%10.19%7/20/20348,500 8,500 7,536 0.03 
Apidos CLO XXXIII(5)(6)(8)L +6.35%10.67%10/24/20345,000 4,955 4,466 0.02 
Ares LXII CLO, Ltd.(4)(5)(6)(8)L +6.50%10.86%1/25/20349,000 9,000 7,653 0.03 
Ares LXI CLO, Ltd.(4)(5)(6)(8)L +6.25%10.49%10/20/20347,750 7,750 6,600 0.03 
Ares XXVII CLO, Ltd.(5)(6)(8)L +6.75%10.99%10/28/20347,000 6,936 6,151 0.03 
Balboa Bay Loan Funding 2021-2, Ltd.(4)(5)(6)(8)L +6.60%10.84%1/20/20357,000 6,936 5,994 0.03 
Barings CLO Ltd 2021-II(4)(6)(5)(8)L +6.25%10.33%7/15/20346,000 6,000 5,257 0.02 
Barings CLO Ltd 2021-III(4)(6)(5)(8)L +6.65%10.84%1/18/20357,200 7,200 5,935 0.03 
Benefit Street Partners CLO XX(4)(5)(6)(8)L +6.75%10.83%7/15/20346,500 6,500 5,758 0.03 
Benefit Street Partners LLC BSP 2020-21A(4)(5)(6)(8)L +6.70%10.78%10/15/20343,000 2,972 2,700 0.01 
BlueMountain CLO XXIX Ltd(4)(5)(6)(8)L +6.86%11.22%7/25/20342,750 2,686 2,437 0.01 
Broad River Ltd 2020-1(4)(5)(6)(8)L +6.50%10.74%7/20/20347,000 6,947 6,397 0.03 
Carlyle US CLO 2020-1, Ltd.(4)(5)(6)(8)L +6.25%10.49%7/20/20347,000 7,000 6,130 0.03 
Carval CLO VI-C, LTD.(4)(5)(6)(8)SOFR +7.33%8.73%4/21/20348,750 8,667 7,993 0.04 
Carval CLO V-C, LTD.(4)(5)(6)(8)L +6.75%10.83%10/15/20348,000 7,926 7,037 0.03 
CIFC Funding 2019-III, Ltd.(4)(5)(6)(8)L +6.80%10.88%10/16/20348,000 8,000 7,257 0.03 
CIFC Funding 2022-V, Ltd.(4)(5)(6)(8)L +7.55%10.06%7/16/203310,000 9,904 9,296 0.04 
Dryden 95 CLO, Ltd.(4)(5)(6)(8)L +6.15%10.87%8/20/20348,000 8,000 6,899 0.03 
Eaton Vance CLO 2019-1 Ltd(4)(5)(6)(8)L +6.50%10.58%4/15/20313,750 3,754 3,404 0.02 
Elmwood CLO 16, Ltd.(4)(5)(6)(8)L +7.22%11.18%4/20/20346,000 5,943 5,548 0.02 
Elmwood CLO III, Ltd.(4)(5)(6)(8)L +6.50%10.58%10/20/20343,500 3,500 3,218 0.01 
Elmwood CLO VI, Ltd.(5)(6)(8)L +6.50%10.58%10/20/20344,000 4,000 3,678 0.02 
Flatiron RR CLO 22, LLC(5)(6)(8)L +6.20%10.27%10/15/20345,000 5,000 4,491 0.02 
Fort Washington CLO 2021-2, Ltd.(4)(5)(6)(8)L +6.61%10.85%10/20/203412,000 11,892 10,892 0.05 
Galaxy XXV CLO, Ltd.(4)(5)(6)(8)L +5.95%10.69%10/25/20314,000 3,948 3,459 0.02 
Galaxy 30 CLO, Ltd.(4)(5)(6)(8)L +7.00%10.81%4/15/20353,000 2,972 2,691 0.01 
Goldentree Loan Management US Clo 8 Ltd.(4)(5)(6)(8)L +6.15%10.39%10/20/20346,200 6,200 5,551 0.02 
Goldentree Loan Management US Clo 12 Ltd.(4)(5)(6)(8)SOFR +7.25%11.21%4/20/20346,500 6,441 5,775 0.03 
Gulf Stream Meridian GSM 2021-IIIA, Ltd.(4)(5)(6)(8)L +6.75%10.83%4/15/20341,000 959 895 0.00 
Gulf Stream Meridian 5, Ltd.(4)(5)(6)(8)L +6.33%10.41%7/15/20343,500 3,488 3,045 0.01 
Gulf Stream Meridian 7, Ltd.(4)(5)(6)(8)SOFR +6.85%10.71%7/15/20355,000 4,953 4,323 0.02 
Halseypoint Clo 5, Ltd.(4)(5)(6)(8)L +6.95%11.68%1/30/20359,500 9,325 8,536 0.04 
HPS Loan Management 15-2019 Ltd(4)(5)(6)(8)L +6.80%9.83%1/22/20354,000 3,963 3,628 0.02 
Jamestown CLO XIV, Ltd.(5)(6)(8)L +7.20%11.44%10/20/203410,000 9,818 8,855 0.04 
61
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Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations (continued)
Kayne CLO III, Ltd.(4)(5)(6)(8)L +6.50%10.58%4/15/2032$5,000 $5,008 $4,453 0.02 %
Magnetite XXXII Ltd(4)(5)(6)(8)L +6.90%10.76%4/15/20355,000 5,000 4,534 0.02 
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.(5)(6)(8)L +6.75%11.26%10/20/20346,500 6,500 5,784��0.03 
Neuberger Berman Loan Advisers CLO 38, Ltd.(5)(6)(8)L +6.25%10.49%10/20/203511,000 11,000 9,766 0.04 
Onex Credit Partners OCP 2020-19A(4)(5)(6)(8)L +6.50%10.74%10/20/20344,250 4,073 3,696 0.02 
OCP CLO 2021-22, Ltd.(4)(5)(6)(8)L +6.60%10.84%12/2/20349,000 8,887 7,814 0.03 
Octagon 55, Ltd(4)(5)(6)(8)L +6.50%10.74%7/20/203411,000 10,878 9,540 0.04 
Octagon 66, Ltd(4)(5)(6)(8)SOFR +7.80%10.34%8/16/203310,000 9,904 9,288 0.04 
Octagon Investment Partners 41, Ltd.(5)(6)(8)L +7.13%11.21%10/15/20335,000 4,978 4,489 0.02 
Palmer Square CLO 2015-1, Ltd.(4)(5)(6)(8)L +6.50%11.18%5/21/20342,000 1,910 1,769 0.01 
Palmer Square CLO 2022-1, Ltd.(4)(5)(6)(8)L +6.40%10.31%4/20/20352,500 2,500 2,190 0.01 
Palmer Square CLO 2019-1, Ltd.(4)(5)(6)(8)L +6.50%11.13%11/14/203412,000 12,000 10,746 0.05 
Park Avenue Institutional Advisers CLO Ltd 2022-1(4)(5)(6)(8)L +7.30%11.25%4/20/20356,000 5,831 5,358 0.02 
Post CLO 2021-1, Ltd.(4)(5)(6)(8)L +6.45%10.53%10/15/20346,000 6,000 5,397 0.02 
Post CLO 2022-1, Ltd.(4)(5)(6)(8)L +6.80%10.71%4/20/20355,000 4,977 4,426 0.02 
PPM CLO 2, Ltd.(4)(5)(6)(8)L +6.55%10.63%4/16/20325,000 5,008 4,098 0.02 
PPM CLO 4, Ltd.(5)(6)(8)L +6.50%10.69%10/18/20348,775 8,775 7,490 0.03 
PPM CLO 5, Ltd.(5)(6)(8)L +6.50%10.69%10/18/20344,800 4,800 3,988 0.02 
Rad CLO 14, Ltd.(4)(5)(6)(8)L +6.50%10.58%1/15/20356,750 6,750 5,779 0.03 
Rockford Tower CLO 2021-3, Ltd.(5)(6)(8)L +6.72%11.08%10/20/20344,000 3,945 3,366 0.01 
RR 19, Ltd.(5)(6)(8)L +6.50%10.58%10/15/20353,000 3,000 2,745 0.01 
RR 20, Ltd.(4)(5)(6)(8)L +7.25%11.11%7/15/20374,000 3,962 3,609 0.02 
Signal Peak 7, Ltd.(4)(5)(6)(8)L +6.89%11.30%4/30/20323,875 3,844 3,556 0.02 
Sound Point CLO XXVII, Ltd.(4)(5)(6)(8)L +6.56%10.92%10/25/20346,900 6,775 5,670 0.02 
Symphony CLO 34-PS, Ltd.(4)(5)(6)(8)SOFR +7.56%10.14%7/24/20347,000 6,932 6,264 0.03 
Trestles Clo IV, Ltd.(4)(5)(6)(8)L +6.25%10.53%7/21/20348,000 8,000 7,130 0.03 
Vibrant CLO XII, Ltd.(4)(5)(6)(8)L +7.11%11.35%1/20/20342,875 2,851 2,624 0.01 
Vibrant CLO XIII, Ltd.(4)(5)(6)(8)L +7.06%11.14%7/15/20346,250 6,195 5,679 0.03 
Voya CLO 2019-4, Ltd.(4)(5)(6)(8)L +6.70%10.78%1/15/20358,250 8,098 7,205 0.03 
Voya CLO 2020-2, Ltd.(4)(5)(6)(8)L +6.40%10.63%7/19/20345,000 4,908 4,419 0.02 
Total Structured Finance Obligations409,633 365,269 1.61 
Unsecured Debt
Health Care Technology
Athenahealth, Inc.(8)6.50%6.50%2/15/20303,297 3,297 2,436 0.01 
Software
Condor Merger Sub, Inc.(6)(8)7.38%7.38%2/15/203014,286 14,286 11,512 0.05 
Total Unsecured Debt17,583 13,948 0.06 
62
Table of Contents
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units(4)2,890,586 $4,336 $6,446 0.03 %
Micross Topco, Inc.(4)116 125 116 0.00 
4,461 6,562 0.03 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)1,674 1,674 1,345 0.01 
Mode Holdings, L.P. - Class A-2 Common Units(4)1,076,923 1,077 2,100 0.01 
2,751 3,445 0.02 
Distributors
Box Co-Invest Blocker, LLC(4)3,308,320 3,308 2,944 0.01 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.5029,194,330 28,734 35,317 0.16 
Deneb Ultimate Topco, LLC - Class A Units(4)4,060 4,060 3,208 0.01 
32,794 38,525 0.17 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units(4)12,870 10,915 9,815 0.04 
Point Broadband Holdings, LLC - Class B Units(4)685,760 1,955 1,414 0.01 
Point Broadband Holdings, LLC - Class Additional A Units(4)147,380 420 304 0.00 
Point Broadband Holdings, LLC - Class Additional B Units(4)2,766 2,346 2,109 0.01 
15,636 13,642 0.06 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units(4)4,853 4,853 2,912 0.01 
Health Care Providers & Services
AVE Holdings I Corp.(4)12,237,213 11,870 12,482 0.06 
CD&R Artemis Holdco 2 Limited - Preferred Shares(4)(6)33,000,000 43,662 44,133 0.19 
CD&R Ulysses Equity Holdings, L.P. - Common Shares(4)(6)6,000,000 6,090 5,040 0.02 
Jayhawk Holdings, LP - A-1 Common Units(4)12,472 2,220 3,552 0.02 
Jayhawk Holdings, LP - A-2 Common Units(4)6,716 1,195 1,913 0.01 
Maia Aggregator, L.P. - Class A Units(4)19,700,000 19,700 21,276 0.09 
NC Eve, L.P. - LP Interest(4)(6)2,500,000 3,398 2,806 0.01 
88,135 91,202 0.40 
63
Table of Contents
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Equity (continued)
Health Care Technology
Caerus Midco 2 S.À. R.L - Additional Vehicle Units(4)(6)988,290 $988 $109 0.00 %
Caerus Midco 2 S.À. R.L - Vehicle Units(4)(6)4,941,452 4,941 4,497 0.02 
5,929 4,606 0.02 
Insurance
Shelf Holdco Ltd Common Equity(4)(6)1,300,000 1,300 1,300 0.01 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest(4)25,687,196 25,687 25,687 0.11 
Professional Services
Guidehouse Holding Corp. - Preferred Equity(4)11.5054,010 52,935 58,195 0.26 
OHCP V TC COI, LP. - LP Interest(4)6,500,000 6,500 8,190 0.04 
Tricor Horizon, LP(4)(6)14,151,361 14,151 14,151 0.06 
Victors CCC Topco, LP(4)9,600,000 9,600 12,000 0.05 
83,186 92,536 0.41 
Software
Connatix Parent, LLC - Class L Common Units(4)126,136 1,388 769 0.00 
Expedition Holdco, LLC - Class A Units(4)810,810 810 585 0.00 
Knockout Intermediated Holdings I, Inc.(4)49,020 47,795 49,388 0.22 
Lobos Parent, Inc. - Series A Preferred Shares(4)10.5045,090 43,963 47,908 0.21 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares(4)31,950,000 30,992 30,672 0.14 
Mimecast Limited(4)73,213,759 73,214 71,705 0.32 
Zoro Common Equity(4)1,195,880 11,959 11,959 0.05 
Zoro Series A Preferred Shares(4)12.5044,535 43,199 43,199 0.19 
253,320 256,185 1.13 
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest(4)34,238,400 33,725 32,355 0.14 
Enstructure LLC(4)3,783,785 2,806 2,951 0.01 
Frontline Road Safety Investments, LLC - Class A Common Units(4)58,590 6,178 4,086 0.02 
Ncp Helix Holdings, LLC. - Preferred Shares(4)1,485,282 1,116 1,417 0.01 
43,825 40,809 0.18 
Total Equity565,185 580,355 2.56 
Total Investments - non-controlled/non-affiliated47,528,550 46,543,190 205.17 
Investments - non-controlled/affiliated
64
Table of Contents
Blackstone Private Credit Fund
Condensed Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Equity
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units(4)(6)(15)$719 $2,813 0.01 %
Total Equity Investments719 2,813 0.01 
Total Investments - non-controlled/affiliated719 2,813 0.01 
Investments - controlled/affiliated
Equity
Diversified Financial Services
Specialty Lending Company LLC - LLC Interest(4)(5)(6)(15)171,900 172,330 0.76 
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units(4)(6)(15)1,421 1,881 0.01 
Total Equity173,321 174,211 0.77 
Total Investments - controlled/affiliated173,321 174,211 0.77 
Investments in Joint Ventures
BCRED Emerald JV LP(6)2,115,000 2,072,717 9.14 
BCRED Verdelite JV LP(6)117,706 115,677 0.51 
Total Investments in Joint Ventures2,232,706 2,188,394 9.65 
Total Investment Portfolio49,935,296 48,908,608 215.60 
Cash and Cash Equivalents
Other Cash and Cash Equivalents1,351,901 1,351,901 5.96 
Total Portfolio Investments, Cash and Cash Equivalents$51,287,197 $50,260,509 221.56 %
(1)Unless otherwise indicated, issuers ofall debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2022, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, andwhile the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either L, CDORLIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or C, SONIA“C”), Sterling Overnight Interbank Average Rate (“SONIA” or S, Euribor“S”), Euro Interbank Offer Rate (“Euribor” or E, SOFR, “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”),or an alternate base rate (commonly based on the FFederal Funds Rate (“F”) or the P)U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2021.2022. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2021, 92.8% of the debt portfolio at fair value had an interest rate floor above zero.
(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP.GAAP”).
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.
(6)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2021,2022, non-qualifying assets represented 18.9%22.9% of total assets as calculated in accordance with regulatory requirements.
(7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First and Second Lien Debt
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/2023$74,169 $— 
ACI Group Holdings, Inc.Revolver8/2/202721,482 (215)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/20234,642 — 
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20273,902 (78)
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/202334,698 (347)
AI Aqua Merger Sub, Inc.Delayed Draw Term Loan12/13/20232,003 — 
Albireo Energy, LLCDelayed Draw Term Loan6/23/202211,026 — 
Alera Group, Inc.Delayed Draw Term Loan9/30/202841,129 — 
Armada Parent, Inc.Delayed Draw Term Loan10/29/202322,500 (225)
Armada Parent, Inc.Revolver10/29/202724,750 — 
Ascend Buyer, LLCRevolver9/30/20276,467 — 

6065
Table of Contents
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First and Second Lien Debt
123Dentist, Inc.Delayed Draw Term Loan8/10/2029$32,949 $(2,990)
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/202348,834 — 
ACI Group Holdings, Inc.Revolver8/2/202719,119 — 
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20273,902 (78)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/20232,467 — 
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan4/14/20248,400 (63)
Advancing Eyecare Center, Inc.Delayed Draw Term Loan6/13/20294,620 — 
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/202334,698 (347)
AI Aqua Merger Sub, Inc.Delayed Draw Term Loan7/31/20282,296 (444)
Amerilife Holdings, LLCRevolver8/31/202848,715 (487)
Amerilife Holdings, LLCDelayed Draw Term Loan8/31/202925,775 — 
Amerivet Partners Management, Inc.Revolver2/25/202811,511 (460)
Amerivet Partners Management, Inc.Delayed Draw Term Loan2/25/202450,929 — 
Anaplan, Inc.Revolver6/21/202853,206 (6,182)
Kwor Acquisition IncDelayed Draw Term Loan12/22/20285,137 (180)
Kwor Acquisition IncRevolver12/22/202712,195 (427)
Armada Parent, Inc.Delayed Draw Term Loan10/29/202311,250 — 
Armada Parent, Inc.Revolver10/29/202727,000 (743)
Armstrong Bidco LimitedDelayed Draw Term Loan6/28/202946,123 — 
Ascend Buyer, LLCRevolver9/30/20277,760 (78)
athenahealth, Inc.Delayed Draw Term Loan2/15/20294,449 — 
Atlas CC Acquisition Corp.Delayed Draw Term Loan5/26/202614,403 (2,795)
Atlas CC Acquisition Corp.Revolver5/26/20261,646 — 
Avalara IncRevolver10/19/20282,308 (58)
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20275,478 (55)
AxiomSL Group, Inc.Revolver12/3/20255,983 (60)
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/202314,050 — 
Bazaarvoice, Inc.Revolver5/7/202642,994 — 
Project Boost Purchaser, LLCRevolver5/2/20285,543 (28)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/20298,496 — 
Benefytt Technologies, IncDelayed Draw Term Loan8/12/20233,573 — 
BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/202811,024 — 
BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/202812,159 (122)
Caerus US 1, Inc.Delayed Draw Term Loan5/25/202959,019 (590)
Caerus US 1, Inc.Revolver5/25/202937,839 — 
Caerus US 1, Inc.Delayed Draw Term Loan5/25/202912,551 — 
Cambium Learning Group, Inc.Revolver7/20/2028101,715 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20236,398 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20271,584 — 
Caramel Bidco LimitedDelayed Draw Term Loan2/24/202419,552 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/202367,275 — 
CEP V Investment 11 SarlDelayed Draw Term Loan2/11/202852,130 — 
CFC Underwriting, Ltd.Delayed Draw Term Loan11/30/202816,304 — 
CFGI Holdings, LLCDelayed Draw Term Loan11/2/202722,800 (228)
CFGI Holdings, LLCRevolver11/2/202719,950 (399)
Chronicle Bidco, Inc.Revolver11/14/20254,331 (87)
Claims Automation Intermediate 2, LLCDelayed Draw Term Loan12/16/202768,521 (685)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/202433,015 — 
Clearview Buyer, Inc.Revolver2/26/20278,085 (162)
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/202410,809 (108)
Community Brands ParentCo, LLCRevolver2/24/20286,330 (127)
Confine Visual BidcoDelayed Draw Term Loan3/11/202449,522 — 
66
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Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First and Second Lien Debt (continued)
Atlas CC Acquisition Corp.Delayed Draw Term Loan5/26/202614,403 — 
Atlas CC Acquisition Corp.Revolver5/26/202618,518 — 
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20275,478 (110)
AxiomSL Group, Inc.Revolver12/3/20255,983 (120)
Barbri , Inc.Delayed Draw Term Loan4/28/202322,662 — 
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202257,432 — 
Bazaarvoice, Inc.Revolver5/7/202642,994 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/202326,865 (269)
Cambium Learning Group, Inc.Revolver7/20/2028101,715 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20238,795 (166)
Canadian Hospital Specialties Ltd.Revolver4/14/20273,581 — 
Capstone Logistics, LLCDelayed Draw Term Loan11/12/20271,350 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/202391,739 (917)
CFGI Holdings, LLCDelayed Draw Term Loan11/2/202722,800 (228)
CFGI Holdings, LLCRevolver11/2/202719,950 (399)
Claims Automation Intermediate 2, LLCDelayed Draw Term Loan12/16/202768,521 (685)
Claims Automation Intermediate 2, LLCRevolver12/16/202727,271 (545)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/202433,015 — 
Clearview Buyer, Inc.Revolver2/26/20274,043 — 
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202332,700 (327)
Connatix Buyer, Inc.Revolver7/14/202716,294 — 
COP Home Services TopCo IV, Inc.Revolver12/31/20257,664 — 
Corfin Holdings, Inc.Delayed Draw Term Loan3/27/202240,892 — 
CPI Holdco, LLCDelayed Draw Term Loan5/1/202378,721 — 
CPI Holdco, LLCRevolver11/1/202628,928 (579)
Cumming Group, Inc.Delayed Draw Term Loan5/26/202751,930 (478)
Cumming Group, Inc.Revolver5/26/202721,499 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/20235,850 — 
Dominion Colour CorporationDelayed Draw Term Loan5/6/20277,649 — 
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202356,100 — 
Engineered Stone Group Holdings III Ltd.Delayed Draw Term Loan11/22/2023114,384 — 
Episerver, Inc.Delayed Draw Term Loan4/9/202610,185 (153)
Episerver, Inc.Revolver4/9/20263,833 (57)
Experity, Inc.Revolver7/22/20278,532 (171)
Fencing Supply Group Acquisition, LLCDelayed Draw Term Loan2/26/202357,125 — 
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/20238,430 — 
Foundation Risk Partners Corp.Revolver10/29/20279,529 (143)
Frontline Road Safety, LLC - ADelayed Draw Term Loan5/3/20275,129 — 
Frontline Road Safety, LLC - BDelayed Draw Term Loan5/3/202239,526 — 
Galway Borrower, LLCDelayed Draw Term Loan9/30/20233,958 — 
Galway Borrower, LLCRevolver9/30/20272,113 (42)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/202367,500 — 
Genuine Cable Group, LLCDelayed Draw Term Loan5/1/20235,911 — 
GI Consilio Parent, LLCRevolver5/14/20266,300 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/29/202318,000 (180)
GI Ranger Intermediate, LLCRevolver10/29/202710,800 (216)
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/202350,861 — 
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/202362,600 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Connatix Buyer, Inc.Revolver7/14/2027$16,294 $(326)
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202332,700 (327)
COP Home Services TopCo IV, Inc.Revolver12/31/202511,176 (120)
CPI Buyer, LLCDelayed Draw Term Loan5/1/202370,006 — 
CPI Buyer, LLCRevolver11/1/202628,928 (579)
CPI Intermediate Holdings IncDelayed Draw Term Loan10/8/2029111,547 (1,115)
Cumming Group, Inc.Delayed Draw Term Loan5/26/202714,445 (144)
Cumming Group, Inc.Revolver5/26/202722,143 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/202810,046 (151)
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/2028661 — 
Discovery Education, Inc.Delayed Draw Term Loan4/9/2029120,227 — 
Discovery Education, Inc.Revolver4/9/202952,540 (1,839)
Doc Generici (Diocle S.p.A.)Delayed Draw Term Loan10/26/20245,221 — 
Donuts, Inc.Delayed Draw Term Loan5/14/2023128,295 — 
DTI Holdco, Inc.Revolver4/26/20276,800 — 
Eliassen Group, LLCDelayed Draw Term Loan4/14/202812,360 — 
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202356,100 (561)
Engineered Stone Group Holdings III Ltd.Delayed Draw Term Loan4/23/202823,817 — 
Enstructure LLCDelayed Draw Term Loan5/25/202918,743 — 
ENV Bidco ABDelayed Draw Term Loan7/19/202928,642 (3,270)
Episerver, Inc.Revolver4/9/20263,833 (172)
Episerver, Inc.Delayed Draw Term Loan4/9/202610,185 (458)
Excelitas Technologies Corp.Revolver8/14/20286,405 — 
Excelitas Technologies Corp.Delayed Draw Term Loan8/13/202929,560 (296)
Experity, Inc.Revolver2/24/202813,452 (269)
Forterro UK Ltd.Delayed Draw Term Loan7/7/202917,829 — 
Foundation Risk Partners Corp.Revolver10/29/20275,606 — 
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/202811,352 — 
Galway Borrower, LLCRevolver9/30/202719,017 (475)
Galway Borrower, LLCDelayed Draw Term Loan9/30/20232,364 (24)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/202318,000 — 
GI Consilio Parent, LLCRevolver2/10/20266,300 (521)
GI Ranger Intermediate, LLCRevolver10/29/20279,720 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/202827,360 — 
Gigamon Inc.Revolver3/11/202825,774 (580)
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/20233,503 — 
Go Car Wash Management Corp.Delayed Draw Term Loan12/31/2026100,000 (1,125)
GovernmentJobs.com, Inc.Revolver11/30/202719,764 (395)
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/202362,600 (626)
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20278,571 (86)
GraphPAD Software, LLCRevolver4/27/20272,832 (42)
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20236,300 (79)
Gruden Acquisition, Inc.Revolver7/1/20269,000 (113)
Helix TS, LLCDelayed Draw Term Loan6/14/2024767 — 
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20274,997 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/202310,171 — 
High Street Buyer, Inc.Revolver4/16/20274,186 (84)
High Street Buyer, Inc.Delayed Draw Term Loan4/16/202847,320 — 
Houghton Mifflin, LLCRevolver4/7/202718,750 (1,448)
Human Security, Inc.Delayed Draw Term Loan7/22/202750,000 — 
IG Investments Holdings, LLCRevolver9/22/202726,897 — 
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202499,544 (1,244)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202517,863 — 
6167
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First and Second Lien Debt (continued)
GovernmentJobs.com, Inc.Revolver11/30/202719,764 (395)
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20278,571 (86)
GraphPAD Software, LLCRevolver4/27/20272,832 — 
Great Day Improvements, LLCRevolver12/28/202738,271 (765)
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/202310,283 — 
Gruden Acquisition, Inc.Revolver7/1/20269,000 (225)
Guidehouse LLPRevolver10/15/202795,825 — 
Helix TS, LLCDelayed Draw Term Loan8/3/202349,261 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/202318,629 (186)
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20274,442 — 
High Street Buyer, Inc.Delayed Draw Term Loan4/16/20286,636 — 
High Street Buyer, Inc.Revolver4/16/20274,186 (84)
IG Investments Holdings, LLCRevolver9/22/202722,414 — 
Inovalon Holdings, IncDelayed Draw Term Loan6/24/202499,544 (1,244)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/20257,318 — 
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan7/9/202373,250 (549)
Java Buyer, Inc.Delayed Draw Term Loan12/15/202394,266 (943)
Java Buyer, Inc.Revolver12/15/202727,134 (543)
Jones Deslauriers Insurance Management, Inc.Delayed Draw Term Loan3/28/202212,385 — 
Jones Deslauriers Insurance Management, Inc. (2nd Lien)Delayed Draw Term Loan3/28/20221,943 — 
Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/202319,840 (198)
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/202318,452 (185)
Knowledge Pro Buyer, Inc.Revolver12/10/20276,824 — 
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/202310,688 — 
Kwor Acquisition, Inc.Revolver12/22/202710,976 — 
L&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/202236,794 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202319,979 — 
Linquest Corp.Delayed Draw Term Loan1/27/202344,775 (448)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/202610,800 (108)
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan6/23/202826,764 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/202331,793 — 
Material Holdings, LLCRevolver8/17/202713,353 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/202316,185 — 
Metis Buyer, Inc.Revolver5/4/20264,725 — 
MHE Intermediate Holdings, LLCDelayed Draw Term Loan7/21/2023509 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027804 (16)
Mobileum, Inc.Delayed Draw Term Loan8/12/202426,377 — 
Monk Holding Co.Delayed Draw Term Loan12/1/202342,074 — 
MRI Software, LLCDelayed Draw Term Loan2/10/20268,316 — 
MRI Software, LLCRevolver2/10/2026673 — 
National Mentor Holdings, Inc.Delayed Draw Term Loan2/18/2028777 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/2023122,548 — 
NDC Acquisition Corp.Revolver3/9/20273,211 — 
New Arclin US Holding Corp.Delayed Draw Term Loan3/30/20232,950 — 
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202331,400 (471)
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/202330,494 — 
Paya Holdings III, LLCRevolver6/16/20283,375 — 
Peak Utility Services Group, Inc.Delayed Draw Term Loan12/6/20287,200 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
ISQ Hawkeye Holdco, Inc.Revolver8/17/2028$806 $(12)
ISQ Hawkeye Holdco, Inc.Delayed Draw Term Loan8/17/2029795 — 
Java Buyer, Inc.Delayed Draw Term Loan12/15/202362,909 — 
Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/202633 — 
Jupiter Bidco LimitedDelayed Draw Term Loan8/5/202941,392 (2,162)
Kaseya, Inc.Delayed Draw Term Loan6/25/202944,474 (445)
Kaseya, Inc.Revolver6/25/202948,746 (487)
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20238,979 (67)
Knowledge Pro Buyer, Inc.Revolver12/10/20279,964 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202319,979 — 
Legacy Intermediate, LLCRevolver2/25/202817,242 (172)
Legacy Intermediate, LLCDelayed Draw Term Loan2/25/202336,000 (360)
Linquest Corp.Delayed Draw Term Loan1/27/202344,775 (448)
Loar Group IncDelayed Draw Term Loan9/29/2023100,000 — 
Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/202999,913 (2,478)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/20263,142 — 
Mantech International CPDelayed Draw Term Loan9/14/2029186,262 (1,863)
Mantech International CPRevolver9/14/2028111,118 (1,111)
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan6/23/20285,722 — 
Material Holdings, LLCRevolver8/17/20278,266 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/202316,215 — 
Metis Buyer, Inc.Revolver5/4/20269,000 (672)
MHE Intermediate Holdings, LLCRevolver7/21/2027691 — 
Monk Holding Co.Delayed Draw Term Loan8/12/202338,468 — 
Monterey Financing S.à.r.lDelayed Draw Term Loan9/19/202955,097 — 
Mozart Borrower LPRevolver10/21/202617,850 (1,413)
MRI Software, LLCRevolver2/10/2026673 (24)
MRI Software, LLCDelayed Draw Term Loan2/10/20267,969 — 
Natus Medical IncorporatedRevolver7/21/20272,788 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202391,734 — 
NDC Acquisition Corp.Revolver3/9/20272,911 — 
New Arclin US Holding Corp.Delayed Draw Term Loan9/22/20281,657 (193)
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202326,585 — 
Onex AP Merger Sub, LLCRevolver4/4/20283,261 (65)
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/202357,531 — 
Paya Holdings III, LLCRevolver6/16/20283,375 (173)
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/2028357 — 
Petrus Buyer IncDelayed Draw Term Loan10/17/202911,304 (170)
Petrus Buyer IncRevolver10/17/20295,163 (155)
PGIS Intermediate Holdings, LLCRevolver10/16/20286,274 (125)
Plasma Buyer, LLCRevolver5/12/202814,467 (651)
Plasma Buyer, LLCDelayed Draw Term Loan5/12/202923,780 (238)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202338,448 — 
Polyphase Elevator Holding Co.Revolver6/23/20271,700 — 
Polyphase Elevator Holding Co.Delayed Draw Term Loan12/21/202754,535 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202721,722 (638)
PPV Intermediate Holdings, LLCRevolver8/31/20297,234 — 
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/202914,978 (150)
Profile Products, LLCDelayed Draw Term Loan11/12/20277,842 — 
Profile Products, LLCRevolver11/12/20279,363 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/20292,915 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — 
Project Leopard Holdings, Inc.Revolver7/20/202713,035 — 
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Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedInvestments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value		Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First and Second Lien Debt (continued)
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/202824,646 (246)
PGIS Intermediate Holdings, LLCRevolver10/16/20286,274 (47)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202373,003 (913)
Porcelain Acquisition Corp.Delayed Draw Term Loan4/30/202233,940 (997)
Pro Mach Group, Inc.Delayed Draw Term Loan8/31/20282,079 — 
Prodege International Holdings, LLCDelayed Draw Term Loan12/15/2022144,262 (1,443)
Profile Products, LLCDelayed Draw Term Loan11/12/202725,460 — 
Profile Products, LLCRevolver11/12/202716,973 (339)
Progress Residential PM Holdings, LLCDelayed Draw Term Loan2/16/202216,623 — 
Qualus Power Services Corp.Qualus Power Services Corp.Delayed Draw Term Loan3/26/20239,016 — Qualus Power Services Corp.Delayed Draw Term Loan3/26/2023$6,490 $— 
R1 Holdings, LLCDelayed Draw Term Loan4/19/20225,686 — 
Radwell International, LLCDelayed Draw Term Loan7/13/202329,219 — 
Radwell International, LLCRevolver7/13/202734,375 — 
Rally Buyer, Inc.Rally Buyer, Inc.Revolver7/19/202817,745 (355)
Rally Buyer, Inc.Rally Buyer, Inc.Delayed Draw Term Loan7/19/202833,121 (331)
Red River Technology, LLCRed River Technology, LLCDelayed Draw Term Loan5/26/202347,832 — Red River Technology, LLCDelayed Draw Term Loan5/26/202347,832 — 
Redwood Services Group, LLCRedwood Services Group, LLCDelayed Draw Term Loan6/15/20292,448 — 
Relativity ODA, LLCRelativity ODA, LLCRevolver5/12/20274,937 (74)Relativity ODA, LLCRevolver5/12/20274,937 (74)
Relay Purchaser, LLCRelay Purchaser, LLCRevolver8/30/202628,571 (286)Relay Purchaser, LLCRevolver8/30/202628,571 (286)
Reverb Buyer, Inc.Delayed Draw Term Loan11/1/20281,637 — 
Riser Merger Sub, Inc.Riser Merger Sub, Inc.Revolver8/1/202824,351 (487)
Riser Merger Sub, Inc.Riser Merger Sub, Inc.Delayed Draw Term Loan8/1/202848,701 (487)
RoadOne IncRoadOne IncRevolver12/30/2028226 — 
RoadOne IncRoadOne IncDelayed Draw Term Loan12/30/2028255 (4)
Roadsafe Holdings, Inc.Roadsafe Holdings, Inc.Delayed Draw Term Loan10/19/202214,867 — Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/202353,130 — 
RSC Acquisition, Inc.RSC Acquisition, Inc.Delayed Draw Term Loan10/30/202625,904 — RSC Acquisition, Inc.Delayed Draw Term Loan10/30/202653,013 — 
RWL Holdings, LLCRWL Holdings, LLCDelayed Draw Term Loan12/1/202758,064 (581)RWL Holdings, LLCDelayed Draw Term Loan12/1/202758,064 (581)
Safety Borrower Holdings LPSafety Borrower Holdings LPDelayed Draw Term Loan9/1/20228,390 — Safety Borrower Holdings LPRevolver9/1/20273,356 (34)
Safety Borrower Holdings LPRevolver9/1/20273,356 (34)
Sailpoint Technologies, Inc.Sailpoint Technologies, Inc.Revolver8/15/202834,083 (682)
Sam Holding Co, Inc.Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202344,400 — Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202328,800 — 
Sam Holding Co, Inc.Sam Holding Co, Inc.Revolver3/24/202724,000 (480)Sam Holding Co, Inc.Revolver3/24/202722,000 — 
SEKO Global Logistics Network, LLCSEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/202215,200 (228)SEKO Global Logistics Network, LLCRevolver12/30/20265,808 — 
SEKO Global Logistics Network, LLCSEKO Global Logistics Network, LLCRevolver12/30/20264,080 — SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/20267,575 — 
SelectQuote, Inc.Delayed Draw Term Loan11/5/202458,933 — 
Sherlock Buyer Corp.Sherlock Buyer Corp.Delayed Draw Term Loan12/1/202811,177 (112)Sherlock Buyer Corp.Delayed Draw Term Loan12/8/202811,177 (112)
Sherlock Buyer Corp.Sherlock Buyer Corp.Revolver12/8/20274,445 — Sherlock Buyer Corp.Revolver12/8/20274,445 (89)
Smile Doctors, LLCSmile Doctors, LLCDelayed Draw Term Loan12/21/202368,380 — Smile Doctors, LLCDelayed Draw Term Loan12/23/202892,773 — 
Smile Doctors, LLCSmile Doctors, LLCRevolver12/21/202749,461 — Smile Doctors, LLCRevolver12/23/202726,601 — 
Snoopy Bidco, Inc.Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/2023129,000 — Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202351,214 (768)
Sovos Compliance, LLCDelayed Draw Term Loan8/11/20282,170 — 
SpecialtyCare, Inc.SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20237,139 (18)SpecialtyCare, Inc.Revolver6/18/20262,611 — 
SpecialtyCare, Inc.SpecialtyCare, Inc.Revolver6/18/20265,935 — SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20236,544 — 
Spitfire Parent, Inc.Spitfire Parent, Inc.Delayed Draw Term Loan9/4/202213,833 — Spitfire Parent, Inc.Delayed Draw Term Loan3/11/20275,533 — 
Stepping Stones Healthcare Services, LLCStepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/202345,312 (453)Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/202326,734 — 
Stepping Stones Healthcare Services, LLCStepping Stones Healthcare Services, LLCRevolver12/30/202622,501 (450)Stepping Stones Healthcare Services, LLCRevolver12/30/20266,300 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan2/10/20226,519 — 
Sunshine Cadence Holdco, LLCSunshine Cadence Holdco, LLCDelayed Draw Term Loan3/23/2027300 — 
Tennessee Bidco LimitedTennessee Bidco LimitedDelayed Draw Term Loan8/3/2028102,901 — Tennessee Bidco LimitedDelayed Draw Term Loan6/22/2024339,176 — 
The Action Environmental Group, IncDelayed Draw Term Loan1/16/20268,518 — 
The Fertility Partners, Inc.The Fertility Partners, Inc.Revolver9/16/2027806 — 
The Fertility Partners, Inc.The Fertility Partners, Inc.Delayed Draw Term Loan3/16/202416,410 — 
The GI Alliance Management, LLCThe GI Alliance Management, LLCDelayed Draw Term Loan2/5/202365,222 — The GI Alliance Management, LLCDelayed Draw Term Loan9/15/202856,115 (1,683)
The NPD Group L.P.The NPD Group L.P.Revolver12/1/202752,471 (487)The NPD Group L.P.Revolver12/1/202792,321 — 
Therapy Brands Holdings, LLCDelayed Draw Term Loan5/18/20281,627 — 
Thermostat Purchaser III, Inc.Thermostat Purchaser III, Inc.Delayed Draw Term Loan8/31/20287,481 — Thermostat Purchaser III, Inc.Delayed Draw Term Loan8/31/20286,692 — 
Thermostat Purchaser III, Inc.Thermostat Purchaser III, Inc.Revolver8/31/20268,125 — Thermostat Purchaser III, Inc.Revolver8/31/20268,125 (305)
Thermostat Purchaser III, Inc. (2nd Lien)Thermostat Purchaser III, Inc. (2nd Lien)Delayed Draw Term Loan8/31/20235,600 — Thermostat Purchaser III, Inc. (2nd Lien)Delayed Draw Term Loan8/31/20235,600 (42)
Trader Corp.Trader Corp.Revolver12/22/20286,858 (114)
Trident TPI Holdings, Inc.Trident TPI Holdings, Inc.Delayed Draw Term Loan9/15/2028597 — Trident TPI Holdings, Inc.Delayed Draw Term Loan9/15/2028498 — 
Trinity Air Consultants Holdings Corp.Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202320,128 — 
Trinity Air Consultants Holdings Corp.Trinity Air Consultants Holdings Corp.Revolver6/29/202712,780 (128)
Trinity Partners Holdings, LLCTrinity Partners Holdings, LLCDelayed Draw Term Loan12/21/2023115,743 (1,157)
Triple Lift, Inc.Triple Lift, Inc.Revolver5/6/20288,815 — 
TRP Infrastructure Services, LLCTRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/202313,187 (132)
Turing Holdco, Inc.Turing Holdco, Inc.Delayed Draw Term Loan8/3/20284,047 — 
Unified Physician Management, LLCUnified Physician Management, LLCDelayed Draw Term Loan6/18/202932,608 — 
Unified Physician Management, LLCUnified Physician Management, LLCRevolver6/18/2029101,845 — 
United Mutual Acquisition Holdings, LLCUnited Mutual Acquisition Holdings, LLCRevolver7/15/202811,175 — 
US Oral Surgery Management Holdco, LLCUS Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/202314,559 — 
US Oral Surgery Management Holdco, LLCUS Oral Surgery Management Holdco, LLCRevolver11/18/202712,932 (129)
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Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Victors CCC Buyer, LLCDelayed Draw Term Loan6/1/2029$31,095 $(311)
Victors CCC Buyer, LLCRevolver6/1/202929,205 (584)
VT Topco, Inc.Delayed Draw Term Loan8/1/2025712 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/2023188,572 — 
West Monroe Partners, LLCRevolver11/9/202770,714 (354)
West Star Aviation Acquisition, LLCDelayed Draw Term Loan3/1/2028909 (18)
WHCG Purchaser III, Inc.Revolver6/22/20268,272 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202319,482 — 
Zendesk IncRevolver11/3/202897,650 (1,953)
Zendesk IncDelayed Draw Term Loan11/22/2028208,035 (3,121)
Total First and Second Lien Debt Unfunded Commitments$6,343,101 $(63,045)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First and Second Lien Debt (continued)
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202344,729 — 
Trinity Air Consultants Holdings Corp.Revolver6/29/20272,556 — 
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/2023109,037 (1,090)
Triple Lift, Inc.Revolver5/6/202814,295 (286)
TRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/202313,187 (132)
Turing Holdco, Inc.Delayed Draw Term Loan8/3/202813,977 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan1/7/202249,353 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/202712,932 (259)
West Monroe Partners, LLCDelayed Draw Term Loan11/9/2023188,572 — 
West Monroe Partners, LLCRevolver11/9/202770,714 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/20252,553 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202337,932 — 
WHCG Purchaser III, Inc.Revolver6/22/202612,486 (250)
Specialty Lending Company LLCLLC Interest102,600 — 
Total Unfunded Commitments  $4,870,500 $(22,301)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of December 31, 20212022 was 0.50%.
(10)The interest rate floor on these investments as of December 31, 20212022 was 0.75%.
(11)The interest rate floor on these investments as of December 31, 20212022 was 1.00%.
(12)The interest rate floor on these investments as of December 31, 20212022 was 1.25%.
(13)The interest rate floor on these investments as of December 31, 20212022 was 1.50%.
(14)The interest rate floor on these investments as of December 31, 2022 was 2.00%.

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(15)Under the Investment Company Act of 1940, Act,as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2021,2022, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:
Fair value
as of January 7, 2021 (commencement of operations)		Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Fair value
as of December 31, 2021		Dividend and Interest Income
Fair value
as of December 31, 2021
Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)
Fair value
as of December 31, 2022
Dividend and Interest Income
Non-Controlled/Affiliated InvestmentsNon-Controlled/Affiliated InvestmentsNon-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LPGSO DL Co-Invest EIS LP$— $583 $— $1,031 $1,614 $— GSO DL Co-Invest EIS LP$1,614 $136 $— $1,062 $2,813 $— 
Controlled/Affiliated InvestmentsControlled/Affiliated InvestmentsControlled/Affiliated Investments
Specialty Lending Company LLCSpecialty Lending Company LLC— 212,400 — — 212,400 1,800 Specialty Lending Company LLC212,400 — (40,500)430 172,330 12,159 
BCRED Emerald JV LPBCRED Emerald JV LP— 2,115,000 — (42,283)2,072,717 100,293 
BCRED Verdelite JV LPBCRED Verdelite JV LP— 117,706 — (2,029)115,677 — 
GSO DL Co-Invest CI LPGSO DL Co-Invest CI LP— 1,421 — 388 1,809 — GSO DL Co-Invest CI LP1,809 — — 72 1,881 — 
TotalTotal$— $214,404 $— $1,419 $215,823 $1,800 Total$215,823 $2,232,842 $(40,500)$(42,748)$2,365,418 $112,452 
(16)As of December 31, 2022, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), New Zealand Dollar (NZD), Danish Krone (DKK), Swedish Krona (SEK) and Norwegian Krone (NOK).
(17)Loan was on non-accrual status as of December 31, 2022.

ADDITIONAL INFORMATION

Foreign currency forward contractsCurrency Forward Contracts
CounterpartyCurrency PurchasedCurrency SoldSettlement DateUnrealized Appreciation (Depreciation)
Goldman Sachs Bank USAU.S. Dollar 423 millionEuro 374 million2/22/2022$1,505 
CounterpartyCurrency PurchasedCurrency SoldSettlement DateUnrealized Appreciation (Depreciation)
Goldman Sachs Bank USAUSD25,374 CAD34,625 1/17/2023$(213)
Goldman Sachs Bank USAUSD78,088 DKK546,731 3/14/2023(998)
Goldman Sachs Bank USAUSD61,787 EUR58,713 3/14/20231,329 
Goldman Sachs Bank USAUSD58,713 NOK584,117 3/13/2023(829)
Goldman Sachs Bank USAUSD61,787 NOK584,117 3/14/20232,241 
Goldman Sachs Bank USAUSD10,698 SEK109,749 3/13/2023121 
Goldman Sachs Bank USAUSD23,113 SEK237,106 3/14/2023261 
Interest Rate Swaps
CounterpartyHedged InstrumentCompany ReceivesCompany PaysMaturity DateNotional AmountFair Market ValueUpfront Payments / ReceiptsChange in Unrealized Gains / (Losses)
Goldman Sachs Bank USAJune 2024 Notes2.56%SOFR + 0.93%6/21/2024$435,000 $(18,778)$1,796 $(18,778)
Goldman Sachs Bank USASeptember 2024 Notes1.75%SOFR + 0.08%9/15/2024365,000 (17,499)(545)(17,458)
Goldman Sachs Bank USANovember 2024 Notes2.35%SOFR + 0.66%11/22/2024500,000 (25,362)1,822 (25,224)
Goldman Sachs Bank USAJanuary 2025 Notes2.70%SOFR + 0.99%1/15/2025500,000 (26,589)923 (26,338)
Goldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (34,657)2,387 (34,486)
Goldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (34,352)2,370 (34,534)
Goldman Sachs Bank USAMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025400,000 (17,978)— (17,832)
Deutsche BankMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025500,000 (22,494)— (22,282)
Goldman Sachs Bank USAApril 2026 UK Bonds4.87%SOFR + 2.78%4/14/2026GBP250,000 (19,940)— (19,889)
Goldman Sachs Bank USAMay 2027 Notes5.61%SOFR + 3.00%5/3/2027625,000 (26,135)— (22,217)
Sumitomo Mitsui Banking CorporationSeptember 2025 Notes7.05%SOFR + 2.93%9/27/2025600,000 (2,165)— (2,165)
Goldman Sachs Bank USAOctober 2027 Notes7.49%SOFR + 3.7165%10/11/2027350,000 (1,418)— (1,418)
Sumitomo Mitsui Banking CorporationSeptember 2025 Notes7.05%SOFR + 2.97%9/29/2025200,000 (796)— (796)
Total Interest Rate Swaps$(248,163)$8,753 $(243,417)

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
Blackstone Private Credit Fund
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(in thousands, except per share data, percentages and as otherwise noted)
Note 1. Organization
Blackstone Private Credit Fund (together with its consolidated subsidiaries “BCRED“BCRED”” or the “Company“Company””), is a Delaware statutory trust formed on February 11, 2020. 2020, and structured as an externally managed, non-diversified, closed-end management investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S, federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).
The Company is externally managed by Blackstone Credit BDC Advisors LLC (the “Adviser”) an affiliate of Blackstone Alternative Credit Advisors LP (the “Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. (“Blackstone”), “Blackstone Credit,” which, for the avoidance of doubt, excludes Harvest Fund Advisors LLC and Blackstone Insurance Solutions). The Administrator provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement (the “Administration Agreement”). Blackstone Credit is part of the credit-focused platform of Blackstone and is the primary part of its Credit & Insurance reporting segment.
The Company was formed to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private U.S. companies. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company is externally managed by Blackstone Credit BDC Advisors LLC (the “Adviser”). The Adviser is an affiliate of Blackstone Alternative Credit Advisors LP (the “Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. (“Blackstone”), “Blackstone Credit,” which, for the avoidance of doubt, excludes Harvest Fund Advisers LLC and Blackstone Insurance Solutions). The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, the Company expects that the majority of its portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which the Company may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, “Private Credit”). To a lesser extent, the Company may also dynamically invest in publicly traded securities of large corporate issuers (“Opportunistic Credit”). The Company expects that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for the Company’s share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.
The Company offers on a continuous basis up to $36.5 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the Securities and Exchange Commission (“SEC”). The Company offers to sell any combination of three classes of common shares,Common Shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the common shares of beneficial interestCommon Shares was $25.00 per share. Thereafter, the purchase price per share for each class of common sharesCommon Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. Blackstone Securities Partners L.P. (the “Intermediary Manager”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company also engages in private offerings of its common shares.Common Shares.
The Company accepted purchase orders and held investors’ funds in an interest-bearing escrow account until the Company received purchase orders for at least $100.0 million, excluding shares purchased by the Adviser, its affiliates and trustees and officers, in any combination of purchases of Class S shares, Class D shares and Class I shares, and the Company’s Board of Trustees (the “Board”) authorized the release of funds in the escrow account. As of January 7, 2021, the Company had satisfied the minimum offering requirement and commenced its operations after the Company’s Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 32,560,141 shares (consisting of 2,750,840 Class S shares, and 29,809,301 Class I shares at an offering price of $25.00 per share; no Class D shares were issued or sold as of such date), and the escrow agent released net proceeds of approximately $814.0 million to the Company as payment for such shares.
References to the six months ended June 30, 2021 represent the period from January 7, 2021 (commencement of operations) to June 30, 2021.
65

Note 2. Significant Accounting Policies
Basis of Presentation
The condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP.accounting principles generally accepted in the United States (“GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“(“ASC”) Topic 946, Financial Services – Investment Companies (“(“ASC 946”) issued by the Financial Accounting Standards Board (“(“FASB”). U.S. GAAP for an investment company requires investments to be recorded at fair value.
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The interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the condensed consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2022.

2023.
All intercompany balances and transactions have been eliminated.
Certain prior period information has been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results may ultimately differ from those estimates.

Consolidation
As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.
As of June 30, 2022,2023, the Company's consolidated subsidiaries were BCRED Bard Peak Funding, LLC (“Bard Peak Funding”), BCRED Bear Peak Funding LLC (“Bear Peak Funding”), BCRED Bison Peak Funding LLC (“Bison Peak Funding”), BCRED Blanca Peak Funding LLC “Blanca Peak Funding”), BCRED Borah Peak Funding LLC (“Borah Peak Funding”), BCRED Bushnell Peak Funding LLC (“Bushnell Peak Funding”), BCRED Castle Peak Funding LLC (“Castle Peak Funding”), BCRED Denali Peak Funding LLC (“Denali Peak Funding”), BCRED Gannett Peak Funding LLC, BCRED Granite Peak Funding LLC (“Granite Peak Funding”), BCRED Haydon Peak Funding LLC (“Haydon Peak Funding”), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC (“Maroon Peak Funding”), BCRED Meridian Peak Funding LLC (“Meridian Peak Funding”), BCRED Middle Peak Funding LLC (“Middle Peak Funding”), BCRED Monarch Peak Funding LLC (“Monarch Peak Funding”), BCRED Naomi Peak Funding LLC (“Naomi Peak Funding”), BCRED Summit Peak Funding LLC (“Summit Peak Funding”), BCRED Twin Peaks LLC (“Twin Peaks”), BCRED Summit Peak Funding LLC (“Summit Peak Funding”), BCRED Bushnell Peak Funding LLC (“Bushnell Peak Funding”), BCRED Middle Peak Funding LLC (“Middle Peak Funding”) BCRED Granite Peak Funding LLC (“Granite Peak Funding”), BCRED Bison Peak Funding LLC (“Bison Peak Funding”), BCRED Blanca Peak Funding LLC (“Blanca Peak Funding”), BCRED Windom Peak Funding LLC (“Windom Peak Funding”), BCRED Monarch Peak Funding LLC (“Monarch Peak Funding”), Borah Peak Funding FacilityBSL WH 2022-1 LLC (“Borah Peak Funding”2022-1 BSL WH”), BCRED Investments LLC, BCRED X Holdings LLC, BCRED BSL CLO 2021-1 Ltd., BCRED BSL CLO 2021-1, LLC, BCRED BSL CLO 2021-2, Ltd., BCRED BSL CLO 2021-2, LLC, BCRED BSL CLO 2022-1 Ltd., BCRED BSL CLO 2022-1 LLC, BCRED MML CLO 2021-1 LLC, BCRED MML CLO 2022-1 LLC, and BCRED MML CLO 2021-12022-2 LLC.

The Company does not consolidate its equity investment in Specialty Lending Company LLC (“SLC”). For further description of the Company’s investment in SLC, see “Note 3. Fees, Expenses, Agreements and Related Party Transactions”.
The Company does not consolidate its investments in the BCRED Emerald JV LP (“Emerald JV”) or BCRED Verdelite JV LP (“Verdelite JV”) joint ventures. For further description of the Company’s joint ventures, see “Note 11. Joint Ventures”.
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.
Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.
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Investments
Investment transactions are recorded on a trade date basis.
Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. recoveries, and is recorded within Net Realized gain (loss) on the Condensed Consolidated Statements of Operations.
The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.period, and is recorded within Net unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations.
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Valuation of Investments
The Company is required to report its investments, including those for which current market values are not readily available, at fair value.
GAAP for an investment company requires investments to be recorded at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurements ((“ASC 820”)), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizesdate, and Rule 2a-5 under the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See “– Note 5. Fair Value Measurements.”1940 Act.
Where available, fairFair value is based on observable market prices or parameters or derived from such prices or parameters.parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, a market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. These market quotations are obtained from independent pricing services, if available, andavailable; otherwise generally from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges, as necessary, to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment. Examples of events that would cause market quotations to not reflect fair value could include cases when a security trades infrequently or not at all, causing a quoted purchase or sale price to become stale, or in the event of a “fire sale” by a distressed seller. All price overrides require approval from the Board.
Where prices or inputs are not available or, in the judgment of the Board, not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, the Audit Committee of the Board (the “Audit Committee”) and independent valuation firms engaged on the recommendation of the Adviser and at the direction of the Board. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.
An enterprise value (“EV”) analysis is generally performed to determine the value of equity investments, control debt investments and non-control debt investments that are credit-impaired, and to determine if debt investments are credit impaired. The Adviser will generally utilize approaches including the market approach, the income approach or both approaches, as appropriate, when calculating EV. The primary method for determining EV for non-control investments, and control investments without reliable projections, uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) or another key financial metric (e.g. such as revenues, cash flows or net income) (“Performance Multiple”). Performance Multiples are typically determined based upon a review of publicly traded comparable companies and market comparable transactions, if any. The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine a present value using estimated discount rates. The income approach is generally used when the Adviser has visibility into the long-term projected cash flows of a portfolio company.
WithIf debt investments are credit-impaired, which occurs when there is insufficient coverage under the enterprise value analysis through the respective investment’s position in the capital structure, the Adviser generally uses the enterprise value “waterfall” approach or a recovery method (if a liquidation or restructuring is deemed likely) to determine fair value. For debt investments that are not determined to be credit-impaired, the Adviser generally uses a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the
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company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the quarterlyappropriate market yield, as applicable. The fair value of loans with call protection is generally capped at par plus applicable prepayment premium in effect at the measurement date.
ASC 820 prioritizes the use of observable market prices derived from such prices. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:
•Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.
•Level 2:  Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.
•Level 3:  Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include debt and equity investments in privately held entities, collateralized loan obligations (“CLOs”) and certain over-the-counter derivatives where the Company’s Board undertakefair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a multi-step valuation process eachparticular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in connectionwhich the transfer occurs.
The Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.
Due to the inherent uncertainty of determining the fair value of our investments for which reliable market quotations arethat do not have a readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:
•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in conjunction with the Adviser’s investment professionals responsible for each portfolio investment;    
•In addition, independent valuation firms engaged by the Board prepare quarter-end valuations of such investments except de minimis investments, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Board and the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;
•The Adviser’s Valuation Committee reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable;     
•The Adviser’s Valuation Committee makes valuation recommendations to the Audit Committee;         
•The Audit Committee reviews the valuation recommendations made by the Adviser’s Valuation Committee, including the independent valuation firms’ quarterly valuations, and once approved, recommends them for approval by the Board; and         
•The Board reviews the valuation recommendations of the Audit Committee and determines the fairmarket value, of each investment in the portfolio in good faith based on the input of the Audit Committee, the Adviser’s Valuation Committee and, where applicable, the independent valuation firms and other external service providers.
When the Company determines its NAV as of the last day of a month that is not also the last day of a calendar quarter, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, pursuant to a process approved by the Board, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Company's valuation policy, pursuant to a process approved by the Board. Additionally, the Adviser may otherwise determine to update the most recent quarter end valuation of an investment
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without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm. Month-end NAV determinations are ratified subsequently by the Board at its next regularly scheduled meeting.
As part of the valuation process, the Board will take into account relevant factors in determining the fair value of our investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i) the estimated enterprise value of a portfolio company, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, (v) a comparison of the portfolio company’s securities to any similar publicly traded securities, and (vi) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Board or its delegates will consider whether the pricing indicated by the external event corroborates its valuation.
The Board has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective ofinvestments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment each quarter,in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the Board may reasonably rely on that assistance. However, the Board is responsible for the ultimate valuationlife of the portfolio investments at fair value as determinedmay cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in good faith pursuant to the Company’s valuation policyvaluations currently assigned. See “Item 2. Management’s Discussion and a consistently applied valuation process.Analysis of Financial Conditions and Results of Operations—Critical Accounting Estimates.”
Receivables/Payables From Investments Sold/Purchased
Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. As of June 30, 2022 and December 31, 2021, the Company had $733.3 million and $663.6 million, respectively, of receivables for investments sold. As of June 30, 2022 and December 31, 2021, the Company had $1,949.3 million and $997.4 million, respectively, of payables for investments purchased.

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Derivative Instruments
The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.Condensed Consolidated Statements of Assets and Liabilities as Derivative assets at fair value and Derivative liabilities at fair value, respectively.
In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company’s derivative activity, it is generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.
From time to time, the Company may enter into forward currency contracts which is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated debt issued by the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying debt the Company has, but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation). RealizedThe fair value of the foreign currency forwards are included as Derivative assets at fair value or Derivative liabilities at fair value on the Company's Condensed Consolidated Statements of Assets and Liabilities. Changes in the fair value of the foreign currency forwards are presented in realized gains (losses) and unrealized appreciation (depreciation) onin the contracts are included in theCondensed Consolidated Statements of Operations.
Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. The fair value of the interest rate swaps are included as a Derivative assets at fair value or Derivative liability at fair value on the Company's Condensed Consolidated Statements of Assets and Liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in realized gains (losses) and unrealized appreciation (depreciation) in the Condensed Consolidated Statements of Operations.
The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in interestInterest expense and recognized as components of interestInterest expense in the Condensed Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Changes in fair value of interest rate swaps entered into by the Company not designated as hedging instruments, are presented through current period gains or losses.
The fair value of the Company’s derivatives are recorded on theCompany has elected to not offset derivative assets and derivative liabilities in its Condensed Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into accountincluding for the cash collateral, posted which is recorded separately, if subject tothat may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement.
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Forward Purchase Agreement
The Company was party to a forward purchase agreement (the "Facility Agreement", defined in Note 7) whereby it is obligated to purchase certain assets that were acquired by the Financing Provider, subject to certain contingencies.
Forward purchase agreements are recognized at fair value through current period gains or losses on the date on which the contract is entered into and are subsequently re-measured at fair value. All forward purchase agreements are carried as assets when fair value is positive and as liabilities when fair value is negative. A forward purchase agreement is derecognized whenin place that provides the obligation specifiedCompany, in the contract is discharged, canceled or expired.event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Foreign Currency Transactions
Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.
The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the Condensed Consolidated Statements of Operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.
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Revenue Recognition
Interest Income
Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and six months ended June 30, 2022,2023, the Company recorded $1.4$4.6 million and $1.4$6.5 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and six months ended June 30, 2021,2022, the Company recorded $0.2$1.4 million and $1.1$1.4 million, respectively, in non-recurring interest income (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).income.
PIK Income
The Company has loans in its portfolio that contain payment-in-kind (“(“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in Payment-in-kind interest income in the Condensed Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through Payment-in-kind interest income. To maintainsatisfy the Company’s status as aCompany's annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three and six months ended June 30, 2022, the Company recorded PIK income of $31.4 million and $52.8 million, respectively. For the three and six months ended June 30, 2021, the Company recorded PIK income of $0.6 million and $0.7 million, respectively.
Dividend Income
Dividend income on preferred equity securities isand on the Company’s equity interests in its joint ventures are recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. For the three and six months ended June 30, 2022, the Company recorded dividend income of $24.3 million and $45.1 million, respectively. For the three and six months ended June 30, 2021, the Company recorded no dividend income.
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Fee Income
The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2022, the Company recorded fee income of $13.4 million and $14.1 million, respectively. For the three and six months ended June 30, 2021, the Company recorded fee income of $8.1 million and $8.2 million, respectively.
Non-Accrual Income
Loans are generally placed on non-accrual status when there is reasonable doubt whether principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As

For further information regarding the non-accrual status of June 30, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.investments refer to “Note 4. Investments”.
Organization Expenses and Offering Expenses
Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.
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Costs associated with the offering of the Company’s shares are capitalized as “deferred offering costs” on the Condensed Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous offering.

For the three and six months ended June 30, 2022, the Company accrued organization costs of $0.0 million and $0.0 million, and offering costs of $1.2 million and $2.1 million, respectively. For the three and six months ended June 30, 2021, the Company accrued organization costs of $0.0 million and $1.1 million, and offering costs of $0.8 million and $1.6 million, respectively.

Deferred Financing Costs and Debt Issuance Costs
Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Income Taxes
The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the condensed consolidated financial statements of the Company.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.
To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RICeliminate any entity level corporate income tax, treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.
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In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

For the three and six months ended June 30, 2022, the Company incurred $0.2 million and $0.3 million, respectively, of U.S. federal excise tax. For the three and six months ended June 30, 2021, the Company did not incur any U.S. federal excise tax.

