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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 September 30, 2022March 31, 2023
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
________________________
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, smaller reporting company, or an emerging growth company. See the definition 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 Act).    Yes  ¨    No  x
The number of shares of Registrant’s Common Stock, $0.01 par value per share, outstanding as of November 14, 2022May 8, 2023 was 615,147,931, 274,597,992643,076,121, 301,696,079 and 45,800,4487,767,841 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude NovemberMay 1, 20222023 subscriptions since the issuance price is not yet finalized at this time.


Table of Contents
Table of Contents
Page
Financial Statements
Consolidated Statements of Assets and Liabilities as of September 30, 2022March 31, 2023 and December 31, 20212022 (Unaudited)
2
Consolidated Statement of Operations for the three and nine months ended September 30, 2022 and 2021 (Unaudited)
4
Consolidated StatementStatements of Changes in Net AssetsOperations for thethree and nine months ended September 30, 2022March 31, 2023 and 2021 (Unaudited)
5
Consolidated Statement of Cash Flows for nine months ended September 30, 2022 and 2021 (Unaudited)
6
Consolidated ScheduleStatements of Investments as of Changes in Net Assets for theSeptember 30, 2022 three months ended March 31, 2023 and December2022 (Unaudited)
7
Consolidated Statements of Cash Flows for three months ended March 31, 20212023 and 2022 (Unaudited)
8
Consolidated Schedules of Investments as of March 31, 2023 and December 31, 2022 (Unaudited)
10
Notes to Consolidated Financial Statements (Unaudited)
6572
Management’s Discussion and Analysis of Financial Condition and Results of Operations
144170
Quantitative and Qualitative Disclosures About Market Risk
165183
Controls and Procedures
166183
Legal Proceedings
167184
Risk Factors
167184
Unregistered Sales of Equity Securities and Use of Proceeds
167184
Defaults Upon Senior Securities
167184
167184
167184
168186
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,” "us"“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 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’sBoard 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;companies, including our and their ability to effectively respond to challenges posed by 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 Securities and Exchange Commission.Commission (“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”).
13

Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Blackstone Private Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
September 30, 2022December 31, 2021
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $48,097,184 and $30,483,619 at September 30, 2022 and December 31, 2021, respectively)$46,908,574 $30,579,870 
Non-controlled/affiliated investments (cost of $719 and $583 at September 30, 2022 and December 31, 2021, respectively)2,360 1,614 
Controlled/affiliated investments (cost of $2,077,717 and $213,821 at September 30, 2022 and December 31, 2021, respectively)2,048,069 214,209 
Total investments at fair value (cost of $50,175,620 and $30,698,023 at September 30, 2022 and December 31, 2021, respectively)48,959,003 30,795,693 
Cash and cash equivalents (restricted cash of $51,518 and $2,500 at September 30, 2022 and December 31, 2021, respectively)1,588,992 617,986 
Interest receivable from non-controlled/non-affiliated investments499,239 194,493 
Deferred financing costs101,752 76,357 
Deferred offering costs2,861 2,471 
Receivable for investments sold1,168,633 663,594 
Subscription receivable8,593 826 
Derivative asset at fair value (Note 6)1,642 1,505 
Other assets4,504 789 
Total assets$52,335,219 $32,353,714 
LIABILITIES
Debt (net of unamortized debt issuance costs of $100,245 and $61,526 at September 30, 2022 and December 31, 2021, respectively)$27,043,081 $18,239,934 
Payable for investments purchased1,379,203 997,408 
Management fees payable (Note 3)70,984 35,038 
Income based incentive fees payable (Note 3)83,663 36,004 
Capital gains incentive fees payable (Note 3)— 15,058 
Derivative liability at fair value (Note 6)265,010 — 
Interest payable244,362 50,294 
Due to affiliates25,010 9,348 
Distribution payable (Note 9)157,871 100,155 
Payable for share repurchases (Note 9)671,705 12,205 
Accrued expenses and other liabilities15,754 3,450 
Total liabilities29,956,643 19,498,894 
Commitments and contingencies (Note 8)
NET ASSETS
Common shares, $0.01 par value (909,121,615 and 495,831,116 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)9,091 4,958 
Additional paid in capital23,361,101 12,734,425 
Distributable earnings (loss)(991,616)115,437 
Total net assets22,378,576 12,854,820 
Total liabilities and net assets$52,335,219 $32,353,714 

The accompanying notes are an integral part of these consolidated financial statements.
2

Blackstone Private Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHARESeptember 30, 2022December 31, 2021
Class I Shares:
Net assets$14,734,969 $8,985,674 
Common shares outstanding ($0.01 par value, unlimited shares authorized)598,605,098 346,591,556 
Net asset value per share$24.62 $25.93 
Class S Shares:
Net assets$6,568,170 $3,433,213 
Common shares outstanding ($0.01 par value, unlimited shares authorized)266,826,806 132,425,100 
Net asset value per share$24.62 $25.93 
Class D Shares:
Net assets$1,075,437 $435,933 
Common shares outstanding ($0.01 par value, unlimited shares authorized)43,689,711 16,814,460 
Net asset value per share$24.62 $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 September 30,Nine Months Ended September 30,
2022202120222021
Investment income:
From non-controlled/non-affiliated investments:
Interest income$970,341 $231,869 $2,150,852 $380,505 
Payment-in-kind interest income36,734 1,213 89,526 1,913 
Dividend income— — 1,510 — 
Fee income12,752 5,733 26,849 13,910 
From controlled/affiliated investments:
Dividend income25,152 — 68,765 — 
Total investment income1,044,979 238,815 2,337,502 396,328 
Expenses:
Interest expense294,772 39,759 566,332 60,544 
Management fees (Note 3)70,984 22,521 186,552 39,521 
Income based incentive fees (Note 3)83,663 21,735 194,775 35,496 
Capital gains incentive fees (Note 3)— 3,173 (15,059)12,491 
Distribution and shareholder servicing fees
Class S13,811 3,442 35,703 5,598 
Class D649 97 1,570 120 
Professional fees2,215 720 7,842 2,307 
Board of Trustees’ fees239 130 641 409 
Administrative service expenses (Note 3)1,897 606 4,090 1,225 
Other general & administrative3,918 1,399 9,764 3,658 
Organization costs— — — 1,090 
Amortization of continuous offering costs1,649 1,036 3,791 2,645 
Total expenses473,797 94,618 996,001 165,104 
Expense support (Note 3)— — — (2,199)
Recoupment of expense support (Note 3)— — — 2,199 
Management fees waived (Note 3)— (1,231)— (18,231)
Incentive fees waived (Note 3)— (1,109)— (14,870)
Net expenses473,797 92,278 996,001 132,003 
Net investment income before excise tax571,182 146,537 1,341,501 264,325 
Excise tax expense— — 292 — 
Net investment income after excise tax571,182 146,537 1,341,209 264,325 
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(143,934)21,091 (1,058,844)89,619 
Controlled/affiliated investments4,106 (4)(30,036)(1)
Non-controlled/affiliated investments562 39 608 39 
Derivative instruments (Note 6)3,958 — 2,289 — 
Net unrealized appreciation (depreciation)(135,308)21,126 (1,085,983)89,657 
Realized gain (loss):
Non-controlled/non-affiliated investments(92,364)5,135 (108,268)5,912 
Forward purchase obligation (Note 8)— — — 3,709 
Syndicated warehouse agreement (Note 8)— — — 2,334 
Foreign currency and other transactions(7,192)(880)(2,606)(1,682)
Net realized gain (loss)(99,556)4,255 (110,874)10,273 
Net realized and unrealized gain (loss)(234,864)25,381 (1,196,857)99,930 
Net increase (decrease) in net assets resulting from operations$336,318 $171,918 $144,352 $364,255 
The accompanying notes are an integral part of these consolidated financial statements.
March 31, 2023December 31, 2022
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $46,417,739 and $47,528,550 at March 31, 2023 and December 31, 2022, respectively)$45,606,740 $46,543,190 
Non-controlled/affiliated investments (cost of $719 and $719 at March 31, 2023 and December 31, 2022, respectively)3,155 2,813 
Controlled/affiliated investments (cost of $2,293,527 and $2,406,027 at March 31, 2023 and December 31, 2022, respectively)2,295,904 2,362,605 
Total investments at fair value (cost of $48,711,985 and $49,935,296 at March 31, 2023 and December 31, 2022, respectively)47,905,799 48,908,608 
Cash and cash equivalents (restricted cash of $3,701 and $3,701 at March 31, 2023 and December 31, 2022, respectively)1,269,728 1,351,901 
Interest receivable from non-controlled/non-affiliated investments524,367 586,632 
Dividend receivable from controlled/affiliated investments90,489 69,964 
Receivable from broker322,339 355,742 
Deferred financing costs95,634 102,324 
Deferred offering costs452 1,750 
Receivable for investments sold1,103,474 1,297,385 
Subscription receivable721 9,550 
Derivative assets at fair value (Note 6)6,807 3,952 
Other assets5,228 5,088 
Total assets$51,325,038 $52,692,896 
LIABILITIES
Debt (net of unamortized debt issuance costs of $96,208 and $102,290 at March 31, 2023 and December 31, 2022, respectively)$25,177,450 $26,493,658 
Payable for investments purchased1,190,656 1,345,581 
Management fees payable (Note 3)73,603 73,392 
Income based incentive fees payable (Note 3)100,758 94,117 
Interest payable293,012 316,000 
Derivative liabilities at fair value (Note 6)195,186 250,351 
Due to affiliates48,938 38,967 
Distribution payable (Note 9)198,748 198,736 
Payable for share repurchases (Note 9)893,244 1,170,768 
Accrued expenses and other liabilities50,086 26,261 
Total liabilities28,221,681 30,007,831 
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (932,609,266 and 922,574,582 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)9,326 9,226 
Additional paid in capital23,938,488 23,689,778 
Distributable earnings (loss)(844,457)(1,013,939)
Total net assets23,103,357 22,685,065 
Total liabilities and net assets$51,325,038 $52,692,896 

The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
Blackstone Private Credit Fund
Consolidated Statement of Changes in Net Assets
(in thousands)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Operations:
Net investment income$571,182 $146,537 $1,341,209 $264,325 
Net realized gain (loss) on investments(99,556)4,255 (110,874)10,273 
Net change in unrealized appreciation (depreciation) on investments(135,308)21,126 (1,085,983)89,657 
Net increase (decrease) in net assets resulting from operations336,318 171,918 144,352 364,255 
Distributions to common shareholders:
Class I(359,759)(109,808)(871,105)(207,543)
Class S(140,144)(29,305)(327,288)(51,138)
Class D(23,963)(3,055)(52,959)(4,120)
Net decrease in net assets resulting from distributions(523,865)(142,168)(1,251,352)(262,801)
Share transactions:
Class I:
Proceeds from shares sold1,253,674 2,479,115 6,973,021 6,148,343 
Share transfers between classes16,753 14,693 56,232 17,438 
Distributions reinvested151,911 49,034 370,696 73,596 
Repurchased shares, net of early repurchase deduction(611,647)(2,801)(904,839)(4,040)
Net increase (decrease) from share transactions810,691 2,540,041 6,495,110 6,235,337 
Class S:
Proceeds from shares sold601,002 823,021 3,406,722 1,916,892 
Share transfers between classes(6,483)(3,439)(11,003)(3,439)
Distributions reinvested61,154 15,471 142,331 20,812 
Repurchased shares, net of early repurchase deduction(47,971)(87)(89,583)(81)
Net increase (decrease) from share transactions607,702 834,966 3,448,467 1,934,184 
Class D:
Proceeds from shares sold179,680 132,547 713,712 212,894 
Share transfers between classes(10,270)(11,254)(45,229)(13,999)
Distributions reinvested11,404 1,210 24,710 1,272 
Repurchased shares, net of early repurchase deduction(3,796)1 (6,014)1 
Net increase (decrease) from share transactions177,018 122,504 687,179 200,168 
Total increase (decrease) in net assets1,407,864 3,527,261 9,523,756 8,471,143 
Net assets, beginning of period20,970,712 4,943,934 12,854,820 52 
Net assets, end of period$22,378,576 $8,471,195 $22,378,576 $8,471,195 
Blackstone Private Credit Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHAREMarch 31, 2023December 31, 2022
Class I Shares:
Net assets$15,645,058 $14,537,932 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)631,542,513 591,237,616 
Net asset value per share$24.77 $24.59 
Class S Shares:
Net assets$7,268,107 $6,947,313 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)293,389,669 282,541,041 
Net asset value per share$24.77 $24.59 
Class D Shares:
Net assets$190,192 $1,199,819 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)7,677,084 48,795,925 
Net asset value per share$24.77 $24.59 
The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
Blackstone Private Credit Fund
Consolidated StatementStatements of Cash FlowsOperations
(in thousands)
(Unaudited)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$144,352 $364,255 
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 investments1,088,272 (89,658)
Net change in unrealized gain/loss on derivative instruments2,499 — 
Net realized (gain) loss on investments108,268 (5,912)
Net realized (gain) loss on forward purchase obligation— (3,709)
Net realized (gain) loss on syndicated warehouse agreement— (2,334)
Payment-in-kind interest capitalized(102,604)383 
Net accretion of discount and amortization of premium(103,749)(17,225)
Amortization of deferred financing costs17,596 4,718 
Amortization of debt issuance costs and original issue discount on notes14,228 615 
Amortization of offering costs3,792 2,645 
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(24,992,598)(18,427,308)
Proceeds from sale of investments and principal repayments5,604,898 2,117,834 
Changes in operating assets and liabilities:
Interest receivable(304,745)(103,781)
Receivable for investments(505,039)(561,860)
Other assets(3,713)(53)
Payable for investments purchased381,795 1,336,567 
Management fee payable35,946 21,290 
Income based incentive fee payable47,659 20,626 
Capital gains incentive fee payable(15,058)12,491 
Due to affiliates15,662 6,957 
Interest payable194,067 19,463 
Accrued expenses and other liabilities12,303 4,404 
Net cash provided by (used in) operating activities(18,356,170)(16,041,544)
Cash flows from financing activities:
Borrowings on debt17,575,191 14,514,975 
Repayments on debt(8,269,116)(6,188,087)
Deferred financing costs paid(51,442)(51,926)
Debt issuance costs paid(6,657)(535)
Deferred offering costs paid(4,865)(4,323)
Proceeds from issuance of common shares11,093,454 8,277,035 
Repurchased shares, net of early repurchase deduction paid(348,806)(1,233)
Dividends paid in cash(655,795)(111,619)
Net cash provided by (used in) financing activities19,331,964 16,434,287 
Net increase (decrease) in cash and cash equivalents975,794 392,743 
Effect of foreign exchange rate changes on cash and cash equivalents(4,788)— 
Cash and cash equivalents, beginning of period617,986 52 
Cash and cash equivalents, end of period$1,588,992 $392,795 
Three Months Ended March 31,
20232022
Investment income:
From non-controlled/non-affiliated investments:
Interest income$1,231,747 $512,807 
Payment-in-kind interest income40,820 21,419 
Dividend income— 1,510 
Fee income997 649 
From controlled/affiliated investments:
Dividend income62,178 19,301 
Total investment income1,335,742 555,686 
Expenses:
Interest expense436,223 113,390 
Management fees (Note 3)73,603 50,627 
Income based incentive fees (Note 3)100,758 48,148 
Capital gains incentive fees (Note 3)— (10,502)
Distribution and shareholder servicing fees
Class S15,391 9,453 
Class D560 383 
Professional fees4,021 1,688 
Board of Trustees’ fees224 194 
Administrative service expenses (Note 3)1,922 1,186 
Other general & administrative4,644 2,370 
Amortization of continuous offering costs1,299 928 
Total expenses638,645 217,865 
Net investment income before excise tax697,097 337,821 
Excise tax expense7,742 117 
Net investment income after excise tax689,355 337,704 
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments123,242 (78,095)
Controlled/affiliated investments45,799 4,797 
Non-controlled/affiliated investments342 184 
Derivative instruments (Note 6)(11,940)(13,462)
Foreign currency and other transactions(1,260)— 
Net unrealized appreciation (depreciation)156,183 (86,576)
Realized gain (loss):
Non-controlled/non-affiliated investments(101,696)1,662 
Derivative instruments (Note 6)4,770 — 
Foreign currency and other transactions4,243 953 
Net realized gain (loss)(92,683)2,615 
Net realized and unrealized gain (loss)63,500 (83,961)
Net increase (decrease) in net assets resulting from operations$752,855 $253,743 
The accompanying notes are an integral part of these consolidated financial statements.
6
Table of Contents
Blackstone Private Credit Fund
Consolidated Statements of Changes in Net Assets
(in thousands)
(Unaudited)

Supplemental information and non-cash activities:
Interest paid during the period$405,828 $35,752 
Distribution payable$157,871 $55,504 
Subscription receivable$— $1,094 
Reinvestment of dividends during the period$537,737 $95,680 
Accrued but unpaid debt financing and debt issuance costs$2,718 $3,373 
Accrued but unpaid offering costs$6 $557 
Share repurchases accrued but not yet paid$663,415 $2,887 
Non-cash assets acquired/liabilities assumed:
Syndicated Warehouse (Note 8):
Investments$— $300,464 
Debt$— $(134,000)
Other assets/liabilities, net$— $(118,411)
Twin Peaks (Note 12):
Investments$— $1,023,188 
Debt$— $(337,648)
Other assets/liabilities, net$— $35,473 

Three Months Ended March 31,
20232022
Operations:
Net investment income after excise tax$689,355 $337,704 
Net realized gain (loss)(92,683)2,615 
Net change in unrealized appreciation (depreciation)156,183 (86,576)
Net increase (decrease) in net assets resulting from operations752,855 253,743 
Distributions to common shareholders:
Class I(392,229)(224,687)
Class S(168,893)(80,248)
Class D(22,249)(11,981)
Net decrease in net assets resulting from distributions(583,371)(316,916)
Share transactions:
Class I:
Proceeds from shares sold470,258 3,253,768 
Share transfers between classes1,111,972 14,239 
Distributions reinvested170,112 101,772 
Repurchased shares, net of early repurchase deduction(750,926)(37,853)
Net increase (decrease) from share transactions1,001,416 3,331,926 
Class S:
Proceeds from shares sold358,664 1,496,030 
Share transfers between classes(33,734)(766)
Distributions reinvested75,600 36,694 
Repurchased shares, net of early repurchase deduction(131,646)(16,470)
Net increase (decrease) from share transactions268,884 1,515,488 
Class D:
Proceeds from shares sold52,213 271,539 
Share transfers between classes(1,078,238)(13,473)
Distributions reinvested14,998 5,474 
Repurchased shares, net of early repurchase deduction(10,465)(194)
Net increase (decrease) from share transactions(1,021,492)263,346 
Total increase (decrease) in net assets418,292 5,047,587 
Net assets, beginning of period22,685,065 12,854,820 
Net assets, end of period$23,103,357 $17,902,407 
The accompanying notes are an integral part of these consolidated financial statements.
7
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference 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%7.67%1/29/2027$7,952 $7,844 $7,620 0.03 %
Amentum Government Services Holdings, LLC (9)SOFR +4.00%7.21%2/15/202912,248 12,191 11,727 0.05 
Atlas CC Acquisition Corp. (7)(10)L +4.25%7.32%5/25/202860,169 58,164 47,824 0.21 
Corfin Holdings, Inc. (4)(11)L +5.75%9.42%2/5/202630,573 30,564 30,267 0.14 
Corfin Holdings, Inc. (4)(11)L +5.75%8.82%2/5/20261,698 1,674 1,681 0.01 
LinQuest Corp. (4)(5)(7)(10)L +5.75%9.10%7/28/2028156,000 153,032 150,872 0.67 
Loar Group, Inc. (4)(11)L +7.25%10.37%10/2/202329,249 27,750 27,249 0.12 
Loar Group, Inc. (4)(7)(8)L +7.25%10.37%10/2/2024144,638 141,981 144,638 0.65 
MAG DS Corp. (4)(11)L +5.50%9.17%4/1/20279,695 9,566 8,919 0.04 
Maverick Acquisition, Inc. (4)(5)(7)(11)L +6.25%9.92%6/1/202748,836 47,867 46,352 0.21 
Peraton Corp. (10)L +3.75%6.87%2/1/202870,307 70,154 66,818 0.30 
Vertex Aerospace Services Corp. (10)L +3.75%6.87%12/6/202830,208 30,116 29,453 0.13 
West Star Aviation Acquisition, LLC (4)(7)(10)SOFR +6.00%8.59%3/1/20284,316 4,217 4,211 0.02 
595,120 577,632 2.58 
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)L +5.50%8.88%6/11/2027216,354 212,801 214,190 0.96 
AGI-CFI Holdings, Inc. (4)(10)L +5.75%7.91%6/11/202752,699 51,795 52,172 0.23 
Alliance Ground (4)(10)SOFR +5.75%8.44%6/11/202795,908 94,064 94,949 0.42 
ENV Bidco (4)(6)(10)SOFR +6.00%9.55%7/19/2029102,349 99,854 99,790 0.45 
ENV Bidco (4)(6)(7)(8)E +6.00%7.19%7/19/2029€114,140 111,211 105,806 0.47 
Livingston International, Inc. (4)(6)(10)L +5.50%9.14%4/30/2027104,924 104,262 103,875 0.46 
Mode Purchaser, Inc. (4)(11)SOFR +6.25%8.96%2/5/2029169,427 166,355 169,427 0.76 
Mode Purchaser, Inc. (4)(11)SOFR +6.25%8.96%12/9/202634,125 33,319 34,125 0.15 
R1 Holdings, LLC (4)(11)L +6.00%7.00%1/2/202644,223 44,187 44,223 0.20 
Redwood Services Group, LLC (4)(7)(10)SOFR +6.00%6.75%6/15/202936,851 36,061 36,026 0.16 
RWL Holdings, LLC (4)(7)(10)SOFR +5.75%9.45%12/31/2028217,761 213,385 215,003 0.96 
SEKO Global Logistics Network, LLC (4)(5)(6)(11)E +5.00%6.00%12/30/2026€35,393 40,490 34,548 0.15 
SEKO Global Logistics Network, LLC (4)(5)(7)(11)L +5.00%8.07%12/30/202688,976 88,013 88,361 0.39 
The Kenan Advantage Group, Inc. (10)L +3.75%6.87%3/24/202642,524 42,340 40,318 0.18 
Wwex Uni Topco Holdings, LLC (10)L +4.00%7.67%7/26/202819,031 18,780 17,386 0.08 
1,356,917 1,350,200 6.03 
Blackstone Private Credit Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended March 31,
20232022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$752,855 $253,743 
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(169,383)73,114 
Net change in unrealized gain/loss on derivative instruments11,940 13,462 
 Net change in unrealized gain/loss on translation of assets and liabilities in foreign currency1,260 — 
Net realized (gain) loss on investments101,696 (1,662)
Payment-in-kind interest capitalized(47,295)(26,180)
Net accretion of discount and amortization of premium(39,863)(23,451)
Amortization of deferred financing costs7,364 4,811 
Amortization of debt issuance costs and original issue discount on notes6,501 3,813 
Amortization of deferred offering costs1,299 928 
Purchases of investments(779,876)(7,816,601)
Proceeds from sale of investments and principal repayments1,988,650 789,219 
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments62,265 (90,027)
Dividend receivable from Controlled/affiliated investments(20,525)— 
Receivable from broker33,403 — 
Receivable for investments sold193,911 36,532 
Other assets(140)(767)
Payable for investments purchased(154,925)2,037,064 
Management fees payable211 15,589 
Income based incentive fees payable6,641 12,144 
Capital gains incentive fees payable— (10,502)
Due to affiliates9,971 (1,865)
Interest payable(22,988)26,645 
Accrued expenses and other liabilities23,825 2,293 
Net cash provided by (used in) operating activities1,966,797 (4,701,698)
Cash flows from financing activities:
Borrowings on debt2,109,270 3,435,973 
Repayments on debt(3,558,321)(2,545,486)
Deferred financing costs paid(341)(8,283)
Debt issuance costs paid(1,377)(8,829)
Deferred offering costs paid(337)(961)
Proceeds from issuance of common shares881,135 5,022,164 
Repurchased shares, net of early repurchase deduction paid(1,161,453)(12,205)
Dividends paid in cash(322,928)(155,680)
Net cash provided by (used in) financing activities(2,054,352)5,726,693 
Net increase (decrease) in cash and cash equivalents(87,555)1,024,995 
Effect of foreign exchange rate changes on cash and cash equivalents5,382 — 
Cash and cash equivalents, beginning of period1,351,901 617,986 
Cash and cash equivalents, end of period$1,269,728 $1,642,981 
The accompanying notes are an integral part of these consolidated financial statements.
8
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Airlines
Air Canada (6)(10)L +3.50%6.42%8/11/2028$16,777 $16,648 $15,996 0.07 %
United Airlines, Inc. (6)(10)L +3.75%6.53%4/21/202826,446 26,482 25,353 0.11 
43,130 41,349 0.18 
Auto Components
Clarios Global LP (6)(8)L +3.25%6.37%4/30/202619,806 19,668 18,795 0.08 
Metis Buyer, Inc. (5)(7)(10)SOFR +4.00%7.25%5/4/202857,583 56,295 53,391 0.24 
Wheel Pros, Inc. (10)L +4.50%7.55%5/11/202825,711 25,717 19,019 0.08 
101,680 91,205 0.41 
Beverages
Naked Juice, LLC (9)SOFR +3.25%6.90%1/24/202925,067 24,964 23,089 0.10 
Triton Water Holdings, Inc. (9)L +3.50%7.17%3/31/202861,055 59,962 55,094 0.25 
84,926 78,183 0.35 
Building Products
Camelot Return Merger SU (6)(8)8.75%8.75%8/1/202812,160 11,016 10,039 0.04 
Cornerstone Building Brands, Inc. (6)(9)L +3.25%6.07%4/12/20287,410 7,385 6,129 0.03 
Cornerstone Building Brands, Inc. (6)(9)SOFR +5.63%8.47%8/1/202850,000 45,250 46,000 0.21 
CP Atlas Buyer, Inc. (9)L +3.75%6.27%11/23/202754,252 54,070 47,525 0.21 
Engineered Stone Group Holdings III Ltd. (4)(6)(7)(10)SOFR +5.51%8.50%4/23/2028€58,583 57,967 59,987 0.27 
Fencing Supply Group Acquisition, LLC (4)(5)(11)L +6.00%8.08%2/26/2027108,233 106,884 108,233 0.48 
Great Day Improvements, LLC (4)(10)L +6.25%9.92%12/29/2027182,392 179,204 179,656 0.80 
Griffon Corporation (6)(9)SOFR +2.50%5.49%1/24/20291,268 1,265 1,222 0.01 
Illuminate Merger Sub Corp. (9)L +3.50%6.38%7/21/202830,768 30,487 27,037 0.12 
Jacuzzi Brands, LLC (4)(10)SOFR +6.00%9.55%2/25/202552,738 52,339 52,738 0.24 
Jacuzzi Brands, LLC (4)(10)SOFR +6.00%8.05%4/21/2030205,058 202,740 205,058 0.92 
Kodiak BP, LLC (10)L +3.25%6.92%3/12/202848,933 48,591 45,110 0.20 
L&S Mechanical Acquisition, LLC (4)(5)(10)L +5.75%9.43%9/1/2027113,994 112,125 108,579 0.49 
Lindstrom, LLC (4)(11)SOFR +6.25%8.86%4/7/2025150,798 147,247 149,290 0.67 
Mi Windows and Doors, LLC (9)SOFR +3.50%6.63%12/18/20275,559 5,576 5,433 0.02 
New Arclin US Holding Corp. (6)(7)(9)L +3.75%6.87%10/2/202821,312 21,258 19,499 0.09 
The Chamberlain Group, Inc. (9)L +3.50%6.62%11/3/202848,196 47,832 43,959 0.20 
Windows Acquisition Holdings, Inc. (4)(5)(11)L +6.50%10.17%12/29/202660,465 59,603 60,465 0.27 
1,190,838 1,175,958 5.25 
Blackstone Private Credit Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended March 31,
20232022
Supplemental information and non-cash activities:
Interest paid during the period$504,776 $84,300 
Distribution payable198,748 117,617 
Subscription receivable— — 
Reinvestment of dividends during the period260,710 143,941 
Accrued but unpaid debt financing and debt issuance costs— 2,004 
Accrued but unpaid offering costs6 51 
Share repurchases accrued but not yet paid893,244 54,464 

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

9
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Capital Markets
Advisor Group Holdings, Inc. (8)L +4.50%7.62%7/31/2026$42,039 $41,961 $40,110 0.18 %
AllSpring Buyer, LLC (6)(9)L +3.25%6.69%11/1/20282,985 3,000 2,906 0.01 
Resolute Investment Managers, Inc. (11)L +4.25%7.92%4/30/202410,839 10,867 9,674 0.04 
Situs-AMC Holdings Corporation (4)(11)SOFR +5.75%9.42%12/22/202735,832 35,520 35,295 0.16 
Superannuation And Investments US, LLC (6)(9)L +3.75%6.87%12/1/202817,539 17,429 17,197 0.08 
The Edelman Financial Engines Center, LLC (10)L +3.50%6.62%4/7/202855,525 55,018 51,106 0.23 
163,796 156,288 0.70 
Chemicals
Ascend Performance Materials Operations, LLC (10)SOFR +4.75%8.83%8/27/20264,925 4,985 4,834 0.02 
DCG Acquisition Corp. (8)L +4.50%7.62%9/30/20264,962 4,973 4,644 0.02 
Dominion Colour Corporation (4)(6)(11)L +7.25% (incl. 2.00% PIK)9.81%4/6/202435,696 35,157 29,003 0.13 
Geon Performance Solutions, LLC (10)L +4.50%8.17%8/18/20283,662 3,638 3,547 0.02 
Hyperion Materials & Technologies, Inc. (9)L +4.50%7.57%8/30/202825,063 24,981 23,559 0.11 
LSF11 Skyscraper Holdco S.à r.l, LLC (4)(6)(10)L +3.50%7.17%9/29/202719,751 19,672 18,862 0.08 
NIC Acquisition Corp. (10)L +3.75%7.42%12/29/202711,171 11,186 8,764 0.04 
Olympus Water US Holding Corp. (9)L +3.75%7.44%11/9/202813,769 13,755 12,603 0.06 
Oxea Corporation (6)(8)L +3.25%5.94%10/14/20246 6 6 0.00 
WR Grace Holdings, LLC (6)(9)L +3.75%7.44%9/22/20289,925 9,942 9,317 0.04 
128,294 115,140 0.51 
Commercial Services & Supplies
Access CIG, LLC (8)L +3.75%6.82%2/27/202540,717 40,597 39,098 0.17 
Allied Universal Holdco, LLC (9)L +3.75%6.87%5/12/202872,379 72,107 63,829 0.29 
Anticimex, Inc. (6)(9)L +3.50%6.57%11/16/202835,226 35,097 33,465 0.15 
Anticimex, Inc. (6)(9)L +4.00%7.07%11/16/20282,790 2,800 2,668 0.01 
APX Group, Inc. (11)L +3.25%6.24%7/10/202847,550 47,229 44,485 0.20 
Bazaarvoice, Inc. (4)(7)(8)L +5.75%7.71%5/7/2028369,375 369,375 369,375 1.65 
Belfor Holdings, Inc. (8)L +4.00%7.12%4/6/20264,924 4,939 4,850 0.02 
DG Investment Intermediate Holdings 2, Inc. (10)L +3.75%6.87%3/31/202846,296 46,324 43,272 0.19 
DG Investment Intermediate Holdings 2, Inc. (4)(10)SOFR +4.25%6.71%3/31/202827,417 27,171 26,320 0.12 
Divisions Holding Corp. (10)L +4.75%7.87%5/27/202823,855 23,661 22,871 0.10 
EAB Global, Inc. (9)L +3.50%6.31%8/16/202825,949 25,752 24,378 0.11 
eResearchTechnology, Inc. (11)L +4.50%7.62%2/4/202736,336 36,302 33,993 0.15 
Foundational Education Group, Inc. (4)(9)SOFR +3.75%7.56%8/31/20289,074 8,998 8,530 0.04 
Garda World Security Corp. (6)(8)SOFR +4.25%7.05%2/1/202921,545 21,334 20,127 0.09 
Garda World Security Corp. (6)(8)L +4.25%7.24%10/30/202632,435 32,480 30,605 0.14 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)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%8.84%1/29/2027$2,539 $2,540 $2,498 0.01 %
Amentum Government Services Holdings, LLC(9)SOFR +4.00%9.03%2/15/202912,19412,14211,9500.05 
Atlas CC Acquisition Corp.(7)(10)SOFR +4.25%9.40%5/25/202846,42544,92434,3680.15 
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.14%5/25/20289,4429,2258,1680.04 
Cobham Holdings, Inc.(4)(7)(10)SOFR +6.75%11.65%1/9/20302,0001,9291,9290.01 
Corfin Holdings, Inc.(4)(10)SOFR +6.00%11.04%12/27/20279549169350.00 
Corfin Holdings, Inc.(4)(11)SOFR +6.00%11.41%2/5/20264,8504,8434,7530.02 
Corfin Holdings, Inc.(4)(11)SOFR +6.00%11.41%3/27/202325,63325,63325,1200.11 
Corfin Holdings, Inc.(4)(11)L +6.00%11.41%2/5/20261,6891,6691,6550.01 
Linquest Corp.(4)(5)(10)L +5.75%10.70%7/28/2028155,138152,777148,9320.64 
Loar Group, Inc.(4)(7)(11)L +7.25%12.09%10/2/2024143,913140,925141,9130.61 
Loar Group, Inc.(4)(11)L +7.25%12.09%9/29/202329,04529,04529,0450.13 
MAG DS Corp.(11)L +5.50%10.50%4/1/202710,51110,3869,6700.04 
Maverick Acquisition, Inc.(4)(5)(11)L +6.25%11.41%6/1/202748,59047,84641,0580.18 
Peraton Corp.(10)L +3.75%8.59%2/1/202813,61513,64413,4740.06 
Vertex Aerospace Services Corp.(10)L +3.50%8.34%12/6/202811,88011,83111,8390.05 
West Star Aviation Acquisition, LLC(4)(7)(10)SOFR +6.00%8.59%3/1/20284,0603,9643,9610.02 
514,239491,2682.13 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%10.86%6/11/2027267,693263,730262,3391.14 
Alliance Ground(4)(10)SOFR +5.75%10.86%6/11/202795,42893,78793,5190.40 
ENV Bidco AB(4)(6)(7)(8)E +6.00%9.02%7/19/2029EUR114,140 111,168118,1480.51 
ENV Bidco AB(4)(6)(10)SOFR +6.00%10.90%7/19/2029102,349100,037100,8140.44 
Livingston International, Inc.(4)(6)(10)L +5.50%10.66%4/30/2027104,351103,764103,3070.45 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.10%12/9/202633,95033,24333,9500.15 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.10%2/5/2029168,554165,738168,5540.73 
Redwood Services Group, LLC(4)(7)(10)SOFR +6.15%11.15%6/15/202945,49244,70944,5970.19 
RoadOne Inc(4)(7)(11)SOFR +6.25%11.11%12/30/20281,1421,1001,0997.00 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%10.80%12/31/2028216,647212,638213,9000.93 
SEKO Global Logistics Network, LLC(4)(5)(11)L +4.75%9.48%12/30/202668,98068,32068,4630.30 
SEKO Global Logistics Network, LLC(4)(5)(7)(11)L +4.00%8.75%12/30/20262,1782,1302,1150.01 
SEKO Global Logistics Network, LLC(4)(5)(7)(11)SOFR +4.75%9.58%12/30/20269,0789,0149,0090.04 
SEKO Global Logistics Network, LLC(4)(5)(6)(11)E +4.75%6.95%12/30/2026EUR35,039 40,13837,7820.16 
The Kenan Advantage Group, Inc.(10)L +3.75%8.59%3/24/202613,14913,16213,0780.06 
Wwex Uni Topco Holdings, LLC(10)SOFR +4.00%9.16%7/26/202814,15014,03613,7430.06 
1,276,7141,284,41712.57 
Airlines
Air Canada(6)(10)L +3.50%8.37%8/11/202812,72312,70912,7190.06 
United Airlines, Inc.(6)(10)L +3.75%8.57%4/21/202820,11420,16120,0160.09 
32,87032,7350.15 
Auto Components
Metis Buyer, Inc.(5)(10)SOFR +4.00%8.92%5/4/202827,36826,82026,9020.12 
Metis Buyer, Inc.(4)(5)(7)(10)SOFR +3.75%8.64%5/4/20263,1953,0702,7600.01 
29,89029,6620.13 
10
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference 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)
Genuine Financial Holdings, LLC (8)L +3.75%6.87%7/11/2025$11,052 $11,015 $10,755 0.05 %
GFL Environmental, Inc. (9)L +3.00%5.81%5/30/20254,975 4,945 4,930 0.02 
International SOS The Americas LP (4)(6)(9)L +3.75%7.44%9/7/20282,314 2,294 2,262 0.01 
Java Buyer, Inc. (4)(7)(10)L +5.75%9.04%12/15/2027166,714 163,467 160,281 0.72 
JSS Holdings, Inc. (4)(10)L +6.00%6.75%12/17/2028246,479 243,192 246,479 1.10 
JSS Holdings, Inc. (4)(10)L +6.00%6.75%12/17/202741,049 40,583 41,049 0.18 
Knowledge Pro Buyer, Inc. (4)(7)(10)L +5.75%8.51%12/10/202721,850 21,472 21,413 0.10 
Knowledge Pro Buyer, Inc. (4)(10)L +5.75%8.51%12/10/202724,197 23,513 23,407 0.10 
KPSKY Acquisition, Inc. (4)(10)L +6.25%10.75%3/15/2029101,263 99,498 96,200 0.43 
MaxGen Energy Services Corporation (4)(11)L +5.00%8.14%6/2/202783,211 81,524 81,131 0.36 
Onex Baltimore Buyer, Inc. (4)(7)(10)SOFR +5.75%8.37%12/1/2027242,818 237,821 239,546 1.07 
PECF USS Intermediate Holding III Corp. (9)L +4.25%7.37%12/15/202830,636 30,649 26,245 0.12 
Polyphase Elevator Holding Co. (4)(7)(11)L +5.50%9.17%12/21/202719,227 18,970 17,275 0.08 
Recycle & Resource US, LLC (6)(9)L +3.50%7.17%7/14/20285,180 5,147 4,708 0.02 
Revspring, Inc. (8)L +4.00%7.67%10/11/202515,341 15,245 14,829 0.07 
Spin Holdco Inc. (10)L +4.00%7.14%3/4/202823 23 20 0.00 
The Action Environmental Group, Inc. (4)(5)(11)SOFR +6.00%9.59%1/16/202616,156 15,719 15,954 0.07 
The Action Environmental Group, Inc. (4)(5)(12)SOFR +6.25%9.81%1/16/20268,518 8,367 8,412 0.04 
TRC Companies, Inc. (9)L +3.75%6.87%12/8/202845,549 45,280 42,779 0.19 
USIC Holdings, Inc. (10)L +3.50%6.62%5/12/202824,750 24,649 23,268 0.10 
Vaco Holdings, LLC (10)SOFR +5.00%8.70%1/21/202921,268 21,172 20,736 0.09 
Veregy Consolidated, Inc. (4)(11)L +6.00%8.81%11/2/202720,428 20,469 19,458 0.09 
1,929,181 1,889,001 8.44 
Communications Equipment
Commscope, Inc. (6)(8)L +3.25%6.37%4/6/2026749 705 694 0.00 
Construction & Engineering
Aegion Corporation (10)L +4.75%7.87%5/17/202823,700 23,643 21,863 0.10 
ASP Endeavor Acquisition, LLC (4)(5)(9)L +6.50%9.37%5/3/202735,575 35,031 33,707 0.15 
Brookfield WEC Holdings, Inc. (9)SOFR +3.75%6.87%8/1/20254,990 4,786 4,841 0.02 
COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L +5.00%8.12%12/31/2027124,503 121,751 120,648 0.54 
Peak Utility Services Group, Inc. (4)(7)(11)L +5.00%8.67%3/2/202823,477 23,252 23,324 0.10 
Refficiency Holdings, LLC (7)(10)L +6.00%6.87%12/16/202729,750 29,546 28,446 0.13 
Thermostat Purchaser III, Inc. (4)(7)(10)L +4.50%6.07%8/31/202843,016 41,869 39,480 0.18 
Tutor Perini Corp. (6)(11)L +4.75%7.87%8/18/20272,940 2,966 2,738 0.01 
282,843 275,048 1.23 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Beverages
Naked Juice, LLC(9)SOFR +3.25%8.25%1/24/2029$273 $272 $242 0.00 %
Triton Water Holdings, Inc.(9)L +3.50%8.66%3/31/202845,11344,29140,6720.18 
44,56340,9140.18 
Building Products
Cornerstone Building Brands, Inc.(6)(9)L +3.25%7.93%4/12/20287,3537,3326,5130.03 
Cornerstone Building Brands, Inc.(6)(9)SOFR +5.63%10.45%8/1/202825,94823,40324,3910.11 
CP Atlas Buyer, Inc.(9)SOFR +3.50%8.41%11/23/202753,88753,72048,0650.21 
Engineered Stone Group Holdings III Ltd.(4)(6)(7)(10)SOFR +5.51%10.81%4/23/202858,58357,60956,3170.24 
Engineered Stone Group Holdings III Ltd.(4)(6)(8)E +5.00%8.77%4/23/2028EUR28,400 30,74430,0070.13 
Fencing Supply Group Acquisition, LLC(4)(5)(11)L +6.00%11.21%2/26/2027107,686106,497107,6860.47 
Great Day Improvements, LLC(4)(10)L +6.25%11.41%12/29/2027181,443178,573176,0000.76 
Jacuzzi Brands, LLC(4)(11)SOFR +6.00%10.90%2/25/202546,20545,92845,9740.20 
Jacuzzi Brands, LLC(4)(10)SOFR +6.00%10.32%4/21/2030204,288202,240203,2660.88 
Jacuzzi Brands, LLC(4)(10)SOFR +6.00%10.90%2/25/20256,7336,6936,6990.03 
Kodiak BP, LLC(10)L +3.25%7.98%3/12/202840,70340,48439,1760.17 
L&S Mechanical Acquisition, LLC(4)(5)(10)L +5.75%10.58%9/1/2027113,356111,686102,0200.44 
Lindstrom, LLC(4)(11)SOFR +6.25%11.02%4/7/2025149,861147,032148,3620.64 
Mi Windows and Doors, LLC(9)SOFR +3.50%8.41%12/18/20275,5385,5475,5300.02 
Oscar AcquisitionCo LLC(9)SOFR +4.50%9.50%4/29/20291,9971,9231,9300.01 
The Chamberlain Group, Inc.(7)(9)L +3.25%8.09%11/3/202825,40825,19424,4610.11 
Windows Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.50%11.55%12/29/202656,26555,55856,2650.24 
1,100,1631,082,6624.69 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%9.34%7/31/20265,6535,6675,5760.02 
AllSpring Buyer, LLC(6)(9)L +3.00%8.19%11/1/20282,9702,9842,9660.01 
Resolute Investment Managers, Inc.(11)L +4.25%9.41%4/30/20246,0206,0374,4750.02 
Situs-AMC Holdings Corporation(4)(11)SOFR +5.50%10.66%12/22/202712,94212,84012,8130.06 
Superannuation And Investments US, LLC(6)(9)L +3.75%8.59%12/1/202813,26113,18613,2310.06 
The Edelman Financial Engines Center, LLC(10)L +3.75%8.59%4/7/202818,60518,56717,9800.08 
59,28157,0410.25 
Chemicals
DCG Acquisition Corp.(8)SOFR +4.50%9.41%9/30/20264,9374,9464,8010.02 
Dominion Colour Corporation(4)(6)(11)(17)L +8.25%11.67%4/6/202435,69635,63015,3490.07 
Geon Performance Solutions, LLC(10)L +4.50%9.66%8/18/20283,6433,6223,5960.02 
Hyperion Materials & Technologies, Inc.(9)L +4.50%9.45%8/30/202817,65217,60317,5070.08 
LSF11 Skyscraper Holdco S.à r.l, LLC(4)(6)(10)L +3.50%8.34%9/29/202719,60319,53219,5790.08 
Olympus Water US Holding Corp.(9)L +3.75%8.94%11/9/20285,5555,5445,2770.02 
Oxea Corporation(6)(8)L +3.25%8.00%10/14/20246660.00 
WR Grace Holdings, LLC(6)(9)L +3.75%8.94%9/22/20284,2434,2554,2210.02 
91,13870,3360.31 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%8.73%2/27/202520,22120,20020,0520.09 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.66%5/12/202848,48248,38446,1140.20 
11
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Construction Materials
White Cap Buyer, LLC (9)SOFR +3.75%6.78%10/19/2027$53,508 $53,258 $50,183 0.22 %
Containers & Packaging
Ascend Buyer, LLC (4)(7)(10)L +5.75%9.42%10/2/202818,956 18,519 18,699 0.08 
Berlin Packaging, LLC (9)L +3.75%6.32%3/11/202842,734 42,607 40,464 0.18 
Bway Holding Corporation (8)L +3.25%5.81%4/3/202410,304 10,134 9,641 0.04 
Charter NEX US, Inc. (10)L +3.75%6.56%12/1/202746,519 46,569 44,262 0.20 
Graham Packaging Co, Inc. (10)L +3.00%6.12%3/2/202818,819 18,683 17,981 0.08 
IBC Capital US, LLC (6)(8)L +3.75%6.69%9/11/202318,387 18,367 17,016 0.08 
LABL, Inc. (9)L +5.00%8.12%10/29/20287,089 6,995 6,431 0.03 
MAR Bidco Sarl (6)(9)L +4.30%7.97%7/6/20283,908 3,891 3,589 0.02 
Novolex, Inc. (9)SOFR +4.18%7.31%4/13/202981,603 79,678 77,206 0.35 
Pretium PKG Holdings, Inc. (9)L +4.00%6.28%10/2/202823,710 23,336 21,374 0.10 
ProAmpac PG Borrower, LLC (10)L +3.75%6.04%11/3/202545,090 45,074 42,463 0.19 
Ring Container Technologies Group, LLC (9)L +3.75%6.87%8/12/20286,420 6,414 6,206 0.03 
TricorBraun Holdings, Inc. (9)L +3.25%6.37%3/3/202843,164 42,691 40,653 0.18 
Trident TPI Holdings, Inc. (7)(11)L +3.25%6.92%10/17/20248,773 8,765 8,573 0.04 
Trident TPI Holdings, Inc. (9)L +4.00%7.67%9/15/202834,061 33,627 32,280 0.14 
405,352 386,838 1.73 
Distributors
BP Purchaser, LLC (4)(10)L +5.50%8.74%12/11/202814,304 14,051 14,018 0.06 
Bution Holdco 2, Inc. (4)(11)L +6.25%9.37%10/17/20255,850 5,773 5,850 0.03 
Dana Kepner Company, LLC (4)(10)SOFR +6.00%6.75%12/29/202767,012 65,740 66,677 0.30 
Dana Kepner Company, LLC (4)(11)SOFR +6.00%9.62%12/29/202614,750 14,540 14,676 0.07 
Genuine Cable Group, LLC (4)(10)SOFR +5.75%8.88%11/2/202630,337 29,706 30,034 0.13 
Marcone Yellowstone Buyer, Inc. (4)(5)(7)(10)L +5.50%9.17%6/23/202819,649 19,299 19,256 0.09 
Marcone Yellowstone Buyer, Inc. (4)(5)(10)L +5.50%9.17%6/23/202810,984 10,747 10,795 0.05 
NDC Acquisition Corp. (4)(7)(11)L +5.50%9.17%3/9/202722,163 21,642 21,907 0.10 
Tailwind Colony Holding Corporation (4)(7)(11)L +6.25%9.89%11/13/202470,454 69,293 69,337 0.31 
Unified Door & Hardware Group, LLC (4)(11)L +5.75%7.65%12/18/202753,087 52,407 51,760 0.23 
303,197 304,309 1.36 
Diversified Consumer Services
Ascend Learning, LLC (9)L +3.50%6.62%12/11/202834,080 33,536 31,558 0.14 
Cambium Learning Group, Inc. (4)(7)(10)L +5.50%8.21%7/20/2028960,844 952,882 960,844 4.29 
Colibri Group, LLC (10)SOFR +5.00%7.34%3/12/202920,701 20,547 20,080 0.09 
Dreambox Learning Holding, LLC (4)(5)(10)L +6.25%9.44%12/1/2027135,213 132,868 129,805 0.58 
EM Bidco Limited (6)(9)SOFR +4.25%7.90%7/6/20295,345 5,327 5,044 0.02 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Anticimex, Inc.(6)(9)L +3.50%8.45%11/16/2028$11,855 $11,805 $11,736 0.05 %
APX Group, Inc.(6)(9)L +3.25%8.25%7/10/202817,52417,48917,4720.08 
Bazaarvoice, Inc.(4)(7)(8)SOFR +5.75%10.47%5/7/2028367,514367,514367,5141.59 
Belfor Holdings, Inc.(8)L +4.00%8.84%4/6/20264,8984,9124,8980.02 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +4.75%9.56%3/31/20288,1298,0567,9770.03 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.56%3/31/202837,97338,00536,9630.16 
Divisions Holding Corp.(10)L +4.75%9.59%5/27/20289,7709,6939,4100.04 
EAB Global, Inc.(9)L +3.50%8.34%8/16/20284,9384,9184,8380.02 
Foundational Education Group, Inc.(4)(9)SOFR +3.75%8.91%8/31/20289,0298,9598,1710.04 
Garda World Security Corp.(6)(8)SOFR +4.25%9.11%10/30/202612,00012,02511,9030.05 
Garda World Security Corp.(6)(8)SOFR +4.25%9.01%2/1/20299,1669,0838,9090.04 
Genuine Financial Holdings, LLC(8)L +3.75%8.59%7/11/20256,0606,0516,0330.03 
Java Buyer, Inc.(4)(10)SOFR +5.75%10.88%12/15/2027134,575132,463130,5380.57 
Java Buyer, Inc.(4)(7)(10)SOFR +5.75%10.76%12/15/202731,21330,25429,0150.13 
JSS Holdings, Inc.(4)(10)SOFR +6.00%10.95%12/17/2028239,860236,909239,8601.04 
JSS Holdings, Inc.(4)(10)SOFR +6.00%10.95%12/18/202845,92145,44945,9210.20 
Knowledge Pro Buyer, Inc.(4)(7)(10)L +5.75%10.46%12/10/202754,99353,97054,8940.24 
KPSKY Acquisition, Inc.(4)(10)(18)SOFR +5.60%10.41%10/19/202847,32246,57144,9560.19 
KPSKY Acquisition, Inc.(4)(10)L +5.50%10.48%10/19/202821,22820,88020,1670.09 
MaxGen Energy Services Corporation(4)(11)SOFR +5.00%9.80%6/2/202782,78681,28780,7160.35 
Onex Baltimore Buyer, Inc.(4)(10)(18)SOFR +6.25%11.06%12/1/2027187,232184,291185,3590.80 
Onex Baltimore Buyer, Inc.(4)(7)(10)SOFR +5.75%10.66%12/1/202781,94180,63680,5470.35 
PECF USS Intermediate Holding III Corp.(9)L +4.25%9.09%12/15/202830,45730,46925,8050.11 
Polyphase Elevator Holding Co.(4)(7)(11)SOFR +5.50%10.50%6/23/20275,9205,8585,7150.02 
Polyphase Elevator Holding Co.(4)(7)(11)L +5.50%9.91%6/23/202710,41110,2438,3010.04 
Recycle & Resource US, LLC(6)(9)SOFR +3.50%8.66%7/14/20285,1545,1244,7680.02 
Revspring, Inc.(8)L +4.00%9.33%10/11/202515,24415,16514,7810.06 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.00%10.88%1/16/202616,06115,69215,8600.07 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.15%11.26%1/15/20264,0103,9493,9590.02 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.43%11.25%1/15/20264,4504,3834,3950.02 
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)(9)L +3.75%8.59%12/8/202827,27627,17326,4810.11 
USIC Holdings, Inc.(10)L +3.50%8.34%5/12/202824,62524,53423,8960.10 
Vaco Holdings, Inc.(10)SOFR +5.00%10.05%1/21/20299,1019,0648,9760.04 
Veregy Consolidated, Inc.(11)L +6.00%10.83%11/2/202720,32420,36117,4280.08 
1,651,8191,634,3287.09 
Construction & Engineering
Aegion Corporation(10)L +4.75%9.59%5/17/202816,09016,06315,7280.07 
ASP Endeavor Acquisition, LLC(4)(5)(9)L +6.50%11.35%5/3/202735,37034,88832,7170.14 
Brookfield WEC Holdings, Inc.(9)SOFR +3.75%8.37%8/1/20252,9852,8952,9840.01 
COP Home Services TopCo IV, Inc.(4)(5)(7)(11)L +5.00%9.83%12/31/2027123,815121,352118,7430.51 
COP Home Services TopCo IV, Inc.(4)(5)(11)L +5.00%9.83%12/31/20279959489550.00 
Peak Utility Services Group, Inc.(4)(11)SOFR +5.00%9.91%3/2/202820,63320,48119,9100.09 
12
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Consumer Services (continued)
Go Car Wash Management Corp. (4)(7)(11)SOFR +5.75%8.88%12/31/2026$93,117 $90,247 $90,331 0.40 %
KUEHG Corp. (11)L +3.75%6.87%2/21/202553,900 53,259 51,070 0.23 
Learning Care Group (11)L +3.25%6.02%3/13/202543,541 42,869 41,299 0.18 
Loyalty Ventures, Inc. (9)L +4.50%7.62%11/3/20277,748 7,605 2,642 0.01 
Pre-Paid Legal Services, Inc. (9)L +3.75%6.82%12/15/202850,244 49,906 47,842 0.21 
Prime Security Service Borrower, LLC (10)L +2.75%5.30%9/23/20268,753 8,649 8,498 0.04 
Rinchem Company, LLC (4)(9)SOFR +4.50%8.15%3/2/20294,035 4,016 3,868 0.02 
SSH Group Holdings, Inc. (8)L +4.25%7.92%7/30/20254,961 4,887 4,738 0.02 
TruGreen Limited Partnership (10)L +4.00%7.12%11/2/20275,910 5,940 5,604 0.03 
University Support Services, LLC (9)L +3.25%6.37%2/10/202919,923 19,730 18,926 0.08 
Weld North Education, LLC (9)L +3.75%6.87%12/21/202731,983 31,864 31,010 0.14 
1,464,132 1,453,161 6.49 
Diversified Financial Services
Barbri Holdings, Inc. (4)(7)(10)L +5.75%8.87%4/30/2028139,969 137,812 138,429 0.62 
Comet Acquisition, Inc. (4)(9)SOFR +4.25%7.95%10/24/202515,869 15,659 15,314 0.07 
Lereta, LLC (10)L +5.25%8.37%7/30/202829,530 29,283 25,253 0.11 
Mitchell International, Inc. (9)L +3.75%6.73%10/15/202870,186 69,453 63,799 0.29 
Polaris Newco, LLC (9)L +4.00%7.67%6/2/202847,293 46,737 43,766 0.20 
Sedgwick Claims Management Services, Inc. (6)(11)L +4.25%7.37%9/3/20262,412 2,432 2,332 0.01 
Sedgwick Claims Management Services, Inc. (6)(8)L +3.75%6.87%9/3/202637,851 37,502 36,017 0.16 
SelectQuote, Inc. (4)(10)SOFR +8.00%11.13%11/5/2024273,529 272,965 246,176 1.10 
611,843 571,086 2.55 
Diversified Telecommunication Services
Numericable US, LLC (5)(6)(8)5.13%5.13%7/15/20291,000 836 749 — 
Numericable US, LLC (6)(8)L +3.69%6.91%1/31/202617,751 17,613 16,154 0.07 
Numericable US, LLC (6)(8)L +4.00%6.20%8/14/202633,591 33,615 30,568 0.14 
Numericable US, LLC (6)(8)L +2.75%5.56%7/31/20254,974 4,922 4,551 0.02 
Point Broadband Acquisition, LLC (4)(7)(11)L +6.00%8.92%10/1/2028177,126 172,897 171,281 0.77 
Zacapa, LLC (6)(9)SOFR +4.25%7.80%3/22/202911,073 10,954 10,547 0.05 
Zayo Group Holdings, Inc. (8)L +3.00%6.12%3/9/20271,333 1,266 1,121 0.01 
Zayo Group Holdings, Inc. (9)SOFR +4.25%7.28%3/9/202715,920 15,539 13,916 0.06 
257,643 248,886 1.11 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L +5.50%8.27%3/26/202748,630 47,637 48,031 0.21 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Construction & Engineering (continued)
Peak Utility Services Group, Inc.(4)(11)SOFR +5.00%9.91%3/2/2028$2,744 $2,732 $2,648 0.01 %
Refficiency Holdings, LLC(10)SOFR +3.75%8.66%12/16/202711,57611,50211,4170.05 
Thermostat Purchaser III, Inc.(4)(7)(10)L +4.50%9.45%8/31/202842,77141,73639,9250.17 
Tutor Perini Corp.(6)(11)L +4.75%9.61%8/18/20272,9252,9482,7340.01 
255,545247,7611.06 
Construction Materials
White Cap Buyer, LLC(9)SOFR +3.75%8.56%10/19/202717,13117,18016,9830.07 
Containers & Packaging
Ascend Buyer, LLC(4)(7)(10)SOFR +6.40%11.45%9/29/202811,50111,06611,1930.05 
Berlin Packaging, LLC(9)L +3.75%8.91%3/11/202815,55815,53915,3580.07 
Charter NEX US, Inc.(10)SOFR +3.75%8.67%12/1/202716,21916,26416,0450.07 
Graham Packaging Co, Inc.(10)L +3.00%7.84%8/4/20279,0589,0428,9890.04 
LABL, Inc.(9)L +5.00%9.84%10/29/20287,0546,9676,8490.03 
MAR Bidco Sarl(6)(9)L +4.30%9.46%7/6/20283,8883,8733,6010.02 
Novolex, Inc.(9)SOFR +4.18%9.08%4/13/202917,07116,66116,7100.07 
Pretium PKG Holdings, Inc.(9)L +4.00%9.01%10/2/202823,59023,25018,9610.08 
ProAmpac PG Borrower, LLC(10)L +3.75%8.65%11/3/202516,48616,50816,1640.07 
TricorBraun Holdings, Inc.(9)L +3.25%8.09%3/3/20287,1637,1217,0100.03 
Trident TPI Holdings, Inc.(9)L +4.00%9.16%9/15/202816,09716,05015,6010.07 
142,341136,4810.60 
Distributors
BP Purchaser, LLC(4)(10)L +5.50%10.65%12/10/20287,9407,8117,5630.03 
Bution Holdco 2, Inc.(4)(11)L +6.25%11.09%10/17/20255,8005,7365,8000.03 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.85%12/29/202766,51065,36766,1780.29 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.85%12/29/202614,62514,44114,5520.06 
Genuine Cable Group, LLC(4)(10)SOFR +5.75%10.45%11/2/202630,20429,65229,6000.13 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%11.32%6/23/202826,67526,28325,8740.11 
Marcone Yellowstone Buyer, Inc.(4)(5)(7)(10)SOFR +6.50%11.54%6/23/202815,77015,17015,1250.07 
NDC Acquisition Corp.(4)(11)SOFR +5.50%10.50%3/9/202722,05021,65221,6090.09 
NDC Acquisition Corp.(4)(7)(11)L +5.50%10.42%3/9/20275144524450.00 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.50%11.40%5/13/20261,0009719600.00 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.50%11.39%11/13/202455,81955,08454,1450.23 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.35%11.12%11/13/202418,40418,21217,8520.08 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.75%10.48%6/30/202552,81452,26050,7010.22 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.75%10.74%6/30/202511,88111,42911,4060.05 
324,520321,8101.39 
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +3.50%8.41%12/11/202820,74320,37719,2020.08 
Cambium Learning Group, Inc.(4)(7)(10)L +5.50%10.31%7/20/2028955,992948,750955,9924.14 
Colibri Group, LLC(10)SOFR +5.00%10.26%3/12/20299,9469,8629,5900.04 
Dreambox Learning Holding, LLC(4)(5)(10)L +6.25%10.00%12/1/2027135,213133,101127,1010.55 
EM Bidco Limited(6)(9)SOFR +4.25%9.25%7/6/20294,1624,1494,1230.02 
Go Car Wash Management Corp.(4)(14)L +6.25%11.16%12/31/202642,09441,41341,0420.18 
Go Car Wash Management Corp.(4)(7)(11)SOFR +6.25%10.97%12/31/202647,59545,72345,8970.20 
Groundworks, LLC(4)(7)(11)SOFR +6.50%11.36%3/14/20307156906900.00 
13
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Electrical Equipment
Emergency Power Holdings, LLC (4)(5)(7)(11)L +5.50%9.17%8/17/2028$193,462 $189,743 $189,516 0.85 %
Madison IAQ, LLC (9)L +3.25%6.82%6/21/202854,748 54,049 50,730 0.23 
Relay Purchaser, LLC (4)(5)(7)(10)L +6.00%9.67%8/30/2028198,500 194,923 195,733 0.87 
Shoals Holdings, LLC (4)(11)SOFR +3.25%5.94%11/25/202611,291 11,091 11,347 0.05 
449,806 447,326 2.00 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(11)L +6.00%9.63%12/23/202635,227 34,779 33,197 0.15 
CPI International, Inc. (11)L +3.50%6.62%7/26/202418,837 18,844 18,602 0.08 
Infinite Bidco, LLC (9)L +3.25%6.92%3/2/202842,030 41,841 39,981 0.18 
Ingram Micro, Inc. (4)(9)L +3.50%7.17%6/30/20283,950 3,917 3,856 0.02 
Jupiter Bidco Limited (4)(6)(10)SOFR +6.25%9.22%8/5/202988,177 85,569 85,532 0.38 
Jupiter Bidco Limited (4)(6)(7)(9)E +6.25%6.90%8/5/2029€5,922 5,767 3,634 0.02 
LTI Holdings, Inc. (8)L +3.25%6.37%9/6/20254,961 4,948 4,604 0.02 
Presidio, Inc. (8)L +3.50%6.31%1/22/20277,939 7,951 7,701 0.03 
203,617 197,107 0.88 
Energy Equipment & Services
Abaco Energy Technologies, LLC (4)(13)L +7.00%9.76%10/4/202410,111 9,689 10,111 0.05 
EnergySolutions, LLC (11)L +3.75%7.42%5/9/20254,689 4,689 4,369 0.02 
ISQ Hawkeye Holdco, Inc. (4)(7)(10)SOFR +6.25%9.31%8/17/20296,616 6,404 6,400 0.03 
Tetra Technologies, Inc. (4)(6)(11)L +6.25%9.37%9/10/202522,793 22,013 22,793 0.10 
42,795 43,673 0.20 
Entertainment
CE Intermediate I, LLC (4)(9)L +4.00%6.91%11/10/20287,739 7,671 7,236 0.03 
Herschend Entertainment Co, LLC (9)L +3.75%6.88%8/27/20285,266 5,221 5,157 0.02 
Recorded Books, Inc. (8)SOFR +4.00%7.08%8/29/202528,615 28,621 27,604 0.12 
41,513 39,997 0.18 
Food Products
CHG PPC Parent, LLC (4)(9)L +3.00%6.13%12/8/202810,288 10,269 9,876 0.04 
Quantum Bidco, Ltd. (6)(8)S +6.00%6.28%1/29/2028£18,500 24,578 17,814 0.08 
Snacking Investments US, LLC (4)(6)(11)SOFR +4.00%7.03%12/18/20264,957 4,985 4,808 0.02 
39,832 32,499 0.15 
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc. (4)(7)(9)SOFR +5.75%9.45%6/13/202925,000 24,280 24,075 0.11 
Auris Luxembourg III Sarl (6)(8)L +3.75%5.58%10/20/202836,797 36,237 32,381 0.14 
CPI Buyer, LLC (4)(7)(10)L +5.50%8.57%11/1/2028188,626 184,339 180,453 0.81 
Egrotron Acquisition, LLC (4)(10)SOFR +5.75%8.89%7/6/202867,875 66,571 66,518 0.30 
GCX Corporation Buyer, LLC (4)(5)(7)(10)L +5.50%8.32%9/13/202854,674 53,747 53,171 0.24 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Consumer Services (continued)
KUEHG Corp.(11)L +3.75%8.91%2/21/2025$962 $920 $947 0.00 %
Pre-Paid Legal Services, Inc.(9)L +3.75%8.59%12/15/202815,85615,74315,6300.07 
Rinchem Company, LLC(4)(9)SOFR +4.50%9.50%3/2/20294,0153,9983,8240.02 
Sunshine Cadence Holdco, LLC(8)L +4.25%9.41%3/23/202739,49436,93137,0250.16 
Sunshine Cadence Holdco, LLC(4)(7)(10)SOFR +6.50%11.13%3/23/20277006816900.00 
TruGreen Limited Partnership(10)L +4.00%8.84%11/2/20275,8805,9075,4440.02 
University Support Services, LLC(9)SOFR +3.25%8.16%2/10/20299,9109,8689,7790.04 
Weld North Education, LLC(9)L +3.75%8.60%12/21/20279,3029,3029,2810.04 
1,287,4151,286,2575.56 
Diversified Financial Services
Barbri Holdings, Inc.(4)(10)L +5.75%10.59%4/28/202892,28290,94290,8980.39 
Barbri Holdings, Inc.(4)(7)(10)L +5.75%10.46%4/28/20286,1816,1816,0880.03 
Barbri Holdings, Inc.(4)(10)L +5.75%10.59%4/30/202830,25629,81129,8020.13 
Comet Acquisition, Inc.(9)SOFR +4.25%9.30%10/24/202515,79015,61515,4250.07 
Lereta, LLC(10)L +5.25%10.09%7/30/202829,38129,15627,1310.12 
Mitchell International, Inc.(9)L +3.75%8.50%10/15/202866,82366,18963,3490.27 
Polaris Newco, LLC(9)L +4.00%9.16%6/2/202841,75641,29938,1950.17 
Sedgwick Claims Management Services, Inc.(6)(8)SOFR +3.75%8.56%2/24/20285,2515,1995,1960.02 
SelectQuote, Inc.(4)(10)SOFR +8.00%12.91% (incl. 2.00% PIK)11/5/2024272,798272,346245,5181.06 
556,738521,6022.26 
Diversified Telecommunication Services
Numericable US, LLC(6)(8)SOFR +5.50%10.17%8/15/202822,75122,28721,6710.09 
Point Broadband Acquisition, LLC(4)(11)L +6.00%10.78%10/1/2028159,995156,851157,5950.68 
Point Broadband Acquisition, LLC(4)(7)(11)SOFR +6.00%10.98%10/1/202864,11562,82163,1050.27 
Zacapa, LLC(6)(9)SOFR +4.00%8.90%3/22/20296,0676,0525,9510.03 
248,011248,3221.07 
Electric Utilities
Qualus Power Services Corp.(4)(7)(11)SOFR +5.25%10.24%3/26/202750,86449,98750,2750.22 
Electrical Equipment
Emergency Power Holdings, LLC(4)(5)(7)(11)SOFR +5.50%10.50%8/17/2028192,562189,172188,6320.82 
Madison IAQ, LLC(9)L +3.25%8.30%6/21/202840,37939,99138,5260.17 
Relay Purchaser, LLC(4)(5)(7)(10)L +6.00%11.21%8/30/2028175,786172,871175,5000.76 
Shoals Holdings, LLC(4)(11)SOFR +5.75%10.59%11/25/202611,23311,05811,2890.05 
413,092413,9471.80 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)L +6.00%11.13%12/23/202633,08932,71030,2760.13 
Albireo Energy, LLC(4)(5)(11)L +6.00%10.88%12/23/20261,9591,9451,7930.01 
CPI Intermediate Holdings Inc(4)(7)(10)SOFR +5.50%10.19%10/8/2029465,710455,485459,9381.99 
Infinite Bidco, LLC(9)L +3.25%8.41%3/2/202839,13338,98937,6000.16 
Ingram Micro, Inc.(9)L +3.50%8.66%6/30/20283,9303,9003,9100.02 
Jupiter Bidco Limited(4)(6)(7)(9)E +6.25%9.27%8/27/2029EUR5,922 2,7254,9450.02 
Jupiter Bidco Limited(4)(6)(10)SOFR +6.25%11.15%8/27/202988,17785,75785,5320.37 
LTI Holdings, Inc.(8)L +3.50%8.34%9/6/20254,9354,9244,7780.02 
Presidio, Inc.(8)SOFR +3.50%8.41%1/22/20272,1922,1932,1840.01 
628,628630,9562.73 
14
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Equipment & Supplies (continued)
GCX Corporation Buyer, LLC (4)(5)(10)L +5.50%8.32%9/13/2028$141,346 $138,368 $136,784 0.61 %
Mozart Borrower LP (9)L +3.25%6.37%10/23/202835,858 35,052 33,039 0.15 
Natus Medical Incorporated (4)(9)SOFR +5.50%6.00%7/20/202950,000 46,581 46,750 0.21 
Natus Medical Incorporated (4)(7)(9)SOFR +4.75%7.26%7/21/20273,463 3,327 2,861 0.01 
Resonetics, LLC (10)L +4.00%6.37%4/28/202888,122 86,361 83,936 0.38 
Sunshine Luxembourg VII S.à r.l, LLC (6)(10)L +3.75%7.42%10/1/202657,136 56,703 53,311 0.24 
TecoStar Holdings, Inc. (11)L +3.50%5.79%5/1/202425,950 25,670 23,469 0.10 
757,237 736,748 3.29 
Health Care Providers & Services
123Dentist, Inc. (4)(6)(7)(10)C +5.75%9.41%8/10/2029C$204,779 156,925 142,902 0.64 
ACI Group Holdings, Inc. (4)(5)(7)(10)L +5.50%9.17%8/2/2028114,283 111,555 112,355 0.50 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L +6.50%8.47%5/7/202726,556 26,025 25,979 0.12 
ADMI Corp. (9)L +3.75%6.87%8/24/202849,236 48,955 43,943 0.20 
AmeriVet Partners Management, Inc. (4)(5)(7)(10)SOFR +5.50%9.20%2/25/202830,122 28,884 27,547 0.12 
AMGH Holding Corp. (11)L +4.25%7.37%3/14/202511,648 11,662 10,134 0.05 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)C +4.50%8.67%4/14/2028C$45,389 35,446 35,896 0.16 
Caramel Bidco Limited (4)(5)(6)(7)(8)S +6.00%7.69%2/24/2029£60,000 77,801 59,804 0.27 
CCBlue Bidco, Inc. (4)(7)(10)L +6.25%7.17%12/21/2028497,203 487,947 474,156 2.12 
CHG Healthcare Services, Inc. (9)L +3.25%6.37%9/29/202822,767 22,692 21,920 0.10 
Covenant Surgical Partners, Inc. (8)L +4.00%7.12%7/1/20262,957 2,920 2,776 0.01 
Cross Country Healthcare, Inc. (4)(10)L +5.75%8.83%6/8/202780,880 79,554 80,880 0.36 
DCA Investment Holdings, LLC (4)(7)(10)SOFR +6.00%9.98%4/3/202814,207 14,041 14,065 0.06 
DCA Investment Holdings, LLC (4)(11)SOFR +6.25%9.98%4/3/202814,844 14,782 14,691 0.07 
Electron Bidco, Inc. (9)L +3.00%6.12%11/1/202817,898 17,834 17,004 0.08 
Epoch Acquisition, Inc. (4)(11)L +6.00%9.12%10/4/202429,202 29,202 29,202 0.13 
Global Medical Response, Inc. (11)L +4.25%6.81%10/2/202534,390 34,462 29,988 0.13 
Gordian Medical, Inc. (10)L +6.25%9.92%1/31/202751,922 50,564 44,739 0.20 
Heartland Dental, LLC (8)L +4.00%7.08%4/30/202547,723 47,533 44,358 0.20 
ICS US Holdings, Inc. (4)(6)(9)SOFR +4.60%7.59%6/8/20288,283 7,901 7,745 0.03 
Jayhawk Buyer, LLC (4)(7)(11)L +5.00%8.68%10/15/2026275,618 271,214 272,860 1.22 
Legacy LifePoint Health, LLC (8)4.38%4.38%2/15/20273,000 2,744 2,483 0.01 
LifePoint Health, Inc. (8)L +3.75%6.87%11/16/202547,379 47,045 44,173 0.20 
Medical Knowledge Group, LLC (4)(10)SOFR +5.75%8.43%2/1/2029186,082 182,415 182,360 0.81 
Midwest Physician Administrative Services, LLC (10)L +3.25%6.92%3/12/202819,231 19,158 17,700 0.08 