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

Distributions
To the extent that the Company has taxable incometax earnings and profits available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of ourthe Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.
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Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)”,” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“(“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. TheIn December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. To date, there has been no material impact of these standards on the Company’s financial position, results of operations or cash flows, and the Company is currently evaluatingcontinuing to evaluate the impact of the adoption of ASU 2020-04 and 2021-01 on its condensed consolidated financial statements.
Note 3. Fees, Expenses, Agreements and Related Party Transactions
Investment Advisory Agreement
On October 5, 2020, the Company entered into an investment advisory agreement with the Adviser (the ““Investment Advisory AgreementAgreement””), pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.
On August 2, 2022, the Company and the Adviser entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”), which was approved by the Board, including a majority of the Independent Trustees. The Amended and Restated Investment Advisory Agreement altered the Investment Advisory Agreement by removing certain “sunset” provisions that previously stated that certain requirements of the North American Securities Administrators Association (“NASAA”) Omnibus Guidelines would no longer apply if the Company’s shares become “covered securities” within the meaning of Section 18 of the Securities Act of 1933, as amended, and amending certain undertakings provisions, including to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Investment Advisory Agreement.
The Investment Advisory Agreement iswas effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. On May 2, 2022, theThe Investment Advisory Agreement was most recently renewed and continuedapproved by the Board, including a majority of the Independent Trustees, on May 2, 2023, for an additionala one-year period ending on May 31, 2023.
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2024.
The Company pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser. The Adviser agreed to waive the management fee and incentive fee based on income through July 7, 2021.
Base Management FeeFees
The management fee is payable monthly and is settled and paid quarterly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. The management fee calculation will be prorated for any partial months, including the first calendar month in which the Company commenced operations.

For the three and six months ended June 30, 2023, base management fees were $75.6 million and $149.2 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. For the three and six months ended June 30,
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2022, base management fees were $64.9 million and $115.6 million, respectively. For the three and six months ended June 30, 2021, base management fees representing $12.6respectively, of which $0.0 million and $17.0$0.0 million, respectively, were fully waived. As of June 30, 20222023 and December 31, 2021, $64.92022, $75.6 million and $35.0$73.4 million, respectively, was payable to the Adviser relating to management fees.
Incentive Fees
The incentive fee consistsfees consist of two components that are independentdetermined independently of each other, with the result that one component may be payable even if the other is not. A portion of the incentive feeOne component is based on a percentage of income and a portionthe other component is based on a percentage of capital gains, each as described below.
(i) Income based incentive feefees
The portion based onfirst part of the Company’s incomeincentive fee is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are receivedthe Company receives from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreementan administration agreement entered into between the Company and the Administrator (“Administration Agreement”), and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.
Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).
The Company pays its Adviser an income based incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:
•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);
•100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” This “catch-up” is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and
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•12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).
These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.
(ii) Capital gains incentive feefees
The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP.
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For the three and six months ended June 30, 2023, the Company accrued income based incentive fees of $109.5 million and $210.3 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. For the three and six months ended June 30, 2022, the Company accrued income based incentive fees of $63.0 million and $111.1 million, respectively. For the three and six months ended June 30, 2021, the Company accrued income based incentive feesrespectively, of $10.9which $0.0 million and $13.8$0.0 million, respectively, which were fully waived. As of June 30, 20222023 and December 31, 2021,2022, there was $63.0$109.5 million and $36.0$94.1 million, respectively, payable to the Adviser for the income based incentive fees.
For the three and six months ended June 30, 2023, the Company accrued capital gains incentive fees of $0.0 million and $0.0 million, respectively. For the three and six months ended June 30, 2022, the Company accrued capital gains incentive fees of $(4.6) million and $(15.1) million, respectively, none of which was payable under the Investment Advisory Agreement. For the three and six months ended June 30, 2021, the Company accrued capital gains incentive fees of $6.5 million and $9.3 million, respectively, none of which was payable under the Investment Advisory Agreement.respectively.
Administration Agreement
On October 5, 2020, the Company entered into an administration agreement (the “the Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the U.S. Securities and Exchange Commission (the “SEC”) and other regulators, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses, the payment of receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in Investment Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.
Unless earlier terminated as described below, the Administration Agreement iswas effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. The Investment AdvisoryAdministration Agreement will automatically terminate inwas most recently renewed and approved by the event of its assignment within the meaningBoard, including a majority of the 1940 Act and related SEC guidance and interpretations. OnIndependent Trustees, on May 2, 2022,2023, for a one-year period.
For the three and six months ended June 30, 2023, the Company incurred $1.4 million and $3.4 million, respectively, in expenses under the Administration Agreement, was renewed and continued for an additional one-year period ending on May 31, 2023.
which were recorded in “Administrative service expenses” in the Company’s Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company incurred $1.0 million and $2.2 million, respectively, in expenses under the Administration Agreement, which were recorded in “administrative“Administrative service expenses” in the Company’s Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2021, the Company incurred $0.3 million and $0.6 million, respectively, in expenses under the Administration Agreement. As of June 30, 20222023 and December 31, 2021, $0.92022, $1.2 million and $1.2$1.9 million, respectively, was unpaid and included in “due“Due to affiliates” in the Condensed Consolidated Statements of Assets and Liabilities, respectively.
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Sub-Administration Agreement
On October 5, 2020, the Administrator entered into a sub-administration agreement (the “Sub AdministrationSub-Administration Agreement”) with State Street Bank and Trust Company. The sub-administrator will receive compensation for its sub-administrative services under the Sub-Administration Agreement.
Intermediary Manager Agreement
On October 5, 2020, the Company entered into an intermediary manager agreement (the ““Intermediary Manager AgreementAgreement””) with Blackstone Securities Partners L.P. (the “Intermediary Manager”), an affiliate of the Adviser. Pursuant to the Intermediary Manager Agreement, no upfront transaction fee will be paid with respect to Class S shares, Class D shares or
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Class I shares, however, if shareholders purchase Class S shares or Class D shares through certain financial intermediaries, they may directly charge shareholders transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company’s public offering of its common shares.Common Shares. The Intermediary Manager will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Company’s net assets attributable to Class S and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.
The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.
The Intermediary Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“(FINRA“FINRA””).
The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s trustees who are not “interested persons”,persons,” as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.
Distribution and Servicing Plan
On October 5, 2020, the Board approved a distribution and servicing plan (the “Distribution “Distribution and Servicing PlanPlan””). The following table shows the shareholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to the Class S, Class D and Class I on an annualized basis as a percentage of the Company’s NAV for such class.
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Shareholder
Servicing and/or
Distribution
Fee as a %
of NAV
Class I shares— 
Class S shares0.85 %
Class D shares0.25 %
Class I shares— 
The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.
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The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.
Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.
For the three and six months ended June 30, 2023, the Company accrued distribution and shareholder servicing fees of $16.3 million and $31.7 million, respectively, which were attributable to Class S shares. For the three and six months ended June 30, 2023, the Company accrued distribution and shareholder servicing fees of $0.1 million and $0.7 million, respectively, which were attributable to Class D shares.
For the three and six months ended June 30, 2022, the Company accrued distribution and shareholder servicing fees of $12.4 million and $21.9 million, respectively, which were attributable to Class S shares, respectively.shares. For the three and six months ended June 30, 2022, the Company accrued distribution and shareholder servicing fees of $0.5 million and $0.9 million, respectively, which were attributable to Class D shares, respectively.shares.

For the three and six months ended June 30, 2021, the Company accrued distribution and shareholder servicing fees of $1.8 million and $2.2 million, which were attributable to Class S shares, respectively. For the three and six months ended June 30, 2021, the Company accrued distribution and shareholder servicing fees of $0.0 million and $0.0 million, which were attributable to Class D shares, respectively.

Expense Support and Conditional Reimbursement Agreement
On October 5, 2020, the Company entered into an expense support and conditional reimbursement agreement (the ““Expense Support AgreementAgreement””) with the Adviser. The Adviser may elect to pay certain Company expenses on the Company’s behalf (each, an ““Expense PaymentPayment””), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.
Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess “Excess Operating FundsFunds””), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall beto the Adviser are referred to herein as a ““Reimbursement Payment.Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).
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The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.
The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's commencement of operations:

For the Month EndedExpense Payments by AdviserReimbursement Payments to AdviserUnreimbursed Expense Payments
January 31, 2021$1,608 $(1,608)$— 
February 28, 2021591 (591)— 
Total$2,199 $(2,199)$— 
For the three and six months ended June 30, 2023 and 2022 the Adviser made no Expense Payments in the amount of $0.0 million and $0.0 million, respectively. For the three and six months ended June 30, 2022, there were no Reimbursement Payments made to the Adviser.
For the three and six months ended June 30, 2021, the Adviser made Expense Payments in the amount
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Table of $0.0 million and $2.2 million, respectively. For the three and six months ended June 30, 2021, there were Reimbursement Payments made to the Adviser of $2.2 million and $2.2 million, respectively.Contents

Controlled/Affiliated Portfolio Companies

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

The Company has made investments in controlled/affiliated companies, including BCRED Emerald JV (“JV”) and Specialty Lending Company (“SLC”).

On October 11, 2021, a wholly-owned subsidiary of the Company and a third-party investor entered into a limited liability company agreement with SLC. SLC is a specialty finance company focused on investing in consumer credit and is led by a management team with deep expertise in the consumer finance industry. The investment in SLC allows the Company to gain exposure to a different asset class than its core investing focus of senior secured lending to U.S. private U.S. companies. At the time of the transaction, the wholly-owned subsidiary of the Company and the third-party investor each committed $315 million and $35 million, respectively, to SLC. The Company does not consolidate its equity interest in SLC.

In addition, the Company has made investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. For further description of the Emerald JV and Verdelite JV, see “Note 10. BCRED Emerald JV”“Note 11. Joint Ventures”.
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Note 4. Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
June 30, 2022December 31, 2021June 30, 2023December 31, 2022
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
First lien debtFirst lien debt$42,760,066 $42,028,355 90.92 %$28,076,107 $28,143,451 91.39 %First lien debt$43,137,695 $42,545,377 89.22 %$44,461,300 $43,710,812 89.37 %
Second lien debtSecond lien debt2,453,742 2,334,394 5.05 1,799,656 1,813,872 5.89 Second lien debt2,019,112 1,849,083 3.88 2,074,849 1,872,806 3.83 
Unsecured debtUnsecured debt27,508 22,153 0.05 6,061 5,842 0.02 Unsecured debt— — — 17,583 13,948 0.03 
Structured finance investmentsStructured finance investments409,511 370,531 0.80 287,275 286,610 0.93 Structured finance investments409,754 377,673 0.79 409,633 365,269 0.75 
Investment in joint venture802,579 768,479 1.66 — — — 
Investments in joint venturesInvestments in joint ventures2,120,206 2,130,208 4.47 2,232,706 2,188,394 4.47 
Equity investments(1)
Equity investments(1)
687,621 702,034 1.52 528,924 545,918 1.77 
Equity investments(1)
739,476 782,527 1.64 739,225 757,379 1.55 
TotalTotal$47,141,027 $46,225,946 100.00 %$30,698,023 $30,795,693 100.00 %Total$48,426,243 $47,684,868 100.00 %$49,935,296 $48,908,608 100.00 %
(1)Includes equity investment in SLC.
The industry composition of investments at fair value was as follows:
 June 30, 2022December 31, 2021
Aerospace & Defense1.22 %1.14 %
Air Freight & Logistics2.44 2.94 
Airlines0.10 0.10 
Auto Components0.23 0.28 
Beverages0.18 0.10 
Building Products2.20 2.89 
Capital Markets0.53 0.52 
Chemicals0.62 0.63 
Commercial Services & Supplies4.50 5.50 
Construction Materials0.11 0.08 
Construction & Engineering0.83 1.08 
Containers & Packaging1.05 0.78 
Distributors0.83 0.99 
Diversified Consumer Services3.38 4.36 
Diversified Financial Services (1)
2.53 3.33 
Diversified Telecommunication Services0.54 0.65 
Electrical Equipment0.97 2.45 
Electronic Equipment, Instruments & Components0.27 0.32 
Electric Utilities0.10 0.16 
Energy Equipment & Services0.08 0.14 
Entertainment0.11 0.09 
Food Products0.07 0.12 
Health Care Equipment & Supplies1.68 1.77 
Health Care Providers & Services12.68 11.34 
Health Care Technology2.48 1.58 
Hotels, Restaurants & Leisure0.93 0.54 
Household Durables0.29 0.30 
Independent Power and Renewable Electricity Producers0.01 — 
Industrial Conglomerates0.84 0.54 
Insurance4.16 4.40 
Interactive Media & Services0.41 0.24 
Internet & Direct Marketing Retail2.61 2.52 
IT Services4.74 5.74 
June 30, 2023December 31, 2022
Aerospace & Defense1.28 %1.25 %
Air Freight & Logistics2.66 2.80 
Airlines0.06 0.07 
Auto Components0.06 0.11 
Beverages0.09 0.13 
Building Products2.24 2.37 
Capital Markets0.22 0.22 
Chemicals0.28 0.38 
Commercial Services & Supplies3.48 3.68 
Construction Materials0.04 0.07 
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Investment in Joint Venture1.66 — 
June 30, 2023December 31, 2022
Construction & EngineeringConstruction & Engineering0.78 %0.67 %
Containers & PackagingContainers & Packaging0.29 0.46 
DistributorsDistributors0.68 0.67 
Diversified Consumer ServicesDiversified Consumer Services2.94 2.95 
Diversified Financial Services (1)
Diversified Financial Services (1)
2.26 2.17 
Diversified Telecommunication ServicesDiversified Telecommunication Services0.56 0.53 
Electrical EquipmentElectrical Equipment0.89 0.89 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components1.11 1.28 
Electric UtilitiesElectric Utilities0.11 0.10 
Energy Equipment & ServicesEnergy Equipment & Services0.09 0.09 
EntertainmentEntertainment0.04 0.04 
Food ProductsFood Products0.05 0.05 
Ground TransportationGround Transportation0.01 — 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies1.49 1.52 
Health Care Providers & ServicesHealth Care Providers & Services12.01 11.68 
Health Care TechnologyHealth Care Technology3.14 3.21 
Hotels, Restaurants & LeisureHotels, Restaurants & Leisure0.39 0.55 
Household DurablesHousehold Durables0.07 0.23 
Industrial ConglomeratesIndustrial Conglomerates0.75 0.95 
InsuranceInsurance4.90 4.67 
Interactive Media & ServicesInteractive Media & Services0.04 0.16 
Internet & Direct Marketing RetailInternet & Direct Marketing Retail2.23 2.22 
Investments in Joint VenturesInvestments in Joint Ventures4.47 4.47 
IT ServicesIT Services4.73 4.54 
Leisure ProductsLeisure Products0.26 0.35 Leisure Products0.07 0.17 
Life Sciences Tools & ServicesLife Sciences Tools & Services0.66 0.93 Life Sciences Tools & Services0.56 0.37 
MachineryMachinery0.17 0.34 Machinery0.05 0.08 
MarineMarine0.47 0.72 Marine0.48 0.46 
MediaMedia0.56 0.35 Media0.57 0.61 
Metals & MiningMetals & Mining0.15 0.16 Metals & Mining0.07 0.13 
Oil, Gas & Consumable FuelsOil, Gas & Consumable Fuels0.28 0.18 Oil, Gas & Consumable Fuels0.16 0.20 
Paper & Forest ProductsPaper & Forest Products0.25 0.37 Paper & Forest Products0.14 0.13 
Personal Products0.08 — 
PharmaceuticalsPharmaceuticals0.67 0.25 Pharmaceuticals0.70 0.67 
Professional ServicesProfessional Services12.39 14.27 Professional Services12.27 12.50 
Real Estate Management & DevelopmentReal Estate Management & Development0.55 0.76 Real Estate Management & Development0.23 0.22 
Road & Rail0.18 0.25 
Road & Rail (2)
Road & Rail (2)
— 0.00 
SoftwareSoftware23.68 18.61 Software26.50 25.59 
Specialty RetailSpecialty Retail0.35 0.46 Specialty Retail0.30 0.30 
Technology Hardware, Storage & PeripheralsTechnology Hardware, Storage & Peripherals0.10 0.20 Technology Hardware, Storage & Peripherals0.10 0.09 
Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods0.07 0.11 Textiles, Apparel & Luxury Goods0.05 0.06 
Trading Companies & DistributorsTrading Companies & Distributors0.91 0.88 Trading Companies & Distributors0.70 0.75 
Transportation InfrastructureTransportation Infrastructure2.72 3.10 Transportation Infrastructure2.57 2.44 
Wireless Telecommunication ServicesWireless Telecommunication Services0.12 0.09 Wireless Telecommunication Services0.04 0.05 
TotalTotal100.00 %100.00 %Total100.00 %100.00 %
(1)Includes equity investment in SLC.

(2)Amount rounds to less than 0.00% for December 31, 2022.
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The geographic composition of investments at cost and fair value was as follows:
June 30, 2022June 30, 2023
CostFair Value% of Total
Investments at
Fair Value		Fair Value
as % of Net
Assets		CostFair Value% of Total
Investments at
Fair Value		Fair Value
as % of Net
Assets
United StatesUnited States$43,382,846 $42,617,619 92.19 %203.22 %United States$43,905,469 $43,228,152 90.65 %181.66 %
EuropeEurope2,780,645 2,688,682 5.82 12.82 Europe3,379,762 3,375,331 7.08 14.18 
CanadaCanada586,487 566,947 1.23 2.70 Canada713,803 686,857 1.44 2.89 
Cayman Islands391,049 352,698 0.76 1.68 
Bermuda/Cayman IslandsBermuda/Cayman Islands403,474 371,186 0.78 1.56 
Australia/New ZealandAustralia/New Zealand23,735 23,342 0.05 0.10 %
TotalTotal$47,141,027 $46,225,946 100.00 %220.42 %Total$48,426,243 $47,684,868 100.00 %200.39 %
December 31, 2021December 31, 2022
CostFair Value% of Total
Investments at
Fair Value		Fair Value
as % of Net
Assets		CostFair Value% of Total
Investments at
Fair Value		Fair Value
as % of Net
Assets
United StatesUnited States$28,955,027 $29,050,466 94.32 %226.00 %United States$45,326,287 $44,468,163 90.92 %196.02 %
EuropeEurope1,190,619 1,190,884 3.87 9.26 Europe3,385,990 3,308,990 6.77 14.59 
CanadaCanada267,830 270,342 0.88 2.10 Canada795,999 748,234 1.53 3.30 
Cayman Islands279,365 278,788 0.91 2.17 
Australia5,182 5,213 0.02 0.04 
Bermuda/Cayman IslandsBermuda/Cayman Islands403,356 359,125 0.73 1.58 
Australia/New ZealandAustralia/New Zealand23,664 24,096 0.05 0.11 
TotalTotal$30,698,023 $30,795,693 100.00 %239.57 %Total$49,935,296 $48,908,608 100.00 %215.60 %
As of June 30, 20222023 and December 31, 2021, no loans2022, two borrowers (across three loans) and one borrower in the portfolio were on non-accrual status.status, respectively.
As of June 30, 20222023 and December 31, 2021,2022, on a fair value basis, approximately 99.6%99.9% and 99.6%99.8%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.4%0.1% and 0.4%0.2%, respectively, of our performing debt investments bore interest at a fixed rate.
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Note 5. Fair Value Measurements and Derivative Instruments
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.  
The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:
•Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.
•Level 2:  Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.
•Level 3:  Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include debt and equity investments in privately held entities, collateralized loan obligations (“CLOs”) and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.  Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.
In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820.  Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.
In the absence of independent, reliable market quotes, an enterprise value analysis is typically performed to determine the value of equity investments, control debt investments and non-control debt investments that are credit-impaired, and to determine if debt investments are credit impaired.  Enterprise value (“EV”) means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time.  When an investment is valued using an EV analysis, the EV of a portfolio company is first determined and allocated over the portfolio company’s securities in order of their preference relative to one another (i.e. “waterfall” allocation).  
If debt investments are credit-impaired, which occurs when there is insufficient coverage under the EV analysis through the respective investment’s position in the capital structure, the Adviser uses the enterprise value “waterfall” approach or a recovery method (if a liquidation or restructuring is deemed likely) to determine fair value.  For debt investments that are not determined to be credit-impaired, the Adviser uses a market interest rate yield analysis (discussed below) to determine fair value.
The Adviser will generally utilize approaches including the market approach, the income approach or both approaches, as appropriate, when calculating EV.  The primary method for determining EV for non-control investments, and control investments without reliable projections, uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) or another key financial metric (e.g. such as revenues, cash flows or net income) (“Performance Multiple”).  Performance Multiples are typically determined based
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upon a review of publicly traded comparable companies and market comparable transactions, if any.  The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine a present value using estimated discount rates.  The income approach is generally used when the Adviser has visibility into the long term projected cash flows of a portfolio company, which is more common with control investments.  
Subsequently, for non-control debt investments that are not credit-impaired, and where there is an absence of available market quotations, fair value is determined using a yield analysis. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield.  A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles.  The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.  The fair value of loans with call protection is generally capped at par plus applicable prepayment premium in effect at the measurement date.
Investments
The following table presentstables present the fair value hierarchy of financial instruments:
June 30, 2022June 30, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First lien debtFirst lien debt$— $9,471,964 $32,556,391 $42,028,355 First lien debt$— $4,621,520 $37,923,857 $42,545,377 
Second lien debtSecond lien debt— 888,319 1,446,075 2,334,394 Second lien debt— 757,957 1,091,126 1,849,083 
Unsecured debtUnsecured debt— 22,153 — 22,153 Unsecured debt— — — — 
Structured finance obligationsStructured finance obligations— 72,121 298,409 370,531 Structured finance obligations— 73,835 303,838 377,673 
Equity investments (1)
Equity investments (1)
— — 702,034 702,034 
Equity investments (1)
— — 782,527 782,527 
Total investmentsTotal investments— 10,454,557 35,002,909 45,457,466 Total investments— 5,453,312 40,101,348 45,554,660 
Investments measured at NAV(2)
— — — 768,479 
Investments Measured at NAV (2)
Investments Measured at NAV (2)
— — — 2,130,208 
TotalTotal$— $10,454,557 $35,002,909 $46,225,945 Total$— $5,453,312 $40,101,348 $47,684,868 
December 31, 2021
Level 1Level 2Level 3Total
First lien debt$— $5,096,942 $23,046,509 $28,143,451 
Second lien debt— 1,013,739 800,133 1,813,872 
Unsecured debt— 5,842 — 5,842 
Structured finance obligations— 81,018 205,592 286,610 
Equity investments(1)
— — 545,918 545,918 
Total investments$— $6,197,541 $24,598,152 $30,795,693 
Unrealized appreciation (depreciation) on foreign currency forward contracts— — 1,505 1,505 
Total$— $6,197,541 $24,599,657 $30,797,198 
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December 31, 2022
Level 1Level 2Level 3Total
First lien debt$— $6,167,268 $37,543,544 $43,710,812 
Second lien debt— 720,083 1,152,723 1,872,806 
Unsecured debt— 13,948 — 13,948 
Structured finance obligations— 71,934 293,335 365,269 
Equity investments (1)
— — 757,379 757,379 
Total investments$— $6,973,233 $39,746,981 $46,720,214 
Investments Measured at NAV (2)
— — — 2,188,394 
Total$— $6,973,233 $39,746,981 $48,908,608 
(1)Includes equity investment in SLC.
(2)Includes equity investmentinvestments in Joint Venturethe Emerald JV and Verdelite JV (refer to Note 10)11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.Condensed Consolidated Statements of Assets and Liabilities.
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The following table presents changetables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
Three Months Ended June 30, 2023
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of period$37,943,535 $1,092,027 $295,801 $779,150 $40,110,513 
Purchases of investments861,128 1,189 — — 862,317 
Proceeds from principal repayments and sales of investments(854,802)— — (827)(855,629)
Accretion of discount/amortization of premium38,565 749 53 — 39,367 
Net realized gain (loss)(15,436)— — 666 (14,770)
Net change in unrealized appreciation (depreciation)(71,123)(2,839)7,984 3,538 (62,440)
Transfers into Level 3 (1)
28,751 — — — 28,751 
Transfers out of Level 3 (1)
(6,761)— — — (6,761)
Fair value, end of period$37,923,857 $1,091,126 $303,838 $782,527 $40,101,348 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023$(91,096)$(3,713)$8,398 $3,538 $(82,873)
Three Months Ended June 30, 2022
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of period$25,752,883 $956,274 $253,726 $567,854 $27,530,737 
Purchases of investments7,344,559 306,896 67,933 151,652 7,871,040 
Proceeds from principal repayments and sales of investments(568,006)50 — (9,000)(576,956)
Accretion of discount/amortization of premium28,781 762 41 — 29,584 
Net realized gain (loss)531 — — — 531 
Net change in unrealized appreciation (depreciation)(104,971)(64,350)(23,291)(8,472)(201,084)
Transfers into Level 3 (1)
224,151 246,443 — — 470,594 
Transfers out of Level 3 (1)
(121,537)— — — (121,537)
Fair value, end of period$32,556,391 $1,446,075 $298,409 $702,034 $35,002,909 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(105,795)$(64,323)$(22,589)$(8,472)$(201,179)
Six Months Ended June 30, 2022Six Months Ended June 30, 2023
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal InvestmentsFirst Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of periodFair value, beginning of period$23,046,509 $800,133 $205,592 $545,918 $24,598,152 Fair value, beginning of period$37,543,544 $1,152,723 $293,335 $757,379 $39,746,981 
Purchases of investmentsPurchases of investments10,222,838 535,032 122,160 190,323 11,070,353 Purchases of investments1,519,657 14,996 — 412 1,535,065 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(699,113)— — (31,770)(730,883)Proceeds from principal repayments and sales of investments(1,079,635)(5)— (827)(1,080,467)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium49,259 1,310 61 — 50,630 Accretion of discount/amortization of premium72,858 1,550 106 — 74,514 
Net realized gain (loss)Net realized gain (loss)1,499 23 — 144 1,666 Net realized gain (loss)(48,938)— — 666 (48,272)
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)(110,737)(68,550)(29,404)(2,581)(211,272)Net change in unrealized appreciation (depreciation)(98,772)(185)10,397 24,897 (63,663)
Transfers into Level 3 (1)
Transfers into Level 3 (1)
304,035 206,873 — — 510,908 
Transfers into Level 3 (1)
199,627 — — — 199,627 
Transfers out of Level 3 (1)
Transfers out of Level 3 (1)
(257,899)(28,746)— — (286,645)
Transfers out of Level 3 (1)
(184,484)(77,953)— — (262,437)
Fair value, end of periodFair value, end of period$32,556,391 $1,446,075 $298,409 $702,034 $35,002,909 Fair value, end of period$37,923,857 $1,091,126 $303,838 $782,527 $40,101,348 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(112,133)$(65,027)$(29,404)$(2,581)$(209,145)
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023$(134,748)$(1,463)$9,714 $24,897 $(101,600)
(1)For the three and six months ended June 30, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.
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Three Months Ended June 30, 2022
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of period$25,752,883 $956,274 $253,726 $567,854 $27,530,737 
Purchases of investments7,344,559 306,896 67,933 151,652 7,871,040 
Proceeds from principal repayments and sales of investments(568,006)50 — (9,000)(576,956)
Accretion of discount/amortization of premium28,781 762 41 — 29,584 
Net realized gain (loss)531 — — — 531 
Net change in unrealized appreciation (depreciation)(104,971)(64,350)(23,291)(8,472)(201,084)
Transfers into Level 3 (1)
224,151 246,443 — — 470,594 
Transfers out of Level 3 (1)
(121,537)— — — (121,537)
Fair value, end of period$32,556,391 $1,446,075 $298,409 $702,034 $35,002,909 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022$(105,795)$(64,323)$(22,589)$(8,472)$(201,179)
Six Months Ended June 30, 2022
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of period$23,046,509 $800,133 $205,592 $545,918 $24,598,152 
Purchases of investments10,222,838 535,032 122,160 190,323 11,070,353 
Proceeds from principal repayments and sales of investments(699,113)— — (31,770)(730,883)
Accretion of discount/amortization of premium49,259 1,310 61 — 50,630 
Net realized gain (loss)1,499 23 — 144 1,666 
Net change in unrealized appreciation (depreciation)(110,737)(68,550)(29,404)(2,581)(211,272)
Transfers into Level 3 (1)
304,035 206,873 — — 510,908 
Transfers out of Level 3 (1)
(257,899)(28,746)— — (286,645)
Fair value, end of period$32,556,391 $1,446,075 $298,409 $702,034 $35,002,909 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022$(112,133)$(65,027)$(29,404)$(2,581)$(209,145)
(1)For the three and six months ended June 30, 2022, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.transparency.
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Three Months Ended June 30, 2021
First Lien 
Debt		Second Lien 
Debt		EquityTotal InvestmentsForward Purchase Obligation
Fair value, beginning of period$2,566,565 $179,588 $7,360 $2,753,513 $1,910 
Purchases of investments3,015,062 320,265 49,514 3,384,841 — 
Proceeds from principal repayments and sales of investments(88,599)— — (88,599)(2,248)
Accretion of discount/amortization of premium3,269 95 — 3,364 — 
Net realized gain (loss)(122)— — (122)2,248 
Net change in unrealized appreciation (depreciation)16,679 5,371 3 22,053 (1,910)
Transfers into Level 3 (1)
82,297 — — 82,297 — 
Transfers out of Level 3 (1)
(248,884)(51,832)— (300,716)— 
Fair value, end of period$5,346,267 $453,487 $56,877 $5,856,631 $— 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2021$16,489 $5,371 $3 21,863 $— 
Six Months Ended June 30, 2021
First Lien 
Debt		Second Lien 
Debt		EquityTotal InvestmentsForward Purchase Obligation
Fair value, beginning of period$— $— $— $— $— 
Purchases of investments5,392,982 444,576 56,874 5,894,432 — 
Proceeds from principal repayments and sales of investments(73,005)— — (73,005)(3,709)
Accretion of discount/amortization of premium4,657 106 — 4,763 — 
Net realized gain (loss)(64)— — (64)3,709 
Net change in unrealized appreciation (depreciation)21,697 8,805 3 30,505 — 
Fair value, end of period$5,346,267 $453,487 $56,877 $5,856,631 $— 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2021$21,697 $8,805 $3 30,505 $— 
(1)For the three and six months ended June 30, 2021, transfers into or outTable of Level 3 were primarily due to decreased or increased price transparency, respectively.
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Contents
The following table presentstables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table isThese tables are not intended to be all-inclusive but instead capturescapture the significant unobservable inputs relevant to the Company’s determination of fair value.
June 30, 2022June 30, 2023
RangeRange
Fair ValueValuation
Technique		Unobservable
Input		LowHigh
Weighted
Average (1)
Fair ValueValuation
Technique		Unobservable
Input		LowHigh
Weighted Average (1)
Investments in first lien debtInvestments in first lien debt$31,691,294 Yield analysisDiscount rate6.81 %21.14 %9.39 %Investments in first lien debt$37,540,288 Yield analysisDiscount rate6.03 %24.92 %10.29 %
362,791 Market quotationsBroker quoted price77.5099.3895.48
865,097 Market quotationsBroker quoted price93.50101.0096.6220,778 Market approachPerformance multiple6.50x6.50x6.50x
32,556,391 37,923,857 
Investments in second lien debtInvestments in second lien debt980,503 Yield analysisDiscount rate7.76 %13.89 %10.67 %Investments in second lien debt924,373 Yield AnalysisDiscount rate9.98 %15.14 %12.14 %
465,572 Market quotationsBroker quoted price73.50101.5091.00166,753 Market quotationsBroker quoted price88.0095.5091.75
1,446,075 1,091,126 
Investments in structured financeInvestments in structured finance298,409 Market quotationsBroker quoted price85.0699.00 90.16Investments in structured finance303,838 Market quotationsBroker quoted price 81.50 97.95 91.92
Investments in equityInvestments in equity198,118 Market approachPerformance multiple7.00x29.75x19.82xInvestments in equity269,780 Market approachPerformance multiple6.00x31.00x18.55x
24,830 Option pricing modelExpected volatility29.07 %48.00 %36.91 %56,026 Option pricing modelExpected volatility30.00 %50.00 %42.69 %
298,186 Yield analysisDiscount rate11.35 %14.54 %12.63 %284,056 Yield analysisDiscount rate11.09 %16.73 %13.32 %
180,900 Recent transactionTransaction price100.00 %100.00 %100.00 %172,665 Asset recoverabilityN/A100.00 %100.00 %100.00 %
702,034 782,527 
TotalTotal$35,002,909 Total$40,101,348 
(1)Weighted averages are calculated based on fair value of investments.
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December 31, 2021December 31, 2022
RangeRange
Fair ValueValuation
Technique		Unobservable
Input		LowHigh
Weighted
Average (1)
Fair ValueValuation
Technique		Unobservable
Input		LowHigh
Weighted Average (1)
Investments in first lien debtInvestments in first lien debt$22,414,991 Yield analysisDiscount rate4.68 %10.34 %7.40 %Investments in first lien debt$36,766,038 Yield analysisDiscount rate6.83 %19.84 %9.93 %
759,391 Market quotationsBroker quoted price71.00105.6091.85
631,518 Market quotationsBroker quoted price98.00100.2599.4918,115 Market approachPerformance multiple7.00x7.00x7.00x
23,046,509 37,543,544 
Investments in second lien debtInvestments in second lien debt400,584 Yield analysisDiscount rate8.15 %13.04 %9.98 %Investments in second lien debt906,837 Yield analysisDiscount rate10.42 %15.33 %11.85 %
399,549 Market quotationsBroker quoted price98.00101.5099.07245,886 Market quotationsBroker quoted price61.50100.5087.36
800,133 1,152,723 
Investments in structured financeInvestments in structured finance205,592 Market quotationsBroker quoted price 96.69 100.00 99.23Investments in structured finance293,335 Market quotationsBroker quoted price81.9692.9688.84
Investments in equityInvestments in equity74,022 Market approachPerformance multiple7.25x31.28x21.38xInvestments in equity261,893 Market approachPerformance multiple5.50x29.00x17.21x
22,722 Option pricing modelExpected volatility30.00 %49.00 %38.24 %48,957 Option pricing modelExpected volatility30.00 %50.00 %44.43 %
236,774 Yield analysisDiscount rate10.89 %12.19 %11.50 %274,199 Yield analysisDiscount rate11.31 %14.95 %12.76 %
212,400 Recent transactionTransaction price100.00 %100.00 %100.00 %172,330 Asset recoverabilityN/A100.00 %100.00 %100.00 %
545,918 757,379 
TotalTotal$24,598,152 Total$39,746,981 
(1)Weighted averages are calculated based on fair value of investments.
The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the performance multiple.Performance Multiple. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in quoted prices or performance multiplesPerformance Multiples would result in a significantly lower fair value measurement.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
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Derivatives
The net fair value of interest rate swap assets and liabilities are included within Other assets and Accrued expenses and other liabilities, respectively, in the Statements of Financial Condition. The net fair value of Foreign currency forward contract assets and liabilities are included within Unrealized appreciation on foreign currency forward contracts and Unrealized depreciation on foreign currency forward contracts, respectively, in the Statements of Financial Condition. In the table below all foreign currency derivatives are not designated in hedge relationships. All interest rate swaps are designated in fair value hedge relationships.
Certain information related to the Company’s derivative instruments as of June 30, 2022 and December 31, 2021 is presented below.
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June 30, 2022
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Liabilities
Foreign currency forward contract$— $(583)$— $(583)$79,947 
Interest rate swaps— (96,205)— (96,205)4,902,750 
Total Fair Value$— $(96,788)$— $(96,788)$4,982,697 
December 31, 2021
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contract$— $— $1,505 $1,505 $423,123 
AsTable of June 30, 2022, there were no derivative assets and no counterparty netting was applied. As of December 31, 2021, there were no derivative liabilities and no counterparty netting was applied.
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Financial Instruments Not Carried at Fair Value
Debt
June 30, 2022December 31, 2021
Net Carrying
Value(1)(2)(3)
Fair Value
Net Carrying
Value(1)(2)(3)
Fair Value
Bard Peak Funding Facility$1,547,400 $1,547,400 $879,000 $879,000 
Castle Peak Funding Facility1,356,455 1,356,455 1,171,809 1,171,809 
Maroon Peak Funding Facility800,000 800,000 483,952 483,952 
Summit Peak Funding Facility1,808,793 1,808,793 1,643,154 1,643,154 
Denali Peak Funding Facility749,800 749,800 668,400 668,400 
Bushnell Peak Funding Facility593,800 593,800 395,500 395,500 
Granite Peak Funding Facility301,400 301,400 248,000 248,000 
Middle Peak Funding Facility713,950 713,950 799,550 799,550 
Bison Peak Funding Facility1,349,400 1,349,400 1,320,800 1,320,800 
Blanca Peak Funding Facility1,000,000 1,000,000 892,800 892,800 
Windom Peak Funding Facility1,816,641 1,816,641 989,759 989,759 
Monarch Peak Funding Facility973,400 973,400 567,400 567,400 
Borah Peak Funding Facility349,000 349,000 — — 
2022-1 BSL WH91,000 91,000 — — 
Revolving Credit Facility1,324,731 1,324,731 1,144,422 1,144,422 
June 2024 Notes421,027 423,594 431,854 431,738 
June 2026 Notes397,279 352,800 396,952 390,400 
September 2024 Notes352,254 354,864 361,805 359,232 
December 2026 Notes1,204,396 1,226,405 1,227,844 1,218,850 
November 2026 Eurobonds517,533 436,442 563,695 564,473 
November 2024 Notes482,076 485,575 496,054 499,946 
March 2027 Notes988,040 849,221 987,298 1,010,942 
January 2025 Notes480,646 485,142 — — 
January 2029 Notes638,361 533,283 — — 
March 2025 Notes876,324 884,326 — — 
May 2027 Notes621,436 624,026 — — 
April 2026 UK Bonds296,439 322,122 — — 
2021-1 BSL Debt661,953 654,600 661,910 663,148 
2022-1 BSL Debt418,670 419,289 — — 
2021-2 Debt504,189 499,311 504,124 505,750 
MML 2021-1 Debt685,860 690,000 685,696 690,000 
MML 2022-1 Debt753,652 759,000 — — 
Short-Term Borrowings302,182 302,182 718,156 718,156 
Total$25,378,087 $25,077,952 $18,239,934 $18,257,181 
(1)The carrying value of the Company's June 2024 Notes, June 2026 Notes, September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, May 2027 Notes and April 2026 UK Bonds are presented net of unamortized debt issuance costs of $2.6 million, $2.7 million, $2.6 million, $20.8 million, $6.5 million, $3.5 million, $12.0 million, $4.3 million, $11.6 million, $8.0 million, $2.7 million and $3.3 million, respectively, as of June 30, 2022. The carrying value of the Company's June 2024 Notes, September 2024 Notes, June 2026 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes and March 2027 Notes are presented net of unamortized debt issuance costs of $3.1 million, $3.2 million, $3.0 million, $22.2 million, $6.3 million, $3.9 million and $12.7 million, respectively, as of December 31, 2021.
(2)The November 2026 Eurobonds are denominated in Euros and were converted from local currency (EUR) to U.S. Dollars at the time of the transaction. The April 2026 UK Bonds are denominated in British Pounds and were converted from local currency (GBP) to U.S. Dollars at the time of the transaction.
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(3)The carrying value of the Company’s 2021-1 BSL Debt, 2022-1 BSL Debt, 2021-2 Debt, MML 2021-1 Debt and MML 2022-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.3 million, $1.6 million, $4.1 million and $5.3 million as of June 30, 2022. The carrying value of the Company’s 2021-1 BSL Debt, 2021-2 Debt and MML 2021-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.7 million and $4.3 million as of December 31, 2021.
The following table presents fair value measurements of the Company’s debt obligations as of June 30, 20222023 and December 31, 2021:
June 30, 2022December 31, 2021
Level 1$— $— 
Level 25,577,380 3,653,442 
Level 319,500,572 14,603,739 
Total debt$25,077,952 $18,257,181 
2022 had they been accounted for at fair value:
Financial Instruments Not Carried
June 30, 2023December 31, 2022
Fair ValueFair Value
Bard Peak Funding Facility$489,862 $1,235,414 
Castle Peak Funding Facility1,123,800 1,146,600 
Maroon Peak Funding Facility— 300,000 
Summit Peak Funding Facility910,369 1,691,844 
Denali Peak Funding Facility562,800 749,800 
Bushnell Peak Funding Facility430,000 400,000 
Granite Peak Funding Facility675,600 647,600 
Middle Peak Funding Facility600,950 596,950 
Bison Peak Funding Facility1,200,000 1,182,000 
Blanca Peak Funding Facility1,343,000 1,081,000 
Windom Peak Funding Facility1,384,025 1,741,465 
Monarch Peak Funding Facility1,400,400 873,400 
Borah Peak Funding Facility80,000 223,000 
2022-1 BSL WH— 148,000 
Naomi Peak Funding Facility385,000 400,000 
Meridian Peak Funding Facility220,000 170,000 
Haydon Peak Funding Facility49,000 49,000 
Bear Peak Funding Facility173,292 166,031 
Revolving Credit Facility1,154,373 1,470,758 
June 2024 Notes415,582 406,886 
June 2026 Notes359,194 352,646 
May 2027 Notes592,027 586,924 
October 2027 Notes354,493 353,434 
September 2024 Notes342,526 336,654 
December 2026 Notes1,079,282 1,053,132 
November 2026 Eurobonds471,452 449,149 
November 2024 Notes468,403 459,089 
March 2027 Notes872,864 856,640 
January 2025 Notes468,080 462,125 
January 2029 Notes562,945 550,113 
March 2025 Notes867,996 866,280 
April 2026 UK Bonds284,100 272,657 
September 2025 Notes797,996 795,092 
2021-1 BSL Debt663,000 663,000 
2021-2 Debt505,800 505,800 
MML 2021-1 Debt690,000 690,000 
MML 2022-1 Debt754,186 759,000 
2022-1 BSL Debt420,000 420,000 
MML 2022-2 Debt299,902 300,018 
Short-Term Borrowings201,167 619,377 
Total$23,653,466 $26,030,878 

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The following table presents the categorization of the Company’s debt obligations as of June 30, 2023 and December 31, 2022 had they been accounted for at Fair Valuefair value:
June 30, 2023December 31, 2022
Level 1$— $— 
Level 2— — 
Level 323,653,466 26,030,878 
Total debt$23,653,466 $26,030,878 
Other Assets and Liabilities

As of June 30, 20222023 and December 31, 2021,2022, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt obligations listed above, approximate fair value due to their short maturities.
The carrying amounts of the Company’s financial assets and liabilities, other than investments at fair value and the forward purchase obligation, approximate fair value. These financial instruments arewould be categorized as Level 3 within the fair value hierarchy.
Note 6. Derivatives
The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.
The net fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the Condensed Consolidated Statements of Assets and Liabilities.
The tables below present the aggregate notional amount and fair value of the Company’s derivative financial instruments as of June 30, 2023 and December 31, 2022.
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June 30, 2023
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contract$— $— $— $— $— 
Interest rate swaps— — — — — 
Total Derivative assets at fair value$— $— $— $— $— 
Cash collateral received$— 
Derivative Liabilities
Foreign currency forward contract$— $(3,105)$— $(3,105)$279,336 
Interest rate swaps— (272,276)— (272,276)6,042,375 
Total Derivative liabilities at fair value$— $(275,381)$— $(275,381)$6,321,711 
Cash collateral posted$375,711 
December 31, 2022
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contract$— $3,952 $— $3,952 $157,384 
Total Derivative assets at fair value$— $3,952 $— $3,952 $157,384 
Cash collateral received$— 
Derivative Liabilities
Foreign currency forward contract$— $(2,040)$— $(2,040)$162,174 
Interest rate swaps— (248,311)— (248,311)5,975,000 
Total Derivative liabilities at fair value$— $(250,351)$— $(250,351)$6,137,174 
Cash collateral posted$355,742 
In the tables above:
•The fair value of derivatives assets and derivative liabilities is presented on a gross basis.
•The notional amount represents the absolute value amount of all outstanding derivative contracts.
•All foreign currency derivatives are not designated in hedge relationships.
•All interest rate swaps are designated in fair value hedge relationships.
•The Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and posted are not offset against the derivative assets and derivative liabilities in the Condensed Consolidated Statements of Assets and Liabilities.
The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities not designated in a qualifying hedge accounting relationship for the three and six month periods ended June 30, 2023 and June 30, 2022, respectively. The unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on Derivative instruments in the Condensed Consolidated Statements of Operations. The realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Foreign currency and other transactions in the Condensed Consolidated Statements of Operations.
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For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
Unrealized gain (loss)
Foreign currency forward contract$(3,026)$11,793 $(14,966)$(1,669)
Total Unrealized gain (loss)$(3,026)$11,793 $(14,966)$(1,669)
Realized gain (loss)
Foreign currency forward contract$(2,464)$— $2,306 $— 
Interest rate swaps— — — — 
Total Realized gain (loss)$(2,464)$— $2,306 $— 
Hedging
The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.
The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and six month periods ended June 30, 2023 and June 30, 2022, respectively.
For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.
For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
Interest rate swaps$(91,271)$(69,221)$(23,965)$(95,229)
Hedged items91,352 69,271 23,236 96,198 
The table below presents the carrying value of unsecured borrowings as of June 30, 2023 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:
DescriptionCarrying ValueCumulative Hedging Adjustments
Unsecured notes$5,725,542 $(269,526)
Note 7. Borrowings
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 20222023 and December 31, 2021,2022, the Company’s asset coverage was 182.0%197.7% and 170.2%184.5%.
SPV Financing Facilities
The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as of June 30, 2023, as described below: Bard Peak Funding, Castle Peak Funding, Maroon Peak Funding, Summit Peak Funding, Denali Peak Funding, Bushnell Peak Funding, Granite Peak Funding, Middle Peak Funding, Bison Peak Funding, Blanca Peak Funding, Windom Peak Funding, Monarch Peak Funding, Borah Peak Funding, Naomi Peak Funding, Meridian Peak Funding, Haydon Peak Funding and BorahBear Peak Funding, which are collectively referred to as the ““SPVs,”, and thesuch secured financing facilities described below are collectively referred to as the ““SPV Financing Facilities.”.
The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV’s portfolio investments and cash. The obligations of each SPV under the applicable
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SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the applicable SPV.
In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.
As of June 30, 20222023, and December 31, 2021,2022, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.
Bard Peak Funding Facility
On March 15, 2021, Bard Peak Funding a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the ““Bard Peak Funding FacilityFacility””) with BNP Paribas (“(BNPP“BNPP””). BNPP serves as administrative
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agent, Wells Fargo Bank, National Association (“Wells Fargo”), serves as collateral agent, and the Company serves as servicer under the Bard Peak Funding Facility.

Advances under the Bard Peak Funding Facility initially bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is three-month LIBOR in effect,the case of dollar advances), plus an applicable margin of 1.55% to 2.15% per annum depending on the nature of the advances being requested under the credit facility.facility, subject to a floor of 1.85%. After March 15, 2024, the applicable margin on all outstanding advances will be 3.15%3.05% per annum. Effective July 15, 2021, Bard Peak Funding will paypays a commitment fee of 0.90% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments until March 15, 2024, in addition to certain other fees as agreed between Bard Peak Funding and BNPP.
The initial principal amount of the commitments under the Bard Peak Funding Facility was $600 million. Effective July 23, 2021, October 29, 2021, November 18, 2021 and December 15, 2021, the maximum commitment amount of the Bard Peak Funding Facility was $1.0 billion, $1.5 billion, $2.0 billion and $1.7 billion, respectively. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bard Peak Funding and to make advances under delayed draw term loans and revolving loans where Bard Peak Funding is a lender.
The period during which Bard Peak Funding may make borrowings under the Bard Peak Funding Facility expires on March 15, 2024, and the Bard Peak Funding Facility will mature and all amounts outstanding under creditthe facility must be repaid by March 15, 2026.
On March 15, 2021, concurrent with the closing of the Bard Peak Funding Facility, Maple Park (as defined in Note 7) merged with and into Bard Peak Funding (the “Merger”) pursuant to an Agreement and Plan of Merger, with Bard Peak Funding the surviving entity of the Merger.
Upon consummation of the Merger, Bard Peak Funding used the proceeds of borrowings under the Bard Peak Funding Facility to repay in full all outstanding indebtedness under the Syndicated Warehouse (as defined in Note 7); and to redeem in full the Subordinated Notes (as defined in Note 7).
Castle Peak Funding Facility
On January 8, 2021, Castle Peak Funding entered into a senior secured revolving credit facility (the ““Castle Peak Funding FacilityFacility””) with Citibank, N.A. (“(Citi“Citi””). Citi serves as administrative agent, Wilmington Trust, National Association (“Wilmington Trust”), serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Castle Peak Funding Facility.
Advances used
Prior to finance the purchase or origination of broadly syndicated loansJune 30, 2023, advances under the Castle Peak Funding Facility initiallybore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which was the three-month LIBOR rate for dollar advances) plus an applicable margin of 1.50% to 2.00% per annum depending on the nature of the advances being requested. Effective June 30, 2023, advances under the Castle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month LIBOR,term SOFR rate for dollar advances) plus thean applicable margin of 1.50% per annum. Advances used1.70% to finance the purchase or origination of middle market loans under the Castle Peak Funding Facility initially bear interest at a2.20% per annum rate equal to LIBOR plusdepending on the applicable marginnature of 2.00% per annum.the advances being requested. After January 8, 2024, the applicable margin on outstanding advances will be increased by 1.00% per annum. Castle Peak Funding pays a commitment fee of 1.85% per annum if the unused facility amount is greater than 30% or 0.50% per annum if the unused facility amount is less than or equal to 30% and greater than 10%, based on the average daily unused amount of the financing commitments until January 8, 2024, in addition to certain other fees as agreed between Castle Peak Funding and Citi.
The initial principal amount of the Castle Peak Funding Facility was $200 million. Effective March 15, 2021, July 15, 2021 and December 21, 2021, the maximum commitment amount of the revolving credit commitments under the credit facility was $800 million, $1.3 billion and $1.6 billion, respectively. Proceeds from borrowings under the Castle Peak Funding Facility may be used to fund portfolio investments by Castle Peak Funding and to make advances under revolving loans or delayed draw term loans where Castle Peak Funding is a lender.
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The period during which Castle Peak Funding may make borrowings under the Castle Peak Funding Facility expires on January 8, 2024, and the Castle Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by January 8, 2026.
Maroon Peak Funding Facility
On January 28, 2021, Maroon Peak Funding entered into a senior secured revolving credit facility (the “Maroon Peak Funding Facility”) with Morgan Stanley Bank, N.A. (“(MS“MS””). Morgan Stanley Senior Funding, Inc. servesserved as administrative agent, , U.S. Bank Trust Company National Association serves(“U.S. Bank”), served as collateral agent and the Company servesserved as collateral manager under the Maroon Peak Funding Facility.
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Advances may bewere used to finance the purchase or origination of broadly syndicated loans under the Maroon Peak Funding Facility and initially bearbore interest at a per annum rate equal to the three-month LIBORterm SOFR then in effect plus 0.10% plus the applicable spread of 1.30% per annum. After January 28, 2022, the applicable spread on outstanding advances will increase to 2.00% per annum. Effective July 28, 2021, Maroon Peak Funding will paypaid a commitment fee of 0.50% per annum if the unused facility amount is greater than 10% based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Maroon Peak Funding and MS.
The initial principal amount of the Maroon Peak Funding Facility was $500 million. On February 26, 2021, March 23, 2021, June 29, 2021 and February 25, 2022, the maximum commitment amount of the revolving credit commitments under the credit facility was increased to $560 million, $1.0 billion, $700 million and $800 million, respectively. Proceeds from borrowings under the Maroon Peak Funding Facility may bewere used to fund portfolio investments by Maroon Peak Funding and to make advances under revolving loans or delayed draw term loans where Maroon Peak Funding is a lender.
All amounts outstanding under the Maroon Peak Funding Facility must bewere repaid by October 13, 2023, unlessand the parties have entered into an extension agreement.Maroon Peak Funding Facility terminated on May 10, 2023.
Summit Peak Funding Facility
On March 3, 2021, Summit Peak Funding entered into a senior secured revolving credit facility (which was subsequently amended and restated on May 12, 2021 and as further amended from time to time, the (“Summit Peak Funding Facility”) with Société Générale (“SG”). SG serves as agent, Wilmington Trust National Association, serves as collateral agent, custodian and collateral administrator and the Company serves as servicer under the Summit Peak Funding Facility.
Advances used to finance the purchase or origination of broadly syndicated loans under the Summit Peak Funding Facility initially bear interest at a blended per annum rate adjusted monthly based on the proportion of the broadly syndicated loans in the portfolio to the proportion of middle market loans in the portfolio, with theportfolio. The rate attributable to broadly syndicated loans equal toequals the three-month LIBOR plusbenchmark for the currency of the applicable advance (which is three-month term SOFR for dollar advances), plus an applicable margin ofranging from 1.50% for certain foreign currency advances to 1.65% per annum and thefor U.S. dollar advances. The rate attributable to middle market loans equal to LIBORequals such applicable benchmark plus thean applicable margin ofranging from 2.15% for certain foreign currency advances to 2.30% per annum and with suchfor U.S. dollar advances. Such blended raterates are subject to a floor of LIBORsuch applicable benchmark plus 2.00% for certain foreign currency advances and 2.15% per annum. Effective September 3, 2021,annum for U.S. dollar advances. Summit Peak Funding will paypays a commitment fee of 0.25%0.40% per annum if the unused facility amount is greater than 25% based on the average daily unused amount of the financing commitments, and effective January 3, 2022, such fee shall increase to 0.40% per annum, terminating on March 1, 2024, in addition to certain other fees as agreed between Summit Peak Funding and SG.
The initial principal amount of the Summit Peak Funding Facility is $500 million. Effective May 12, 2021, October 29, 2021 and March 17, 2022, the maximum commitment amount of the Summit Peak Funding Facility was $1.0 billion, $2.0 billion and $2.3 billion, respectively. Proceeds from borrowings under the Summit Peak Funding Facility may be used to fund portfolio investments by Summit Peak Funding and to make advances under revolving loans or delayed draw term loans where Summit Peak Funding is a lender.
The period during which Summit Peak Funding may make borrowings under the Summit Peak Funding Facility expires on March 1, 2024, and the Summit Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by March 3, 2026.
Denali Peak Funding Facility
Pursuant to the Purchase Agreement (as discussed in Note 11), Denali Peak Funding is now indirectly wholly-owned by the Company. Denali Peak Funding is party to a senior secured revolving credit facility (the “Denali Peak Funding Facility”), dated as of October 11, 2018, with Deutsche Bank AG, New York Branch (“DB”), which credit facility was indirectly assumed by the Company pursuant to the Purchase Agreement.. DB serves as agent, U.S. Bank National Association serves as collateral agent and collateral custodian and Twin Peaks (as discussed in Note 11) serves as servicer under the Denali Peak Funding Facility.
AdvancesAs of March 31, 2023, advances under the Denali Peak Funding Facility initially bearbore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is three-month LIBOR for dollar advances), plus the applicable margin of 2.00%1.95% per annum. As of April 4, 2023, advances under the Denali Peak Funding Facility bear interest at a per annum
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rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus a spread adjustment of 0.15% per annum), plus the applicable margin of 1.95% per annum. After October 11, 2021,September 30, 2024, the applicable margin on outstanding advances was increasedwill increase by 0.25%0.20% per annum.
The initial principal amount of the Denali Peak Funding Facility was $200 million, which was fully drawn. Effective September 30, 2021, October 20, 2021 and March 9, 2022,is required to utilize a minimum percentage of the maximum commitmentfinancing commitments, with unused amounts below such minimum utilization amount ofaccruing a fee at a rate equal to the applicable margin described above. In addition, Denali Peak Funding Facility was $600 million, $675 millionpays an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount. Denali Peak Funding also pays an administrative agency fee to DB, in addition to certain other fees, each as agreed between Denali Peak Funding and $750 million, respectively. DB.
Proceeds from borrowings under the Denali Peak Funding Facility may be used to fund portfolio investments by Denali Peak Funding and to make advances under revolving loans where Denali Peak Funding is a lender. Effective September 30, 2021, the
The period during which Denali Peak Funding may
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make borrowings under the Denali Peak Funding Facility expires on September 30, 2024, and the Denali Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by September 30, 2026.
Bushnell Peak Funding Facility
On May 12, 2021, Bushnell Peak Funding a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the “Bushnell Peak Funding Facility”) with Bank of America, N.A. (“Bank of America”). Bank of America serves as administrative agent, Wells Fargo Bank, N.A. serves as collateral administrator and the Company serves as investment adviser under the Bushnell Peak CreditFunding Facility.

AdvancesPrior to April 25, 2023, advances under the Bushnell Peak CreditFunding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the daily floating LIBOR rate for dollar advances) plus an applicable margin of 1.50% to 1.75% per annum depending on the nature of the advances being requested. From April 25, 2023 until December 5, 2024, advances under the Bushnell Peak Funding Facility bear interest at a per annum rate equal to the “base rate”benchmark for the currency of the applicable advance (which is the greatestone-month term SOFR rate for dollar advances) plus an applicable margin of (i)1.60% to 1.85% per annum depending on the sum of (A) the weighted averagenature of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (B) 0.5%, (ii) the prime rate as publicly announced by Bank of Americaadvances being requested. From and (iii) one month LIBOR) plusafter December 6, 2024, the applicable margin for advances will increase to 2.10% to 2.45% per annum depending on the nature of 1.35% per annum.the advances being requested. Bushnell Peak Funding is required to utilize a minimum percentage of the financing commitments, (the “Minimum Utilization Amount”), which amount is equal to 80% of the aggregate commitments beginning one month after the closing date of the Bushnell Peak Credit Facility and thereafter. Unusedwith unused amounts below the Minimum Utilization Amount accruesuch minimum utilization amount accruing a fee at a rate of 1.35%1.60% per annum. In addition, Bushnell Peak Funding will payalso pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of the Minimum Utilization Amount, commencing one month after the closing date of the Bushnell Peak Credit Facility.

The initial principalsuch minimum utilization amount, of the Bushnell Peak Credit Facility is $425 million. Effective December 6, 2021, the maximum commitment amount of thein addition to certain other fees agreed between Bushnell Peak Funding Facility was increased to $600 million. and Bank of America.
Proceeds from borrowings under the Bushnell Peak CreditFunding Facility may be used to fund portfolio investments by Bushnell Peak Funding and to make advances under revolving loans or delayed draw term loans where Bushnell Peak Funding Facility is a lender. All
The period during which Bushnell Peak Funding may make borrowings under the Bushnell Peak Funding Facility expires on April 25, 2026, and the Bushnell Peak Funding Facility will mature and all amounts outstanding under the Bushnell Peak Credit Facilitycredit facility must be repaid by the date that is two years after the closing date of the Bushnell Peak Credit Facility.October 25, 2026.
Granite Peak Funding Facility
On June 17, 2021, Granite Peak Funding a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the ““Granite Peak Funding FacilityFacility””) with Goldman Sachs Bank USA (“(GS“GS””). GS serves as administrative agent, Wilmington Trust National Association, serves as collateral agent, custodian and collateral administrator, and the Company serves as servicer under the Granite Peak Funding Facility.
Advances under the Granite Peak Funding Facility initially bear interest at a per annum rate equal to in the case of dollar advances, three-month LIBOR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency,term SOFR, plus an applicable margin of 2.10%2.35% per annum. Commencing on October 15, 2021, Granite Peak Funding will paypays an unused commitment fee of 0.25%0.40% per annum on the average daily unused commitments under the Granite Peak Funding Facility, which fee shall increase to 0.40% per annum from and after January 13, 2022.Facility. The unused commitment fee will beis payable only when more than 25% of the total commitments under the Granite Peak Funding Facility are unused, and will terminate whenunused. Granite Peak Funding is no longer permitted to make borrowings under the Granite Peak Funding Facility. Granite Peak Funding will also paypays to GS an administrative agency fee, at a rate of 0.15% per annum on the aggregate principal amount of outstanding advances under the Granite Peak Funding Facility, in addition to certain other fees, each as agreed between Granite Peak Funding and GS.
The initial principal amount
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Table of the commitments under the Granite Peak Funding Facility is $250 million. Effective June 7, 2022, the maximum commitment amount of the Granite Peak Funding Facility was $750 million. Contents
Proceeds from borrowings under the Granite Peak Funding Facility may be used to fund portfolio investments by Granite Peak Funding and to make advances under delayed draw term loans and revolving loans where Granite Peak Funding is a lender.
The period during which Granite Peak Funding may make borrowings under the Granite Peak Funding Facility expires on June 17, 2024, and the Granite Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by June 17, 2026.
Middle Peak Funding Facility
On June 30, 2021, Middle Peak Funding a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the ““Middle Peak Funding FacilityFacility””) with MS. MS serves as agent, Wilmington Trust National
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Association, serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Middle Peak Funding Facility.

AdvancesPrior to June 26, 2023, advances under the Middle Peak Funding Facility initially bearbore interest at a per annum rate equal to, in the case of dollar advances, three-month LIBOR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin. The applicable margin will initially be 1.60%of 2.00% per annum. From and after June 26, 2023, advances under the Middle Peak Funding Facility bear interest at a per annum forrate equal to, in the case of dollar advances, used to finance the purchase or originationthree-month term SOFR plus a spread adjustment of broadly syndicated loans, and 2.00% per annum for advances used to finance the purchase or origination of middle market loans. Effective December 30, 2021, the applicable margin for all advances will be 2.00%0.15% per annum, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.07% per annum, which will increase to 2.10%2.35% per annum effective on June 30, 2024. EffectiveMiddle Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee from and after October 30, 2021,26, 2023 at a rate equal to the interest rate for dollar advances as described above. In addition, Middle Peak Funding pays a commitment fee of 0.35%0.30% per annum if the unused facility amount is greater than 10% based on the average daily unused amount of the financing commitments, terminating on June 30, 2024. Effective October 30, 2021,in excess of such minimum utilization amount. Middle Peak Funding also pays interest on an interest-only loan in the notional amount of the aggregate commitments under the Middle Peak Funding Facility, in an amount of 0.15% per annum if the unused facility amount is greater than 10% based on the average daily unused amount of the financing commitments, terminating on June 30, 2024, in addition to certain other fees as agreed between Middle Peak Funding and MS.