National Mentor Holdings, Inc. (10)L +3.75%7.43%3/2/202811,626 11,613 8,378 0.04 
Navigator Acquiror, Inc. (4)(7)(8)L +5.50%8.54%7/16/202730,868 30,746 30,254 0.14 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Energy Equipment & Services
Abaco Energy Technologies, LLC(4)(13)L +7.00%11.71%10/4/2024$6,298 $6,101 $6,298 0.03 %
EnergySolutions, LLC(11)L +3.75%8.91%5/9/20254,662 4,662 4,509 0.02 
ISQ Hawkeye Holdco, Inc.(4)(10)SOFR +6.25%11.06%8/17/20296,583 6,433 6,484 0.03 
ISQ Hawkeye Holdco, Inc.(4)(7)(10)P +5.25%13.25%8/17/2028347 329 335 0.00 
ISQ Hawkeye Holdco, Inc.(4)(7)(10)SOFR +6.25%11.00%8/17/20291,585 1,540 1,556 0.01 
Tetra Technologies, Inc.(4)(6)(11)L +6.25%11.09%9/10/202522,793 22,145 22,793 0.10 
41,210 41,975 0.19 
Entertainment
CE Intermediate I, LLC(4)(9)L +4.00%8.86%11/10/20287,700 7,638 7,431 0.03 
Recorded Books, Inc.(8)SOFR +4.00%8.79%8/29/202511,815 11,829 11,776 0.05 
19,467 19,207 0.08 
Food Products
Quantum Bidco, Ltd.(6)(8)S +5.93%10.10%1/29/2028GBP18,500 24,644 20,510 0.09 
Snacking Investments US, LLC(6)(11)SOFR +4.00%8.81%12/18/20264,919 4,944 4,892 0.02 
29,588 25,402 0.11 
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc.(4)(7)(9)SOFR +5.75%10.80%6/13/202925,253 24,646 24,058 0.10 
Auris Luxembourg III Sarl(6)(7)(8)L +3.75%8.68%2/27/202634,474 34,011 30,339 0.13 
CPI Buyer, LLC(4)(7)(10)SOFR +5.50%10.65%11/1/2028144,436 141,715 138,802 0.60 
CPI Buyer, LLC(4)(7)(10)SOFR +5.50%10.67%11/1/202827,200 26,287 25,903 0.11 
Egrotron Acquisition, LLC(4)(10)SOFR +5.75%10.66%7/6/202867,536 66,351 66,016 0.29 
GCX Corporation Buyer, LLC(4)(5)(10)L +5.50%10.28%9/13/2028195,030 191,991 191,129 0.83 
GCX Corporation Buyer, LLC(4)(5)(7)(10)L +5.50%10.20%9/13/202849,500 48,588 48,330 0.21 
Natus Medical Incorporated(4)(9)SOFR +5.50%10.55%7/20/202949,875 46,715 46,883 0.20 
Natus Medical Incorporated(4)(7)(9)SOFR +4.75%9.66%7/21/20273,463 3,341 2,892 0.01 
Resonetics, LLC(10)L +4.00%9.10%4/28/202866,750 65,362 64,214 0.28 
Sunshine Luxembourg VII S.à r.l, LLC(6)(10)L +3.75%8.91%10/1/202613,871 13,754 13,759 0.06 
662,761 652,325 2.82 
Health Care Providers & Services
123Dentist, Inc.(4)(6)(7)(10)C +5.75%10.42%8/10/2029CAD204,267 155,474 141,151 0.61 
ACI Group Holdings, Inc.(4)(5)(7)(10)L +5.75%10.59% (incl. 1.25% PIK)8/2/202864,146 62,861 62,862 0.27 
ACI Group Holdings, Inc.(4)(5)(7)(10)SOFR +4.50%9.34%8/2/202830,555 29,753 29,676 0.13 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.43%5/7/202711,907 11,663 11,587 0.05 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.75%5/7/20278,713 8,577 8,558 0.04 
ADMI Corp.(9)L +3.75%8.59%12/23/202746,400 46,172 43,196 0.19 
Amerivet Partners Management, Inc.(4)(5)(7)(10)SOFR +5.50%10.55%2/25/202818,759 17,858 17,051 0.07 
AMGH Holding Corp.(11)L +4.25%9.20%3/14/202511,585 11,596 8,196 0.04 
Canadian Hospital Specialties Ltd.(4)(5)(6)(7)(11)C +4.50%9.52%4/14/2028CAD14,943 11,859 13,958 0.06 
Canadian Hospital Specialties Ltd.(4)(5)(6)(7)(10)C +4.86%9.95%4/15/2027CAD4,343 3,323 3,018 0.01 
Caramel Bidco Limited(4)(5)(6)(8)S +6.00%10.18%2/24/2029GBP60,000 78,244 70,093 0.30 
Caramel Bidco Limited(4)(5)(6)(7)(8)SOFR +6.00%8.71%2/24/2024GBP17,735 23,533 20,416 0.09 
CCBlue Bidco, Inc.(4)(10)L +3.50%8.66% (incl. 2.75% PIK)12/21/2028477,163 469,630 442,568 1.92 
15
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference 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)
Navigator Acquiror, Inc. (4)(9)L +5.75%8.49%7/16/2027$382,062 $379,089 $380,151 1.70 %
NMSC Holdings, Inc. (10)SOFR +5.25%8.43%2/23/20299,650 9,558 8,709 0.04 
Odyssey Holding Company, LLC (4)(11)L +5.75%9.32%11/16/202563,649 63,305 63,649 0.28 
Onex TSG Intermediate Corp. (6)(10)L +4.75%7.87%2/28/202823,081 22,923 20,466 0.09 
Pathway Vet Alliance, LLC (8)L +3.75%7.42%3/31/202730,775 30,560 27,275 0.12 
Pediatric Associates Holding Co., LLC (7)(9)L +3.25%5.08%12/29/20285,663 5,526 5,451 0.02 
PetVet Care Centers, LLC (10)L +3.50%6.62%2/14/202554,544 54,514 50,658 0.23 
Phoenix Guarantor, Inc. (6)(8)L +3.50%6.62%3/5/202624,657 24,595 23,475 0.10 
Plasma Buyer, LLC (4)(7)(10)SOFR +5.75%9.30%5/12/202991,722 89,394 88,299 0.39 
PPV Intermediate Holdings, LLC (4)(6)(7)(10)SOFR +5.75%9.01%8/31/2029102,361 99,921 99,870 0.45 
PSKW Intermediate, LLC (4)(11)L +6.25%9.37%3/9/202616,138 16,138 16,138 0.07 
Radnet, Inc. (6)(10)L +3.00%6.12%4/21/20284,863 4,843 4,684 0.02 
Reverb Buyer, Inc. (7)(9)L +3.50%6.38%11/1/202843,958 43,657 41,658 0.19 
Smile Doctors, LLC (4)(7)(10)L +5.75%9.42%12/23/2028449,679 439,765 438,872 1.96 
Snoopy Bidco, Inc. (4)(7)(10)L +6.00%9.08%6/1/2028623,786 615,096 607,423 2.71 
SpecialtyCare, Inc. (4)(5)(11)L +5.75%8.03%6/18/202869,352 67,625 68,213 0.30 
SpecialtyCare, Inc. (4)(5)(7)(8)L +5.50%8.50%6/18/20261,068 936 979 0.00 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L +5.75%9.42%1/2/2029137,320 134,138 131,329 0.59 
Surgery Centers Holdings, Inc. (6)(10)L +3.75%6.51%8/31/202654,352 53,969 51,713 0.23 
The Fertility Partners, Inc. (4)(5)(6)(10)L +5.75%8.87%3/16/202839,000 38,291 37,830 0.17 
The Fertility Partners, Inc. (4)(5)(6)(7)(10)C +5.75%9.47%3/16/2028C$146,722 114,094 103,819 0.46 
The GI Alliance Management, LLC (4)(7)(11)SOFR +6.25%9.20%9/15/2028261,760 252,294 252,224 1.13 
TTF Holdings, LLC (4)(10)L +4.00%7.12%3/31/20285,944 5,909 5,795 0.03 
U.S. Anesthesia Partners, Inc. (9)L +4.25%6.81%10/1/202838,763 38,651 36,520 0.16 
Unified Physician Management, LLC (4)(7)(9)SOFR +5.50%8.53%6/18/2029844,174 844,174 844,174 3.77 
United Mutual Acquisition Holdings, LLC (4)(6)(7)(10)SOFR +5.75%8.77%7/15/202815,678 15,434 15,253 0.07 
US Acute Care Solutions (5)(8)6.38%6.38%3/1/20262,885 2,921 2,427 0.01 
US Oral Surgery Management Holdco, LLC (4)(7)(10)L +5.50%8.47%11/18/2027149,935 146,971 148,588 0.66 
Veonet GmbH (6)(8)S +5.75%7.94%3/14/2029£170,000 218,488 176,354 0.79 
WHCG Purchaser III, Inc. (4)(5)(7)(10)L +5.75%9.42%6/22/2028104,293 102,241 95,627 0.43 
WP CityMD Bidco, LLC (9)L +3.25%6.92%12/22/202827,860 27,673 26,702 0.12 
5,834,313 5,672,619 25.35 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
CCBlue Bidco, Inc.(4)(7)(10)L +3.50%7.33% (incl. 2.75% PIK)12/21/2028$24,452 $23,503 $22,011 0.10 %
Covenant Surgical Partners, Inc.(8)SOFR +4.00%8.82%7/1/20262,944 2,913 2,500 0.01 
Cross Country Healthcare, Inc.(4)(10)L +5.75%10.59%6/8/202748,234 47,052 48,234 0.21 
DCA Investment Holdings, LLC(4)(10)SOFR +6.41%11.30%4/3/202825,622 25,459 24,725 0.11 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.50%11.46%4/3/20282,649 2,611 2,525 0.01 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%10.78%10/4/202429,042 29,042 28,897 0.13 
Global Medical Response, Inc.(11)L +4.25%9.24%10/2/202534,203 34,264 24,227 0.10 
Gordian Medical, Inc.(10)L +6.25%11.41%1/31/202741,675 40,673 32,975 0.14 
Heartland Dental, LLC(8)L +4.00%8.84%4/30/202547,493 47,343 44,802 0.19 
Jayhawk Buyer, LLC(4)(7)(11)L +5.00%10.16%10/15/2026252,129 249,457 249,607 1.08 
Jayhawk Buyer, LLC(4)(11)L +5.00%9.73%10/15/202622,254 21,083 22,032 0.10 
LifePoint Health, Inc.(8)L +3.75%8.58%11/16/202515,504 15,421 14,806 0.06 
Medical Knowledge Group, LLC(4)(10)SOFR +5.75%10.59%2/1/2029163,295 160,570 161,253 0.70 
Medical Knowledge Group, LLC(4)(10)SOFR +5.75%10.58%2/1/202921,855 21,217 21,582 0.09 
Midwest Physician Administrative Services, LLC(10)L +3.25%8.41%3/12/202819,133 19,067 18,009 0.08 
National Mentor Holdings, Inc.(10)SOFR +3.75%8.75%3/2/202811,174 11,164 8,601 0.04 
Navigator Acquiror, Inc.(4)(9)SOFR +5.75%10.61% (incl. 5.33% PIK)7/16/2027392,600 389,950 388,674 1.68 
Navigator Acquiror, Inc.(4)(7)(9)SOFR +5.75%10.33%7/16/202746,935 46,716 46,467 0.20 
NMSC Holdings, Inc.(10)SOFR +5.25%10.14%2/23/20297,464 7,398 5,439 0.02 
Odyssey Holding Company, LLC(4)(11)L +5.75%10.45%11/16/202550,082 49,793 50,082 0.22 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%10.95%11/16/20254,211 4,211 4,211 0.02 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%10.70%11/16/20259,357 9,357 9,357 0.04 
Onex TSG Intermediate Corp.(6)(10)SOFR +4.75%9.69%2/28/202822,964 22,823 20,450 0.09 
Pathway Vet Alliance, LLC(8)L +3.75%8.59%3/31/202730,645 30,454 26,993 0.12 
Pediatric Associates Holding Co., LLC(7)(9)L +3.25%8.09%12/29/2028414 400 406 0.00 
PetVet Care Centers, LLC(10)L +3.50%8.34%2/14/202554,263 54,240 52,526 0.23 
Phoenix Guarantor, Inc.(6)(8)L +3.50%8.34%3/5/20267,985 7,985 7,810 0.03 
Plasma Buyer, LLC(4)(7)(10)SOFR +5.75%10.65%5/12/202991,264 89,128 86,268 0.37 
PPV Intermediate Holdings, LLC(4)(7)(10)SOFR +5.75%10.88%8/31/2029121,700 119,342 120,332 0.52 
PSKW Intermediate, LLC(4)(11)L +6.25%11.10%3/9/202614,266 14,266 14,266 0.06 
Radnet, Inc.(6)(10)L +3.00%7.84%4/21/20284,838 4,821 4,810 0.02 
Reverb Buyer, Inc.(9)SOFR +3.25%8.24%11/1/20285,989 5,965 5,836 0.03 
Smile Doctors, LLC(4)(10)SOFR +5.75%10.75%12/23/2028363,277 357,171 356,011 1.54 
Smile Doctors, LLC(4)(7)(10)SOFR +5.39%11.39%12/23/202746,136 45,317 45,097 0.20 
Smile Doctors, LLC(4)(7)(10)SOFR +5.75%10.64%12/23/2028113,997 111,783 111,302 0.48 
Snoopy Bidco, Inc.(4)(7)(10)L +6.00%10.96%6/1/2028623,786 615,250 594,948 2.58 
SpecialtyCare, Inc.(4)(5)(7)(11)L +5.75%10.50%6/18/202869,325 67,666 64,845 0.28 
Stepping Stones Healthcare Services, LLC(4)(10)L +5.75%10.91%1/2/2029131,230 129,074 127,294 0.55 
Stepping Stones Healthcare Services, LLC(4)(7)(10)P +4.75%12.75%12/30/202614,401 14,063 13,726 0.06 
Stepping Stones Healthcare Services, LLC(4)(7)(10)SOFR +5.75%10.91%1/2/202926,158 25,647 25,182 0.11 
Surgery Centers Holdings, Inc.(6)(10)L +3.75%8.46%8/31/20269,435 9,430 9,392 0.04 
16
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Technology
athenahealth, Inc. (7)(9)SOFR +3.50%6.58%2/15/2029$38,951 $38,441 $34,325 0.15 %
Caerus US 1, Inc. (4)(6)(7)(10)SOFR +5.50%9.05%5/25/2029392,476 383,677 387,548 1.73 
Edifecs, Inc. (4)(10)L +5.50%9.18%9/21/2026122,826 120,813 121,598 0.54 
Edifecs, Inc. (4)(11)L +7.50%11.18%9/21/202629,485 29,379 30,369 0.14 
Ensemble RCM, LLC (4)(9)L +5.00%7.81%8/3/202689,800 88,197 88,004 0.39 
GI Ranger Intermediate, LLC (4)(7)(10)SOFR +6.00%9.70%10/30/2028101,518 99,422 99,490 0.44 
Imprivata, Inc. (9)L +4.25%7.28%12/1/20276,950 6,875 6,731 0.03 
Netsmart Technologies, Inc. (10)L +4.00%7.12%10/1/202719,638 19,714 18,795 0.08 
NMC Crimson Holdings, Inc. (4)(7)(10)L +6.00%8.28%3/1/202871,173 69,157 69,991 0.31 
Project Ruby Ultimate Parent Corp. (10)L +3.25%6.37%3/10/20288,482 8,448 7,941 0.04 
Project Ruby Ultimate Parent Corp. (4)(9)SOFR +5.75%8.78%3/10/202811,833 11,486 11,478 0.05 
RPBLS Midco, LLC (4)(10)SOFR +5.75%7.92%4/1/2028167,261 164,516 165,588 0.74 
Verscend Holding Corp. (8)L +4.00%7.12%8/27/202534,662 34,711 33,709 0.15 
Waystar Technologies, Inc. (8)L +4.00%7.12%10/22/202620,016 20,058 19,241 0.09 
1,094,897 1,094,808 4.89 
Hotels, Restaurants & Leisure
Alterra Mountain Company (9)L +3.50%6.62%8/17/202827,293 27,315 26,526 0.12 
CEC Entertainment, Inc. (5)(8)6.75%6.75%5/1/202651,052 51,052 46,016 0.21 
Century Casinos, Inc. (6)(10)SOFR +6.00%8.61%4/2/202943,840 43,020 42,196 0.19 
Fertitta Entertainment, LLC (9)SOFR +4.00%7.03%1/27/202937,974 37,728 35,336 0.16 
Flynn Restaurant Group LP (9)L +4.25%7.37%12/1/202814,012 13,898 13,080 0.06 
GVC Holdings Gibraltar, Ltd. (6)(9)L +2.50%6.17%3/29/20274,975 4,865 4,857 0.02 
IRB Holding Corp. (10)SOFR +3.00%5.70%12/15/202749,346 49,295 46,354 0.21 
Mic Glen, LLC (9)L +3.50%6.62%7/21/202831,095 30,947 29,093 0.13 
Penn National Gaming, Inc. (6)(9)SOFR +2.75%5.88%5/3/20296,744 6,712 6,500 0.03 
Scientific Games Holdings LP (9)SOFR +3.00%5.91%4/14/20294,938 4,903 4,810 0.02 
Scientific Games Holdings LP (9)SOFR +3.50%5.62%4/4/202910,450 10,395 9,705 0.04 
Tacala Investment Corp. (10)L +3.50%6.62%2/5/202753,112 53,089 49,764 0.22 
Twin River Worldwide Holdings, Inc. (6)(9)L +3.25%5.93%10/2/202832,613 32,159 29,544 0.13 
Whatabrands, LLC (9)L +3.25%6.37%8/3/202814,888 14,816 13,817 0.06 
380,195 357,598 1.60 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
The Fertility Partners, Inc.(4)(5)(6)(10)C +5.75%10.76%3/16/2028CAD137,895 $106,590 $97,824 0.42 %
The Fertility Partners, Inc.(4)(5)(6)(7)(10)C +5.75%10.74%9/16/2027CAD8,688 6,658 6,043 0.03 
The Fertility Partners, Inc.(4)(5)(6)(10)L +5.75%10.59%3/16/202838,708 38,068 37,159 0.16 
The Fertility Partners, Inc.(4)(5)(6)(7)(10)C +5.75%10.66%3/16/2029CAD7,722 7,656 7,249 0.03 
The GI Alliance Management, LLC(4)(11)SOFR +6.25%11.08%9/15/2028260,452 253,334 257,847 1.12 
The GI Alliance Management, LLC(4)(11)SOFR +6.25%11.25%9/15/202856,115 54,583 55,554 0.24 
TTF Holdings, LLC(4)(10)L +4.00%8.88%3/31/20284,006 3,984 4,001 0.02 
U.S. Anesthesia Partners, Inc.(9)L +4.25%8.91%10/1/202838,529 38,428 37,223 0.16 
UMP Holdings, LLC(4)(10)SOFR +5.00%9.66%7/15/20289,670 9,500 9,331 0.04 
UMP Holdings, LLC(4)(7)(10)SOFR +5.50%10.18%7/15/202810,027 9,939 9,605 0.04 
Unified Physician Management, LLC(4)(7)(9)SOFR +5.25%10.06%6/18/2029879,653 879,653 879,653 3.81 
US Oral Surgery Management Holdco, LLC(4)(10)L +6.00%10.91%11/18/2027127,120 125,157 121,082 0.52 
US Oral Surgery Management Holdco, LLC(4)(7)(10)L +6.00%11.16%11/18/202754,163 53,227 50,976 0.22 
Veonet GmbH(6)(8)S +5.25%9.43%3/14/2029GBP170,000 218,710 196,611 0.85 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.91%6/22/2028103,704 102,009 76,801 0.33 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.77%6/22/202612,455 12,294 9,240 0.04 
5,833,422 5,647,039 24.45 
Health Care Technology
athenahealth, Inc.(7)(9)SOFR +3.50%8.26%2/15/202937,441 37,046 34,881 0.15 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.50%10.08%5/25/2029390,514 383,135 382,113 1.65 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.75%10.65%5/25/202986,813 85,071 85,819 0.37 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.56%10.54%5/25/202915,766 14,869 15,262 0.07 
Color Intermediate LLC(4)(10)SOFR +5.50%10.50%10/4/2029371,638 362,927 367,922 1.59 
Edifecs, Inc.(4)(11)L +7.50%12.35%9/21/202629,285 29,193 29,578 0.13 
Edifecs, Inc.(4)(10)L +5.50%10.34%9/21/202670,218 69,185 70,218 0.30 
Edifecs, Inc.(4)(10)SOFR +5.50%10.35%12/16/202751,737 51,022 51,737 0.22 
Ensemble RCM, LLC(4)(9)SOFR +5.00%9.78%8/3/202689,325 87,938 87,985 0.38 
GI Ranger Intermediate, LLC(4)(10)SOFR +6.00%11.05%10/29/202889,364 88,087 88,023 0.38 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +6.00%11.05%10/29/20271,080 915 918 0.00 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +6.00%11.05%10/29/20288,597 8,223 8,057 0.03 
Imprivata, Inc.(9)L +3.75%8.59%12/1/20272,038 2,042 1,995 0.01 
Netsmart Technologies, Inc.(10)L +4.00%8.84%10/1/202713,070 13,122 12,936 0.06 
NMC Crimson Holdings, Inc.(4)(10)L +6.00%9.74%3/1/202871,173 69,674 70,462 0.30 
NMC Crimson Holdings, Inc.(4)(7)(10)L +6.00%10.95%3/1/20284,815 4,604 4,578 0.02 
Project Ruby Ultimate Parent Corp.(10)L +3.25%8.09%3/10/20284,718 4,697 4,552 0.02 
RPBLS Midco, LLC(4)(10)SOFR +5.75%10.34%4/1/2028166,404 163,911 166,404 0.72 
Verscend Holding Corp.(8)L +4.00%8.84%8/27/202530,402 30,442 30,411 0.13 
Waystar Technologies, Inc.(8)L +4.00%8.84%10/22/202612,385 12,399 12,363 0.05 
1,518,502 1,526,214 6.58 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%8.34%8/17/20286,225 6,234 6,217 0.03 
CEC Entertainment, Inc.(5)(8)6.75%6.75%5/1/202612,760 12,760 12,133 0.05 
Century Casinos, Inc.(6)(10)SOFR +6.00%10.77%4/2/202943,560 42,808 41,981 0.18 
Fertitta Entertainment, LLC(9)SOFR +4.00%8.81%1/27/202913,563 13,557 13,384 0.06 
Flynn Restaurant Group LP(9)L +4.25%9.09%12/1/20287,625 7,569 7,426 0.03 
17
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Household Durables
AI Aqua Merger Sub, Inc. (6)(9)SOFR +3.75%6.35%7/31/2028$70,639 $69,765 $65,856 0.29 %
Fluidra SA (6)(9)SOFR +2.00%5.13%1/29/20291,463 1,460 1,422 0.01 
Hunter Douglas, Inc. (6)(9)SOFR +3.50%6.34%2/26/202916,129 16,045 13,355 0.06 
Instant Brands Holdings, Inc. (10)L +5.00%7.08%4/12/202876,647 75,738 52,580 0.23 
163,008 133,213 0.60 
Industrial Conglomerates
Bettcher Industries, Inc. (9)SOFR +4.00%7.03%12/14/202811,259 11,159 10,696 0.05 
CEP V Investment 11 Sarl (4)(6)(7)(10)S +5.75%6.29%2/11/2028Fr.97,449 97,832 96,846 0.43 
Engineered Machinery Holdings, Inc. (10)L +3.75%7.42%5/19/202832,294 32,278 31,123 0.14 
Excelitas Technologies Corp. (4)(7)(10)SOFR +5.75%8.59%8/13/2029159,331 155,748 155,675 0.70 
Excelitas Technologies Corp. (4)(6)(8)E +5.75%5.75%8/13/2029€25,323 25,483 24,347 0.11 
FCG Acquisitions, Inc. (9)L +3.75%7.42%3/31/202845,768 45,606 43,947 0.20 
SPX Flow, Inc. (9)SOFR +4.50%7.63%4/5/202954,658 52,343 50,764 0.23 
Vertical US Newco, Inc. (6)(9)L +3.50%6.87%7/30/202745,445 45,326 43,665 0.20 
Victory Buyer, LLC (4)(9)L +3.75%7.32%11/19/202822,921 22,827 20,915 0.09 
488,602 477,979 2.14 
Insurance
Acrisure LLC (8)L +3.50%6.62%2/15/20273,824 3,744 3,507 0.02 
Acrisure LLC (9)L +4.25%7.37%2/15/202741,721 41,448 38,799 0.17 
Alera Group, Inc. (4)(7)(10)L +5.50%8.31%10/2/202864,789 64,182 63,283 0.28 
Alliant Holdings Intermediate, LLC (8)L +3.25%6.37%5/9/202515,913 15,797 15,287 0.07 
Alliant Holdings Intermediate, LLC (9)L +3.50%6.49%11/6/202736,931 36,906 35,084 0.16 
Amerilife Holdings LLC (4)(7)(10)SOFR +5.75%8.65%8/31/2029309,295 301,460 301,362 1.35 
AssuredPartners, Inc. (8)L +3.50%6.62%2/12/20271,990 1,913 1,888 0.01 
AssuredPartners, Inc. (9)L +3.50%6.62%2/12/202762,211 61,737 59,042 0.26 
Baldwin Risk Partners, LLC (6)(9)L +3.50%6.26%10/14/202733,709 33,582 32,277 0.14 
Benefytt Technologies, Inc. (4)(11)SOFR +8.75%12.09%8/12/202796,133 94,611 77,868 0.35 
Benefytt Technologies, Inc. (4)(7)(8)SOFR +7.50%10.58%8/12/202723,064 22,358 18,647 0.08 
BroadStreet Partners, Inc. (8)L +3.00%6.12%1/27/202721,777 21,645 20,658 0.09 
CFC Underwriting, Ltd.(4)(6)(7)(8)SOFR +5.50%7.78%11/30/2028138,161 134,523 133,122 0.59 
Foundation Risk Partners Corp. (4)(7)(10)L +5.50%9.17%10/30/202865,922 64,826 65,035 0.29 
Galway Borrower, LLC (4)(5)(7)(10)L +5.25%8.92%9/29/202831,907 31,828 31,109 0.14 
Galway Borrower, LLC (4)(5)(10)L +5.25%8.92%9/29/2028190,797 186,967 185,220 0.83 
High Street Buyer, Inc. (4)(5)(7)(10)L +6.00%8.81%2/2/2029110,078 107,629 108,409 0.48 
Howden Group Holdings Limited (6)(10)L +3.25%6.38%11/12/202746,793 46,608 44,709 0.20 
HUB International Limited (10)L +3.25%5.98%4/25/202518,328 18,318 17,690 0.08 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Hotels, Restaurants & Leisure (continued)
IRB Holding Corp.(10)SOFR +3.00%7.91%12/15/2027$15,722 $15,722 $15,485 0.07 %
Mic Glen, LLC(9)L +3.50%8.34%7/21/202821,535 21,442 20,918 0.09 
Scientific Games Holdings LP(9)SOFR +3.50%8.10%4/4/202910,398 10,362 10,270 0.04 
Tacala Investment Corp.(10)L +3.50%8.34%2/5/202738,774 38,801 38,160 0.17 
Twin River Worldwide Holdings, Inc.(6)(9)L +3.25%7.96%10/2/20289,700 9,652 9,283 0.04 
178,907 175,257 0.76 
Household Durables
AI Aqua Merger Sub, Inc.(6)(9)SOFR +3.75%8.48%7/31/202832,963 32,541 31,912 0.14 
Instant Brands Holdings, Inc.(10)L +5.00%9.95%4/12/202873,476 72,679 29,233 0.13 
105,220 61,145 0.27 
Industrial Conglomerates
Bettcher Industries, Inc.(9)SOFR +4.00%8.81%12/14/202811,203 11,111 10,790 0.05 
CEP V Investment 11 Sarl(4)(6)(7)(10)SA +5.75%6.70%2/11/2028CHF97,449 93,969 105,514 0.46 
Engineered Machinery Holdings, Inc.(10)L +3.50%8.23%5/19/20287,958 7,957 7,864 0.03 
Excelitas Technologies Corp.(4)(7)(10)SOFR +5.75%10.61%8/13/2029163,568 160,546 160,037 0.69 
Excelitas Technologies Corp.(4)(7)(10)SOFR +5.50%10.61%8/12/20285,814 5,549 5,518 0.02 
Excelitas Technologies Corp.(4)(8)E +5.75%8.36%8/13/2029EUR25,323 25,521 26,962 0.12 
FCG Acquisitions, Inc.(9)L +3.75%8.91%3/31/202823,130 23,044 22,427 0.10 
SPX Flow, Inc.(9)SOFR +4.50%9.22%4/5/20297,023 6,713 6,720 0.03 
Vertical US Newco, Inc.(6)(9)L +3.50%8.60%7/30/202717,854 17,907 17,442 0.08 
Victory Buyer, LLC(9)L +3.75%8.53%11/19/202822,806 22,720 19,627 0.08 
375,037 382,901 1.66 
Insurance
Acrisure LLC(9)L +4.25%9.09%2/15/202713,950 13,920 13,706 0.06 
Acrisure LLC(8)L +3.50%8.34%2/15/20273,805 3,734 3,692 0.02 
Acrisure LLC(9)L +3.75%8.59%2/15/20276,127 6,084 5,997 0.03 
Alera Group, Inc.(4)(10)SOFR +6.00%10.91%10/2/202863,796 63,284 62,201 0.27 
Alliant Holdings Intermediate, LLC(9)L +3.50%8.28%11/6/20274,515 4,515 4,476 0.02 
Amerilife Holdings LLC(4)(7)(10)SOFR +5.75%10.88%8/31/2029308,522 301,986 304,950 1.32 
Amerilife Holdings LLC(4)(7)(10)SOFR +5.75%10.15%8/31/202951,420 50,241 50,648 0.22 
AssuredPartners, Inc.(9)L +3.50%8.34%2/12/202718,047 17,912 17,861 0.08 
Baldwin Risk Partners, LLC(6)(9)L +3.50%8.21%10/14/20277,864 7,836 7,694 0.03 
Benefytt Technologies, Inc.(4)(10)(17)SOFR +7.75%13.44%8/12/202796,709 95,350 45,937 0.20 
Benefytt Technologies, Inc.(4)(7)(10)(17)SOFR +8.75%13.74%8/12/202723,929 23,345 11,091 0.05 
BroadStreet Partners, Inc.(8)L +3.00%7.84%1/27/20279,882 9,861 9,699 0.04 
CFC Underwriting, Ltd.(4)(6)(7)(8)SOFR +5.00%9.55%5/16/2029138,161 134,916 136,576 0.59 
Foundation Risk Partners Corp.(4)(7)(10)SOFR +6.00%11.00%10/29/202827,921 27,450 26,662 0.12 
Foundation Risk Partners Corp.(4)(7)(10)SOFR +6.00%11.00%10/30/202823,706 23,334 22,673 0.10 
Galway Borrower, LLC(4)(5)(7)(10)L +5.25%10.41%9/29/2028221,263 218,066 216,814 0.94 
Galway Borrower, LLC(4)(5)(7)(10)SOFR +5.25%10.41%9/30/20274,089 3,804 3,708 0.02 
High Street Buyer, Inc.(4)(5)(7)(10)SOFR +6.00%11.05%4/14/202891,229 89,830 90,461 0.39 
High Street Buyer, Inc.(4)(5)(7)(10)SOFR +5.75%10.80%4/16/202835,718 34,725 34,530 0.15 
Howden Group Holdings Limited(6)(10)L +3.25%8.13%11/12/202713,461 13,402 13,339 0.06 
18
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Insurance (continued)
HUB International Limited (8)L +3.00%5.77%4/25/2025$2,946 $2,931 $2,838 0.01 %
Integrity Marketing Acquisition, LLC (4)(5)(7)(10)L +5.50%7.58%8/27/202594,721 92,897 89,892 0.40 
Integrity Marketing Acquisition, LLC (4)(5)(11)L +5.75%9.28%8/27/2025112,376 111,146 108,359 0.48 
Jones Deslauriers Insurance Management, Inc. (4)(5)(6)(10)C +4.25%7.75%3/27/2028C$96,709 76,049 64,842 0.29 
NFP Corp. (8)L +3.25%6.37%2/15/202741,428 40,981 39,025 0.17 
PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L +5.50%8.56%10/16/202831,919 31,301 30,664 0.14 
Riser Merger Sub, Inc. (4)(6)(10)SOFR +5.75%6.50%8/1/2028£160,271 156,201 156,092 0.70 
Riser Merger Sub, Inc. (4)(6)(7)(10)S +5.75%6.50%8/1/202813,717 16,480 15,026 0.07 
RSC Acquisition, Inc. (4)(5)(7)(10)SOFR +5.50%8.21%10/30/202629,162 28,470 27,370 0.12 
SG Acquisition, Inc. (4)(9)L +5.00%9.17%1/27/2027104,190 103,895 104,190 0.47 
Tennessee Bidco Limited (4)(5)(6)(7)(8)S +7.28%8.47%7/9/2028£150,192 196,677 199,290 0.89 
Tennessee Bidco Limited (4)(5)(6)(8)L +7.00%10.38%8/3/2028214,466 209,620 213,394 0.95 
2,356,729 2,303,980 10.30 
Interactive Media & Services
Ancestry.com Operations, Inc (9)L +3.25%6.37%12/6/20278,349 8,296 7,543 0.03 
Cengage Learning, Inc. (11)L +4.75%7.81%7/14/202618,820 18,676 17,088 0.08 
MH Sub I, LLC (11)L +3.75%6.87%9/13/202447,685 47,717 45,564 0.20 
Project Boost Purchaser, LLC (8)L +3.50%6.62%6/1/20268,425 8,415 8,028 0.04 
Project Boost Purchaser, LLC (9)L +3.50%6.62%5/2/202925,299 25,117 24,018 0.11 
Red Planet Borrower, LLC (9)L +3.75%6.87%10/2/202839,925 39,626 26,567 0.12 
SurveyMonkey, Inc. (4)(6)(8)L +3.75%6.87%10/10/20255,974 5,970 5,795 0.03 
UFC Holdings, LLC (10)L +2.75%5.52%4/29/20264,973 4,854 4,792 0.02 
William Morris Endeavor Entertainment, LLC (8)L +2.75%5.87%5/18/20254,523 4,377 4,328 0.02 
163,049 143,723 0.64 
Internet & Direct Marketing Retail
Donuts, Inc. (4)(7)(11)SOFR +6.00%8.91%12/29/2027441,300 440,209 436,887 1.95 
Donuts, Inc. (4)(11)SOFR +6.00%8.91%12/29/202671,766 71,227 71,049 0.32 
Hoya Midco, LLC (6)(9)SOFR +3.25%6.28%2/3/20299,950 9,902 9,552 0.04 
Prodege International Holdings, LLC (4)(7)(10)L +5.75%9.04%12/15/2027543,688 534,317 531,060 2.37 
Shutterfly, LLC (10)L +5.00%8.12%9/25/202657,973 57,570 36,699 0.16 
Wireless Vision, LLC (4)(11)L +5.50%9.17%12/30/202520,038 20,038 20,038 0.09 
1,133,261 1,105,285 4.94 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Insurance (continued)
HUB International Limited(10)L +3.25%8.06%4/25/2025$1,952 $1,954 $1,950 0.01 %
Integrity Marketing Acquisition, LLC(4)(11)SOFR +6.05%11.00%8/27/202539,258 38,947 37,982 0.16 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.05%11.00%8/27/202541,304 40,943 39,755 0.17 
Integrity Marketing Acquisition, LLC(4)(5)(7)(10)SOFR +6.02%10.91%8/27/202579,703 78,363 76,533 0.33 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.02%10.97%8/27/202572,512 71,805 69,793 0.30 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.03%10.79%8/27/20252,339 2,316 2,252 0.01 
Jones Deslauriers Insurance Management, Inc.(5)(6)(10)C +4.25%9.27%3/27/2028CAD10,713 8,573 7,847 0.03 
Jones Deslauriers Insurance Management, Inc.(5)(6)(8)C +4.25%9.27%3/27/2028CAD28,153 22,019 20,622 0.09 
NFP Corp.(8)L +3.25%8.09%2/15/202713,561 13,496 13,259 0.06 
PGIS Intermediate Holdings, LLC(4)(5)(7)(10)L +5.50%10.66%10/16/202824,498 24,101 23,576 0.10 
Riser Merger Sub, Inc.(4)(6)(10)SOFR +5.75%11.14%8/1/2028159,470 156,629 156,280 0.68 
Riser Merger Sub, Inc.(4)(6)(7)(10)P +4.75%12.75%8/1/20288,442 8,008 7,955 0.03 
Riser Merger Sub, Inc.(4)(6)(10)S +5.75%9.93%8/1/2028GBP13,648 16,425 16,538 0.07 
Riser Merger Sub, Inc.(4)(6)(7)(10)SOFR +5.75%10.33%8/1/202843,236 42,417 42,264 0.18 
RSC Acquisition, Inc.(4)(5)(7)(10)SOFR +5.50%11.07%10/30/202639,493 38,886 36,873 0.16 
RSC Acquisition, Inc.(4)(5)(10)SOFR +5.50%10.55%10/30/20263,683 3,683 3,554 0.02 
SG Acquisition, Inc.(4)(9)L +5.00%9.84%1/27/202793,540 93,279 93,540 0.40 
Shelf Bidco Ltd(4)(6)(10)(18)SOFR +6.34%10.93%1/3/2030132,377 128,515 128,406 0.56 
Tennessee Bidco Limited(4)(6)(8)E +7.00%9.94%8/3/2028EUR5,436 6,964 5,798 0.03 
Tennessee Bidco Limited(4)(5)(6)(8)S +7.28%10.70%7/9/2028GBP48,569 66,004 58,864 0.25 
Tennessee Bidco Limited(4)(5)(6)(7)(8)S +7.00%11.20%7/9/2028GBP80,971 89,187 86,179 0.37 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.09%7/9/2028166,473 162,674 163,559 0.71 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.21%8/3/202847,993 47,388 47,153 0.20 
Tennessee Bidco Limited(4)(6)(8)L +6.25%11.10%8/3/202817,423 17,104 16,595 0.07 
USI, Inc.(9)SOFR +3.75%8.65%11/22/20297,985 7,900 7,972 0.03 
2,331,175 2,247,814 9.73 
Interactive Media & Services
Ancestry.com Operations, Inc(9)SOFR +3.25%8.16%12/6/20278,328 8,280 7,867 0.03 
Cengage Learning, Inc.(11)L +4.75%9.88%7/14/202618,715 18,591 17,417 0.08 
MH Sub I, LLC(11)L +3.75%8.59%9/13/202415,607 15,618 15,381 0.07 
Project Boost Purchaser, LLC(9)L +3.50%8.34%5/30/20264,925 4,875 4,846 0.02 
Red Planet Borrower, LLC(9)L +3.75%8.59%10/2/202813,987 13,841 9,910 0.04 
SurveyMonkey, Inc.(6)(8)SOFR +3.75%8.67%10/10/20255,939 5,936 5,924 0.03 
67,141 61,345 0.27 
Internet & Direct Marketing Retail
Donuts, Inc.(4)(7)(11)SOFR +6.00%10.97%12/29/2026510,177 508,650 505,075 2.19 
Hoya Midco, LLC(6)(9)SOFR +3.25%7.93%2/3/20299,617 9,571 9,497 0.04 
Prodege International Holdings, LLC(4)(10)L +5.75%10.62%12/15/2027560,280 552,664 540,670 2.34 
Wireless Vision, LLC(4)(11)L +5.50%10.66%12/30/202519,026 19,026 19,026 0.08 
1,089,911 1,074,268 4.65 
IT Services
Ahead DB Holdings, LLC(5)(10)L +3.75%8.91%10/18/20272,563 2,573 2,521 0.01 
AI Altius Bidco, Inc.(4)(5)(10)L +5.50%10.65%12/21/2028106,023 104,292 103,903 0.45 
AI Altius Bidco, Inc.(4)(5)(10)SOFR +5.50%10.48%12/21/202834,698 34,415 34,005 0.15 
19
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
IT Services
Ahead DB Holdings, LLC (5)(10)L +3.75%7.43%10/18/2027$2,576 $2,588 $2,466 0.01 %
AI Altius Bidco, Inc. (4)(5)(7)(10)L +5.50%8.28%12/13/2028115,148 112,795 112,498 0.50 
AI Altius Bidco, Inc. (4)(5)(8)9.75% PIK9.75%12/1/202822,256 21,691 21,588 0.10 
BCP V Everise Acquisition, LLC (4)(10)SOFR +6.50%8.62%5/3/202775,000 73,277 73,125 0.33 
ConvergeOne Holdings, Inc. (8)L +5.00%8.12%1/4/202629,555 28,931 21,326 0.10 
Dcert Buyer, Inc. (8)SOFR +4.00%6.90%10/16/202633,003 33,045 31,577 0.14 
Endurance International Group Holdings, Inc. (10)L +3.50%6.18%2/10/202848,774 48,332 41,458 0.19 
Ensono Holdings, LLC (10)L +3.75%6.87%11/23/202834,711 34,645 30,546 0.14 
Infostretch Corporation (4)(7)(10)SOFR +5.75%7.98%4/1/2028182,483 179,138 176,406 0.79 
Inovalon Holdings, Inc. (4)(7)(10)L +6.25%9.23%11/24/2028951,600 930,050 940,840 4.20 
Monterey Financing, S.A.R.L (4)(6)(8)E +6.00%6.00%9/18/2029DKK560,750 71,990 72,138 0.32 
Monterey Financing, S.A.R.L (4)(6)(7)(8)E +6.00%7.23%9/19/2029€76,519 71,738 72,636 0.32 
Monterey Financing, S.A.R.L (4)(6)(8)E +6.00%6.00%9/19/2029SEK243,186 21,179 21,384 0.10 
Monterey Financing, S.A.R.L (4)(6)(9)E +6.00%6.50%9/19/2029NOK599,094 54,397 53,694 0.24 
Park Place Technologies, LLC (11)SOFR +5.00%8.13%11/10/202715,424 15,115 14,678 0.07 
Rackspace Technology Global (10)L +2.75%5.62%2/15/20281,189 1,130 855 0.00 
Razor Holdco, LLC (4)(10)L +5.75%8.75%10/25/2027190,244 187,031 186,439 0.83 
Red River Technology, LLC (4)(7)(11)L +6.00%9.12%5/26/2027149,688 147,658 144,449 0.65 
Sabre GLBL, Inc. (6)(9)SOFR +4.25%7.38%6/30/202846,401 45,994 41,725 0.19 
TierPoint, LLC (10)L +3.75%6.87%5/5/202615,363 15,297 14,601 0.07 
Turing Holdco, Inc. (4)(5)(6)(7)(8)E +6.00%8.46%8/3/2028€35,519 38,473 33,888 0.15 
Virtusa Corp. (10)L +3.75%6.88%2/15/202942,009 41,834 39,505 0.18 
2,176,329 2,147,823 9.60 
Leisure Products
Lew's Intermediate Holdings, LLC (4)(10)L +5.00%7.90%2/11/202825,979 25,806 24,420 0.11 
Lucky Bucks, LLC (10)L +5.50%8.31%7/30/202755,825 54,913 42,427 0.19 
Motion Finco, LLC (6)(8)L +3.25%6.92%11/12/202622,360 21,685 20,489 0.09 
Recess Holdings, Inc. (11)L +3.75%6.56%9/30/202411,982 11,964 11,652 0.05 
114,368 98,988 0.44 
Life Sciences Tools & Services
Cambrex Corp. (10)SOFR +3.50%6.63%12/4/202616,689 16,704 16,031 0.07 
Curia Global, Inc. (10)L +3.75%6.56%8/30/202645,052 45,053 41,993 0.19 
LSCS Holdings, Inc. (9)L +4.50%8.17%12/16/202818,117 18,033 17,438 0.08 
Maravai Intermediate Holdings, LLC (6)(9)SOFR +2.55%3.00%10/19/20271,968 1,987 1,913 0.01 
Packaging Coordinators Midco, Inc. (10)L +3.75%7.42%11/30/202713,640 13,610 13,001 0.06 
95,387 90,376 0.40 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
IT Services (continued)
AI Altius Bidco, Inc.(4)(5)(8)9.75%9.75% PIK12/21/2028$23,359 $22,838 $22,599 0.10 %
BCP V Everise Acquisition, LLC(4)(10)SOFR +6.25%11.14%5/3/202771,339 69,832 69,556 0.30 
Dcert Buyer, Inc.(8)SOFR +4.00%8.70%10/16/202619,659 19,680 19,293 0.08 
Endurance International Group Holdings, Inc.(10)L +3.50%8.22%2/10/202844,943 44,630 42,134 0.18 
Infostretch Corporation(4)(10)SOFR +5.75%10.80%4/1/2028181,628 178,600 173,000 0.75 
Inovalon Holdings, Inc.(4)(7)(10)L +6.25%11.21% (incl. 2.75% PIK)11/24/2028964,795 944,996 953,903 4.13 
Monterey Financing, S.A.R.L(4)(6)(8)CI +6.00%9.11%9/28/2029DKK560,750 72,131 79,664 0.34 
Monterey Financing, S.A.R.L(4)(6)(7)(8)E +6.00%9.01%9/28/2029EUR76,519 69,587 83,004 0.36 
Monterey Financing, S.A.R.L(4)(6)(9)N +6.00%9.68%9/28/2029NOK599,094 54,502 55,756 0.24 
Monterey Financing, S.A.R.L(4)(6)(8)ST +6.00%9.30%9/28/2029SEK243,186 21,220 22,859 0.10 
Park Place Technologies, LLC(11)SOFR +5.00%9.91%11/10/2027794 796 764 0.00 
Razor Holdco, LLC(4)(10)L +5.75%10.59%10/25/2027188,810 185,935 185,978 0.80 
Red River Technology, LLC(4)(7)(11)SOFR +6.00%10.91%5/26/2027148,932 147,129 148,932 0.64 
TierPoint, LLC(10)L +3.75%8.59%5/5/202612,338 12,293 11,813 0.05 
Turing Holdco, Inc.(4)(5)(6)(7)(8)E +6.00%11.16% (incl. 2.50% PIK)8/3/2028EUR10,694 12,180 11,382 0.05 
Turing Holdco, Inc.(4)(5)(6)(8)E +6.00%8.00%9/28/2028EUR16,320 18,474 17,405 0.08 
Turing Holdco, Inc.(4)(5)(6)(8)L +6.00%10.79% (incl. 2.50% PIK)9/28/202812,655 12,357 12,434 0.05 