The initial principal amount of the Middle Peak Funding Facility is $500 million. On October 22, 2021, the Company amended the Middle Peak Funding Facility to, among other things, increase the maximum commitment amount to $800 million from $500 million. Proceeds from borrowings under the Middle Peak Funding Facility may be used to fund portfolio investments by Middle Peak Funding and to make advances under revolving loans or delayed draw term loans where Middle Peak Funding is a lender.
The period during which Middle Peak Funding may make borrowings under the Middle Peak Funding Facility expires on June 30, 2024,26, 2026, and the Middle Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by January 3, 2033.December 26, 2034.
Bison Peak Funding Facility
On July 23, 2021, Bison Peak Funding a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the “Bison Peak Funding Facility”) with Bank of America. Bank of America serves as administrative agent, Wilmington Trust National Association, serves as collateral administrator and the Company serves as manager under the Bison Peak Funding Facility.
AdvancesPrior to June 8, 2023, advances under the Bison Peak Funding Facility bearbore interest initially at a per annum rate equal to, in the case of dollar advances, three-monththe daily floating LIBOR rate, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 1.50% per annum, the applicable margin attributable to large corporate loans equal to 1.75% per annum and the applicable margin applicable to middle market loans equal to 2.00% per annum. From June 8, 2023 until July 24, 2024, advances under the Bison Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.60% to 2.10% per annum depending on the nature of the advances being requested. The applicable margin for all advances will increase by an amount ranging from 0.50% to 0.65% per annum effective on July 23,24, 2024. Effective January 23, 2022, Bison Peak Funding is required to utilize a minimum percentage of the financing commitments, which amount increases in three-month intervals from 20% on such effective date to 80% from and after October 23, 2022 and thereafter. Unusedwith unused amounts below such minimum utilization amount accrueaccruing a fee at a rate of 2.00% per annum. In addition, effective on September 23, 2021, Bison Peak Funding also pays an unused fee of 0.40% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, which amount shall initially be 0.20% per annum and shall increase to 0.40% per annum from and after November 23, 2021, in addition to certain other fees as agreed between Bison Peak Funding and Bank of America.
The initial maximum commitment amount of the Bison Peak Funding Facility is $1.0 billion. Effective September 30, 2021, the maximum commitment amount of the Bison Peak Funding Facility was increased to $1.5 billion. Proceeds from borrowings under the Bison Peak Funding Facility may be used to fund portfolio investments by Bison Peak Funding and to make advances under revolving loans or delayed draw term loans where Bison Peak Funding is a lender. All amounts outstanding
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The period during which Bison Peak Funding may make borrowings under the Bison Peak Funding Facility expires on June 8, 2026, and the Bison Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by July 23, 2026.June 8, 2028.
Blanca Peak Funding Facility
On August 16, 2021, BCRED Blanca Peak Funding, LLC, a wholly-owned subsidiary of the Company (“Blanca Peak Funding”), entered into a senior secured revolving credit facility (the “Blanca Peak Funding Facility”) with Barclays.Barclays Bank PLC (“Barclays”). Barclays serves as administrative agent, Wilmington Trust National Association, serves as collateral administrator, collateral agent and securities intermediary and the Company serves as servicer under the Blanca Peak Funding Facility.

Advances under the Blanca Peak Funding Facility initially bear interest at a per annum rate equal to at Blanca Peak Funding’s option, (x) in the case of dollar advances, LIBOR,three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, or (y) the applicable base rate in effect for such currency, plus an applicable margin adjusted at three-month intervals based on the proportions of the broadly syndicated obligations and other investments in the
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portfolio, with the applicable margin attributable to broadly syndicated obligations equal to 1.50% per annum and the applicable margin attributable to other portfolio investments equal to 2.00%2.096% per annum. Effective December 16, 2021, Blanca Peak Funding is required to utilize a minimum of 75%percentage of the financing commitments, subject to adjustment as set forth in the Blanca Peak Funding Facility. Unusedwith unused amounts below such minimum utilization amount accrue interestpercentage accruing a fee at a rate equal to the applicable margin described above. In addition, effectiveOn December 19, 2022, on December 16, 2021,any date when Blanca Peak Funding will payis not utilizing more than 90% of the financing commitments, Blanca Peak Funding pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, which amount shall initially be 0.50% per annum and shall decreaseamount. Blanca Peak Funding also pays to 0.25% per annum from and after May 17, 2022,Barclays an administrative agency fee, in addition to certain other fees, each as agreed between Blanca Peak Funding and Barclays. The unused fee shall be 0.0% for any date Blanca Peak Funding is utilizing more than 90% of the financing commitments.

The initial maximum commitment amount of the Blanca Peak Funding Facility is $1.0 billion. Proceeds from borrowings under the Blanca Peak Funding Facility may be used to fund portfolio investments by Blanca Peak Funding and to make advances under revolving loans or delayed draw term loans where Blanca Peak Funding is a lender. All amounts outstanding
The period during which Blanca Peak Funding may make borrowings under the Blanca Peak Funding Facility expires on December 19, 2024, and the Blanca Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by December 19, 2032; provided that Barclays may require repayment of all amounts outstanding under the facility from and after August 16,19, 2026.
Windom Peak Funding Facility
On September 2, 2021, Windom Peak Funding a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the “Windom Peak Funding Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”).Fargo. Wells Fargo serves as administrative agent and collateral administrator and the Company serves as investment adviser under the Windom Peak Funding Facility.
Proceeds from borrowings under the Windom Peak Funding Facility may be used to fund portfolio investments by Windom Peak Funding during the reinvestment period (which, initially, is scheduled to end three years after the closing date of the Windom Peak Funding Facility) and to make advances under revolving loans or delayed draw term loans in respect of which Windom Peak Funding is a lender. The maximum facility amount of the Windom Peak Funding Facility is $1.0 billion which increased to $2.0 billion effective March 18, 2022 .
Advances under the Windom Peak Funding Facility may be denominated in United States dollars, Canadian dollars, British pound sterling or Euros and will bear interest, payable on a monthly basis in arrears, at a per annum rate equal to the “benchmark” rate for the currency of the applicable advance (which is, initially, LIBORdaily simple SOFR with respect to advances denominated in U.S. dollars, Canadian Dollar Offered Rate (“CDOR”) with respect to advances denominated in Canadian dollars, Sterling Overnight Index Average (“SONIA”) with respect to advances made in British pound sterling and EURIBOR with respect to any advances denominated in Euros)dollar advances) plus the “applicable margin” (which is a blended spread equal to the sum of 1.55% per annum with respect to any advances backed by broadly-syndicated loans and 2.05% per annum with respect to any advances backed by recurring revenue loans, middle market loans, first-lien last out loans or second lien loans).
In addition, Windom Peak Funding will be required to pay fees on the amount of any unused commitment during the reinvestment period of the Windom Peak Funding Facility. The unused commitment fee will equal the weighted daily average of such Unused Facility Amount on each day during the applicable accrual period multiplied by 0.25% during the first six months ofProceeds from borrowings under the Windom Peak Funding Facility may be used to fund portfolio investments by Windom Peak Funding and to make advances under revolving loans or delayed draw term loans where Windom Peak Funding is a lender. Windom Peak Funding also pays an unused fee of 0.50% on the daily unused amount of the financing commitments, in addition to certain other fees, each as agreed between Windom Peak Funding and Wells Fargo.
The period during the second six months ofwhich Windom Peak Funding may make borrowings under the Windom Peak Funding Facility and by a blended rate equal to 0.50%expires on any Unused Facility Amount up to 40% of the maximum facility amountSeptember 2, 2024, and 1.50% on any Unused Facility Amount exceeding 40% of the maximum facility amount from the 12 month anniversary of the Windom Peak Funding Facility until the end of the reinvestment period. Allmatures and all amounts outstanding under the Windom Peak Funding Facilityfacility must be repaid by September 2, 2026.
Monarch Peak Funding Facility
On November 3, 2021, Monarch Peak Funding a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the “Monarch Peak Funding Facility”) with MUFG Bank, Ltd. (“MUFG”). MUFG serves as administrative agent, The Bank of New York Mellon Trust Company, National Association, serves as collateral agent, collateral custodian and collateral administrator and the Company serves as collateral manager under the Monarch Peak Funding Facility.
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Advances used to finance the purchase or origination of broadly syndicated loans under the Monarch Peak Funding Facility initially bear interest at a per annum rate equal to one-month LIBOR,term SOFR, plus the applicable margin of 1.50%1.65% per annum. Advances used to finance the purchase or origination of middle market loans under the Monarch Peak Funding Facility initially bear interest at a per annum rate equal to one-month LIBORterm SOFR plus the applicable margin of 1.65%2.05% per annum. Commencing on the later of April 3, 2022 and the date that is five months after the most recent closing date of a permitted collateralized loan obligation transaction, Monarch Peak Funding will payis required to utilize a minimum percentage of the financing comments, with unused amounts below such minimum utilization percentage accruing a fee at a rate of 1.99% per annum. Monarch Peak Funding also pays an unused commitment fee of 0.50%0.35% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility which fee shall decrease to 0.35% per annum from and after the laterin excess of September 3, 2022 and the date that is ten months after the most recent closing date of any such permitted collateralize loan
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obligation transaction,minimum utilization amounts, in addition to certain other fees as agreed between Monarch Peak Funding and MUFG. The unused commitment fee will be payable only when more than 10% of the total commitments under the Monarch Peak Funding Facility are unused, and will terminate when Monarch Peak Funding is no longer permitted to make borrowings under the Monarch Peak Funding Facility.
The initial principal amount of the Monarch Peak Funding Facility is $1.0 billion. Effective May 1, 2022, the maximum commitment amount of the Monarch Peak Funding Facility was $2.0 billion. Proceeds from borrowings under the Monarch Peak Funding Facility may be used to fund portfolio investments by Monarch Peak Funding and to make advances under revolving loans or delayed draw term loans where Monarch Peak Funding is a lender.
The period during which Monarch Peak Funding may make borrowings under the Monarch Peak Funding Facility expires on November 3, 2024, and the Monarch Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by November 3, 2026.
Borah Peak Funding Facility
On April 4, 2022, Borah Peak Funding LLC a wholly-owned subsidiary of the Company, entered into a senior secured revolving credit facility (the “Borah Peak Funding Facility”) with Bank of America. Bank of America serves as administrative agent, Deutsche Bank Trust Company Americas (“DB Trust”) serves as collateral administrator and the Company serves as manager under the Borah Peak Funding Facility.
Advances under the Borah Peak Funding Facility bear interest initially at a per annum rate equal to: (i) into the case of term SOFR loans, a rate per annum equal to theone-month term SOFR rate for such day plus 1.35%, and (ii) in the case of base rate loans, 1.35% plus the higherapplicable margin of (a) the federal funds rate plus ½ of 1%, (b) the prime rate in effect for such day, (c) term SOFR plus 1.00%, and (d) 1.00%1.35%. Effective January 4, 2023, Borah Peak Funding iswill be required to utilize a minimum percentage of the financing commitments, which amount increases in three-month intervals from 20% on such effective date to 80% from and after October 4, 2022 and thereafter. Unusedcommitment, with unused amounts below such minimum utilization amount accrue a fee at a rate of 1.35% per annum. In addition, effective on January 4, 2023, Borah Peak Funding pays an unused fee of 0.25% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, which amount shall initially be 0.25% per annum, in addition to certain other fees as agreed between Borah Peak Funding and Bank of America.
The initial maximum commitment amount of the Borah Peak Funding Facility is $400 million. Proceeds from borrowings under the Borah Peak Funding Facility may be used to fund portfolio investments by Borah Peak Funding and to make advances under revolving loans or delayed draw term loans where Borah Peak Funding is a lender. All
The Borah Peak Funding Facility matures and all amounts outstanding under the Borah Peak Funding Facilityfacility must be repaid by April 4, 2024.

2022-1 BSL WH Funding Facility
On May 16, 2022, 2022-1 BSL WH entered into a senior secured revolving credit facility (the “2022-1 BSL WH Funding Facility”) with Société Générale (“SG”). SG serves as administrative agent, DB Trust serves as custodian, and the Company serves as collateral manager under the 2022-1 BSL WH Funding Facility.

Advances under the 2022-1 BSL WH Funding Facility bore interest at a per annum rate equal to three-month term SOFR plus an applicable margin of 1.30% per annum.

Proceeds from borrowings under the 2022-1 BSL WH Funding Facility were used to fund portfolio investments by 2022-1 BSL WH and to make advances under revolving loans or delayed draw term loans where 2022-1 BSL WH is a lender.
On April 24, 2023, the 2022-1 BSL WH Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

Naomi Peak Funding Facility

    On July 18, 2022, Naomi Peak Funding entered into a senior secured revolving credit facility (the “Naomi Peak Funding Facility”) with Natixis. Natixis, New York Branch serves as administrative agent, Wilmington Trust serves as collateral agent, collateral administrator and custodian, and the Company serves as collateral manager under the Naomi Peak Funding Facility.

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    Advances under the Naomi Peak Funding Facility bear interest at a per annum rate equal to three-month term SOFR plus an applicable margin of 1.30% per annum. Naomi Peak Funding pays an unused commitment fee of 0.50% per annum on the average daily unused revolving commitments under the Naomi Peak Funding Facility, which fee shall increase to 0.75% per annum for any day on or after January 18, 2023 on which more than 10% of the revolving commitments are unused, in addition to certain other fees as agreed between Naomi Peak Funding and Natixis.
The maximum principal amount of the Naomi Peak Funding Facility as of June 30, 2023 is $400 million, of which $250 million was funded as a term loan after the closing date and of which $150 million consists of a revolving credit commitment. Proceeds from borrowings under the Naomi Peak Funding Facility may be used to fund portfolio investments by Naomi Peak Funding and to make advances under revolving loans or delayed draw term loans where Naomi Peak Funding is a lender. The period during which Naomi Peak Funding may make borrowings under the Naomi Peak Funding Facility expires on July 18, 2024, and the Naomi Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by July 18, 2031.
Meridian Peak Funding Facility
    On August 16, 2022, Meridian Peak Funding entered into a senior secured revolving credit facility (the “Meridian Peak Funding Facility”) with Massachusetts Mutual Life Insurance Company (“Mass Mutual”). Wilmington Trust serves as administrative agent, collateral agent and custodian, and the Company serves as equity holder and collateral manager under the Meridian Peak Funding Facility.
    Advances under the Meridian Peak Funding Facility bear interest initially at a per annum rate equal to three-month term SOFR plus an applicable margin of 2.50% per annum. Effective August 16, 2023, Meridian Peak Funding will be required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 2.50% per annum, in addition to certain other fees as agreed between Meridian Peak Funding and Mass Mutual.
    Proceeds from borrowings under the Meridian Peak Funding Facility may be used to fund portfolio investments by Meridian Peak Funding and to make advances under revolving loans or delayed draw term loans where Meridian Peak Funding is a lender. The period during which Meridian Peak Funding may make borrowings under the Meridian Peak Funding Facility expires on August 16, 2025, and the Meridian Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by August 16, 2030.
Haydon Peak Funding Facility
On October 7, 2022, Haydon Peak Funding entered into a senior secured revolving credit facility (the “Haydon Peak Funding Facility”) with HSBC Bank USA, National Association (“HSBC”). HSBC serves as administrative agent, Wilmington Trust serves as collateral agent, account bank and collateral custodian, and the Company serves as servicer and transferor under the Haydon Peak Funding Facility.
Prior to May 25, 2023, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin ranging from 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. Effective May 25, 2023, the applicable margin for all advances was increased to 2.35% per annum. Effective April 7, 2023, Haydon Peak Funding pays an unused commitment fee of 0.50% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.
Proceeds from borrowings under the Haydon Peak Funding Facility may be used to fund portfolio investments by Haydon Peak Funding and to make advances under revolving loans or delayed draw term loans where Haydon Peak Funding is a lender.
The period during which Haydon Peak Funding may make borrowings under the Haydon Peak Funding Facility expires on May 25, 2026, and the Haydon Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by May 25, 2028.
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Bear Peak Funding Facility
On October 10, 2022, Bear Peak Funding entered into a senior secured revolving credit facility (the “Bear Peak Funding Facility”) with BNPP. GLAS USA LLC serves as administrative agent, GLAS Trust Corporation Limited serves as collateral agent, and the Company serves as servicer under the Bear Peak Funding Facility.
Advances under the Bear Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 2.45% per annum. Effective February 10, 2023, Bear Peak Funding will pay a commitment fee of 0.90% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. Bear Peak Funding also pays BNPP an arranger fee, in addition to certain other fees, each as agreed between Bear Peak Funding and BNPP.
The current principal amount as of June 30, 2023 is €500 million. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bear Peak Funding and to make advances under delayed draw term loans and revolving loans where Bear Peak Funding is a lender.
The period during which Bear Peak Funding may make borrowings under the Bear Peak Funding Facility expires on October 10, 2025, and the Bear Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by October 10, 2027.
Revolving Credit Facility
On May 18, 2021, the Company, entered into a senior secured credit facility (the(which was most recently amended and restated on June 9, 2023, and as further amended from time to time, the “Revolving Credit Facility”) with Citi. Citi serves as administrative agent and collateral agent.
On May 6, 2022, the Company entered into an amendment and restatement agreement (the “A&R Agreement”), which amends and restates the senior secured credit facility, dated May 18, 2021 (as amended by Amendment No. 1 to Senior Secured Credit Agreement, dated as of November 5, 2021, Amendment No. 2 to Senior Secured Credit Agreement, dated as of March 7, 2022, and the A&R Agreement, the “Credit Agreement”), by and among the Company, as borrower, Citibank, N.A. as administrative agent, and each of the lenders from time to time party thereto. The A&R Agreement provides for, among other things, (a) an upsize of the aggregate principal amount of the revolving credit commitments under the Credit Agreement from $3.0 billion to $5.150 billion, (b) an upsize of the accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Credit Agreement from up to $5.0 billion to up to $7.0 billion, (c) an extension of the revolver availability period from May 2025 to May 2026, (d) an extension of the scheduled maturity date from May 2026 to May 2027, (e) the replacement of the LIBOR benchmark provisions with SOFR benchmark provisions, including applicable credit spread adjustments, and (f) resetting the minimum shareholders’ equity test.
The Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate amount of up to $1,425 million. Effective September 7, 2021, November 5, 2021, November 16, 2021 and May 6, 2022, the maximum commitment amount of the Revolving Credit Facility was $1,500 million, $3,000 million, $3,250 million and $5,150 million, respectively.currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. TheA portion of the Revolving Credit Facility consists of funded term loans in the aggregate principal amount of $390 million, and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $100$175 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. The period during which the Company may make
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borrowings on the Revolving Credit Facility expires on June 9, 2027 (other than with respect to the foreign currency commitments of certain lenders in the amount of $50 million, which expire on May 6, 2026,2026), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by June 9, 2028 (other than with respect to the foreign currency commitments of certain lenders in the amount of $50 million, which mature on May 6, 2027,2027), pursuant to an amortization schedule.
Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month LIBORadjusted term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, for which the Company elects the Eurocurrency option, the applicable LIBO Ratebenchmark rate for the related Interest Period for such Borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875% and (z) with respect to any loan denominated in Pounds Sterling, SONIA for the applicable date plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.8693%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.9943%. The Company will paypays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company will pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the Revolving Credit Facility.

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

In connection with the Revolving Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio.
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The Revolving Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Citi may terminate the commitments and declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable.
As of June 30, 20222023 and December 31, 2021,2022, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.
Unsecured Bonds
Private Placement Bonds
The Company issued unsecured notes, as further described below: June 2024 Notes, June 2026 Notes, May 2027 Notes and October 2027 Notes (each as defined below), which are collectively referred to herein as the “Private Placement Bonds.”
As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the Private Placement Bonds.
June 2024 Notes
On June 21, 2021, the Company entered into a Note Purchase Agreement (the “2021 Note Purchase Agreement”) governing the issuance of $435.0 million in aggregate principal amount of its 2.56% Series A Senior Notes (the “June 2024 Notes”) to qualified institutional investors in a private placement. The June 2024 Notes were issued on June 21, 2021 and will mature on June 21, 2024 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the June 2024 Notes will be due semiannually on June 3 and December 3. In addition, the Company is obligated to offer to repay the June 2024 Notes at par if certain change in control events occur. The June 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event that June 2024 notes receive a below investment grade rating by either one rating agency if there are only one or two rating agencies providing ratings of the June 2024 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), the June 2024 Notes will bear interest at a fixed rate of 3.56% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the June 2024 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under theThe Company designated this interest rate swap agreement,and the Company receives a fixed interest rate of 2.56% and pays a floating interest rate of SOFR + 0.93% on a notional amount of $435 million. The Company designated the interest rate swap as the hedging instrumentJune 2024 Notes in a qualifying hedge accounting relationship.
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As of June 30, 2022 and December 31, 2021, the Company was in compliance with all covenants and other requirements of the June 2024 Notes.
June 2026 Notes
On August 17, 2021, the Company entered into the first supplement (the “First Supplement”) to the 2021 Note Purchase Agreement, governing the issuance of $400.0 million in aggregate principal amount of its 3.27% Series B Senior Notes (the “June 2026 Notes”) to qualified institutional investors in a private placement. The June 2026 Notes were issued on June 21, 2021 and will mature on June 21, 2026 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the June 2026 Notes will be due semiannually on February 17 and August 17. In addition, the Company is obligated to offer to repay the June 2026 Notes at par if certain change in control events occur. The June 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event of a Below Investment Grade Event, the June 2026 Notes will bear interest at a fixed rate of 4.27% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.
As
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Table of June 30, 2022 and December 31, 2021, the Company was in compliance with all covenants and other requirements of the June 2026 Notes.Contents
May 2027 Notes
On May 3, 2022, the Company entered into a Note Purchase Agreement (the “May 2022 Note Purchase Agreement”) governing the issuance of $625.0 million in aggregate principal amount 5.61% Series A Senior Notes (the “May 2027 Notes”) to qualified institutional investors in a private placement. The May 2027 Notes were issued on May 3, 2022 and will mature on May 3, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the May 2027 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the May 2027 Notes at par if certain change in control events occur. The May 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event that a Below Investment Grade Event occurs, the May 2027 Notes will bear interest at a fixed rate of 6.61% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.
In connection with the May 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under theThe Company designated this interest rate swap agreement,and the Company receives a fixed interest rate of 5.61% and pays a floating interest rate of SOFR + 2.79% on a notional amount of $625 million. The Company designated the interest rate swap as the hedging instrumentMay 2027 Notes in a qualifying hedge accounting relationship.
As of June 30,October 2027 Notes
On October 11, 2022, the Company wasentered into a Master Note Purchase Agreement (the “October 2022 Note Purchase Agreement”) governing the issuance of $350.0 million in complianceaggregate principal amount of its 7.49% Series D Senior Notes (the “October 2027 Notes”) to qualified institutional investors in a private placement. The October 2027 Notes were issued on October 11, 2022 for an aggregate issue price of $345.6 million, or $987.57 per $1,000 principal amount of the October 2027 Notes, and will mature on October 11, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the Notes will be due semiannually. In addition, the Company is obligated to offer to repay the October 2027 Notes at par if certain change in control events occur. The October 2027 Notes are general unsecured obligations of the Company that rank pari passu with all covenantsoutstanding and other requirementsfuture unsecured, unsubordinated indebtedness issued by the Company. In addition, in the event that a Below Investment Grade Event (as defined in the October 2022 Note Purchase Agreement) occurs, the October 2027 Notes will bear interest at a fixed rate of 8.49% per year from the date of the Mayoccurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.
In connection with the October 2027 Notes.Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the October 2027 Notes in a qualifying hedge accounting relationship.
Rule 144A
Unsecured Notes
The Company issued unsecured notes, as further described below: September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, and March 2025 Notes, April 2026 UK Bonds, September 2025 Notes (each as defined below), which are collectively referred to herein as the ““Unsecured Notes.”
The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the Unsecured Notes and the Trustee (as defined below) if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in each respective indenture governing the Unsecured Notes (the “Unsecured Notes Indentures”).

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

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As of June 30, 20222023 and December 31, 2021,2022, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.
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September 2024 Notes
On September 15, 2021, the Company issued $365$365.0 million aggregate principal amount of 1.750% notes due 2024 (the “September 2024 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of September 15, 2021 (and together with the Base Indenture, the “September 2024 Notes Indenture”), between the Company and U.S. Bank Trust Company, National Association (the(as successor in interest to U.S. Bank National Association, the “Trustee”).
The September 2024 Notes will mature on September 15, 2024 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2024 Notes Indenture. The September 2024 Notes bear interest at a rate of 1.750% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2022. The September 2024 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2024 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the September 2024 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under theThe Company designated this interest rate swap agreement,and the Company receives a fixed interest rate of 1.75% and pays a floating interest rate of SOFR + 0.08% on a notional amount of $365 million. The Company designated the interest rate swap as the hedging instrumentSeptember 2024 Notes in a qualifying hedge accounting relationship.
December 2026 Notes
On September 15, 2021, the Company issued $900.0 million aggregate principal amount of 2.625% notes due 2026 (the “December 2026 Notes”) pursuant to a supplemental indenture, dated as of September 15, 2021 (and together with the Base Indenture, the “December 2026 Notes Indenture”), to the Base Indenture between the Company and the Trustee.
The December 2026 Notes will mature on December 15, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the December 2026 Notes Indenture. The December 2026 Notes bear interest at a rate of 2.625% per year payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2022. The December 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the December 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
On October 13, 2021, the Company issued $350$350.0 million aggregate principal amount of 2.625% Notesnotes due 2026 (“December 2026 Notes Upsize”) under the Company's Base Indenture and December 2026 Notes Indenture. The December 2026 Notes Upsize were issued as “Additional Notes” under the December 2026 Notes Indenture and have identical terms to the Company's $900.0 million SeptemberDecember 2026 Notes that were issued on September 15, 2021, other than the issue date and the issue price. The December 2026 Notes Upsize will be treated as a single class of notes with the December 2026 Notes for all purposes under the Indenture.
In connection with the December 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under theThe Company designated this interest rate swap agreement,and the Company receivesDecember 2026 Notes in a fixed interest rate of 2.625% and pays a floating interest rate of SOFR + 0.26% on a notional amount of $1,250 million. The Company designated the interest rate swap as the hedging instrument in qualifying hedge accounting relationship.
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November 2026 Eurobonds
On November 2, 2021, the Company issued €500€500.0 million aggregate principal amount of 1.750% notes due 2026 (the “November 2026 Eurobonds”) pursuant to a supplemental indenture, dated as of November 2, 2021 (and together with the Base Indenture, the “November 2026 Eurobonds Indenture”), to the Base Indenture between the Company and the Trustee.
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The November 2026 Eurobonds will mature on November 30, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2026 Eurobonds Indenture. The November 2026 Eurobonds bear interest at a rate of 1.750% per year payable annually on November 30 of each year, commencing on November 30, 2021. The November 2026 Eurobonds are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Eurobonds, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
November 2024 Notes
On November 22, 2021, the Company issued $500.0 million aggregate principal amount of 2.350% notes due 2024 (the “November 2024 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2021 (and together with the Base Indenture, the “November 2024 Notes Indenture”), between the Company and the Trustee.
The November 2024 Notes will mature on November 22, 2024 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2.350%November 2024 Notes Indenture. The November 2024 Notes bear interest at a rate of 2.350% per year payable semi-annually on May 22 and November 22 of each year, commencing on May 22, 2022. The November 2024 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2024 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the November 2024 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under theThe Company designated this interest rate swap agreement,and the Company receives a fixed interest rate of 2.350% and pays a floating interest rate of SOFR + 0.66% on a notional amount of $500 million. The Company designated the interest rate swap as the hedging instrumentNovember 2024 Notes in a qualifying hedge accounting relationship.
March 2027 Notes
On November 22, 2021, the Company issued $1.0 billion aggregate principal amount of 3.250% notes due 2024 (the “March 2027 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2021 (and together with the Base Indenture, the “March 2027 Notes Indenture”), between the Company and the Trustee.
The March 2027 Notes will mature on March 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2027 Notes Indenture. The March 2027 Notes bear interest at a rate of 3.250% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2022. The March 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
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January 2025 Notes
On January 18, 2022, the Company issued $500.0 million aggregate principal amount of 2.700% notes due in 2025 (the “January 2025 Notes”) pursuant to a supplemental indenture, dated as of January 18, 2022 (and together with the Base Indenture, the “January 2025 Notes Indenture”), to the Base Indenture between the Company and the Trustee.
The January 2025 Notes will mature on January 15, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2025 Notes Indenture. The January 2025 Notes bear interest at a rate of 2.700% per year payable semi-annually on January 15 and July 15 of each year,
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commencing on July 15, 2022. The January 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the January 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under theThe Company designated this interest rate swap agreement,and the Company receives a fixed interest rate of 2.70% and pays a floating interest rate of SOFR + 0.99% on a notional amount of $500 million. The Company designated the interest rate swap as the hedging instrumentJanuary 2025 Notes in a qualifying hedge accounting relationship.
January 2029 Notes
On January 18, 2022, the Company issued $650.0 million aggregate principal amount of 4.000% notes due in 2029 (the “January 2029 Notes”) pursuant to a supplemental indenture, dated as of January 18, 2022 (and together with the Base Indenture, the “January 2029 Notes Indenture”), to the Base Indenture between the Company and the Trustee.
The January 2029 Notes will mature on January 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2029 Notes Indenture. The January 2029 Notes bear interest at a rate of 4.000% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2022. The January 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
March 2025 Notes
On March 24, 2022, the Company issued $900.0 million aggregate principal amount of 4.700% notes due in 2025 (the “March 2025 Notes”) pursuant to a supplemental indenture, dated as of March 24, 2022 (and together with the Base Indenture, the “March 2025 Notes Indenture”), to the Base Indenture between the Company and the Trustee.
The March 2025 Notes will mature on March 24, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2025 Notes Indenture. The March 2025 Notes bear interest at a rate of 4.700% per year payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2022. The March 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
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In connection with the March 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under theThe Company designated this interest rate swap agreement,and the Company receives a fixed interest rate of 4.70% and pays a floating interest rate of SOFR + 2.43% on a notional amount of $900 million. The Company designated the interest rate swap as the hedging instrumentMarch 2025 Notes in a qualifying hedge accounting relationship.
April 2026 UK Bonds
On April 14, 2022, the Company issued £250.0 million in aggregate principal amount of its 4.875% notes due 2026 (the “April 2026 Notes”UK Bonds”) pursuant to a supplemental indenture, dated as of April 14, 2022 (and together with the Base Indenture, the “April 2026 NotesUK Bonds Indenture”), to the Base Indenture between the Company and the Trustee.

The April 2026 NotesUK Bonds will mature on April 14, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the April 2026 UK Bonds Indenture. The April
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2026 NotesUK Bonds bear interest at a rate of 4.875% per year payable annually on April 14 of each year, commencing April 14, 2023. The April 2026 NotesUK Bonds are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the April 2026 Notes,UK Bonds, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the April 2026 UK Bonds, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the April 2026 UK Bonds in a qualifying hedge accounting relationship.
September 2025 Notes
On September 27, 2022, the Company issued $600.0 million aggregate principal amount of 7.050% notes due in 2025 (the “September 2025 Notes”) pursuant to a supplemental indenture, dated as of September 27, 2022 (and together with the Base Indenture, the “September 2025 Notes Indenture”), to the Base Indenture between the Company and the Trustee.
The September 2025 Notes will mature on September 29, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2025 Notes Indenture. The September 2025 Notes bear interest at a rate of 7.050% per year payable semi-annually on March 29 and September 29 of each year, commencing on March 29, 2023. The September 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
In connection with the September 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 4.875%7.050% and pays a floating interest rate of SONIASOFR + 2.78%2.93% on a notional amount of £250$600.0 million. The Company designated thethis interest rate swap as the hedging instrumentand September 2025 Notes in a qualifying hedge accounting relationship.
On November 17, 2022, the Company issued $200 million aggregate principal amount of 7.050% Notes due 2025 (“September 2025 Notes Upsize”) under the Company's Base Indenture and September 2025 Notes Indenture. The table below presentsSeptember 2025 Notes Upsize were issued as “Additional Notes” under the carrying valueSeptember 2025 Notes Indenture and have identical terms to the Company's $600.0 million September 2025 Notes that were issued on September 27, 2022, other than the issue date and the issue price. The September 2026 Notes Upsize will be treated as a single class of unsecured borrowings that arenotes with the September 2026 Notes for all purposes under the Indenture.

In connection with the September 2025 Notes Upsize, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the September 2025 Notes Upsize in a hedging relationship and the related cumulative hedging adjustment (increase/decrease) from current and prior hedging relationships included in such carrying values:qualifying hedge accounting relationship.
DescriptionCarrying ValueCumulative Hedging Adjustments
Unsecured long-term borrowings$4,734,598 $96,198 
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Debt Securitizations
The Company has determined that the securitization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.
2021-1 BSL Debt Securitization

On June 29, 2021, the Company completed a $876.6 million term debt securitization (the “2021-1 BSL Debt Securitization”), $819.5 million of which was funded on the closing date. Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2021-1 BSL Debt Securitization (collectively, the “2021-1 BSL Notes”) were issued by BCRED BSL CLO 2021-1, Ltd. (“BCRED BSL CLO Issuer”), a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL CLO 2021-1, LLC, wholly-owned subsidiary of BCRED BSL CLO Issuer (collectively, the “2021-1 BSL Issuers”), and are secured by a diversified portfolio of senior secured loans and participation interests therein. The Company holds the subordinated notes of BCRED BSL CLO Issuer representing a residual economic interest in BCRED BSL CLO Issuer.
The following table presents information on the secured and unsecured notes issued in the 2021-1 BSL Debt Securitization:
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June 30, 20222023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A NotesSenior Secured Floating Rate$499,800 L+1.25%Aaa
Class B NotesSenior Secured Floating Rate38,760 L+1.80%Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate59,160 L+2.15%A2
Class D NotesMezzanine Secured Deferrable Floating Rate65,280 L+3.35%Baa3
Class E Notes(1)
Junior Secured Deferrable Floating Rate— L+7.00%Ba3
Total Secured Notes663,000 
Subordinated Notes (2)
156,500 NoneNot rated
Total 2021-1 BSL Notes$819,500 
(1)The Class E Notes were initially issued as unfunded, undrawn class of notes, in the amount of $57.1 million, that may be funded after closing at direction of the Company.
(2)The Company retained all of the Subordinated Notes issued in the 2021-1 Debt Securitization which are eliminated in consolidation.
The 2021-1 BSL Notes mature in July 2034, unless redeemed by the 2021-1 BSL Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after July 20, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2021-1 BSL Issuers. The Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2021-1 BSL Issuers and the Class E Notes and Subordinated Notes are the unsecured obligations of BCRED BSL CLO Issuer. The indenture governing the 2021-1 BSL Notes includes customary covenants and events of default.
The 2021-1 BSL Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.
The Company serves as collateral manager to BCRED BSL CLO Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.
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2021-2 Debt Securitization
On November 1, 2021, the Company completed a $603.7 million term debt securitization (the “2021-2 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2021-2 Debt Securitization (collectively, the “2021-2 Notes”) were issued by BCRED BSL CLO 2021-2, Ltd. (“BCRED BSL CLO 2 Issuer”), a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL CLO 2021-2, LLC, a wholly-owned subsidiary of BCRED BSL CLO 2 Issuer (collectively, the “2021-2 Issuers”), and are secured by a diversified portfolio of senior secured loans and participation interests therein. The Company holds the subordinated notes of BCRED BSL CLO 2 Issuer representing a residual economic interest in BCRED BSL CLO 2 Issuer.
The following table presents information on the secured and unsecured notes issued in the 2021-2 Debt Securitization:
June 30, 20222023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L LoansSenior Secured Floating Rate$218,000 L+1.22%Aaa
Class A NotesSenior Secured Floating Rate149,500 L+1.22%Aaa
Class B NotesSenior Secured Floating Rate38,100 L+1.75%Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate48,000 L+2.05%ANot rated
Class D NotesMezzanine Secured Deferrable Floating Rate52,200 L+3.15%BBB-Not rated
Total Secured Notes505,800 
Subordinated Notes (1)
97,850 NoneNot rated
Total 2021-2 Notes$603,650 
(1)    The Company retained all of the Subordinated Notes issued in the 2021-2 Debt Securitization which are eliminated in consolidation.

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The 2021-2 Notes mature in October 2034, unless redeemed by the 2021-2 Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after October 20, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2021-2 Issuers. The Class A-L Loans, Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2021-2 Issuers and the Subordinated Notes are the unsecured obligations of BCRED BSL CLO 2 Issuer. The indenture governing the 2021-2 Notes and the credit agreement governing the Class A-L Loans include customary covenants and events of default.
The 2021-2 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.
The Company serves as collateral manager to BCRED BSL CLO 2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.
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2021-1 MML Debt Securitization
On December 15, 2021, the Company completed a $1,001.0 million term debt securitization (the “MML 2021-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2021-1 Debt Securitization (collectively, the “MML 2021-1 Notes”) were issued by BCRED MML CLO 2021-1 LLC (the “MML 2021-1 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.
The following table presents information on the secured and unsecured notes issued in the MML 2021-1 Debt Securitization:
June 30, 20222023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A LoansSenior Secured Floating Rate$50,000 L+1.48%Aaa
Class A NotesSenior Secured Floating Rate480,000 L+1.48%Aaa
Class B NotesSenior Secured Floating Rate80,000 L+1.90%Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate80,000 L+2.60%A2
Total Secured Notes690,000 
Subordinated Notes (1)
311,000 NoneNot rated
Total MML 2021-1 Notes$1,001,000 
(1)The Company retained all of the Subordinated Notes issued in the 2021-22021-1 Debt Securitization which are eliminated in consolidation.

The Company retained all of the Subordinated Notes issued in the Debt Securitization in part in exchange for the Company’s sale and contribution to the Issuer of the initial closing date portfolio. The Debt is scheduled to mature on January 15, 2035; however the Debt may be redeemed by the Issuer, at the direction of the FundCompany as holder of the Subordinated Notes, on any business day after December 15, 2023. In connection with the sale and contribution, the FundCompany has made customary representations, warranties and covenants to the Issuer. The Class A Notes, the Class A Loans, Class B Notes and Class C Notes are secured obligations of the Issuer, the Subordinated Notes are the unsecured obligations of the Issuer, and the indenture governing the Notes and the credit agreement governing the Class A Loans, each include customary covenants and events of default.

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

The Company serves as collateral manager to the MML 2021-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.
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2022-1 MML Debt Securitization
On March 15, 2022, the Company completed a $1.09 billion term debt securitization (the “MML 2022-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2022-1 Debt Securitization (collectively, the “MML 2022-1 Notes”) were issued by BCRED MML CLO 2022-1 LLC (the “MML 2022-1 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.
The following table presents information on the secured and unsecured notes issued in the MML 2022-1 Debt Securitization:
June 30, 2022
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-1 NotesSenior Secured Floating Rate$525,000 SOFR+1.65%Aaa
Class A-2 NotesSenior Secured Fixed80,000 3.41%Aaa
Class B NotesSenior Secured Floating Rate66,000 SOFR+2.00%Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate88,000 SOFR+2.75%A2
Total Secured Notes759,000 
Subordinated Notes (1)
331,360 NoneNot rated
Total MML 2022-1 Notes$1,090,360 
June 30, 2023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-1 NotesSenior Secured Floating Rate$525,000 SOFR + 1.65%Aaa
Class A-2 NotesSenior Secured Fixed80,000 3.41%Aaa
Class B NotesSenior Secured Floating Rate66,000 SOFR + 2.00%Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate88,000 SOFR + 2.75%A2
Total Secured Notes759,000 
Subordinated Notes (1)331,360 NoneNot rated
Total MML 2022-1 Notes$1,090,360 
(1)The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization which are eliminated in consolidation.
The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the MML 2022-1 Issuer of the initial closing date portfolio. The MML 2022-1 Notes are scheduled to mature on April 20, 2035; however the MML 2022-1 Notes may be redeemed by the MML 2022-1 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after April 20, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the MML 2022-1 Issuers. The Class A-1 Notes, Class A-2 Notes, Class B Notes and Class C Notes are secured obligations of the MML 2022-1 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-1 Issuer, and the indenture governing the MML 2022-1 Notes includes customary covenants and events of default.
MML 2022-1 Notes have not been, and will not be, registered under the Securities Act, of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange CommissionSEC or an applicable exemption from registration.
The Company serves as collateral manager to the MML 2022-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.
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2022-1 BSL Debt Securitization
On June 9, 2022, the Company completed a $589.75 million term debt securitization (the “2022-1 BSL Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2022-1 BSL Debt Securitization (collectively, the “2022-1 BSL Notes”) were issued by BCRED BSL CLO 2022-1, Ltd. (the “2022-1 BSL Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and BCRED BSL CLO 2022-1, LLC (the “2022-1 BSL Co-Issuer”), and are primarily secured by a diversified portfolio of broadly syndicated loans and participation interests therein.
The following table presents information on the secured and unsecured notes issued in the Debt Securitization:
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June 30, 2022June 30, 2023
DescriptionDescriptionTypePrincipal OutstandingInterest RateCredit RatingDescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-1A NotesClass A-1A NotesSenior Secured Floating Rate$292,000 SOFR+1.58%Aaa (sf)Class A-1A NotesSenior Secured Floating Rate$292,000 SOFR + 1.58%Aaa (sf)
Class A-1B NotesClass A-1B NotesSenior Secured Fixed Rate50,000 4.34%Aaa (sf)Class A-1B NotesSenior Secured Fixed Rate50,000 4.34%Aaa (sf)
Class A-2 NotesClass A-2 NotesSenior Secured Floating Rate12,000 SOFR+2.00%AAA (sf)Class A-2 NotesSenior Secured Floating Rate12,000 SOFR + 2.00%AAA (sf)
Class B-1 NotesClass B-1 NotesSenior Secured Floating Rate40,000 SOFR+2.35%AA (sf)Class B-1 NotesSenior Secured Floating Rate40,000 SOFR + 2.35%AA (sf)
Class B-2 NotesClass B-2 NotesSenior Secured Fixed Rate26,000 4.98%AA (sf)Class B-2 NotesSenior Secured Fixed Rate26,000 4.98%AA (sf)
Class C Notes (1)
Class C Notes (1)
Secured Deferrable Floating Rate51,000 SOFR+2.60%A (sf)Class C Notes (1)Secured Deferrable Floating Rate51,000 SOFR + 2.60%A (sf)
Class D Notes (1)
Class D Notes (1)
Mezzanine Secured Deferrable Floating Rate39,000 SOFR+3.69%BBB- (sf)Class D Notes (1)Mezzanine Secured Deferrable Floating Rate39,000 SOFR + 3.69%BBB- (sf)
Class E Notes (1)
Class E Notes (1)
Junior Secured Deferrable Floating Rate21,000 SOFR+7.33%BB- (sf)Class E Notes (1)Junior Secured Deferrable Floating Rate21,000 SOFR + 7.33%BB- (sf)
Total Secured NotesTotal Secured Notes531,000 Total Secured Notes531,000 
Subordinated Notes (1)
Subordinated Notes (1)
58,750 NoneNot ratedSubordinated Notes (1)58,750 NoneNot rated
Total 2022-1 BSL NotesTotal 2022-1 BSL Notes$589,750 Total 2022-1 BSL Notes$589,750 
(1)The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization which are eliminated in consolidation.
The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization. The 2022-1 BSL Notes are scheduled to mature on July 20, 2035; however the 2022-1 BSL Notes may be redeemed by the 2022-1 BSL Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after, in the case of any Class of Notes other than the Class A-1 Notes, July 20, 2024, and in the case of the Class A-1 Notes, July 20, 2035. The Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes and Class D Notes are secured obligations of the 2022-1 BSL Issuer and the 2022-1 BSL Co-Issuer, the Class E Notes are the secured obligations of the 2022-1 BSL Issuer, the Subordinated Notes are the unsecured obligations of the 2022-1 BSL Issuer, and the indenture governing the 2022-1 BSL Notes includes customary covenants and events of default.
The 2022-1 BSL Notes have not been, and will not be, registered under the Securities Act, of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange CommissionSEC or an applicable exemption from registration.
The Company serves as collateral manager to the 2022-1 BSL Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.
2022-2 MML Debt Securitization
On August 12, 2022, the Company completed a $498.1 million term debt securitization (the “MML 2022-2 DebtSecuritization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes and loans offered in the MML 2022-2 Debt Securitization (collectively, the “Debt”) were issued (or incurred, as applicable) by BCRED MML CLO 2022-2 LLC (the “MML 2022-2 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.
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The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the MML 2022-2 Debt Securitization:
June 30, 2023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L NotesSenior Secured Floating Rate$275,000 SOFR + 2.10%Aaa (sf)
Class B-1 NotesSenior Secured Floating Rate14,000 SOFR + 3.35%Aa2
Class B-2 NotesSenior Secured Fixed Rate11,500 5.88%Aa2
Class C Notes (1)Mezzanine Secured Deferrable Floating Rate40,500 SOFR + 2.50%A2
Total Secured Notes341,000 
Subordinated Notes (1)Subordinated157,105 NoneNot rated
Total Debt$498,105 
(1)    The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2022-2 MML Debt Securitization which are eliminated in consolidation.
The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization in part in exchange for the Company’s sale and contribution to the MML 2022-2 Issuer of the initial closing date portfolio. The Debt is scheduled to mature on July 18, 2034; however the Debt may be redeemed by the MML 2022-2 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after August 12, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuers. The Class A-L Loans, Class B-1 Notes, Class B-2 Notes and Class C Notes are secured obligations of the MML 2022-2 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-2 Issuer, and the indenture governing the Debt includes customary covenants and events of default.
The Debt has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.
The Company serves as collateral manager to the MML 2022-2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.
Short-Term Borrowings
Master Repurchase Agreements
On June 15, 2021 and June 16, 2021, the Company entered into Master Repurchase Agreements (the “Repurchase Agreements”) with certain banks to provide short-term borrowings which the Company utilizes from time-to-time to manage its working capital needs. As part of the Repurchase Agreements, the Company can sell a security to the lender for cash with an agreement to buy it back in the future at a pre-determined price. The Company’s ability to draw down borrowings under the agreement is subject to 1940 Act leverage limitations and dependent on the Company pledging eligible assets to the banks as collateral. No commitment fees were paid in connection with execution of these agreements. Certain of the Company's investments serve as collateral for the Company's obligations under the Repurchase Agreements and the carrying value of pledged investments was $451.2$377.7 million and $426.8 million as of June 30, 2022.2023 and December 31, 2022, respectively.
Short-term borrowings under the Repurchase Agreements bore interest at an average applicable margin of 2.32%6.64% and 4.38% per annum as of MarchJune 30, 2023 and December 31, 2022.2022, respectively. As of June 30, 2023 and December 31, 2022, respectively, the Company had $302.2$201.2 million and $253.7 million of short-term borrowings under the Repurchase Agreements.
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Other Short-Term Borrowings
In order to finance certain investment transactions, the Company may, from time to time, enter into repurchasefinancing agreements, whereby the Company sellstransfers to a third party an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price atin exchange for cash for a future date,period of time, generally not to exceed 180-days from the date it was soldtransferred (each a “Short Term Financing Transaction”). At the expiration of the agreement, the Company returns the cash and interest to the third party and receives the original investment transferred.
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As of June 30, 2023 and December 31, 2022, respectively, the Company had $0.0 million and $365.7 million of borrowings under Short Term Financing Transactions with a third party. Certain of the Company's investments serve as collateral for the Company's obligations under the Short Term Financing Transactions and the carrying value of pledged investments was $0.0 million and $371.0 million as of June 30, 2022.2023, and December 31, 2022, respectively.
Short-term borrowings under Short Term Financing Transactions bore interest at an applicable margin of 0.00% and 7.35% per annum as of June 30, 2023, and December 31, 2022, respectively.
In accordance with ASC 860, Transfers and Servicing, the Master Repurchase Agreements and the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Condensed Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to a third party which is reported as debt on the Company’s Condensed Consolidated Statements of Assets and Liabilities. The repurchase obligation is secured by the respective investment that is the subject of the repurchase agreement. Interest expense associated with the repurchase obligationMaster Repurchase Agreements and the Short Term Financing Transactions is reported on the Company’s Condensed Consolidated Statements of Operations within interestInterest expense.
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The Company’s outstanding debt obligations were as follows:
June 30, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility$1,650,000 $1,547,400 $1,547,400 $102,600 $102,600 
Castle Peak Funding Facility (3)
1,600,000 1,356,455 1,356,455 243,545 243,521 
Maroon Peak Funding Facility800,000 800,000 800,000 — — 
Summit Peak Funding Facility (4)
2,300,000 1,808,793 1,808,793 491,207 33,223 
Denali Peak Funding Facility750,000 749,800 749,800 200 200 
Bushnell Peak Funding Facility600,000 593,800 593,800 6,200 6,200 
Granite Peak Funding Facility750,000 301,400 301,400 448,600 181,574 
Middle Peak Funding Facility800,000 713,950 713,950 86,050 86,050 
Bison Peak Funding Facility1,500,000 1,349,400 1,349,400 150,600 150,600 
Blanca Peak Funding Facility1,000,000 1,000,000 1,000,000 — — 
Windom Peak Funding Facility(5)
2,000,000 1,816,641 1,816,641 183,359 181,931 
Monarch Peak Funding Facility2,000,000 973,400 973,400 1,026,600 48,490 
Borah Peak Funding Facility400,000 349,000 349,000 51,000 51,000 
2022-1 BSL WH400,000 91,000 91,000 309,000 309,000 
Revolving Credit Facility (6)
5,150,000 1,324,731 1,324,731 3,825,269 3,825,269 
June 2024 Notes (7)(10)
435,000 435,000 421,027 — — 
June 2026 Notes (7)
400,000 400,000 397,279 — — 
September 2024 Notes (7)(10)
365,000 365,000 352,254 — — 
December 2026 Notes (7)(10)
1,250,000 1,250,000 1,204,396 — — 
November 2026 Eurobonds (7)(8)
580,475 580,475 517,533 — — 
November 2024 Notes (7)(10)
500,000 500,000 482,076 — — 
March 2027 Notes (7)
1,000,000 1,000,000 988,040 — — 
January 2025 Notes (7)(10)
500,000 500,000 480,646 — — 
January 2029 Notes (7)
650,000 650,000 638,361 — — 
March 2025 Notes (7)(10)
900,000 900,000 876,324 — — 
May 2027 Notes (7)(10)
625,000 625,000 621,436 — — 
April 2026 UK Bonds (7)(8)(10)
326,925 326,925 296,439 — — 
2021-1 BSL Debt (9)
663,000 663,000 661,953 — — 
2022-1 BSL Debt (9)
420,000 420,000 418,670 — — 
2021-2 Debt (9)
505,800 505,800 504,189 — — 
MML 2021-1 Debt (9)
690,000 690,000 685,860 — — 
MML 2022-1 Debt (9)
759,000 759,000 753,652 — — 
Short-Term Borrowings302,182 302,182 302,182 — — 
Total$32,572,382 $25,648,152 $25,378,087 $6,924,230 $5,219,658 
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December 31, 2021June 30, 2023
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility(3)Bard Peak Funding Facility(3)$1,650,000 $879,000 $879,000 $771,000 $— Bard Peak Funding Facility(3)$1,650,000 $489,862 $489,862 $— $1,160,138 $994,014 
Castle Peak Funding Facility (3)
Castle Peak Funding Facility (3)
1,600,000 1,171,809 1,171,809 428,191 131,041 
Castle Peak Funding Facility (3)
1,600,000 1,123,800 1,123,800 — 476,200 56,562 
Maroon Peak Funding Facility700,000 483,952 483,952 216,048 216,048 
Summit Peak Funding Facility (4)(3)
Summit Peak Funding Facility (4)(3)
2,000,000 1,643,154 1,643,154 356,846 86,767 
Summit Peak Funding Facility (4)(3)
2,300,000 910,369 910,369 — 1,389,631 821,702 
Denali Peak Funding FacilityDenali Peak Funding Facility675,000 668,400 668,400 6,600 6,600 Denali Peak Funding Facility750,000 562,800 562,800 — 187,200 187,200 
Bushnell Peak Funding FacilityBushnell Peak Funding Facility600,000 395,500 395,500 204,500 98,376 Bushnell Peak Funding Facility600,000 430,000 430,000 — 170,000 32,611 
Granite Peak Funding FacilityGranite Peak Funding Facility250,000 248,000 248,000 2,000 2,000 Granite Peak Funding Facility750,000 675,600 675,600 — 74,400 74,400 
Middle Peak Funding FacilityMiddle Peak Funding Facility800,000 799,550 799,550 450 68 Middle Peak Funding Facility1,000,000 600,950 600,950 — 399,050 263,124 
Bison Peak Funding FacilityBison Peak Funding Facility1,500,000 1,320,800 1,320,800 179,200 69,364 Bison Peak Funding Facility1,500,000 1,200,000 1,200,000 — 300,000 300,000 
Blanca Peak Funding FacilityBlanca Peak Funding Facility1,000,000 892,800 892,800 107,200 107,200 Blanca Peak Funding Facility1,500,000 1,343,000 1,343,000 — 157,000 149,766 
Windom Peak Funding Facility(5)(3)
Windom Peak Funding Facility(5)(3)
1,000,000 989,759 989,759 10,241 6,471 
Windom Peak Funding Facility(5)(3)
2,150,000 1,384,025 1,384,025 — 765,975 765,975 
Monarch Peak Funding FacilityMonarch Peak Funding Facility1,000,000 567,400 567,400 432,600 68,250 Monarch Peak Funding Facility2,000,000 1,400,400 1,400,400 — 599,600 374,491 
Revolving Credit Facility (6)
3,250,000 1,144,422 1,144,422 2,105,578 2,105,578 
June 2024 Notes (7)
435,000 435,000 431,854 — — 
June 2026 Notes (7)
400,000 400,000 396,952 — — 
September 2024 Notes (7)
365,000 365,000 361,805 — — 
December 2026 Notes (7)
1,250,000 1,250,000 1,227,844 — — 
November 2026 Eurobonds (7)(8)
569,958 569,958 563,695 — — 
November 2024 Notes (7)
500,000 500,000 496,054 — — 
March 2027 Notes (7)
1,000,000 1,000,000 987,298 — — 
2021-1 BSL Debt (9)
663,000 663,000 661,910 — — 
2021-2 Debt (9)
505,800 505,800 504,124 — — 
MML 2021-1 Debt (9)
690,000 690,000 685,696 — — 
Borah Peak Funding FacilityBorah Peak Funding Facility400,000 80,000 80,000 — 320,000 146,659 
Naomi Peak Funding FacilityNaomi Peak Funding Facility400,000 385,000 385,000 — 15,000 15,000 
Meridian Peak Funding FacilityMeridian Peak Funding Facility350,000 220,000 220,000 — 130,000 130,000 
Haydon Peak Funding FacilityHaydon Peak Funding Facility250,000 49,000 49,000 — 201,000 201,000 
Bear Peak Funding Facility (3)
Bear Peak Funding Facility (3)
545,550 173,292 173,292 — 372,258 114,359 
Revolving Credit Facility (4)
Revolving Credit Facility (4)
5,150,000 1,154,373 1,154,373 — 3,995,627 3,391,272 
June 2024 Notes (5)
June 2024 Notes (5)
435,000 435,000 418,270 1,267 — — 
June 2026 NotesJune 2026 Notes400,000 400,000 397,938 2,062 — — 
May 2027 Notes (5)
May 2027 Notes (5)
625,000 625,000 592,553 2,128 — — 
October 2027 Notes (5)
October 2027 Notes (5)
350,000 350,000 341,306 3,724 — — 
September 2024 Notes (5)
September 2024 Notes (5)
365,000 365,000 348,172 1,429 — — 
December 2026 Notes (5)
December 2026 Notes (5)
1,250,000 1,250,000 1,157,856 16,696 — — 
November 2026 EurobondsNovember 2026 Eurobonds545,550 545,550 540,527 5,023 — — 
November 2024 Notes (5)
November 2024 Notes (5)
500,000 500,000 474,339 2,275 — — 
March 2027 NotesMarch 2027 Notes1,000,000 1,000,000 989,944 10,056 — — 
January 2025 Notes (5)
January 2025 Notes (5)
500,000 500,000 472,785 2,634 — — 
January 2029 NotesJanuary 2029 Notes650,000 650,000 640,134 9,866 — — 
March 2025 Notes (5)
March 2025 Notes (5)
900,000 900,000 854,513 5,073 — — 
April 2026 UK Bonds (5)
April 2026 UK Bonds (5)
317,375 317,375 286,102 2,454 — — 
September 2025 Notes (5)
September 2025 Notes (5)
800,000 800,000 779,646 9,629 — — 
2021-1 BSL Notes2021-1 BSL Notes663,000 663,000 662,039 961 — — 
2021-2 Notes2021-2 Notes505,800 505,800 504,320 1,480 — — 
MML 2021-1 DebtMML 2021-1 Debt690,000 690,000 686,054 3,946 — — 
MML 2022-1 DebtMML 2022-1 Debt759,000 759,000 753,817 5,183 — — 
2022-1 BSL Debt2022-1 BSL Debt420,000 420,000 418,470 1,530 — — 
MML 2022-2 DebtMML 2022-2 Debt300,500 300,500 297,951 2,549 — — 
Short-Term BorrowingsShort-Term Borrowings718,156 718,156 718,156 — — Short-Term Borrowings201,167 201,167 201,167 — — — 
TotalTotal$23,121,914 $18,301,460 $18,239,934 $4,820,454 $2,897,763 Total$35,072,942 $24,359,863 $24,000,374 $89,965 $10,713,079 $8,018,135 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
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(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)Under certain SPV Financing Facilities, the Castlecompany is permitted to borrow in USD and currencies other currencies.
Under the Bard Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. Asas of June 30, 2022,2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) and 94.1 million
•Euros (EUR) 69.0 million
•British Pounds (GBP) 55.2 million
Under the Castle Peak Funding Facility, as of 60.0 million and 42.4 million, respectively. As of December 31, 2021,June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) and 78.9 million
•Euros (EUR) 46.4 million
•British Pounds (GBP) of 60.064.4 million and 42.4 million, respectively.
(4)Under the Summit Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. Asas of June 30, 2022,2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) and 154.3 million
•British Pounds (GBP) 101.7 million
Under the Windom Peak Funding Facility, as of 60.0 million and 6.1 million, respectively. As of December 31, 2021,June 30, 2023, the Company had borrowings denominated in Canadian Dollars (CAD) of 60.0 million.the following non-USD currencies:
•British Pounds (GBP) 115.9 million
(5)Under the WindomBear Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. Asas of June 30, 2022 and December 31, 2021,2023, the Company had borrowings denominated in the following non-USD currencies:
•Euros (EUR) 69.5 million
•British Pounds (GBP) of 43.657.0 million and 43.6 million, respectively.
(6)(4)Under the Revolving Credit Facility, the Company mayis permitted to borrow in U.S. dollarsUSD or certain other permitted currencies. As of June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 168.0 million
•Euros (EUR) 32.3 million
•British Pounds (GBP) 411.2 million
•Swiss Franc (CHF) 71.8 million
(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.
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December 31, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value (net of unamortized issuance costs)		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility (3)
$1,650,000 $1,235,414 $1,235,414 $— $414,586 $414,586 
Castle Peak Funding Facility (3)
1,600,000 1,146,600 1,146,600 — 453,400 166,697 
Maroon Peak Funding Facility300,000 300,000 300,000 — — — 
Summit Peak Funding Facility (3)
2,300,000 1,691,844 1,691,844 — 608,156 15,377 
Denali Peak Funding Facility750,000 749,800 749,800 — 200 200 
Bushnell Peak Funding Facility600,000 400,000 400,000 — 200,000 69,559 
Granite Peak Funding Facility750,000 647,600 647,600 — 102,400 102,134 
Middle Peak Funding Facility800,000 596,950 596,950 — 203,050 203,050 
Bison Peak Funding Facility1,500,000 1,182,000 1,182,000 — 318,000 233,740 
Blanca Peak Funding Facility1,500,000 1,081,000 1,081,000 — 419,000 360,054 
Windom Peak Funding Facility (3)
2,000,000 1,741,465 1,741,465 — 258,535 258,535 
Monarch Peak Funding Facility2,000,000 873,400 873,400 — 1,126,600 968,726 
Borah Peak Funding Facility400,000 223,000 223,000 — 177,000 35,951 
2022-1 BSL WH300,000 148,000 148,000 — 152,000 152,000 
Naomi Peak Funding Facility400,000 400,000 400,000 — — — 
Meridian Peak Funding Facility500,000 170,000 170,000 — 330,000 330,000 
Haydon Peak Funding Facility500,000 49,000 49,000 — 451,000 373,519 
Bear Peak Funding Facility (3)
468,494 166,031 166,031 — 302,463 130,772 
Revolving Credit Facility (4)
5,150,000 1,470,758 1,470,758 — 3,679,242 2,326,743 
June 2024 Notes (5)
435,000 435,000 413,963 1,912 — — 
June 2026 Notes400,000 400,000 397,611 2,389 — — 
May 2027 Notes (5)
625,000 625,000 596,809 2,402 — — 
October 2027 Notes (5)
350,000 350,000 345,618 3,356 — — 
September 2024 Notes (5)
365,000 365,000 345,353 2,015 — — 
December 2026 Notes (5)
1,250,000 1,250,000 1,162,596 19,084 — — 
November 2026 Eurobonds534,975 534,975 529,223 5,752 — — 
November 2024 Notes (5)
500,000 500,000 471,336 3,083 — — 
March 2027 Notes1,000,000 1,000,000 988,597 11,403 — — 
January 2025 Notes (5)
500,000 500,000 470,441 3,460 — — 
January 2029 Notes650,000 650,000 639,254 10,746 — — 
March 2025 Notes (5)
900,000 900,000 853,359 6,527 — — 
April 2026 UK Bonds (5)
301,725 301,725 278,946 2,890 — — 
September 2025 Notes (5)
800,000 800,000 786,332 10,952 — — 
2021-1 BSL Notes663,000 663,000 661,997 1,003 — — 
2021-2 Notes505,800 505,800 504,255 1,545 — — 
MML 2021-1 Debt690,000 690,000 685,884 4,116 — — 
MML 2022-1 Debt759,000 759,000 753,600 5,400 — — 
2022-1 BSL Debt420,000 420,000 418,408 1,592 — — 
MML 2022-2 Debt300,500 300,500 297,837 2,663 — — 
Short-Term Borrowings619,377 619,377 619,377 — — — 
Total$36,037,871 $26,842,239 $26,493,658 $102,290 $9,195,632 $6,141,643 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
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(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)Under certain SPV Financing Facilities, the company is permitted to borrow in USD and currencies other currencies.
Under the Bard Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD), Swiss Franc (CHF) and 94.1 million
•Euros (EUR) 66.0 million
•British Pounds (GBP) 50.0 million
Under the Castle Peak Funding Facility, as of 201.7 million, 94.7 million and 557.1 million, respectively . As December 31, 20212022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) and 48.8 million
•Euros (EUR) 36.0 million
•British Pounds (GBP) of 46.842.4 million and 156.9 million, respectively.
(7)The carrying value ofUnder the Company's June 2024 Notes, June 2026 Notes, September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, May 2027 Notes and April 2026 UK Bonds are presented net of unamortized debt issuance costs of $2.6 million, $2.7 million, $2.6 million, $20.8 million, $6.5 million, $3.5 million, $12.0 million, $4.3 million, $11.6 million, $8.0 million, $2.7 million and $3.3 million, respectively, as of June 30, 2022. The carrying value of the Company's June 2024 Notes, September 2024 Notes, June 2026 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes and March 2027 Notes are presented net of unamortized debt issuance costs of $3.1 million, $3.2 million, $3.0 million, $22.2 million, $6.3 million, $3.9 million and $12.7 million, respectively,Summit Peak Funding Facility, as of December 31, 2021.2022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 132.7 million
(8)•The November 2026 Eurobonds are denominated in Euros and were converted from local currency (EUR) to U.S. Dollars at the time of the transaction. The April 2026 UK Bonds are denominated in British Pounds and were converted from local currency (GBP) to U.S. Dollars at the time of the transaction.6.1 million
(9)The carrying value ofUnder the Company’s 2021-1 BSL Debt, 2022-1 BSL Debt, 2021-2 Debt, MML 2021-1 Debt and MML 2022-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.3 million, $1.6 million, $4.1 million and $5.3 million as of June 30, 2022. The carrying value of
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the Company’s 2021-1 BSL Debt, 2021-2 Debt and MML 2021-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.7 million and $4.3 millionWindom Peak Funding Facility, as of December 31, 2021.2022, the Company had borrowings denominated in the following non-USD currencies:
(10)•InclusiveBritish Pounds (GBP) 43.6 million
Under the Bear Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Euros (EUR) 75.0 million
•British Pounds (GBP) 50.7 million
(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 247.1 million
•Euros (EUR) 49.0 million
•British Pounds (GBP) 608.8 million
•Swiss Franc (CHF) 102.6 million
(5)Carrying value is inclusive of adjustment for the change in fair market value of effective hedge.hedge relationship.