Virtusa Corp.(10)L +3.75%8.66%2/11/20288,895 8,907 8,807 0.04 
Virtusa Corp.(10)SOFR +3.75%8.66%2/15/2029940 932 931 0.00 
2,038,299 2,060,643 8.90 
Leisure Products
Lew's Intermediate Holdings, LLC(4)(10)SOFR +5.00%9.89%2/11/202825,847 25,541 22,228 0.10 
Motion Finco, LLC(6)(8)L +3.25%8.41%11/12/20264,039 3,950 3,986 0.02 
Recess Holdings, Inc.(11)L +3.75%8.58%9/30/202411,895 11,883 11,895 0.05 
41,374 38,109 0.17 
Life Sciences Tools & Services
Cambrex Corp.(10)SOFR +3.50%8.41%12/4/20264,511 4,524 4,470 0.02 
Curia Global, Inc.(10)SOFR +3.75%8.53%8/30/202640,528 40,539 34,740 0.15 
LSCS Holdings, Inc.(9)L +4.50%9.34%12/16/20288,070 8,037 7,781 0.03 
Maravai Intermediate Holdings, LLC(6)(9)SOFR +3.00%7.63%10/19/20271,953 1,970 1,947 0.01 
Packaging Coordinators Midco, Inc.(10)L +3.50%8.66%11/30/20271,876 1,875 1,838 0.01 
56,945 50,776 0.22 
20
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference 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%8.10%2/8/2029$14,793 $14,729 $13,148 0.06 %
MHE Intermediate Holdings, LLC (4)(5)(7)(11)SOFR +6.00%9.50%7/21/202712,189 11,964 11,669 0.05 
Pro Mach Group, Inc. (11)L +4.00%7.12%8/31/202827,460 27,438 26,252 0.12 
Titan Acquisition Ltd. (6)(8)L +3.00%5.88%3/28/202518,136 17,695 16,321 0.07 
71,826 67,389 0.30 
Marine
Armada Parent, Inc. (4)(7)(10)L +5.75%8.56%10/29/2027234,700 230,176 227,588 1.02 
Media
Altice Financing S.A. (5)(6)(8)5.75%5.75%8/15/2029994 1,003 763 0.00 
Clear Channel Outdoor Holdings, Inc. (6)(8)L +3.50%6.31%8/21/202633,772 32,954 30,268 0.14 
Digital Media Solutions, LLC (6)(10)L +5.00%8.12%5/25/202629,593 29,051 25,906 0.12 
McGraw-Hill Education, Inc. (9)L +4.75%7.82%7/28/202828,573 28,330 26,422 0.12 
Radiate Holdco, LLC (10)L +3.25%6.37%9/25/202650,587 50,457 46,920 0.21 
Terrier Media Buyer, Inc. (8)L +3.50%6.62%12/17/20261,960 1,968 1,841 0.01 
Univision Communications, Inc. (10)L +3.25%6.37%3/15/202620,145 20,021 19,166 0.09 
163,784 151,285 0.68 
Metals & Mining
American Rock Salt Company, LLC (10)L +4.00%7.12%6/9/202830,612 30,593 28,431 0.13 
SCIH Salt Holdings, Inc. (10)L +4.00%6.81%3/16/202745,245 44,982 42,134 0.19 
75,575 70,565 0.32 
Oil, Gas & Consumable Fuels
CQP Holdco, LP (9)L +3.75%7.42%6/5/202823,273 23,269 22,499 0.10 
Eagle Midstream Canada Finance, Inc. (4)(6)(10)SOFR +6.25%8.96%8/15/202839,515 38,593 38,923 0.17 
Freeport LNG Investments, LLLP (9)L +3.50%6.21%12/21/202855,727 55,532 51,727 0.23 
KKR Alberta Midsteam FINCE Inc (4)(6)(10)SOFR +6.25%8.96%8/15/202821,498 20,996 21,175 0.09 
138,390 134,323 0.60 
Paper & Forest Products
Profile Products, LLC (4)(7)(10)L +5.50%8.87%11/12/202769,921 68,481 67,937 0.30 
Personal Products
Sunshine Cadence Holdco, LLC (8)L +4.25%7.13%3/23/202739,696 36,797 37,711 0.17 
Pharmaceuticals
ANI Pharmaceuticals, Inc. (6)(10)L +6.00%9.12%4/27/20289,089 8,928 8,667 0.04 
Jazz Pharmaceuticals, Inc. (6)(9)L +3.50%6.62%5/5/20286,257 6,238 6,060 0.03 
Padagis, LLC (4)(6)(9)L +4.75%7.04%7/6/202829,371 29,329 25,699 0.11 
Rhea Parent, Inc. (4)(5)(10)SOFR +5.75%9.45%2/18/2029205,871 202,116 203,298 0.91 
Sharp Midco, LLC (9)L +4.00%7.67%12/31/20285,296 5,284 5,005 0.02 
251,896 248,729 1.11 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Machinery
Chart Industries, Inc(6)(9)SOFR +3.75%8.69%12/7/2029$6,000 $5,948 $5,993 0.03 %
MHE Intermediate Holdings, LLC(4)(5)(7)(11)SOFR +6.00%10.91%7/21/20279,2159,0738,8930.04 
MHE Intermediate Holdings, LLC(4)(5)(11)SOFR +6.25%11.16%7/21/20272,4762,4282,4050.01 
MHE Intermediate Holdings, LLC(4)(5)(11)SOFR +6.00%9.16%7/21/20271,1901,1731,1510.00 
Pro Mach Group, Inc.(11)L +4.00%8.84%8/31/20288,0247,9497,9970.03 
Titan Acquisition Ltd.(6)(8)L +3.00%8.15%3/28/20253,9583,8653,7650.02 
30,436 30,204 0.13 
Marine
Armada Parent, Inc.(4)(7)(10)SOFR +5.75%10.66%10/29/2027233,381229,321228,1730.99 
Media
Clear Channel Outdoor Holdings, Inc.(6)(8)L +3.50%8.33%8/21/202633,59832,87031,3860.14 
Digital Media Solutions, LLC(6)(10)L +5.00%10.16%5/25/202629,44328,97723,5540.10 
McGraw-Hill Education, Inc.(9)L +4.75%9.99%7/28/202818,45418,31017,2920.07 
Radiate Holdco, LLC(10)L +3.25%8.09%9/25/202647,34747,24638,9370.17 
Terrier Media Buyer, Inc.(8)L +3.50%8.66%12/17/20261,9501,9571,7340.01 
Trader Corp.(4)(6)(7)(10)C +6.75%11.68%12/22/2029CAD110,510 79,08879,5030.34 
Univision Communications, Inc.(10)L +3.25%8.09%3/15/202612,09312,09912,0510.05 
220,547 204,457 0.88 
Metals & Mining
American Rock Salt Company, LLC(10)L +4.00%8.84%6/9/202819,63419,62018,9710.08 
SCIH Salt Holdings, Inc.(10)L +4.00%8.83%3/16/202713,49813,42913,1990.06 
33,049 32,170 0.14 
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.(4)(6)(10)SOFR +6.25%11.01%8/15/202830,19029,59729,9640.13 
Freeport LNG Investments, LLLP(9)L +3.50%8.31%12/21/202835,44535,36434,4190.15 
KKR Alberta Midsteam FINCE Inc(4)(6)(10)SOFR +6.25%11.01%8/15/202816,42416,10116,3010.07 
81,062 80,684 0.35 
Paper & Forest Products
Profile Products, LLC(4)(10)L +5.50%10.41%11/12/202740,21339,71339,3080.17 
Profile Products, LLC(4)(10)C +5.50%10.37%11/12/202723,54323,18123,0130.10 
Profile Products, LLC(4)(7)(10)SOFR +5.50%10.30%11/12/20276,0275,7665,6450.02 
68,660 67,966 0.29 
Pharmaceuticals
Doc Generici (Diocle S.p.A.)(4)(6)(7)(8)E +6.50%9.32%10/27/2028EUR60,136 57,96764,0180.28 
Padagis, LLC(6)(9)L +4.75%9.54%7/6/202829,37129,33326,9480.12 
Rhea Parent, Inc.(4)(5)(10)SOFR +5.75%10.80%2/18/2029205,052201,603204,0260.88 
Sharp Midco, LLC(4)(9)L +4.00%9.16%12/31/20285,2695,2585,1900.02 
294,161 300,182 1.30 
Professional Services
ALKU, LLC(4)(10)SOFR +5.25%10.16%3/1/2028154,053152,959154,0530.67 
ALKU, LLC(4)(10)SOFR +5.00%9.91%3/1/202878,40977,69078,4090.34 
Apex Companies, LLC(4)(7)(11)SOFR +6.25%10.93%1/31/20281,5341,4881,4870.01 
Apex Companies, LLC(4)(11)SOFR +6.25%11.16%1/31/20287169700.00 
APFS Staffing Holdings Inc(4)(9)SOFR +4.00%8.89%12/29/20283,2663,2593,2340.01 
Aqgen Island Holdings, Inc.(9)L +3.50%8.38%8/2/202842,74142,62141,6190.18 
Armor Holdco, Inc.(6)(9)SOFR +4.50%9.54%12/11/20283,5913,5623,5860.02 
BPPH2 Limited(4)(5)(6)(8)S +6.87%10.68%3/2/2028GBP40,700 55,22649,7520.22 
21
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference 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%8.95%3/1/2028$162,998 $161,722 $162,590 0.73 %
ALKU, LLC (4)(10)SOFR +5.00%8.70%3/1/202878,805 78,009 78,805 0.35 
APFS Staffing Holdings, Inc. (4)(9)SOFR +4.00%6.83%12/29/20287,263 7,246 7,099 0.03 
Aqgen Island Holdings, Inc. (9)L +3.50%7.19%8/2/202868,561 68,231 62,562 0.28 
Armor Holdco, Inc. (6)(9)L +4.50%8.17%12/11/20283,609 3,577 3,514 0.02 
BPPH2 Limited (4)(5)(6)(8)S +6.87%8.56%3/2/2028£40,700 55,133 45,649 0.20 
Camelot US Acquisition, LLC (6)(11)L +3.00%6.12%10/30/202617,261 17,165 16,729 0.07 
Cast & Crew Payroll, LLC (8)L +3.50%6.62%2/9/202614,386 14,387 14,062 0.06 
Cast & Crew Payroll, LLC (9)SOFR +3.75%6.78%12/29/20289,141 9,112 8,886 0.04 
CFGI Holdings, LLC (4)(7)(10)L +5.00%8.12%11/1/202751,791 50,381 51,164 0.23 
Chronicle Bidco, Inc. (4)(7)(10)L +6.25%9.80%5/18/202925,617 24,956 24,608 0.11 
Claims Automation Intermediate 2, LLC (4)(7)(10)L +4.75%6.75%12/16/202745,833 44,443 43,773 0.20 
Clearview Buyer, Inc. (4)(5)(7)(10)L +5.25%8.92%8/26/2027150,870 147,999 147,361 0.66 
CoreLogic, Inc. (9)L +3.50%6.63%6/2/202841,242 40,967 31,241 0.14 
Deerfield Dakota Holding, LLC (11)SOFR +3.75%6.78%4/9/202791,690 91,212 86,723 0.39 
Eliassen Group, LLC (4)(7)(10)SOFR +5.75%9.30%4/14/202866,163 65,248 64,592 0.29 
Emerald US, Inc. (6)(8)L +3.25%6.92%7/12/20283,899 3,895 3,773 0.02 
Galaxy US Opco, Inc. (6)(9)SOFR +4.75%7.78%4/29/202912,326 12,035 11,617 0.05 
Guidehouse, Inc. (4)(5)(10)L +5.50%8.62%10/16/20281,221,387 1,209,411 1,196,959 5.35 
HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)SOFR +6.00%9.78%8/17/202799,001 97,241 97,771 0.44 
IG Investments Holdings, LLC (4)(5)(7)(10)L +6.00%9.67%9/22/2028481,964 473,122 479,330 2.14 
Inmar, Inc. (11)L +4.00%7.12%5/1/202444,187 43,954 41,908 0.19 
Kaufman Hall & Associates, LLC (4)(7)(10)L +5.50%8.62%12/14/202877,543 75,992 76,181 0.34 
Kwor Acquisition, Inc. (4)(7)(10)L +5.25%8.85%12/22/202825,415 24,915 24,171 0.11 
Legacy Intermediate, LLC (4)(5)(7)(10)SOFR +5.75%8.74%2/25/202893,132 90,976 91,668 0.41 
Mantech International CP (4)(6)(7)(10)SOFR +5.75%8.56%9/14/2029797,733 778,175 778,041 3.48 
Material Holdings, LLC (4)(5)(7)(10)L +5.75%9.42%8/19/2027249,992 245,789 244,827 1.09 
Material Holdings, LLC (4)(5)(7)(8)L +5.75%9.02%8/19/202715,267 15,267 14,959 0.07 
Minotaur Acquisition, Inc. (8)SOFR +5.00%8.13%3/27/2026300,172 292,076 285,940 1.28 
National Intergovernmental Purchasing Alliance Co. (8)SOFR +3.50%7.05%5/23/202519,938 19,865 19,340 0.09 
Polyconcept Investments B.V. (10)SOFR +5.50%8.53%5/18/202945,000 44,144 42,891 0.19 
Sherlock Buyer Corp. (4)(7)(10)L +5.75%9.42%12/8/202813,099 12,692 12,800 0.06 
The Dun & Bradstreet Corporation (8)L +3.25%6.33%2/6/20264,840 4,755 4,690 0.02 
Thevelia US, LLC (5)(6)(9)SOFR +4.00%7.70%6/18/202934,553 33,074 32,998 0.15 
Trinity Air Consultants Holdings Corp. (4)(7)(10)L +5.25%8.13%6/29/202772,247 70,744 71,195 0.32 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Professional Services (continued)
CFGI Holdings, LLC(4)(7)(10)SOFR +5.25%10.16%11/2/2027$22,865 $22,035 $22,238 0.10 %
Chronicle Bidco, Inc.(4)(7)(11)SOFR +6.75%11.61%5/18/202945,98045,65544,4830.19 
Claims Automation Intermediate 2, LLC(4)(7)(10)L +4.75%8.76%12/16/202745,37244,12143,7790.19 
Clearview Buyer, Inc.(4)(5)(7)(10)L +5.25%10.41%8/26/2027150,110147,659146,7780.64 
Clearview Buyer, Inc.(4)(5)(7)(10)L +5.25%10.40%2/26/20272,8302,7152,6680.01 
CoreLogic, Inc.(9)L +3.50%8.38%6/2/202841,03340,78435,1280.15 
Cumming Group, Inc.(4)(7)(11)L +6.00%10.81%5/26/2027183,951181,175177,7250.77 
Cumming Group, Inc.(4)(7)(11)SOFR +6.00%10.78%11/16/20271,2551,2141,2120.01 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.65%4/9/202785,92385,53783,4170.36 
Eliassen Group, LLC(4)(10)SOFR +5.50%10.40%4/14/202863,66262,94362,3880.27 
Eliassen Group, LLC(4)(7)(10)SOFR +5.50%10.69%4/14/20282,1702,0601,8800.01 
Emerald US, Inc.(6)(8)L +3.25%8.41%7/12/20283,8793,8763,8470.02 
Galaxy US Opco, Inc.(6)(9)SOFR +4.75%9.56%4/29/202912,26411,99710,9000.05 
Guidehouse, Inc.(4)(5)(10)SOFR +6.25%11.16%10/16/20281,144,9071,132,9431,122,0094.86 
Guidehouse, Inc.(4)(5)(10)SOFR +6.25%11.16%10/16/202849,74848,38048,7530.21 
HIG Orca Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.00%11.27%8/17/202794,55793,17693,6110.41 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%11.26%8/17/20273,7023,5943,6090.02 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%11.05%8/12/20278,8848,8288,6970.04 
IG Investments Holdings, LLC(4)(5)(7)(10)SOFR +6.00%10.91%9/22/2028430,941423,527428,5621.85 
IG Investments Holdings, LLC(4)(5)(10)L +6.00%10.83%9/22/202816,33716,20116,2550.07 
Inmar, Inc.(11)L +4.00%9.16%5/1/202429,90229,83828,7480.12 
Kaufman Hall & Associates, LLC(4)(10)L +5.25%10.09%12/14/202897,06095,47896,3320.42 
Kwor Acquisition, Inc.(4)(7)(10)L +6.05%12.25%12/22/20275,5185,3284,9120.02 
Legacy Intermediate, LLC(4)(5)(7)(10)SOFR +5.75%10.77%2/25/2028103,292101,325102,7590.44 
Mantech International CP(4)(7)(10)SOFR +5.75%10.43%9/14/2029776,451758,393765,7133.31 
Material Holdings, LLC(4)(5)(7)(10)SOFR +5.75%10.75%8/19/2027256,639252,803248,9391.08 
Material Holdings, LLC(4)(5)(7)(10)SOFR +5.81%10.89%8/17/202713,98913,75713,5120.06 
Minotaur Acquisition, Inc.(8)SOFR +4.75%9.66%3/27/2026260,699254,600254,0891.10 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.40%5/23/20254,1964,1824,1470.02 
Petrus Buyer Inc(4)(7)(10)SOFR +6.50%10.70%10/17/202936,17334,85435,1760.15 
Polyconcept Investments B.V.(10)SOFR +5.50%10.31%5/18/202944,77543,98744,0760.19 
Sherlock Buyer Corp.(4)(7)(10)L +5.75%10.65%12/8/20286,4716,2066,0440.03 
Thevelia US, LLC(5)(6)(9)SOFR +4.00%8.90%6/18/202934,37933,01733,5490.15 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.18%6/29/202719,71919,26019,3940.08 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.40%6/29/202724,60124,11024,1540.10 
Trinity Partners Holdings, LLC(4)(7)(10)SOFR +5.75%10.58%12/21/2028387,709380,327378,8101.64 
Victors CCC Buyer, LLC(4)(7)(10)SOFR +5.75%10.52%6/1/2029145,898142,822145,5870.63 
VT Topco, Inc.(7)(10)L +3.75%8.59%8/1/202513,33613,29113,1760.06 
West Monroe Partners, LLC(4)(7)(10)L +5.25%10.03%11/8/2028728,075715,262709,8733.07 
5,644,1345,619,13924.35 
22
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Professional Services (continued)
Trinity Partners Holdings, LLC (4)(7)(10)SOFR +5.75%8.21%12/21/2028$447,717 $438,659 $437,672 1.96 %
Victors CCC Buyer, LLC (4)(7)(10)SOFR +5.75%7.75%6/1/2029146,738 143,400 142,908 0.64 
VT Topco, Inc. (7)(10)L +3.75%6.87%8/1/202527,503 27,415 26,230 0.12 
West Monroe Partners, LLC (4)(7)(10)L +5.50%8.32%11/8/2028731,752 717,714 713,105 3.19 
5,755,096 5,700,333 25.47 
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)L +5.25%8.92%5/26/2027160,725 157,370 158,643 0.71 
McCarthy & Stone PLC (4)(5)(6)(8)7.00%7.00%12/16/2025£20,000 28,025 19,003 0.08 
Progress Residential PM Holdings, LLC (4)(7)(10)SOFR +6.25%9.38%7/25/202985,529 83,783 85,529 0.38 
269,178 263,174 1.18 
Road & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)L +5.50%7.75%7/1/202820,376 19,775 19,936 0.09 
Software
2U, Inc. (6)(10)L +5.75%8.87%12/30/202424,010 23,773 23,074 0.10 
Anaplan, Inc. (4)(6)(7)(10)SOFR +6.50%9.53%6/21/2029596,043 583,583 583,058 2.61 
Apex Group Treasury, LLC (6)(9)L +3.75%6.56%7/27/202823,279 23,248 22,231 0.10 
Apttus Corp. (10)L +4.25%7.12%5/8/202815,355 15,327 14,204 0.06 
Armstrong Bidco Limited (4)(6)(7)(8)S +5.75%7.94%6/28/2029£368,840 438,607 392,530 1.75 
AxiomSL Group, Inc. (4)(7)(11)L +6.00%9.12%12/3/202778,521 77,113 77,621 0.35 
Barracuda Networks, Inc. (9)SOFR +4.50%7.53%7/6/202977,133 74,600 72,772 0.33 
Beeline, LLC (4)(7)(10)SOFR +5.50%8.41%5/2/202944,412 43,899 43,617 0.19 
BlueCat Networks USA, Inc. (4)(6)(7)(10)SOFR +5.75%8.77%8/8/202868,902 67,320 67,280 0.30 
Boxer Parent Company, Inc. (8)L +3.75%6.87%10/2/202553,928 53,763 51,253 0.23 
Cloudera, Inc. (9)L +3.75%6.87%10/8/202860,845 59,857 53,696 0.24 
Community Brands ParentCo, LLC (4)(5)(7)(10)SOFR +5.75%8.88%2/24/202833,267 32,457 32,367 0.14 
Confine Visual Bidco (4)(6)(7)(10)L +5.75%8.74%2/23/2029252,786 244,992 244,369 1.09 
Connatix Buyer, Inc. (4)(5)(7)(10)L +5.50%8.42%7/14/2027111,172 108,879 110,208 0.49 
ConnectWise, LLC (9)L +3.50%7.17%9/29/202832,256 32,140 30,240 0.14 
Cornerstone OnDemand, Inc. (9)L +3.75%6.87%10/16/202829,687 29,585 25,085 0.11 
Delta Topco, Inc. (10)L +3.75%5.84%12/1/202735,153 35,115 31,989 0.14 
Diligent Corporation (4)(11)L +5.75%8.63%8/4/202588,650 87,838 86,434 0.39 
Discovery Education, Inc. (4)(7)(10)SOFR +5.75%9.83%4/9/2029473,333 463,543 462,816 2.07 
DTI Holdco, Inc. (7)(10)P +4.75%7.78%4/26/202955,440 54,047 52,643 0.24 
ECI Macola Max Holding, LLC (6)(10)L +3.75%7.42%11/9/202719,829 19,873 18,838 0.08 
EP Purchaser, LLC (9)L +3.50%7.17%11/6/20286,913 6,881 6,762 0.03 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Real Estate Management & Development
McCarthy & Stone PLC(4)(5)(6)(8)7.00%7.00%12/16/2025GBP20,000 $28,038 $22,821 0.10 %
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.16%2/16/202870,32469,07570,3240.30 
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.16%7/25/202915,20514,86215,2050.07 
111,975108,3500.47 
Road & Rail
Gruden Acquisition, Inc.(4)(5)(7)(11)L +5.25%9.88%7/1/20288065632890.00 
Software
2U, Inc.(6)(10)SOFR +6.50%11.32%12/28/20265,3255,0695,1380.02 
Anaplan, Inc.(4)(6)(7)(10)SOFR +6.50%11.31%6/21/2029537,534527,142531,6792.30 
Apex Group Treasury, LLC(6)(9)L +3.75%8.56%7/27/202815,25615,23014,9390.06 
Apttus Corp.(10)L +4.25%9.08%5/8/202811,68711,65711,3750.05 
Armstrong Bidco Limited(4)(6)(8)S +5.75%9.68%6/28/2029GBP314,735 374,884369,0571.60 
Armstrong Bidco Limited(4)(6)(7)(8)S +5.75%9.68%6/28/2029GBP127,438 150,429157,7300.68 
Avalara Inc(4)(7)(10)SOFR +7.25%12.15%10/19/202823,07722,49022,6960.10 
AxiomSL Group, Inc.(4)(7)(11)L +5.75%10.59%12/3/202778,02076,76176,7050.33 
Beeline, LLC(4)(7)(10)SOFR +5.25%10.38%5/2/202944,19043,75943,9410.19 
Beeline, LLC(4)(7)(10)SOFR +5.25%10.12%5/2/20296926496460.00 
BlueCat Networks USA, Inc.(4)(6)(7)(10)SOFR +6.00%10.94% (incl. 2.00% PIK)8/8/202868,90167,56967,4010.29 
BlueCat Networks USA, Inc.(4)(6)(7)(10)SOFR +6.00%10.73%8/8/20281,1391,0201,0170.00 
Boxer Parent Company, Inc.(8)L +3.75%8.59%10/2/202514,84214,79414,6800.06 
Circana Group, L.P.(4)(10)SOFR +5.75%10.66%12/1/2028687,085674,565680,2142.94 
Circana Group, L.P.(4)(10)SOFR +6.25%10.95% (incl. 2.75% PIK)12/1/2028890,092874,421872,2903.78 
Circana Group, L.P.(4)(7)(10)SOFR +6.18%11.54%12/1/202714,68712,85113,6380.06 
Cloudera, Inc.(9)SOFR +3.75%8.66%10/8/202836,96336,52935,3920.15 
Community Brands ParentCo, LLC(4)(5)(7)(10)SOFR +5.75%10.66%2/24/202815,20714,76714,6680.06 
Confine Visual Bidco(4)(6)(7)(10)SOFR +5.75%10.55%2/23/2029258,821251,634239,3141.04 
Connatix Buyer, Inc.(4)(5)(7)(10)L +5.50%10.23%7/14/2027108,751106,731103,7350.45 
ConnectWise, LLC(9)L +3.50%8.34%9/29/202828,53728,46327,6450.12 
Cornerstone OnDemand, Inc.(9)L +3.75%8.59%10/16/202827,34927,25625,3320.11 
Coupa Software Inc.(4)(6)(7)(10)SOFR +7.50%12.29%2/27/20301,8361,7861,7850.01 
Delta Topco, Inc.(10)SOFR +3.75%8.66%12/1/202734,97534,93932,5120.14 
Diligent Corporation(4)(11)L +5.75%10.59%8/4/202588,20087,53485,5540.37 
Discovery Education, Inc.(4)(7)(10)SOFR +5.75%10.71%4/9/2029470,967461,965456,5701.98 
DTI Holdco, Inc.(4)(7)(10)SOFR +4.59%11.36%4/26/20278,8408,8407,8410.03 
DTI Holdco, Inc.(10)SOFR +4.75%9.43%4/26/202932,79331,94930,5420.13 
ECI Macola Max Holding, LLC(6)(10)L +3.75%8.91%11/9/202711,98012,00211,7310.05 
Epicor Software Corp.(10)L +3.25%8.09%7/30/20275,9685,9935,8730.03 
Episerver, Inc.(4)(5)(7)(11)L +5.75%10.91%4/9/202625,03724,70422,6940.10 
Experity, Inc.(4)(5)(7)(10)SOFR +5.75%10.75%2/24/2028134,469132,178130,0310.56 
Forterro UK Ltd.(4)(6)(9)SA +5.00%6.41%7/9/2029CHF10,674 10,70811,3330.05 
Forterro UK Ltd.(4)(6)(8)E +5.00%7.18%7/9/2029EUR31,713 31,49333,4010.14 
Forterro UK Ltd.(4)(6)(7)(8)S +5.00%9.18%7/9/2029EUR10,474 9,68311,4890.05 
Forterro UK Ltd.(4)(6)(8)ST +5.00%7.81%7/9/2029SEK112,563 10,43110,5290.05 
23
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Epicor Software Corp. (10)L +3.25%6.37%7/30/2027$43,727 $43,624 $41,097 0.18 %
Episerver, Inc. (4)(5)(7)(11)L +5.75%9.42%4/9/202625,164 24,775 23,401 0.10 
Experity, Inc. (4)(5)(7)(10)L +5.75%9.42%2/24/2028135,258 132,720 132,283 0.59 
Flexera Software, LLC (10)L +3.75%6.39%3/3/202818,116 18,105 17,351 0.08 
Forterro UK Ltd. (4)(6)(8)L +5.50%5.50%7/7/2029Fr.10,674 10,688 10,554 0.05 
Forterro UK Ltd. (4)(6)(7)(8)E +5.50%5.50%7/7/2029€42,187 42,093 40,045 0.18 
Forterro UK Ltd. (4)(6)(8)E +5.50%6.35%7/7/2029SEK112,563 10,412 9,898 0.04 
GI Consilio Parent, LLC (9)L +4.00%7.12%5/12/202847,592 46,688 43,622 0.19 
Gigamon Inc. (4)(7)(8)SOFR +5.75%8.77%3/11/2029442,371 433,995 422,474 1.89 
GovernmentJobs.com, Inc. (4)(7)(10)L +5.50%8.62%12/1/2028145,236 141,908 141,310 0.63 
GraphPAD Software, LLC (4)(7)(11)L +5.50%8.31%4/27/202723,596 23,241 23,232 0.10 
Greeneden U.S. Holdings II, LLC (10)L +4.00%7.12%12/1/202741,416 41,530 39,549 0.18 
HS Purchaser, LLC (10)L +4.00%7.13%11/19/202652,563 52,529 48,463 0.22 
Hyland Software, Inc. (10)L +3.50%6.62%7/1/20249,877 9,884 9,590 0.04 
Idera, Inc. (10)L +3.75%6.32%3/2/202858,022 57,880 54,058 0.24 
Imperva, Inc. (11)L +4.00%6.92%1/12/202619,184 19,255 16,249 0.07 
ION Trading Finance Ltd. (6)(8)L +4.75%8.42%4/3/202828,080 28,104 26,143 0.12 
Ivanti Software, Inc. (10)L +4.25%7.33%12/1/202741,621 41,349 32,623 0.15 
Kaseya, Inc. (4)(7)(10)SOFR +5.75%8.29%6/25/2029733,231 717,455 717,147 3.20 
LD Lower Holdings, Inc. (4)(7)(11)L +6.50%10.17%2/8/2026118,077 116,454 116,306 0.52 
Lightbox Intermediate, LP (4)(8)L +5.00%8.67%5/9/202638,000 37,130 36,670 0.16 
Magnesium BorrowerCo, Inc. (4)(6)(10)S +2.19%7.94%5/18/2029£103,411 126,123 114,148 0.51 
Magnesium BorrowerCo, Inc. (4)(7)(10)SOFR +5.75%8.88%5/18/2029970,174 944,599 953,144 4.26 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L +3.75%6.56%7/31/202880,900 79,845 79,129 0.35 
Medallia, Inc. (4)(10)L +6.75% PIK9.87%10/29/2028193,895 189,975 190,017 0.85 
Medallia, Inc. (4)(13)L +6.75% PIK9.87%10/29/2028785,932 772,392 770,214 3.44 
Mitnick Purchaser, Inc. (9)SOFR +4.75%7.39%5/2/202916,333 16,256 15,455 0.07 
Mitratech Holdings, Inc. (4)(5)(10)L +3.75%6.56%5/18/202816,874 16,806 16,114 0.07 
Monk Holding Co. (4)(7)(10)L +5.50%6.25%12/1/202730,274 29,146 29,002 0.13 
MRI Software, LLC (5)(7)(11)L +5.50%7.96%2/10/202611,257 11,229 10,941 0.05 
MRI Software, LLC (5)(7)(11)L +5.50%9.17%2/10/20267,449 7,409 6,931 0.03 
Neogames Connect SARL (4)(6)(8)E +6.25%7.44%5/30/2028€100,400 101,670 95,543 0.43 
Nintex Topco Limited (4)(6)(10)L +6.00%9.67%11/13/2028683,124 671,169 662,630 2.96 
NortonLifeLock, Inc. (6)(9)SOFR +2.00%2.50%9/12/202931,714 31,556 30,557 0.14 
Onex AP Merger Sub, LLC (4)(7)(10)SOFR +5.75%6.83%4/4/202821,739 21,280 21,239 0.09 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
GI Consilio Parent, LLC(7)(9)L +4.00%8.84%5/12/2028$40,225 $39,509 $37,087 0.16 %
Gigamon Inc.(4)(7)(11)SOFR +5.75%10.56%3/9/2029434,973427,374429,2141.86 
GovernmentJobs.com, Inc.(4)(7)(10)SOFR +5.50%10.41%12/1/2028144,506141,480139,9690.61 
GraphPAD Software, LLC(4)(7)(11)L +5.50%10.71%4/27/20272,6442,5312,3770.01 
GraphPAD Software, LLC(4)(11)L +5.50%10.43%4/27/202717,19417,01916,8500.07 
Greeneden U.S. Holdings II, LLC(10)L +4.00%8.84%12/1/20275,8605,8855,7860.03 
HS Purchaser, LLC(10)SOFR +4.00%8.78%11/19/202648,71248,69343,5850.19 
Hyland Software, Inc.(10)L +3.50%8.34%7/1/20249,8259,8319,7350.04 
Idera, Inc.(10)L +3.75%8.51%3/2/202852,48452,36450,2210.22 
Imperva, Inc.(11)L +4.00%8.86%1/12/202619,08019,13916,8000.07 
ION Trading Finance Ltd.(6)(8)L +4.75%9.91%4/3/202827,97027,99126,4490.11 
Kaseya, Inc.(4)(7)(10)SOFR +5.75%10.65%6/25/2029733,231718,622724,9673.14 
LD Lower Holdings, Inc.(4)(11)SOFR +6.50%11.50%2/8/2026117,477116,105115,7150.50 
Lightbox Intermediate, LP(4)(8)L +5.00%9.73%5/9/202637,71536,97136,3950.16 
Magnesium BorrowerCo, Inc.(4)(10)S +5.75%9.93%5/18/2029GBP102,894 125,713125,1560.54 
Magnesium BorrowerCo, Inc.(4)(7)(10)SOFR +5.75%10.66%5/18/2029965,324941,778948,3664.10 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)L +3.75%8.58%7/31/202877,32176,43573,4550.32 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(8)L +3.75%8.62%7/30/202610,80010,72810,2600.04 
Medallia, Inc.(4)(10)L +6.50%11.34% (incl. 5.57% PIK)10/29/20281,006,282990,238986,1564.27 
Mitnick Purchaser, Inc.(9)SOFR +4.75%9.53%5/2/202911,82811,77711,1780.05 
Mitratech Holdings, Inc.(5)(10)L +3.75%8.58%5/18/202816,78916,72716,0120.07 
Monk Holding Co.(4)(10)(18)L +5.70%10.66%12/1/202711,14110,93210,9460.05 
Monk Holding Co.(4)(7)(10)L +5.50%9.88%11/24/20283,5883,1243,0310.01 
MRI Software, LLC(5)(7)(11)L +5.50%10.66%2/10/202619,17319,16218,3790.08 
MRI Software, LLC(5)(7)(11)L +5.50%10.60%2/10/20262,3832,3652,0920.01 
Neogames Connect SARL(4)(6)(8)E +6.25%9.27%5/30/2028EUR100,400 101,933106,2840.46 
Nintex Topco Limited(4)(6)(10)L +6.00%10.73%11/13/2028680,507669,565636,2742.75 
NortonLifeLock, Inc.(6)(7)(9)SOFR +2.00%6.91%9/12/20297,1907,1347,1000.03 
Onex AP Merger Sub, LLC(4)(7)(10)SOFR +5.75%9.74%4/4/202821,63021,26921,3820.09 
Oranje Holdco Inc(4)(7)(11)SOFR +7.75%12.43%2/1/202966,00064,19464,1440.28 
Perforce Software, Inc.(8)L +3.75%8.59%7/1/202615,41515,40214,3850.06 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%8.85%4/26/202414,23914,25214,1740.06 
Project Leopard Holdings, Inc.(7)(9)SOFR +5.25%9.80%7/20/2029140,698133,364128,2820.56 
Proofpoint, Inc.(5)(9)L +3.25%8.09%8/31/20289028988840.00 
Quest Software US Holdings, Inc.(6)(9)SOFR +4.25%9.08%2/1/202927,81127,59522,8440.10 
Rally Buyer, Inc.(4)(7)(10)SOFR +5.75%10.60%7/19/2028115,635113,271112,9670.49 
Rally Buyer, Inc.(4)(7)(10)SOFR +5.75%10.53%7/19/20283,9653,6363,6340.02 
RealPage, Inc.(9)L +3.00%7.84%4/24/20281,9851,9791,9310.01 
Relativity ODA, LLC(4)(7)(11)L +6.50%12.35% (incl. 12.35% PIK)5/12/20279909059010.00 
Rocket Software, Inc.(8)L +4.25%9.09%11/28/202510,78410,79210,6100.05 
Rocket Software, Inc.(9)L +4.25%9.09%11/28/20253,9473,8873,8840.02 
S2P Acquisition Borrower, Inc.(6)(8)SOFR +4.00%8.91%8/14/202613,07013,09112,8940.06 
Sailpoint Technologies, Inc.(4)(7)(10)SOFR +6.25%10.99%8/16/2029384,906377,283378,6211.64 
Solarwinds Holdings, Inc.(8)SOFR +4.00%8.81%2/5/20273,0002,9782,9950.01 
24
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Paya Holdings III, LLC (4)(5)(6)(7)(10)L +3.25%6.37%6/25/2028$9,405 $9,264 $8,980 0.04 %
Perforce Software, Inc. (8)L +3.75%6.87%7/1/202615,495 15,479 14,488 0.06 
Project Alpha Intermediate Holding, Inc. (8)L +4.00%7.12%4/26/202448,453 48,508 46,780 0.21 
Project Leopard Holdings, Inc. (11)SOFR +4.25%6.95%7/20/20274,740 4,740 2,244 0.01 
Project Leopard Holdings, Inc. (9)SOFR +5.25%7.83%7/20/2029141,000 134,475 126,959 0.57 
Proofpoint, Inc. (5)(9)L +3.25%6.32%8/31/20284,889 4,703 4,603 0.02 
Quest Software US Holdings, Inc. (6)(9)SOFR +4.25%6.98%2/1/202927,951 27,715 20,824 0.09 
Rally Buyer, Inc. (4)(6)(7)(10)SOFR +5.75%6.50%7/19/2028115,925 113,012 112,920 0.50 
RealPage, Inc. (9)L +3.00%6.12%4/24/202826,790 26,697 25,167 0.11 
Relativity ODA, LLC (4)(7)(11)L +9.59%10.59%5/12/202716,717 16,361 16,392 0.07 
Rocket Software, Inc. (8)L +4.25%7.37%11/28/202526,337 26,333 25,253 0.11 
Rocket Software, Inc. (9)L +4.25%7.37%11/28/202533,073 32,843 31,812 0.14 
S2P Acquisition Borrower, Inc. (6)(8)SOFR +3.75%6.78%8/14/202620,320 20,356 19,889 0.09 
Sailpoint Technologies, Inc. (4)(7)(10)SOFR +6.25%9.10%8/15/2029384,906 376,679 376,526 1.68 
Sophia, LP (9)L +3.50%7.17%10/7/202726,847 26,620 25,874 0.12 
Sovos Compliance, LLC (9)L +4.50%7.62%8/11/202816,089 16,131 15,381 0.07 
Spitfire Parent, Inc. (4)(5)(6)(11)E +6.00%7.86%3/11/2027€19,256 22,919 18,487 0.08 
Spitfire Parent, Inc. (4)(7)(11)SOFR +6.00%10.23%3/11/2027113,919 112,575 111,530 0.50 
Stamps.com, Inc. (4)(10)L +5.75%8.38%10/5/2028856,410 841,700 839,282 3.75 
Stamps.com, Inc. (4)(10)L +5.75%8.38%10/5/202810,073 9,895 9,871 0.04 
Surf Holdings, LLC (6)(8)L +3.50%6.67%3/5/202733,684 33,626 32,652 0.15 
Symphony Technology Group (5)(6)(10)L +4.75%7.87%7/27/202869,827 69,236 63,263 0.28 
Symphony Technology Group (5)(6)(9)L +3.75%6.36%3/1/202933,863 33,572 30,979 0.14 
Tegra118 Wealth Solutions, Inc. (4)(8)L +4.00%6.96%2/18/20273,935 3,957 3,787 0.02 
The NPD Group L.P. (4)(7)(10)L +5.75%8.87%11/9/2028690,517 674,813 682,563 3.05 
The NPD Group L.P. (4)(10)L +6.25%8.76%12/1/2028879,715 862,625 862,120 3.85 
The Ultimate Software Group, Inc. (9)L +3.25%5.54%5/4/202635,444 35,334 33,819 0.15 
Triple Lift, Inc. (4)(7)(10)SOFR +5.75%9.61%5/8/202876,165 74,741 75,227 0.34 
Veritas US, Inc. (6)(11)L +5.00%8.67%9/1/202520,513 20,581 16,393 0.07 
Virgin Pulse, Inc. (10)L +4.00%7.12%4/6/202842,128 41,795 36,932 0.17 
Vision Solutions, Inc. (10)L +4.00%6.78%4/24/202848,386 48,262 42,741 0.19 
11,431,260 11,233,952 50.20 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Sophia, LP(9)L +3.50%8.66%10/7/2027$1,990 $1,979 $1,970 0.01 %
Sovos Compliance, LLC(9)L +4.50%9.34%8/11/20285,2105,2194,9460.02 
Spitfire Parent, Inc.(4)(11)SOFR +5.50%11.14%3/11/202786,81185,60285,0750.37 
Spitfire Parent, Inc.(4)(11)SOFR +6.00%10.61%3/11/202732,04432,01231,4030.14 
Spitfire Parent, Inc.(4)(5)(11)E +6.00%8.79%3/11/2027EUR19,159 22,83720,3990.09 
Stamps.com, Inc.(4)(10)L +5.75%10.59%10/5/2028852,105838,682830,8033.60 
Stamps.com, Inc.(4)(10)L +5.75%10.59%10/5/202810,0229,8609,7710.04 
Surf Holdings, LLC(6)(8)L +3.50%8.51%3/5/20273,2273,2323,2030.01 
Symphony Technology Group(5)(6)(10)L +4.75%9.58%7/27/202865,84265,29554,5310.24 
Symphony Technology Group(5)(6)(9)SOFR +3.75%8.52%3/1/202930,09929,85628,3910.12 
Tegra118 Wealth Solutions, Inc.(8)SOFR +4.00%8.76%2/18/20273,9103,9293,7630.02 
The Ultimate Software Group, Inc.(9)L +3.25%8.03%5/4/20269,9939,9699,7540.04 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.23%5/5/202825,98125,54925,4610.11 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.44%5/5/202844,27543,63143,3900.19 
Triple Lift, Inc.(4)(7)(10)SOFR +5.25%9.58%5/5/20285,4805,2725,1940.02 
Virgin Pulse, Inc.(10)L +4.00%8.84%4/6/202841,91541,61434,6850.15 
Vision Solutions, Inc.(10)L +4.00%8.82%4/24/202845,95345,83441,0130.18 
Zendesk Inc(4)(7)(10)SOFR +6.50%11.88% (incl. 3.50% PIK)11/30/2028912,838885,447898,6363.89 
11,814,61511,717,87650.72 
Specialty Retail
CustomInk, LLC(4)(11)(18)L +6.18%11.14%5/3/202636,86636,41536,8660.16 
EG America, LLC(6)(9)L +4.25%9.09%3/31/202614,89514,86114,2950.06 
EG Dutch Finco BV(6)(8)L +4.00%8.84%2/7/202532,13031,99730,8320.13 
Runner Buyer, Inc.(10)L +5.50%10.45%10/20/202877,22075,88957,9160.25 
159,162139,9090.60 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.66%2/28/202645,89345,95545,5490.20 
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC(11)L +7.00%12.16%7/15/202725,98825,51719,4130.08 
S&S Holdings, LLC(9)L +5.00%9.83%3/11/20286,4136,3086,0640.03 
31,82525,4770.11 
Trading Companies & Distributors
Foundation Building Materials, Inc.(9)L +3.25%8.08%1/31/202814,87714,58214,4940.06 
Icebox Holdco III, Inc.(9)L +3.50%8.66%12/22/202815,90415,85015,0670.07 
LBM Acquisition, LLC(10)L +3.75%8.59%12/17/202755,23254,93252,2030.23 
Park River Holdings, Inc.(10)L +3.25%8.00%12/28/202770,86969,65465,4430.28 
Porcelain Acquisition Corp.(4)(7)(11)L +5.75%10.91%4/1/202782,64780,81781,1820.35 
Specialty Building Products Holdings, LLC(9)L +3.25%8.10%10/15/202829,96129,90828,2130.12 
SRS Distribution, Inc.(9)SOFR +3.25%8.16%6/2/20288,0297,9867,7620.03 
SRS Distribution, Inc.(9)L +3.50%8.34%6/2/202818,56518,51217,9760.08 
The Cook & Boardman Group, LLC(11)SOFR +5.75%10.58%10/18/202510,36310,3109,3430.04 
The Cook & Boardman Group, LLC(11)SOFR +5.75%10.58%10/17/202524,92724,39022,4740.10 
326,941314,1571.36 
25
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Specialty Retail
CustomInk, LLC (4)(11)L +6.18%7.18%5/3/2026$36,866 $36,342 $36,866 0.16 %
EG America, LLC (6)(9)L +4.25%7.92%3/31/202622,902 22,747 21,451 0.10 
EG Dutch Finco BV (6)(8)L +4.00%7.67%2/7/202535,329 35,107 33,054 0.15 
Petco Health and Wellness Comp (10)L +3.25%6.92%3/3/20284,870 4,860 4,612 0.02 
PetSmart, Inc. (5)(10)L +3.75%6.87%2/11/20283,262 3,237 3,098 0.01 
Runner Buyer, Inc. (10)L +5.50%8.57%10/20/202877,610 76,157 53,034 0.24 
178,449 152,116 0.68 
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)SOFR +6.75%9.93%2/28/202646,010 46,083 44,170 0.20 
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC (11)L +7.00%9.88%7/15/202726,325 25,793 24,219 0.11 
S&S Holdings, LLC (9)L +5.00%7.78%3/11/20286,445 6,329 6,236 0.03 
32,122 30,455 0.14 
Trading Companies & Distributors
Foundation Building Materials, Inc. (9)L +3.25%6.06%1/31/202834,316 33,832 31,039 0.14 
Icebox Holdco III, Inc. (7)(9)L +3.75%7.42%12/22/202819,992 19,810 18,543 0.08 
LBM Acquisition, LLC (10)L +3.75%7.12%12/17/202755,566 55,230 48,773 0.22 
Park River Holdings, Inc. (10)L +3.25%5.53%12/28/202769,189 68,133 59,070 0.26 
Porcelain Acquisition Corp. (4)(7)(11)L +5.75%9.42%4/1/202783,149 81,081 82,511 0.37 
Specialty Building Products Holdings, LLC (9)L +3.25%6.30%10/15/202830,162 30,104 27,287 0.12 
SRS Distribution, Inc. (9)SOFR +3.50%6.31%6/2/202866,851 66,521 61,786 0.28 
The Cook & Boardman Group, LLC (11)SOFR +5.75%8.48%10/18/202535,502 34,795 33,328 0.15 
389,505 362,337 1.62 
Transportation Infrastructure
AIT Worldwide Logistics Holdings, Inc. (10)L +4.75%7.04%4/6/202846,050 45,462 42,309 0.19 
Capstone Logistics, LLC (4)(11)L +4.75%7.87%11/12/202722,288 22,352 21,843 0.10 
Enstructure LLC (4)(7)(11)SOFR +6.56%9.71%5/25/202979,972 77,825 78,961 0.35 
First Student Bidco, Inc. (9)L +3.00%6.64%7/21/202813,708 13,623 12,725 0.06 
Frontline Road Safety, LLC (4)(10)L +5.75%8.44%5/3/2027171,204 168,665 163,072 0.73 
Helix TS, LLC (4)(7)(10)L +5.75%8.56%8/4/2027147,611 145,668 145,596 0.65 
Italian Motorway Holdings S.à.r.l (4)(6)(8)E +5.25%5.25%4/28/2029€236,429 242,511 223,250 1.00 
Liquid Tech Solutions Holdings, LLC (4)(10)L +4.75%8.92%3/20/202819,181 19,104 18,510 0.08 
Roadsafe Holdings, Inc. (4)(7)(11)L +5.75%9.50%1/31/2029118,712 116,464 116,748 0.52 
Safety Borrower Holdings LP (4)(5)(7)(11)L +5.25%8.50%9/1/202746,753 46,383 46,260 0.21 
Sam Holding Co, Inc. (4)(7)(11)L +5.50%9.50%9/24/2027169,766 166,410 167,272 0.75 
TRP Infrastructure Services, LLC (4)(7)(11)L +5.50%8.62%7/9/202773,144 71,876 67,526 0.30 
1,136,344 1,104,072 4.93 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Transportation Infrastructure
Capstone Logistics, LLC(4)(11)SOFR +4.75%9.66%11/12/2027$22,175 $22,232 $21,399 0.09 %
Enstructure LLC(4)(7)(9)(18)SOFR +6.35%11.16%5/25/202979,97277,93079,9720.35 
FFML Holdco Ltd(4)(6)(8)SOFR +6.25%11.43%11/30/2028NZD39,278 23,70523,8370.10 
First Student Bidco, Inc.(9)L +3.00%8.14%7/21/20281615150.00 
Frontline Road Safety, LLC(4)(10)SOFR +5.75%10.68%5/3/2027157,388155,141150,6990.65 
Frontline Road Safety, LLC(4)(10)SOFR +5.75%10.43%4/30/202712,43612,43611,9070.05 
Helix TS, LLC(4)(10)SOFR +6.25%11.08%8/4/202793,49892,14493,0310.40 
Helix TS, LLC(4)(10)SOFR +6.25%11.28%8/4/202762,63062,05262,3170.27 
Helix TS, LLC(4)(7)(10)SOFR +6.25%11.36%8/4/20273843733750.00 
Italian Motorway Holdings S.à.r.l(4)(6)(8)E +5.25%7.35%4/28/2029EUR236,429 242,952251,5731.09 
Liquid Tech Solutions Holdings, LLC(4)(10)SOFR +4.75%9.71%3/20/202819,04518,97618,4270.08 
Roadsafe Holdings, Inc.(4)(7)(11)L +5.75%10.87%10/19/2027136,393134,557134,0800.58 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%11.00%10/19/202732,22731,82731,7430.14 
Safety Borrower Holdings LP(4)(5)(11)L +5.25%10.46%9/1/202745,69245,38645,4630.20 
Safety Borrower Holdings LP(4)(5)(7)(11)P +4.25%12.25%9/1/20278398148050.00 
Sam Holding Co, Inc.(4)(11)L +5.00%9.96%9/24/2027149,720147,483147,8490.64 
Sam Holding Co, Inc.(4)(7)(11)L +5.50%10.06%9/24/202717,07716,64016,9460.07 
Sam Holding Co, Inc.(4)(7)(11)L +7.50%12.00%3/24/202710,3209,97210,0200.04 
TRP Infrastructure Services, LLC(4)(11)L +5.50%10.40%7/9/202772,82371,78667,7250.29 
1,166,4211,168,1835.04 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%8.90%12/17/202718,12718,13317,9240.08 
Total First Lien Debt43,390,053 42,762,866 192.13 
26
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Wireless Telecommunication Services
CCI Buyer, Inc. (10)SOFR +4.00%7.55%12/17/2027$51,860 $51,691 $49,020 0.22 %
Total First Lien Debt44,901,859 43,902,022 196.18 %
Second Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp. (4)(5)(10)L +7.63%10.69%5/25/202944,520 43,965 43,073 0.19 
Peraton Corp. (10)L +7.75%10.57%2/1/202953,508 52,869 50,899 0.23 
96,834 93,972 0.42 
Air Freight & Logistics
The Kenan Advantage Group, Inc. (4)(10)L +7.25%10.37%9/1/202733,015 32,466 30,539 0.14 
Wwex Uni Topco Holdings, LLC (10)L +7.00%9.25%7/26/202933,000 32,589 29,948 0.13 
65,054 60,486 0.27 
Capital Markets
The Edelman Financial Engines Center, LLC (8)L +6.75%9.87%7/20/202614,000 13,895 12,460 0.06 
Chemicals
Hexion Holdings Corp. (4)(9)SOFR +7.44%10.56%3/15/203055,000 53,588 45,375 0.20 
NIC Acquisition Corp. (10)L +7.75%11.42%12/29/202831,500 31,126 24,491 0.11 
Pearls Netherlands Bidco (4)(6)(9)SOFR +7.25%10.28%2/25/203042,453 41,371 40,967 0.18 
126,084 110,833 0.50 
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.(10)L +6.75%9.87%3/30/202929,464 29,344 27,660 0.12 
USIC Holdings, Inc. (5)(10)L +6.50%9.62%5/14/20298,594 8,541 7,978 0.04 
37,885 35,638 0.16 
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(11)L +8.75%11.87%12/29/202843,277 42,580 42,195 0.19 
Thermostat Purchaser III, Inc. (4)(7)(10)L +7.25%10.32%8/31/202932,725 32,264 32,192 0.14 
74,844 74,387 0.33 
Diversified Consumer Services
Pre-Paid Legal Services, Inc. (9)L +7.00%10.07%12/14/202925,000 24,773 23,688 0.11 
Health Care Equipment & Supplies
Confluent Medical Technologies, Inc. (4)(5)(9)L +6.50%10.20%2/16/203052,500 51,532 51,188 0.23 
Health Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(6)(8)C +8.75%8.75%7/31/2024C$15,800 12,464 10,781 0.05 
CD&R Artemis UK Bidco Ltd. (4)(6)(8)S +7.50%9.00%8/19/2029£65,340 87,363 70,989 0.32 
CD&R Artemis UK Bidco Ltd. (4)(6)(9)L +7.25%9.50%8/19/202950,000 46,929 47,156 0.21 
Jayhawk Buyer, LLC (4)(11)L +8.75%11.56%10/15/20276,537 6,433 6,488 0.03 
153,189 135,413 0.61 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp.(4)(5)(10)SOFR +7.63%12.78%5/25/2029$44,520 $44,007 $37,953 0.16 %
Peraton Corp.(10)L +7.75%12.65%2/1/202953,50852,91952,1700.23 
96,92690,1230.39 
Air Freight & Logistics
The Kenan Advantage Group, Inc.(10)L +7.25%12.09%9/1/202733,01532,52130,8550.13 
Wwex Uni Topco Holdings, LLC(10)SOFR +7.00%12.16%7/26/202933,00032,61927,8850.12 
65,14058,7400.25 
Capital Markets
The Edelman Financial Engines Center, LLC(8)L +6.75%11.59%7/20/202614,00013,90413,1640.06 
Chemicals
Hexion Holdings Corp.(9)SOFR +7.44%12.30%3/15/203046,00044,84338,4870.17 
Pearls Netherlands Bidco(4)(6)(9)SOFR +7.25%11.93%2/25/203042,45341,44441,8160.18 
86,28780,3030.35 
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +6.75%11.59%3/30/202929,46429,35426,0700.11 
USIC Holdings, Inc.(5)(10)L +6.50%11.34%5/14/20298,5948,5427,9710.03 
37,89634,0410.14 
Construction & Engineering
COP Home Services TopCo IV, Inc.(4)(5)(11)L +8.50%13.33%12/29/202843,27742,63541,7620.18 
Thermostat Purchaser III, Inc.(4)(7)(10)L +7.25%12.20%8/31/202932,72532,29831,3740.14 
74,93373,1360.32 
Diversified Consumer Services
Pre-Paid Legal Services, Inc.(9)L +7.00%11.84%12/14/202925,00024,78921,8750.09 
Health Care Equipment & Supplies
Confluent Medical Technologies, Inc.(4)(5)(9)SOFR +6.50%11.55%2/16/203052,50051,59751,9750.22 
Health Care Providers & Services
Canadian Hospital Specialties Ltd.(4)(5)(6)(8)8.75%8.75%4/15/20293,8003,0092,5410.01 
CD&R Artemis UK Bidco Ltd.(4)(6)(9)L +7.25%7.25%8/19/202925,00024,47024,1250.10 
CD&R Artemis UK Bidco Ltd.(4)(6)(8)S +7.50%10.93%8/19/202965,34087,48479,1860.34 
Jayhawk Buyer, LLC(4)(11)L +8.75%13.58%10/15/20276,5376,4446,4880.03 
121,407112,3400.48 
Health Care Technology
Imprivata, Inc.(4)(9)SOFR +6.25%11.06%12/1/202844,11843,74144,3380.19 
Hotels, Restaurants & Leisure
Mic Glen, LLC(9)L +6.75%11.59%7/30/202919,00018,95017,6340.08 
Industrial Conglomerates
Victory Buyer, LLC(4)(9)L +7.00%11.78%11/1/202924,67724,46821,1610.09 
IT Services
Dcert Buyer, Inc.(8)L +7.00%11.70%2/19/202960,97561,15256,6890.25 
Inovalon Holdings, Inc.(4)(5)(10)L +10.50%15.46% (incl. 15.46% PIK)11/24/203396,95394,75396,9530.42 
155,905153,6420.67 
Life Sciences Tools & Services
Curia Global, Inc.(4)(10)L +6.50%11.33%8/31/202945,97745,23937,2410.16 
LSCS Holdings, Inc.(4)(9)L +8.00%12.84%12/17/202940,00039,49536,4000.16 
Phoenix Newco, Inc.(4)(6)(9)L +6.50%11.34%11/15/202952,15351,26151,5010.22 
135,995125,1420.54 
27
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Second Lien Debt (continued)
Health Care Technology
Imprivata, Inc.(4)(9)SOFR +6.25%9.28%12/1/2028$44,118 $43,708 $44,338 0.20 %
Hotels, Restaurants & Leisure
Mic Glen, LLC (9)L +6.75%9.87%7/30/202919,000 18,947 18,208 0.08 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L +7.00%10.57%11/1/202924,677 24,452 23,998 0.11 
Insurance
Jones Deslauriers Insurance Management, Inc. (4)(5)(6)(8)C +7.50%11.00%3/26/2029C$32,694 25,482 21,694 0.10 
IT Services
Dcert Buyer, Inc. (8)L +7.00%9.90%2/19/202960,975 61,167 57,164 0.26 
Inovalon Holdings, Inc. (4)(5)(10)L +10.50%13.50%11/25/203390,115 87,811 90,115 0.40 
148,978 147,278 0.66 
Life Sciences Tools & Services
Curia Global, Inc. (4)(10)L +6.50%9.31%8/31/202945,977 45,182 44,942 0.20 
LSCS Holdings, Inc. (4)(9)L +8.00%11.67%11/23/202940,000 39,458 36,400 0.16 
Phoenix Newco, Inc. (4)(6)(9)L +6.50%9.62%11/15/202952,153 51,194 50,980 0.23 
135,833 132,322 0.59 
Media
Houghton Mifflin, LLC (4)(7)(9)SOFR +8.50%11.53%4/8/203080,500 78,607 75,077 0.34 
Pharmaceuticals
Sharp Midco, LLC (4)(5)(9)L +7.25%10.92%12/31/202931,500 30,786 29,925 0.13 
Professional Services
Aqgen Island Holdings, Inc. (5)(6)(9)L +6.50%8.81%8/2/202934,508 34,189 31,230 0.14 
Celestial Saturn Parent, Inc. (9)L +6.50%9.63%6/4/2029134,488 133,319 92,125 0.41 
Deerfield Dakota Holding, LLC (4)(10)L +6.75%9.87%4/7/202829,650 29,566 28,835 0.13 
Thevelia US, LLC (4)(6)(9)SOFR +6.75%10.45%6/17/2030182,046 176,783 179,315 0.80 
VT Topco, Inc. (10)L +6.75%9.87%7/31/202635,500 35,363 34,368 0.15 
409,219 365,873 1.63 
Software
Apex Group Treasury, LLC (4)(6)(9)L +6.75%10.42%7/27/202928,153 28,082 28,294 0.13 
Cloudera, Inc. (4)(9)L +6.00%9.12%10/8/202966,697 66,208 56,692 0.25 
HS Purchaser, LLC (10)SOFR +6.75%9.88%11/19/202771,000 71,112 68,515 0.31 
Human Security, Inc. (4)(7)(11)SOFR +6.75%9.80%7/22/202750,000 49,166 48,250 0.22 
Idera, Inc. (4)(10)L +6.75%9.32%3/2/202930,331 30,240 27,601 0.12 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L +6.50%9.31%7/30/202931,950 31,571 31,151 0.14 
Mitratech Holdings, Inc. (4)(10)L +6.75%9.56%5/18/202918,000 17,936 17,280 0.08 
Proofpoint, Inc. (5)(9)L +6.25%9.32%8/31/202972,231 72,015 70,064 0.31 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Second Lien Debt (continued)
Media
Houghton Mifflin, LLC(4)(7)(9)SOFR +8.50%13.31%4/8/2030$80,500 $78,749 $72,008 0.31 %
Pharmaceuticals
Sharp Midco, LLC(4)(5)(9)L +7.25%12.41%12/31/202931,50030,83530,3190.13 
Professional Services
Aqgen Island Holdings, Inc.(5)(6)(9)L +6.50%11.31%8/2/202934,50834,21231,2300.14 
Celestial Saturn Parent, Inc.(9)L +6.50%11.38%6/4/2029134,488133,405100,4470.43 
Deerfield Dakota Holding, LLC(10)L +6.75%11.91%4/7/202827,06927,00025,0500.11 
Thevelia US, LLC(4)(6)(9)SOFR +6.75%11.80%6/17/2030182,046177,123179,3150.78 
VT Topco, Inc.(4)(10)L +6.75%11.59%7/31/202635,50035,38234,0800.15 
407,122370,1221.61 
Software
Apex Group Treasury, LLC(4)(6)(9)L +6.75%11.91%7/27/20298,5318,4638,3610.04 
Apex Group Treasury, LLC(4)(6)(9)L +6.75%11.67%7/27/202919,62219,71519,2290.08 
Cloudera, Inc.(9)L +6.00%10.91%10/8/202966,69766,24359,3880.26 
HS Purchaser, LLC(10)SOFR +6.75%11.66%11/19/202771,00071,10158,3980.25 
Human Security, Inc.(4)(11)SOFR +6.75%11.56%7/22/202750,00049,24349,1250.21 
Human Security, Inc.(4)(7)(11)SOFR +6.75%11.86%7/22/202710,0009,2439,1250.04 
Idera, Inc.(4)(10)L +6.75%11.51%3/2/202930,33130,24726,3880.11 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)L +6.50%11.33%7/30/202931,95031,59830,3530.13 
Mitratech Holdings, Inc.(4)(10)L +6.75%11.58%5/18/202918,00017,94116,3800.07 
Proofpoint, Inc.(5)(9)L +6.25%11.09%8/31/202963,27463,10960,1630.26 
Symphony Technology Group(6)(10)L +8.25%13.08%7/27/202991,64790,60269,0410.30 
Virgin Pulse, Inc.(10)L +7.25%12.09%4/6/202927,00026,84820,3180.09 
Vision Solutions, Inc.(5)(10)L +7.25%12.07%4/23/202985,90185,51768,7660.30 
569,870495,0352.14 
Trading Companies & Distributors
Icebox Holdco III, Inc.(4)(9)L +6.75%11.91%12/21/202914,00013,88212,5290.05 
Total Second Lien Debt2,052,3961,877,6278.11 
28
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Second Lien Debt (continued)
Software (continued)
Symphony Technology Group (6)(10)L +8.25%11.37%7/27/2029$91,647 $90,519 $84,620 0.38 %
Virgin Pulse, Inc. (10)L +7.25%10.37%4/6/202927,000 26,835 22,680 0.10 
Vision Solutions, Inc. (5)(10)L +7.25%10.03%4/23/202988,534 88,097 74,784 0.33 
571,781 529,932 2.37 
Trading Companies & Distributors
Icebox Holdco III, Inc. (4)(9)L +6.75%10.42%12/21/202914,000 13,872 13,090 0.06 
Transportation Infrastructure
Drive Chassis Holdco, LLC (8)L +6.75%9.18%4/10/2026112,039 111,178 111,619 0.50 
Total Second Lien Debt2,256,935 2,111,420 9.44 
Structured Finance Obligations
522 Funding CLO 2020-6, Ltd. (4)(5)(6)(8)L +6.50%9.28%10/23/20343,000 3,000 2,547 0.01 
AIMCO CLO Series 2015-A (5)(6)(8)L +6.60%9.11%10/17/20347,450 7,450 6,160 0.03 
Allegro CLO Ltd. (4)(5)(6)(8)L +7.00%9.74%1/19/20333,895 3,858 3,434 0.02 
Apidos CLO XXXIII (4)(5)(6)(8)L +5.95%8.66%7/20/20348,500 8,500 7,190 0.03 
Apidos CLO XXXIII (5)(6)(8)L +6.35%9.13%10/24/20345,000 4,954 4,298 0.02 
Ares LXI CLO, Ltd. (4)(5)(6)(8)L +6.50%9.28%1/25/20349,000 9,000 7,343 0.03 
Ares LXI CLO, Ltd. (4)(5)(6)(8)L +6.25%8.96%10/20/20347,750 7,750 6,423 0.03 
Ares LXI CLO, Ltd. (5)(6)(8)L +6.75%9.46%10/28/20347,000 6,935 5,965 0.03 
Balboa Bay Loan Funding 2021-2, Ltd. (4)(5)(6)(8)L +6.60%9.31%1/20/20357,000 6,934 6,136 0.03 
Barings CLO, Ltd. (4)(6)(8)L +6.65%9.16%1/18/20357,200 7,200 5,966 0.03 
Barings CLO, Ltd. (4)(6)(8)L +6.25%8.76%7/15/20346,000 6,000 5,047 0.02 
Benefit Street Partners CLO XXII (4)(5)(6)(8)L +6.75%9.26%7/15/20346,500 6,500 5,617 0.03 
Benefit Street Partners CLO XXI (4)(6)(8)L +6.75%9.26%10/15/20343,000 2,971 2,551 0.01 
BlueMountain CLO XXIX Ltd (4)(6)(8)L +6.86%9.64%7/25/20342,750 2,685 2,348 0.01 
Broad River Ltd 2020-1 (4)(6)(8)L +6.50%9.21%7/20/20347,000 6,946 5,935 0.03 
Carlyle US CLO 2020-1, Ltd. (4)(5)(6)(8)L +6.25%8.96%7/20/20347,000 7,000 5,982 0.03 
Carval CLO V-C, LTD. (4)(5)(6)(8)L +7.33%9.26%10/15/20348,000 7,925 6,851 0.03 
Carval CLO VI-C Ltd. (4)(6)(8)L +7.33%8.73%4/21/20348,750 8,665 8,226 0.04 
CIFC Funding 2019-III, Ltd. (4)(5)(6)(8)L +6.80%9.31%10/16/20348,000 8,000 6,789 0.03 
CIFC Funding 2022-V, Ltd. (4)(6)(8)L +7.55%10.06%7/16/203310,000 9,902 9,598 0.04 
Dryden 95 CLO, Ltd. (4)(5)(6)(8)L +6.15%9.34%8/20/20348,000 8,000 6,672 0.03 
Eaton Vance CLO 2019-1 Ltd (4)(5)(6)(8)L +6.50%9.01%4/15/20313,750 3,754 3,302 0.01 
Elmwood CLO 16, Ltd. (4)(6)(8)L +7.22%8.72%4/20/20346,000 5,941 5,650 0.03 
Elmwood CLO III, Ltd. (4)(6)(8)L +6.50%9.01%10/20/20343,500 3,500 2,950 0.01 
Elmwood CLO VI, Ltd. (6)(8)L +6.50%9.01%10/20/20344,000 4,000 3,395 0.02 
Flatiron RR CLO 22, LLC (5)(6)(8)L +6.20%9.03%10/15/20345,000 5,000 4,287 0.02 
Fort Washington CLO 2021-2, Ltd. (4)(5)(6)(8)L +6.61%9.32%10/20/203412,000 11,890 10,234 0.05 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations
Diversified Financial Services
522 Funding CLO 2020-6, Ltd.(4)(5)(6)(8)L +6.50%11.32%10/23/2034$3,000 $3,000 $2,669 0.01 %
AIMCO CLO Series 2015-A(5)(6)(8)L +6.60%11.43%10/17/20347,450 7,450 6,816 0.03 
Allegro CLO XI Ltd.(4)(5)(6)(8)L +7.00%11.23%1/19/20333,895 3,860 3,637 0.02 
Apidos CLO XXXIII(5)(6)(8)L +6.35%11.17%10/24/20345,000 4,956 4,531 0.02 
Apidos CLO XXXVI(4)(5)(6)(8)L +5.95%10.19%7/20/20348,500 8,500 7,541 0.03 
Ares LXI CLO, Ltd.(4)(5)(6)(8)L +6.25%11.06%10/20/20347,750 7,750 6,536 0.03 
Ares LXII CLO, Ltd.(4)(5)(6)(8)L +6.50%11.32%1/25/20349,000 9,000 8,054 0.03 
Ares XXVII CLO, Ltd.(5)(6)(8)L +6.75%11.56%10/28/20347,000 6,938 5,968 0.03 
Balboa Bay Loan Funding 2021-2, Ltd.(4)(5)(6)(8)L +6.60%11.41%1/20/20357,000 6,937 6,171 0.03 
Barings CLO Ltd 2021-II(4)(5)(6)(8)L +6.25%11.08%7/15/20346,000 6,000 5,205 0.02 
Barings CLO Ltd 2021-III(4)(5)(6)(8)L +6.65%11.44%1/18/20357,200 7,200 6,185 0.03 
Benefit Street Partners CLO XX(4)(5)(6)(8)L +6.75%11.58%7/15/20346,500 6,500 5,915 0.03 
Benefit Street Partners LLC BSP 2020-21A(4)(5)(6)(8)L +6.70%11.53%10/15/20343,000 2,972 2,739 0.01 
BlueMountain CLO XXIX Ltd(4)(5)(6)(8)L +6.86%11.68%7/25/20342,750 2,688 2,375 0.01 
Broad River Ltd 2020-1(4)(5)(6)(8)L +6.50%11.31%7/20/20347,000 6,948 6,314 0.03 
Carlyle US CLO 2020-1, Ltd.(4)(5)(6)(8)L +6.25%11.06%7/20/20347,000 7,000 6,070 0.03 
Carval CLO V-C, LTD.(4)(5)(6)(8)L +6.75%11.58%10/15/20348,000 7,928 7,275 0.03 
Carval CLO VI-C, LTD.(4)(5)(6)(8)L +7.33%11.98%4/21/20348,750 8,669 7,994 0.03 
CIFC Funding 2019-III, Ltd.(4)(5)(6)(8)L +6.80%11.63%10/16/20348,000 8,000 7,286 0.03 
CIFC Funding 2022-V, Ltd.(4)(5)(6)(8)L +7.55%12.21%7/16/203310,000 9,906 9,641 0.04 
Dryden 95 CLO, Ltd.(4)(5)(6)(8)L +6.15%11.05%8/20/20348,000 8,000 6,790 0.03 
Eaton Vance CLO 2019-1 Ltd(4)(5)(6)(8)L +6.50%11.33%4/15/20313,750 3,754 3,441 0.01 
Elmwood CLO 16, Ltd.(4)(5)(6)(8)L +7.22%11.86%4/20/20346,000 5,944 5,691 0.02 
Elmwood CLO III, Ltd.(4)(5)(6)(8)L +6.50%11.33%10/20/20343,500 3,500 3,248 0.01 
Elmwood CLO VI, Ltd.(5)(6)(8)L +6.50%11.33%10/20/20344,000 4,000 3,711 0.02 
Flatiron RR CLO 22, LLC(5)(6)(8)L +6.20%11.01%10/15/20345,000 5,000 4,558 0.02 
Fort Washington CLO 2021-2, Ltd.(4)(5)(6)(8)L +6.61%11.42%10/20/203412,000 11,894 10,806 0.05 
Galaxy 30 CLO, Ltd.(4)(5)(6)(8)L +7.00%11.61%4/15/20353,000 2,972 2,745 0.01 
Galaxy XXV CLO, Ltd.(4)(5)(6)(8)L +5.95%10.91%10/25/20314,000 3,950 3,493 0.02 
Goldentree Loan Management US Clo 12 Ltd.(4)(5)(6)(8)L +7.25%11.89%4/20/20346,500 6,443 6,075 0.03 
Goldentree Loan Management US Clo 8 Ltd.(4)(5)(6)(8)L +6.15%10.96%10/20/20346,200 6,200 5,567 0.02 
Gulf Stream Meridian 5, Ltd.(4)(5)(6)(8)L +6.33%11.16%7/15/20343,500 3,489 2,897 0.01 
Gulf Stream Meridian 7, Ltd.(4)(5)(6)(8)L +6.90%10.71%7/15/20355,000 4,954 4,518 0.02 
Gulf Stream Meridian GSM 2021-IIIA, Ltd.(4)(5)(6)(8)L +6.75%11.58%4/15/20341,000 960 912 0.00 
Halseypoint Clo 5, Ltd.(4)(5)(6)(8)L +6.95%11.90%1/30/20359,500 9,328 8,517 0.04 
HPS Loan Management 15-2019 Ltd(4)(5)(6)(8)L +6.80%11.11%1/22/20354,000 3,963 3,613 0.02 
Jamestown CLO XIV, Ltd.(5)(6)(8)L +7.20%12.01%10/20/203410,000 9,821 8,948 0.04 
Kayne CLO III, Ltd.(4)(5)(6)(8)L +6.50%11.33%4/15/20325,000 5,008 4,377 0.02 
Magnetite XXXII Ltd(4)(5)(6)(8)L +6.90%11.56%4/15/20355,000 5,000 4,676 0.02 
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.(5)(6)(8)L +6.75%11.56%10/20/20346,500 6,500 5,933 0.03 
Neuberger Berman Loan Advisers CLO 38, Ltd.(5)(6)(8)L +6.25%11.06%10/20/203511,000 11,000 9,768 0.04 
OCP CLO 2021-22, Ltd.(4)(5)(6)(8)L +6.60%11.41%12/2/20349,000 8,890 8,039 0.03 
Octagon 55, Ltd(4)(5)(6)(8)L +6.50%11.31%7/20/203411,000 10,880 9,444 0.04 
Octagon 66, Ltd(4)(5)(6)(8)L +7.80%12.57%8/16/203310,000 9,906 9,520 0.04 
Octagon Investment Partners 41, Ltd.(5)(6)(8)L +7.13%11.96%10/15/20335,000 4,979 4,362 0.02 
Onex Credit Partners OCP 2020-19A(4)(5)(6)(8)L +6.50%11.31%10/20/20344,250 4,077 3,780 0.02 
Palmer Square CLO 2015-1, Ltd.(4)(5)(6)(8)L +6.50%11.40%5/21/20342,000 1,912 1,715 0.01 
29
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations (continued)
Galaxy 30 CLO, Ltd. (4)(5)(6)(8)L +7.00%9.48%4/15/2035$3,000 $2,971 $2,797 0.01 %
Galaxy XXV CLO, Ltd. (4)(5)(6)(8)L +5.95%9.48%10/25/20314,000 3,947 3,377 0.02 
GoldenTree Loan Management US Clo 8 Ltd. (4)(6)(8)L +7.25%8.29%4/20/20346,500 6,440 6,101 0.03 
GoldenTree Loan Management US Clo 12 Ltd. (4)(5)(6)(8)L +6.15%8.86%10/20/20346,200 6,200 5,222 0.02 
Gulf Stream Meridian 1, Ltd. (4)(5)(6)(8)L +6.75%9.26%4/15/20341,000 958 840 0.00 
Gulf Stream Meridian 5, Ltd. (4)(5)(6)(8)L +6.75%9.26%7/15/20343,500 3,488 2,990 0.01 
Gulf Stream Meridian 7, Ltd. (4)(5)(6)(8)L +6.90%9.18%7/15/20355,000 4,952 4,493 0.02 
Halseypoint Clo 5, Ltd. (4)(5)(6)(8)L +6.95%10.02%1/30/20359,500 9,321 8,220 0.04 
HPS Loan Management 15-2019 Ltd (4)(5)(6)(8)L +6.80%9.31%1/22/20354,000 3,962 3,450 0.02 
Jamestown CLO XIV, Ltd. (5)(6)(8)L +7.20%9.91%10/20/203410,000 9,814 8,672 0.04 
Kayne CLO III, Ltd. (4)(5)(6)(8)L +6.50%9.01%4/15/20325,000 5,008 4,287 0.02 
Magnetite XXXII Ltd (4)(5)(6)(8)L +6.90%7.62%4/15/20355,000 5,000 4,731 0.02 
Morgan Stanley Eaton Vance Clo 2021-1, Ltd. (5)(6)(8)L +6.75%9.56%10/20/20346,500 6,500 5,554 0.02 
Neuberger Berman Loan Advisers CLO 38, Ltd. (5)(6)(8)L +6.25%8.96%10/20/203511,000 11,000 9,449 0.04 
OCP CLO 2020-22, Ltd. (4)(6)(8)L +6.50%9.21%10/20/20344,250 4,069 3,587 0.02 
OCP CLO 2021-22, Ltd. (4)(5)(6)(8)L +6.60%9.31%12/2/20349,000 8,885 7,574 0.03 
Octagon 55, Ltd (4)(6)(8)L +6.50%9.21%7/20/203411,000 10,875 8,997 0.04 
Octagon 66, Ltd (4)(6)(8)L +7.80%10.34%8/16/203310,000 9,902 9,615 0.04 
Octagon Investment Partners 41, Ltd. (5)(6)(8)L +7.13%9.64%10/15/20335,000 4,978 4,361 0.02 
Palmer Square CLO 2015-1, Ltd. (4)(6)(8)L +6.50%9.48%5/21/20342,000 1,908 1,728 0.01 
Palmer Square CLO 2019-1, Ltd. (4)(5)(6)(8)L +6.40%9.41%11/14/203414,500 14,500 12,481 0.06 
Park Avenue Institutional Advisers CLO Ltd 2022-1 (4)(5)(6)(8)L +7.30%7.92%4/20/20356,000 5,827 5,547 0.02 
Post CLO 2022-1, Ltd. (4)(6)(8)L +6.80%8.96%4/20/20355,000 4,977 4,548 0.02 
Post CLO 2021-1, Ltd. (4)(5)(6)(8)L +6.45%8.96%10/15/20346,000 6,000 5,124 0.02 
PPM CLO 2, Ltd. (4)(5)(6)(8)L +6.55%9.06%4/16/20325,000 5,008 4,159 0.02 
PPM CLO 6, Ltd. (5)(6)(8)L +6.50%9.01%10/18/20348,775 8,775 7,394 0.03 
PPM CLO, Ltd. (5)(6)(8)L +6.50%9.21%10/18/20344,800 4,800 3,902 0.02 
Rad CLO 14, Ltd. (4)(5)(6)(8)L +6.50%9.01%1/15/20356,750 6,750 5,573 0.02 
Rockford Tower CLO 2021-3, Ltd. (5)(6)(8)L +6.72%9.49%10/20/20344,000 3,944 3,372 0.02 
RR 19, Ltd. (5)(6)(8)L +6.50%9.01%10/15/20353,000 3,000 2,675 0.01 
RR 20, Ltd. (4)(6)(8)L +7.25%8.28%7/15/20374,000 3,961 3,644 0.02 
Signal Peak 7, Ltd. (4)(6)(8)L +6.89%9.67%4/30/20323,875 3,843 3,369 0.02 
Sound Point CLO XXVII, Ltd. (4)(5)(6)(8)L +6.56%9.34%10/25/20346,900 6,772 5,578 0.02 
Symphony CLO 34-PS, Ltd. (4)(6)(8)L +7.56%10.14%7/24/20347,000 6,930 6,825 0.03 
Trestles Clo IV, Ltd. (4)(5)(6)(8)L +6.25%8.98%7/21/20348,000 8,000 6,884 0.03 
Vibrant CLO XII, Ltd. (4)(6)(8)L +7.11%10.78%1/20/20342,875 2,850 2,506 0.01 
Vibrant CLO XIII, Ltd. (4)(5)(6)(8)L +7.06%9.57%7/15/20346,250 6,193 5,361 0.02 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations (continued)
Diversified Financial Services (continued)
Palmer Square CLO 2019-1, Ltd.(4)(5)(6)(8)L +6.50%11.37%11/14/2034$12,000 $12,000 $10,355 0.04 %
Palmer Square CLO 2022-1, Ltd.(4)(5)(6)(8)L +6.40%10.99%4/20/20352,500 2,500 2,236 0.01 
Park Avenue Institutional Advisers CLO Ltd 2022-1(4)(5)(6)(8)L +7.30%11.93%4/20/20356,000 5,834 5,448 0.02 
Post CLO 2021-1, Ltd.(4)(5)(6)(8)L +6.45%11.28%10/15/20346,000 6,000 5,356 0.02 
Post CLO 2022-1, Ltd.(4)(5)(6)(8)L +6.80%11.39%4/20/20355,000 4,978 4,587 0.02 
PPM CLO 2, Ltd.(4)(5)(6)(8)L +6.55%11.38%4/16/20325,000 5,007 4,071 0.02 
PPM CLO 4, Ltd.(5)(6)(8)L +6.50%11.29%10/18/20348,775 8,775 6,909 0.03 
PPM CLO 5, Ltd.(5)(6)(8)L +6.50%11.31%10/18/20344,800 4,800 3,779 0.02 
Rad CLO 14, Ltd.(4)(5)(6)(8)L +6.50%11.33%1/15/20356,750 6,750 5,844 0.03 
Rockford Tower CLO 2021-3, Ltd.(5)(6)(8)L +6.72%11.53%10/20/20344,000 3,947 3,382 0.01 
RR 19, Ltd.(5)(6)(8)L +6.50%10.58%10/15/20353,000 3,000 2,695 0.01 
RR 20, Ltd.(4)(5)(6)(8)L +7.25%11.91%7/15/20374,000 3,962 3,757 0.02 
Signal Peak 7, Ltd.(4)(5)(6)(8)L +6.89%11.69%4/30/20323,875 3,844 3,451 0.01 
Sound Point CLO XXVII, Ltd.(4)(5)(6)(8)L +6.56%11.38%10/25/20346,900 6,777 5,442 0.02 
Symphony CLO 34-PS, Ltd.(4)(5)(6)(8)L +7.56%12.19%7/24/20347,000 6,933 6,698 0.03 
Trestles Clo IV, Ltd.(4)(5)(6)(8)L +6.25%11.07%7/21/20348,000 8,000 7,096 0.03 
Vibrant CLO XII, Ltd.(4)(5)(6)(8)L +7.11%12.27%1/20/20342,875 2,851 2,566 0.01 
Vibrant CLO XIII, Ltd.(4)(5)(6)(8)L +7.06%11.89%7/15/20346,250 6,196 5,551 0.02 
Voya CLO 2019-4, Ltd.(4)(5)(6)(8)L +6.70%11.53%1/15/20358,250 8,102 7,317 0.03 
Voya CLO 2020-2, Ltd.(4)(5)(6)(8)L +6.40%11.20%7/19/20345,000 4,911 4,555 0.02 
Total Structured Finance Obligations409,693 367,161 1.58 
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units(4)2,890,586 4,336 7,400 0.03 
Micross Topco, Inc.(4)116 125 146 0.00 
4,461 7,546 0.03 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)1,674 1,674 1,558 0.01 
Mode Holdings, L.P. - Class A-2 Common Units(4)1,076,923 1,077 2,272 0.01 
2,751 3,830 0.02 
Distributors
Box Co-Invest Blocker, LLC(4)3,308,320 3,308 2,481 0.01 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.50%29,194,330 28,735 35,182 0.15 
Deneb Ultimate Topco, LLC - Class A Units(4)4,060 4,060 3,139 0.01 
32,795 38,321 0.16 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units(4)12,870 10,915 12,429 0.05 
Point Broadband Holdings, LLC - Class B Units(4)685,760 1,955 3,603 0.02 
Point Broadband Holdings, LLC - Class Additional A Units(4)147,380 420 774 0.00 
Point Broadband Holdings, LLC - Class Additional B Units(4)2,766 2,346 2,671 0.01 
15,636 19,477 0.08 
30
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Structured Finance Obligations (continued)
Voya CLO 2019-4, Ltd. (4)(5)(6)(8)L +6.70%9.21%7/19/2034$5,000 $4,906 $4,373 0.02 %
Voya CLO 2020-2, Ltd. (4)(5)(6)(8)L +6.70%9.21%1/15/20358,250 8,095 7,130 0.03 
Total Structured Finance Obligations409,571 357,384 1.60 
Unsecured Debt
Health Care Technology
Athenahealth, Inc. (8)6.50%6.50%2/15/20307,146 7,146 5,663 0.03 
Software
Condor Merger Sub, Inc. (8)7.38%7.38%2/15/203014,286 14,286 11,707 0.05 
Total Unsecured Debt21,432 17,370 0.08 
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units (4)2,890,586 4,336 5,984 0.03 
Micross Topco, Inc. (4)116 125 116 0.00 
4,461 6,100 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 1,982 0.01 
2,751 3,784 0.02 
Distributors
Box Co-Invest Blocker, LLC (4)3,308,320 3,308 3,474 0.02 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)29,194,330 28,735 35,084 0.16 
Deneb Ultimate Topco, LLC - Class A Units (4)4,060 4,060 3,651 0.02 
32,795 38,736 0.17 
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 2,222 0.01 
15,636 14,837 0.07 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)4,500 4,500 2,520 0.01 
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Equity (continued)
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 $12,696 0.05 %
CD&R Artemis Holdco 2 Limited - Preferred Shares(4)(6)33,000,000 43,662 46,215 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 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 22,261 0.10 
NC Eve, L.P. - LP Interest(4)(6)2,500,000 3,398 2,344 0.01 
88,135 94,021 0.41 
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 1,430 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 59,681 0.26 
OHCP V TC COI, LP. - LP Interest(4)6,500,000 6,500 8,450 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 12,960 0.06 
83,186 95,242 0.42 
Software
Connatix Parent, LLC - Class L Common Units(4)126,136 1,388 616 0.00 
Expedition Holdco, LLC - Class A Units(4)810,810 810 490 0.00 
Knockout Intermediated Holdings I, Inc.(4)49,020 47,795 52,697 0.23 
Lobos Parent, Inc. - Series A Preferred Shares(4)10.50%45,090 43,963 48,810 0.21 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares(4)31,950,000 30,992 30,033 0.13 
Mimecast Limited(4)73,213,759 73,214 71,705 0.31 
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 44,535 0.19 
253,097 260,845 1.12 
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest(4)34,238,400 33,725 31,499 0.14 
Enstructure LLC(4)4,642,254 3,440 3,621 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 40,890 0.19 
Total Equity565,597 599,086 2.60 
31
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net Assets
Equity (continued)
Health Care Providers & Services
AVE Holdings I Corp. (4)12,237,213 $11,870 $11,962 0.05 %
CD&R Artemis Holdco 2 Limited - Preferred Shares (4)(6)33,000,000 43,662 39,945 0.18 
CD&R Ulysses Equity Holdings, L.P. - Common Shares (4)(6)6,000,000 6,090 5,460 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 18,912 0.08 
NC Eve, L.P. - LP Interest (4)(6)2,500,000 3,398 2,431 0.01 
88,135 84,175 0.38 
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 0.11 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)54,010 52,935 58,195 0.26 
OHCP V TC COI, LP. - LP Interest (4)6,500,000 6,500 7,930 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 9,600 0.04 
83,186 89,877 0.40 
Software
Connatix Parent, LLC - Class L Common Units (4)126,136 1,388 1,304 0.01 
Expedition Holdco, LLC (4)810,810 810 665 0.00 
Knockout Intermediated Holdings I, Inc. (4)49,020 47,795 48,775 0.22 
Lobos Parent, Inc. - Series A Preferred Shares (4)45,090 43,963 46,443 0.21 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares (4)31,950,000 30,992 31,950 0.14 
Mimecast Limited (4)(6)73,213,759 73,214 73,580 0.33 
198,160 202,717 0.91 
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest (4)34,238,400 33,725 34,923 0.16 
Enstructure LLC (4)3,783,785 2,806 2,806 0.01 
Frontline Road Safety Investments, LLC - Class A Common Units (4)58,590 6,178 4,685 0.02 
Ncp Helix Holdings, LLC. - Preferred Shares (4)1,485,282 1,116 1,116 0.00 
43,824 43,530 0.19 
Total Equity Investments507,386 520,378 2.32 
Total Investments - non-controlled/non-affiliated48,097,184 46,908,574 209.60 %
32
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Blackstone Private Credit Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (16)Cost (3)Fair Value% of Net AssetsInvestments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Total Investments - non-controlled/non-affiliatedTotal Investments - non-controlled/non-affiliated46,417,739 45,606,740 204.42 
Investments - non-controlled/affiliatedInvestments - non-controlled/affiliatedInvestments - non-controlled/affiliated
EquityEquityEquity
DistributorsDistributorsDistributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units (4)(6)$719 $2,360 0.01 %
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common UnitsGSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units(4)(6)(16)$719 $3,155 0.01 %
Total EquityTotal Equity719 2,360 0.01 Total Equity719 3,155 0.01 
Total Investments - non-controlled/affiliatedTotal Investments - non-controlled/affiliated719 2,360 0.01 Total Investments - non-controlled/affiliated719 3,155 0.01 
Invesments-controlled/affiliated
Equity
Investments - controlled/affiliated (excluding Investments in Joint Ventures)Investments - controlled/affiliated (excluding Investments in Joint Ventures)
Diversified Financial ServicesDiversified Financial ServicesDiversified Financial Services
Specialty Lending Company LLC - LLC Interest (4)(5)(6)180,900 189,945 0.85 
Specialty Lending Company LLC - LLC InterestSpecialty Lending Company LLC - LLC Interest(4)(5)(6)(16)171,900 174,925 0.76 
Specialty RetailSpecialty RetailSpecialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units (4)(6)1,421 1,885 0.01 
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred UnitsGSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units(4)(6)(16)1,421 1,984 0.01 
Total EquityTotal Equity182,321 191,830 0.86 Total Equity173,321 176,909 0.77 
Total Investments - controlled/affiliated182,321 191,830 0.86 
Investment in Joint Venture
BCRED Emerald JV (6)1,895,396 1,856,239 8.29 
Investment in Joint Venture Total1,895,396 1,856,239 8.29 
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)173,321 176,909 0.77 
Investments in Joint VenturesInvestments in Joint Ventures
BCRED Emerald JVBCRED Emerald JV(6)(16)2,002,500 1,991,858 8.62 
BCRED Verdelite JVBCRED Verdelite JV(6)(16)117,706 127,137 0.55 
Total Investment in Joint Venture TotalTotal Investment in Joint Venture Total2,120,206 2,118,995 9.17 
Total Investment PortfolioTotal Investment Portfolio50,175,620 48,959,003 218.78 %Total Investment Portfolio48,711,985 47,905,799 214.36 
Cash and Cash EquivalentsCash and Cash EquivalentsCash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund51,518 51,518 0.23 
Other Cash and Cash EquivalentsOther Cash and Cash Equivalents1,537,474 1,537,473 6.87 Other Cash and Cash Equivalents1,269,728 1,269,728 5.50 
Total Portfolio Investments, Cash and Cash EquivalentsTotal Portfolio Investments, Cash and Cash Equivalents$51,764,612 $50,547,994 225.88 %Total Portfolio Investments, Cash and Cash Equivalents$49,981,713 $49,175,527 219.86 %