As of June 30, 20222023 and December 31, 2021, $143.02022, $309.9 million and $47.7$395.8 million, respectively, of interest expense and $4.6$12.3 million and $2.6$12.9 million, respectively, of unused commitment fees were included in interestInterest payable. For the three and six months ended June 30, 2023, the weighted average interest rate on all borrowings outstanding was 6.82% and 6.56%, respectively, (including unused fees) and the average principal debt outstanding was $25,238.7 million and $26,189.5 million, respectively. For the three and six months ended June 30, 2022, and 2021, the weighted average interest rate on all borrowings outstanding was 2.86% and 2.21%2.67%, respectively, (including unused fees) and the average principal debt outstanding was $21,268.1 million and $2,814.1 million, respectively. For the six months ended June 30, 2022 and 2021, the weighted average interest rate on all borrowings outstanding was 2.67% and 2.16%, respectively, (including unused fees) and the average principal debt outstanding was $19,693.5 million and $1,777.0 million, respectively.
The components of interest expense were as follows:
Three Months Ended June 30,Three Months Ended June 30,
2022202120232022
Borrowing interest expenseBorrowing interest expense$135,393 $14,939 Borrowing interest expense$410,769 $135,393 
Facility unused feesFacility unused fees10,147 570 Facility unused fees13,344 10,147 
Accretion of original issue discountAccretion of original issue discount4,646 30 Accretion of original issue discount6,104 4,646 
Amortization of financing costs and debt issuance costsAmortization of financing costs and debt issuance costs7,933 1,806 Amortization of financing costs and debt issuance costs8,463 7,933 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swapsInterest rate swaps(69,221)— Interest rate swaps91,271 (69,221)
Hedged itemsHedged items69,271 — Hedged items(91,352)69,271 
Total interest expenseTotal interest expense$158,169 $17,345 Total interest expense$438,599 $158,169 
Cash paid for interest expenseCash paid for interest expense$96,828 $11,336 Cash paid for interest expense$458,269 $96,828 
Six Months Ended June 30,
20222021
Borrowing interest expense$233,983 $17,809 
Facility unused fees15,404 682 
Accretion of original issue discount8,329 30 
Amortization of financing costs and debt issuance costs12,874 2,264 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps(95,229)— 
Hedged items96,198 — 
Total interest expense$271,559 $20,785 
Cash paid for interest expense$181,128 $11,837 
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Six Months Ended June 30,
20232022
Borrowing interest expense$821,794 $233,983 
Facility unused fees23,867 15,404 
Accretion of original issue discount12,022 8,329 
Amortization of financing costs and debt issuance costs16,410 12,874 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps23,965 (95,229)
Hedged items(23,236)96,198 
Total interest expense$874,822 $271,559 
Cash paid for interest expense$963,045 $181,128 
Note 7.8. Commitments and Contingencies
The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 20222023 and December 31, 2021,2022, the Company had unfunded delayed draw terms loans and revolvers in the aggregate principal amount of $6,873.6$5,476.7 million and $4,870.5 million.$6,343.1 million, respectively.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the fundsinvestment vehicles it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective fund'sinvestment vehicles’ allocation may change prior to the date of funding. In this regard, as of June 30, 2023 and December 31, 2022, the Company estimates that it had $9,081.3$248.6 million and $1,219.5 million, respectively, of investments attributable to the company that are that are committed but not yet funded.
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The Adviser agreed to bear all of the Company’s expenses, including organization and offering expenses, through January 7, 2021, the date on which the Company broke escrow for the initial offering of its common shares, on which date the Company became obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for the offering.
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At June 30, 2022,2023, management is not aware of any pending or threatened material litigation.
Warehousing Transactions
The Company entered into two warehousing transactions whereby the Company agreed, subject to certain conditions, to purchase certain assets from parties unaffiliated with the Adviser. Such warehousing transactions were designed to assist the Company in deploying capital upon receipt of subscription proceeds. One of these warehousing transactions related primarily to originated or anchor investments in middle market loans (the “Facility Agreement”). The other warehouse related primarily to broadly syndicated loans (the “Syndicated Warehouse” and, together with Facility Agreement, the “Warehousing Transactions”).
Facility Agreement
On November 2, 2020, the Company entered into the Facility Agreement, which was subsequently amended and restated on November 16, 2020, December 7, 2020 and December 28, 2020 with Goldman Sachs Bank USA (the “Financing Provider”). Under the Facility Agreement, if the Company received subscriptions of at least $400 million (the “Capital Condition”), the Company, or its designee, has a forward obligation to purchase certain investments (the “Portfolio Investments”) from the Financing Provider, who is obligated to sell such investments. The Portfolio Investments will generally consist of originated and anchor loans to private companies consistent with the Company’s investment strategy. Pursuant to the Facility Agreement, the Company may request that the Financing Provider acquire such Portfolio Investments as the Company may designate from time to time, which the Financing Provider can approve or reject in its sole and absolute discretion. The Company elected to purchase, and in certain events the Company was required to purchase, from the Financing Provider one or more Portfolio Investments on or before June 30, 2021 (the “Facility End Date”). Prior to any sale to the Company, the Portfolio Investments will be owned and held solely for the account of the Financing Provider. Until such time as the Company satisfied the Capital Condition, which occurred on January 7, 2021, it had no obligation to purchase the Portfolio Investments nor be entitled to any benefits or subject to any obligations under the Facility Agreement unless it waived the Capital Condition. In consideration for the forward arrangement provided by the Financing Provider (the amount of the arrangement will not exceed $200 million prior to December 15, 2020, not exceed $300 million on or after December 15, 2020 and prior to December 28, 2020, not exceed $500 million on or after December 28, 2020 and prior to January 18, 2021 and will not exceed $300 million on or after January 18, 2021 up to the Facility End Date (the “Financing Amount”)), the Company has agreed to pay, subject to satisfying the Capital Condition, certain fees and expenses to the Financing Provider, including (i) a financing fee at an annual rate of LIBOR plus 1.70% multiplied by the sum of the relevant principal amount for each Portfolio Investment, (ii) an unused fee at an annual rate of 0.50% of the unused Financing Amount and (iii) a structuring fee equal to $1.453 million which is payable on the earlier of the termination date or the Facility End Date. As a general matter, the price the Company would pay to purchase any Portfolio Investment from the Financing Provider equals the cash amount paid by the Financing Provider subject to adjustment for, among other things, principal repayments and interest amounts earned by the Financing Provider.
Effective January 7, 2021, the Company had a contractual obligation to acquire all assets under the Facility Agreement through a forward purchase agreement on or before June 30, 2021. The mark-to-market gain/loss of all investments held by the Financing Provider, in addition to other economic rights and obligations held by the Company, are recognized in the Company’s consolidated financial statements. These gains (losses) are realized at the time the Company settles on the purchases of each underlying asset from the Financing Provider.
Following the acquisition of all the assets held by the Financing Provider, the Facility Agreement was terminated on June 22, 2021.
Syndicated Warehouse
On November 3, 2020, the Company entered into a purchase and sale agreement (the “PSA”) with Sente Master Fund, L.P. and Vibrant Ambar Fund, Ltd. (together, the “Sellers”). Under the PSA, if the Company has raised at least $200 million of equity capital by April 15, 2021, then the Company or its designee must arrange one or more transactions sufficient to repay all
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outstanding amounts under the Syndicated Warehouse with commitments of up to $255 million of Maple Park CLO, Ltd. (“Maple Park”), an entity expected to hold primarily broadly syndicated loans with a target portfolio size of $300 million that is managed by an affiliate of the Company, and to redeem in full the subordinated notes (the “Subordinated Notes”) issued by Maple Park. The Company satisfied the condition described above on January 7, 2021.
Under the PSA, this transaction may be structured to include a purchase by the Company or its designee of the Subordinated Notes, if any, held by the unaffiliated Sellers. The purchase price to be paid to the Sellers (the “Purchase Price”) would equal (i) the notional amount of the Subordinated Notes held by the Sellers and (ii) the Sellers’ pro rata share of interest and fee collections on the portfolio of loans held by Maple Park in excess of the outstanding advances under the Syndicated Warehouse. In addition, at any time prior to April 15, 2021, the Company or its designee will have the right, but not the obligation, to purchase the Subordinated Notes held by the Sellers at the Purchase Price.
On January 8, 2021, the Company exercised its right to acquire the equity interests of the Syndicated Warehouse, effectively acquiring the assets and liabilities of Maple Park for a total purchase price of $45.7 million, which included $2.8 million paid to a minority interest holder shortly thereafter. This transaction resulted in a realized gain of $2.3 million, which represented the excess of fair value of the net assets acquired over the total consideration paid for the Subordinated Notes in the Syndicated Warehouse on the date of acquisition.
The following table summarizes the assets and liabilities of Maple Park as of the acquisition date:
January 8, 2021
ASSETS
Investments at fair value$300,464 
Cash and cash equivalents1,679 
Interest receivable394 
Total assets302,537 
LIABILITIES
Debt134,000 
Payable for investments purchased120,451 
Interest payable33 
Total liabilities254,484 
NET ASSETS
Total net assets48,053 
Total liabilities and net assets$302,537 
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Note 8.9. Net Assets
The following table summarizespresents transactions in common shares of beneficial interest during the three months ended Common SharesJune 30, 2022 (dollars in thousands except share amounts):
June 30, 2022
SharesAmount
CLASS I
Subscriptions96,008,795$2,465,578 
Share transfers between classes983,22525,240 
Distributions reinvested4,570,700117,013 
Share repurchases(10,388,019)(257,623)
Early repurchase deduction— 2,283 
Net increase (decrease)91,174,701 $2,352,491 
CLASS S
Subscriptions50,998,279$1,309,690 
Share transfers between classes(147,265)(3,754)
Distributions reinvested1,735,47444,483 
Share repurchases(998,387)(25,241)
Early repurchase deduction—99 
Net increase (decrease)51,588,101 $1,325,277 
CLASS D
Subscriptions10,235,885 $262,493 
Share transfers between classes(835,960)(21,486)
Distributions reinvested305,881 7,831 
Share repurchases(82,582)(2,046)
Early repurchase deduction—23 
Net increase (decrease)9,623,224 $246,815 
Total net increase (decrease)152,386,026 $3,924,583 

For the three months ended June 30, 2023
SharesAmount
CLASS I
Subscriptions40,025,888 $991,563 
Share transfers between classes801,656 19,887 
Distributions reinvested7,486,630 185,625 
Share repurchases(43,026,051)(1,069,628)
Early repurchase deduction— 21 
Net increase (decrease)5,288,123 $127,468 
CLASS S
Subscriptions21,551,333 $534,160 
Share transfers between classes(338,831)(8,406)
Distributions reinvested3,241,10280,362 
Share repurchases(5,289,207)(131,490)
Early repurchase deduction—30 
Net increase (decrease)19,164,397 $474,656 
CLASS D
Subscriptions810,907 $20,071 
Share transfers between classes(462,803)(11,481)
Distributions reinvested28,518 707 
Share repurchases(134,805)(3,351)
Early repurchase deduction—— 
Net increase (decrease)241,817 $5,946 
Total net increase (decrease)24,694,337 $608,070 
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The following table summarizespresents transactions in common shares of beneficial interest during the six months ended Common SharesJune 30, 2022:
June 30, 2022
SharesAmount
CLASS I
Subscriptions221,712,300$5,719,346 
Share transfers between classes1,533,33539,479 
Distributions reinvested8,503,028218,785 
Share repurchases(11,878,376)(296,104)
Early repurchase deduction— 2,644 
Net increase (decrease)219,870,287 $5,684,150 
CLASS S
Subscriptions108,794,581$2,805,719 
Share transfers between classes(176,884)(4,520)
Distributions reinvested3,153,05481,177 
Share repurchases(1,665,431)(41,963)
Early repurchase deduction—405 
Net increase (decrease)110,105,320 $2,840,818 
CLASS D
Subscriptions20,725,977 $534,032 
Share transfers between classes(1,356,451)(34,959)
Distributions reinvested517,379 13,305 
Share repurchases(91,424)(2,276)
Early repurchase deduction—67 
Net increase (decrease)19,795,481 $510,169 
Total net increase (decrease)349,771,088 $9,035,137 
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The following table summarizes transactions in common shares of beneficial interest during the three months ended June 30, 2021 (dollars in thousands except share amounts):
SharesAmount
CLASS I 
Subscriptions72,765,283$1,863,782 
Share transfers between classes106,3892,745 
Distributions reinvested768,39919,715 
Share repurchases(48,738)(1,258)
Early repurchase deduction— 19 
Net increase (decrease)73,591,333 $1,885,003 
CLASS S
Subscriptions31,758,213$813,582 
Distributions reinvested185,5954,766 
Share repurchases—— 
Early repurchase deduction—6 
Net increase (decrease)31,943,808 $818,354 
CLASS D
Subscriptions3,125,266 $80,347 
Share transfers between classes(106,389)(2,745)
Distributions reinvested2,411 62 
Share repurchases—— 
Early repurchase deduction—— 
Net increase (decrease)3,021,288 $77,664 
Total net increase (decrease)108,556,429 $2,781,021 

For the six months ended June 30, 2023
SharesAmount
CLASS I
Subscriptions58,996,813$1,461,821 
Share transfers between classes45,581,9021,131,859 
Distributions reinvested14,358,610355,737 
Share repurchases(73,344,305)(1,820,611)
Early repurchase deduction— 78 
Net increase (decrease)45,593,020 $1,128,884 
CLASS S
Subscriptions36,034,142$892,824 
Share transfers between classes(1,706,270)(42,140)
Distributions reinvested6,294,698155,962 
Share repurchases(10,609,545)(263,275)
Early repurchase deduction—169 
Net increase (decrease)30,013,025 $743,540 
CLASS D
Subscriptions2,922,621 $72,284 
Share transfers between classes(43,876,202)(1,089,719)
Distributions reinvested634,300 15,705 
Share repurchases(557,743)(13,827)
Early repurchase deduction—11 
Net increase (decrease)(40,877,024)$(1,015,546)
Total net increase (decrease)34,729,021 $856,878 
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The following table summarizespresents transactions in common shares of beneficial interest during the six months endedCommon Shares June 30, 2021 (dollars(dollars in thousands except share amounts):
For the three months ended June 30, 2022
SharesAmountSharesAmount
CLASS ICLASS I CLASS I
SubscriptionsSubscriptions144,470,591$3,669,228 Subscriptions96,008,795$2,465,578 
Share transfers between classesShare transfers between classes106,3892,745 Share transfers between classes983,22525,240 
Distributions reinvestedDistributions reinvested959,83824,563 Distributions reinvested4,570,700117,013 
Share repurchasesShare repurchases(48,738)(1,258)Share repurchases(10,388,019)(257,623)
Early repurchase deductionEarly repurchase deduction— 19 Early repurchase deduction— 2,283 
Net increase (decrease)Net increase (decrease)145,488,080 $3,695,297 Net increase (decrease)91,174,701 $2,352,491 
CLASS SCLASS SCLASS S
SubscriptionsSubscriptions42,866,403$1,093,871 Subscriptions50,998,279$1,309,690 
Share transfers between classesShare transfers between classes(147,265)(3,754)
Distributions reinvestedDistributions reinvested208,2955,341 Distributions reinvested1,735,47444,483 
Share repurchasesShare repurchases—— Share repurchases(998,387)(25,241)
Early repurchase deduction fees—6 
Early repurchase deductionEarly repurchase deduction—99 
Net increase (decrease)Net increase (decrease)43,074,698 $1,099,218 Net increase (decrease)51,588,101 $1,325,277 
CLASS DCLASS DCLASS D
SubscriptionsSubscriptions3,125,266 $80,347 Subscriptions10,235,885 $262,493 
Transfers(106,389)(2,745)
Share transfers between classesShare transfers between classes(835,960)(21,486)
Distributions reinvestedDistributions reinvested2,411 62 Distributions reinvested305,881 7,831 
Share repurchasesShare repurchases—— Share repurchases(82,582)(2,046)
Early repurchase deduction fees—— 
Early repurchase deductionEarly repurchase deduction—23 
Net increase (decrease)Net increase (decrease)3,021,288 $77,664 Net increase (decrease)9,623,224 $246,815 
Total net increase (decrease)Total net increase (decrease)191,584,066 $4,872,179 Total net increase (decrease)152,386,026 $3,924,583 
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The following table presents transactions in Common Shares (dollars in thousands except share amounts):
For the six months ended June 30, 2022
SharesAmount
CLASS I
Subscriptions221,712,300$5,719,346 
Share transfers between classes1,533,33539,479 
Distributions reinvested8,503,028218,785 
Share repurchases(11,878,376)(296,104)
Early repurchase deduction— 2,644 
Net increase (decrease)219,870,287 $5,684,150 
CLASS S
Subscriptions108,794,581$2,805,719 
Share transfers between classes(176,884)(4,520)
Distributions reinvested3,153,05481,177 
Share repurchases(1,665,431)(41,963)
Early repurchase deduction—405 
Net increase (decrease)110,105,320 $2,840,818 
CLASS D
Subscriptions20,725,977 $534,032 
Share transfers between classes(1,356,451)(34,959)
Distributions reinvested517,379 13,305 
Share repurchases(91,424)(2,276)
Early repurchase deduction—67 
Net increase (decrease)19,795,481 $510,169 
Total net increase (decrease)349,771,088 $9,035,137 
Net Asset Value per Share and Offering Price
The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table summarizespresents each month-end NAV per share for Class I, Class S and Class D common shares of beneficial interestCommon Shares during the six months ended June 30, 20222023 and 20212022:
NAV Per Share
For the Months EndedClass IClass SClass D
January 31, 2022$25.93 $25.93 $25.93 
February 28, 202225.80 25.80 25.80 
March 31, 202225.82 25.82 25.82 
April 30, 202225.76 25.76 25.76 
May 31, 202225.28 25.28 25.28 
June 30, 202224.80 24.80 24.80 
NAV Per Share
Class IClass SClass D
January 31, 2023$24.85 $24.85 $24.85 
February 28, 202324.84 24.84 24.84 
March 31, 202324.77 24.77 24.77 
April 30, 202324.87 24.87 24.87 
May 31, 202324.74 24.74 24.74 
June 30, 202324.86 24.86 24.86 
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NAV Per Share
For the Months EndedClass IClass S
Class D (1)
January 31, 2021$25.25 $25.25 $— 
February 28, 202125.36 25.36 — 
March 31, 202125.49 25.49 — 
April 30, 202125.59 25.59 — 
May 31, 202125.80 25.80 25.80 
June 30, 202125.81 25.81 25.81 
NAV Per Share
Class IClass SClass D
January 31, 2022$25.93 $25.93 $25.93 
February 28, 202225.80 25.80 25.80 
March 31, 202225.82 25.82 25.82 
April 30, 202225.76 25.76 25.76 
May 31, 202225.28 25.28 25.28 
June 30, 202224.80 24.80 24.80 
(1)Class D commenced operations on May 1, 2021.
Distributions

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D common shares of beneficial interest.Common Shares. The following table presents distributions that were declared and payable during the six months ended June 30, 2022:2023:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1740 $66,686 
February 23, 2022February 28, 2022March 25, 20220.1740 75,042 
March 23, 2022March 31, 2022April 28, 20220.1740 82,959 
April 23, 2022April 30, 2022May 27, 20220.1740 89,838 
May 23, 2022May 31, 2022June 29, 20220.1740 96,450 
June 23, 2022June 30, 2022July 27, 20220.1740 100,372 
$1.0440 $511,347 
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.2100 $125,726 
February 24, 2023February 28, 2023March 29, 20230.2100 127,513 
March 23, 2023March 31, 2023April 28, 20230.2100 138,990 
April 19, 2023April 30, 2023May 26, 20230.2100 135,044 
May 17, 2023May 31, 2023June 27, 20230.2100 137,362 
June 20, 2023June 30, 2023July 27, 20230.2100 142,770 
$1.2600 $807,405 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1556 $23,816 
February 23, 2022February 28, 2022March 25, 20220.1556 26,598 
March 23, 2022March 31, 2022April 28, 20220.1557 29,834 
April 23, 2022April 30, 2022May 27, 20220.1557 32,985 
May 23, 2022May 31, 2022June 29, 20220.1558 35,893 
June 23, 2022June 30, 2022July 27, 20220.1561 38,018 
$0.9345 $187,144 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.1926 $55,316 
February 24, 2023February 28, 2023March 29, 20230.1924 56,106 
March 23, 2023March 31, 2023April 28, 20230.1924 57,471 
April 19, 2023April 30, 2023May 26, 20230.1925 58,078 
May 17, 2023May 31, 2023June 27, 20230.1924 59,351 
June 20, 2023June 30, 2023July 27, 20230.1925 61,185 
$1.1548 $347,507 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1686 $3,469 
February 23, 2022February 28, 2022March 25, 20220.1686 3,961 
March 23, 2022March 31, 2022April 28, 20220.1686 4,551 
April 23, 2022April 30, 2022May 27, 20220.1686 5,126 
May 23, 2022May 31, 2022June 29, 20220.1686 5,699 
June 23, 2022June 30, 2022July 27, 20220.1687 6,190 
$1.0117 $28,996 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.2049 $10,247 
February 24, 2023February 28, 2023March 29, 20230.2048 10,343 
March 23, 2023March 31, 2023April 28, 20230.2048 1,659 
April 19, 2023April 30, 2023May 26, 20230.2048 1,591 
May 17, 2023May 31, 2023June 27, 20230.2048 1,564 
June 20, 2023June 30, 2023July 27, 20230.2048 1,649 
$1.2289 $27,053 

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The following table presents distributions that were declared and payable during the six months ended June 30, 2021:2022:
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Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1740 $66,686 
February 23, 2022February 28, 2022March 25, 20220.174075,042 
March 23, 2022March 31, 2022April 28, 20220.174082,959 
April 20, 2022April 30, 2022May 27, 20220.174089,838 
May 24, 2022May 31, 2022June 29, 20220.174096,450 
June 27, 2022June 30, 2022July 27, 20220.1740100,372 
$1.0440 $511,347 
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 29, 2021January 31, 2021February 24, 2021$0.1151 $3,431 
February 24, 2021February 28, 2021March 29, 20210.14277,206 
March 30, 2021March 31, 2021April 28, 20210.145810,483 
April 23, 2021April 30, 2021May 26, 20210.1510 15,074 
May 25, 2021May 31, 2021June 28, 20210.1563 19,336 
June 29, 2021June 30, 2021July 28, 20210.1667 24,261 
June 29, 2021June 30, 2021July 28, 20210.1233 17,944 (1)
$1.0009 $97,735 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1556 $23,816 
February 23, 2022February 28, 2022March 25, 20220.155626,598 
March 23, 2022March 31, 2022April 28, 20220.155729,834 
April 20, 2022April 30, 2022May 27, 20220.155732,985 
May 24, 2022May 31, 2022June 29, 20220.155835,893 
June 27, 2022June 30, 2022July 27, 20220.156138,018 
$0.9345 $187,144 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 29, 2021January 31, 2021February 24, 2021$0.1008 $277 
February 24, 2021February 28, 2021March 29, 20210.1250827 
March 30, 2021March 31, 2021April 28, 20210.12811,426 
April 23, 2021April 30, 2021May 26, 20210.1329 2,994 
May 25, 2021May 31, 2021June 28, 20210.1382 4,607 
June 29, 2021June 30, 2021July 28, 20210.1484 6,391 
June 29, 2021June 30, 2021July 28, 20210.1233 5,311 (1)
$0.8967 $21,833 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1686 $3,469 
February 23, 2022February 28, 2022March 25, 20220.1686 3,961 
March 23, 2022March 31, 2022April 28, 20220.1686 4,551 
April 20, 2022April 30, 2022May 27, 20220.1686 5,126 
May 24, 2022May 31, 2022June 29, 20220.1686 5,699 
June 27, 2022June 30, 2022July 27, 20220.1687 6,190 
$1.0117 $28,996 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
May 25, 2021May 31, 2021June 28, 2021$0.1510 $205 
June 29, 2021June 30, 2021July 28, 20210.1613 487 
June 29, 2021June 30, 2021July 28, 20210.1233 373 (1)
$0.4356 $1,065 
(1)Represents a special distribution.
Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvestit reinvests all cash dividends declared by the Board on behalf of ourits shareholders who do not elect to receive their dividends in cash as provided below.cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.
Character of Distributions
The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.
Through June 30, 2022,2023, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company
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within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment
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performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.
Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflectpresent the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2022:Common Shares:
For the six months ended June 30, 2023
Class IClass SClass DClass IClass SClass D
Source of DistributionSource of DistributionPer ShareAmountPer ShareAmountPer ShareAmountSource of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment incomeNet investment income$1.0440 $511,347 $0.9345 $187,144 $1.0117 $28,996 Net investment income$1.2600 $807,405 $1.1548 $347,507 $1.2289 $27,053 
Net realized gainsNet realized gains— — — — — — Net realized gains— — — — — — 
TotalTotal$1.0440 $511,347 $0.9345 $187,144 $1.0117 $28,996 Total$1.2600 $807,405 $1.1548 $347,507 $1.2289 $27,053 
The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2021:
For the six months ended June 30, 2022
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.0440 $511,347 $0.9345 $187,144 $1.0117 $28,996 
Net realized gains— — — — — — 
Total$1.0440 $511,347 $0.9345 $187,144 $1.0117 $28,996 
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.9871 $95,729 $0.8829 $21,239 $0.4218 $1,023 
Net realized gains0.0138 2,006 0.0138 594 0.0138 42 
Total$1.0009 $97,735 $0.8967 $21,833 $0.4356 $1,065 

Share Repurchase Program
AtThe Company has implemented a share repurchase program under which, at the discretion of the Board, the Company commenced a share repurchase program in which the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s common sharesCommon Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter.quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that were issued on or after October 1, 2021,have not been outstanding for at least one year will be repurchased at 98% of such NAV (an ““Early Repurchase DeductionDeduction””). The one-year holding period is measured aswill be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription closing date immediately following the prospectivevaluation date used in the repurchase date.of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder.holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
During the three months ended June 30, 2023 and 2022, approximately 11,488,31548,450,063 and 11,488,257 shares were repurchased, (total value of $284.9 million based on June 30, 2022 NAV of $24.80).respectively. During the six months ended June 30, 2023 and 2022, approximately 13,635,23184,511,593 and 13,635,173 shares were repurchased, (total value of $340.3 million based on June 30, 2022 NAV of $24.80).

During the three and six months ended June 30, 2021, approximately 48,738 shares were repurchased (total value of $1.3 million based on June 30, 2021 NAV of $25.81).

respectively.
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The following table further summarizespresents the share repurchases completed during the six months ended June 30, 2022:2023:

Repurchase deadline request
Percentage of
Outstanding Shares
the Company Offered
to Repurchase(1)
Price Paid Per ShareRepurchase
Pricing Date
Amount
Repurchased (all classes)(3)
Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 20225.00 %$25.82 March 31, 2022$54,464 2,146,916 0.43 %— 
May 31, 20225.00 %$24.80 June 30, 2022$282,505 11,488,315 1.65 %— 
Repurchase deadline requestTotal Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Price Paid Per ShareRepurchase
Pricing Date
Amount
Repurchased (all classes) (3)
Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 202336,061,530 3.91 %$24.77 March 31, 2023$893,037 — 
May 31, 202348,450,063 5.20 %$24.86 June 30, 2023$1,204,418 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)All repurchase requests were satisfied in full.
(3)Amounts shown net of Early Repurchase Deduction

The following table further summarizespresents the share repurchases completed during the six months ended June 30, 20212022:
Repurchase deadline requestRepurchase deadline request
Percentage of
Outstanding Shares
the Company Offered
to Repurchase(1)
Repurchase
Pricing Date		Amount
Repurchased (all classes)		Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Repurchase deadline requestTotal Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Price Paid Per ShareRepurchase
Pricing Date
Amount
Repurchased (all classes) (3)
Maximum number of shares that may yet be purchased under the repurchase plan (2)
May 28, 20215.00 %June 30, 2021$1,233 48,738 0.06 %
February 28, 2022February 28, 20222,146,916 0.43 %$25.82 March 31, 2022$54,464 — 
May 31, 2022May 31, 202211,488,257 1.66 %$24.80 June 30, 2022$282,505 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)All repurchase requests were satisfied in full.
(3)Amounts shown net of Early Repurchase Deduction

Note 9.10. Financial Highlights and Senior Securities
The following are the financial highlights for the six months ended June 30, 2023:
For the six months ended June 30, 2023
Class IClass SClass D
Per Share Data (1):
Net asset value, beginning of period$24.59 $24.59 $24.59 
Net investment income1.53 1.42 1.50 
Net unrealized and realized gain (loss) (5)
— — — 
Net increase (decrease) in net assets resulting from operations1.53 1.42 1.50 
Distributions from net investment income (2)
(1.26)(1.15)(1.23)
Distributions from net realized gains (2)
— — — 
Net increase (decrease) in net assets from shareholders' distributions(1.26)(1.15)(1.23)
Early repurchase deduction fees (5)
— — — 
Total increase (decrease) in net assets0.27 0.27 0.27 
Net asset value, end of period$24.86 $24.86 $24.86 
Shares outstanding, end of period636,830,636312,554,0677,918,900
Total return based on NAV (3)
6.33 %5.89 %6.20 %
Ratios:
Ratio of net expenses to average net assets (4)
10.63 %11.48 %10.96 %
Ratio of net investment income to average net assets (4)
12.43 %11.58 %12.11 %
Portfolio turnover rate3.48 %3.48 %3.48 %
Supplemental Data:
Net assets, end of period$15,829,602$7,769,195$196,842
Asset coverage ratio197.7 %197.7 %197.7 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).
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(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.
(4)For the six months ended June 30, 2023, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the six months ended June 30, 2023, the ratio of total operating expenses to average net assets was 10.63%, 11.48%, and 10.96% on Class I, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.00%, 0.00% and 0.00% on Class I, Class S and Class D, respectively, of average net assets.
(5)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

The following are the financial highlights for the six months ended June 30, 2022:
Six Months Ended June 30, 2022
Class IClass SClass D
Per Share Data: 
Net asset value, beginning of period$25.93$25.93 $25.93 
Net investment income (1)
1.111.00 1.07 
Net unrealized and realized gain (loss) (2)
(1.20)(1.20)(1.19)
Net increase (decrease) in net assets resulting from operations(0.09)(0.20)(0.12)
Distributions from net investment income (3)
(1.04)(0.93)(1.01)
Distributions from net realized gains (3)
— — — 
Net increase (decrease) in net assets from shareholders' distributions(1.04)(0.93)(1.01)
Early repurchase deduction fees (6)
——— 
Total increase (decrease) in net assets(1.13)(1.13)(1.13)
Net asset value, end of period$24.80$24.80 $24.80 
Shares outstanding, end of period566,461,843242,530,42036,609,942
Total return based on NAV (4)
(0.38)%(0.81)%(0.51)%
Ratios:
Ratio of net expenses to average net assets (5)
5.45 %6.31 %5.72 %
Ratio of net investment income to average net assets (5)
8.65 %7.80 %8.40 %
Portfolio turnover rate3.91 %3.91 %3.91 %
Supplemental Data:
Net assets, end of period$14,048,171$6,014,726$907,815
Asset coverage ratio182.0 %182.0 %182.0 %

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The following are the financial highlights for the six months ended June 30, 2021:
Six Months Ended June 30, 2021For the six months ended June 30, 2022
Class IClass S
Class D (7)
Class IClass S
Class D (7)
Per Share Data: 
Per Share Data (1):
Per Share Data (1):
Net asset value, beginning of periodNet asset value, beginning of period$25.00$25.00$25.59Net asset value, beginning of period$25.93$25.93 $25.93 
Net investment income (1)
Net investment income (1)
1.081.010.39
Net investment income (1)
1.111.00 1.07 
Net unrealized and realized gain (loss) (2)
Net unrealized and realized gain (loss) (2)
0.730.700.27
Net unrealized and realized gain (loss)(2)
(1.20)(1.20)(1.19)
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations1.811.710.66Net increase (decrease) in net assets resulting from operations(0.09)(0.20)(0.12)
Distributions from net investment income (3)
Distributions from net investment income (3)
(0.99)(0.89)(0.43)
Distributions from net investment income (3)
(1.04)(0.93)(1.01)
Distributions from net realized gains (3)
Distributions from net realized gains (3)
(0.01)(0.01)(0.01)
Distributions from net realized gains (3)
— — — 
Net increase (decrease) in net assets from shareholders' distributionsNet increase (decrease) in net assets from shareholders' distributions(1.00)(0.90)(0.44)Net increase (decrease) in net assets from shareholders' distributions(1.04)(0.93)(1.01)
Early repurchase deduction fees (6)
Early repurchase deduction fees (6)
———
Early repurchase deduction fees (6)
— — — 
Total increase (decrease) in net assetsTotal increase (decrease) in net assets0.810.810.22Total increase (decrease) in net assets(1.13)(1.13)(1.13)
Net asset value, end of periodNet asset value, end of period$25.81$25.81$25.81Net asset value, end of period$24.80 $24.80 $24.80 
Shares outstanding, end of periodShares outstanding, end of period145,490,14043,074,6983,021,288Shares outstanding, end of period566,461,843242,530,42036,609,942
Total return based on NAV (4)
Total return based on NAV (4)
7.34%6.91%2.57%
Total return based on NAV (4)
(0.38)%(0.81)%(0.51)%
Ratios:Ratios:Ratios:
Ratio of net expenses to average net assets (5)
Ratio of net expenses to average net assets (5)
2.69 %3.68 %3.33 %
Ratio of net expenses to average net assets (5)
5.45 %6.31 %5.72 %
Ratio of net investment income to average net assets (5)
Ratio of net investment income to average net assets (5)
8.77 %8.15 %8.96 %
Ratio of net investment income to average net assets (5)
8.65 %7.80 %8.40 %
Portfolio turnover ratePortfolio turnover rate13.28 %13.28 %13.28 %Portfolio turnover rate3.91 %3.91 %3.91 %
Supplemental Data:Supplemental Data:Supplemental Data:
Net assets, end of periodNet assets, end of period$3,754,393$1,111,572$77,969Net assets, end of period$14,048,171$6,014,726$907,815
Asset coverage ratioAsset coverage ratio202.3 %202.3 %202.3 %Asset coverage ratio182.0 %182.0 %182.0 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)For the six months ended June 30, 2022, the amount shown does not correspond with the aggregate amount for the period as it includes a $(0.01), $(0.01) and $(0.00) impact, on Class I, Class S and Class D, respectively, from the effect of the timing of capital transactions. For the six months ended June 30, 2021, the amount shown does not correspond with the aggregate amount for the period as it includes a $0.05, $0.04 and $0.03 impact, on Class I, Class S and Class D, respectively, from the effect of the timing of capital transactions.
(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8)9).
(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.
(5)For the six months ended June 30, 2022, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser.Adviser, if any. For the six months ended June 30, 2022, the ratio of total operating expenses to average net assets was 5.45%, 6.31%, and 5.72% on Class I, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented 0.00%, 0.00% and 0.00% on Class I, Class S and Class D, respectively, of average net assets. For the six months ended June 30, 2021, amounts are annualized except for organizational costs. For the six months ended June 30, 2021, the ratio of total operating expenses to average net assets was 4.95%, 5.94% and 6.20%, on Class I, Class S and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 2.26%0.00%, 2.26%0.00% and 2.87%0.00% on Class I, Class S and Class D, respectively, of average net assets.
(6)The per share amount rounds to less than $0.01 per share.share, for Class I, Class S and Class D.
The following is information about the Company’s senior securities:
Class and PeriodTotal Amount Outstanding Exclusive of Treasury Securities (1)Asset Coverage per Unit(2)Involuntary Liquidating Preference per Unit(3)Average Market Value per Unit(4)
Bard Peak Funding Facility
June 30, 2023$489,862 $1,977.0 — N/A
December 31, 20221,235,414 1,845.1 — N/A
December 31, 2021879,000 1,702.0 — N/A
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Class and PeriodTotal Amount Outstanding Exclusive of Treasury Securities (1)Asset Coverage per Unit(2)Involuntary Liquidating Preference per Unit(3)Average Market Value per Unit(4)
Castle Peak Funding Facility
June 30, 2023$1,123,800 $1,977.0 — N/A
December 31, 20221,146,600 1,845.1 — N/A
December 31, 20211,171,809 1,702.0 — N/A
Maroon Peak Funding Facility
June 30, 2023— — — N/A
December 31, 2022300,000 1,845.1 — N/A
December 31, 2021483,952 1,702.0 — N/A
Summit Peak Funding Facility
June 30, 2023910,369 1,977.0 — N/A
December 31, 20221,691,844 1,845.1 — N/A
December 31, 20211,643,154 1,702.0 — N/A
Denali Peak Funding Facility
June 30, 2023562,800 1,977.0 — N/A
December 31, 2022749,800 1,845.1 — N/A
December 31, 2021668,400 1,702.0 — N/A
Bushnell Peak Funding Facility
June 30, 2023430,000 1,977.0 — N/A
December 31, 2022400,000 1,845.1 — N/A
December 31, 2021395,500 1,702.0 — N/A
Granite Peak Funding Facility
June 30, 2023675,600 1,977.0 — N/A
December 31, 2022647,600 1,845.1 — N/A
December 31, 2021248,000 1,702.0 — N/A
Middle Peak Funding Facility
June 30, 2023600,950 1,977.0 — N/A
December 31, 2022596,950 1,845.1 — N/A
December 31, 2021799,550 1,702.0 — N/A
Bison Peak Funding Facility
June 30, 20231,200,000 1,977.0 — N/A
December 31, 20221,182,000 1,845.1 — N/A
December 31, 20211,320,800 1,702.0 — N/A
Blanca Peak Funding Facility
June 30, 20231,343,000 1,977.0 — N/A
December 31, 20221,081,000 1,845.1 — N/A
December 31, 2021892,800 1,702.0 — N/A
Windom Peak Funding Facility
June 30, 20231,384,025 1,977.0 — N/A
December 31, 20221,741,465 1,845.1 — N/A
December 31, 2021989,759 1,702.0 — N/A
Monarch Peak Funding Facility
June 30, 20231,400,400 1,977.0 — N/A
December 31, 2022873,400 1,845.1 — N/A
December 31, 2021567,400 1,702.0 — N/A
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Class and PeriodTotal Amount Outstanding Exclusive of Treasury Securities (1)Asset Coverage per Unit(2)Involuntary Liquidating Preference per Unit(3)Average Market Value per Unit(4)
Borah Peak Funding Facility
June 30, 2023$80,000 $1,977.0 — N/A
December 31, 2022223,000 1,845.1 — N/A
2022-1 BSL WH
June 30, 2023— — — N/A
December 31, 2022148,000 1,845.1 — N/A
Naomi Peak Funding Facility
June 30, 2023385,000 1,977.0 — N/A
December 31, 2022400,000 1,845.1 — N/A
Meridian Peak Funding Facility
June 30, 2023220,000 1,977.0 — N/A
December 31, 2022170,000 1,845.1 — N/A
Haydon Peak Funding Facility
June 30, 202349,000 1,977.0 — N/A
December 31, 202249,000 1,845.1 — N/A
Bear Peak Funding Facility
June 30, 2023173,292 1,977.0 — N/A
December 31, 2022166,031 1,845.1 — N/A
Revolving Credit Facility
June 30, 20231,154,373 1,977.0 — N/A
December 31, 20221,470,758 1,845.1 — N/A
December 31, 20211,144,422 1,702.0 — N/A
June 2024 Notes
June 30, 2023435,000 1,977.0 — N/A
December 31, 2022435,000 1,845.1 — N/A
December 31, 2021435,000 1,702.0 — N/A
June 2026 Notes
June 30, 2023400,000 1,977.0 — N/A
December 31, 2022400,000 1,845.1 — N/A
December 31, 2021400,000 1,702.0 — N/A
May 2027 Notes
June 30, 2023625,000 1,977.0 — N/A
December 31, 2022625,000 1,845.1 — N/A
October 2027 Notes
June 30, 2023350,000 1,977.0 — N/A
December 31, 2022350,000 1,845.1 — N/A
September 2024 Notes
June 30, 2023365,000 1,977.0 — N/A
December 31, 2022365,000 1,845.1 — N/A
December 31, 2021365,000 1,702.0 — N/A
December 2026 Notes
June 30, 20231,250,000 1,977.0 — N/A
December 31, 20221,250,000 1,845.1 — N/A
December 31, 20211,250,000 1,702.0 — N/A
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Class and PeriodTotal Amount Outstanding Exclusive of Treasury Securities (1)Asset Coverage per Unit(2)Involuntary Liquidating Preference per Unit(3)Average Market Value per Unit(4)
November 2026 Eurobonds
June 30, 2023$545,550 $1,977.0 — N/A
December 31, 2022534,975 1,845.1 — N/A
December 31, 2021569,958 1,702.0 — N/A
November 2024 Notes
June 30, 2023500,000 1,977.0 — N/A
December 31, 2022500,000 1,845.1 — N/A
December 31, 2021500,000 1,702.0 — N/A
March 2027 Notes
June 30, 20231,000,000 1,977.0 — N/A
December 31, 20221,000,000 1,845.1 — N/A
December 31, 20211,000,000 1,702.0 — N/A
January 2025 Notes
June 30, 2023500,000 1,977.0 — N/A
December 31, 2022500,000 1,845.1 — N/A
January 2029 Notes
June 30, 2023650,000 1,977.0 — N/A
December 31, 2022650,000 1,845.1 — N/A
March 2025 Notes
June 30, 2023900,000 1,977.0 — N/A
December 31, 2022900,000 1,845.1 — N/A
April 2026 UK Bonds
June 30, 2023317,375 1,977.0 — N/A
December 31, 2022301,725 1,845.1 — N/A
September 2025 Notes
June 30, 2023800,000 1,977.0 — N/A
December 31, 2022800,000 1,845.1 — N/A
2021-1 BSL Notes
June 30, 2023663,000 1,977.0 — N/A
December 31, 2022663,000 1,845.1 — N/A
December 31, 2021663,000 1,702.0 — N/A
2021-2 Notes
June 30, 2023505,800 1,977.0 — N/A
December 31, 2022505,800 1,845.1 — N/A
December 31, 2021505,800 1,702.0 — N/A
MML 2021-1 Debt
June 30, 2023690,000 1,977.0 — N/A
December 31, 2022690,000 1,845.1 — N/A
December 31, 2021690,000 1,702.0 — N/A
MML 2022-1 Debt
June 30, 2023759,000 1,977.0 — N/A
December 31, 2022759,000 1,845.1 — N/A
2022-1 BSL Debt
June 30, 2023420,000 1,977.0 — N/A
December 31, 2022420,000 1,845.1 — N/A
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Class and PeriodTotal Amount Outstanding Exclusive of Treasury Securities (1)Asset Coverage per Unit(2)Involuntary Liquidating Preference per Unit(3)Average Market Value per Unit(4)
MML 2022-2 Debt
June 30, 2023$300,500 $1,977.0 — N/A
December 31, 2022300,500 1,845.1 — N/A
Short-Term Borrowings
June 30, 2023201,167 1,977.0 — N/A
December 31, 2022619,377 1,845.1 — N/A
December 31, 2021718,156 1,702.0 — N/A
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(7)(2)Class D commenced operationsAsset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on May 1, 2021.a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Not applicable because the senior securities are not registered for public trading.

118
As of June 30, 2023 and December 31, 2022 the aggregate principal amount of indebtedness outstanding was $24.4 billion and $26.8 billion, respectively.

Note 10.11. Joint VentureVentures
BCRED Emerald JV

BCRED Emerald JV LP (“(JV“Emerald JV””), a Delaware limited liability company, was formed as a joint venture between the Company and a large North American pension fund (the “EmeraldJV Partner”), and commenced operations on January 18, 2022 and operates under a limited liability company agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.
The Company and the Emerald JV partner each agreedinitially committed to contribute up to $1,500 million and $500 million of capital, respectively, to the Emerald JV. The Company initially contributed approximately $733.4 million of cash, and the Emerald JV Partner contributed net assets of approximately $244.5 million (i.e., $977.8 million in net assets contributed less $733.4 million in cash received by the Emerald JV Partner) to the Emerald JV in exchange for initial equity ownership interests of approximately 75% and approximately 25%, respectively.
On September 26, 2022, the Company and the Emerald JV Partner agreed to increase their capital commitments to the Emerald JV to$2,250.0 million and $750.0 million, respectively. The Company made capital contributions to the Emerald JV in an aggregate amount of $940.5 million (consisting of cash capital contributions of $670.2 million and an in-kind capital contribution of investments valued at $270.3 million), the Emerald JV Partner made capital contributions to the Emerald JV of approximately $313.5 million (consisting of a cash contribution of $251.4 million and an in-kind capital contribution of investments valued at $62.1 million), and certain of the subsidiaries of the Company sold investments to the Emerald JV for an aggregate cash purchase price of $1,971.6 million. After giving effect to the foregoing transactions, the equity ownership interests of the Company and the Emerald JV Partner in the Emerald JV remain 75% and 25%, respectively.
The Company and the Emerald JV partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV. As of June 30, 2023 and December 31, 2022, the Company had contributed $2,002.5 million and $2,115.0 million, respectively, and the Emerald JV Partner had contributed $667.5 million and $705.0 million of capital, respectively.
As of June 30, 2023 and December 31, 2022, $247.5 million and $135.0 million of capital remained uncalled from the Company and $82.5 million and $45.0 million of capital remained uncalled from the Emerald JV Partner, respectively. As of June 30, 2023 and December 31, 2022, the equity ownership interests of the Company and the Emerald JV Partner in the Emerald JV were 75% and 25%, respectively.
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Table of Contents
The Company and the Emerald JV Partner, through their joint control of the Emerald JV’s General Partner, have equal control of the Emerald JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. Our
The Company has determined that the Emerald JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the JV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2022.
The Company has a variable interest in the Emerald JV and has determined that the Emerald JV is a variable interest entity under ASC 810. The810 - Consolidation (“ASC 810”). However, the Company is not deemed to be the primary beneficiary of the Emerald JV as there is equal power between the Company and JV.JV Partner. Accordingly, the Company does not consolidate the Emerald JV.
The Company's investment in the Emerald JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2023 and December 31, 2022.
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Table of Contents
The following table presents the consolidated schedule of investments of the Emerald JV as of June 30, 2023:
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC(4)(8)SOFR +4.00%9.22%1/29/2027$2,962 $2,879 $2,925 0.11 %
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.78%5/25/20289,869 9,520 8,625 0.32 
Loar Group, Inc.(4)(11)SOFR +7.25%12.45%9/29/202327,904 27,904 27,904 1.04 
Peraton Corp.(10)SOFR +3.75%8.95%2/1/20285,443 5,363 5,359 0.20 
TransDigm Inc(8)SOFR +3.25%8.49%2/22/2027311 305 311 0.01 
Vertex Aerospace Services Corp.(10)SOFR +3.50%8.95%12/6/20282,963 2,974 2,966 0.11 
48,945 48,090 1.79 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%10.86%6/11/202724,364 24,186 23,573 0.88 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.44%12/9/202632,101 32,101 32,101 1.20 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%11.14%12/31/202821,577 21,194 21,093 0.79 
SEKO Global Logistics Network, LLC(4)(5)(11)SOFR +4.75%10.14%12/30/202627,677 27,562 27,470 1.02 
SEKO Global Logistics Network, LLC(4)(5)(11)SOFR +4.75%9.91%12/30/20267,467 7,436 7,411 0.28 
112,479 111,648 4.17 
Airlines
Air Canada(10)L +3.50%8.84%8/11/20283,960 3,929 3,965 0.15 
American Airlines, Inc.(10)SOFR +4.75%10.00%4/20/20283,815 3,927 3,902 0.15 
KKR Apple Bidco, LLC(9)SOFR +2.75%9.27%9/23/20285,925 5,772 5,884 0.22 
United Airlines, Inc.(10)L +3.75%9.29%4/21/20283,151 3,133 3,155 0.12 
16,761 16,906 0.64 
Beverages
Triton Water Holdings, Inc.(9)SOFR +3.25%8.49%3/31/20284,846 4,786 4,697 0.18 
Building Products
Cornerstone Building Brands, Inc.(9)SOFR +3.25%8.50%4/12/20281,477 1,454 1,420 0.05 
CP Atlas Buyer, Inc.(9)SOFR +3.50%8.95%11/23/20273,941 3,950 3,720 0.14 
Express Wash Concepts, LLC(4)(11)SOFR +4.50%11.66%4/30/202710,395 10,311 10,083 0.38 
Express Wash Concepts, LLC(4)(7)(11)SOFR +4.50%11.45%4/30/202713,563 13,364 12,829 0.48 
Fencing Supply Group Acquisition, LLC(4)(5)(11)SOFR +6.00%11.65%2/26/202719,604 19,534 19,604 0.73 
Griffon Corporation(9)SOFR +2.25%7.64%1/24/20292,450 2,391 2,446 0.09 
iHeartCommunications, Inc.(8)SOFR +3.00%8.22%5/1/20265,000 4,823 4,343 0.16 
Kodiak BP, LLC(10)SOFR +3.25%8.75%3/12/20284,924 4,875 4,813 0.18 
Latham Pool Products, Inc.(7)(9)SOFR +3.75%9.31%2/23/202929,625 28,781 27,523 1.03 
Lindstrom, LLC(4)(11)SOFR +6.25%11.51%4/7/202527,569 27,569 27,293 1.02 
Tamko Building Product, LLC(8)SOFR +3.00%8.40%6/1/20262,962 2,884 2,947 0.11 
The Chamberlain Group, Inc.(9)SOFR +3.25%8.45%11/3/20284,925 4,873 4,822 0.18 
Windows Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.50%11.89%12/29/20269,927 9,927 9,927 0.37 
134,736 131,770 4.92 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%9.69%7/31/20269,026 8,776 9,044 0.34 
AllSpring Buyer, LLC(9)SOFR +3.00%8.75%11/1/20281,975 1,983 1,947 0.07 
Resolute Investment Managers, Inc.(11)L +4.25%9.79%4/30/20241,457 1,459 1,076 0.04 
Situs-AMC Holdings Corporation(4)(11)SOFR +5.50%10.84%12/22/202795,715 94,576 94,758 3.53 
Superannuation And Investments US, LLC(9)L +3.75%8.97%12/1/20281,970 1,980 1,965 0.07 
The Edelman Financial Engines Center, LLC(10)L +3.75%8.94%4/7/20288,647 8,380 8,447 0.32 
117,154 117,237 4.37 
Chemicals
DCG Acquisition Corp.(8)SOFR +4.50%9.70%9/30/20262,955 2,955 2,914 0.11 
Pigments Services, Inc.(4)(11)(17)SOFR +8.25%13.24%4/14/20305,709 4,717 3,600 0.13 
Pigments Services, Inc.(4)(11)SOFR +8.25%13.24% (incl. 13.24% PIK)4/14/20302,788 2,788 2,788 0.10 
10,460 9,302 0.34 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%8.94%2/27/20255,758 5,732 5,705 0.21 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.95%5/12/20288,875 8,665 8,643 0.32 
Anticimex, Inc.(9)SOFR +3.40%8.45%11/16/20284,941 4,759 4,887 0.18 
Anticimex, Inc.(4)(9)SOFR +4.75%10.11%11/16/202824,813 23,692 24,750 0.92 
Bazaarvoice, Inc.(4)(7)(8)SOFR +5.75%10.74%5/7/202819,520 19,520 19,520 0.73 
Belfor Holdings, Inc.(8)SOFR +4.00%9.22%4/6/20263,949 3,934 3,951 0.15 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.97%3/31/20287,904 7,804 7,776 0.29 
EAB Global, Inc.(9)L +3.50%8.87%8/16/20284,930 4,852 4,881 0.18 
Energizer Holdings Inc(9)L +3.75%8.97%12/8/20284,692 4,669 4,628 0.17 
First Advantage Holdings, LLC(8)SOFR +2.75%7.97%1/31/20276,000 5,906 6,000 0.22 
Foundational Education Group, Inc.(4)(9)SOFR +3.75%9.47%8/31/20283,950 3,830 3,482 0.13 
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BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Garda World Security Corp.(8)SOFR +4.25%9.33%2/1/2029$5,955 $5,745 $5,903 0.22 %
Garda World Security Corp.(8)SOFR +4.25%9.43%10/30/20263,000 3,014 2,989 0.11 
Genuine Financial Holdings, LLC(8)L +3.75%8.94%7/11/20258,181 8,057 8,183 0.31 
International SOS The Americas LP(4)(9)SOFR +3.75%9.31%9/7/20281,970 1,976 1,968 0.07 
Java Buyer, Inc.(4)(10)SOFR +5.75%11.10%12/15/20279,683 9,537 9,393 0.35 
Java Buyer, Inc.(4)(7)(10)SOFR +5.75%11.13%12/15/20271,664 1,622 1,511 0.06 
JSS Holdings, Inc.(4)(10)SOFR +6.00%11.31%12/18/202836,737 36,529 36,737 1.37 
Knowledge Pro Buyer, Inc.(4)(7)(10)SOFR +5.75%10.94%12/10/202720,485 20,160 20,464 0.76 
Knowledge Pro Buyer, Inc.(4)(7)(10)P +4.75%13.00%12/10/2027465 436 465 0.02 
KPSKY Acquisition, Inc.(4)(10)(18)SOFR +5.60%10.65%10/19/2028135,670 129,534 131,600 4.91 
PECF USS Intermediate Holding III Corp.(9)L +4.25%9.52%12/15/20282,955 2,969 2,435 0.09 
Polyphase Elevator Holding Co.(4)(11)SOFR +5.50%10.84%6/23/202728,256 27,612 25,430 0.95 
Recycle & Resource US, LLC(9)SOFR +3.50%9.00%7/14/20282,955 2,967 2,662 0.10 
Restaurant Technologies, Inc.(9)SOFR +4.25%9.15%4/2/202919,750 19,343 19,314 0.72 
Revspring, Inc.(8)SOFR +4.00%9.50%10/11/20252,954 2,956 2,848 0.11 
The Action Environmental Group, Inc.(4)(12)SOFR +6.15%11.37%1/16/20262,051 2,018 2,025 0.08 
The Action Environmental Group, Inc.(4)(12)SOFR +6.00%11.37%1/16/202619,300 18,993 19,059 0.71 
The Action Environmental Group, Inc.(4)(12)SOFR +6.15%11.40%1/15/20265,911 5,854 5,837 0.22 
The Action Environmental Group, Inc.(4)(12)SOFR +6.43%11.25%1/15/20265,363 5,311 5,296 0.20 
397,996 398,342 14.86 
Communications Equipment
Commscope Inc(8)SOFR +3.25%8.47%4/6/2026187 178 179 0.01 
Construction & Engineering
Brookfield WEC Holdings, Inc.(9)SOFR +2.75%7.94%8/1/20259,868 9,596 9,860 0.37 
Pike Electric Corp.(8)SOFR +3.00%8.27%1/21/20286,000 5,834 5,984 0.22 
Pike Electric Corp.(8)SOFR +3.50%8.65%1/21/20282,978 2,915 2,982 0.11 
Refficiency Holdings, LLC(10)SOFR +3.75%8.95%12/16/20274,431 4,398 4,412 0.16 
22,743 23,238 0.86 
Construction Materials
Quikrete Holdings, Inc.(8)SOFR +3.00%8.22%3/18/20293,935 3,829 3,944 0.15 
White Cap Buyer, LLC(9)SOFR +3.75%8.85%10/19/20275,154 4,995 5,119 0.19 
8,824 9,063 0.34 
Containers & Packaging
Ascend Buyer, LLC(4)(10)SOFR +6.40%11.79%10/2/202875,163 74,500 73,660 2.75 
Berlin Packaging, LLC(9)L +3.75%9.29%3/11/20288,875 8,697 8,743 0.33 
Charter NEX US, Inc.(10)SOFR +3.75%8.97%12/1/20276,418 6,203 6,376 0.24 
Graham Packaging Co, Inc.(10)SOFR +3.00%8.22%8/4/20274,379 4,337 4,357 0.16 
Novolex, Inc.(9)SOFR +4.18%9.38%4/13/20295,925 5,716 5,842 0.22 
ProAmpac PG Borrower, LLC(10)SOFR +3.75%9.14%11/3/20252,955 2,962 2,929 0.11 
Ring Container Technologies Group, LLC(9)SOFR +3.50%8.72%8/12/20282,962 2,866 2,954 0.11 
TricorBraun Holdings, Inc.(9)SOFR +3.25%8.47%3/3/20287,263 7,011 7,086 0.26 
Trident TPI Holdings, Inc.(9)L +4.00%9.54%9/15/20285,922 5,738 5,841 0.22 
Trident TPI Holdings, Inc.(9)SOFR +4.00%9.74%9/15/20282,997 2,910 2,963 0.11 
120,940 120,751 4.51 
Distributors
BP Purchaser, LLC(4)(10)SOFR +5.50%11.00%12/10/202850,501 49,582 49,743 1.86 
Bution Holdco 2, Inc.(4)(11)SOFR +6.25%11.45%10/17/202522,646 22,541 22,646 0.84 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%11.36%12/29/202615,630 15,658 15,552 0.58 
Genuine Cable Group, LLC(4)(10)SOFR +5.50%10.70%11/2/202631,978 31,576 31,339 1.17 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%11.64%6/23/202882,382 80,585 78,263 2.92 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.60%11.65%11/13/2024451 446 440 0.02 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.50%11.65%11/13/202430,860 30,560 30,089 1.12 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.85%11.19%6/30/202539,447 39,359 37,869 1.41 
270,307 265,941 9.92 
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +3.50%8.70%12/11/20288,102 7,853 7,636 0.28 
BPPH2 Ltd(4)(8)S +6.75%11.05%2/21/2030GBP26,000 30,665 32,559 1.21 
Cambium Learning Group, Inc.(4)(7)(10)SOFR +5.50%10.65%7/20/202834,793 34,793 34,793 1.30 
Colibri Group, LLC(10)SOFR +5.00%10.39%3/12/20293,950 3,918 3,831 0.14 
Dreambox Learning Holding LLC(4)(5)(10)SOFR +6.25%11.63%12/1/202734,200 33,685 31,635 1.18 
EM Bidco Limited(9)SOFR +4.25%9.59%7/6/20294,975 4,959 4,888 0.18 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.94%12/15/20287,900 7,741 7,804 0.29 
Prime Security Service Borrower, LLC(10)L +2.75%7.94%9/23/20264,937 4,823 4,942 0.18 
Rinchem Company, LLC(4)(9)SOFR +4.50%9.59%3/2/20293,960 3,944 3,737 0.14 
University Support Services, LLC(9)SOFR +3.25%8.45%2/10/20299,0718,8849,0150.34 
Weld North Education, LLC(9)SOFR +3.75%8.97%12/21/20271,9711,9551,9410.07 
143,220142,7815.31 
136
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Financial Services
Barbri Holdings, Inc.(4)(10)SOFR +5.75%10.95%4/28/2028$62,523 $61,998 $61,589 2.30 %
Citco Funding LLC(4)(9)SOFR +3.50%8.59%4/27/20287,3217,1547,3300.27 
Corporation Service Company(9)SOFR +3.25%8.50%11/2/20292,4142,3482,4200.09 
Mitchell International, Inc.(9)L +3.75%8.94%10/15/20288,394 8,163 8,223 0.31 
Polaris Newco, LLC(9)L +4.00%9.54%6/2/20286,912 6,648 6,382 0.24 
Sedgwick Claims Management Services, Inc.(8)SOFR +3.75%8.85%2/24/20284,439 4,398 4,419 0.16 
90,709 90,363 3.37 
Diversified Telecommunication Services
Zacapa, LLC(9)SOFR +4.00%9.24%3/22/20295,925 5,841 5,784 0.22 
Zayo Group Holdings, Inc.(9)SOFR +4.25%9.40%3/9/20272,114 2,073 1,685 0.06 
7,914 7,469 0.28 
Electric Utilities
Qualus Power Services Corp.(4)(11)SOFR +5.00%10.36%3/26/202711,271 11,187 11,158 0.42 
Electrical Equipment
Madison IAQ, LLC(9)L +3.25%8.30%6/21/20286,661 6,508 6,532 0.24 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)L +6.00%11.38%12/23/2026823 817 745 0.03 
Albireo Energy, LLC(4)(5)(11)L +6.00%11.25%12/23/20263,210 3,176 2,905 0.11 
Albireo Energy, LLC(4)(5)(11)SOFR +6.00%11.33%12/23/202610,696 10,582 9,680 0.36 
Infinite Bidco, LLC(9)L +3.25%8.91%3/2/20282,955 2,966 2,859 0.11 
Ingram Micro, Inc.(9)L +3.50%9.04%6/30/20282,201 2,209 2,197 0.08 
19,750 18,386 0.69 
Energy Equipment & Services
Tetra Technologies, Inc.(4)(11)SOFR +6.25%11.45%9/10/202522,793 22,793 22,793 0.85 
Entertainment
CE Intermediate I, LLC(4)(9)L +4.00%8.84%11/10/20284,937 4,934 4,863 0.18 
Recorded Books, Inc.(8)SOFR +4.00%9.14%8/29/20254,000 3,950 4,005 0.15 
8,884 8,868 0.33 
Ground Transportation
Quality Distribution LLC(4)(5)(11)L +5.25%11.58%7/1/202880,659 79,775 77,030 2.87 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl(8)L +3.75%9.12%2/27/20267,889 7,626 7,489 0.28 
CPI Buyer, LLC(4)(7)(10)SOFR +5.50%11.03%11/1/2028140,267 136,745 135,299 5.05 
CSHC Buyerco, LLC(4)(7)(11)L +4.75%9.95%9/8/20269,755 9,621 9,591 0.36 
Messer GMBH(8)SOFR +2.50%8.00%3/2/20262,980 2,935 2,981 0.11 
Mozart Borrower LP(9)SOFR +3.25%8.40%10/23/20288,888 8,696 8,796 0.33 
Natus Medical Incorporated(4)(9)SOFR +5.50%10.89%7/20/20293,701 3,490 3,405 0.13 
Resonetics, LLC(10)L +4.00%9.10%4/28/20282,955 2,946 2,878 0.11 
Sunshine Luxembourg VII S.à r.l, LLC(10)SOFR +3.75%9.09%10/1/20269,861 9,618 9,824 0.37 
181,677 180,263 6.74 
Health Care Providers & Services
ACI Group Holdings, Inc.(4)(5)(10)SOFR +5.75%10.95% (incl. 1.25% PIK)8/2/2028136,611 135,277 134,562 5.02 
ADCS Clinics Intermediate Holdings, LLC(4)(11)SOFR +6.50%11.94%5/7/20271,722 1,705 1,697 0.06 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.87%5/7/202732,835 32,457 32,327 1.21 
ADMI Corp.(9)SOFR +3.75%8.97%12/23/20275,918 5,748 5,546 0.21 
Amerivet Partners Management, Inc.(4)(5)(10)SOFR +5.50%10.89%2/25/202896,528 94,127 92,667 3.46 
Canadian Hospital Specialties Ltd.(4)(5)(11)C +4.50%9.87%4/14/2028CAD29,773 21,651 22,106 0.82 
CCBlue Bidco, Inc.(4)(7)(10)L +6.25%11.41% (incl. 2.75% PIK)12/21/202820,921 20,587 19,376 0.72 
CHG Healthcare Services, Inc.(9)SOFR +3.25%8.44%9/29/2028594 573 592 0.02 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.41%11.65%4/3/202830,112 29,855 29,434 1.10 
Electron Bidco, Inc.(9)SOFR +3.00%8.27%11/1/20286,913 6,748 6,893 0.26 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%11.15%10/4/202628,922 28,922 28,777 1.07 
Global Medical Response, Inc.(11)L +4.25%9.44%10/2/20254,929 4,854 2,797 0.10 
Heartland Dental, LLC(8)SOFR +4.00%9.20%4/30/2025188 188 186 0.01 
ICS US Holdings, Inc.(4)(9)SOFR +4.60%9.65%6/8/202835,000 32,934 33,075 1.23 
Jayhawk Buyer, LLC(4)(11)SOFR +5.00%10.35%10/15/202631,141 30,925 30,518 1.14 
LifePoint Health, Inc.(8)L +3.75%9.02%11/16/20257,000 6,996 6,500 0.24 
Midwest Physician Administrative Services, LLC(10)L +3.25%8.79%3/12/20282,955 2,958 2,731 0.10 
137
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
National Mentor Holdings, Inc.(10)SOFR +3.75%9.09%3/2/2028$3,002 $2,611 $2,285 0.09 %
Navigator Acquiror, Inc.(4)(9)SOFR +5.75%10.93% (incl. 5.59% PIK)7/16/202715,976 15,921 15,576 0.58 
Navigator Acquiror, Inc.(4)(7)(9)SOFR +5.75%10.63%7/16/20271,904 1,895 1,856 0.07 
NMSC Holdings, Inc.(10)SOFR +5.25%10.45%2/23/20291,606 1,591 1,125 0.04 
Onex TSG Intermediate Corp.(10)SOFR +4.75%10.06%2/28/20281,970 1,982 1,761 0.07 
Pathway Vet Alliance, LLC(8)L +3.75%8.94%3/31/20274,929 4,853 4,366 0.16 
Pediatric Associates Holding Co., LLC(7)(9)SOFR +3.25%8.47%12/29/20283,873 3,860 3,797 0.14 
PetVet Care Centers, LLC(10)L +3.50%8.69%2/14/20256,412 6,295 6,293 0.23 
Phoenix Guarantor, Inc.(8)L +3.25%8.40%3/5/20265,427 5,264 5,368 0.20 
Phoenix Guarantor, Inc.(8)SOFR +3.50%8.60%3/5/20262,955 2,959 2,925 0.11 
PSKW Intermediate, LLC(4)(11)SOFR +6.25%11.45%3/9/202636,565 36,565 36,565 1.36 
Radnet, Inc.(10)SOFR +3.00%8.22%4/21/20284,248 4,249 4,245 0.16 
Smile Doctors, LLC(4)(10)SOFR +5.75%11.09%12/23/2028144,074 141,588 141,193 5.27 
Smile Doctors, LLC(4)(7)(10)P +5.75%13.00%12/23/2027189 118 95 0.00 
Stepping Stones Healthcare Services, LLC(4)(7)(10)SOFR +5.75%11.09%1/2/202914,689 14,445 14,160 0.53 
Stepping Stones Healthcare Services, LLC(4)(7)(10)SOFR +4.75%13.00%12/30/2026364 337 300 0.01 
Surgery Centers Holdings, Inc.(10)L +3.75%8.90%8/31/20264,958 4,858 4,957 0.18 
U.S. Anesthesia Partners, Inc.(9)L +4.25%9.42%10/1/20282,955 2,968 2,783 0.10 
US Oral Surgery Management Holdco, LLC(4)(10)L +6.00%11.38%11/18/202720,100 19,873 19,145 0.71 
US Oral Surgery Management Holdco, LLC(4)(7)(11)L +6.00%11.48%11/18/20277,968 7,842 7,489 0.28 
WHCG Purchaser III, Inc.(4)(5)(10)SOFR +5.75%11.25%6/22/20286,329 6,232 4,847 0.18 
WHCG Purchaser III, Inc.(4)(5)(7)(10)SOFR +5.75%11.25%6/22/2026739 729 548 0.02 
743,540 731,463 27.26 