(1)
(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 March 31, 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”), Canadian Dollar Offered Rate (“(“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“(“SONIA” or “S”), Euro Interbank Offer Rate (“(“Euribor” or “E”“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 September 30, 2022.March 31, 2023. Variable rate loans typically include an interest reference rate floor feature. As of September 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”).
(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 September 30, 2022,March 31, 2023, non-qualifying assets represented 17.1%23.1% of total assets as calculated in accordance with regulatory requirements.
33
Table of Contents(7)
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
(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
123Dentist, Inc.Delayed Draw Term Loan8/10/2029$32,042 $(2,687)
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/202357,008 — 
ACI Group Holdings, Inc.Revolver8/2/202721,482 (215)
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20273,902 (78)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/202310,867 (63)
Advancing Eyecare Center, Inc.Delayed Draw Term Loan6/13/202910,000 (100)
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/202334,698 (347)
Alera Group, Inc.Delayed Draw Term Loan10/2/20289,986 — 
Alera Group, Inc.Delayed Draw Term Loan9/30/2028518 — 
Amerilife Holdings LLCRevolver8/31/202848,715 (974)
Amerilife Holdings LLCDelayed Draw Term Loan8/31/202977,324 — 
AmeriVet Partners Management, Inc.Revolver2/25/202810,383 — 
AmeriVet Partners Management, Inc.Delayed Draw Term Loan2/25/202462,485 — 
Anaplan, Inc.Revolver6/21/202853,206 (1,064)
Armada Parent, Inc.Delayed Draw Term Loan10/29/202311,250 — 
Armada Parent, Inc.Revolver10/29/202727,000 — 
Armstrong Bidco LimitedDelayed Draw Term Loan6/28/2029134,039 — 
Ascend Buyer, LLCRevolver9/30/20276,725 — 
athenahealth, Inc.Delayed Draw Term Loan2/15/20296,618 — 
Atlas CC Acquisition Corp.Revolver5/26/202617,283 — 
Atlas CC Acquisition Corp.Delayed Draw Term Loan5/26/202614,403 — 
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20275,478 — 
AxiomSL Group, Inc.Revolver12/3/20255,983 — 
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/202314,050 — 
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202257,432 — 
Bazaarvoice, Inc.Revolver5/7/202642,994 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/20234,030 — 
Blue Cat Networks USA, Inc.Delayed Draw Term Loan8/8/202824,318 — 
Caerus US 1, Inc.Delayed Draw Term Loan5/25/202959,019 — 
Caerus US 1, Inc.Revolver5/25/202941,313 (413)
Cambium Learning Group, Inc.Revolver7/20/2028101,715 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20236,398 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20272,752 — 
Caramel Bidco LimitedDelayed Draw Term Loan2/24/202426,770 — 
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.Delayed Draw Term Loan11/14/202520,535 — 
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)