138
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Technology
Edifecs, Inc.(4)(10)SOFR +5.50%10.84%9/21/2026$9,735 $9,634 $9,735 0.36 %
Edifecs, Inc.(4)(11)SOFR +7.00%12.34%9/21/202617,808 18,176 17,986 0.67 
GHX Ultimate Parent Corp(9)SOFR +4.75%9.86%6/30/20274,519 4,410 4,532 0.17 
GI Ranger Intermediate, LLC(4)(10)SOFR +5.75%11.14%10/29/202844,613 44,022 43,944 1.64 
Netsmart Technologies, Inc.(10)SOFR +4.00%9.22%10/1/20273,912 3,880 3,900 0.15 
Project Ruby Ultimate Parent Corp.(4)(10)SOFR +5.75%10.97%3/10/202849,625 48,330 48,384 1.80 
Waystar Technologies, Inc.(8)SOFR +4.00%9.22%10/22/20266,913 6,752 6,905 0.26 
135,204 135,386 5.05 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%8.69%8/17/20286,912 6,725 6,910 0.26 
Fertitta Entertainment, LLC(9)SOFR +4.00%9.10%1/27/20296,913 6,650 6,835 0.25 
GVC Finance LLC(9)SOFR +3.50%8.44%10/31/2029910 900 910 0.03 
GVC Holdings Gibraltar, Ltd.(9)SOFR +2.50%7.44%3/29/20272,962 2,910 2,959 0.11 
IRB Holding Corp.(10)SOFR +3.00%8.20%12/15/20277,336 7,180 7,294 0.27 
Scientific Games Holdings LP(9)SOFR +3.50%8.42%4/4/20291,985 1,895 1,964 0.07 
Tacala Investment Corp.(10)L +3.50%8.69%2/5/20277,901 7,765 7,788 0.29 
Twin River Worldwide Holdings, Inc.(9)L +3.25%8.40%10/2/20283,343 3,264 3,273 0.12 
Whatabrands, LLC(9)L +3.25%8.47%8/3/20288,731 8,472 8,691 0.32 
45,761 46,624 1.72 
Household Durables
AI Aqua Merger Sub, Inc.(9)SOFR +3.75%8.90%7/31/20288,974 8,693 8,822 0.33 
Industrial Conglomerates
Engineered Machinery Holdings, Inc.(10)L +3.50%9.04%5/19/20283,9503,8223,8810.14 
FCG Acquisitions, Inc.(9)L +3.75%8.91%3/31/20288,8798,6708,7620.33 
SPX Flow, Inc.(9)SOFR +4.50%9.70%4/5/20291,7431,6831,7250.06 
Vertical US Newco, Inc.(9)L +3.50%8.60%7/30/20274,0404,0114,0140.15 
Victory Buyer, LLC(9)SOFR +3.75%9.26%11/19/20289,9029,3828,9930.34 
27,56827,3751.02 
Insurance
Alera Group, Inc.(4)(10)SOFR +6.00%11.20%10/2/202846,59645,77445,4311.69 
Alliant Holdings Intermediate, LLC(9)L +3.50%8.65%11/6/20272,9552,9682,9410.11 
AssuredPartners, Inc.(9)SOFR +3.50%8.65%2/12/20276,1666,0736,1190.23 
AssuredPartners, Inc.(9)SOFR +4.25%9.40%2/12/202716,54216,03616,5340.62 
Baldwin Risk Partners, LLC(9)L +3.50%8.65%10/14/20276,9026,8216,8010.25 
BroadStreet Partners, Inc.(8)SOFR +2.75%7.97%1/27/20277,8907,6917,8050.29 
Foundation Risk Partners Corp.(4)(10)SOFR +6.25%11.49%10/29/202876,41375,73873,3562.74 
Galway Borrower, LLC(4)(5)(10)SOFR +5.25%10.59%9/29/202844,57443,59143,6821.63 
High Street Buyer, Inc.(4)(5)(10)SOFR +6.00%11.39%4/14/20286,7506,7056,6990.25 
Howden Group Holdings Limited(10)L +3.25%8.50%11/12/20274,4394,4414,4230.16 
NFP Corp.(8)SOFR +3.25%8.47%2/15/20279,2198,9839,0510.34 
PGIS Intermediate Holdings, LLC(4)(5)(10)SOFR +5.75%11.14%10/16/202863,46161,64161,3992.29 
RSC Acquisition, Inc.(4)(5)(10)SOFR +5.50%10.91%10/30/202645,61144,78844,2431.65 
SG Acquisition, Inc.(4)(9)SOFR +5.50%10.70%1/27/202777,65377,59575,1302.80 
USI, Inc.(9)SOFR +3.75%8.99%11/22/20296,8406,7786,8390.26 
415,623410,45315.31 
Interactive Media & Services
Ancestry.com Operations, Inc(9)SOFR +3.25%8.45%12/6/20272,9552,9582,8570.11 
MH Sub I, LLC(8)SOFR +3.75%8.90%9/13/20241,4331,4041,4340.05 
MH Sub I, LLC(11)SOFR +3.75%8.85%9/13/20248588618590.03 
Project Boost Purchaser, LLC(8)SOFR +3.50%8.72%6/1/20266,9086,7706,8370.26 
William Morris Endeavor Entertainment, LLC(8)SOFR +2.75%7.95%5/18/20252,0211,9682,0110.08 
13,96113,9980.53 
Internet & Direct Marketing Retail
Donuts, Inc.(4)(11)SOFR +6.00%11.27%12/29/20279,6379,5549,5400.36 
Donuts, Inc.(4)(11)SOFR +6.00%11.27%12/29/202632,60232,45932,2761.20 
Prodege International Holdings, LLC(4)(10)SOFR +5.75%11.15%12/15/202721,05220,77019,9990.75 
62,78361,8152.31 
IT Services
AI Altius Bidco, Inc.(4)(5)(10)SOFR +5.18%10.47%12/21/202838,55437,87137,7831.41 
Dcert Buyer, Inc.(8)SOFR +4.00%9.26%10/16/202610,1139,82710,0420.37 
Endurance International Group Holdings, Inc.(10)L +3.50%8.79%2/10/20284,436 4,350 4,142 0.15 
Park Place Technologies, LLC(11)SOFR +5.00%10.20%11/10/202726,415 25,560 25,755 0.96 
Razor Holdco, LLC(4)(10)L +5.75%10.90%10/25/202725,61025,22625,4180.95 
Turing Midco, LLC(9)SOFR +2.50%7.69%3/24/20282,0602,0332,0500.08 
139
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
IT Services (continued)
Virtusa Corp.(10)SOFR +3.75%8.95%2/15/2029$3,950 $3,918 $3,911 0.15 %
Virtusa Corp.(10)L +3.75%9.33%2/11/20281,9801,9291,9600.07 
110,714111,0614.14 
Leisure Products
Motion Finco, LLC(8)L +3.25%8.79%11/12/20266,0535,8326,0090.22 
Recess Holdings, Inc.(11)L +3.75%9.02%9/30/20242,1662,1652,1700.08 
7,9978,1790.30 
Life Sciences Tools & Services
Cambrex Corp.(10)SOFR +3.50%8.70%12/4/20265,9445,8825,9030.22 
Curia Global, Inc.(10)SOFR +3.75%8.90%8/30/202610,1319,8778,7600.33 
15,75914,6630.55 
Machinery
Pro Mach Group, Inc.(11)L +4.00%9.19%8/31/20285,9645,8565,9570.22 
Media
Clear Channel Outdoor Holdings, Inc.(8)SOFR +3.50%8.75%8/21/20261,9691,9471,8850.07 
Radiate Holdco, LLC(10)SOFR +3.25%8.48%9/25/20263,9403,9453,2980.12 
Univision Communications, Inc.(10)L +3.25%8.44%3/15/20263,9403,9373,9120.15 
Univision Communications, Inc.(11)L +2.75%7.94%3/15/20243813813820.01 
UPC Financing Partnership(8)L +2.93%8.12%1/31/20295,5005,4135,4010.20 
Virgin Media Bristol, LLC(8)L +3.25%8.44%1/31/20293,5003,4633,4900.13 
19,08618,3680.68 
Metals & Mining
SCIH Salt Holdings, Inc.(10)L +4.00%9.19%3/16/20273,9273,8913,8750.14 
Oil, Gas & Consumable Fuels
CQP Holdco, LP(9)SOFR +3.50%8.69%6/5/20287,8847,8407,8800.29 
Eagle Midstream Canada Finance, Inc.(4)(10)SOFR +6.25%11.34%8/15/202825,90625,57425,7120.96 
Freeport LNG Investments, LLLP(9)L +3.50%8.75%12/21/20284,9074,8754,8160.18 
KKR Alberta Midstrean Fince, Inc.(4)(10)SOFR +6.25%11.34%8/15/202814,09413,91313,9880.52 
52,20252,3961.95 
Paper & Forest Products
Profile Products, LLC(4)(10)SOFR +5.75%10.99%11/12/202775,63374,29173,1752.73 
Pharmaceuticals
ANI Pharmaceuticals, Inc.(4)(10)L +6.00%11.19%11/19/202751,28849,31351,0321.90 
Jazz Pharmaceuticals, Inc.(9)L +4.75%9.97%5/5/20283,5513,5523,5500.13 
52,86554,5822.03 
Professional Services
Aqgen Island Holdings, Inc.(9)SOFR +3.50%8.72%8/2/20287,9007,6437,7860.29 
Armor Holdco, Inc.(9)SOFR +4.50%10.09%12/11/20284,1844,1134,1970.16 
Camelot US Acquisition, LLC(11)SOFR +3.00%8.27%10/30/20263,3353,2773,3350.12 
Cast & Crew Payroll, LLC(9)SOFR +3.75%8.97%12/29/20284,925 4,923 4,825 0.18 
CFGI Holdings, LLC(4)(10)SOFR +5.00%10.25%11/2/2027114,140114,140114,1404.26 
Cumming Group, Inc.(4)(7)(11)SOFR +6.00%11.10%5/26/202715,58115,56515,1440.56 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.99%4/9/20279,8659,6919,5990.36 
EP Purchaser, LLC(9)SOFR +3.50%9.00%11/6/20283,4563,4503,3910.13 
Galaxy US Opco, Inc.(9)SOFR +4.75%9.85%4/29/20294,9634,8594,6770.17 
IG Investments Holdings, LLC(4)(5)(10)SOFR +6.00%11.20%9/22/2028135,670135,072134,9925.04 
Kwor Acquisition, Inc.(4)(10)SOFR +5.25%12.50%12/22/202891,74188,89688,5303.30 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.74%5/23/20254,9414,9084,9250.18 
Sherlock Buyer Corp.(4)(10)SOFR +5.75%11.09%12/8/202827,66527,31827,1111.01 
The Dun & Bradstreet Corporation(8)SOFR +3.25%8.43%2/6/20267,9717,7597,9880.30 
Trans Union, LLC(9)SOFR +2.25%7.52%12/1/20282,2292,2382,2270.08 
Trinity Air Consultants Holdings Corp.(4)(10)L +5.25%10.62%6/29/2027118,000116,996116,8204.36 
VT Topco, Inc.(10)SOFR +3.75%8.97%8/1/20255,9615,9285,8930.22 
VT Topco, Inc.(7)(10)L +3.75%7.82%8/1/20251701701680.01 
West Monroe Partners, LLC(4)(7)(10)L +5.25%10.40%11/8/202829,19228,72428,1711.05 
West Monroe Partners, LLC(4)(7)(10)L +5.25%10.41%11/8/20277587587310.03 
586,428584,65021.81 
Real Estate Management & Development
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.66%2/16/202818,13818,27718,1380.68 
Software
2U, Inc.(10)SOFR +6.50%11.32%12/28/202645,00342,98343,4571.62 
Apex Group Treasury, LLC(9)L +3.75%9.07%7/27/20281,086 1,072 1,074 0.04 
Apex Group Treasury, LLC(9)SOFR +5.00%9.99%7/27/202861,69058,14061,4592.29 
140
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Boxer Parent Company, Inc.(8)SOFR +3.75%8.97%10/2/2025$7,687 $7,535 $7,635 0.28 %
Brown Group Holdings, LLC(9)SOFR +2.50%7.75%6/7/20285,9195,6875,8370.22 
Cloudera, Inc.(9)SOFR +3.75%8.95%10/8/20288,1607,8977,9840.30 
Community Brands ParentCo, LLC(4)(5)(10)SOFR +5.75%10.70%2/24/202875,55774,24374,0462.76 
Confine Visual Bidco(4)(7)(10)SOFR +5.75%10.80%2/23/202931,85231,01928,5751.07 
ConnectWise, LLC(9)L +3.50%8.69%9/29/20284,4334,4394,3270.16 
Delta Topco, Inc.(10)SOFR +3.75%9.07%12/1/20273,9503,9233,8310.14 
ECI Macola Max Holding, LLC(10)SOFR +3.75%9.25%11/9/20276,9116,7076,8490.26 
Epicor Software Corp.(10)SOFR +3.25%8.47%7/30/20279,8619,6339,7520.36 
Flexera Software, LLC(10)SOFR +3.75%8.97%3/3/20285,5375,4335,4660.20 
GI Consilio Parent, LLC(9)L +4.00%9.19%5/12/20287,1176,9856,9350.26 
GovernmentJobs.com, Inc.(4)(7)(10)SOFR +5.50%10.70%12/1/202823,30522,88822,6790.85 
GovernmentJobs.com, Inc.(4)(7)(10)SOFR +5.50%10.70%12/2/20279629299110.03 
GraphPAD Software, LLC(4)(11)SOFR +5.50%10.71%4/27/202715,29615,16714,9900.56 
Greeneden U.S. Holdings II, LLC(10)SOFR +4.00%9.22%12/1/20274,4324,4334,4260.17 
HS Purchaser, LLC(10)SOFR +4.00%9.15%11/19/20263,9413,9163,6060.13 
Hyland Software, Inc.(10)L +3.50%8.69%7/1/20243,9413,9273,9130.15 
Idera, Inc.(10)SOFR +3.75%9.01%3/2/20282,9552,9632,8840.11 
Informatica, LLC(8)SOFR +2.75%8.00%10/27/20281,5801,5631,5800.06 
ION Trading Finance Ltd.(8)SOFR +4.75%10.09%4/3/20287,7637,4617,6300.28 
LD Lower Holdings, Inc.(4)(11)SOFR +6.50%11.84%2/8/202614,90714,81114,6830.55 
Medallia, Inc.(4)(10)L +6.50%11.69% (incl. 5.83% PIK)10/29/202847,82447,14246,8681.75 
Mitnick Purchaser, Inc.(9)SOFR +4.75%9.90%5/2/20294,9624,9424,8200.18 
Mitratech Holdings, Inc.(4)(10)SOFR +5.00%10.17%5/18/202827,50026,32526,4000.98 
Mitratech Holdings, Inc.(10)SOFR +4.25%9.73%5/18/202815,00014,28214,6060.54 
Monk Holding Co.(4)(10)(18)SOFR +5.70%10.84%12/1/2027109,323107,277108,2304.04 
Monk Holding Co.(4)(7)(10)SOFR +5.50%10.84%12/1/20276806005770.02 
MRI Software, LLC(5)(11)SOFR +5.50%10.84%2/10/202610,1259,8859,8470.37 
Nintex Topco Limited(4)(10)SOFR +6.00%11.39%11/13/202832,75432,20630,6251.14 
NortonLifeLock, Inc.(9)SOFR +2.00%7.20%9/12/20293,5463,5303,5330.13 
Perforce Software, Inc.(8)L +3.75%8.94%7/1/20261,3351,3321,2680.05 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%9.20%4/26/20242,9552,9512,9510.11 
Proofpoint, Inc.(5)(9)SOFR +6.25%11.47%8/31/20288,8508,5468,6770.32 
Quartz Acquireco LLC(4)(9)SOFR +3.50%8.59%6/28/20306,7666,6996,7750.25 
Quest Software US Holdings, Inc.(9)SOFR +4.25%9.45%2/1/20293,9703,9383,1020.12 
RealPage, Inc.(9)SOFR +3.00%8.22%4/24/20287,8927,6957,7310.29 
Relativity ODA, LLC(4)(7)(11)SOFR +6.50%11.70%5/12/202754,44853,79453,6242.00 
Rocket Software, Inc.(8)SOFR +4.25%9.47%11/28/20251,4841,4331,4720.05 
Rocket Software, Inc.(9)SOFR +4.25%9.47%11/28/20255,4065,2845,3650.20 
S2P Acquisition Borrower, Inc.(8)SOFR +4.00%9.20%8/14/20264,9334,8934,9260.18 
SolarWinds Holdings Inc.(8)SOFR +4.00%8.85%2/5/20272,9232,9232,9270.11 
Sophia, LP(9)L +3.50%9.04%10/7/20279,8749,5509,7840.36 
Sovos Compliance, LLC(9)SOFR +4.50%9.72%8/11/20283,9453,9443,8160.14 
SS&C Technologies, Inc.(9)SOFR +2.25%7.50%3/22/20294,2434,1554,2360.16 
Stamps.com, Inc.(4)(10)L +5.75%10.94%10/5/202859,25058,32157,7692.15 
Surf Holdings, LLC(8)L +3.50%8.70%3/5/20274,9294,8694,8970.18 
Symphony Technology Group(5)(9)SOFR +3.75%9.01%3/1/20295,9405,8485,6980.21 
Symphony Technology Group(5)(10)L +4.75%10.03%7/27/20281,9751,9791,4940.06 
The Ultimate Software Group, Inc.(9)SOFR +3.25%8.27%5/4/20269,1288,9208,9720.33 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.87%5/5/202859,71859,21658,5242.18 
Triple Lift, Inc.(4)(7)(10)SOFR +5.25%10.30%5/5/20288217887790.03 
Vision Solutions, Inc.(5)(10)L +4.00%9.51%4/24/20285,9895,9385,7050.21 
VS Buyer, LLC(8)SOFR +3.25%8.52%2/28/20273,0423,0063,0120.11 
855,965853,53931.80 
Specialty Retail
CustomInk, LLC(4)(11)(18)SOFR +6.18%11.26%5/3/202636,86636,56136,8661.38 
EG America, LLC(4)(8)SOFR +5.50%10.73%2/28/20285,9375,6065,7760.22 
42,16742,6421.60 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.95%2/28/202829,24729,13529,0271.08 
141
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Trading Companies & Distributors
Core and Main, LP(8)SOFR +2.50%7.74%7/27/2028$3,960 $3,886 $3,949 0.15 %
Foundation Building Materials, Inc.(9)L +3.25%8.52%1/31/20286,9046,6896,7250.25 
Icebox Holdco III, Inc.(9)SOFR +3.75%9.09%12/22/20285,9205,8755,7530.21 
LBM Acquisition, LLC(10)L +3.75%8.90%12/17/20273,940 3,938 3,794 0.14 
Park River Holdings, Inc.(10)L +3.25%8.52%12/28/20273,3863,3393,2560.12 
Porcelain Acquisition Corp.(4)(7)(11)SOFR +6.00%11.34%4/1/20278,7338,5658,4960.32 
Specialty Building Products Holdings, LLC(9)SOFR +3.25%8.45%10/15/20281,9751,9851,8950.07 
SRS Distribution, Inc.(9)SOFR +3.50%8.70%6/2/20281,9751,9531,9320.07 
SRS Distribution, Inc.(9)L +3.50%8.69%6/2/20287,9047,7307,6980.29 
The Cook & Boardman Group, LLC(11)SOFR +5.75%10.94%10/17/202546,69344,86542,9251.60 
88,82586,4233.22 
Transportation Infrastructure
Froneri International PLC(8)SOFR +2.25%7.45%1/29/20274,8834,7684,8640.18 
Frontline Road Safety, LLC(4)(10)SOFR +5.75%11.05%5/3/202713,18712,83712,6260.47 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%10.94%10/19/202711,88711,79811,4410.43 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%11.14%10/19/20276,8416,7646,5850.25 
36,16735,5161.33 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%9.24%12/17/20276,7106,5686,5970.25 
Total First Lien Debt5,298,0525,257,531196.05 


















142
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +5.75%11.00%12/10/2029$5,301 $4,769 $4,539 0.17 %
Health Care Providers & Services
Canadian Hospital Specialties Ltd.(4)(5)(8)8.75%8.75%4/15/2029CAD12,000 8,329 7,980 0.30 
Jayhawk Buyer, LLC(4)(11)L +8.75%14.03%10/15/202724,712 24,549 24,465 0.91 
32,878 32,445 1.21 
Industrial Conglomerates
Victory Buyer, LLC(4)(9)SOFR +7.00%12.51%11/1/202966,704 65,540 60,701 2.26 
Life Sciences Tools & Services
Curia Global, Inc.(4)(10)L +6.50%11.77%8/31/202937,847 37,089 31,224 1.16 
Phoenix Newco, Inc.(4)(9)SOFR +6.50%11.72%11/15/202937,847 37,086 37,847 1.41 
74,175 69,071 2.57 
Software
Apex Group Treasury, LLC(4)(9)L +6.75%12.29%7/27/202937,847 38,015 37,279 1.39 
Proofpoint, Inc.(5)(9)SOFR +6.25%11.47%8/31/202937,847 36,982 36,806 1.37 
Vision Solutions, Inc.(5)(10)L +7.25%12.51%4/23/202936,721 31,900 31,855 1.19 
106,897 105,940 3.95 
Total Second Lien Debt284,259 272,696 10.16 
Bonds
Software
Tangerine Bidco SPA(4)(8)E +6.50%10.10%12/30/2029EUR66,000 68,014 70,206 2.62 
TeamSystem SpA(4)(8)E +6.25%9.43%2/15/2028EUR35,000 33,453 37,833 1.41 
101,467108,0394.03 
Total Bonds101,467108,0394.03 
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units(4)2,547,0484,3056,9790.26 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)1942081410.01 
Mode Holdings, L.P. - Class A-2 Common Units(4)1,230,7692,2152,5970.10 
2,4232,7380.11 
Chemicals
Pigments LP Int(4)1,212000.00 
Distributors
Box Co-Invest Blocker, LLC(4)780,0007807020.03 
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units(4)301,1671,2393,1510.12 
2,0193,8530.15 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.50%974,6621,1331,1890.04 
Deneb Ultimate Topco, LLC - Class A Units(4)7287284580.02 
1,8611,6470.06 
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units(4)7972101310.00 
Jayhawk Holdings, LP - A-2 Common Units(4)429113700.00 
3232010.00 
Software
Lobos Parent, Inc. - Series A Preferred Shares(4)10.50%5,7735,7006,3070.24 
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units(4)3,000,0003,5423,9590.15 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units(4)3,9363762920.01 
Total Equity20,54925,9760.98 
Total Investments Portfolio5,704,3275,664,242211.22 
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund6,074 6,074 0.23 
Other Cash and Cash Equivalents156,857156,8575.85 
Total Portfolio Investments, Cash and Cash Equivalents$5,867,258 $5,827,173 217.30 %
143
Table of Contents
(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2022,2023, the JVCompany had total investments denominated in senior secured debt at fair value of $2,721.4 million. The determination of fair value is in accordance with ASC 820. The following table is a summary of JV’s portfolio as well as a listing of the portfolio investments in the JV’s portfolio as of June 30, 2022:
June 30, 2022
Total senior secured debt investments(1)
$2,721,428
Number of portfolio companies295
Weighted average yield on debt and income producing investments, at fair value(2)
6.97 %
Weighted average yield on debt and income producing investments, at cost(2)
7.11 %
Percentage of debt portfolio at floating interest rates(1)
100.00 %
Percentage of debt portfolio at fixed interest rates(1)
— %
Percentage of assets on non-accrual— %
(1)Based on fair market value
(2)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Investments—non-controlled/non-affiliated
First Lien
Aerospace & Defense
Amentum Government Services Holdings, LLC (9)L + 3.75%5.42 %1/29/2027$2,992 $2,885 $2,858 0.28 %
Atlas CC Acquisition Corp. (7)(10)L + 4.25%5.82 %5/25/20289,995 9,604 9,264 0.90 
Loar Group, Inc. (4)(11)L + 7.25%8.92 %10/2/202328,194 28,194 28,194 2.75 
Vertex Aerospace Services Corp. (10)L + 4.00%5.67 %10/27/20282,993 3,007 2,849 0.28 
43,690 43,164 4.21 
119

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.75 %6/11/202724,624 24,398 24,378 2.38 
Mode Purchaser, Inc. (4)(11)SOFR + 6.25%7.25 %12/9/202639,131 39,131 39,131 3.82 
RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%7.95 %12/31/202821,795 21,339 21,526 2.10 
84,869 85,035 8.30 
Airlines
Air Canada (6)(10)L + 3.50%4.25 %8/11/20284,000 3,962 3,690 0.36 
American Airlines, Inc. (6)(10)L + 4.75%5.81 %3/11/20283,815 3,950 3,649 0.36 
KKR Apple Bidco, LLC (11)L + 2.75%4.42 %9/23/20285,995 5,812 5,677 0.55 
13,724 13,016 1.27 
Auto Components
Clarios Global LP (6)(8)L + 3.25%4.92 %4/30/20263,000 2,858 2,809 0.27 
GC EOS Buyer, Inc. (8)L + 4.50%6.17 %8/1/20251,990 1,999 1,980 0.19 
Wheel Pros, Inc. (10)L + 4.50%6.10 %4/23/20282,487 2,496 2,072 0.20 
7,353 6,861 0.66 
Beverages
Triton Water Holdings, Inc. (9)L + 3.50%5.75 %3/18/20285,980 5,830 5,316 0.52 
Building Products
Cornerstone Building Brands, Inc. (6)(9)L + 3.25%4.57 %4/12/20281,492 1,464 1,245 0.12 
CP Atlas Buyer, Inc. (9)L + 3.75%5.42 %11/23/20273,980 3,991 3,513 0.34 
Express Wash Concepts, LLC (4)(11)SOFR + 4.50%5.50 %4/30/202710,500 10,403 10,150 0.99 
Fencing Supply Group Acquisition, LLC (4)(5)(11)L + 6.00%7.00 %2/26/202719,766 19,676 19,766 1.93 
Griffon Corporation (6)(9)P + 2.75%4.36 %1/24/20292,500 2,429 2,395 0.23 
iHeartCommunications, Inc. (11)L + 3.00%4.67 %5/1/20263,000 2,873 2,795 0.27 
Illuminate Merger Sub Corp. (9)L + 3.50%6.38 %6/30/20282,985 2,982 2,625 0.26 
Kodiak BP, LLC (10)L + 3.25%5.50 %2/25/20284,975 4,914 4,375 0.43 
Latham Pool Products, Inc. (7)(11)SOFR + 3.75%5.23 %2/18/202929,925 28,906 27,995 2.73 
Lindstrom, LLC (4)(11)L + 6.25%7.31 %4/7/202527,850 27,850 27,850 2.72 
New Arclin US Holding Corp. (6)(7)(9)L + 3.75%5.42 %10/2/20282,605 2,619 2,384 0.23 
Tamko Building Product, LLC (8)L + 3.00%5.25 %6/1/20263,000 2,895 2,820 0.28 
The Chamberlain Group, Inc. (9)L + 3.50%5.17 %11/3/20284,988 4,925 4,522 0.44 
Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%8.75 %12/29/202610,668 10,668 10,668 1.04 
126,596 123,102 12.01 
120

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Capital Markets
Advisor Group Holdings, Inc. (8)L + 4.50%6.17 %7/31/20269,130 8,796 8,708 0.85 
AllSpring Buyer, LLC (6)(9)L + 3.25%5.56 %11/1/20281,995 2,005 1,923 0.19 
Resolute Investment Managers, Inc. (4)(11)L + 4.25%6.50 %4/30/20242,978 2,984 2,784 0.27 
Superannuation And Investments US, LLC (6)(9)L + 3.75%5.42 %9/23/20281,990 2,002 1,917 0.19 
The Edelman Financial Engines Center, LLC (10)L + 3.50%5.17 %3/15/20288,745 8,434 8,117 0.79 
24,220 23,449 2.29 
Chemicals
Ascend Performance Materials Operations, LLC (10)L + 4.75%7.00 %8/27/20261,662 1,670 1,625 0.16 
DCG Acquisition Corp. (4)(8)L + 4.50%6.17 %9/30/20262,985 2,985 2,806 0.27 
Dominion Colour Corporation (4)(6)(11)L + 7.25% (incl. 2.00% PIK)8.93 %4/6/202410,970 10,819 10,092 0.98 
Messer GMBH (9)L + 3.25%4.92 %3/2/20263,500 3,428 3,355 0.33 
Olympus Water US Holding Corp. (9)L + 3.75%6.06 %9/21/20281,995 2,006 1,864 0.18 
Polymer Additives, Inc. (8)L + 6.00%7.24 %7/31/202530,263 29,616 29,166 2.85 
Starfruit Finco BV (10)L + 5.75%6.87 %10/1/20252,000 1,908 1,897 0.19 
52,431 50,805 4.96 
Commercial Services & Supplies
Access CIG, LLC (8)L + 3.75%5.32 %2/27/20253,979 3,983 3,769 0.37 
Allied Universal Holdco, LLC (9)L + 3.75%5.42 %5/12/20288,975 8,720 8,246 0.80 
Anticimex, Inc. (4)(6)(9)L + 4.00%5.60 %11/16/20282,993 3,019 2,850 0.28 
Anticimex, Inc. (6)(9)L + 3.50%5.10 %11/16/20283,500 3,339 3,319 0.32 
Bazaarvoice, Inc. (4)(7)(8)L + 5.75%7.71 %5/7/202819,718 19,718 19,718 1.92 
Belfor Holdings, Inc. (8)L + 3.75%5.42 %4/6/20264,000 3,980 3,880 0.38 
DG Investment Intermediate Holdings 2, Inc. (9)L + 3.75%5.42 %3/17/20282,985 2,999 2,797 0.27 
EAB Global, Inc. (9)L + 3.50%4.74 %6/28/20284,985 4,891 4,703 0.46 
eResearchTechnology, Inc. (11)L + 4.50%6.17 %2/4/20279,249 8,980 8,569 0.84 
First Advantage Holdings, LLC (11)L + 2.75%4.42 %1/31/20274,000 3,917 3,848 0.38 
Foundational Education Group, Inc. (9)SOFR + 3.75%6.07 %8/31/20284,000 3,878 3,840 0.37 
Garda World Security Corp. (6)(8)L + 4.25%5.90 %10/30/20269,000 8,769 8,325 0.81 
Genuine Financial Holdings, LLC (8)L + 3.75%5.42 %7/11/20253,925 3,885 3,744 0.37 
International SOS The Americas LP (4)(6)(9)L + 3.75%6.06 %8/5/20281,990 1,997 1,905 0.19 
Java Buyer, Inc. (4)(7)(10)L + 5.75%7.58 %12/15/202710,998 10,771 10,740 1.05 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75 %12/17/202837,017 36,761 37,017 3.61 
Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%7.44 %12/10/202719,262 18,841 18,806 1.84 
PECF USS Intermediate Holding III Corp. (9)L + 4.25%5.92 %12/15/20282,985 3,002 2,705 0.26 
121

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Recycle & Resource US, LLC (4)(6)(9)L + 3.50%5.75 %7/8/20282,985 2,999 2,813 0.27 
Restaurant Technologies, Inc. (11)SOFR + 4.25%6.30 %3/17/202920,000 19,517 19,233 1.88 
Revspring, Inc. (8)L + 4.00%5.67 %10/11/20252,992 2,996 2,873 0.28 
The Action Environmental Group, Inc. (4)(11)L + 6.00%7.27 %1/16/202619,570 19,135 19,325 1.89 
The Action Environmental Group, Inc. (4)(5)(12)L + 6.00%7.25 %1/16/20262,072 2,026 2,046 0.20 
TRC Companies, Inc. (9)L + 3.75%6.00 %12/8/20283,990 4,001 3,767 0.37 
202,123 198,840 19.41 
Construction & Engineering
Atlas Intermediate III, LLC (4)(11)L + 7.50%8.74 %2/25/202824,313 24,224 24,112 2.35 
Brookfield WEC Holdings, Inc. (9)L + 2.75%4.42 %8/1/20259,970 9,562 9,453 0.92 
Pike Electric Corp. (8)L + 3.00%4.67 %1/21/20286,000 5,821 5,721 0.56 
Refficiency Holdings, LLC (7)(10)L + 3.75%5.42 %12/31/20273,801 3,754 3,538 0.35 
43,362 42,824 4.18 
Construction Materials
Quikrete Holdings, Inc. (11)L + 3.00%4.67 %6/11/20286,000 5,823 5,675 0.55 
White Cap Buyer, LLC (9)SOFR + 3.75%5.28 %10/19/20275,206 5,016 4,813 0.47 
10,839 10,487 1.02 
Containers & Packaging
Berlin Packaging, LLC (9)L + 3.75%6.01 %3/11/20288,961 8,743 8,363 0.82 
Bway Holding Corporation (8)L + 3.25%4.31 %4/3/20241,995 1,971 1,882 0.18 
Charter NEX US, Inc. (10)L + 3.75%5.42 %12/1/20276,500 6,235 6,138 0.60 
Graham Packaging Co, Inc. (10)L + 3.00%4.67 %8/4/20274,477 4,424 4,211 0.41 
Novolex, Inc. (9)SOFR + 4.25%5.88 %4/13/20299,000 8,677 8,438 0.82 
ProAmpac PG Borrower, LLC (10)L + 3.75%5.26 %11/3/20252,992 3,003 2,780 0.27 
Ring Container Technologies Group, LLC (9)L + 3.75%4.27 %8/12/20283,000 2,884 2,858 0.28 
TricorBraun Holdings, Inc. (9)L + 3.25%4.92 %3/3/20287,337 7,028 6,850 0.67 
Trident TPI Holdings, Inc. (11)L + 3.25%5.50 %7/29/20283,021 3,020 2,921 0.29 
Trident TPI Holdings, Inc. (9)L + 4.00%6.25 %9/15/20285,898 5,645 5,544 0.54 
51,631 49,986 4.88 
122

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Distributors
BP Purchaser, LLC (4)(10)L + 5.50%7.19 %12/10/202824,314 23,859 23,828 2.33 
Bution Holdco 2, Inc. (4)(11)L + 6.25%7.92 %10/17/202523,499 23,344 23,499 2.29 
Dana Kepner Company, LLC (4)(11)L + 6.25%8.31 %12/29/202615,790 15,826 15,711 1.53 
Genuine Cable Group, LLC (4)(7)(10)L + 5.75%8.00 %11/2/202629,766 29,262 29,443 2.87 
Tailwind Colony Holding Corporation (4)(7)(11)SOFR + 6.25%7.46 %11/13/202431,570 31,038 31,093 3.03 
Unified Door & Hardware Group, LLC (4)(11)L + 5.75%6.75 %6/30/202539,817 39,700 39,220 3.83 
163,029 162,794 15.88 
Diversified Consumer Services
Ascend Buyer, LLC (9)L + 3.50%5.17 %12/11/20288,185 7,887 7,581 0.74 
Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.56 %7/20/202835,146 35,146 35,146 3.43 
Colibri Group, LLC (10)SOFR + 5.00%5.95 %3/12/20293,990 3,952 3,870 0.38 
Dreambox Learning Holding, LLC (4)(5)(10)L + 6.25%7.00 %12/1/202734,200 33,568 33,516 3.27 
EM Bidco Limited (6)(9)L + 4.25%4.75 %4/12/20293,421 3,404 3,232 0.32 
KUEHG Corp. (11)L + 3.75%6.00 %2/21/20256,986 6,810 6,527 0.64 
Learning Care Group (11)L + 3.25%4.92 %3/13/20257,994 7,717 7,424 0.72 
Pre-Paid Legal Services, Inc. (9)L + 3.75%5.42 %12/15/20287,990 7,819 7,478 0.73 
Prime Security Service Borrower, LLC (10)L + 2.75%3.81 %9/23/20265,000 4,849 4,680 0.46 
Renaissance Learning, Inc. (11)L + 4.50%5.58 %3/30/20294,000 3,938 3,833 0.37 
Rinchem Company, LLC (4)(9)SOFR + 4.50%6.65 %2/2/20294,000 3,981 3,765 0.37 
University Support Services, LLC (9)L + 3.25%4.92 %2/10/20297,163 6,994 6,769 0.66 
Weld North Education, LLC (9)L + 3.75%5.42 %12/21/20271,992 1,973 1,899 0.19 
128,037 125,722 12.28 
Diversified Financial Services
Barbri Holdings, Inc. (4)(7)(10)L + 5.75%7.42 %4/30/202817,519 17,351 17,344 1.69 
Mitchell International, Inc. (9)L + 3.75%5.35 %10/15/20288,489 8,209 7,757 0.76 
Polaris Newco, LLC (9)L + 4.00%5.67 %6/2/20286,987 6,666 6,477 0.63 
Sedgwick Claims Management Services, Inc. (6)(8)L + 3.25%4.92 %12/31/20257,496 7,334 7,060 0.69 
39,561 38,637 3.77 
Diversified Telecommunication Services
Zacapa, LLC (6)(9)SOFR + 4.25%6.30 %3/22/20295,990 5,891 5,610 0.55 
Zayo Group Holdings, Inc. (9)SOFR + 4.25%5.78 %3/9/20276,988 6,750 6,549 0.64 
12,640 12,160 1.19 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.71 %3/26/202710,822 10,700 10,685 1.04 
123

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Electrical Equipment
Madison IAQ, LLC (9)L + 3.25%4.52 %6/16/20284,239 4,104 3,873 0.38 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%8.13 %12/23/202614,880 14,635 14,238 1.39 
CPI International, Inc. (11)L + 3.50%4.74 %7/26/20241,990 1,995 1,974 0.19 
Infinite Bidco, LLC (9)L + 3.25%5.50 %2/24/20282,985 2,999 2,776 0.27 
Ingram Micro, Inc. (9)L + 3.50%5.75 %3/31/20282,985 2,998 2,832 0.28 
22,627 21,821 2.13 
Energy Equipment & Services
Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.92 %9/10/202522,793 22,793 22,793 2.22 
Entertainment
CE Intermediate I, LLC (4)(9)L + 4.00%5.40 %11/10/20284,991 4,987 4,717 0.46 
Recorded Books, Inc. (8)L + 4.00%6.00 %8/29/20254,000 3,948 3,808 0.37 
8,935 8,524 0.83 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl (6)(8)L + 3.75%5.58 %2/27/20267,987 7,650 7,248 0.71 
CSHC Buyerco, LLC (4)(7)(11)L + 4.75%5.75 %9/8/20267,489 7,312 7,489 0.73 
CPI Buyer, LLC (4)(7)(10)L + 5.50%7.07 %11/1/202829,482 28,814 28,765 2.81 
Mozart Borrower LP (9)L + 3.25%4.92 %9/20/20288,988 8,756 8,363 0.82 
Resonetics, LLC (10)L + 4.00%5.24 %4/28/20282,992 2,982 2,850 0.28 
Sunshine Luxembourg VII S.à r.l, LLC (6)(10)L + 3.75%6.00 %10/2/20269,975 9,696 9,266 0.90 
65,210 63,981 6.25 
Health Care Providers & Services
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%8.22 %5/7/202710,230 10,114 10,107 0.99 
ADMI Corp. (9)L + 3.50%5.17 %12/23/20275,987 5,777 5,504 0.54 
AHP Health Partners, Inc. (9)L + 3.50%5.17 %8/4/20281,990 1,949 1,884 0.18 
CCBlue Bidco, Inc. (4)(7)(10)L + 6.25%7.00 %12/21/202819,700 19,301 19,267 1.88 
CHG Healthcare Services, Inc. (9)L + 3.25%4.75 %9/29/20288,992 8,634 8,529 0.83 
DCA Investment Holdings, LLC (4)(7)(10)SOFR + 6.25%7.00 %4/3/20285,843 5,785 5,786 0.56 
Electron Bidco, Inc. (9)L + 3.00%4.67 %11/1/20286,995 6,799 6,570 0.64 
Epoch Acquisition, Inc. (4)(11)L + 6.00%7.67 %10/4/202429,269 29,269 29,269 2.86 
Forefront Management Holdings, LLC (4)(7)(9)SOFR + 4.25%5.33 %3/23/20296,506 6,383 6,018 0.59 
Global Medical Response, Inc. (11)L + 4.25%5.25 %10/2/20254,985 4,874 4,650 0.45 
Heartland Dental, LLC (4)(11)L + 4.00%5.64 %4/30/202539,323 37,590 37,651 3.67 
Jayhawk Buyer, LLC (4)(11)L + 5.00%7.25 %10/15/202631,463 31,178 31,148 3.04 
LifePoint Health, Inc. (8)L + 3.75%5.42 %11/16/20257,000 6,994 6,551 0.64 
124

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Midwest Physician Administrative Services, LLC (10)L + 3.25%5.50 %3/5/20282,985 2,989 2,746 0.27 
Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.79 %7/16/202715,858 15,789 15,858 1.55 
NMSC Holdings, Inc. (10)SOFR + 5.25%6.15 %2/23/20294,000 3,961 3,711 0.36 
Onex TSG Intermediate Corp. (6)(10)L + 4.75%6.42 %2/28/20281,990 2,005 1,861 0.18 
Ownex & Minor, Inc. (11)SOFR + 3.75%5.38 %3/23/20292,536 2,499 2,523 0.25 
Pathway Vet Alliance, LLC (8)L + 3.75%6.00 %3/31/20274,985 4,888 4,642 0.45 
Pediatric Associates Holding Co., LLC (7)(9)L + 3.25%5.08 %12/29/20283,728 3,711 3,478 0.34 
PetVet Care Centers, LLC (10)L + 3.50%5.17 %2/14/20256,490 6,303 6,138 0.60 
Phoenix Guarantor, Inc. (6)(8)L + 3.50%5.14 %3/5/20268,479 8,295 7,961 0.78 
PSKW Intermediate, LLC (4)(11)L + 6.25%7.92 %3/9/202629,325 29,325 29,325 2.86 
Radnet, Inc. (6)(10)P + 3.00%4.62 %4/22/20284,302 4,303 4,100 0.40 
Reverb Buyer, Inc. (7)(9)L + 3.50%6.38 %11/1/20283,352 3,308 3,113 0.30 
Smile Doctors, LLC (4)(7)(10)L + 5.75%7.71 %12/23/202849,089 48,108 48,029 4.69 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.76 %1/2/202912,656 12,352 12,330 1.20 
Surgery Centers Holdings, Inc. (6)(10)L + 3.75%4.95 %8/31/20269,987 9,753 9,335 0.91 
The GI Alliance Management, LLC (4)(11)L + 6.25%7.43 %11/4/202439,044 38,790 39,044 3.81 
U.S. Anesthesia Partners, Inc. (9)L + 4.25%5.31 %9/22/20282,985 3,000 2,792 0.27 
US Oral Surgery Management Holdco, LLC (4)(10)L + 5.50%6.96 %11/18/2027708 596 603 0.06 
US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.96 %11/18/202720,100 19,822 20,000 1.95 
WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%8.00 %6/22/20286,381 6,238 6,298 0.61 
WP CityMD Bidco, LLC (9)L + 3.25%5.50 %11/18/20287,183 7,062 6,783 0.66 
407,746 403,606 39.37 
Health Care Technology
Edifecs, Inc. (4)(10)L + 5.50%7.75 %9/21/20269,819 9,686 9,672 0.94 
Edifecs, Inc. (4)(11)L + 7.50%9.75 %9/21/202617,990 18,478 18,530 1.81 
Imprivata, Inc. (9)SOFR + 4.25%5.43 %12/1/20275,000 4,855 4,871 0.48 
Netsmart Technologies, Inc. (10)L + 4.00%5.67 %10/1/20273,962 3,923 3,784 0.37 
Waystar Technologies, Inc. (8)L + 4.00%5.67 %10/22/20265,990 5,781 5,698 0.56 
42,724 42,555 4.16 
Hotels, Restaurants & Leisure
Alterra Mountain Company (9)L + 3.50%5.17 %8/17/20286,990 6,764 6,667 0.65 
Fertitta Entertainment, LLC (9)SOFR + 4.00%5.53 %1/27/20296,990 6,680 6,466 0.63 
GVC Holdings Gibraltar, Ltd. (6)(9)L + 2.25%3.74 %3/16/20272,992 2,926 2,881 0.28 
IRB Holding Corp. (10)SOFR + 3.00%4.24 %12/15/20272,397 2,398 2,257 0.22 
125

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Hotels, Restaurants & Leisure (continued)
IRB Holding Corp. (11)SOFR + 2.75%4.42 %2/5/20251,995 1,997 1,896 0.19 
Scientific Games Holdings LP (9)SOFR + 3.50%4.18 %4/4/20292,000 1,895 1,857 0.18 
Tacala Investment Corp. (10)L + 3.50%5.17 %2/5/20272,992 3,003 2,807 0.27 
Twin River Worldwide Holdings, Inc. (6)(9)L + 3.25%4.37 %10/2/20288,416 8,124 7,838 0.76 
Whatabrands, LLC (9)L + 3.25%4.92 %8/3/20288,819 8,506 8,292 0.81 
42,293 40,960 3.99 
Household Durables
AI Aqua Merger Sub, Inc. (6)(7)(9)L + 4.00%4.50 %7/31/20287,333 7,001 6,538 0.64 
Fluidra SA (6)(9)SOFR + 2.00%3.63 %1/29/20293,980 3,970 3,873 0.38 
Hunter Douglas, Inc. (6)(9)SOFR + 3.50%4.84 %2/26/20294,000 3,981 3,458 0.34 
14,952 13,870 1.36 
Industrial Conglomerates
Engineered Machinery Holdings, Inc. (10)L + 3.75%6.00 %5/19/20284,000 3,845 3,768 0.37 
FCG Acquisitions, Inc. (9)L + 3.75%6.00 %3/16/20288,985 8,729 8,480 0.83 
SPX Flow, Inc. (9)SOFR + 4.50%6.13 %4/5/20292,000 1,920 1,869 0.18 
Vertical US Newco, Inc. (6)(9)L + 3.50%4.02 %7/30/20274,091 4,054 3,843 0.38 
Victory Buyer, LLC (9)L + 3.75%5.81 %11/19/20282,993 3,010 2,776 0.27 
21,558 20,734 2.03 
Insurance
Alliant Holdings Intermediate, LLC (8)L + 3.25%4.92 %5/9/20251,990 1,976 1,878 0.18 
Alliant Holdings Intermediate, LLC (9)L + 3.50%5.01 %11/6/20272,985 3,001 2,786 0.27 
AssuredPartners, Inc. (9)SOFR + 3.50%5.03 %2/12/20278,490 8,252 7,938 0.77 
Baldwin Risk Partners, LLC (6)(9)L + 3.50%4.69 %10/14/20276,982 6,881 6,659 0.65 
BroadStreet Partners, Inc. (8)L + 3.00%4.67 %1/27/20277,980 7,729 7,526 0.73 
Howden Group Holdings Limited (6)(10)L + 3.25%4.94 %11/12/20274,492 4,493 4,252 0.42 
HUB International Limited (10)L + 3.25%4.35 %4/25/20252,992 3,010 2,846 0.28 
HUB International Limited (8)L + 3.00%4.21 %4/25/20255,474 5,242 5,196 0.51 
NFP Corp. (8)L + 3.25%4.92 %2/15/20279,328 9,024 8,647 0.84 
SG Acquisition, Inc. (4)(9)L + 5.00%7.25 %1/27/202733,651 33,574 33,651 3.28 
USI, Inc. (11)L + 3.00%5.25 %5/16/20243,500 3,456 3,363 0.33 
86,639 84,743 8.26 
Interactive Media & Services
Ancestry.com Operations, Inc (9)L + 3.25%4.92 %12/6/20272,970 2,974 2,717 0.27 
AppLovin Corp. (11)L + 3.25%5.50 %8/15/20253,990 3,937 3,827 0.37 
Cengage Learning, Inc. (11)L + 4.75%5.75 %6/29/20261,492 1,505 1,351 0.13 
126

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Interactive Media & Services (continued)
MH Sub I, LLC (11)L + 3.75%5.42 %9/13/20242,985 3,003 2,818 0.28 
MH Sub I, LLC (8)L + 3.75%5.42 %9/13/20244,988 4,798 4,711 0.46 
Project Boost Purchaser, LLC (8)L + 3.50%5.17 %6/1/20264,985 4,881 4,646 0.45 
Red Planet Borrower, LLC (9)L + 3.75%5.42 %10/2/20284,980 4,962 4,410 0.43 
SurveyMonkey, Inc. (4)(6)(8)L + 3.75%5.42 %10/10/2025571 570 554 0.05 
William Morris Endeavor Entertainment, LLC (8)L + 2.75%4.42 %5/18/20255,990 5,762 5,657 0.55 
32,392 30,692 2.99 
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)SOFR + 6.00%7.45 %12/29/202628,591 28,461 28,591 2.79 
Prodege International Holdings, LLC (4)(7)(10)L + 5.75%7.58 %12/15/202720,653 20,253 20,230 1.97 
48,714 48,820 4.76 
IT Services
Dcert Buyer, Inc. (8)L + 4.00%5.67 %10/16/20269,997 9,628 9,583 0.94 
Endurance International Group Holdings, Inc. (10)L + 3.50%4.62 %2/10/20284,492 4,387 4,051 0.40 
Ensono Holdings, LLC (10)L + 4.00%5.67 %5/19/20282,762 2,724 2,569 0.25 
Rackspace Technology Global (10)L + 2.75%3.50 %2/15/20282,000 1,880 1,829 0.18 
Razor Holdco, LLC (4)(10)L + 5.75%6.81 %10/25/202725,870 25,393 25,353 2.47 
Sabre Global, Inc. (6)(9)L + 3.50%5.17 %12/17/20275,000 4,738 4,691 0.46 
Turing Midco, LLC (11)L + 2.75%4.42 %3/23/20283,500 3,453 3,371 0.33 
Virtusa Corp. (10)SOFR + 3.75%5.38 %2/11/20283,990 3,952 3,784 0.37 
56,153 55,230 5.40 
Leisure Products
Motion Finco, LLC (6)(8)L + 3.25%5.50 %11/12/20268,500 8,096 7,877 0.77 
Recess Holdings, Inc. (11)L + 3.75%4.99 %9/30/20242,195 2,193 2,116 0.21 
10,288 9,992 0.98 
Life Sciences Tools & Services
Cambrex Corp. (10)SOFR + 3.50%4.53 %12/4/20263,947 3,926 3,755 0.37 
Curia Global, Inc. (10)L + 3.75%4.99 %8/30/20264,240 4,184 4,014 0.39 
8,110 7,769 0.76 
Machinery
Phoenix Services Merger Sub, LLC (11)L + 3.75%5.42 %3/1/20251,991 1,979 1,513 0.15 
Pro Mach Group, Inc. (7)(11)L + 4.00%5.67 %8/31/20283,934 3,859 3,716 0.36 
5,838 5,229 0.51 
Media
Clear Channel Outdoor Holdings, Inc. (6)(8)L + 3.50%4.74 %8/21/20261,990 1,960 1,720 0.17 
Radiate Holdco, LLC (10)L + 3.25%4.92 %9/25/20263,980 3,987 3,711 0.36 
127

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Media (continued)
Univision Communications, Inc. (10)L + 3.25%4.92 %3/15/20263,980 3,977 3,768 0.37 
Univision Communications, Inc. (11)L + 2.75%4.42 %3/15/2024809 810 798 0.08 
UPC Financing Partnership (11)L + 3.00%4.32 %1/31/20293,500 3,428 3,337 0.33 
Virgin Media Bristol, LLC (11)L + 3.25%4.57 %1/31/20293,500 3,457 3,363 0.33 
17,618 16,695 1.64 
Metals & Mining
SCIH Salt Holdings, Inc. (10)L + 4.00%4.75 %3/16/20273,976 3,931 3,563 0.35 
Oil, Gas & Consumable Fuels
CQP Holdco, LP (9)L + 3.75%6.00 %6/5/20287,970 7,917 7,512 0.73 
Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.82 %11/26/202440,000 40,000 40,000 3.90 
Freeport LNG Investments, LLLP (9)L + 3.50%4.56 %12/21/20284,957 4,918 4,312 0.42 
52,835 51,824 5.05 
Pharmaceuticals
Embecta Corp. (11)SOFR + 3.00%5.05 %1/27/2029457 454 433 0.04 
Jazz Pharmaceuticals, Inc. (6)(9)L + 3.50%5.17 %4/21/20283,980 3,982 3,807 0.37 
4,436 4,240 0.41 
Professional Services
ALKU, LLC (4)(10)L + 5.25%7.45 %3/1/202819,750 19,658 19,701 1.92 
Aqgen Island Holdings, Inc. (9)L + 3.50%5.81 %8/2/20287,998 7,686 7,478 0.73 
Armor Holdco, Inc. (6)(9)L + 4.50%6.75 %12/11/20284,237 4,152 4,036 0.39 
Camelot US Acquisition, LLC (6)(11)L + 3.00%4.67 %10/30/20263,985 3,889 3,767 0.37 
Cast & Crew Payroll, LLC (9)SOFR + 3.75%5.28 %12/29/20284,975 4,973 4,739 0.46 
Deerfield Dakota Holding, LLC (11)SOFR + 3.75%5.28 %4/9/20279,980 9,756 9,372 0.91 
Galaxy US Opco, Inc. (6)(9)SOFR + 4.75%6.28 %4/29/20295,000 4,878 4,706 0.46 
National Intergovernmental Purchasing Alliance Co. (8)L + 3.50%5.75 %5/23/20254,977 4,933 4,746 0.46 
The Dun & Bradstreet Corporation (8)L + 3.25%4.87 %2/6/20268,279 7,980 7,834 0.76 
Trans Union, LLC (9)L + 2.25%3.92 %12/1/20282,605 2,617 2,490 0.24 
Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%8.00 %12/21/20289,292 9,095 9,081 0.89 
VT Topco, Inc. (4)(7)(10)L + 3.75%5.97 %8/1/2025145 143 136 0.01 
VT Topco, Inc. (7)(10)L + 3.75%5.42 %8/1/20253,933 3,907 3,830 0.37 
West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.75 %11/8/202830,057 29,506 29,455 2.87 
113,172 111,371 10.84 
128

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)L + 5.75%6.76 %5/26/202713,798 13,781 13,622 1.33 
Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.31 %2/16/202818,138 18,306 18,138 1.77 
32,088 31,761 3.10 
Software
Apex Group Treasury, LLC (6)(9)L + 3.75%6.00 %7/27/20281,100 1,084 1,045 0.10 
Applied Systems, Inc. (8)P + 4.75%6.75 %9/19/20244,000 3,939 3,849 0.38 
Boxer Parent Company, Inc. (8)L + 3.75%5.42 %10/2/20258,977 8,692 8,386 0.82 
Brave Parent Holdings, Inc. (8)L + 4.00%5.67 %4/18/20251,000 1,001 964 0.09 
Brown Group Holdings, LLC (11)L + 2.50%4.17 %6/7/20285,995 5,714 5,701 0.56 
Cloudera, Inc. (9)L + 3.75%5.42 %10/8/20288,243 7,950 7,611 0.74 
ConnectWise, LLC (9)L + 3.50%5.75 %9/29/20284,478 4,485 4,112 0.40 
Delta Topco, Inc. (10)L + 3.75%5.84 %12/1/20273,990 3,956 3,623 0.35 
ECI Macola Max Holding, LLC (6)(10)L + 3.75%6.00 %11/9/20277,000 6,746 6,619 0.65 
EP Purchaser, LLC (9)L + 3.50%5.75 %11/6/20283,494 3,486 3,334 0.33 
Epicor Software Corp. (10)L + 3.25%4.92 %7/30/20279,980 9,703 9,447 0.92 
Flexera Software, LLC (10)L + 3.75%5.37 %3/3/20285,974 5,832 5,677 0.55 
GI Consilio Parent, LLC (7)(9)L + 4.00%5.67 %4/30/20286,194 6,067 5,691 0.56 
GovernmentJobs.com, Inc. (4)(7)(10)L + 5.50%7.17 %12/1/202823,541 22,998 22,939 2.24 
Greeneden U.S. Holdings II, LLC (10)L + 4.00%5.67 %12/1/20274,477 4,479 4,294 0.42 
HS Purchaser, LLC (10)L + 4.00%5.63 %11/19/20263,982 3,949 3,744 0.37 
Hyland Software, Inc. (10)L + 3.50%5.17 %7/1/20243,982 3,954 3,853 0.38 
Idera, Inc. (10)L + 3.75%4.82 %3/2/20282,985 2,995 2,762 0.27 
Informatica, LLC (11)L + 2.75%4.44 %10/27/20281,600 1,580 1,523 0.15 
ION Trading Finance Ltd. (6)(8)L + 4.75%7.00 %4/3/20285,855 5,550 5,417 0.53 
Ivanti Software, Inc. (10)L + 4.00%5.61 %12/1/20271,990 1,979 1,706 0.17 
LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%8.75 %2/8/202615,059 14,925 15,059 1.47 
Medallia, Inc. (4)(7)(10)L + 6.75% PIK8.42 %10/29/202841,075 40,346 40,254 3.93 
Mitnick Purchaser, Inc. (9)SOFR + 4.75%5.82 %5/2/20295,000 4,976 4,763 0.46 
Monk Holding Co. (4)(7)(10)L + 5.75%7.75 %12/1/202729,626 28,882 28,821 2.81 
Nintex Topco Limited (4)(6)(10)L + 5.75%6.50 %11/13/202830,000 29,440 29,100 2.84 
NortonLifeLock, Inc. (6)(9)SOFR + 2.00%2.50 %1/27/20294,000 3,980 3,803 0.37 
Perforce Software, Inc. (8)L + 3.75%5.42 %7/1/20263,356 3,346 3,104 0.30 
Project Alpha Intermediate Holding, Inc. (8)L + 4.00%5.67 %4/26/20242,985 2,978 2,879 0.28 
Proofpoint, Inc. (5)(9)L + 3.25%4.82 %8/31/20288,963 8,594 8,353 0.82 
Quest Software, Inc. (6)(9)SOFR + 4.25%5.42 %2/1/20294,000 3,962 3,571 0.35 
129