32
Table of Contents






Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt
123Dentist, Inc.Delayed Draw Term Loan8/10/2029$33,342 $(3,377)
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/202344,088 — 
ACI Group Holdings, Inc.Revolver8/2/202721,482 (322)
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 — 
Allium Buyer LLCDelayed Draw Term Loan5/2/20301,552 — 
Allium Buyer LLCRevolver5/2/2029242 — 
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 Loan2/25/202449,611 — 
Anaplan, Inc.Revolver6/21/202847,983 (480)
Apex Companies, LLCDelayed Draw Term Loan1/31/2028369 (5)
Armada Parent, Inc.Delayed Draw Term Loan10/29/202311,250 — 
Armada Parent, Inc.Revolver10/29/202727,000 (540)
Armstrong Bidco LimitedDelayed Draw Term Loan6/28/202946,123 — 
Ascend Buyer, LLCRevolver9/30/20277,760 (78)
athenahealth, Inc.Delayed Draw Term Loan2/15/20294,353 — 
Atlas CC Acquisition Corp.Delayed Draw Term Loan5/26/202614,403 (2,533)
Atlas CC Acquisition Corp.Revolver5/26/202618,518 (3,257)
Auris Luxembourg III SarlRevolver2/27/202617,850 (981)
Avalara IncRevolver10/19/20282,308 (35)
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20275,478 (55)
AxiomSL Group, Inc.Revolver12/3/20255,983 (90)
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/202314,050 — 
Bazaarvoice, Inc.Revolver5/7/202642,994 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/20233,573 — 
BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/202811,020 — 
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.Revolver5/25/202934,685 — 
Caerus US 1, Inc.Delayed Draw Term Loan5/25/202912,551 (126)
Cambium Learning Group, Inc.Revolver7/20/2028101,715 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20234,769 — 
Canadian Hospital Specialties Ltd.Revolver4/14/2027942 — 
Caramel Bidco LimitedDelayed Draw Term Loan2/24/20243,032 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/202367,275 — 
CEP V Investment 11 SarlDelayed Draw Term Loan2/11/202856,171 — 
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.Revolver11/14/20253,898 — 
Circana Group, L.P.Revolver12/1/202790,223 — 
Claims Automation Intermediate 2, LLCDelayed Draw Term Loan12/16/202768,521 (685)
Clearview Buyer, Inc.Revolver2/26/20275,255 — 
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/202433,015 — 
33
Table of Contents
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Cobham Holdings, Inc.Revolver1/9/2028376 (11)
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/202410,809 (108)
Community Brands ParentCo, LLCRevolver2/24/20286,330 (127)
Confine Visual BidcoDelayed Draw Term Loan3/11/2024$49,522 $— 
Connatix Buyer, Inc.Revolver7/14/202716,294 (611)
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202332,700 (327)
COP Home Services TopCo IV, Inc.Delayed Draw Term Loan12/31/202710,973 — 
COP Home Services TopCo IV, Inc.Revolver12/31/202511,176 (120)
Coupa Software Inc.Delayed Draw Term Loan8/27/2024164 (2)
Coupa Software Inc.Revolver2/27/2030126 (3)
CPI Buyer, LLCDelayed Draw Term Loan5/1/202359,839 — 
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 (707)
Cumming Group, Inc.Delayed Draw Term Loan5/26/2027343 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/20287,397 — 
Discovery Education, Inc.Delayed Draw Term Loan4/9/2029120,227 — 
Discovery Education, Inc.Revolver4/9/202952,540 (1,445)
Doc Generici (Diocle S.p.A.)Delayed Draw Term Loan10/26/20245,288 — 
Donuts, Inc.Delayed Draw Term Loan5/14/2023128,295 — 
DTI Holdco, Inc.Revolver4/26/20271,160 — 
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 (3,965)
Episerver, Inc.Revolver4/9/20263,833 (230)
Episerver, Inc.Delayed Draw Term Loan4/9/202610,185 (611)
Excelitas Technologies Corp.Revolver8/14/20288,967 — 
Excelitas Technologies Corp.Delayed Draw Term Loan8/13/202919,214 (259)
Experity, Inc.Revolver2/24/202813,452 (404)
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, LLCRevolver9/30/202714,929 — 
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 (595)
GI Ranger Intermediate, LLCRevolver10/29/20279,720 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/202827,360 — 
Gigamon Inc.Revolver3/11/202825,774 (322)
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 (1,252)
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)
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20236,120 (77)
Gruden Acquisition, Inc.Revolver7/1/20269,000 (405)
Helix TS, LLCDelayed Draw Term Loan6/14/2024614 — 
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20275,552 — 
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 Loan4/16/202847,320 — 
34
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
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.Revolver12/31/202511,176 — 
CPI Buyer, LLCDelayed Draw Term Loan5/1/202370,093 — 
CPI Buyer, LLCRevolver11/1/202628,928 — 
Cumming Group, Inc.Delayed Draw Term Loan5/26/202725,392 (254)
Cumming Group, Inc.Revolver5/26/202722,143 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/20282,415 — 
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.Revolver4/26/20274,560 — 
Eliassen Group, LLCDelayed Draw Term Loan4/14/202812,360 — 
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 — 
ENV BidcoDelayed Draw Term Loan7/19/202928,642 (3,322)
Episerver, Inc.Delayed Draw Term Loan4/9/202610,185 (458)
Episerver, Inc.Revolver4/9/20263,833 (172)
Excelitas Technologies Corp.Revolver8/14/20288,671 — 
Excelitas Technologies Corp.Delayed Draw Term Loan8/13/202929,560 (296)
Experity, Inc.Revolver7/22/202713,452 (269)
Forterro UK Ltd.Delayed Draw Term Loan7/7/202917,094 — 
Foundation Risk Partners Corp.Revolver10/29/20279,025 — 
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/202816,028 — 
Galway Borrower, LLCRevolver9/30/202719,017 (475)
Galway Borrower, LLCDelayed Draw Term Loan9/30/202313,265 — 
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/202367,500 (675)
GI Ranger Intermediate, LLCRevolver10/29/20279,720 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/202836,000 (360)
Gigamon Inc.Revolver3/11/202825,774 — 
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/20231,822 — 
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 Loan8/3/20239,308 — 
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20275,367 — 
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 Loan2/2/202466,394 — 
Houghton Mifflin, LLCRevolver4/7/202718,750 — 
Human Security, Inc.Delayed Draw Term Loan7/22/202750,000 (875)
Icebox Holdco III, Inc.Delayed Draw Term Loan12/22/20284,157 (249)
IG Investments Holdings, LLCRevolver9/22/202744,828 — 
Infostretch CorporationRevolver4/1/202820,103 (603)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Houghton Mifflin, LLCRevolver4/7/202718,750 (2,655)
Human Security, Inc.Delayed Draw Term Loan7/22/202740,000 — 
IG Investments Holdings, LLCRevolver9/22/202744,828 (224)
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/2024$99,544 $(1,244)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202517,863 — 
ISQ Hawkeye Holdco, Inc.Revolver8/17/2028460 — 
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 (1,295)
Kaseya, Inc.Delayed Draw Term Loan6/25/202944,474 (445)
Kaseya, Inc.Revolver6/25/202948,746 (487)
Knowledge Pro Buyer, Inc.Revolver12/10/20275,387 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20239,964 — 
Kwor Acquisition, Inc.Delayed Draw Term Loan12/22/20275,137 (180)
Kwor Acquisition, Inc.Revolver12/22/20276,677 — 
Legacy Intermediate, LLCRevolver2/25/202817,242 (172)
Legacy Intermediate, LLCDelayed Draw Term Loan8/25/202325,372 — 
Loar Group, Inc.Delayed Draw Term Loan9/29/2023100,000 — 
Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/202999,913 (2,478)
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 (172)
Material Holdings, LLCRevolver8/17/20271,908 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/202316,215 — 
Metis Buyer, Inc.Revolver5/4/20265,805 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027691 — 
Monk Holding Co.Delayed Draw Term Loan8/12/202338,468 — 
Monterey Financing, S.A.R.LDelayed Draw Term Loan9/19/202955,586 — 
MRI Software, LLCRevolver2/10/2026673 (27)
MRI Software, LLCDelayed Draw Term Loan2/10/20264,892 — 
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 (33)
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/202357,531 — 
Oranje Holdco IncRevolver2/1/20298,250 (206)
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/202814 — 
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 (651)
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)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/20295,226 (52)
Profile Products, LLCRevolver11/12/202710,946 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/202916,623 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/20232,915 — 
Project Boost Purchaser, LLCRevolver5/2/20285,543 (28)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/20298,496 — 
35
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202499,544 (1,244)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202547,105 — 
ISQ Hawkeye Holdco, Inc.Revolver8/17/2028806 — 
ISQ Hawkeye Holdco, Inc.Delayed Draw Term Loan8/17/20292,384 (30)
Java Buyer, Inc.Delayed Draw Term Loan12/15/202362,909 — 
Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/2026144 (1)
Jupiter Bidco LimitedDelayed Draw Term Loan8/5/202938,336 (2,002)
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.Revolver12/10/20276,106 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/202318,452 (185)
Kwor Acquisition, Inc.Delayed Draw Term Loan12/22/20285,137 — 
Kwor Acquisition, Inc.Revolver12/22/20278,659 — 
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 (2,478)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/20267,658 — 
Mantech International CPDelayed Draw Term Loan9/14/2029186,262 (1,863)
Mantech International CPRevolver9/14/202893,738 — 
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan6/23/202815,757 — 
Material Holdings, LLCRevolver8/17/20278,266 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/202316,215 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20235,908 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/202710,277 (103)
Metis Buyer, Inc.Revolver5/4/20269,000 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027804 — 
Monk Holding Co.Delayed Draw Term Loan12/1/202342,074 (558)
Monterey Financing, S.A.R.LDelayed Draw Term Loan9/19/202952,585 (557)
MRI Software, LLCDelayed Draw Term Loan2/10/202610,300 — 
MRI Software, LLCRevolver2/10/2026673 — 
MRI Software, LLCRevolver5/14/20266,300 (638)
Natus Medical IncorporatedRevolver7/21/20272,788 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202391,911 — 
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 Loan12/29/2028401 — 
PGIS Intermediate Holdings, LLCRevolver10/16/20286,274 (125)
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/20287,618 — 
Plasma Buyer, LLCRevolver5/12/202814,467 (434)
Plasma Buyer, LLCDelayed Draw Term Loan5/12/202923,780 (238)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202356,663 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Project Leopard Holdings, Inc.Revolver7/20/202717,775 (1,886)
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20276,490 — 
Rally Buyer, Inc.Revolver7/19/202817,745 (355)
Rally Buyer, Inc.Delayed Draw Term Loan7/19/2028$29,147 $— 
Red River Technology, LLCDelayed Draw Term Loan5/26/202347,832 — 
Redwood Services Group, LLCDelayed Draw Term Loan6/15/202938 — 
Redwood Services Group, LLCDelayed Draw Term Loan6/15/2029903 — 
Relativity ODA, LLCRevolver5/12/20274,937 (74)
Relay Purchaser, LLCRevolver8/30/202628,571 (286)
Riser Merger Sub, Inc.Revolver8/1/202815,909 — 
Riser Merger Sub, Inc.Delayed Draw Term Loan8/1/20285,357 — 
RoadOne IncRevolver12/30/2028226 — 
RoadOne IncDelayed Draw Term Loan12/30/2028177 — 
Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/202326,748 — 
RSC Acquisition, Inc.Delayed Draw Term Loan10/30/202635,368 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/202758,064 (581)
Safety Borrower Holdings LPRevolver9/1/20272,517 — 
Sailpoint Technologies, Inc.Revolver8/15/202834,083 (511)
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202328,800 — 
Sam Holding Co, Inc.Revolver3/24/202713,680 — 
SEKO Global Logistics Network, LLCRevolver12/30/20269,439 — 
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, LLCDelayed Draw Term Loan12/23/202848,904 — 
Smile Doctors, LLCRevolver12/23/20275,819 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202351,214 (768)
SpecialtyCare, Inc.Revolver6/18/20265,579 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20236,544 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/202319,031 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/20268,100 — 
Sunshine Cadence Holdco, LLCDelayed Draw Term Loan3/23/2027300 — 
Tennessee Bidco LimitedDelayed Draw Term Loan6/22/2024341,326 — 
The Chamberlain Group, Inc.Delayed Draw Term Loan11/3/202850 — 
The Chamberlain Group, Inc.Revolver11/3/202894 — 
The Chamberlain Group, Inc.Delayed Draw Term Loan11/3/202896 — 
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 — 
Thermostat Purchaser III, Inc. (2nd Lien)Delayed Draw Term Loan8/31/20235,600 (42)
Thermostat Purchaser III, Inc.Revolver8/31/20268,125 (620)
Trader Corp.Revolver12/22/20286,858 (113)
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202320,128 — 
Trinity Air Consultants Holdings Corp.Revolver6/29/202712,780 (128)
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/2023115,743 — 
Triple Lift, Inc.Revolver5/6/20288,815 — 
Turing Holdco, Inc.Delayed Draw Term Loan8/3/20281,422 — 
UMP Holdings, LLCDelayed Draw Term Loan7/15/20287,077 — 
Unified Physician Management, LLCDelayed Draw Term Loan6/18/202914,492 — 
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, LLCRevolver6/1/202929,205 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/20256 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/2023188,572 — 
West Monroe Partners, LLCRevolver11/9/202770,714 — 
36
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Polyphase Elevator Holding Co.Delayed Draw Term Loan6/23/20272,264 — 
Polyphase Elevator Holding Co.Revolver6/23/20272,100 — 
Polyphase Elevator Holding Co.Delayed Draw Term Loan12/21/202754,486 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202721,722 — 
PPV Intermediate Holdings, LLCRevolver8/31/20299,910 (198)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/202924,566 — 
Prodege International Holdings, LLCDelayed Draw Term Loan12/15/202287,711 — 
Profile Products, LLCDelayed Draw Term Loan11/12/202716,328 — 
Profile Products, LLCRevolver11/12/202712,953 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/20292,915 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — 
Project Boost Purchaser, LLCRevolver5/2/20285,543 (83)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/20299,189 (46)
Project Leopard Holdings, Inc.Revolver7/20/202713,035 — 
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20239,016 — 
Rally Buyer, Inc.Revolver7/19/202817,745 — 
Rally Buyer, Inc.Delayed Draw Term Loan7/19/202833,121 (331)
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 Loan12/16/20274,636 — 
Relativity ODA, LLCRevolver5/12/20274,937 (74)
Relay Purchaser, LLCRevolver8/30/202628,571 (286)
Reverb Buyer, Inc.Delayed Draw Term Loan11/1/20286,587 — 
Riser Merger Sub, Inc.Revolver8/1/202824,351 (487)
Riser Merger Sub, Inc.Delayed Draw Term Loan8/1/202848,701 (487)
Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/202377,680 — 
RSC Acquisition, Inc.Delayed Draw Term Loan10/30/202660,474 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/202758,064 (581)
Safety Borrower Holdings LPRevolver9/1/20272,517 — 
Sailpoint Technologies, Inc.Revolver8/15/202834,083 (682)
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202331,600 — 
Sam Holding Co, Inc.Revolver3/24/202719,200 — 
SEKO Global Logistics Network, LLCRevolver12/30/20265,808 — 
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/20229,712 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/1/202811,177 (112)
Sherlock Buyer Corp.Revolver12/8/20274,445 (89)
Smile Doctors, LLCRevolver12/23/202739,902 — 
Smile Doctors, LLCDelayed Draw Term Loan12/23/2028113,938 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202351,214 — 
SpecialtyCare, Inc.Revolver6/18/20264,867 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20236,544 — 
Spitfire Parent, Inc.Delayed Draw Term Loan9/9/20235,533 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/202340,781 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/202621,601 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan12/10/20224,068 — 
Tennessee Bidco LimitedDelayed Draw Term Loan6/22/2024324,396 — 
The Fertility Partners, Inc.Revolver9/16/20278,055 (1,277)
The Fertility Partners, Inc.Delayed Draw Term Loan3/16/202816,410 — 
The GI Alliance Management, LLCDelayed Draw Term Loan9/15/202856,115 (1,683)
The NPD Group L.P.Revolver12/1/2027104,910 — 
37
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Thermostat Purchaser III, Inc.Delayed Draw Term Loan8/31/20286,692 — 
Thermostat Purchaser III, Inc.Revolver8/31/20268,125 — 
Thermostat Purchaser III, Inc. (2nd Lien)Delayed Draw Term Loan8/31/20235,600 — 
Trident TPI Holdings, Inc.Delayed Draw Term Loan9/15/20281,472 — 
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 Loan8/3/20285,942 — 
Unified Physician Management, LLCDelayed Draw Term Loan6/18/202954,346 — 
Unified Physician Management, LLCRevolver6/18/2029101,845 — 
United Mutual Acquisition Holdings, LLCRevolver7/15/202811,175 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/202331,347 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/202712,932 (194)
Victors CCC Buyer, LLCDelayed Draw Term Loan6/1/202931,095 — 
Victors CCC Buyer, LLCRevolver6/1/202929,205 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/2025794 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/2023188,572 — 
West Monroe Partners, LLCRevolver11/9/202770,714 — 
West Star Aviation Acquisition, LLCDelayed Draw Term Loan3/1/2028909 — 
WHCG Purchaser III, Inc.Revolver6/22/202612,486 (905)
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202319,482 — 
Specialty Lending Company LLCLLC Interest102,600 — 
Total Unfunded Commitments  $6,856,537 $(42,160)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
West Star Aviation Acquisition, LLCDelayed Draw Term Loan3/1/2028909 (18)
WHCG Purchaser III, Inc.Revolver6/22/202631 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202319,482 — 
Zendesk IncRevolver11/3/2028$97,650 $(1,953)
Zendesk IncDelayed Draw Term Loan11/22/2028208,035 (3,120)
Total First and Second Lien Debt Unfunded Commitments$5,812,902 $(56,808)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 0.50%.
(10)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 0.75%.
(11)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 1.00%.
(12)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 1.25%.
(13)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 1.50%.
(14)The interest rate floor on these investments as of March 31, 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 September 30, 2022,March 31, 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)Fair value as of March 31, 2023Dividend and Interest Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP$2,813 $— $— $342 $3,155 $— 
Controlled/Affiliated Investments
Specialty Lending Company LLC172,330 — — 2,595 174,925 — 
BCRED Emerald JV LP2,072,717 — (112,500)31,641 1,991,858 62,178 
BCRED Verdelite JV LP115,677 — — 11,460 127,137 — 
GSO DL Co-Invest CI LP1,881 — — 103 1,984 — 
Total$2,365,418 $— $(112,500)$46,141 $2,299,059 $62,178 