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Software (continued)
RealPage, Inc. (9)L + 3.00%4.67 %4/24/20287,992 7,751 7,410 0.72 
Relativity ODA, LLC (4)(7)(11)L + 8.15%9.15 %5/12/20275,841 5,755 5,745 0.56 
Rocket Software, Inc. (9)L + 4.25%5.92 %11/28/20255,469 5,295 5,095 0.50 
S2P Acquisition Borrower, Inc. (6)(8)L + 3.75%5.42 %8/14/20262,985 2,997 2,856 0.28 
Solarwinds Holdings, Inc. (11)L + 2.75%4.42 %2/5/20243,500 3,441 3,360 0.33 
Sophia, LP (9)L + 3.25%5.50 %10/7/20279,990 9,588 9,347 0.91 
Sovos Compliance, LLC (7)(9)L + 4.50%6.17 %7/29/20283,985 3,983 3,765 0.37 
SS&C Technologies, Inc. (6)(9)SOFR + 2.25%3.88 %3/22/20294,568 4,456 4,366 0.43 
Stamps.com, Inc. (4)(10)L + 5.75%6.87 %10/5/202830,000 29,440 29,700 2.90 
Stamps.com, Inc. (4)(10)L + 5.75%6.87 %10/5/202829,925 29,367 29,626 2.89 
Surf Holdings, LLC (6)(8)SOFR + 3.50%5.42 %3/5/20274,992 4,915 4,705 0.46 
Symphony Technology Group (5)(6)(10)L + 4.75%5.98 %7/27/20281,995 2,000 1,799 0.18 
Symphony Technology Group (6)(9)L + 4.00%5.15 %3/1/20294,000 3,981 3,653 0.36 
The Ultimate Software Group, Inc. (9)L + 3.25%4.21 %5/4/20269,233 8,949 8,675 0.85 
Triple Lift, Inc. (4)(7)(10)SOFR + 5.75%6.58 %5/6/202815,671 15,494 15,480 1.51 
Veritas US, Inc. (6)(11)L + 5.00%7.25 %9/1/20253,696 3,696 3,052 0.30 
Vision Solutions, Inc. (10)L + 4.00%5.18 %3/4/20285,056 5,061 4,596 0.45 
VS Buyer, LLC (11)L + 3.00%4.67 %2/28/20273,081 3,035 2,908 0.28 
406,769 398,141 38.89 
Specialty Retail
CustomInk, LLC (4)(11)L + 6.18%7.18 %5/3/202636,866 36,454 36,405 3.55 
EG Dutch Finco BV (6)(8)L + 4.00%6.25 %2/7/20254,000 3,849 3,770 0.37 
40,303 40,175 3.92 
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)L + 6.75%8.42 %2/28/202629,397 29,266 28,441 2.78 
Trading Companies & Distributors
Core and Main, LP (11)L + 2.50%4.32 %7/27/20284,000 3,910 3,822 0.37 
Foundation Building Materials, Inc. (9)L + 3.25%4.49 %2/3/20286,985 6,722 6,147 0.60 
Icebox Holdco III, Inc. (9)L + 3.75%6.00 %12/22/20284,951 4,885 4,607 0.45 
LBM Acquisition, LLC (10)L + 3.75%5.42 %12/17/20273,980 3,977 3,282 0.32 
Park River Holdings, Inc. (10)L + 3.25%4.22 %12/28/20273,114 3,103 2,569 0.25 
Porcelain Acquisition Corp. (4)(7)(11)L + 5.75%8.00 %4/30/20278,825 8,611 8,763 0.86 
Specialty Building Products Holdings, LLC (9)L + 3.75%5.35 %10/15/20281,995 2,007 1,771 0.17 
SRS Distribution, Inc. (9)SOFR + 3.50%4.02 %6/4/20289,980 9,742 9,238 0.90 
130

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Trading Companies & Distributors (continued)
The Cook & Boardman Group, LLC (11)SOFR + 5.75%6.97 %10/17/20253,886 3,802 3,730 0.36 
46,759 43,927 4.28 
Transportation Infrastructure
First Student Bidco, Inc. (9)L + 3.00%5.23 %7/21/20283,987 3,976 3,571 0.35 
Froneri International PLC (11)L + 2.25%3.92 %1/29/20271,933 1,861 1,784 0.17 
Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.68 %5/3/202713,326 12,868 12,826 1.25 
Roadsafe Holdings, Inc. (4)(11)L + 5.75%7.76 %10/19/202718,950 18,760 18,760 1.83 
37,466 36,941 3.60 
Wireless Telecommunication Services
CCI Buyer, Inc. (10)SOFR + 4.00%6.05 %12/17/20279,505 9,222 8,697 0.85 
Total First Lien Debt$2,715,577 $2,663,851 259.96 %
Second Lien Debt
Health Care Providers & Services
Jayhawk Buyer, LLC (4)(11)L + 8.75%9.99 %10/15/2027$1,877 $1,855 $1,863 0.18 %
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L + 7.00%9.06 %11/1/202928,857 28,585 28,280 2.76 
Total Second Lien Debt$30,440 $30,143 2.94 %
Warrant
Software
Mermaid EquityCo L.P. - Class B Units (4)$495 $831 $900 0.09 %
Total Warrant$831 $900 0.09 %
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units (4)2,547,048 $4,305 $4,839 0.47 %
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)194 208 208 0.02 
Mode Holdings, L.P. - Class A-2 Common Units (4)1,230,769 2,215 2,043 0.20 
2,424 2,251 0.22 
Distributors
Box Co-Invest Blocker, LLC (4)780,000 780 814 0.08 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)974,662 1,131 1,170 0.11 
Deneb Ultimate Topco, LLC - Class A Units (4)728 728 728 0.07 
1,859 1,898 0.18 
131

BCRED Emerald JV LP
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/UnitsCost (3)Fair ValuePercentage of Net Assets
Equity (continued)
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units (4)797 210 227 0.02 
Jayhawk Holdings, LP - A-2 Common Units (4)429 113 122 0.01 
322 349 0.03 
Software
Lobos Parent, Inc. - Series A Preferred Shares (4)5,773 5,700 5,860 0.57 
Mermaid Equity Co. L.P. - Class A-2 Common Units (4)1,614,060 4,245 4,536 0.44 
9,945 10,395 1.01 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)3,936 376 413 0.04 
Equity Total$20,010 $20,961 2.03 %
Total Investment Portfolio$2,766,859 $2,715,855 265.02 %
Total Investments — non-controlled/affiliated
Specialty Retail
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units (4)(14)$1,828 $2,038 0.20 %
Total Equity$1,828 $2,038 0.20 %
Total Investments — non-controlled/affiliated$1,828 $2,038 0.20 %
Investments—controlled/affiliated
Equity
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units (4)(6)(14)$3,542 $3,534 0.34 %
Total Equity$3,542 $3,534 0.34 %
Total Investments — controlled/affiliated$3,542 $3,534 0.34 %
Total Investment Portfolio$2,772,228 $2,721,428 265.56 %
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund$29,010 $29,010 2.83 %
Other Cash and Cash Equivalents95,066 95,066 9.28 
Total Portfolio Investments, Cash and Cash Equivalents$2,896,305 $2,845,505 277.67 %
(1)Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, andwhile the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. Variable rate loans typically include an interest reference rate floor feature.
(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.
(6)Reserved
(7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
InvestmentsCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/2027$781 $(16)
Bazaarvoice, Inc.Revolver5/7/20262,123 — 
Cambium Learning Group, Inc.Revolver7/20/20283,249 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20232,832 — 
Confine Visual BidcoDelayed Draw Term Loan3/11/20246,094 — 
CPI Buyer, LLCRevolver11/1/20262,974 (59)
CSHC Buyerco, LLCDelayed Draw Term Loan9/8/20261,170 — 
Cumming Group, Inc.Revolver5/26/20271,891 (47)
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/202825 — 
Express Wash Concepts, LLCDelayed Draw Term Loan4/30/202710,900 — 
GovernmentJobs.com, Inc.Revolver11/30/20271,604 — 
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20238,018 (160)
Java Buyer, Inc.Delayed Draw Term Loan12/15/20233,414 — 
Knowledge Pro Buyer, Inc.Revolver12/10/20271,473 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20232,094 — 
Latham Pool Products, Inc.Delayed Draw Term Loan2/18/202911,250 (833)
Monk Holding Co.Delayed Draw Term Loan8/12/20237,311 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/20233,059 — 
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/202879 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/20272,115 (62)
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/20293,721 — 
Relativity ODA, LLCRevolver5/12/2027538 (8)
RWL Holdings, LLCDelayed Draw Term Loan12/1/20275,185 (52)
Smile Doctors, LLCRevolver12/23/20274,548 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/20231,450 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/20261,449 — 
Triple Lift, Inc.Revolver5/6/20281,321 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/20239 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20271,915 (91)
VT Topco, Inc.Delayed Draw Term Loan8/1/20253 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20237,580 — 
West Monroe Partners, LLCRevolver11/9/20272,085 — 
WHCG Purchaser III, Inc.Revolver6/22/20262 — 
Total First Lien Debt$102,262 $(1,328)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of June 30, 2023 was 0.50%.
(10)The interest rate floor on these investments as of June 30, 2023 was 0.75%.
(11)The interest rate floor on these investments as of June 30, 2023 was 1.00%.
(12)The interest rate floor on these investments as of June 30, 2023 was 1.25%.
(13)The interest rate floor on these investments as of June 30, 2023 was 1.50%.
(14)The interest rate floor on these investments as of June 30, 2023 was 2.00%
(15)For unsettled positions the interest rate does not include the base rate.
(16)Reserved
(17)Loan was on non-accrual status as of June 30, 2023.
(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.
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The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2022:
BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC(8)L +4.00%8.17%1/29/2027$2,977 $2,882 $2,919 0.11 %
Atlas CC Acquisition Corp.(10)L +4.25%8.98%5/25/20289,921 9,545 8,401 0.30 
Loar Group, Inc.(4)(11)L +7.25%11.63%9/29/202328,049 28,049 28,049 1.01 
Peraton Corp.(10)L +3.75%8.13%2/1/20285,472 5,382 5,353 0.19 
TransDigm Inc(12)SOFR +6.15%10.47%2/22/2027312 306 312 0.01 
Vertex Aerospace Services Corp.(10)L +3.50%7.88%12/6/20282,978 2,990 2,930 0.11 
49,154 47,964 1.73 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%9.13%6/11/202724,489 24,287 24,244 0.88 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%10.57%12/9/202638,931 38,931 38,931 1.41 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%10.48%12/31/202821,686 21,267 21,417 0.77 
SEKO Global Logistics Network, LLC(4)(5)(11)L +4.75%9.07%12/30/202635,328 35,160 35,151 1.27 
119,645 119,743 4.33 
Airlines
Air Canada(10)L +3.50%8.13%8/11/20283,980 3,946 3,946 0.14 
American Airlines, Inc.(8)L +4.00%8.17%4/20/20283,815 3,938 3,805 0.14 
KKR Apple Bidco, LLC(11)L +2.75%7.13%9/23/20285,955 5,786 5,883 0.21 
United Airlines, Inc.(10)L +3.75%8.11%4/21/20283,980 3,955 3,941 0.14 
17,625 17,575 0.63 
Auto Components
Clarios Global LP(8)L +3.25%7.63%4/30/20263,006 2,864 2,955 0.11 
Beverages
Triton Water Holdings, Inc.(9)L +3.50%8.23%3/31/20285,945 5,808 5,550 0.20 
Building Products
Cornerstone Building Brands, Inc.(9)L +3.25%7.57%4/12/20281,485 1,459 1,339 0.05 
CP Atlas Buyer, Inc.(9)L +3.50%7.88%11/23/20273,961 3,970 3,484 0.13 
Express Wash Concepts, LLC(4)(7)(11)SOFR +4.75%8.88%4/30/202720,448 20,359 19,224 0.70 
Fencing Supply Group Acquisition, LLC(4)(5)(11)L +6.00%11.21%2/26/202719,685 19,605 19,685 0.71 
Griffon Corporation(9)SOFR +2.50%7.01%1/24/20292,470 2,405 2,432 0.09 
iHeartCommunications, Inc.(11)L +3.00%7.38%5/1/20265,000 4,789 4,598 0.17 
Kodiak BP, LLC(10)L +3.25%7.98%3/12/20284,950 4,895 4,659 0.17 
Latham Pool Products, Inc.(7)(11)SOFR +3.75%8.22%2/23/202929,775 28,848 27,269 0.99 
Lindstrom, LLC(4)(11)SOFR +6.25%10.47%4/7/202527,705 27,705 27,428 0.99 
New Arclin US Holding Corp. (7)(9)L +3.75%8.13%10/2/20281,370 1,377 1,186 0.04 
Tamko Building Product, LLC(8)L +3.00%7.73%6/1/20262,977 2,885 2,891 0.10 
The Chamberlain Group, Inc.(9)L +3.25%7.63%11/3/20294,950 4,893 4,678��0.17 
Windows Acquisition Holdings, Inc.(4)(5)(11)L +6.50%11.23%12/29/202610,668 10,668 10,668 0.39 
133,858 129,541 4.70 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%8.88%7/31/20269,073 8,781 8,893 0.32 
AllSpring Buyer, LLC(9)L +3.00%7.75%11/1/20281,985 1,994 1,962 0.07 
Resolute Investment Managers, Inc.(11)L +4.25%8.98%4/30/20242,447 2,451 1,994 0.07 
Situs-AMC Holdings Corporation(4)(11)SOFR +5.75%10.23%12/22/202796,200 94,928 95,238 3.45 
Superannuation And Investments US, LLC(9)L +3.75%8.13%12/1/20281,980 1,991 1,953 0.07 
The Edelman Financial Engines Center, LLC(10)L +3.50%7.88%4/7/20288,691 8,400 8,133 0.29 
118,545 118,173 4.27 
145
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Chemicals
DCG Acquisition Corp.(8)SOFR +4.50%8.72%9/30/2026$2,970 $2,973 $2,806 0.10 %
Dominion Colour Corporation(4)(11)(14)L +8.25%11.19%4/6/202410,970 10,918 5,567 0.20 
Starfruit Finco BV(10)L +2.75%10.13%10/1/20251,980 1,902 1,957 0.07 
15,793 10,330 0.37 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%7.82%2/27/20255,791 5,753 5,685 0.21 
Acrisure LLC(8)SOFR +5.75%9.92%2/15/202727,462 26,103 27,313 0.99 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.17%5/12/20288,920 8,687 8,492 0.31 
Anticimex, Inc. (4)(9)L +4.00%8.73%11/16/20282,978 3,002 2,896 0.10 
Anticimex, Inc. (4)(9)L +3.50%5.25%11/16/202824,938 23,695 24,127 0.87 
Anticimex, Inc.(9)L +3.50%8.23%11/16/20284,966 4,764 4,805 0.17 
Bazaarvoice, Inc. (4)(7)(8)SOFR +5.75%10.37%5/7/202819,619 19,619 19,619 0.71 
Belfor Holdings, Inc.(8)L +4.00%8.38%4/6/20263,969 3,952 3,949 0.14 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.07%3/31/20287,950 7,838 7,622 0.28 
EAB Global, Inc.(9)L +3.50%7.88%8/16/20284,955 4,869 4,779 0.17 
Energizer Holdings Inc(9)L +3.75%8.13%12/8/20284,716 4,689 4,523 0.16 
eResearchTechnology, Inc.(11)L +4.50%8.88%2/4/20271,905 1,871 1,686 0.06 
First Advantage Holdings, LLC(11)L +2.75%7.13%1/31/20276,000 5,892 5,903 0.21 
Foundational Education Group, Inc. (4)(9)SOFR +3.75%8.59%8/31/20283,980 3,858 3,582 0.13 
Garda World Security Corp.(8)L +4.25%8.93%10/30/20263,000 3,016 2,927 0.11 
Garda World Security Corp.(8)SOFR +4.25%8.53%2/1/20295,985 5,755 5,776 0.21 
Genuine Financial Holdings, LLC(8)L +3.75%7.82%7/11/20258,230 8,088 7,944 0.29 
International SOS The Americas LP(8)L +4.50%8.88%9/7/20281,980 1,986 1,965 0.07 
Java Buyer, Inc.(4)(7)(10)L +5.75%10.52%12/15/202711,397 11,187 10,977 0.40 
JSS Holdings, Inc.(4)(10)L +6.00%10.34%12/27/202836,830 36,599 36,830 1.33 
Knowledge Pro Buyer, Inc.(4)(7)(10)L +5.75%10.04%12/10/202720,589 20,194 20,399 0.74 
KPSKY Acquisition, Inc.(4)(10)L +5.50%9.54%10/19/2028136,343 129,600 128,503 4.65 
PECF USS Intermediate Holding III Corp.(9)L +4.25%8.63%12/15/20282,970 2,986 2,488 0.09 
Polyphase Elevator Holding Co.(4)(11)L +4.00%9.17%6/23/202719,799 19,291 19,106 0.69 
Polyphase Elevator Holding Co.(4)(11)SOFR +5.50%10.18%6/3/20278,613 8,392 8,333 0.30 
Recycle & Resource US, LLC(9)L +3.50%8.23%7/14/20282,977 2,990 2,714 0.10 
Restaurant Technologies, Inc.(11)SOFR +4.25%8.83%4/2/202919,854 19,410 19,542 0.71 
Revspring, Inc.(8)L +4.00%8.73%10/11/20252,969 2,972 2,873 0.10 
The Action Environmental Group, Inc.(4)(12)L +6.00%10.66%1/16/20262,062 2,022 2,036 0.07 
The Action Environmental Group, Inc.(4)(12)SOFR +6.00%10.66%1/16/202619,400 19,032 19,158 0.69 
The Action Environmental Group, Inc.(4)(12)L +3.91%9.91%1/15/20265,925 5,856 5,850 0.21 
The Action Environmental Group, Inc.(4)(12)SOFR +6.15%10.47%1/15/20265,387 5,325 5,319 0.19 
429,293 427,721 15.46 
Communications Equipment
Commscope Inc(10)L +4.25%8.98%4/6/2026299 283 282 0.01 
Construction & Engineering
Atlas Intermediate III, LLC(4)(10)L +7.50%11.59%2/25/202824,317 24,256 24,074 0.87 
Brookfield WEC Holdings, Inc.(10)L +3.75%8.07%8/1/20259,919 9,580 9,795 0.35 
Pike Electric Corp.(10)L +5.00%7.39%1/21/20286,000 5,827 5,927 0.21 
Pike Electric Corp.(10)L +3.50%7.82%1/21/20282,993 2,923 2,971 0.11 
Refficiency Holdings, LLC(7)(10)L +3.75%7.82%12/16/20274,472 4,425 4,245 0.15 
47,011 47,012 1.69 
146
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Construction Materials
Quikrete Holdings, Inc.(11)L +3.00%7.38%6/11/2028$5,955 $5,786 $5,916 0.21 %
White Cap Buyer, LLC(9)SOFR +3.75%8.07%10/19/20275,180 5,004 5,018 0.18 
10,790 10,934 0.39 
Containers & Packaging
Ascend Buyer, LLC(4)(10)SOFR +6.25%10.67%10/2/202875,545 74,815 74,789 2.71 
Berlin Packaging, LLC(9)L +3.75%7.88%3/11/20288,920 8,722 8,603 0.31 
Bway Holding Corporation(11)L +6.25%10.63%4/3/20241,979 1,962 1,936 0.07 
Charter NEX US, Inc.(10)L +3.75%8.13%12/1/20276,467 6,227 6,294 0.23 
Graham Packaging Co, Inc.(10)L +3.00%7.38%8/4/20274,455 4,407 4,385 0.16 
Novolex, Inc.(9)SOFR +3.93%8.60%4/13/20298,955 8,647 8,551 0.31 
ProAmpac PG Borrower, LLC(10)L +3.75%7.87%11/3/20252,977 2,986 2,859 0.10 
Ring Container Technologies Group, LLC(9)L +3.50%7.88%8/12/20282,977 2,871 2,944 0.11 
TricorBraun Holdings, Inc.(9)L +3.25%7.63%3/3/20287,300 7,019 6,982 0.25 
Trident TPI Holdings, Inc.(8)L +3.25%7.98%9/15/20283,005 3,005 2,975 0.11 
Trident TPI Holdings, Inc.(9)L +4.00%7.67%9/15/20285,951 5,720 5,729 0.21 
126,381 126,047 4.57 
Distributors
BP Purchaser, LLC(4)(10)L +5.50%10.24%12/10/202850,760 49,752 49,110 1.78 
Bution Holdco 2, Inc.(4)(11)L +6.25%10.63%10/17/202523,299 23,168 23,299 0.84 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.66%12/29/202615,710 15,742 15,632 0.57 
Genuine Cable Group, LLC(4)(10)SOFR +5.75%10.17%11/2/202632,141 31,677 31,498 1.14 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +5.50%10.98%6/23/202882,800 80,814 79,488 2.88 
Tailwind Colony Holding Corporation(4)(11)L +6.25%10.98%11/13/202431,575 31,156 31,101 1.13 
Unified Door & Hardware Group, LLC(4)(11)L +5.75%10.32%12/18/202739,559 39,457 38,867 1.41 
271,766 268,995 9.75 
Diversified Consumer Services
Ascend Learning, LLC(9)L +3.50%7.88%12/11/20288,143 7,870 7,720 0.28 
Cambium Learning Group, Inc.(4)(7)(10)L +5.50%9.74%7/20/202834,970 34,970 34,970 1.27 
Colibri Group, LLC(10)SOFR +5.00%8.74%3/12/20293,970 3,935 3,716 0.13 
Dreambox Learning Holding, LLC(4)(5)(10)L +6.25%9.44%12/1/202734,200 33,627 32,148 1.16 
EM Bidco Limited(9)SOFR +4.25%8.93%7/6/20295,000 4,983 4,898 0.18 
KUEHG Corp.(11)L +3.75%8.48%2/21/20256,938 6,795 6,680 0.24 
Learning Care Group(11)L +3.25%7.64%3/13/20257,931 7,701 7,399 0.27 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.13%12/15/20287,940 7,773 7,654 0.28 
Prime Security Service Borrower, LLC(9)L +3.75%8.13%9/23/20264,962 4,830 4,925 0.18 
Renaissance Learning, Inc.(11)SOFR +4.50%8.72%3/30/20293,980 3,919 3,837 0.14 
Rinchem Company, LLC (4)(9)SOFR +4.50%9.18%3/2/20293,980 3,962 3,771 0.14 
University Support Services, LLC(9)L +3.25%7.63%2/10/20299,117 8,909 8,889 0.32 
Weld North Education, LLC(9)L +3.75%7.82%12/21/20271,981 1,963 1,946 0.07 
131,237 128,553 4.66 
Diversified Financial Services
Barbri Holdings, Inc.(4)(7)(10)L +5.75%10.13%4/28/202862,851 62,260 62,222 2.25 
Citco Funding LLC(9)L +3.25%7.63%4/19/20287,357 7,174 7,321 0.26 
Corporation Service Company(9)SOFR +3.25%7.57%11/2/20292,527 2,453 2,505 0.09 
Mitchell International, Inc.(9)L +3.75%8.41%10/15/20288,436 8,182 7,799 0.28 
Polaris Newco, LLC(9)L +4.00%8.73%6/2/20286,947 6,650 6,357 0.23 
Sedgwick Claims Management Services, Inc.(8)L +3.25%7.63%12/31/20257,450 7,312 7,259 0.26 
94,031 93,463 3.37 
147
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Telecommunication Services
Zacapa, LLC(9)SOFR +4.25%8.83%3/22/2029$5,955 $5,864 $5,739 0.21 %
Zayo Group Holdings, Inc.(9)SOFR +4.25%8.57%3/9/20272,125 2,047 1,774 0.06 
7,911 7,513 0.27 
Electric Utilities
Qualus Power Services Corp.(4)(7)(11)L +5.25%10.01%3/26/202711,330 11,222 11,206 0.41 
Electrical Equipment
Madison IAQ, LLC(9)L +3.25%7.99%6/21/20286,695 6,524 6,245 0.23 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)L +6.00%10.75%12/23/202614,805 14,628 13,842 0.50 
Infinite Bidco, LLC(9)L +3.25%7.98%3/2/20282,970 2,982 2,858 0.10 
Ingram Micro, Inc.(9)L +3.50%8.23%6/30/20282,970 2,982 2,933 0.11 
20,592 19,633 0.71 
Energy Equipment & Services
Tetra Technologies, Inc.(4)(11)L +6.25%10.63%9/10/202522,793 22,793 22,793 0.82 
Entertainment
CE Intermediate I, LLC (4)(9)L +4.00%8.59%11/10/20284,963 4,958 4,739 0.17 
Recorded Books, Inc.(8)SOFR +4.00%8.32%8/29/20254,000 3,948 3,922 0.14 
8,906 8,661 0.31 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl(8)L +3.75%8.68%2/27/20267,936 7,618 7,122 0.26 
CPI Buyer, LLC(4)(7)(10)L +5.50%10.23%11/1/2028139,958 136,023 134,950 4.88 
CSHC Buyerco, LLC(4)(7)(11)L +4.75%9.48%9/8/20267,452 7,297 7,287 0.26 
Messer GMBH(9)L +2.50%7.23%3/2/20263,094 3,039 3,072 0.11 
Mozart Borrower LP(9)L +3.25%7.63%10/23/20288,933 8,721 8,505 0.31 
Natus Medical Incorporated (4)(9)SOFR +5.50%8.68%7/20/20293,720 3,490 3,460 0.13 
Resonetics, LLC(10)L +4.00%8.41%4/28/20282,970 2,960 2,836 0.10 
Sunshine Luxembourg VII S.à r.l, LLC(10)L +3.75%8.48%10/1/20269,912 9,650 9,517 0.34 
178,798 176,749 6.39 
Health Care Providers & Services
ACI Group Holdings, Inc.(4)(5)(10)L +5.75%10.13%8/2/2028136,388 134,914 134,343 4.86 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.66%5/7/202734,755 34,293 34,222 1.24 
ADMI Corp.(9)L +3.75%8.13%12/23/20275,949 5,758 5,434 0.20 
Amerivet Partners Management, Inc.(4)(5)(10)SOFR +5.50%10.23%2/25/202897,017 94,344 93,136 3.37 
Canadian Hospital Specialties Ltd.(4)(5)(11)C +4.50%9.36%4/14/2028CAD29,924 21,745 21,919 0.79 
CCBlue Bidco, Inc.(4)(7)(10)L +6.25% 9.92% (incl. 2.75% PIK)12/21/202820,885 20,519 19,708 0.71 
CHG Healthcare Services, Inc.(9)L +3.25%7.63%9/29/20288,932 8,600 8,758 0.32 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.00%9.98%4/3/202829,079 28,805 28,788 1.04 
DCA Investment Holdings, LLC(4)(10)SOFR +6.00%9.53%4/3/20281,186 1,175 1,174 0.04 
Electron Bidco, Inc.(9)L +3.00%7.38%11/1/20286,948 6,766 6,775 0.25 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%10.19%10/4/202429,118 29,104 28,972 1.05 
Forefront Management Holdings, LLC(4)(7)(10)SOFR +4.25%8.57%4/1/20297,337 7,224 7,169 0.26 
Global Medical Response, Inc.(11)L +4.25%8.42%10/2/20254,955 4,861 3,502 0.13 
Heartland Dental, LLC (4)(8)L +4.00%8.39%4/30/202539,126 37,679 36,913 1.34 
ICS US Holdings, Inc. (4)(9)SOFR +4.50%8.40%6/8/202835,000 32,726 32,375 1.17 
Jayhawk Buyer, LLC(4)(11)L +5.00%9.73%10/15/202631,267 31,017 30,954 1.12 
LifePoint Health, Inc.(8)L +3.75%8.16%11/16/20257,000 6,995 6,616 0.24 
Midwest Physician Administrative Services, LLC(10)L +3.25%7.98%3/12/20282,970 2,974 2,743 0.10 
148
Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
National Mentor Holdings, Inc.(10)L +3.75%8.33%3/2/2028$3,019 $2,556 $2,127 0.08 %
Navigator Acquiror, Inc. (4)(7)(9)L +5.75%9.98% (incl. 5.11% PIK)7/16/202716,674 16,612 16,507 0.60 
NMSC Holdings, Inc.(10)SOFR +5.25%9.67%2/23/20293,075 3,046 2,532 0.09 
Onex TSG Intermediate Corp.(10)L +4.75%9.16%2/28/20281,980 1,993 1,773 0.06 
Pathway Vet Alliance, LLC(8)L +3.75%8.13%3/31/20274,955 4,868 4,154 0.15 
Pediatric Associates Holding Co., LLC (7)(9)L +3.25%7.63%12/29/20283,709 3,694 3,519 0.13 
PetVet Care Centers, LLC(10)L +3.50%7.88%2/14/20256,445 6,292 6,077 0.22 
Phoenix Guarantor, Inc.(8)L +3.50%7.88%3/5/20268,425 8,249 7,930 0.29 
PSKW Intermediate, LLC(4)(11)L +6.25%10.64%3/9/202636,754 36,754 36,754 1.33 
Radnet, Inc.(10)L +3.00%7.73%4/21/20284,270 4,271 4,166 0.15 
Reverb Buyer, Inc.(9)L +3.50%7.88%11/1/20283,973 3,939 3,733 0.14 
Smile Doctors, LLC(4)(7)(10)L +5.75%10.48%12/23/2028147,128 144,323 144,137 5.22 
Stepping Stones Healthcare Services, LLC(4)(7)(10)L +5.75%10.51%1/2/202915,379 15,092 14,893 0.54 
Surgery Centers Holdings, Inc.(10)L +3.75%8.05%8/31/20268,958 8,790 8,867 0.32 
U.S. Anesthesia Partners, Inc.(9)L +4.25%8.37%10/1/20282,970 2,984 2,835 0.10 
US Oral Surgery Management Holdco, LLC(4)(7)(10)L +5.50%10.18%11/18/202725,917 25,543 25,617 0.93 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.48%6/22/20286,595 6,457 5,379 0.19 
WP CityMD Bidco, LLC(9)L +4.25%8.37%12/22/20287,139 7,028 7,133 0.26 
811,990 801,634 29.03 
Health Care Technology
Edifecs, Inc.(4)(10)L +5.50%10.23%9/21/20269,770 9,653 9,672 0.35 
Edifecs, Inc.(4)(11)L +7.50%12.23%9/21/202617,899 18,327 18,257 0.66 
GI Ranger Intermediate, LLC(4)(10)SOFR +6.00%10.73%10/29/202844,801 44,152 44,129 1.60 
Imprivata, Inc.(10)SOFR +4.25%8.57%12/1/20274,975 4,844 4,812 0.17 
Netsmart Technologies, Inc.(10)L +4.00%8.38%10/1/20273,932 3,896 3,797 0.14 
Project Ruby Ultimate Parent Corp.(4)(10)SOFR +5.75%10.07%3/10/202849,875 48,436 48,379 1.75 
Waystar Technologies, Inc.(8)L +4.00%8.38%10/22/20266,949 6,762 6,845 0.25 
136,070 135,891 4.92 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%7.88%8/17/20286,947 6,741 6,880 0.25 
Fertitta Entertainment, LLC(9)SOFR +4.00%8.32%1/27/20296,948 6,660 6,619 0.24 
GVC Finance LLC(8)SOFR +3.50%8.18%10/31/2029915 903 912 0.03 
GVC Holdings Gibraltar, Ltd.(11)L +4.25%8.63%3/29/20272,977 2,918 2,960 0.11 
IRB Holding Corp.(10)SOFR +3.00%7.32%12/15/20277,373 7,199 7,166 0.26 
IRB Holding Corp.(10)SOFR +3.00%7.32%2/5/20251,979 1,981 1,965 0.07 
Scientific Games Holdings LP(9)SOFR +3.50%7.10%4/4/20291,995 1,896 1,907 0.07 
Tacala Investment Corp.(10)L +3.50%7.88%2/5/20277,943 7,789 7,659 0.28 
Twin River Worldwide Holdings, Inc.(9)L +3.25%7.54%10/2/20285,360 5,196 4,974 0.18 
Whatabrands, LLC(9)L +3.25%7.63%8/3/20288,775 8,489 8,501 0.31 
49,772 49,543 1.80 
Household Durables
AI Aqua Merger Sub, Inc.(7)(9)SOFR +3.75%8.09%7/31/20288,540 8,208 8,034 0.29 
Fluidra SA(9)SOFR +2.00%8.48%1/29/20291,990 1,985 1,898 0.07 
Hunter Douglas, Inc.(9)SOFR +3.50%7.86%2/26/20293,150 3,136 2,788 0.10 
13,329 12,720 0.46 
149
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BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Industrial Conglomerates
Engineered Machinery Holdings, Inc.(10)L +3.75%8.48%5/19/2028$3,970 $3,829 $3,850 0.14 %
FCG Acquisitions, Inc.(9)L +3.75%8.48%3/31/20288,925 8,693 8,509 0.31 
SPX Flow, Inc.(9)SOFR +4.50%8.92%4/5/20291,995 1,920 1,869 0.07 
Vertical US Newco, Inc.(9)L +3.50%6.87%7/30/20274,060 4,027 3,917 0.14 
Victory Buyer, LLC(4)(9)L +3.75%8.10%11/19/20289,962 9,390 8,393 0.30 
27,859 26,538 0.96 
Insurance
Alera Group, Inc.(4)(10)SOFR +6.00%10.42%10/2/202846,833 45,929 45,897 1.66 
Alliant Holdings Intermediate, LLC(10)L +3.50%7.63%11/5/20271,979 1,968 1,956 0.07 
Alliant Holdings Intermediate, LLC(9)L +3.50%7.85%11/6/20272,970 2,985 2,907 0.11 
AssuredPartners, Inc.(9)SOFR +3.50%7.82%2/12/202725,061 24,267 24,755 0.90 
Baldwin Risk Partners, LLC(9)L +3.50%7.79%10/14/20276,937 6,846 6,781 0.25 
BroadStreet Partners, Inc.(8)L +3.00%7.38%1/27/20277,931 7,702 7,707 0.28 
Foundation Risk Partners Corp.(4)(10)SOFR +6.00%10.68%10/29/202876,800 76,058 76,032 2.75 
Galway Borrower, LLC(4)(5)(10)L +5.25%8.99%9/30/202844,873 43,790 43,751 1.58 
High Street Buyer, Inc.(4)(5)(10)L +6.00%10.73%4/14/20286,784 6,735 6,733 0.24 
Howden Group Holdings Limited(10)L +3.25%7.69%11/12/20274,485 4,487 4,375 0.16 
HUB International Limited(10)L +3.25%7.53%4/25/20258,401 8,207 8,327 0.30 
NFP Corp.(8)L +3.25%7.63%2/15/20279,266 8,997 8,886 0.32 
PGIS Intermediate Holdings, LLC(4)(5)(10)L +5.50%10.63%10/16/202863,658 61,661 61,589 2.23 
RSC Acquisition, Inc.(4)(5)(10)SOFR +5.50%10.10%10/30/202645,925 44,972 44,662 1.62 
SG Acquisition, Inc.(4)(9)L +5.00%9.17%1/27/202777,653 77,587 77,653 2.81 
USI, Inc.(9)L +3.75%8.33%11/22/20296,874 6,806 6,823 0.25 
428,997 428,834 15.53 
Interactive Media & Services
Ancestry.com Operations, Inc(9)L +3.25%7.63%12/6/20272,970 2,974 2,757 0.10 
Cengage Learning, Inc.(11)L +4.75%7.81%7/14/20261,485 1,496 1,339 0.05 
MH Sub I, LLC(11)L +3.75%8.13%9/13/20247,930 7,798 7,722 0.28 
Project Boost Purchaser, LLC(8)L +4.00%8.39%6/1/20266,944 6,772 6,711 0.24 
Red Planet Borrower, LLC(9)L +3.75%8.13%10/2/20284,950 4,934 3,123 0.11 
SurveyMonkey, Inc.(8)L +3.75%8.14%10/10/2025567 566 550 0.02 
William Morris Endeavor Entertainment, LLC(9)L +3.75%8.14%5/18/20254,979 4,802 4,885 0.18 
29,342 27,087 0.98 
Internet & Direct Marketing Retail
Donuts, Inc.(4)(7)(11)SOFR +6.00%10.43%12/29/202642,454 42,207 42,029 1.52 
Prodege International Holdings, LLC(4)(10)L +5.75%10.52%12/15/202721,157 20,842 20,734 0.75 
63,049 62,763 2.27 
IT Services
AI Altius Bidco, Inc.(4)(5)(10)L +5.50%10.65%12/21/202838,554 37,809 37,783 1.37 
Dcert Buyer, Inc.(8)SOFR +4.00%8.70%10/16/202610,165 9,820 9,842 0.36 
Endurance International Group Holdings, Inc.(10)L +3.50%7.72%2/10/20284,459 4,350 4,024 0.15 
Park Place Technologies, LLC(11)SOFR +5.00%9.42%11/10/202726,550 25,593 25,106 0.91 
Razor Holdco, LLC(4)(10)L +5.75%9.42%10/25/202725,740 25,310 25,225 0.91 
Sabre GLBL, Inc.(9)L +3.50%7.57%12/17/20274,962 4,720 4,534 0.16 
Sabre GLBL, Inc.(9)L +3.50%7.88%6/30/20284,765 4,536 4,417 0.16 
Turing Midco, LLC(9)L +2.75%6.88%3/24/20282,774 2,737 2,754 0.10 
Virtusa Corp.(10)L +3.75%8.13%2/11/20281,990 1,933 1,926 0.07 
Virtusa Corp.(10)L +3.75%8.17%2/15/20293,970 3,935 3,843 0.14 
120,743 119,454 4.33 
150
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BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Leisure Products
Motion Finco, LLC(8)L +3.25%7.98%11/12/2026$8,436 $8,077 $8,068 0.29 %
Recess Holdings, Inc.(11)L +3.75%8.16%9/30/20242,178 2,176 2,170 0.08 
10,253 10,238 0.37 
Life Sciences Tools & Services
Cambrex Corp.(10)SOFR +3.50%7.92%12/4/20265,946 5,869 5,790 0.21 
Curia Global, Inc.(10)L +3.75%8.16%8/30/202610,188 9,889 8,440 0.31 
15,758 14,230 0.52 
Machinery
Pro Mach Group, Inc.(11)L +4.00%8.38%8/31/20286,095 5,976 5,942 0.22 
Media
Clear Channel Outdoor Holdings, Inc.(8)L +3.50%7.91%8/21/20261,980 1,953 1,808 0.07 
Radiate Holdco, LLC(10)L +3.25%7.63%9/25/20263,960 3,966 3,235 0.12 
Univision Communications, Inc.(10)L +3.25%7.63%3/15/20264,341 4,338 4,286 0.16 
UPC Financing Partnership(11)L +3.00%7.24%1/31/20295,500 5,405 5,385 0.19 
Virgin Media Bristol, LLC(11)L +3.25%7.57%1/31/20293,500 3,460 3,475 0.13 
19,122 18,189 0.67 
Metals & Mining
SCIH Salt Holdings, Inc.(10)L +4.00%8.41%3/16/20273,951 3,911 3,851 0.14 
Oil, Gas & Consumable Fuels
CQP Holdco, LP(9)L +3.75%8.48%6/5/20287,925 7,876 7,900 0.29 
Eagle Midstream Canada Finance, Inc.(4)(10)SOFR +6.25%10.52%8/15/202825,906 25,542 25,518 0.92 
Freeport LNG Investments, LLLP(9)L +3.50%7.74%12/21/20284,932 4,896 4,701 0.17 
KKR Alberta Midstrean Finance, Inc.(4)(10)SOFR +6.25%10.52%8/15/202814,094 13,896 13,882 0.50 
52,210 52,001 1.88 
Paper & Forest Products
Profile Products, LLC(4)(10)L +5.50%10.14%11/12/202776,192 74,685 74,478 2.69 
Pharmaceuticals
ANI Pharmaceuticals, Inc.(10)L +6.00%10.38%11/19/202751,534 49,372 48,957 1.77 
Jazz Pharmaceuticals, Inc.(10)L +4.75%8.49%5/5/20283,571 3,572 3,545 0.13 
52,944 52,502 1.90 
Professional Services
ALKU, LLC(4)(10)SOFR +5.25%9.67%3/1/202818,669 18,590 18,669 0.68 
Aqgen Island Holdings, Inc.(9)L +3.50%8.25%8/2/20287,940 7,657 7,606 0.28 
Armor Holdco, Inc.(9)SOFR +4.50%9.54%12/11/20284,205 4,127 4,179 0.15 
Camelot US Acquisition, LLC(11)L +3.00%7.38%10/30/20263,548 3,475 3,500 0.13 
Cast & Crew Payroll, LLC(9)SOFR +3.75%8.07%12/29/20284,950 4,948 4,892 0.18 
CFGI Holdings, LLC(4)(10)L +5.00%9.39%11/2/2027121,504 121,504 121,504 4.40 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.07%4/9/20279,916 9,717 9,286 0.34 
Galaxy US Opco, Inc.(9)SOFR +4.75%9.07%4/29/20295,000 4,887 4,538 0.16 
IG Investments Holdings, LLC(4)(5)(10)L +6.00%10.38%9/22/2028136,361 135,703 135,679 4.91 
Kwor Acquisition, Inc.(4)(10)L +5.50%9.64%12/22/202892,164 89,047 88,938 3.22 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.08%5/23/20254,967 4,924 4,912 0.18 
Sherlock Buyer Corp.(4)(10)L +5.75%10.48%12/8/202827,805 27,424 26,832 0.97 
The Dun & Bradstreet Corporation(9)L +3.75%8.07%2/6/20268,013 7,745 7,953 0.29 
Trans Union, LLC(9)L +2.25%6.63%12/1/20282,389 2,399 2,370 0.09 
Trinity Air Consultants Holdings Corp.(4)(10)L +5.25%10.18%6/29/2027118,000 116,846 116,820 4.23 
VT Topco, Inc.(7)(10)L +3.75%8.13%8/1/20256,059 6,016 5,887 0.21 
West Monroe Partners, LLC(4)(7)(10)L +5.50%9.84%11/8/202829,340 28,826 28,593 1.03 
593,835 592,158 21.45 
151
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BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Real Estate Management & Development
Cumming Group, Inc.(4)(7)(11)L +5.25%8.92%5/26/2027$14,627 $14,584 $14,140 0.51 %
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%10.67%2/16/202818,138 18,291 18,138 0.66 
32,875 32,278 1.17 
Road & Rail
Gruden Acquisition, Inc.(4)(5)(11)L +5.50%7.75%7/1/202881,142 80,165 80,128 2.90 
Software
2U, Inc.(10)L +5.75%10.16%12/30/202467,442 65,101 64,956 2.35 
Apex Group Treasury LLC(9)L +6.75%11.41%7/27/202822,000 20,680 21,450 0.78 
Apex Group Treasury, LLC(4)(9)L +3.75%8.26%7/27/202841,092 38,476 40,045 1.45 
Boxer Parent Company, Inc.(8)L +3.75%8.13%10/2/20258,089 7,872 7,764 0.28 
Brown Group Holdings, LLC(11)L +2.50%6.88%6/7/20285,953 5,696 5,855 0.21 
Cloudera, Inc.(9)L +3.75%8.13%10/8/20288,201 7,914 7,759 0.28 
Community Brands ParentCo, LLC(4)(5)(10)SOFR +5.75%10.17%2/24/202875,940 74,480 74,421 2.69 
Confine Visual Bidco(4)(7)(10)SOFR +5.75%10.05%2/23/202931,852 30,946 30,158 1.09 
ConnectWise, LLC(9)L +3.50%7.88%9/29/20284,455 4,462 4,243 0.15 
Delta Topco, Inc.(10)SOFR +3.75%8.15%12/1/20273,970 3,939 3,680 0.13 
ECI Macola Max Holding, LLC(10)L +3.75%8.48%11/9/20276,947 6,718 6,686 0.24 
EP Purchaser, LLC(9)L +3.25%7.63%11/6/20283,474 3,466 3,443 0.12 
Epicor Software Corp.(10)L +3.25%7.63%7/30/20279,911 9,657 9,539 0.35 
Flexera Software, LLC(10)L +3.75%8.14%3/3/20285,589 5,469 5,377 0.19 
GI Consilio Parent, LLC(9)L +4.00%8.38%5/12/20287,153 7,005 6,785 0.25 
GovernmentJobs.com, Inc.(4)(7)(10)L +5.50%9.88%12/1/202823,423 22,927 22,823 0.83 
GraphPAD Software, LLC(4)(11)L +5.50%6.50%4/27/202715,557 15,409 15,402 0.56 
Greeneden U.S. Holdings II, LLC(10)L +4.00%8.38%12/1/20274,455 4,456 4,287 0.16 
HS Purchaser, LLC(10)SOFR +4.00%8.19%11/19/20263,962 3,932 3,582 0.13 
Hyland Software, Inc.(10)L +3.50%7.88%7/1/20243,961 3,941 3,916 0.14 
Idera, Inc.(10)L +3.75%7.50%3/2/20282,970 2,979 2,808 0.10 
Informatica, LLC(11)L +2.75%7.19%10/27/20281,588 1,570 1,562 0.06 
ION Trading Finance Ltd.(8)L +4.75%9.48%4/3/20287,803 7,454 7,421 0.27 
Ivanti Software, Inc.(10)L +4.00%8.73%12/1/20271,980 1,970 1,568 0.06 
LD Lower Holdings, Inc.(4)(7)(11)L +6.50%11.23%2/8/202614,983 14,868 14,758 0.53 
Maverick Acquisition, Inc.(4)(10)SOFR +2.50%9.28%5/18/202827,500 26,206 26,125 0.95 
Medallia, Inc.(4)(10)L +6.50%10.88% (incl. 5.44% PIK)10/29/202846,458 45,713 45,529 1.65 
Mitnick Purchaser, Inc.(9)SOFR +4.75%8.94%5/2/20294,988 4,965 4,685 0.17 
Monk Holding Co.(4)(7)(10)L +5.50%9.67%12/1/2027110,608 108,230 108,578 3.93 
MRI Software, LLC(5)(11)L +5.50%10.23%2/10/202610,178 9,890 9,809 0.35 
Nintex Topco Limited(4)(10)L +6.00%10.73%11/13/202832,836 32,237 30,702 1.11 
NortonLifeLock, Inc.(9)SOFR +2.00%6.42%9/12/20294,000 3,980 3,941 0.14 
Perforce Software, Inc.(8)L +3.75%8.13%7/1/20261,342 1,338 1,254 0.05 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%8.39%4/26/20242,970 2,965 2,904 0.11 
Proofpoint, Inc.(5)(9)L +3.25%7.98%8/31/20288,895 8,560 8,575 0.31 
Quest Software US Holdings, Inc.(9)SOFR +4.25%8.49%2/1/20293,990 3,955 3,096 0.11 
RealPage, Inc.(9)L +3.00%7.38%4/24/20287,932 7,713 7,559 0.27 
Relativity ODA, LLC(4)(7)(11)L +10.55%11.89% (incl. 11.55% PIK)5/12/202753,210 52,472 52,403 1.90 
Rocket Software, Inc.(8)L +4.25%8.63%11/28/20251,492 1,440 1,438 0.05 
Rocket Software, Inc.(9)L +4.25%8.63%11/28/20255,434 5,286 5,247 0.19 
152
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BCRED Emerald JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
S2P Acquisition Borrower, Inc.(8)SOFR +4.00%8.32%8/14/2026$4,959 $4,912 $4,831 0.17 %
SolarWinds Holdings Inc.(10)SOFR +4.00%8.32%2/5/20272,930 2,930 2,906 0.11 
Sophia, LP(9)L +3.50%8.23%10/7/20279,925 9,561 9,602 0.35 
Sovos Compliance, LLC(9)L +4.50%8.88%8/11/20283,965 3,964 3,663 0.13 
SS&C Technologies, Inc.(9)SOFR +2.25%6.67%3/22/20294,265 4,169 4,197 0.15 
Stamps.com, Inc.(4)(10)L +5.75%10.13%10/5/202829,775 29,264 29,031 1.05 
Stamps.com, Inc.(4)(10)L +5.75%10.13%10/5/202829,775 29,264 29,031 1.05 
Surf Holdings, LLC(8)L +3.50%8.23%3/5/20274,958 4,886 4,820 0.17 
Symphony Technology Group(5)(10)L +4.75%9.17%7/27/20281,985 1,989 1,709 0.06 
Symphony Technology Group(5)(9)SOFR +3.75%7.97%3/1/20295,970 5,863 5,573 0.20 
The Ultimate Software Group, Inc.(9)L +3.25%7.00%5/4/20269,174 8,928 8,750 0.32 
Triple Lift, Inc.(4)(7)(10)SOFR +5.50%10.12%5/5/202860,795 60,203 59,553 2.15 
Vision Solutions, Inc.(10)L +4.00%8.36%4/24/20286,019 5,963 5,000 0.18 
VS Buyer, LLC(11)L +3.00%7.38%2/28/20273,057 3,016 2,979 0.11 
861,249 853,778 30.89 
Specialty Retail
CustomInk, LLC(4)(11)L +6.18%7.18%5/3/202636,866 36,508 36,866 1.33 
EG Dutch Finco BV(8)L +4.00%8.73%2/7/20255,961 5,732 5,644 0.20 
42,240 42,510 1.53 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.17%2/28/202629,237 29,125 28,067 1.02 
Trading Companies & Distributors
Core and Main, LP(11)SOFR +2.50%7.42%7/27/20283,980 3,898 3,940 0.14 
Foundation Building Materials, Inc.(9)L +3.25%7.66%1/31/20286,940 6,700 6,587 0.24 
Icebox Holdco III, Inc.(9)L +3.50%8.23%12/22/20285,953 5,888 5,514 0.20 
LBM Acquisition, LLC(10)L +3.75%7.12%12/17/20273,960 3,958 3,451 0.12 
Park River Holdings, Inc.(10)L +3.25%6.99%12/28/20273,403 3,349 2,991 0.11 
Porcelain Acquisition Corp.(4)(7)(11)L +5.75%10.48%4/1/20278,783 8,593 8,721 0.32 
Specialty Building Products Holdings, LLC(9)L +3.25%7.64%10/15/20281,985 1,996 1,794 0.06 
SRS Distribution, Inc.(9)SOFR +3.50%7.92%6/2/20289,930 9,713 9,517 0.34 
The Cook & Boardman Group, LLC(11)SOFR +5.75%9.99%10/17/202546,970 44,734 40,101 1.45 
88,829 82,616 2.98 
Transportation Infrastructure
First Student Bidco, Inc.(9)L +3.00%7.73%7/21/20283,093 3,088 2,805 0.10 
Froneri International PLC(11)L +2.25%6.63%1/29/20274,918 4,787 4,796 0.17 
Frontline Road Safety, LLC(4)(10)L +5.75%6.68%5/3/202713,251 12,854 12,456 0.45 
Roadsafe Holdings, Inc.(4)(11)L +5.75%10.87%10/19/202718,856 18,670 18,668 0.68 
39,399 38,725 1.40 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%8.58%12/17/20276,745 6,574 6,462 0.23 
Total First Lien Debt5,521,131 5,460,255 197.58 
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC(9)L +3.50%7.88%12/10/20295,301 4,705 4,588 0.17 
Health Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(8)8.75%8.75%4/15/2029CAD12,000 8,117 8,170 0.30 
Jayhawk Buyer, LLC(4)(11)L +8.75%13.17%10/15/202724,712 24,530 24,527 0.89 
32,647 32,697 1.19 
Industrial Conglomerates
Victory Buyer, LLC(4)(9)L +7.00%11.35%11/1/202966,704 65,449 57,199 2.07 
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Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
Second Lien Debt (continued)
Life Sciences Tools & Services
Curia Global, Inc.(4)(10)L +6.50%10.91%8/31/2029$37,847 $37,028 $29,521 1.07 %
Phoenix Newco, Inc.(4)(9)L +6.50%10.88%11/15/202937,847 37,027 36,995 1.34 
74,055 66,516 2.41 
Software
Apex Group Treasury, LLC(4)(9)L +6.75%11.48%7/27/20293,622 3,639 3,486 0.13 
Apex Group Treasury, LLC(9)L +3.75%8.26%7/27/202834,225 34,389 32,941 1.19 
Proofpoint, Inc.(5)(9)L +3.25%7.98%8/31/202837,847 36,913 36,538 1.32 
Vision Solutions, Inc.(5)(10)L +7.25%11.61%4/23/202937,847 32,460 28,231 1.02 
107,401 101,196 3.66 
Total Second Lien Debt284,257 262,196 9.49 
Bonds
Aerospace & Defense
Howmet Aerospace Inc(8)5.90%5.90%2/1/20271,360 1,389 1,355 0.05 
Automobiles
Ford Motor Co(8)4.13%4.13%8/4/20252,610 2,505 2,449 0.09 
Banks
Barclays PLC(8)5.20%5.20%5/12/20262,570 2,540 2,502 0.09 
Barclays PLC(8)4.84%4.84%5/9/2028860 812 794 0.03 
Barclays PLC(8)2.85%2.85%5/7/20262,100 1,961 1,953 0.07 
Huntington Bancshares Inc(8)4.44%4.44%8/4/2028620 598 592 0.02 
Lloyds Banking Group PLC(8)4.65%4.65%3/24/20265,000 4,849 4,794 0.17 
Synchrony Bank(8)5.40%5.40%8/22/20255,000 4,946 4,912 0.18 
Synovus Financial Corp(8)5.20%5.20%8/11/2025100 99 99 0.00 
15,805 15,646 0.56 
Building Products
Trane Technologies Luxembourg Finance SA(8)3.80%3.80%3/21/2029460 432 424 0.02 
Capital Markets
FactSet Research Systems Inc(8)2.90%2.90%3/1/20271,810 1,672 1,646 0.06 
Jefferies Financial Group Inc.(8)4.15%4.15%1/23/20302,650 2,424 2,372 0.09 
MSCI Inc.(8)4.00%4.00%11/15/2029200 183 175 0.01 
Nomura Holdings Inc(8)1.65%1.65%7/14/20262,250 1,986 1,961 0.07 
Nomura Holdings Inc(8)2.33%2.33%1/22/20271,270 1,134 1,114 0.04 
StoneX Group Inc.(8)8.63%8.63%6/15/20251,740 1,777 1,760 0.06 
9,176 9,028 0.33 
Chemicals
Ingevity Corp(8)3.88%3.88%11/1/2028480 421 414 0.01 
Minerals Technologies Inc.(8)5.00%5.00%7/1/20281,240 1,123 1,107 0.04 
Westlake Corp(8)3.60%3.60%8/15/20263,400 3,235 3,199 0.12 
4,779 4,720 0.17 
Commercial Services & Supplies
Clean Harbors Inc.(8)4.88%4.88%7/15/2027740 718 702 0.03 
Communications Equipment
Juniper Networks Inc(8)3.75%3.75%8/15/20292,230 2,029 1,992 0.07 
Motorola Solutions Inc(8)4.60%4.60%5/23/20294,110 4,018 3,920 0.14 
6,047 5,912 0.21 
Construction & Engineering
Fluor Corp(8)4.25%4.25%9/15/20281,870 1,719 1,686 0.06 
Quanta Services Inc(8)0.95%0.95%10/1/20241,830 1,695 1,686 0.06 
3,414 3,372 0.12 
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Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
Bonds (continued)
Consumer Finance
FirstCash Inc(8)5.63%5.63%1/1/2030$3,460 $3,216 $3,084 0.11 %
Navient Corp(8)6.75%6.75%6/25/20254,060 4,011 3,904 0.14 
Navient Corp(8)4.88%4.88%3/15/2028460 393 379 0.01 
OneMain Finance Corp(8)6.88%6.88%3/15/20253,070 3,040 2,956 0.11 
PRA Group Inc(8)5.00%5.00%10/1/2029860 727 711 0.03 
SLM Corp(8)4.20%4.20%10/29/2025240 227 220 0.01 
11,614 11,254 0.41 
Containers & Packaging
Berry Global, Inc.(8)1.65%1.65%1/15/20273,320 2,872 2,844 0.10 
OI European Group BV(8)4.75%4.75%2/15/2030550 491 482 0.02 
TriMas Corp(8)4.13%4.13%4/15/2029150 133 131 0.00 
3,496 3,457 0.12 
Diversified Consumer Services
Block Financial LLC(8)2.50%2.50%7/15/20283,220 2,796 2,743 0.10 
Prime Security Services Borrower LLC(8)5.75%5.75%4/15/20262,800 2,783 2,701 0.10 
Service Corp International(8)4.63%4.63%12/15/20273,900 3,712 3,650 0.13 
9,291 9,094 0.33 
Electric Utilities
NextEra Energy Operating Partners LP(8)4.25%4.25%7/15/2024180 177 175 0.01 
Electronic Equipment, Instruments & Components
Avnet Inc(8)4.63%4.63%4/15/20261,990 1,937 1,917 0.07 
CDW LLC(8)2.67%2.67%12/1/20261,740 1,572 1,548 0.06 
CDW LLC(8)3.28%3.28%12/1/20284,280 3,733 3,672 0.13 
Flex Ltd(8)4.88%4.88%6/15/20295,000 4,769 4,715 0.17 
Jabil Inc(8)4.25%4.25%5/15/20275,000 4,798 4,736 0.17 
Teledyne Technologies Inc(8)1.60%1.60%4/1/20261,340 1,209 1,200 0.04 
TTM Technologies Inc(8)4.00%4.00%3/1/2029630 560 541 0.02 
18,578 18,329 0.66 
Energy Equipment & Services
Enerflex Ltd(8)9.00%9.00%10/15/20272,920 2,964 2,916 0.11 
Equity Real Estate Investment
EPR Properties(8)4.95%4.95%4/15/2028430 380 368 0.01 
Equity Real Estate Investment Trusts (REITs)
Brixmor Operating Partnership LP(8)4.13%4.13%6/15/20263,780 3,609 3,569 0.13 
Iron Mountain Inc(8)4.88%4.88%9/15/20272,670 2,535 2,460 0.09 
Iron Mountain Inc(8)5.25%5.25%3/15/20281,120 1,065 1,032 0.04 
Service Corp International(8)7.50%7.50%9/15/20253,910 3,829 3,731 0.14 
11,038 10,792 0.40 
Food Products
Campbell Soup Co(8)4.15%4.15%3/15/2028880 857 842 0.03 
Conagra Brands Inc(8)4.85%4.85%11/1/2028700 696 684 0.02 
Conagra Brands Inc(8)1.38%1.38%11/1/20272,580 2,187 2,153 0.08 
Lamb Weston Holdings Inc(8)4.88%4.88%5/15/20282,820 2,726 2,677 0.10 
6,466 6,356 0.23 
Gas Utilities
Superior General Partner Inc(8)4.50%4.50%3/15/2029330 290 283 0.01 
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Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
Bonds (continued)
Health Care Providers & Services
Centene Corp(8)4.25%4.25%12/15/2027$2,330 $2,226 $2,190 0.08 %
HCA Inc.(8)4.50%4.50%2/15/20275,360 5,224 5,174 0.19 
Molina Healthcare Inc(8)4.38%4.38%6/15/2028120 112 110 0.00 
Universal Health Services Inc(8)1.65%1.65%9/1/20262,560 2,229 2,198 0.08 
9,791 9,672 0.35 
Hotels, Restaurants & Leisure
Hilton Domestic Operating Co Inc(8)3.75%3.75%5/1/2029400 359 347 0.01 
Hyatt Hotels Corp(8)4.38%4.38%9/15/20284,220 3,933 3,869 0.14 
New Red Finance Inc(8)3.88%3.88%1/15/20282,080 1,923 1,865 0.07 
New Red Finance Inc(8)3.50%3.50%2/15/20292,900 2,559 2,491 0.09 
Vail Resorts Inc(8)6.25%6.25%5/15/2025940 952 942 0.03 
Yum! Brands Inc(8)4.75%4.75%1/15/20301,680 1,595 1,544 0.06 
11,321 11,058 0.40 
Household Durables
D.R. Horton Inc(8)1.30%1.30%10/15/20263,860 3,370 3,324 0.12 
Lennar Corp(8)4.75%4.75%11/29/20271,830 1,789 1,767 0.06 
LGI Homes Inc(8)4.00%4.00%7/15/2029790 622 611 0.02 
M/I Homes Inc(8)3.95%3.95%2/15/2030560 448 453 0.02 
Meritage Homes Corp(8)3.88%3.88%4/15/20291,100 955 934 0.03 
Taylor Morrison Communities Inc(8)5.88%5.88%6/15/2027640 640 616 0.02 
Taylor Morrison Communities Inc(8)5.75%5.75%1/15/2028840 815 788 0.03 
Tempur Sealy International Inc(8)4.00%4.00%4/15/20291,920 1,680 1,616 0.06 
Toll Brothers Finance Corp(8)4.88%4.88%3/15/20275,120 4,905 4,896 0.18 
15,224 15,005 0.54 
Independent Power and Renewable Electricity Producers
DPL INC(8)4.13%4.13%7/1/20252,260 2,174 2,127 0.08 
Drax Finco PLC(8)6.63%6.63%11/1/20252,450 2,367 2,345 0.08 
4,541 4,472 0.16 
Industrial Conglomerates
Icahn Enterprises LP(8)4.75%4.75%9/15/20241,180 1,154 1,134 0.04 
Icahn Enterprises LP(8)5.25%5.25%5/15/20273,520 3,329 3,231 0.12 
4,483 4,365 0.16 
Insurance
Willis North America Inc(8)4.65%4.65%6/15/20272,820 2,769 2,728 0.10 
IT Services
CGI Inc(8)1.45%1.45%9/14/20262,190 1,952 1,940 0.07 
Gartner Inc.(8)3.63%3.63%6/15/20294,100 3,714 3,608 0.13 
5,666 5,548 0.20 
Machinery
Allison Transmission Inc(8)4.75%4.75%10/1/2027820 777 762 0.03 
Allison Transmission Inc(8)5.88%5.88%6/1/20293,470 3,389 3,265 0.12 
CNH Industrial NV(8)3.85%3.85%11/15/20272,370 2,251 2,224 0.08 
Weir Group PLC(8)2.20%2.20%5/13/20263,810 3,449 3,383 0.12 
9,866 9,634 0.35 
Media
Sirius XM Radio Inc(8)5.00%5.00%8/1/20274,460 4,245 4,132 0.15 
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Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
Bonds (continued)
Metals & Mining
Carpenter Technology Corp(8)6.38%6.38%7/15/2028$3,280 $3,179 $3,125 0.11 %
FMG Resources August 2006 Pty Ltd(8)5.88%5.88%4/15/20302,880 2,752 2,687 0.10 
Freeport-McMoRan Inc(8)4.13%4.13%3/1/20285,000 4,697 4,633 0.17 
Mineral Resources Ltd(8)8.00%8.00%11/1/20274,300 4,487 4,403 0.16 
Steel Dynamics Inc(8)3.45%3.45%4/15/20304,620 4,169 4,073 0.15 
19,284 18,921 0.69 
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Trust Inc(8)3.75%3.75%12/31/20244,640 4,476 4,362 0.16 
Multiline Retail
Macy's Retail Holdings LLC(8)5.88%5.88%3/15/2030520 470 452 0.02 
Oil, Gas & Consumable Fuels
Antero Midstream Partners LP(8)5.75%5.75%3/1/20273,590 3,524 3,400 0.12 
Crestwood Midstream Partners LP(8)5.63%5.63%5/1/20271,500 1,437 1,398 0.05 
DCP Midstream Operating LP(8)5.38%5.38%7/15/20252,880 2,887 2,858 0.10 
DCP Midstream Operating LP(8)5.63%5.63%7/15/20272,270 2,302 2,256 0.08 
EnLink Midstream Partners LP(8)4.85%4.85%7/15/20261,640 1,583 1,544 0.06 
Hess Corp(8)4.30%4.30%4/1/20273,790 3,670 3,625 0.13 
Hess Midstream Operations LP(8)5.13%5.13%6/15/20282,810 2,664 2,603 0.09 
Holly Energy Partners LP(8)6.38%6.38%4/15/20274,120 4,156 4,053 0.15 
Matador Resources Co(8)5.88%5.88%9/15/20262,170 2,119 2,090 0.08 
NuStar Logistics LP(8)6.00%6.00%6/1/20262,750 2,710 2,653 0.10 
ONEOK Inc(8)4.55%4.55%7/15/20282,420 2,330 2,289 0.08 
PBF Holding Co LLC(8)7.25%7.25%6/15/20254,400 4,330 4,355 0.16 
Phillips 66 Partners LP(8)3.75%3.75%3/1/20283,150 2,959 2,905 0.11 
Spectra Energy Partners LP(8)3.38%3.38%10/15/2026470 445 438 0.02 
Sunoco LP(8)4.50%4.50%5/15/20293,010 2,738 2,637 0.10 
39,854 39,104 1.43 
Paper & Forest Products
Louisiana-Pacific Corp(8)3.63%3.63%3/15/20291,910 1,687 1,658 0.06 
Personal Products
Edgewell Personal Care Co(8)5.50%5.50%6/1/2028820 785 768 0.03 
Pharmaceuticals
Royalty Pharma PLC(8)1.75%1.75%9/2/2027680 587 577 0.02 
Professional Services
Booz Allen Hamilton Inc(8)3.88%3.88%9/1/20284,320 3,972 3,835 0.14 
Real Estate Management & Development
Howard Hughes Corp(8)5.38%5.38%8/1/20282,250 2,080 2,031 0.07 
Howard Hughes Corp(8)4.13%4.13%2/1/2029180 156 151 0.01 
2,236 2,182 0.08 
Road & Rail
Ryder System Inc(8)4.30%4.30%6/15/20271,000 969 959 0.03 
Semiconductors & Semiconductor Equipment
Broadcom Corp(8)3.88%3.88%1/15/20275,450 5,219 5,163 0.19 
ON Semiconductor Corp(8)3.88%3.88%9/1/2028150 136 131 0.00 
Qorvo Inc(8)1.75%1.75%12/15/20244,770 4,414 4,399 0.16 
9,769 9,693 0.35 
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Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
Bonds (continued)
Software
Fair Isaac Corp(8)4.00%4.00%6/15/2028$4,770 $4,404 $4,337 0.16 %
Oracle Corp(8)2.80%2.80%4/1/20271,150 1,059 1,048 0.04 
Tangerine Bidco SPA(4)(8)6.50%6.50%12/30/2029EUR66,000 67,855 68,325 2.47 
TeamSystem SpA(4)(8)6.50%6.50%2/15/2028EUR35,000 33,348 36,325 1.31 
106,666 110,035 3.98 
Specialty Retail
Abercrombie & Fitch Management Co(8)8.75%8.75%7/15/20251,700 1,700 1,669 0.06 
Asbury Automotive Group, Inc.(8)4.75%4.75%3/1/2030660 573 553 0.02 
Bath & Body Works Inc(8)9.38%9.38%7/1/20252,410 2,618 2,577 0.09 
Foot Locker Inc(8)4.00%4.00%10/1/2029440 370 343 0.01 
Gap Inc(8)3.63%3.63%10/1/20291,940 1,538 1,371 0.05 
Sonic Automotive Inc(8)4.63%4.63%11/15/2029440 372 353 0.01 
7,171 6,866 0.24 
Technology Hardware, Storage & Peripherals
VMware Inc(8)3.90%3.90%8/21/20273,030 2,874 2,833 0.10 
Xerox Holdings Corp(8)5.50%5.50%8/15/20281,680 1,436 1,347 0.05 
4,310 4,180 0.15 
Textiles, Apparel & Luxury Goods
PVH Corp(8)4.63%4.63%7/10/20251,810 1,765 1,749 0.06 
Thrifts & Mortgage Finance
MGIC Investment Corp(8)5.25%5.25%8/15/20281,620 1,533 1,496 0.05 
NMI Holdings Inc(8)7.38%7.38%6/1/20252,060 2,116 2,084 0.08 
Radian Group Inc(8)6.63%6.63%3/15/20252,850 2,857 2,816 0.10 
6,506 6,396 0.23 
Trading Companies & Distributors
Air Lease Corp(8)1.88%1.88%8/15/20265,030 4,447 4,375 0.16 
GATX Corp(8)3.25%3.25%9/15/2026270 254 251 0.01 
4,701 4,626 0.17 
Trading Companies & Distributors
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(8)3.88%3.88%1/23/20282,850 2,608 2,568 0.09 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(8)4.63%4.63%10/15/20272,280 2,165 2,121 0.08 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(8)3.00%3.00%10/29/2028540 467 453 0.02 
United Rentals North America Inc(8)4.88%4.88%1/15/20281,800 1,747 1,710 0.06 
6,987 6,852 0.25 
Total Bonds398,660 396,461 14.35 
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units(4)2,547,048 4,305 5,680 0.21 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)194 208 155 0.01 
Mode Holdings, L.P. - Class A-2 Common Units(4)1,230,769 2,215 2,400 0.09 
2,423 2,555 0.10 
Distributors
Box Co-Invest Blocker, LLC(4)780,000 780 694 0.03 
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Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
Equity (continued)
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.50%974,662 $1,133 $1,184 0.04 %
Deneb Ultimate Topco, LLC - Class A Units(4)728 728 575 0.02 
1,861 1,759 0.06 
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units(4)797 210 227 0.01 
Jayhawk Holdings, LP - A-2 Common Units(4)429 113 122 0.00 
323 349 0.01 
Software
Lobos Parent, Inc. - Series A Preferred Shares(4)10.50%5,773 5,700 6,134 0.22 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units(4)3,936 376 275 0.01 
Equity Total15,768 17,446 0.63 
Total Investments — non-controlled/non-affiliated6,219,816 6,136,358 222.04 
Total Investments — non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units(4)(14)502,415 1,828 3,190 0.12 
Total Equity1,828 3,190 0.12 
Total Investments — non-controlled/affiliated1,828 3,190 0.12 
Investments—controlled/affiliated
Equity
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units(4)(14)3,000,000 3,542 3,762 0.14 %
Total Equity3,542 3,762 0.14 
Total Investments - controlled/affiliated3,542 3,762 0.14 
Total Investment Portfolio6,225,186 6,143,310 222.29 
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund5,107 5,107 0.18 %
Other Cash and Cash Equivalents118,005 118,005 4.27 
Total Portfolio Investments, Cash and Cash Equivalents$6,348,298 $6,266,422 226.75 %
(1)    Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2022, the Company had investments denominated in Canadian Dollars (CAD) and Euros (EUR). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)    Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFRSOFR”), or "S"an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. Variable rate loans typically include an interest reference rate floor feature. For each such loan, the Company has provided the interest rate in effect on the date presented.
(3)    The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(4)    These investments were valued using unobservable inputs and are considered Level 3 investments.
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(5)    These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(6)    For unsettled positions the interest rate does not include the base rate.
(7)    Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First Lien Debt
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/2027$781 $(16)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023489 — 
AI Aqua Merger Sub, Inc.Delayed Draw Term Loan7/31/2028519 — 
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/20231,363 — 
Bazaarvoice, Inc.Revolver5/7/20262,123 — 
Monk Holding Co.Delayed Draw Term Loan8/12/20237,311 — 
Cambium Learning Group, Inc.Revolver7/20/20283,249 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20232,832 — 
Confine Visual BidcoDelayed Draw Term Loan3/11/20246,094 — 
CPI Buyer, LLCDelayed Draw Term Loan5/1/20237,175 — 
CPI Buyer, LLCRevolver11/1/20262,974 (59)
CSHC Buyerco, LLCDelayed Draw Term Loan9/8/20263,511 (53)
Cumming Group, Inc.Delayed Draw Term Loan5/26/20271,150 — 
Cumming Group, Inc.Revolver5/26/20271,776 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/202844 — 
Donuts, Inc.Delayed Draw Term Loan12/29/20275,874 — 
Express Wash Concepts, LLCDelayed Draw Term Loan4/30/202714,500 — 
Forefront Management Holdings, LLCDelayed Draw Term Loan3/23/2029132 — 
GovernmentJobs.com, Inc.Revolver11/30/20272,566 (51)
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20238,018 (80)
Java Buyer, Inc.Delayed Draw Term Loan12/15/20233,414 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20231,939 (15)
Knowledge Pro Buyer, Inc.Revolver12/10/20272,094 — 
Latham Pool Products, Inc.Delayed Draw Term Loan2/18/202911,250 (942)
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/20232,542 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/20233,686 — 
New Arclin US Holding Corp.Delayed Draw Term Loan9/22/2028202 (24)
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/2028263 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/20272,115 (62)
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/20233,721 — 
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20231,442 — 
Refficiency Holdings, LLCDelayed Draw Term Loan12/16/20271 — 
Relativity ODA, LLCRevolver5/12/2027538 (8)
RWL Holdings, LLCDelayed Draw Term Loan12/1/20275,185 (52)
Smile Doctors, LLCRevolver12/23/20272,425 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/20232,139 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/2026507 — 
Triple Lift, Inc.Revolver5/6/20281,321 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/20232,160 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20271,915 (19)
VT Topco, Inc.Delayed Draw Term Loan8/1/2025117 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20237,580 — 
West Monroe Partners, LLCRevolver11/9/20272,843 (14)
WHCG Purchaser III, Inc.Revolver6/22/2026491 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/20231,154 — 
Total Unfunded Commitments$133,525 $(1,395)

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(8)    There are no interest rate floors on these investments.
(9)    The interest rate floor on these investments as of December 31, 2022 was 0.50%.
(10)    The interest rate floor on these investments as of December 31, 2022 was 0.75%.
(11)    The interest rate floor on these investments as of December 31, 2022 was 1.00%.
(12)    The interest rate floor on these investments as of December 31, 2022 was 1.25%.
(13)    The interest rate floor on these investments as of December 31, 2022 was 1.50%.
(14)    Loan was on non-accrual status as of December 31, 2022.
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Below is selected consolidated statements of assets and liabilities information for the Emerald JV as of June 30, 2023 and December 31, 2022 (Unaudited):
June 30, 2023December 31, 2022
ASSETS
Investments at fair value (cost of $5,704,327 and $6,225,186 at June 30, 2023 and December 31, 2022, respectively)$5,664,242 $6,143,310 
Cash and cash equivalents162,931 123,112 
Interest receivable59,505 67,094 
Receivable for investments sold10,331 195,023 
Deferred financing costs13,641 12,664 
Other assets— 65 
Total assets$5,910,650 $6,541,268 
LIABILITIES
Debt$3,121,132 $3,377,064 
Distribution payable47,507 91,832 
Payable for investments purchased and other liabilities61,040 308,750 
Total liabilities3,229,679 3,777,646 
MEMBERS’ EQUITY
Members’ Equity2,680,971 2,763,622 
Total Members’ Equity2,680,971 2,763,622 
Total liabilities and members’ equity$5,910,650 $6,541,268 
The following table presents the selected consolidated statements of operations information of the Emerald JV for the three and six months ended June 30, 2023 and June 30, 2022 (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Investment income:
Interest income$162,897 $37,306 $322,113 $62,927 
Payment-in-kind interest income881 — 3,462 — 
Dividend income8 — 345 — 
Other income47 77 1,433 242 
Total investment income163,833 37,383 327,353 63,169 
Expenses:
Interest expense60,223 9,973 117,514 14,195 
Other expenses1,459 550 2,868 1,212 
Total expenses61,682 10,523 120,382 15,407 
Net investment income before taxes102,151 26,860 206,971 47,762 
Tax Expense— — — — 
Net investment income after taxes102,151 26,860 206,971 47,762 
Net realized and change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on investments17,655 (48,640)37,756 (50,801)
Net realized gain (loss) on investments(6,309)(380)(6,144)(490)
Total net realized and change in unrealized gain (loss) on investments11,346 (49,020)31,612 (51,291)
Net increase (decrease) in net assets resulting from operations$113,497 $(22,160)$238,583 $(3,529)

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BCRED Verdelite JV
BCRED Verdelite JV LP (“Verdelite JV”), a Delaware limited liability company, was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the “VerdeliteJV Partner”), and commenced operations on October 21, 2022 and operates under a limited liability company agreement. The Verdelite JV’s principal purpose is to make investments, primarily in broadly syndicated loans.
On October 21, 2022, a wholly-owned subsidiary of the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company contributed $117.7 million (consisting of a cash contribution of $26.2 million and an in-kind capital contribution of investments valued at $91.5 million), and the Verdelite JV Partner contributed cash of $16.8 million, in exchange for equity ownership interests of 87.5% and 12.5%, respectively.
The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV. As of June 30, 2023 and December 31, 2022, the Company had contributed $117.7 million and the Verdelite JV Partner had contributed $16.8 million of capital and $29.3 million and $4.2 million of capital remained uncalled from the Company and the Verdelite JV Partner, respectively. As of June 30, 2023 and December 31, 2022, the Company and the Verdelite JV Partner’s initial equity ownership interests are 87.5% and 12.5%, respectively.
The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s General Partner, have equal control of the Verdelite JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner.
The Company has determined that the Verdelite JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Verdelite JV and has determined that the Verdelite JV is a variable interest entity under ASC 810. However, the Company is not deemed to be the primary beneficiary of the Verdelite JV as there is equal power between the Company and JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.
The Company's investment in the Verdelite JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2023 and December 31, 2022.
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The following table presents the consolidated schedule of investments of the Verdelite JV as of June 30, 2023:
BCRED Verdelite JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Investments
First Lien
Aerospace & Defense
Amentum Government Services Holdings, LLC(4)(8)SOFR +4.00%9.22%1/29/2027$421 $418 $416 0.30 %
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.78%5/25/2028451 418 395 0.29 
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.78%5/25/20282,219 2,054 1,940 1.42 
Avolon TLB Borrower 1 US LLC(9)SOFR +2.50%7.59%6/22/20282,765 2,737 2,767 2.03 
LSF11 Trinity Bidco Inc(4)(8)SOFR +4.50%9.55%4/26/20301,974 1,944 1,971 1.44 
Peraton Corp.(10)SOFR +3.75%8.95%2/1/20284,058 3,988 3,995 2.93 
Vertex Aerospace Services Corp.(10)SOFR +3.50%8.95%12/6/20284,069 4,028 4,073 2.98 
15,587 15,557 11.39 
Air Freight & Logistics
The Kenan Advantage Group, Inc.(10)SOFR +4.18%9.48%3/24/20263,573 3,495 3,571 2.62 
Airlines
Apple Bidco LLC(9)SOFR +4.00%9.10%9/22/20282,436 2,412 2,427 1.78 
United Airlines, Inc.(10)L +3.75%9.29%4/21/20282,762 2,740 2,766 2.03 
5,152 5,193 3.81 
Auto Components
Clarios Global LP(8)SOFR +3.75%8.85%5/6/20302,921 2,906 2,918 2.14 
Metis Buyer, Inc.(10)SOFR +4.00%9.22%5/4/2028995 961 988 0.72 
Belron Finance US LLC(9)SOFR +2.75%7.83%4/18/2029761 758 763 0.56 
Phinia Inc(9)SOFR +4.00%9.34%6/8/20281,750 1,680 1,750 1.28 
6,305 6,419 4.70 
Beverages
Triton Water Holdings, Inc.(9)SOFR +3.25%8.49%3/31/20283,473 3,223 3,367 2.47 
Building Products
Griffon Corporation(9)SOFR +2.50%9.00%1/24/20291,247 1,235 1,245 0.91 
Oscar AcquisitionCo LLC(9)SOFR +4.50%9.84%4/29/20293,829 3,706 3,748 2.74 
The Chamberlain Group, Inc.(9)SOFR +3.25%8.45%11/3/20283,575 3,376 3,500 2.56 
8,317 8,493 6.21 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%9.69%7/31/20263,310 3,245 3,317 2.43 
Focus Financial Partners LLC(9)SOFR +3.50%8.57%6/30/20282,020 1,991 2,012 1.47 
The Edelman Financial Engines Center, LLC(10)L +3.75%8.94%4/7/20282,729 2,637 2,666 1.95 
7,873 7,995 5.85 
Chemicals
Starfruit Finco BV(8)SOFR +4.00%8.99%4/3/2028798 790 794 0.58 
WR Grace Holdings, LLC(9)L +3.75%9.31%9/22/20283,573 3,538 3,557 2.60 
4,328 4,351 3.18 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%8.94%2/27/2025$4,266 $4,172 $4,227 3.10 %
Allied Universal Holdco LLC(9)SOFR +3.75%8.95%5/12/20282,000 1,940 1,958 1.43 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.95%5/12/20283,573 3,412 3,479 2.55 
Anticimex, Inc.(9)SOFR +3.40%8.45%11/16/20283,413 3,344 3,375 2.47 
APX Group, Inc.(9)SOFR +3.25%8.46%7/10/20283,319 3,179 3,321 2.43 
Covanta Holding Corp(9)SOFR +3.00%8.24%11/30/20281,042 1,031 1,039 0.76 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.97%3/31/20283,967 3,836 3,903 2.86 
EAB Global, Inc.(9)L +3.50%8.87%8/16/20284,069 3,958 4,029 2.95 
Energizer Holdings Inc(9)L +3.75%8.97%12/8/20283,573 3,431 3,524 2.58 
Garda World Security Corp.(8)SOFR +4.25%9.43%10/30/20263,350 3,250 3,337 2.44 
Genuine Financial Holdings, LLC(8)L +3.75%8.94%7/11/20251,580 1,569 1,580 1.16 
33,122 33,772 24.73 
Construction & Engineering
Refficiency Holdings, LLC(10)SOFR +3.75%8.95%12/16/20273,473 3,386 3,459 2.53 
Construction Materials
White Cap Buyer, LLC(9)SOFR +3.75%8.85%10/19/20274,129 4,006 4,101 3.00 
Containers & Packaging
Berlin Packaging, LLC(9)L +3.75%9.29%3/11/20283,521 3,437 3,469 2.54 
Charter NEX US, Inc.(10)SOFR +3.75%8.97%12/1/20273,817 3,760 3,792 2.78 
Novolex, Inc.(9)SOFR +4.18%9.38%4/13/20293,817 3,742 3,764 2.76 
ProAmpac PG Borrower, LLC(10)SOFR +3.75%9.14%11/3/20254,069 3,964 4,033 2.95 
Ring Container Technologies Group, LLC(9)SOFR +3.50%8.72%8/12/20282,140 2,126 2,133 1.56 
TricorBraun Holdings, Inc.(9)SOFR +3.25%8.47%3/3/20284,069 3,919 3,970 2.91 
Trident TPI Holdings, Inc.(9)L +4.00%9.54%9/15/20283,320 3,212 3,275 2.40 
24,160 24,436 17.90 
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +3.50%8.70%12/11/20283,176 3,042 2,993 2.19 
Colibri Group, LLC(10)SOFR +5.00%10.39%3/12/20294,268 4,132 4,140 3.03 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.94%12/15/20284,315 4,240 4,262 3.12 
SSH Group Holdings, Inc.(8)SOFR +4.00%8.90%7/30/20253,430 3,381 3,412 2.50 
TruGreen Limited Partnership(10)SOFR +4.00%9.20%11/2/2027995 917 918 0.67 
University Support Services, LLC(9)SOFR +3.25%8.45%2/10/20293,573 3,526 3,550 2.60 
Weld North Education, LLC(9)SOFR +3.75%8.97%12/21/20274,069 4,033 4,007 2.93 
23,271 23,282 17.04 
Diversified Financial Services
Mitchell International, Inc.(9)L +3.75%8.94%10/15/20282,977 2,811 2,917 2.14 
Polaris Newco, LLC(9)L +4.00%9.54%6/2/20283,792 3,637 3,502 2.56 
Sedgwick Claims Management Services, Inc.(8)SOFR +3.75%8.85%2/24/20282,980 2,952 2,966 2.17 
9,400 9,385 6.87 
Diversified Telecommunication Services
Numericable US, LLC(8)SOFR +5.50%10.49%8/15/20284,289 4,199 3,831 2.81 
Zacapa, LLC(9)SOFR +4.00%9.24%3/22/20294,069 3,947 3,972 2.91 
8,146 7,803 5.72 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Electrical Equipment
Madison IAQ, LLC(9)L +3.25%8.30%6/21/2028$2,079 $1,975 $2,039 1.49 %
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(9)L +3.25%8.91%3/2/20282,680 2,581 2,593 1.90 
Entertainment
Recorded Books, Inc.(8)SOFR +4.00%9.14%8/29/20253,600 3,561 3,604 2.64 
Food Products
CHG PPC Parent LLC(9)SOFR +3.00%8.22%12/8/20282,992 2,904 2,974 2.18 
Ground Transportaion
Uber Technologies, Inc.(8)SOFR +2.75%8.02%3/3/20302,442 2,436 2,445 1.79 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl(8)L +3.75%9.12%2/27/20262,158 1,992 2,049 1.50 
Resonetics, LLC(10)L +4.00%9.10%4/28/20284,069 3,947 3,963 2.90 
Sunshine Luxembourg VII S.à r.l, LLC(10)SOFR +3.75%9.09%10/1/20263,792 3,700 3,778 2.77 
9,639 9,790 7.17 
Health Care Providers & Services
ADMI Corp.(9)SOFR +3.75%8.97%12/23/20272,580 2,459 2,418 1.77 
Electron Bidco, Inc.(9)SOFR +3.00%8.27%11/1/20284,315 4,233 4,303 3.15 
Heartland Dental LLC(10)SOFR +5.00%10.10%4/30/20284,478 4,303 4,330 3.17 
LifePoint Health, Inc.(8)L +3.75%9.02%11/16/20256,575 6,198 6,106 4.47 
Pediatric Associates Holding Co., LLC(7)(9)SOFR +3.25%8.47%12/29/2028638 625 625 0.46 
17,818 17,782 13.02 
Health Care Technology
athenahealth, Inc.(7)(9)SOFR +3.50%8.59%2/15/20293,559 3,226 3,416 2.50 
GHX Ultimate Parent Corp(9)SOFR +4.75%9.86%6/30/2027904 882 906 0.66 
Netsmart Technologies, Inc.(10)SOFR +4.00%9.22%10/1/20272,924 2,857 2,915 2.13 
Verscend Holding Corp.(8)SOFR +4.00%9.22%8/27/20254,069 4,059 4,073 2.98 
Waystar Technologies, Inc.(8)SOFR +4.00%9.22%10/22/20264,157 4,107 4,152 3.04 
15,131 15,462 11.31 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%8.69%8/17/20284,293 4,254 4,291 3.14 
Aramark Services Inc(4)(8)SOFR +2.50%8.00%6/22/2030153 151 153 0.11 
Caesars Entertainment Inc(9)SOFR +3.25%8.45%2/6/20301,624 1,608 1,626 1.19 
Fertitta Entertainment, LLC(9)SOFR +4.00%9.10%1/27/20292,775 2,696 2,744 2.01 
IRB Holding Corp.(10)SOFR +3.00%8.20%12/15/20274,079 3,995 4,056 2.97 
Mic Glen, LLC(9)SOFR +3.25%8.47%7/21/20283,421 3,310 3,366 2.47 
Tacala Investment Corp.(10)L +3.50%8.69%2/5/20274,068 3,944 4,010 2.94 
Twin River Worldwide Holdings, Inc.(9)L +3.25%8.40%10/2/20282,479 2,397 2,427 1.78 
Whatabrands, LLC(9)L +3.25%8.47%8/3/20283,573 3,485 3,556 2.60 
25,840 26,229 19.21 
Household Durables
AI Aqua Merger Sub, Inc.(9)SOFR +3.75%8.90%7/31/20283,817 3,693 3,752 2.75 
Industrial Conglomerates
FCG Acquisitions, Inc.(9)L +3.75%8.91%3/31/20283,967 3,822 3,915 2.87 
SPX Flow, Inc.(9)SOFR +4.50%9.70%4/5/20292,266 2,166 2,242 1.64 
Vertical US Newco, Inc.(9)L +3.50%8.60%7/30/20274,315 4,176 4,287 3.14 
10,164 10,444 7.65 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Insurance
AmWINS Group, Inc(9)SOFR +2.75%7.95%2/19/2028$942 $914 $941 0.69 %
AssuredPartners, Inc.(9)SOFR +3.50%8.72%2/12/20272,282 2,213 2,263 1.66 
Baldwin Risk Partners, LLC(9)L +3.50%8.65%10/14/20274,314 4,277 4,252 3.11 
BroadStreet Partners Inc.(8)SOFR +4.00%9.16%1/27/20294,812 4,753 4,794 3.51 
BroadStreet Partners, Inc.(8)SOFR +2.75%7.97%1/27/20273,319 3,233 3,283 2.40 
Howden Group Holdings Limited(9)SOFR +4.00%9.10%4/18/20302,436 2,341 2,434 1.78 
Howden Group Holdings Limited(10)L +3.25%8.50%11/12/20274,314 4,241 4,298 3.15 
NFP Corp.(8)SOFR +3.25%8.47%2/15/20273,319 3,202 3,259 2.39 
25,174 25,524 18.69 
Interactive Media & Services
MH Sub I, LLC(11)SOFR +4.25%9.35%5/3/20284,000 3,902 3,843 2.81 
MH Sub I, LLC(11)SOFR +3.75%8.85%9/13/20241,108 1,095 1,109 0.81 
Project Boost Purchaser, LLC(9)SOFR +3.50%8.72%5/30/20264,069 3,977 4,026 2.95 
8,974 8,978 6.57 
IT Services
Dcert Buyer, Inc.(8)SOFR +4.00%9.26%10/16/20262,079 2,024 2,064 1.51 
Endurance International Group Holdings, Inc.(10)L +3.50%8.79%2/10/20282,080 1,902 1,942 1.42 
Virtusa Corp.(10)L +3.75%9.33%2/11/20284,069 4,015 4,028 2.95 
World Wide Technology Holding Co, LLC(9)SOFR +3.25%8.52%3/1/20301,011 1,001 1,013 0.74 
8,942 9,047 6.62 
Leisure Products
Motion Finco, LLC(8)L +3.25%8.79%11/12/20262,564 2,498 2,545 1.86 
Life Sciences Tools & Services
LSCS Holdings, Inc.(9)L +4.50%9.69%12/16/20282,469 2,376 2,416 1.77 
Packaging Coordinators Midco, Inc.(10)SOFR +3.50%9.00%11/30/20274,069 3,982 4,018 2.94 
6,358 6,434 4.71 
Machinery
Pro Mach Group, Inc.(11)L +4.00%9.19%8/31/20284,268 4,201 4,263 3.12 
Media
Radiate Holdco, LLC(10)SOFR +3.25%8.48%9/25/20262,977 2,761 2,492 1.82 
Virgin Media Bristol, LLC(8)SOFR +3.25%8.21%3/31/20312,727 2,701 2,708 1.98 
5,462 5,200 3.80 
Oil, Gas & Consumable Fuels
CQP Holdco, LP(9)SOFR +3.50%8.69%6/5/20284,314 4,291 4,312 3.16 
Professional Services
APFS Staffing Holdings Inc(4)(9)SOFR +4.00%9.10%12/29/20283,948 3,848 3,859 2.83 
Aqgen Island Holdings, Inc.(9)SOFR +3.50%8.72%8/2/20284,268 4,163 4,206 3.08 
Camelot US Acquisition LLC(11)SOFR +3.00%8.27%10/30/20263,102 3,072 3,101 2.27 
Cast & Crew Payroll, LLC(8)SOFR +3.50%8.69%2/9/20263,522 3,493 3,473 2.54 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.99%4/9/20274,289 4,181 4,174 3.06 
EP Purchaser LLC(9)SOFR +3.50%9.00%11/6/2028491 469 482 0.35 
Inmar Inc.(11)SOFR +5.50%10.73%5/1/20262,084 2,011 2,029 1.49 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.74%5/23/2025719 714 716 0.52 
VT Topco, Inc.(10)SOFR +3.75%8.97%8/1/20253,848 3,798 3,804 2.79 
VT Topco, Inc.(7)(10)L +3.75%7.82%8/1/2025110 109 109 0.08 
25,858 25,953 19.01 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
June 30, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software
Apex Group Treasury, LLC(9)L +3.75%9.07%7/27/2028$3,573 $3,451 $3,533 2.59 %
Apttus Corp.(10)L +4.25%9.52%5/8/20283,582 3,426 3,518 2.58 
Boxer Parent Company, Inc.(8)SOFR +3.75%8.97%10/2/20253,568 3,490 3,544 2.60 
Cloudera, Inc.(9)SOFR +3.75%8.95%10/8/20283,582 3,417 3,505 2.57 
ConnectWise, LLC(9)L +3.50%8.69%9/29/20283,548 3,428 3,464 2.54 
Cornerstone OnDemand, Inc.(9)SOFR +3.75%9.25%10/16/20282,183 1,983 2,040 1.49 
ECI Macola Max Holding, LLC(10)SOFR +3.75%9.25%11/9/20273,523 3,452 3,491 2.56 
Epicor Software Corp.(10)SOFR +3.25%8.47%7/30/20273,572 3,498 3,533 2.59 
GI Consilio Parent, LLC(9)L +4.00%9.19%5/12/20282,134 2,044 2,079 1.52 
Greeneden U.S. Holdings II, LLC(10)SOFR +4.00%9.22%12/1/20273,582 3,543 3,577 2.62 
HS Purchaser, LLC(10)SOFR +4.00%9.15%11/19/20263,572 3,287 3,269 2.39 
Idera, Inc.(10)SOFR +3.75%9.01%3/2/20282,872 2,746 2,804 2.05 
Mitnick Purchaser, Inc.(9)SOFR +4.75%9.90%5/2/20293,422 3,324 3,323 2.43 
NortonLifeLock, Inc.(9)SOFR +2.00%7.20%9/12/20293,792 3,771 3,778 2.77 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%9.20%4/26/20244,416 4,366 4,411 3.23 
Quartz Acquireco LLC(4)(9)SOFR +3.50%8.59%6/28/20301,353 1,340 1,355 0.99 
RealPage, Inc.(9)SOFR +3.00%8.22%4/24/20285,782 5,582 5,664 4.15 
Rocket Software, Inc.(8)SOFR +4.25%9.47%11/28/20253,572 3,498 3,542 2.59 
S2P Acquisition Borrower, Inc.(8)SOFR +4.00%9.20%8/14/20263,572 3,488 3,567 2.61 
Sophia, LP(9)L +3.50%9.04%10/7/20273,320 3,228 3,289 2.41 
Sovos Compliance, LLC(9)SOFR +4.50%9.72%8/11/20283,573 3,506 3,456 2.53 
Surf Holdings, LLC(8)L +3.50%8.70%3/5/20273,572 3,533 3,549 2.60 
Symphony Technology Group(5)(10)L +4.75%10.03%7/27/20283,582 3,292 2,709 1.98 
Symphony Technology Group(5)(9)SOFR +3.75%9.01%3/1/20293,573 3,426 3,428 2.51 
The Ultimate Software Group, Inc.(9)SOFR +3.25%8.27%5/4/20264,364 4,267 4,290 3.14 
Vision Solutions, Inc.(10)L +4.00%9.51%4/24/20282,183 1,886 2,080 1.52 
86,272 86,798 63.56 
Specialty Retail
EG America LLC(4)(8)SOFR +5.50%10.73%2/28/20283,388 3,232 3,286 2.41 
Trading Companies & Distributors
GYP Holdings III Corp.(8)SOFR +3.00%8.10%5/12/2030184 183 184 0.13 
Icebox Holdco III, Inc.(9)SOFR +3.75%9.09%12/22/20282,383 2,243 2,315 1.70 
SRS Distribution, Inc.(9)L +3.50%8.69%6/2/20284,079 3,920 3,972 2.91 
Windsor Holdings III LLC(8)SOFR +4.50%9.72%6/21/20301,864 1,826 1,833 1.34 
8,172 8,304 6.08 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%9.24%12/17/20273,462 3,384 3,401 2.49 
First Lien Total448,331 452,343 331.21 
Total Investment Portfolio448,331 452,343 331.21 
Cash and Cash Equivalents
Other Cash and Cash Equivalents7,719 7,719 5.65 
Total Portfolio Investments, Cash and Cash Equivalents$456,050 $460,062 336.86 %
(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
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(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. Variable rate loans typically include an interest reference rate floor feature.
(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.
(6)Reserved
(7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
InvestmentsCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
athenahealth, Inc.Delayed Draw Term Loan2/15/2029$515 $(18)
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/202813 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/20252 — 
Total First Lien Debt$530 $(18)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of June 30, 2023 was 0.50%.
(10)The interest rate floor on these investments as of June 30, 2023 was 0.75%.
(11)The interest rate floor on these investments as of June 30, 2023 was 1.00%.
(12)The interest rate floor on these investments as of June 30, 2023 was 1.25%.
(13)The interest rate floor on these investments as of June 30, 2023 was 1.50%.
(14)The interest rate floor on these investments as of June 30, 2023 was 2.00%
(15)For unsettled positions the interest rate does not include the base rate.

169
Table of Contents
The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2022:
BCRED Verdelite JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC(8)L +4.00%8.17%1/29/2027$424 $421 $416 0.31 %
Atlas CC Acquisition Corp.(10)L +4.25%8.98%5/25/20282,684 2,465 2,273 1.72 
Peraton Corp.(10)L +3.75%8.13%2/1/20284,089 4,011 4,001 3.03 
Vertex Aerospace Services Corp.(10)L +3.50%7.88%12/6/20284,090 4,045 4,024 3.04 
10,942 10,714 8.10 
Air Freight & Logistics
The Kenan Advantage Group, Inc.(10)L +3.75%8.13%3/24/20263,591 3,499 3,509 2.65 
Airlines
United Airlines, Inc.(10)L +3.75%8.11%4/21/20284,489 4,448 4,445 3.36 
Auto Components
Clarios Global LP(5)(8)SOFR +3.25%7.63%4/30/20265,350 5,291 5,262 3.98 
Beverages
Triton Water Holdings, Inc.(9)L +3.50%8.23%3/31/20283,491 3,214 3,260 2.47 
Building Products
Griffon Corporation(9)SOFR +2.50%7.01%1/24/20291,258 1,243 1,238 0.94 
The Chamberlain Group, Inc.(9)L +3.25%7.63%11/3/20292,593 2,431 2,451 1.85 
3,674 3,689 2.79 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%8.88%7/31/20265,336 5,214 5,231 3.96 
The Edelman Financial Engines Center, LLC(10)L +3.50%7.88%4/7/20282,743 2,641 2,567 1.94 
7,855 7,798 5.90 
Chemicals
WR Grace Holdings, LLC(9)L +3.75%8.50%9/22/20283,591 3,553 3,534 2.67 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%7.82%2/27/20254,289 4,166 4,210 3.18 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.17%5/12/20283,591 3,413 3,419 2.59 
Anticimex, Inc.(9)L +3.50%8.23%11/16/20284,439 4,341 4,295 3.25 
APX Group, Inc.(11)L +3.25%6.73%7/10/20285,336 5,090 5,289 4.00 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.07%3/31/20284,987 4,805 4,782 3.62 
EAB Global, Inc.(9)L +3.50%7.88%8/16/20284,090 3,968 3,944 2.98 
Energizer Holdings Inc(9)L +3.75%8.13%12/8/20283,600 3,444 3,452 2.61 
Garda World Security Corp.(8)L +4.25%8.93%10/30/20265,350 5,167 5,219 3.95 
Genuine Financial Holdings, LLC(8)L +3.75%8.33%7/11/20253,589 3,559 3,464 2.62 
37,953 38,074 28.80 
Construction & Engineering
Refficiency Holdings, LLC(10)L +3.75%7.82%12/16/20273,493 3,395 3,316 2.51 
Construction Materials
White Cap Buyer, LLC(9)SOFR +3.75%8.07%10/19/20274,150 4,012 4,020 3.04 
Containers & Packaging
Berlin Packaging, LLC(9)L +3.75%7.88%3/11/20284,539 4,438 4,377 3.31 
Charter NEX US, Inc.(10)L +3.75%8.13%12/1/20275,350 5,261 5,207 3.94 
Novolex, Inc.(9)SOFR +3.93%8.60%4/13/20295,337 5,223 5,096 3.85 
ProAmpac PG Borrower, LLC(10)L +3.75%7.96%11/3/20254,090 3,962 3,927 2.97 
Ring Container Technologies Group, LLC(9)L +3.50%7.88%8/12/20282,150 2,135 2,126 1.61 
TricorBraun Holdings, Inc.(9)L +3.25%7.63%3/3/20284,090 3,923 3,912 2.96 
Trident TPI Holdings, Inc.(9)L +4.00%7.67%9/15/20285,337 5,147 5,137 3.89 
30,089 29,782 22.53 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Consumer Services
Ascend Learning, LLC(9)L +3.50%7.88%12/11/2028$3,192 $3,045 $3,026 2.29 %
Colibri Group, LLC(10)SOFR +5.00%8.87%3/12/20294,289 4,141 4,014 3.04 
KUEHG Corp.(11)L +3.75%8.48%2/21/20254,987 4,912 4,802 3.63 
Learning Care Group(11)L +3.25%7.61%3/13/20254,987 4,848 4,652 3.52 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.13%12/15/20285,337 5,236 5,144 3.89 
SSH Group Holdings, Inc.(8)L +4.25%7.92%7/30/20254,948 4,860 4,847 3.67 
University Support Services, LLC(9)L +3.25%7.63%2/10/20293,591 3,540 3,501 2.65 
Weld North Education, LLC(9)L +3.75%7.72%12/21/20274,090 4,049 4,017 3.04 
34,631 34,003 25.73 
Diversified Financial Services
Mitchell International, Inc.(9)L +3.75%8.41%10/15/20282,992 2,809 2,766 2.09 
Polaris Newco, LLC(9)L +4.00%8.73%6/2/20285,312 5,073 4,860 3.68 
Sedgwick Claims Management Services, Inc.(8)L +3.25%7.63%12/31/20254,987 4,884 4,859 3.68 
12,766 12,485 9.45 
Diversified Telecommunication Services
Numericable US, LLC(8)L +2.75%7.16%7/31/20252,100 1,961 1,999 1.51 
Numericable US, LLC(8)L +3.69%7.77%1/31/20262,200 2,048 2,044 1.55 
Zacapa, LLC(9)SOFR +4.25%8.83%3/22/20294,090 3,956 3,941 2.98 
7,965 7,984 6.04 
Electrical Equipment
Madison IAQ, LLC(9)L +3.25%7.99%6/21/20284,090 3,864 3,815 2.89 
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(9)L +3.25%7.98%3/2/20282,693 2,584 2,592 1.96 
Presidio, Inc.(8)SOFR +3.50%7.92%1/22/20273,591 3,556 3,540 2.68 
6,140 6,132 4.64 
Entertainment
Recorded Books, Inc.(8)SOFR +4.00%8.32%8/29/20253,600 3,552 3,530 2.67 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl(8)L +3.75%8.68%2/27/20262,169 1,971 1,947 1.47 
Resonetics, LLC(10)L +4.00%8.41%4/28/20284,090 3,955 3,906 2.95 
Sunshine Luxembourg VII S.à r.l, LLC(10)L +3.75%8.48%10/1/20265,311 5,162 5,100 3.86 
11,088 10,953 8.28 
Health Care Providers & Services
ADMI Corp.(9)L +3.75%8.13%12/23/20272,593 2,459 2,369 1.79 
Electron Bidco, Inc.(9)L +3.00%7.38%11/1/20285,337 5,226 5,204 3.94 
LifePoint Health, Inc.(8)L +3.75%8.16%11/16/20253,575 3,338 3,379 2.56 
Pediatric Associates Holding Co., LLC(7)(9)L +3.25%7.63%12/29/2028611 597 579 0.44 
Surgery Centers Holdings, Inc.(10)L +3.75%8.05%8/31/20264,823 4,645 4,774 3.61 
16,265 16,305 12.34 
Health Care Technology
athenahealth, Inc.(7)(9)SOFR +3.50%7.82%2/15/20293,577 3,197 3,189 2.41 
Netsmart Technologies, Inc.(10)L +4.00%8.38%10/1/20274,439 4,325 4,286 3.24 
Verscend Holding Corp.(8)L +4.00%8.38%8/27/20254,090 4,077 4,072 3.08 
Waystar Technologies, Inc.(8)L +4.00%8.38%10/22/20264,189 4,132 4,126 3.12 
15,731 15,673 11.85 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%7.88%8/17/2028$5,336 $5,284 $5,285 4.00 %
Fertitta Entertainment, LLC(9)SOFR +4.00%8.32%1/27/20294,289 4,155 4,087 3.09 
IRB Holding Corp.(10)SOFR +3.00%7.32%12/15/20274,100 4,006 3,985 3.01 
Mic Glen, LLC(9)L +3.50%7.88%7/21/20284,450 4,291 4,244 3.21 
Tacala Investment Corp.(10)L +3.50%7.88%2/5/20274,089 3,947 3,943 2.98 
Twin River Worldwide Holdings, Inc.(9)L +3.25%7.54%10/2/20283,491 3,366 3,240 2.45 
Whatabrands, LLC(9)L +3.25%7.63%8/3/20283,591 3,494 3,479 2.63 
28,543 28,263 21.37 
Household Durables
AI Aqua Merger Sub, Inc.(9)SOFR +3.75%7.97%7/31/20285,337 5,146 5,040 3.81 
Industrial Conglomerates
FCG Acquisitions, Inc.(9)L +3.75%8.48%3/31/20284,987 4,785 4,755 3.60 
SPX Flow, Inc.(9)SOFR +4.50%8.92%4/5/20292,594 2,470 2,429 1.84 
Vertical US Newco, Inc.(9)L +3.50%6.87%7/30/20275,337 5,143 5,149 3.89 
12,398 12,333 9.33 
Insurance
Acrisure LLC(9)L +4.25%8.63%2/15/2027666 636 646 0.49 
Acrisure LLC(9)L +3.75%8.13%2/15/20272,992 2,828 2,850 2.16 
Alliant Holdings Intermediate, LLC(8)L +3.25%7.63%5/9/2025712 700 704 0.53 
Alliant Holdings Intermediate, LLC(9)L +3.50%7.85%11/6/20272,893 2,822 2,831 2.14 
AssuredPartners, Inc.(9)L +3.50%7.88%2/12/20275,312 5,130 5,157 3.90 
Baldwin Risk Partners, LLC(9)L +3.50%7.79%10/14/20275,336 5,284 5,216 3.95 
BroadStreet Partners, Inc.(8)L +3.00%7.38%1/27/20275,336 5,179 5,185 3.92 
Howden Group Holdings Limited(10)L +3.25%7.69%11/12/20275,336 5,235 5,206 3.94 
HUB International Limited(10)L +3.25%7.53%4/25/20254,987 4,930 4,949 3.74 
NFP Corp.(8)L +3.25%7.63%2/15/20275,336 5,123 5,117 3.87 
37,867 37,861 28.64 
Interactive Media & Services
MH Sub I, LLC(11)L +3.75%8.13%9/13/20245,336 5,249 5,197 3.93 
Project Boost Purchaser, LLC(9)L +3.50%7.88%5/30/20264,090 3,981 3,954 2.99 
9,230 9,151 6.92 
IT Services
Dcert Buyer, Inc.(8)SOFR +4.00%8.70%10/16/20264,089 3,965 3,960 3.00 
Endurance International Group Holdings, Inc.(10)L +3.50%7.72%2/10/20283,591 3,249 3,241 2.45 
Virtusa Corp.(10)L +3.75%8.13%2/11/20284,090 4,030 3,959 2.99 
11,244 11,160 8.44 
Leisure Products
Motion Finco, LLC(8)L +3.25%7.98%11/12/20262,804 2,722 2,682 2.03 
Life Sciences Tools & Services
Curia Global, Inc.(10)L +3.75%8.16%8/30/20264,289 3,870 3,553 2.69 
LSCS Holdings, Inc.(9)L +4.50%8.88%12/16/20282,481 2,379 2,377 1.80 
Packaging Coordinators Midco, Inc.(10)L +3.50%8.23%11/30/20274,090 3,992 3,889 2.94 
10,241 9,819 7.43 
Machinery
Pro Mach Group, Inc.(11)L +4.00%8.38%8/31/20284,289 4,216 4,181 3.16 
Titan Acquisition Ltd.(8)L +3.00%5.88%3/28/20252,992 2,856 2,803 2.12 
7,072 6,984 5.28 
Media
Radiate Holdco, LLC(10)L +3.25%7.63%9/25/20262,992 2,742 2,445 1.85 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Oil, Gas & Consumable Fuels
CQP Holdco, LP(9)L +3.75%8.48%6/5/2028$5,336 $5,304 $5,320 4.02 %
Professional Services
APFS Staffing Holdings, Inc.(4)(9)SOFR +4.00%8.09%12/29/20283,970 3,860 3,801 2.88 
Aqgen Island Holdings, Inc.(9)L +3.50%8.25%8/2/20284,289 4,174 4,109 3.11 
Camelot US Acquisition LLC(4)(11)SOFR +3.00%7.38%10/30/20264,300 4,252 4,241 3.21 
Cast & Crew Payroll, LLC(8)L +3.50%7.88%2/9/20263,541 3,505 3,499 2.65 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.07%4/9/20275,311 5,159 4,974 3.76 
Inmar, Inc.(11)L +4.00%8.73%5/1/20244,089 3,751 3,732 2.82 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.08%5/23/2025722 716 714 0.54 
VT Topco, Inc.(7)(10)L +3.75%8.13%8/1/20253,878 3,811 3,766 2.85 
29,228 28,836 21.82 
Software
Apex Group Treasury, LLC(9)L +3.75%8.26%7/27/20283,591 3,456 3,438 2.60 
Apttus Corp.(10)L +4.25%8.66%5/8/20283,600 3,427 3,384 2.56 
Boxer Parent Company, Inc.(8)L +3.75%8.13%10/2/20253,589 3,494 3,445 2.61 
Cloudera, Inc.(9)L +3.75%8.13%10/8/20283,600 3,419 3,406 2.58 
ConnectWise, LLC(9)L +3.50%7.88%9/29/20283,566 3,434 3,397 2.57 
Cornerstone OnDemand, Inc.(9)L +3.75%8.13%10/16/20282,194 1,974 1,970 1.49 
ECI Macola Max Holding, LLC(10)L +3.75%8.48%11/9/20273,541 3,461 3,408 2.58 
Epicor Software Corp.(10)L +3.25%7.63%7/30/20273,591 3,507 3,456 2.61 
GI Consilio Parent, LLC(9)L +4.00%8.38%5/12/20282,145 2,045 2,034 1.54 
Greeneden U.S. Holdings II, LLC(10)L +4.00%8.38%12/1/20273,600 3,557 3,464 2.62 
HS Purchaser, LLC(10)SOFR +4.00%8.19%11/19/20263,591 3,262 3,247 2.46 
Idera, Inc.(10)L +3.75%7.50%3/2/20282,145 2,043 2,028 1.53 
Mitnick Purchaser, Inc.(9)SOFR +4.75%8.94%5/2/20294,439 4,302 4,170 3.15 
NortonLifeLock, Inc.(9)SOFR +2.00%6.42%9/12/20295,350 5,318 5,271 3.99 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%8.39%4/26/20244,439 4,359 4,341 3.28 
RealPage, Inc.(9)L +3.00%7.38%4/24/20285,312 5,113 5,062 3.83 
Rocket Software, Inc.(8)L +4.25%8.63%11/28/20253,591 3,501 3,461 2.62 
S2P Acquisition Borrower, Inc.(8)SOFR +4.00%8.32%8/14/20263,591 3,493 3,498 2.65 
Sophia, LP(9)L +3.50%8.23%10/7/20275,336 5,173 5,163 3.91 
Sovos Compliance, LLC(9)L +4.50%8.88%8/11/20283,591 3,518 3,317 2.51 
Surf Holdings, LLC(8)L +3.50%8.23%3/5/20273,591 3,546 3,491 2.64 
Symphony Technology Group(5)(10)L +4.75%9.17%7/27/20283,600 3,280 3,099 2.34 
Symphony Technology Group(5)(9)SOFR +3.75%7.97%3/1/20293,591 3,430 3,352 2.54 
The Ultimate Software Group, Inc.(9)L +3.25%7.00%5/4/20265,386 5,245 5,137 3.89 
TransDigm Inc(12)SOFR +6.15%10.47%2/22/2027187 184 187 0.14 
Vision Solutions, Inc.(10)L +4.00%8.36%4/24/20282,194 1,865 1,823 1.38 
89,406 88,049 66.62 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(6)Maturity DatePar AmountCost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Specialty Retail
EG America, LLC(9)L +4.25%8.98%3/31/2026$4,443 $4,092 $4,173 3.16 %
Trading Companies & Distributors
Icebox Holdco III, Inc.(9)L +3.50%8.23%12/22/20282,145 2,008 1,986 1.50 
SRS Distribution, Inc.(9)SOFR +3.50%7.88%6/2/20284,100 3,924 3,930 2.97 
5,932 5,916 4.47 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%8.58%12/17/20274,489 4,378 4,300 3.25 
Total First Lien Debt495,472 490,615 371.11 
Total Investment Portfolio495,472 490,615 371.11 
Cash and Cash Equivalents
Other Cash and Cash Equivalents2,767 2,767 2.09 
Total Portfolio Investments, Cash and Cash Equivalents$498,239 $493,382 373.20 %
(1)    Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)    Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. Variable rate loans typically include an interest reference rate floor feature. For each such loan, the Company has provided the interest rate in effect on the date presented.
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(3)    The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("(“U.S. GAAP"GAAP”).
(4)    These investments were valued using unobservable inputs and are considered Level 3 investments.
(5)    These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(6)    For unsettled positions the interest rate does not include the base rate.
(7)    Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First Lien Debt
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/2027$781 $(16)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023489 — 
AI Aqua Merger Sub, Inc.Delayed Draw Term Loan7/30/20281,667 — 
Albireo Energy, LLCDelayed Draw Term Loan12/23/20264,646 — 
Atlas Intermediate III, LLCDelayed Draw Term Loan2/25/2028915 — 
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/20232,198 — 
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/20222,831 — 
Bazaarvoice, Inc.Revolver5/7/20262,123 — 
Monk Holding Co.Delayed Draw Term Loan8/12/20237,996 (106)
Cambium Learning Group, Inc.Revolver7/20/20283,249 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20233,841 (38)
CPI Buyer, LLCDelayed Draw Term Loan5/1/20238,058 — 
CPI Buyer, LLCRevolver11/1/20262,379 — 
CSHC Buyerco, LLCDelayed Draw Term Loan9/8/20263,511 — 
Cumming Group, Inc.Delayed Draw Term Loan5/26/20272,022 (20)
Cumming Group, Inc.Revolver5/26/20271,779 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/2023335 — 
Icebox Holdco III, Inc.Delayed Draw Term Loan12/22/20281,027 (59)
EM Bidco LimitedDelayed Draw Term Loan4/12/20291,579 — 
Express Wash Concepts, LLCDelayed Draw Term Loan4/30/202724,500 (245)
Forefront Management Holdings, LLCDelayed Draw Term Loan3/23/2029994 — 
Frontline Road Safety, LLCDelayed Draw Term Loan5/3/2027484 — 
Frontline Road Safety, LLCDelayed Draw Term Loan4/30/20273,720 — 
Genuine Cable Group, LLCDelayed Draw Term Loan4/1/20232,547 — 
GovernmentJobs.com, Inc.Revolver11/30/20272,566 (51)
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20238,018 (80)
Java Buyer, Inc.Delayed Draw Term Loan12/15/20233,888 — 
Knowledge Pro Buyer, Inc.Revolver12/10/20231,582 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20273,878 (39)
Latham Pool Products, Inc.Delayed Draw Term Loan2/18/202911,250 (783)
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/20232,542 — 
Reverb Buyer, Inc.Delayed Draw Term Loan11/1/2028640 (38)
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/20234,317 — 
New Arclin US Holding Corp.Delayed Draw Term Loan9/22/2028382 (28)
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/28/2028263 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/20272,115 — 
Pro Mach Group, Inc.Delayed Draw Term Loan8/31/202895 — 
Prodege International Holdings, LLCDelayed Draw Term Loan12/15/20222,737 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/20233,721 — 
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20232,004 — 
Refficiency Holdings, LLCDelayed Draw Term Loan12/16/2027683 — 
Relativity ODA, LLCRevolver5/12/2027538 (8)
RWL Holdings, LLCDelayed Draw Term Loan12/1/20275,185 (52)
Smile Doctors, LLCRevolver12/23/20273,932 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First Lien Debt
athenahealth, Inc.Delayed Draw Term Loan2/15/2029$515 $— 
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/202843 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/2025112 — 
Total Unfunded Commitments$670 $— 
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Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/20233,625 (36)
Stepping Stones Healthcare Services, LLCRevolver12/30/20261,813 (36)
Tailwind Colony Holding CorporationDelayed Draw Term Loan12/10/2022176 — 
Trident TPI Holdings, Inc.Delayed Draw Term Loan9/15/202893 — 
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20232,518 (25)
Triple Lift, Inc.Revolver5/6/20281,321 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/20237,269 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20271,915 (29)
VT Topco, Inc.Delayed Draw Term Loan8/1/2025117 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20237,580 — 
West Monroe Partners, LLCRevolver11/9/20272,274 — 
WHCG Purchaser III, Inc.Revolver6/22/2026741 (7)
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/20231,154 — 
Total Unfunded Commitments  $174,602 $(1,696)
(8)    There are no interest rate floors on these investments.
(9)    The interest rate floor on these investments as of June 30,December 31, 2022 was 0.50%.
(10)    The interest rate floor on these investments as of June 30,December 31, 2022 was 0.75%.
(11)    The interest rate floor on these investments as of June 30,December 31, 2022 was 1.00%.
(12)    The interest rate floor on these investments as of June 30,December 31, 2022 was 1.25%.
(13)    The interest rate floor on these investments as of June 30,December 31, 2022 was 1.50%.

Below is
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The following table presents the selected balance sheetconsolidated statements of assets and liabilities information forof the Verdelite JV as of June 30, 2022:2023 and December 31, 2022 (Unaudited):
June 30, 2022
ASSETS(Unaudited)
Investments at fair value (cost of $2,772,228 at June 30, 2022)$2,721,428 
Cash and cash equivalents124,077 
Interest receivable18,131 
Receivable for investments sold17,098 
Deferred financing costs6,688 
Total assets$2,887,422 
LIABILITIES
Debt$1,333,164 
Distribution payable29,704 
Payable for investments purchased and other liabilities499,915 
Total liabilities1,862,783 
MEMBERS’ EQUITY
Members’ Equity1,024,639 
Total Members’ Equity1,024,639 
Total liabilities and member’s equity$2,887,422 
Below is selected statement of operations information for the JV as of June 30, 2022:

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For the Three Months Ended June 30, 2022For the Six Months Ended June 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income$37,306 $62,927 
Other income77 242 
Total investment income37,383 63,169 
Expenses:
Interest expense9,973 14,195 
Other expenses550 1,212 
Total expenses10,523 15,407 
Net investment income before taxes26,860 47,762 
Taxes— — 
Net investment income after taxes$26,860 $47,762 
Net realized and change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on investments(48,640)(50,801)
Net realized gains on investments(380)(490)
Total net realized and change in unrealized gain (loss) on investments(49,020)(51,291)
Net increase (decrease) in net assets resulting from operations$(22,160)$(3,529)

Note 11. Twin Peaks Acquisition
Pursuant to a Securities Purchase Agreement, dated March 5, 2021 (the “Purchase Agreement”), by and among the Company, Twin Peaks Parent LLC, a Delaware limited liability company not affiliated with the Company (the “Seller”), Twin Peaks, Teacher Retirement System of Texas, an investor in Seller, and the Adviser, the Company acquired Twin Peaks which includes a portfolio of assets from Seller consisting of loans to 41 borrowers, five equity investments, cash and other assets (collectively, the “Assets”) for an aggregate purchase price of $721.0 million. The purchase price represents the fair market value of the Assets of $1,059.0 million determined pursuant to the Company’s valuation procedures (including approval of the valuations by the Company’s Board after review of reports provided by independent valuation providers) within 48 hours of the closing, less the amount of assumed borrowings (including accrued interest) of $338.0 million. The Seller is an entity owned and controlled by a third party and advised by an affiliate of the Adviser. An affiliate of the Adviser owns an approximately 2.9% non-voting interest in the Seller. The acquisition of Twin Peaks was funded with cash on hand, which primarily consists of proceeds from the Company’s offering of its common shares.
Pursuant to the Purchase Agreement, the Company purchased 100% of the limited liability company interests in Twin Peaks, which directly holds Assets and two wholly-owned financing subsidiaries (the “Financing Subsidiaries”), each of which directly holds Assets. Each of the Financing Subsidiaries (Denali Peak Funding and Siris Peak Funding) are now indirectly wholly-owned by the Company and have entered into credit facilities that have been assumed by the Company pursuant to the Purchase Agreement.
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June 30, 2023December 31, 2022
ASSETS
Investments at fair value (cost of $448,331 and $495,472 at June 30, 2023 and December 31, 2022, respectively)$452,343 $490,615 
Cash and cash equivalents7,719 2,767 
Interest receivable3,234 4,539 
Receivable for investments sold5,246 1,624 
Total assets$468,542 $499,545 
LIABILITIES
Debt$298,300 $365,000 
Distribution payable16,402 — 
Interest payable and other liabilities17,291 2,342 
Total liabilities331,993 367,342 
MEMBERS’ EQUITY
Members’ Equity136,549 132,203 
Total Members’ Equity136,549 132,203 
Total liabilities and members’ equity$468,542 $499,545 
The following table summarizespresents the assets and liabilitiesselected consolidated statements of Twin Peaks asoperations information of the acquisition date:Verdelite JV for the three and six months ended June 30, 2023 (Unaudited):
March 5, 2021
ASSETS
Investments at fair value$1,023,188 
Cash and cash equivalents23,609 
Interest receivable10,018 
Other assets2,211 
Total assets$1,059,026 
LIABILITIES
Debt$337,648 
Interest payable365
Total liabilities338,013 
NET ASSETS
Total net assets721,013 
Total liabilities and net assets$1,059,026 

For the three months ended June 30, 2023For the six months ended June 30, 2023
Investment income:
Interest income$10,970 $21,613 
Other income3 113 
Total investment income10,973 21,726 
Expenses:
Interest expense5,562 11,126 
Other expenses75 150 
Total expenses5,637 11,276 
Net investment income before taxes5,336 10,450 
Tax Expense— — 
Net investment income after taxes5,336 10,450 
Net realized and change in unrealized gain (loss) on investments
Net unrealized gain (loss) on investments1,984 8,870 
Net realized gain (loss) on investments330 1,428 
Total net realized and change in unrealized gain (loss) on investments2,314 10,298 
Net increase (decrease) in net assets resulting from operations$7,650 $20,748 
Note 12. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of June 30, 2022,2023, except as discussed below.

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July Subscriptions and Dividend Declarations

The Company received approximately $0.9 billion$870.3 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares for subscriptions effective July 1, 2022.2023.

On July 20, 2022,19, 2023, the Company’s Board declared net distributions of $0.1740$0.2100 per Class I share, $0.1564$0.1924 per Class S share, and $0.1688$0.2048 per Class D share, which is payable on August 29, 202228, 2023 to shareholders of record as of July 31, 2022.2023.
August Subscriptions

In additionThrough to the regular distributions discussed above, on July 20, 2022,date of issuance of the condensed consolidated financial statements the Company declared a specialreceived approximately $650.9 million of subscriptions, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of $0.07 for each class of the Company’sClass I shares, which is payable on or about SeptemberClass S shares, and Class D shares effective August 1, 2022 to shareholders of record as of August 21, 2022.
The Company has closed on aggregate subscriptions of approximately $22.6 billion since the time it commenced operations on January 7, 2021.
Naomi Peak Funding Facility
On July 18, 2022, BCRED Naomi Peak Funding LLC (“Naomi Peak Funding”), a wholly-owned subsidiary of Blackstone Private Credit Fund, entered into a senior secured credit facility (the “Naomi Peak Funding Facility”) with Natixis. Natixis, New York Branch serves as administrative agent, Wilmington Trust, National Association serves as collateral agent, collateral administrator and custodian, and the Company serves as collateral manager under the Naomi Peak Funding Facility.
Advances under the Naomi Peak Funding Facility bear interest initially at a per annum rate equal to three-month term SOFR plus an applicable margin of 2.50%. Commencing on October 17, 2022, Naomi Peak Funding will pay an unused commitment fee of 0.50% per annum on the average daily unused revolving commitments under the Naomi Peak Funding Facility, which fee shall increase to 0.75% per annum for any day on or after January 18, 2023 on which more than 10% of the revolving commitments are unused, in addition to certain other fees as agreed between Naomi Peak Funding and Natixis. The unused commitment fee will terminate when Naomi Peak Funding is no longer permitted to make borrowings under the Naomi Peak Funding Facility.2023.
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The initial maximum commitment amount of the Naomi Peak Funding Facility is $400 million, of which $250 million was funded as a term loan after the closing date and of which $150 million consists of a revolving credit commitment. Proceeds from borrowings under the Naomi Peak Funding Facility may be used to fund portfolio investments by Naomi Peak Funding and to make advances under revolving loans or delayed draw term loans where Naomi Peak Funding is a lender. The period during which Naomi Peak Funding may make borrowings under the Naomi Peak Funding Facility expires on July 18, 2024, and the Naomi Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by July 18, 2031.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The information contained in this section should be read in conjunction with “Item 1. Financial Statements.”Statements” hereto and “Part II, Item 8--Consolidated Financial Statement and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 2022, as updated from time to time by the Company's periodic filings with the Securities and Exchange Commission (“SEC”). This discussion contains forward-looking statements which relate to future events our future performance or financial condition and involves numerous risks, uncertainties, and uncertainties,other factors outside the Company’s control, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our annual reportAnnual Report on Form 10-K for the year ended December 31, 20212022 as updated by the Company's periodic filings with the Securities and Exchange Commission.SEC.
Overview and Investment Framework
We are a newly organized, externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the Investment Company Act of 1940 as amended (the “1940 Act”)".Act. Formed as a Delaware statutory trust on February 11, 2020, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as investment adviser with the SEC. We have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.
Under our Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.
Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days’ notice of such change. Under normal circumstances we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, ““Private CreditCredit””). In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (“(“Opportunistic CreditCredit””). We expect that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.
Most of our investments are in U.SU.S. private companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in U.S private companies), we also expect to invest to some extent in European and other non-U.S. companies, but do not expect to invest in emerging markets. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit funds. From time to time, we may co-invest with other Blackstone Credit funds.
Key Components of Our Results of Operations

Investments
We focus primarily on loans and securities, including syndicated loans, of U.S. private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

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Revenues
We generate revenuerevenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIKpayment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the
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form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts. In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.
In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.
Expenses
Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that performsperform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.
From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.
Expense Support and Conditional Reimbursement Agreement
We have entered into an Expense Support Agreement with the Adviser. For additional information see “Item 1. Consolidated Financial Statements—Notes to CondensedConsolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”Transactions”.
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Portfolio and Investment Activity
For the three months ended June 30, 2022,2023, we acquired $12,205.7$1,294.9 million aggregate principal amount of investments (including $2,134.2$383.0 million of unfunded commitments), $11,545.0$1,254.9 million of which was first lien debt $369.1and $40.0 million of which was second lien debt, $68.9 million of which was structured finance investments and $222.7 million of which was equity (which includes a $69.2 million investment in our joint venture).debt.
For the three months ended June 30, 2021, we acquired $7,240.6 million aggregate principal amount of investments (including $861.7 million of unfunded commitments), $6,503.1 million of which was first lien debt, $673.9 million of which was second lien debt, $12.7 million of which was unsecured debt, and $50.9 million of which was equity.
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Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):
As of and for the three months ended June 30,
 20222021
Investments: 
Total investments, beginning of period$37,776,621 $5,417,954 
New investments purchased10,045,501 6,321,122 
Net accretion of discount on investments33,540 4,450 
Net realized gain (loss) on investments(17,565)360 
Investments sold or repaid(697,070)(496,309)
Total investments, end of period$47,141,027 $11,247,577 
Amount of investments funded at principal: 
First lien debt investments$9,431,428 $5,641,443 
Second lien debt investments350,389 673,895 
Unsecured debt— 12,695 
Structured finance investments68,875 — 
Equity investments(4)
220,828 50,912 
Total$10,071,520 $6,378,945 
Proceeds from investments sold or repaid: 
First lien debt investments$(686,300)$(470,828)
Second lien debt investments(1,770)(4,473)
Unsecured debt— (21,008)
Structured finance investments— — 
Equity investments(9,000)— 
Total$(697,070)$(496,309)
Number of portfolio companies587 347 
Weighted average yield on debt and income producing investments, at cost(1)(2)
7.37 %6.23 %
Weighted average yield on debt and income producing investments, at fair value(1)(2)
7.52 %6.19 %
Average loan to value (LTV)(3)
43.1 %42.7 %
Percentage of debt investments bearing a floating rate, at fair value99.6 %98.4 %
Percentage of debt investments bearing a fixed rate, at fair value0.4 %1.6 %
As of and for the three months ended June 30,
 20232022
Investments: 
Total investments, beginning of period$48,711,985 $37,776,621 
New investments purchased897,969 10,008,896 
Payment-in-kind interest capitalized52,680 36,605 
Net accretion of discount on investments42,697 33,540 
Net realized gain (loss) on investments(76,141)(17,565)
Investments sold or repaid(1,202,947)(697,070)
Total investments, end of period$48,426,243 $47,141,027 
Amount of investments funded at principal:
First lien debt investments$871,878 $9,431,428 
Second lien debt investments40,000 350,389 
Unsecured debt— — 
Structured finance investments— 68,875 
Equity investments and Investments in Joint Ventures (4)
— 220,828 
Total$911,878 $10,071,520 
Proceeds from investments sold or repaid:
First lien debt investments$(1,166,370)$(686,300)
Second lien debt investments(35,750)(1,770)
Unsecured debt— — 
Structured finance investments— — 
Equity investments and Investments in Joint Ventures(827)(9,000)
Total$(1,202,947)$(697,070)
June 30, 2023December 31, 2022
Number of portfolio companies511 532 
Weighted average yield on debt and income producing investments, at cost (1)(2)
11.50 %10.37 %
Weighted average yield on debt and income producing investments, at fair value (1)(2)
11.69 %10.59 %
Average loan to value (LTV) (3)
42.5 %43.6 %
Percentage of debt investments bearing a floating rate, at fair value99.9 %99.8 %
Percentage of debt investments bearing a fixed rate, at fair value0.1 %0.2 %
Percentage of assets on non-accrual (5)
0.3 %0.1 %
(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.
(2)As of June 30, 20222023 and 2021,December 31, 2022, the weighted average total portfolio yield at cost was 7.14%10.82% and 6.20%9.75%, respectively. The weighted average total portfolio yield at fair value was 7.28%10.98% and 6.16%9.95%, respectively.
(3)Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.
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(4)Includes a$0.0 million and $69.2 million and $0.0 million investmentof investments in our joint ventureventures for the three months ended June 30, 2023 and 2022, respectively.    
(5)As a percentage of total amortized cost of Investments (excluding Investments in Joint Ventures). Assets on non-accrual represented 0.2% and 2021,0.0% of total fair value of Investments (excluding Investments in Joint Ventures) as of June 30, 2023 and December 31, 2022, respectively.
As of June 30, 2022,2023, our portfolio companies had a weighted average annual EBITDA of $167$208.6 million. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.
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Our investments consisted of the following (dollar amounts in thousands):
June 30, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
First lien debt$42,760,066 $42,028,355 90.92 %$28,076,107 $28,143,451 91.39 %
Second lien debt2,453,742 2,334,394 5.05 1,799,656 1,813,872 5.89 
Unsecured debt27,508 22,153 0.05 6,061 5,842 0.02 
Structured finance investments409,511 370,531 0.80 287,275 286,610 0.93 
Investment in joint venture802,579 768,479 1.66 — — — 
Equity investments(1)
687,621 702,034 1.52 528,924 545,918 1.77 
Total$47,141,027 $46,225,946 100.00 %$30,698,023 $30,795,693 100.00 %
(1)For additional information on our Investments, see “Includes equity investment in SLC.Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments”.

As of June 30, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.
BCRED Emerald JV LP
BCRED Emerald JV LP (“(JV“Emerald JV””), a Delaware limited liability company, was formed as a joint venture between the Company and a large North American pension fund (the “EmeraldJV Partner”), and commenced operations on January 18, 2022 and operates under a limited liability company agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.
As of June 30, 2023, the Company and the Emerald JV Partner have committed to contribute up to $2,250.0 million and $750.0 million, respectively, of capital to the Emerald JV. As of June 30, 2023 the Company had contributed $2,002.5 million and the Emerald JV Partner had contributed $667.5 million of capital and $247.5 million and $82.5 million of capital remained uncalled from the Company and the Emerald JV Partner, respectively. The Company and the Emerald JV partner each agreed to contribute up to $1,500 millionown 75% and $500 million,25%, respectively, toof the equity ownership interest of the Emerald JV. The Company contributed approximately $733.4 million of cash, and the JV Partner contributed net assets of approximately $244.5 million (i.e. $977.8 million in net assets contributed less $733.4 million in cash received by the JV Partner) to the JV in exchange for initial equity ownership interests of approximately 75% and approximately 25%, respectively. The Company and theEmerald JV Partner, through their joint control of the Emerald JV’s General Partner, have equal control of the Emerald JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. Our investment in the JV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2022.
The Company has a variable interest in the JV and has determined that the JV is a variable interest entity under ASC 810. The Company is not deemed to be the primary beneficiary of the JV as there is equal power between the Company and JV. Accordingly, the Company does not consolidate the Emerald JV.

As of June 30, 2023, the Emerald JV had total investments at fair value of $5,664.2 million. The following table is a summary of JV’s portfolio as of June 30, 2023 and December 31, 2022.
June 30, 2023December 31, 2022
Total senior secured debt investments at fair value$5,530,227$5,722,448
Number of portfolio companies301443
Weighted average yield on debt and income producing investments, at fair value (2)
11.64 %10.88 %
Weighted average yield on debt and income producing investments, at cost (2)
11.53 %10.72 %
Percentage of debt portfolio at floating interest rates (1)
99.8 %93.5 %
Percentage of debt portfolio at fixed interest rates (1)
0.2 %6.5 %
Percentage of assets on non-accrual (1)
0.1 %0.2 %
(1)As a percentage of total amortized cost of Investments of Emerald JV. Assets on non-accrual represented 0.1% and 0.1% of total fair value of Investments of Emerald JV as of June 30, 2023 and December 31, 2022, respectively.
(2)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

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BCRED Verdelite JV
BCRED Verdelite JV LP (“Verdelite JV”), a Delaware limited liability company, was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the “Verdelite JV Partner”), and commenced operations on October 21, 2022 and operates under a limited liability company agreement. The Verdelite JV’s principal purpose is to make investments, primarily in broadly syndicated loans.

As of June 30, 2023, the Company and the Verdelite JV Partner have committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company and the Verdelite JV partner own 87.5% and 12.5%, respectively, of the equity ownership interest of the Verdelite JV. The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s General Partner, have equal control of the Verdelite JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The Company does not consolidate the Verdelite JV.

As of June 30, 2023, the Verdelite JV had total investments at fair value of $452.3 million. The following table is a summary of JV’s portfolio as of June 30, 2023 and December 31, 2022:

June 30, 2023December 31, 2022
Total senior secured debt investments at fair value$452,343$490,615
Number of portfolio companies144129
Weighted average yield on debt and income producing investments, at fair value (2)
9.87 %9.25 %
Weighted average yield on debt and income producing investments, at cost (2)
9.96 %9.16 %
Percentage of debt portfolio at floating interest rates (1)
100.00 %100.00 %
Percentage of debt portfolio at fixed interest rates (1)
0.00 %0.00 %
Percentage of assets on non-accrual (1)
0.0 %0.0 %
(1)Verdelite JV had no assets on non-accrual as of June 30, 2023 and December 31, 2022.
(2)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

For additional information on our joint venture debt obligationsthe Emerald JV and Verdelite JV, including a listing of portfolio investments for each, see "“Item 1. Consolidated Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 10.11. Joint VentureVentures”.
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Results of Operations
The following table represents our operating results (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Total investment income$736,837 $123,124 $1,292,523 $157,513 
Net expenses304,338 31,517 522,203 39,726 
Net investment income before excise tax432,499 91,607 770,320 117,787 
Excise tax expense175 — 292 — 
Net investment income after excise tax432,324 91,607 770,028 117,787 
Net unrealized appreciation (depreciation)(864,100)50,411 (950,676)68,531 
Net realized gain (loss)(13,931)1,725 (11,316)6,018 
Net increase (decrease) in net assets resulting from operations$(445,707)$143,743 $(191,964)$192,336 
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Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Total investment income$1,407,305 $736,837 $2,743,047 $1,292,523 
Net expenses651,528 304,338 1,290,173 522,203 
Net investment income before excise tax755,777 432,499 1,452,874 770,320 
Excise tax expense5,691 175 13,433 292 
Net investment income after excise tax750,086 432,324 1,439,441 770,028 
Net unrealized appreciation (depreciation)12,145 (864,100)168,328 (950,676)
Net realized gain (loss)(79,425)(13,931)(172,108)(11,316)
Net increase (decrease) in net assets resulting from operations$682,806 $(445,707)$1,435,661 $(191,964)
Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Additionally, as we commenced operations on January 7, 2021, many of the period over period changes resulted from our deployment of capital and increased balance of our investments. As a result, comparisons may not be meaningful.
Investment Income
Investment income, was as follows (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20222021202220212023202220232022
Interest incomeInterest income$667,704 $114,433 $1,180,511 $148,636 Interest income$1,274,647 $667,704 $2,506,394 $1,180,511 
Payment-in-kind interest incomePayment-in-kind interest income31,373 578 52,792 700 Payment-in-kind interest income51,664 31,373 92,484 52,792 
Dividend incomeDividend income24,312 — 45,123 — Dividend income80,610 24,312 142,788 45,123 
Fee incomeFee income13,448 8,113 14,097 8,177 Fee income384 13,448 1,381 14,097 
Total investment incomeTotal investment income$736,837 $123,124 $1,292,523 $157,513 Total investment income$1,407,305 $736,837 $2,743,047 $1,292,523 
Total investment income increased to $736.8$1,407.3 million for the three months ended June 30, 20222023 from $123.1$736.8 million for the same period in the prior year primarily driven by our deployment of capital, increased benchmark interest rates driving increased interest income from our investments and the increased balance ofdividend income from our investments.joint ventures. The size of our investment portfolio at fair value increased to $47,684.9 million at June 30, 2023 from $46,225.9 million at June 30, 2022 from $11,315.8 million at June 30, 2021.2022. Included in investment income is dividend income which increased to $24.3 million for the three months ended June 30, 2022, from $0.0 million for the same period in the prior year primarily driven by2023 is dividend income of $80.6 million received from our Emerald JV and Verdelite JV joint ventures and our investment in SLC.Specialty Lending Company LLC (“SLC”).
Total investment income increased to $1,292.5$2,743.0 million for the six months ended June 30, 20222023 from $157.5$1,292.5 million for the same period in the prior year primarily driven by our deployment of capital, increased benchmark interest rates driving increased interest income from our investments and the increased balance ofdividend income from our investments.joint ventures. Included in investment income is dividend income which increased to $45.1 million for the six months ended June 30, 2022, from $0.0 million for the same period in the prior year primarily driven by2023 is dividend income of $142.8 million received from our Emerald JV and Verdelite JV joint ventures and our investment in SLC.
AsWhile rising interest rates have favorably impacted our investment income during the three and six months ended June 30, 2023, further interest rate increases and the resulting higher cost of capital have the potential to negatively impact the free cash flow and credit quality of COVID-19 persists, it could cause operational and/or liquidity issues at our portfolio companiescertain borrowers which could restrictimpact their ability to make cashprincipal and interest payments. Additionally, weIf such interest rate increases occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or our portfolio performance may experience fullbe negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or partial losses on our investments which may ultimately reduce our investment income in future periods. In addition, the rise in interest rates in order to control inflation may correlate to increases or decreases in our net income. Increases in interest rates may adversely affect our existing borrowers.a timely manner.
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Expenses
Expenses were as follows (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
2022202120222021 2023202220232022
Interest expenseInterest expense$158,169 $17,345 $271,559 $20,785 Interest expense$438,599 $158,169 $874,822 $271,559 
Management feesManagement fees64,941 12,620 115,568 17,000 Management fees75,635 64,941 149,238 115,568 
Income based incentive fee62,964 10,916 111,112 13,761 
Capital gains incentive fee(4,557)6,517 (15,059)9,319 
Income based incentive feesIncome based incentive fees109,501 62,964 210,259 111,112 
Capital gains incentive feesCapital gains incentive fees— (4,557)— (15,059)
Distribution and shareholder servicing feesDistribution and shareholder servicing feesDistribution and shareholder servicing fees
Class SClass S12,439 1,798 21,892 2,156 Class S16,297 12,439 31,688 21,892 
Class DClass D538 23 921 23 Class D121 538 681 921 
Professional feesProfessional fees3,939 1,009 5,627 1,587 Professional fees3,959 3,939 7,980 5,627 
Board of Trustees’ feesBoard of Trustees’ fees208 140 402 279 Board of Trustees’ fees240 208 464 402 
Administrative service expensesAdministrative service expenses1,007 324 2,193 619 Administrative service expenses1,432 1,007 3,354 2,193 
Other general & administrativeOther general & administrative3,476 1,324 5,846 2,259 Other general & administrative4,728 3,476 9,372 5,846 
Organization costs— — — 1,090 
Amortization of continuous offering costsAmortization of continuous offering costs1,214 838 2,142 1,609 Amortization of continuous offering costs1,016 1,214 2,315 2,142 
Excise tax expense175 — 292 — 
Total expenses304,513 52,854 522,495 70,487 
Expense support— — — (2,199)
Recoupment of expense support— 2,199 — 2,199 
Management fees waived— (12,620)— (17,000)
Incentive fees waived— (10,916)— (13,761)
Net expenses$304,513 $31,517 $522,495 $39,726 
Total expenses (before excise tax)Total expenses (before excise tax)$651,528 $304,338 $1,290,173 $522,203 
Interest Expense
Total interest expense (including unused fees, amortization of deferred financing costs and other debt financing expenses),accretion of net discounts on unsecured debt) increased to $158.2$438.6 million for the three months ended June 30, 2022 from $17.32023 compared to $158.2 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities and our unsecured notesnote and debt securitizations.securitization issuances and an increase in the weighted average interest rate on our borrowings. The average principal debt outstanding increased to $21,268.1$25,238.7 million for the three months ended June 30, 20222023 from $2,814.1$21,268.1 million for the same period in the prior year in addition to an increase in our weighted average interest rate to 2.86%6.82% for the three months ended June 30, 20222023 from 2.21%2.86% for the same period in the prior year.
TotalTotal interest expense (including unused fees, amortization of deferred financing costs and other debt financing expenses),accretion of net discounts on unsecured debt) increased to $271.6$874.8 million for the six months ended June 30, 2022 from $20.82023 compared to $271.6 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities and our unsecured notesnote and debt securitizations.securitization issuances and an increase in the weighted average interest rate on our borrowings. The average principal debt outstanding increased to $19,693.5 million$26,189.5 for the six months ended June 30, 20222023 from $1,777.0 million$19,693.5 for the same period in the prior year in addition to an increase in our weighted average interest rate to 2.67%6.56% for the six months ended June 30, 20222023 from 2.16%2.67% for the same period in the prior year.
Management Fees
Management fees increased to $64.9$75.6 million for the three months ended June 30, 2022 from $12.62023 compared to $64.9 million for the same period in the prior year primarily due to an increase in grossnet assets.
Management fees increased to $115.6$149.2 million for the six months ended June 30, 2022 from $17.02023 compared to $115.6 million for the same period in the prior year primarily due to an increase in grossnet assets. Our total gross assets increased to $49,123.1 million at June 30, 2022 from $12,146.2 million at June 30, 2021. For the three and six months ended June 30, 2021, the Adviser fully waived management fees, which resulted in a waiver of $12.6 million and $17.0 million, respectively.
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Income Based Incentive Fees
Income based incentive fees increased to $63.0$109.5 million for the three months ended June 30, 2022 from $10.92023 compared to $63.0 million for the same period in the prior year primarily due to our deploymentan increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $876.0 million for the three months ended June 30, 2023 from $503.7 million for the same period in the prior year.
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Income based incentive fees increased to $111.1$210.3 million for the six months ended June 30, 2022 from $13.82023 compared to $111.1 million for the same period in the prior year primarily due to our deployment of capital. Foran increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $1,682.1 million for the three and six months ended June 30, 2021,2023 from $888.9 million for the Adviser fully waived incentive fees, which resultedsame period in a waiver of $10.9 million and $13.8 million, respectively.the prior year.
Capital Gains Based Incentive Fees
We accrued no capital gains incentive fees for the three and six months ended June 30, 2022 of $(4.6) million and $(15.1) million, respectively, compared to $6.5 million and $9.3 million for the same periods in the prior year, primarily due to net realized and unrealized losses in the current year contrasted to net realized and unrealized gains during the three and six months ended June 30, 2021.2023. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.
Other Expenses
Organization costsTotal other expenses were $27.8 million for the three months ended June 30, 2023, primarily comprised of $16.4 million of distribution and offering costs include expenses incurred in our initial formationshareholder servicing fees paid with respect to Class S and our continuous offering. ProfessionalClass D investors, $4.0 million of professional fees include(including legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of us. Administrative service expenses represent expense reimbursements paid to the Administrator for our allocable portionCompany), and $4.7 million of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include(including insurance, filing, research, and fees paid to our sub-administrator and transfer agent). The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S shares and other costs.the increased cost of servicing a larger investment portfolio.
Total other expenses increased to $23.0 million were $55.9 million for the threesix months ended June 30, 2022 from $5.52023, primarily comprised of $32.4 million for the same period in the prior year primarily driven by an increase of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $8.0 million of professional fees administrative service expenses(including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $9.4 million of general &and administrative expenses due(including insurance, filing, research, and fees paid to servicing a growing portfolio.
Total other expenses increasedour sub-administrator and transfer agent). The increase compared to$39.3 million for the six months ended June 30, 2022 from $9.6 million for the same period in the prior year was primarily driven by an increasethe costs attributable to increased subscriptions to our Class S and the increased cost of distribution and shareholder servicing fees, professional fees, administrative service expenses and other general & administrative expenses due to servicing a growinglarger investment portfolio.
Income Taxes, Including Excise Taxes
We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatmentand maintain qualification as a RIC, wethe Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to eliminate any entity level corporate income tax, the Company must distribute to ourits shareholders, infor each taxable year, generally at least 90% of the sum of our investment(i) its “investment company taxable income, as defined by the Codeincome” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.income.
DependingIn addition, based on the level of taxable income earned inexcise tax distribution requirements, the Company is subject to a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a4% nondeductible 4% U.S. federal excise tax on suchundistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income as required. Tofor the extentcalendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that we determinecalendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that our estimated current year annual taxableis subject to corporate income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.is considered to have been distributed.
For the three months ended June 30, 2023 and 2022, the Company accrued $5.7 million and 2021, we incurred $0.2 million, and $0.0 million, respectively, inof U.S. federal excise tax.
For the six months ended June 30, 2023 and 2022, the Company accrued $13.4 million and 2021, we incurred $0.3 million, and $0.0 million, respectively, inof U.S. federal excise tax.
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Net Unrealized Gain (Loss)
Net unrealized gain (loss) was comprised of the following (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20222021202220212023202220232022
Net unrealized gain (loss) on investmentsNet unrealized gain (loss) on investments$(875,893)$52,321 $(949,007)$68,531 Net unrealized gain (loss) on investments$19,694 $(875,893)$189,077 $(949,007)
Net unrealized gain (loss) on foreign currency forward contracts11,793 — (1,669)— 
Net unrealized gain (loss) on forward purchase obligation— (1,910)— — 
Net unrealized gain (loss) on derivative instrumentsNet unrealized gain (loss) on derivative instruments(3,026)11,793 (14,966)(1,669)
Net unrealized gain (loss) on foreign currency and other transactionsNet unrealized gain (loss) on foreign currency and other transactions(4,523)— (5,783)— 
Net unrealized gain (loss)Net unrealized gain (loss)$(864,100)$50,411 $(950,676)$68,531 Net unrealized gain (loss)$12,145 $(864,100)$168,328 $(950,676)
For the three months ended June 30, 2022, the2023, we had net unrealized loss was primarily driven by a decreasegains on investments of $19.7 million, compared to net unrealized losses on investments of $875.9 million for the same period in the fair value of our debt investments during the period.prior year. The fair value of our debt investments as a percentage of principal decreased by 1.7% during the period due to volatility in the quarter driven by inflationary concernsremained flat at 96.6% as of March 31, 2023 and the Russia/Ukraine conflict. June 30, 2023.
For the three months ended June 30, 2021, the fair value2023, we had net unrealized losses of our debt investments increased due to continued spread tightening$3.0 million and $4.5 million on foreign currency forward contracts and foreign currency transactions, respectively, primarily as a result of fluctuations in the credit markets driven primarily by a strong recovery in economic activity in the period.GBP and SEK exchange rates vs. USD.
For the six months ended June 30, 2022, the2023, we had net unrealized loss wasgains on investments of $189.1 million, primarily driven by a decreasean increase in the fair value of our debt investments, duringcompared to net unrealized losses on investments of $949.0 million for the period.same period in the prior year. The fair value of our debt investments as a percentage of principal decreasedincreased by 1.9% during the period due0.3%, from 96.3% as of December 31, 2022 to volatility96.6% as of June 30, 2023, driven by strong portfolio company fundamentals and changes in the quarter driven by inflationary concerns and the Russia/Ukraine conflict. economic outlook.
For the six months ended June 30, 2021, the fair value2023, we had net unrealized losses of our debt investments increased due to continued spread tightening$15.0 million and $5.8 million on foreign currency forward contracts and foreign currency transactions, respectively, primarily as a result of fluctuations in the credit markets driven primarily by a strong recovery in economic activity in the period.GBP and SEK exchange rates vs. USD.
Net Realized Gain (Loss)
The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net realized gain (loss) on investments$(17,565)$360 $(15,903)$777 
Net realized gain (loss) on forward purchase obligation— 2,248 — 3,709 
Net realized gain (loss) on derivative— — — 2,334 
Net realized gain (loss) on translation of assets and liabilities in foreign currencies3,634 (883)4,587 (802)
Net realized gain (loss)$(13,931)$1,725 $(11,316)$6,018 
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Net realized gain (loss) on investments$(76,141)$(17,565)$(177,837)$(15,903)
Net realized gain (loss) on derivative instruments(2,464)— 2,306 — 
Net realized gain (loss) on foreign currency and other transactions(820)3,634 3,423 4,587 
Net realized gain (loss)$(79,425)$(13,931)$(172,108)$(11,316)
For the three and six months ended June 30, 2022,2023, we generated net realized gainslosses on investments of $1.8$76.1 million and $3.6$177.8 million respectively, partially offset by realized losses of $19.8 million and $20.0 million, respectively,which was primarily from full or partial sales of our debt investments.
For the three and six months ended June 30, 2021,2023, we generated realized gains on investments of $1.7 million and $6.0 million, respectively, which was primarily comprised of theadditionally incurred net realized gainlosses of $2.5 million, on forward purchase obligationderivative assets and derivative liabilities from the settlement of our foreign currency derivative transactions and net realized losses of $0.8 million on foreign currency translations and other transactions.
The net realized losses on investments for the six months ended June 30, 2021, the2023 were partially offset by net realized gaingains of $2.3 million on derivative recorded uponassets and derivative liabilities from the settlement of our foreign currency derivative transactions and net realized gains of $3.4 million on foreign currency translations primarily as a result of fluctuations in the purchase of the Syndicated Warehouse.
If the COVID-19 pandemic continues, it may cause us to experience full or partial losses on our investments upon the exit or restructuring of our investments. In addition, the rise in interestGBP and NOK exchange rates in order to control inflation may correlate to increases in our net income. Increases in interest rates may adversely affect our existing borrowers.
Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. We have designated certain interest rate swaps to be in a hedge accounting relationship. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies” for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship. See our schedule of investments forvs. USD.
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additional disclosure regarding these derivative instruments. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 6. Borrowings” for additional disclosure regarding the carrying value of our debt.
Financial Condition, Liquidity and Capital Resources
We generate cash primarily from the net proceeds of our continuous offering of common shares,Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our Share Repurchase Programshare repurchase program and (v) cash distributions to the holders of our shares.
As of June 30, 20222023 and December 31, 2021, we had thirteen and twelve2022, our debt consisted of asset based leverage facilities, one and one revolving credit facility, twelve and seven unsecured note issuances, five and three debt securitizations and short term borrowings related to repurchase obligations outstanding, respectively.and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt interest rate swaps and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 20222023 and December 31, 2021,2022, we had an aggregate principal amount of $25,648.2$24,359.9 million and $18,301.5$26,842.2 million, respectively, of debt securities outstanding and our asset coverage ratio was 182.0%197.7% and 170.2%.184.5%, respectively.
Cash and cash equivalents as of June 30, 2022,2023, taken together with our $6,924.2$10,713.1 million of availableunused capacity under our credit facilities (subject to borrowing base availability), proceeds from new or amended financing arrangements and the continuous offering of our common sharesCommon Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our common sharesCommon Shares and the use of existing and future financing arrangements. As of June 30, 2022,2023, we had significant amounts payable and commitments for new investments, which we planned to fund using proceeds from offering our common sharesCommon Shares and available borrowing capacity under our credit facilities. Additionally, we held $10,454.6$5,453.3 million of Level 2 debt investments as of June 30, 2022,2023, which could provide additional liquidity if necessary.
Although we werehave historically been able to close onobtain sufficient borrowing capacity, a new revolving credit facility, issue several new unsecured notes and issue a debt securitization during the three months ended June 30, 2022, another disruptiondeterioration in the financial markets caused by the COVID-19 outbreak, geopolitical uncertaintieseconomic conditions or any other negative economic developmentdevelopments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained prior to the outbreak of the pandemic.previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.
As of June 30, 2022,2023, we had $1,644.4$1,389.0 million in cash and cash equivalents. During the six months ended June 30, 2022,2023, cash used inprovided by operating activities was $14,870.1$2,927.2 million, primarily as a result of funding portfolio investments of $17,826.0 million, partially offset by proceeds from repayments on and sale of investments of $1,486.3$3,191.6 million and an increase in payables for investments purchases of $951.9217.4 million, partially offset by funding portfolio investments of $1,677.8 million. Cash provided byused in financing activities was $15,896.5$2,884.9 million during the period, primarily as a result of new share issuances related $9,056.4$2,056.2 million of subscriptionsshare repurchases and $2,580.0 million of net borrowings, of $7,323.6 million.
As of June 30, 2021, we had $495.6 million in cash and cash equivalents. During the six months ended June 30, 2021, cash used in operating activities was $8,639.8 million, primarily as a result of funding portfolio investments of $10,637.6 million, the acquisition of Twin Peaks for $697.4 million (net of cash assumed), partially offset by proceeds from sale of investments of $723.4 million and an increase in payables for investments purchases of $2,169.4 million. Cash provided by financing activities was $9,135.3 million during the period, primarily as a result of new share issuances related $4,843.4$2,426.9 million of subscriptions and net borrowings of $4,358.7 million.subscriptions.
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Equity
The following table summarizes issuances and repurchases of our common shares of beneficial interest duringpresents transactions in the three months ended Common SharesJune 30, 2022 (dollars in thousands except share amounts):
June 30, 2022For the three months ended June 30, 2023
SharesAmountSharesAmount
CLASS ICLASS ICLASS I
SubscriptionsSubscriptions96,008,795$2,465,578 Subscriptions40,025,888$991,563 
Share transfers between classesShare transfers between classes983,22525,240 Share transfers between classes801,65619,887 
Distributions reinvestedDistributions reinvested4,570,700117,013 Distributions reinvested7,486,630185,625 
Share repurchasesShare repurchases(10,388,019)(257,623)Share repurchases(43,026,051)(1,069,628)
Early repurchase deductionEarly repurchase deduction— 2,283 Early repurchase deduction— 21 
Net increase (decrease)Net increase (decrease)91,174,701 $2,352,491 Net increase (decrease)5,288,123 $127,468 
CLASS SCLASS SCLASS S
SubscriptionsSubscriptions50,998,279$1,309,690 Subscriptions21,551,333$534,160 
Share transfers between classesShare transfers between classes(147,265)(3,754)Share transfers between classes(338,831)(8,406)
Distributions reinvestedDistributions reinvested1,735,47444,483 Distributions reinvested3,241,10280,362 
Share repurchasesShare repurchases(998,387)(25,241)Share repurchases(5,289,207)(131,490)
Early repurchase deductionEarly repurchase deduction—99 Early repurchase deduction—30 
Net increase (decrease)Net increase (decrease)51,588,101 $1,325,277 Net increase (decrease)19,164,397 $474,656 
CLASS DCLASS DCLASS D
SubscriptionsSubscriptions10,235,885 $262,493 Subscriptions810,907 $20,071 
Share transfers between classesShare transfers between classes(835,960)(21,486)Share transfers between classes(462,803)(11,481)
Distributions reinvestedDistributions reinvested305,881 7,831 Distributions reinvested28,518 707 
Share repurchasesShare repurchases(82,582)(2,046)Share repurchases(134,805)(3,351)
Early repurchase deductionEarly repurchase deduction—23 Early repurchase deduction—— 
Net increase (decrease)Net increase (decrease)9,623,224 $246,815 Net increase (decrease)241,817 $5,946 
Total net increase (decrease)Total net increase (decrease)152,386,026 $3,924,583 Total net increase (decrease)24,694,337 $608,070 
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The following table summarizes issuances and repurchases of our common shares of beneficial interest duringpresents transactions in the six months ended Common SharesJune 30, 2022 (dollars in thousands except share amounts):
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June 30, 2022
SharesAmount
CLASS I
Subscriptions221,712,300$5,719,346 
Share transfers between classes1,533,33539,479 
Distributions reinvested8,503,028218,785 
Share repurchases(11,878,376)(296,104)
Early repurchase deduction— 2,644 
Net increase (decrease)219,870,287 $5,684,150 
CLASS S
Subscriptions108,794,581$2,805,719 
Share transfers between classes(176,884)(4,520)
Distributions reinvested3,153,05481,177 
Share repurchases(1,665,431)(41,963)
Early repurchase deduction—405 
Net increase (decrease)110,105,320 $2,840,818 
CLASS D
Subscriptions20,725,977 $534,032 
Share transfers between classes(1,356,451)(34,959)
Distributions reinvested517,379 13,305 
Share repurchases(91,424)(2,276)
Early repurchase deduction—67 
Net increase (decrease)19,795,481 $510,169 
Total net increase (decrease)349,771,088 $9,035,137 
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The following table summarizes transactions in common shares of beneficial interest during the three months ended June 30, 2021 (dollars in thousands except share amounts):
SharesAmount
CLASS I
Subscriptions72,765,283$1,863,782 
Share transfers between classes106,3892,745 
Distributions reinvested768,39919,715 
Share repurchases(48,738)(1,258)
Early repurchase deduction— 19 
Net increase (decrease)73,591,333 $1,885,003 
CLASS S
Subscriptions31,758,213$813,582 
Distributions reinvested185,5954,766 
Share repurchases—— 
Early repurchase deduction—6 
Net increase (decrease)31,943,808 $818,354 
CLASS D
Subscriptions3,125,266 $80,347 
Share transfers between classes(106,389)(2,745)
Distributions reinvested2,411 62 
Share repurchases—— 
Early repurchase deduction—— 
Net increase (decrease)3,021,288 $77,664 
Total net increase (decrease)108,556,429 $2,781,021 
The following table summarizes transactions in common shares of beneficial interest during the six months ended June 30, 2021 (dollars in thousands except share amounts):
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For the six months ended June 30, 2023
SharesAmountSharesAmount
CLASS ICLASS ICLASS I
SubscriptionsSubscriptions144,470,591$3,669,228 Subscriptions58,996,813$1,461,821 
Share transfers between classesShare transfers between classes106,3892,745 Share transfers between classes45,581,9021,131,859 
Distributions reinvestedDistributions reinvested959,83824,563 Distributions reinvested14,358,610355,737 
Share repurchasesShare repurchases(48,738)(1,258)Share repurchases(73,344,305)(1,820,611)
Early repurchase deductionEarly repurchase deduction— 19 Early repurchase deduction— 78 
Net increase (decrease)Net increase (decrease)145,488,080 $3,695,297 Net increase (decrease)45,593,020 $1,128,884 
CLASS SCLASS SCLASS S
SubscriptionsSubscriptions42,866,403$1,093,871 Subscriptions36,034,142$892,824 
Share transfers between classesShare transfers between classes(1,706,270)(42,140)
Distributions reinvestedDistributions reinvested208,2955,341 Distributions reinvested6,294,698155,962 
Share repurchasesShare repurchases—— Share repurchases(10,609,545)(263,275)
Early repurchase deduction fees—6 
Early repurchase deductionEarly repurchase deduction—169 
Net increase (decrease)Net increase (decrease)43,074,698 $1,099,218 Net increase (decrease)30,013,025 $743,540 
CLASS DCLASS DCLASS D
SubscriptionsSubscriptions3,125,266 $80,347 Subscriptions2,922,621 $72,284 
Transfers(106,389)(2,745)
Share transfers between classesShare transfers between classes(43,876,202)(1,089,719)
Distributions reinvestedDistributions reinvested2,411 62 Distributions reinvested634,300 15,705 
Share repurchasesShare repurchases—— Share repurchases(557,743)(13,827)
Early repurchase deduction fees—— 
Early repurchase deductionEarly repurchase deduction—11 
Net increase (decrease)Net increase (decrease)3,021,288 $77,664 Net increase (decrease)(40,877,024)$(1,015,546)
Total net increase (decrease)Total net increase (decrease)191,584,066 $4,872,179 Total net increase (decrease)34,729,021 $856,878 

Distributions and DividendDistribution Reinvestment Plan
The following table summarizes ourpresents the Company’s distributions declared and payable for the six months ended June 30, 20222023 (dollar amounts in thousands, except per share amounts):

Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1740 $66,686 
February 23, 2022February 28, 2022March 25, 20220.1740 75,042 
March 23, 2022March 31, 2022April 28, 20220.1740 82,959 
April 23, 2022April 30, 2022May 27, 20220.1740 89,838 
May 23, 2022May 31, 2022June 29, 20220.1740 96,450 
June 23, 2022June 30, 2022July 27, 20220.1740 100,372 
$1.0440 $511,347 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1556 $23,816 
February 23, 2022February 28, 2022March 25, 20220.1556 26,598 
March 23, 2022March 31, 2022April 28, 20220.1557 29,834 
April 23, 2022April 30, 2022May 27, 20220.1557 32,985 
May 23, 2022May 31, 2022June 29, 20220.1558 35,893 
June 23, 2022June 30, 2022July 27, 20220.1561 38,018 
$0.9345 $187,144 
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.2100 $125,726 
February 24, 2023February 28, 2023March 29, 20230.2100 127,513 
March 23, 2023March 31, 2023April 28, 20230.2100 138,990 
April 19, 2023April 30, 2023May 26, 20230.2100 135,044 
May 17, 2023May 31, 2023June 27, 20230.2100 137,362 
June 20, 2023June 30, 2023July 27, 20230.2100 142,770 
$1.2600 $807,405 
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Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1686 $3,469 
February 23, 2022February 28, 2022March 25, 20220.1686 3,961 
March 23, 2022March 31, 2022April 28, 20220.1686 4,551 
April 23, 2022April 30, 2022May 27, 20220.1686 5,126 
May 23, 2022May 31, 2022June 29, 20220.1686 5,699 
June 23, 2022June 30, 2022July 27, 20220.1687 6,190 
$1.0117 $28,996 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.1926 $55,316 
February 24, 2023February 28, 2023March 29, 20230.1924 56,106 
March 23, 2023March 31, 2023April 28, 20230.1924 57,471 
April 19, 2023April 30, 2023May 26, 20230.1925 58,078 
May 17, 2023May 31, 2023June 27, 20230.1924 59,351 
June 20, 2023June 30, 2023July 27, 20230.1925 61,185 
$1.1548 $347,507 

The following table presents distributions that were declared during the six months ended June 30, 2021:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 29, 2021January 31, 2021February 24, 2021$0.1151 $3,431 
February 24, 2021February 28, 2021March 29, 20210.14277,206 
March 30, 2021March 31, 2021April 28, 20210.145810,483 
April 23, 2021April 30, 2021May 26, 20210.1510 15,074 
May 25, 2021May 31, 2021June 28, 20210.1563 19,336 
June 29, 2021June 30, 2021July 28, 20210.1667 24,261 
June 29, 2021June 30, 2021July 28, 20210.1233 17,944 (1)
$1.0009 $97,735 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 29, 2021January 31, 2021February 24, 2021$0.1008 $277 
February 24, 2021February 28, 2021March 29, 20210.1250827 
March 30, 2021March 31, 2021April 28, 20210.12811,426 
April 23, 2021April 30, 2021May 26, 20210.1329 2,994 
May 25, 2021May 31, 2021June 28, 20210.1382 4,607 
June 29, 2021June 30, 2021July 28, 20210.1484 6,391 
June 29, 2021June 30, 2021July 28, 20210.1233 5,311 (1)
$0.8967 $21,833 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
May 25, 2021May 31, 2021June 28, 20210.1510 205 
June 29, 2021June 30, 2021July 28, 20210.1613 487 
June 29, 2021June 30, 2021July 28, 20210.1233 373 (1)
$0.4356 $1,065 
(1)Represents a special distribution.
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.2049 $10,247 
February 24, 2023February 28, 2023March 29, 20230.2048 10,343 
March 23, 2023March 31, 2023April 28, 20230.2048 1,659 
April 19, 2023April 30, 2023May 26, 20230.2048 1,591 
May 17, 2023May 31, 2023June 27, 20230.2048 1,564 
June 20, 2023June 30, 2023July 27, 20230.2048 1,649 
$1.2289 $27,053 
With respect to distributions, we have adopted an “opt out” dividenddistribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the dividenddistribution reinvestment plan will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
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Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that we declaredFor additional information on our shares of common stock during the six months ended June 30, 2022:
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.0440 $511,347 $0.9345 $187,144 $1.0117 $28,996 
Net realized gains— — — — — — 
Total$1.0440 $511,347 $0.9345 $187,144 $1.0117 $28,996 

The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2021:
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.9871 $95,729 $0.8829 $21,239 $0.4218 $1,023 
Net realized gains0.0138 2,006 0.0138 594 0.0138 42 
Total$1.0009 $97,735 $0.8967 $21,833 $0.4356 $1,065 
and dividend reinvestment plan, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”
Share Repurchase Program
AtThe Company has implemented a share repurchase program under which, at the discretion of the Board, the Company has commenced a share repurchase program in which the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s common sharesCommon Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter.quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”).Deduction. The one-year holding period is measured aswill be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription closing date immediately following the prospectivevaluation date used in the repurchase date.of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder.holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.shareholders.
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During the three months ended June 30, 2022,2023, approximately 11,488,31548,450,063 shares were repurchased (totalfor a total value of $284.9$1,204.4 million based on June 30, 2021 NAV(net of $24.80)Early Repurchase Deduction). During the six months ended June 30, 2022,2023, approximately 13,635,23184,511,593 shares were repurchased (totalfor a total value of $340.3$2,097.5 million based on June 30, 2022 NAV of $24.80).
During the three and six months ended June 30, 2021, approximately 48,738 shares were repurchased (total value of $1.3 million based on June 30, 2021 NAV of $25.81).
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The following table further summarizes the share repurchases completed during the six months ended June 30, 2022:
Repurchase deadline request
Percentage of
Outstanding Shares
the Company Offered
to Repurchase(1)
Price Paid Per ShareRepurchase
Pricing Date
Amount
Repurchased (all classes)(3)
Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Maximum number of shares that may yet be purchased under the repurchase plan(2)
February 28, 20225.00 %$25.82 March 31, 2022$54,464 2,146,916 0.43 %— 
May 31, 20225.00 %$24.80 June 30, 2022$282,505 11,488,315 1.65 %— 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)All repurchase requests were satisfied in full.
(3)Amounts shown net(net of Early Repurchase DeductionDeduction).

The following table further summarizes theFor additional information on our share repurchases, completed during the six months ended June 30, 2021:
see “
Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets”.
Repurchase deadline requestPercentage of
Outstanding Shares
the Company Offered
to Repurchase		Repurchase
Pricing Date		Amount
Repurchased (all classes)		Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
May 28, 20215.00 %June 30, 2021$1,258 48,738 0.06 %
(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchases requests were satisfied in full.

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Borrowings
Our outstanding debt obligations were as follows (dollar amounts in thousands):
June 30, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unused
Portion (1)		Amount
Available (2)
Bard Peak Funding Facility$1,650,000 $1,547,400 $1,547,400 $102,600 $102,600 
Castle Peak Funding Facility (3)
1,600,000 1,356,455 1,356,455 243,545 243,521 
Maroon Peak Funding Facility800,000 800,000 800,000 — — 
Summit Peak Funding Facility (4)
2,300,000 1,808,793 1,808,793 491,207 33,223 
Denali Peak Funding Facility750,000 749,800 749,800 200 200 
Bushnell Peak Funding Facility600,000 593,800 593,800 6,200 6,200 
Granite Peak Funding Facility750,000 301,400 301,400 448,600 181,574 
Middle Peak Funding Facility800,000 713,950 713,950 86,050 86,050 
Bison Peak Funding Facility1,500,000 1,349,400 1,349,400 150,600 150,600 
Blanca Peak Funding Facility1,000,000 1,000,000 1,000,000 — — 
Windom Peak Funding Facility(5)
2,000,000 1,816,641 1,816,641 183,359 181,931 
Monarch Peak Funding Facility2,000,000 973,400 973,400 1,026,600 48,490 
Borah Peak Funding Facility400,000 349,000 349,000 51,000 51,000 
2022-1 BSL WH400,000 91,000 91,000 309,000 309,000 
Revolving Credit Facility (6)
5,150,000 1,324,731 1,324,731 3,825,269 3,825,269 
June 2024 Notes (7)(10)
435,000 435,000 421,027 — — 
June 2026 Notes (7)
400,000 400,000 397,279 — — 
September 2024 Notes (7)(10)
365,000 365,000 352,254 — — 
December 2026 Notes (7)(10)
1,250,000 1,250,000 1,204,396 — — 
November 2026 Eurobonds (7)(8)
580,475 580,475 517,533 — — 
November 2024 Notes (7)(10)
500,000 500,000 482,076 — — 
March 2027 Notes (7)
1,000,000 1,000,000 988,040 — — 
January 2025 Notes (7)(10)
500,000 500,000 480,646 — — 
January 2029 Notes (7)
650,000 650,000 638,361 — — 
March 2025 Notes (7)
900,000 900,000 876,324 — — 
May 2027 Notes (7)
625,000 625,000 621,436 — — 
April 2026 UK Bonds (7)(8)
326,925 326,925 296,439 — — 
2021-1 BSL Debt (9)
663,000 663,000 661,953 — — 
2022-1 BSL Debt (9)
420,000 420,000 418,670 — — 
2021-2 Debt (9)
505,800 505,800 504,189 — — 
MML 2021-1 Debt (9)
690,000 690,000 685,860 — — 
MML 2022-1 Debt (9)
759,000 759,000 753,652 — — 
Short-Term Borrowings302,182 302,182 302,182 — — 
Total$32,572,382 $25,648,152 $25,378,087 $6,924,230 $5,219,658 
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December 31, 2021
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility$1,650,000 $879,000 $879,000 $771,000 $— 
Castle Peak Funding Facility (3)
1,600,000 1,171,809 1,171,809 428,191 131,041 
Maroon Peak Funding Facility700,000 483,952 483,952 216,048 216,048 
Summit Peak Funding Facility (4)
2,000,000 1,643,154 1,643,154 356,846 86,767 
Denali Peak Funding Facility675,000 668,400 668,400 6,600 6,600 
Bushnell Peak Funding Facility600,000 395,500 395,500 204,500 98,376 
Granite Peak Funding Facility250,000 248,000 248,000 2,000 2,000 
Middle Peak Funding Facility800,000 799,550 799,550 450 68 
Bison Peak Funding Facility1,500,000 1,320,800 1,320,800 179,200 69,364 
Blanca Peak Funding Facility1,000,000 892,800 892,800 107,200 107,200 
Windom Peak Funding Facility(5)
1,000,000 989,759 989,759 10,241 6,471 
Monarch Peak Funding Facility1,000,000 567,400 567,400 432,600 68,250 
Revolving Credit Facility (6)
3,250,000 1,144,422 1,144,422 2,105,578 2,105,578 
June 2024 Notes (7)
435,000 435,000 431,854 — — 
June 2026 Notes (7)
400,000 400,000 396,952 — — 
September 2024 Notes (7)
365,000 365,000 361,805 — — 
December 2026 Notes (7)
1,250,000 1,250,000 1,227,844 — — 
November 2026 Eurobonds (7)(8)
569,958 569,958 563,695 — — 
November 2024 Notes (7)
500,000 500,000 496,054 — — 
March 2027 Notes (7)
1,000,000 1,000,000 987,298 — — 
2021-1 BSL Debt (9)
663,000 663,000 661,910 — — 
2021-2 Debt (9)
505,800 505,800 504,124 — — 
MML 2021-1 Debt (9)
690,000 690,000 685,696 — — 
Short-Term Borrowings718,156 718,156 718,156 — — 
Total$23,121,914 $18,301,460 $18,239,934 $4,820,454 $2,897,763 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)Under the Castle Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 60.0 million and 42.4 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 60.0 million and 42.4 million, respectively.
(4)Under the Summit Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 60.0 million and 6.1 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD) of 60.0 million.
(5)Under the Windom Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 20222023 and December 31, 2021, the Company2022, we had borrowings denominated in British Pounds (GBP)an aggregate principal amount of 43.6$24,359.9 million and 43.6 million, respectively.
(6)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), Swiss Franc (CHF) and British Pounds (GBP) of 201.7 million, 94.7 million and 557.1$26,842.2 million, respectively, . As December 31, 2021 the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 46.8 million and 156.9 million, respectively.
(7)The carrying value of the Company's June 2024 Notes, June 2026 Notes, September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, May 2027 Notes and April 2026 UK Bonds are presented net of unamortized debt issuance costs of $2.6 million, $2.7 million, $2.6 million, $20.8 million, $6.5 million, $3.5 million, $12.0 million, $4.3 million, $11.6 million, $8.0 million, $2.7 million and $3.3 million, respectively, as of June 30, 2022. The carrying value of the Company's June 2024 Notes, September 2024 Notes, June 2026 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes and March 2027 Notes are presented net of unamortized debt issuance costs of $3.1 million, $3.2 million, $3.0 million, $22.2 million, $6.3 million, $3.9 million and $12.7 million, respectively, as of December 31, 2021.
(8)The November 2026 Eurobonds are denominated in Euros and were converted from local currency (EUR) to U.S. Dollars at the time of the transaction. The April 2026 UK Bonds are denominated in British Pounds and were converted from local currency (GBP) to U.S. Dollars at the time of the transaction.
(9)The carrying value of the Company’s 2021-1 BSL Debt, 2022-1 BSL Debt, 2021-2 Debt, MML 2021-1 Debt and MML 2022-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.3 million, $1.6 million, $4.1 million and $5.3 million as of June 30, 2022. The carrying value of
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the Company’s 2021-1 BSL Debt, 2021-2 Debt and MML 2021-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.7 million and $4.3 million as of December 31, 2021.
(10)Inclusive of change in fair market value of effective hedge.outstanding.

For additional information on our debt obligations see "“Item 1. Consolidated Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 6.7. Borrowings”.”
Off-Balance Sheet Arrangements
Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 20222023 and December 31, 2021,2022, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $6,873.6$5,476.7 million and $4,870.5$6,343.1 million, respectively.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the investment vehicles it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicles’ allocation may change prior to the date of funding. In this regard, as of June 30, 2023 and December 31, 2022, the Company estimates that it had $248.6 million and $1,219.5 million, respectively, of investments that are committed but not yet funded.

Other Commitments and Contingencies
From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At June 30, 2022,2023, management is not aware of any pending or threatened litigation.

Twin Peaks Acquisition
Pursuant to a Securities Purchase Agreement, dated March 5, 2021 (the “Purchase Agreement”), by and among us, Twin Peaks Parent LLC, a Delaware limited liability company not affiliated with the Company (the “Seller”), BCRED Twin Peaks LLC (“Twin Peaks”), Teacher Retirement System of Texas, an investor in Seller, and the Adviser, we acquired Twin Peaks which includes a portfolio of assets from Seller consisting of loans to 41 borrowers (including delayed draw term loans), five equity investments, cash and other assets (collectively, the “Assets”) for an aggregate purchase price of $721.0 million. For additional information see “Item 1. Financial Statements—Notes to Financial Statements—Note 11. Twin Peaks Acquisition.”
Related-Party Transactions
We entered into a number of business relationships with affiliated or related parties, including the following:
•the Investment Advisory Agreement;
•the Administration Agreement;
•the Intermediary Manager Agreement; and.
•the Expense Support and Conditional Reimbursement Agreement; and
•Twin Peaks AcquisitionAgreement.
In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective,objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “Item 1. Consolidated Financial Statements—Notes to CondensedConsolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”
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Performance
Inception Date
YTD Return (1)
Class IJanuary 7, 2021(0.38)%
Class S (no upfront placement fee)January 7, 2021(0.81)%
Class S (with upfront placement fee)January 7, 2021(4.28)%
Class D (no upfront placement fee)May 1, 2021(0.51)%
Class D (with upfront placement fee)May 1, 2021(1.98)%
(1)YTD return is through June 30, 2022 and assumes distributions are reinvested pursuant to the Company’s dividend reinvestment plan. Amounts are not annualized.
Recent Developments

Covid-19
As the novel coronavirus, or COVID-19, pandemic has evolved from its emergence in early 2020, so has its global impact. Many countries have at times re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. Moreover, with the potential for new strains of COVID-19 or outbreaks of other infectious diseases, governments and businesses may re-impose aggressive measures to help slow the spread of infectious diseases in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess.

Macroeconomic Environment
The six months ended June 30, 2023 have been characterized by continued volatility in global markets, driven by investor concerns over inflation, rising interest rates, slowing economic growth, political and regulatory uncertainty and geopolitical conditions. Recent events affecting financial institutions have also contributed to volatility in global markets and
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diminished liquidity and credit availability in the market broadly. Significant market dislocation, particularly in the financial sector, could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.
Continued inflation has prompted central banks, including the U.S. Federal Reserve’s recentReserve, to take monetary policy tightening actions, to increaseincluding raising interest rates in order to control inflation, havewhich has created further uncertainty for the economy and for our borrowers. Although our business model is such that rising interest rates will, all else being equal, correlate to increases in our net income, increases in interest rates may adversely affect our existing borrowers.borrowers and lead to nonperformance. Additionally, rising rates and increasing costs may dampen consumer spending and slow corporate profit growth, which may negatively impact our portfolio companies as they may be susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. Therefore, during these periods our non-performing assets may increase and the value of our portfolio may decrease if we are required to write down the values of our investments. Adverse economic conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. It isremains difficult to predict the full impact of recent changes and any future changes in interest rates or inflation.
Banking Sector Conditions
Recent bank closures in the United States have caused uncertainty for financial services companies and fear of instability in the global financial system generally. In addition, certain financial institutions—in particular smaller and/or regional banks—have experienced volatile stock prices and significant losses in their equity value, and there is concern that depositors at these institutions have withdrawn, or may withdraw in the future, significant sums from their accounts at these institutions. Notwithstanding intervention by U.S. governmental agencies to protect the uninsured depositors of banks that have recently closed, there is no guarantee that the uninsured depositors of a financial institution that closes (which depositors could include the Company and/or its portfolio companies) will be made whole or, even if made whole, that such deposits will become available for withdrawal in short order. There is a risk that other banks, or other financial institutions, may be similarly impacted, and it is uncertain what steps (if any) regulators may take in such circumstances or what other economic or other impacts there may be. In addition, uncertainty caused by recent bank failures—and general concern regarding the financial health and outlook for other financial institutions—could have an overall negative effect on banking systems and financial markets generally. These recent developments may also have other implications for broader economic and monetary policy, including interest rate policy. For the foregoing reasons, there can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect the Company, its portfolio companies or their respective financial performance.
Reference Rate Reform
LIBOR and certain other floating rate benchmark indices to which our floating rate loans and other loan agreements are tied, including, without limitation, the Euro Interbank Offered Rate, or EURIBOR, the Stockholm Interbank Offered Rate, or STIBOR, the Australian Bank Bill Swap Reference Rate, or BBSY, the Canadian Dollar Offered Rate, or CDOR, the Swiss Average Rate Overnight, or SARON, and the Copenhagen Interbank Offering Rate, or CIBOR, or collectively, IBORs, arehave been the subject of recent national, international and regulatory guidance and proposals for reform. As of December 31, 2021, the ICE Benchmark Association,reform or IBA, ceased publication of all non-USD LIBOR and the one-week and two-month USD LIBOR and, as and previously announced, intends to cease publication of remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the U.S. This legislation establishes a uniform benchmark replacement process for financial contracts maturing after June 30, 2023 that do not contain clearly defined or practicable fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve.

replacement. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, has identified the Secured Overnight Financing Rate, or SOFR, a newan index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for USD LIBOR. AsThe publication of USD LIBOR continued until June 30, 2022, one-month2023 and market participants are generally expected to transition to SOFR is utilized as the floating benchmark rate on 43 of our loans, the financing provided on the 2020 FL3 and 2020 FL2 CLOs, one of our asset-specific financings, and certain borrowings under eight of our credit facilities. As of June 30, 2022, the one-month SOFR was 1.69% and one-month USD LIBOR was 1.79%.thereafter. Additionally, market participants have started to transitiontransitioned from GBP LIBOR to the Sterling Overnight Index Average, or SONIA, in line
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with guidance from the U.K. regulators. As of June 30, 2022, daily compounded SONIA is utilized as the floating benchmark rate for all of our floating rate British Pound Sterling loans and related financings.

At this time, it is not possible to predict how markets will respond to SOFR, SONIA, or other alternative reference rates as the transition away from USD LIBOR and GBP LIBOR proceeds. Despite the LIBOR transition in other markets, benchmark rate methodologies in Europe, Australia, Canada, Switzerland, and Denmark have been reformed and rates such as EURIBOR, STIBOR, BBSY, CDOR, SARON, and CIBOR may persist as International Organization of Securities Commissions, or IOSCO, compliant reference rates moving forward. However, multi-rate environments may persist in these markets as regulators and working groups have suggested market participants adopt alternative reference rates.

Critical Accounting Estimates

The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2021,2022, filed with the SEC on March 9, 2022,17, 2023, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Uncertainty with respect to the economic effects of the COVID-19 outbreakconditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.risks. We are subject to financial market risks, including valuation risk, and interest rate risk.
Valuation Risk
We have invested,risk and planinflation risk. Our exposure to continue to invest, primarilymarket risk has not materially changed from what was previously disclosed in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Board, basedAnnual Report on among other things, the input of the Adviser, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation processForm 10-K for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
Interest Rate Risk
Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income. As of the date of this report, the Federal Reserve has raised the fed funds target range to 2.25-2.50% and has indicated that it expects additional increases in the coming months.
As of June 30, 2022, 99.6% of our debt investments at fair value were at floating rates. Additionally, we entered into interest rate swaps with certain of our Notes in order to align the interest rates of our liabilities with our investment portfolio. Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2022, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):

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Interest IncomeInterest Expense
Net Income(1)
Up 300 basis points$1,382,798 $(690,555)$692,243 
Up 200 basis points921,393 (460,370)461,023 
Up 100 basis points460,099 (230,185)229,914 
Down 100 basis points(456,707)230,185 (226,522)
Down 200 basis points(701,117)460,370 (240,747)
(1)Excludes the impact of income based incentive fees. See Note 3 to our consolidated financial statements for the three monthsfiscal year ended June 30, 2022 for more information on the income based incentive fees.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.
Inflation and Supply Chain Risk
Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies profit margins.December 31, 2022.
Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures
In accordance withThe Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(b)13a-15(e) and 15d-15(b) of15d-15(e) under the SecuritiesExchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act of 1934, as amended, we, underis recorded, processed, and summarized and reported within the supervisiontime periods specified in the SEC’s rules and withforms, and that such information is accumulated and communicated to the participation of our ChiefCompany’s management, including its Co-Chief Executive OfficerOfficers and Chief Financial Officer, carried out anas appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and determinedwith the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer. Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officer and Chief Financial Officer, as of the end of the period covered by the Quarterly Report on Form 10-Q.appropriate to allow timely decisions regarding required disclosure.
(b) Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 20222023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us.proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors.
In additionThere have been no material changes to the other information set forth in this report, you should carefully consider the risk factors disclosed underdiscussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021.2022.
Item 2. Unregistered Sales of Equity Securities, and Use of Proceeds.Proceeds and Issuer Purchases of Equity Securities.
Refer to our Current Reports on Form 8-K filed with SEC on JulyApril 20, 2023, May 18, 2023 and June 21, 2022, June 27, 2022, May 24, 2022, and April 21, 20222023 for information about unregistered sales of our equity securities during the quarter.
The following table sets forth information regarding repurchases of shares of our common stock during the quarter ended June 30, 2022:2023:
Offer DateTender Offer Expiration
Percentage of Outstanding Shares the Company Offered to Repurchase (1)
Tender Offer (2)
Purchase Price per ShareShares Repurchased
May 03, 2022May 31, 20225.00 %$284,910 $24.80 11,488,315 
Repurchase deadline requestTotal Number of Shares
Repurchased
(all classes)		Percentage of
Outstanding Shares
Repurchased (1)		Price Paid Per ShareRepurchase
Pricing Date		Amount
Repurchased (all classes)(3)		Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 202336,061,530 3.91 %$24.77 March 31, 2023$893,037 — 
May 31, 202348,450,063 5.20 %$24.86 June 30, 2023$1,204,418 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)All repurchase requests were satisfied in full.
(3)Amounts not inclusiveshown net of Early Repurchase Deduction.Deduction
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
None.Section 13(r) Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures provided to us by Mundys S.p.A.
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Item 6. Exhibits.
Exhibit
Number		Description of Exhibits
4.13.1
4.23.2
10.1
10.2
10.310.2
31.1
31.2
31.3
32.1
32.2
32.3
99.1
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Filed herewith.
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The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Blackstone Private Credit Fund
Date:August 12, 202211, 2023/s/ Brad Marshall
Brad Marshall
ChiefCo-Chief Executive Officer
Date:August 12, 202211, 2023/s/ Stephan KuppenheimerJonathan Bock
Stephan KuppenheimerJonathan Bock
Co-Chief Executive Officer
Date:August 11, 2023/s/ Teddy Desloge
Teddy Desloge
Chief Financial Officer
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