(17)Loan was on non-accrual status as of March 31, 2023.

(18)
Fair value
as of December 31, 2021
Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)
Fair value
as of September 30, 2022
Dividend and Interest Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP$1,614 $— $— $746 $2,360 $— 
Controlled/Affiliated Investments
Specialty Lending Company LLC212,400 — (31,500)9,045 189,945 12,159 
BCRED Emerald JV— 1,895,396 — (39,157)1,856,239 56,606 
GSO DL Co-Invest CI LP1,809 — — 76 1,885 — 
Total Controlled/Affiliated Investments$214,209 $1,895,396 $(31,500)$(30,036)$2,048,069 $68,765 


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
September 30, 2022
(in thousands)
(Unaudited)
ADDITIONAL INFORMATION

Foreign currency forward contracts
CounterpartyCurrency PurchasedCurrency SoldSettlement DateUnrealized Appreciation (Depreciation)
Goldman Sachs Bank USA$10,720SEK 109,74910/5/2022$859 
Goldman Sachs Bank USA$73,136DKK 560,75012/14/2022$(1,031)
Goldman Sachs Bank USA$55,936NOK 599,09412/14/2022$783 
Goldman Sachs Bank USA$21,634SEK 243,18612/14/2022$(305)
Currency Forward Contracts
CounterpartyCurrency PurchasedCurrency SoldSettlement DateUnrealized Appreciation (Depreciation)
Deutsche Bank AGUSD14,576 CAD20,000 6/9/2023$(224)
Goldman Sachs Bank USAUSD78,160 DKK546,731 6/14/2023(2,005)
Deutsche Bank AGUSD37,206 EUR35,000 6/9/2023(987)
Deutsche Bank AGUSD35,627 GBP30,000 6/9/2023(1,525)
Goldman Sachs Bank USAUSD55,115 NOK584,117 6/14/2023(987)
Goldman Sachs Bank USAUSD23,323 SEK38,100 6/14/2023(562)
Goldman Sachs Bank USAUSD22,262 SEK237,106 6/14/2023(740)
Goldman Sachs Bank USAUSD10,304 SEK109,749 6/14/2023(343)
Total Foreign Currency Forward Contracts$(7,373)
Interest Rate Swaps
CounterpartyHedged InstrumentCompany ReceivesCompany PaysMaturity DateNotional AmountFair Market ValueUpfront Payments / Receipts
Change in Unrealized Gains / (Losses)(1)
Goldman Sachs Bank USAJune 2024 Notes2.56%SOFR + 0.93%6/21/2024$435,000 $(15,120)$— $3,805 
Goldman Sachs Bank USASeptember 2024 Notes1.75%SOFR + 0.08%9/15/2024365,000 (14,098)— 3,401 
Goldman Sachs Bank USANovember 2024 Notes2.35%SOFR + 0.66%11/22/2024500,000 (20,554)— 4,808 
Goldman Sachs Bank USAJanuary 2025 Notes2.70%SOFR + 0.99%1/15/2025500,000 (21,623)— 4,966 
Goldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (25,641)— 9,016 
Goldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (25,352)— 9,000 
Goldman Sachs Bank USAMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025400,000 (14,103)— 3,876 
Deutsche BankMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025500,000 (17,647)— 4,847 
Goldman Sachs Bank USAApril 2026 UK Bonds4.87%SONIA + 2.78%4/14/2026GBP250,000 (17,154)— 2,786 
Goldman Sachs Bank USAMay 2027 Notes5.61%SOFR + 2.79%5/3/2027625,000 (16,521)— 9,614 
Sumitomo Mitsui Banking CorporationSeptember 2025 Notes7.05%SOFR + 2.93%9/27/2025600,000 2,342 — 4,506 
Goldman Sachs Bank USAOctober 2027 Notes7.49%SOFR + 3.72%10/11/2027350,000 3,890 — 5,309 
Sumitomo Mitsui Banking CorporationSeptember 2025 Notes7.05%SOFR + 2.97%9/29/2025200,000 575 — 1,372 
Total Interest Rate Swaps$(181,006)$— $67,306 

(1)
For interest rates swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest Rate Swaps
Interest Rate Swaps as of September 30, 2022
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 $(19,039)$1,796 $(18,892)
Goldman Sachs Bank USASeptember 2024 Notes1.75%SOFR + 0.08%9/15/2024365,000 (17,659)(545)(17,618)
Goldman Sachs Bank USANovember 2024 Notes2.35%SOFR + 0.66%11/22/2024500,000 (25,796)1,822 (25,657)
Goldman Sachs Bank USAJanuary 2025 Notes2.70%SOFR + 0.99%1/15/2025500,000 (27,244)923 (26,993)
Goldman Sachs Bank USADecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (37,873)2,387 (37,703)
Deutsche BankDecember 2026 Notes2.63%SOFR + 0.26%12/15/2026625,000 (37,548)2,370 (37,730)
Goldman Sachs Bank USAMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025400,000 (18,081)— (17,935)
Deutsche BankMarch 2025 Notes4.70%SOFR + 2.43%3/24/2025500,000 (22,625)— (22,413)
Deutsche BankApril 2026 UK Bonds4.87%SOFR + 2.78%4/14/2026£250,000 (28,089)— (28,037)
Sumitomo Mitsui Banking CorporationMay 2027 Notes5.61%SOFR + 3.00%5/3/2027625,000 (29,160)— (25,242)
Sumitomo Mitsui Banking CorporationSeptember 2025 Notes7.05%SOFR + 2.93%9/27/2025600,000 (559)— (559)
Total Interest Rate Swaps$(263,674)$8,753 $(258,777)

(16)     Asexpense in the Consolidated Statements of September 30, 2022, the Company had investments denominated in Canadian Dollars (C$), Euros (€), British Pounds (£), Swiss Francs (Fr.), Danish Krone (DKK), Swedish Krona (SEK) and Norwegian Krone (NOK).Operations.

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



Blackstone Private Credit Fund
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 Value% 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
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 Value% of Net Assets
First Lien Debt (continued)
Building Products
Cornerstone Building Brands, Inc. (6)(9)L +3.25%3.75%4/12/2028$2,947 $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
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 Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies
Access CIG, LLC (8)L +3.75%3.84%2/27/2025$16,040 $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
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 Value% of Net Assets
First Lien Debt (continued)
Construction Materials
White Cap Buyer, LLC (9)L +4.00%4.50%10/19/2027$23,827 $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
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 Value% of Net Assets
First Lien Debt (continued)
Diversified Consumer Services
Cambium Learning Group, Inc. (4)(7)(10)L +5.50%6.25%7/20/2028$968,124 $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
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 Value% of Net Assets
First Lien Debt (continued)
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(7)(11)L +6.00%7.00%12/23/2026$35,496 $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
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 Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
AMGH Holding Corp. (11)L +4.25%5.25%3/14/2025$11,762 $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
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 Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Unified Women's Healthcare, LLC (10)L +4.25%5.00%12/16/2027$20,334 $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
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%3/31/20285,944 5,910 5,884 0.03 
U.S. Anesthesia Partners, Inc.(9)L +4.25%8.37%10/1/2028$38,627 $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 Value% of Net Assets
First Lien Debt (continued)
Insurance
Acrisure, LLC (8)L +3.50%3.72%2/15/2027$1,985 $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
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 Value% of Net Assets
First Lien Debt (continued)
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)L +6.00%7.00%12/29/2026$113,838 $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
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 Value% of Net Assets
First Lien Debt (continued)
Machinery
Apex Tool Group, LLC (12)L +5.50%6.75%8/1/2024$70,120 $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
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 Value% of Net Assets
First Lien Debt (continued)
Professional Services
ALKU, LLC (4)(10)L +5.25%6.00%3/1/2028$164,239 $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
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 Value% of Net Assets
First Lien Debt (continued)
Software
2U, Inc. (6)(10)L +5.75%6.50%11/30/2024$76,224 $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
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 Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Mandolin Technology Intermediate Holdings, Inc. (4)(7)(9)L +3.75%4.25%7/6/2028$78,300 $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%7.50%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
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 Value% of Net Assets
First Lien Debt (continued)
Specialty Retail
CustomInk, LLC (4)(11)L +6.21%7.21%5/3/2026$36,866 $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
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 Value% of Net Assets
First Lien Debt (continued)
Wireless Telecommunication Services
CCI Buyer, Inc. (10)L +3.75%4.50%12/17/2027$28,831 $28,965 $28,898 0.22 %
Total First Lien Debt28,076,107 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
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 Value% of Net Assets
Second Lien Debt (continued)
Life Sciences Tools & Services
Curia Global, Inc. (4)(10)L +6.50%7.25%8/31/2029$83,824 $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 Debt1,799,656 1,813,872 14.11 
Blackstone Private Credit Fund
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 Value% 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
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 Value% of Net Assets
Structured Finance Obligations (continued)
Rockford Tower CLO 2021-3, Ltd. (5)(6)(8)L +6.72%6.85%10/20/2034$4,000 $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 Obligations287,275 286,610 2.23 
Unsecured Debt
IT Services
Endurance International Group Holdings, Inc. (5)(8)6.00%6.00%2/15/20296,272 6,061 5,842 0.05 
Total Unsecured Debt6,061 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
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 Value% 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 Investments314,520 330,095 2.57 
Total Investments - non-controlled/non-affiliated30,483,619 30,579,870 237.89 
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 Equity583 1,614 0.01 
Total Investments — non-controlled/affiliated583 1,614 0.01 
Blackstone Private Credit Fund
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
Table of Contents
Blackstone Private Credit Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Blackstone Private Credit Fund
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 Value% 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 Equity213,821 214,209 1.66 
Total Investments — controlled/affiliated213,821 214,209 1.66 
Total Investment Portfolio30,698,023 30,795,693 239.57 
Cash and Cash Equivalents
Other Cash and Cash Equivalents617,986 617,986 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
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
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
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
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
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
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)

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)
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 consolidated financial statements.
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Blackstone Private Credit Fund
Notes to 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” or the “Company”), is a Delaware statutory trust formed on February 11, 2020. The Company was formed to invest primarily in originated loans2020, and other securities, including broadly syndicated loans, of private U.S. companies. The Company is astructured as an externally managed, non-diversified, closed-end management investment company thatcompany. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the(together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for 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”). The Adviser is an affiliate of Blackstone Alternative Credit Advisors LP (the“Administrator” “Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. (“Blackstone”), “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 has elected to be treated for U.S. federal income tax purposes, and intendsoperate pursuant to qualify annually thereafter, as a regulated investment company (“RIC”an administration agreement (the “Administration Agreement”) as defined under Subchapter M. Blackstone Credit is part of the Internal Revenue Codecredit-focused platform of 1986, as amended (the “Code”).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 companies. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, the Company expects that the majority of its portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. 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 nine months ended September 30, 2021 represent the period from January 7, 2021 (commencement of operations) to September 30, 2021.
65

Note 2. Significant Accounting Policies
Basis of Presentation
The 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.
The interim 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 consolidated financial statements for the interim periodperiods 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.
All intercompany balances and transactions have been eliminated.
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Certain prior period information has been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of 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 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 consolidated financial statements. Actual results may ultimately differ from those estimates.
Consolidation
As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

As of September 30, 2022,March 31, 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 Windom Peak Funding LLC (“Windom Peak Funding”), BCRED BSL WH 2022-1 LLC (“2022-1 BSL WH”), BCRED Investments LLC, BCRED X Holdings LLC, BCRED BSL CLO 2021-1 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 2022-2 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.
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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.
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 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 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 readily available market quotation for these investments existed, and these differences could be material. See “Note 5. Fair Value Measurements and Derivative Instruments”.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.
With
If debt investments are credit-impaired, which occurs when there is insufficient coverage under the enterprise value analysis through the respective investment’s position in the capital structure, the 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 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.
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•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 undertakesfair 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.
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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 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 takes 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, with the assistance of the Adviser, the Audit Committee and independent valuation firms, will consider whether the pricing indicated by the external event corroborates its valuation. See Note 5. Fair Value Measurements.
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 September 30, 2022 and December 31, 2021, the Company had $1,168.6 million and $663.6 million, respectively, of receivables for investments sold. As of September 30, 2022 and December 31, 2021, the Company had $1,379.2 million and $997.4 million, respectively, of payables for investments purchased.

Derivative Instruments
The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.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 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). The fair value of the foreign currency forwards are included as derivativeDerivative assets at fair value or derivativeDerivative liabilities at fair value on the
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Company's 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) in the 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 derivativeDerivative assets at fair value or derivativeDerivative liability at fair value on the Company's 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 Consolidated Statements of Operations.
The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.
Forward Purchase Agreement
The Company was partyhas elected to a forward purchase agreement (the “Facility Agreement,” definednot offset derivative assets and derivative liabilities in Note 8) whereby it is obligated to purchase certain assetsits Consolidated Statements of Assets and Liabilities including for the cash collateral, that were acquired by the Financing Provider, subject to certain contingencies.
Forward purchase agreements are recognized at fair value through current period gainsmay be received 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 carriedpaid as assetspart of collateral arrangements, even when fair value is positive and as liabilities when fair value is negative. A forward purchasean enforceable master netting 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 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.
Revenue Recognition
Interest Income
Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and nine months ended September 30,March 31, 2023 and 2022, the Company recorded $1.8$1.9 million and $3.2$0.0 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and nine months ended September 30, 2021, the Company recorded $2.3 million and $3.4 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).    
PIK Income
The Company has 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
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dates, and is generally due at maturity. Such income is included in Payment-in-kind interest income in the 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 nine months ended September 30, 2022, the Company recorded PIK income
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Table of $36.7 million and $89.5 million, respectively. For the three and nine months ended September 30, 2021, the Company recorded PIK income of $1.2 million and $1.9 million, respectively.Contents
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 nine months ended September 30, 2022, the Company recorded dividend income of $25.2 million and $70.3 million, respectively. For the three and nine months ended September 30, 2021, the Company recorded no dividend income.
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 nine months ended September 30, 2022, the Company recorded fee income of $12.8 million and $26.8 million, respectively. For the three and nine months ended September 30, 2021, the Company recorded fee income of $5.7 million and $13.9 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 September 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.
Costs associated with the offering of the Company’s shares are capitalized as “deferred offering costs” on the 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 nine months ended September 30, 2022, the Company accrued organization costs of $0.0 million and $0.0 million, and offering costs of $1.6 million and $3.8 million, respectively. For the three and nine months ended September 30, 2021, the Company accrued organization costs of $0.0 million and $1.1 million, and offering costs of $1.0 million and $2.6 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 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.
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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 consolidated financial statements of the Company.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.
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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.
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 nine months ended September 30, 2022, the Company incurred $0.0 million and $0.3 million, respectively, of U.S. federal excise tax. For the three and nine months ended September 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 U.S. 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. In 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. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its 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 Agreement”), 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 NASAA Omnibus
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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, 2023.2024.
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.
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 NASAA Omnibus Guidelines would no longer apply if the Fund’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.
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 U.S. 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 nine months ended September 30,March 31, 2023 and 2022, base management fees were $71.0$73.6 million and $186.6 million, respectively. For the three and nine months ended September 30, 2021, base management fees representing $22.5 million and $39.5$50.6 million, respectively, of which $1.2$0.0 million and $18.2$0.0 million, respectively, were fully waived. As of September 30, 2022March 31, 2023 and December 31, 2021, $71.02022, $73.6 million and $35.0$73.4 million, respectively, was payable to the Adviser relating to management fees.
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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 fees
The first 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 an 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).
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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
•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 fees
The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP.
For the three and nine months ended September 30,March 31, 2023 and 2022, the Company accrued income based incentive fees of $83.7$100.8 million and $194.8 million, respectively. For the three and nine months ended September 30, 2021, the Company accrued income based incentive fees of $21.7 million and $35.5$48.1 million, respectively, of which $1.1$0.0 million and $14.9$0.0 million, respectively, were waived. As of September 30, 2022March 31, 2023 and December 31, 2021,2022, there was $83.7$100.8 million and $36.0$94.1 million, respectively, payable to the Adviser for the income based incentive fees. For the three and nine months ended September 30,March 31, 2023 and 2022, the Company accrued capital gains incentive fees of $0.0 million and $(15.1)$(10.5) million, respectively, none of which was payable under the Investment Advisory Agreement. For the three and nine months ended September 30, 2021, the Company
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accrued capital gains incentive fees of $3.2 million and $12.5 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”)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”)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 Advisory Agreement will automatically terminate in the event
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Table of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. On May 2, 2022, the Contents
Administration Agreement was most recently renewed and continued for an additional one-year period endingapproved by the Board, including a majority of the Independent Trustees, on May 31, 2023.2, 2023, for a one-year period.
For the three and nine months ended September 30,March 31, 2023 and 2022, the Company incurred $1.9 million and $4.1$1.2 million, respectively, in expenses under the Administration Agreement, which were recorded in “administrative“Administrative service expenses” in the Company’s Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, the Company incurred $0.6 million and $1.2 million, respectively, in expenses under the Administration Agreement. As of September 30, 2022March 31, 2023 and December 31, 2021, $0.92022, $0.7 million and $1.2$1.9 million, respectively, was unpaid and included in “due“Due to affiliates” in the Consolidated Statements of Assets and Liabilities, respectively.
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 Agreement”) 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 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
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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”).
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,” 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
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to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.
Distribution and Servicing Plan
On October 5, 2020, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to the Class S, Class D and Class I on an annualized basis as a percentage of the Company’s NAV for such class.
Shareholder
Servicing and/or
Distribution
Fee as a %
of NAV
Class I shares— 
Class S 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.
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.
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Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.
For the three and nine months ended September 30,March 31, 2023, the Company accrued distribution and shareholder servicing fees of $15.4 million and $0.6 million, which were attributable to Class S and Class D shares, respectively.
For the three months ended March 31, 2022, the Company accrued distribution and shareholder servicing fees of $13.8$9.5 million and $35.7$0.4 million, which were attributable to Class S shares respectively. For the three and nine months ended September 30, 2022, the Company accrued distribution and shareholder servicing fees of $0.6 million and $1.6 million, which were attributable to Class D shares, respectively.
For the three and nine months ended September 30, 2021, the Company accrued distribution and shareholder servicing fees of $3.4 million and $5.6 million, which were attributable to Class S shares, respectively. For the three and nine months ended September 30, 2021, the Company accrued distribution and shareholder servicing fees of $0.1 million and $0.1 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 Agreement”) with the Adviser. The Adviser may elect to pay certain Company expenses on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the 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 Operating Funds”), 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 be 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
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capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).
The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the 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 nine months ended September 30,March 31, 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 nine months ended September 30, 2022, there were no Reimbursement Payments made to the Adviser.
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For the three and nine months ended September 30, 2021, the Adviser made Expense Payments in the amount of $0.0 million and $2.2 million, respectively. For the three and nine months ended September 30, 2021, there were Reimbursement Payments made to the Adviser of $0.0 million and $2.2 million, respectively.
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 consolidated financial statements, including the Consolidated Schedule of Investments.
The Company has made investments in controlled/affiliated companies, including BCRED Emerald JV LP (“Emerald 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.
The Company has made investments in controlled/affiliated companies, including Emerald JV, Verdelite JV and SLC. For further description of the Emerald JV and Verdelite JV, see “Note“Note 11. Joint Venture-.Ventures.”
Note 4. Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
September 30, 2022December 31, 2021March 31, 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$44,901,859 $43,902,022 89.67 %$28,076,107 $28,143,451 91.39 %First lien debt$43,390,053 $42,762,866 89.26 %$44,461,300 $43,710,812 89.37 %
Second lien debtSecond lien debt2,256,935 2,111,420 4.31 1,799,656 1,813,872 5.89 Second lien debt2,052,396 1,877,627 3.92 2,074,849 1,872,806 3.83 
Unsecured debtUnsecured debt21,432 17,370 0.04 6,061 5,842 0.02 Unsecured debt— — — 17,583 13,948 0.03 
Structured finance investmentsStructured finance investments409,571 357,384 0.73 287,275 286,610 0.93 Structured finance investments409,693 367,161 0.77 409,633 365,269 0.75 
Investment in joint venture1,895,396 1,856,239 3.79 — — — 
Investments in joint venturesInvestments in joint ventures2,120,206 2,118,995 4.42 2,232,706 2,188,394 4.47 
Equity investments(1)
Equity investments(1)
690,426 714,568 1.46 528,924 545,918 1.77 
Equity investments(1)
739,637 779,150 1.63 739,225 757,379 1.55 
TotalTotal$50,175,620 $48,959,003 100.00 %$30,698,023 $30,795,693 100.00 %Total$48,711,985 $47,905,799 100.00 %$49,935,296 $48,908,608 100.00 %
(1)Includes equity investment in SLC.
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The industry composition of investments at fair value was as follows:
September 30, 2022December 31, 2021
Aerospace & Defense1.38 %1.14 %
Air Freight & Logistics2.89 2.94 
Airlines0.08 0.10 
Auto Components0.19 0.28 
Beverages0.16 0.10 
Building Products2.40 2.89 
Capital Markets0.34 0.52 
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March 31, 2023December 31, 2022
Aerospace & DefenseAerospace & Defense1.23 %1.25 %
Air Freight & LogisticsAir Freight & Logistics2.81 2.80 
AirlinesAirlines0.07 0.07 
Auto ComponentsAuto Components0.06 0.11 
BeveragesBeverages0.09 0.13 
Building ProductsBuilding Products2.26 2.37 
Capital MarketsCapital Markets0.15 0.22 
ChemicalsChemicals0.46 0.63 Chemicals0.31 0.38 
Commercial Services & SuppliesCommercial Services & Supplies3.93 5.50 Commercial Services & Supplies3.48 3.68 
Construction MaterialsConstruction Materials0.10 0.08 Construction Materials0.04 0.07 
Construction & EngineeringConstruction & Engineering0.71 1.08 Construction & Engineering0.67 0.67 
Containers & PackagingContainers & Packaging0.79 0.78 Containers & Packaging0.28 0.46 
DistributorsDistributors0.63 0.99 Distributors0.68 0.67 
Diversified Consumer ServicesDiversified Consumer Services3.10 4.36 Diversified Consumer Services2.81 2.95 
Diversified Financial Services (1)
Diversified Financial Services (1)
2.28 3.33 
Diversified Financial Services (1)
2.21 2.17 
Diversified Telecommunication ServicesDiversified Telecommunication Services0.54 0.65 Diversified Telecommunication Services0.56 0.53 
Electrical EquipmentElectrical Equipment0.91 2.45 Electrical Equipment0.86 0.89 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components0.40 0.32 Electronic Equipment, Instruments & Components1.32 1.28 
Electric UtilitiesElectric Utilities0.10 0.16 Electric Utilities0.10 0.10 
Energy Equipment & ServicesEnergy Equipment & Services0.09 0.14 Energy Equipment & Services0.09 0.09 
EntertainmentEntertainment0.08 0.09 Entertainment0.04 0.04 
Food ProductsFood Products0.07 0.12 Food Products0.05 0.05 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies1.61 1.77 Health Care Equipment & Supplies1.48 1.52 
Health Care Providers & ServicesHealth Care Providers & Services12.03 11.34 Health Care Providers & Services12.22 11.68 
Health Care TechnologyHealth Care Technology2.35 1.58 Health Care Technology3.29 3.21 
Hotels, Restaurants & LeisureHotels, Restaurants & Leisure0.77 0.54 Hotels, Restaurants & Leisure0.40 0.55 
Household DurablesHousehold Durables0.27 0.30 Household Durables0.13 0.23 
Industrial ConglomeratesIndustrial Conglomerates1.03 0.54 Industrial Conglomerates0.84 0.95 
InsuranceInsurance4.75 4.40 Insurance4.70 4.67 
Interactive Media & ServicesInteractive Media & Services0.29 0.24 Interactive Media & Services0.13 0.16 
Internet & Direct Marketing RetailInternet & Direct Marketing Retail2.26 2.52 Internet & Direct Marketing Retail2.24 2.22 
Investments in Joint VenturesInvestments in Joint Ventures4.42 4.47 
IT ServicesIT Services4.74 5.74 IT Services4.68 4.54 
Investment in Joint Venture3.79 — 
Leisure ProductsLeisure Products0.20 0.35 Leisure Products0.08 0.17 
Life Sciences Tools & ServicesLife Sciences Tools & Services0.45 0.93 Life Sciences Tools & Services0.37 0.37 
MachineryMachinery0.14 0.34 Machinery0.06 0.08 
MarineMarine0.46 0.72 Marine0.48 0.46 
MediaMedia0.46 0.35 Media0.58 0.61 
Metals & MiningMetals & Mining0.14 0.16 Metals & Mining0.07 0.13 
Oil, Gas & Consumable FuelsOil, Gas & Consumable Fuels0.27 0.18 Oil, Gas & Consumable Fuels0.17 0.20 
Paper & Forest ProductsPaper & Forest Products0.14 0.37 Paper & Forest Products0.14 0.13 
Personal Products0.08 — 
PharmaceuticalsPharmaceuticals0.57 0.25 Pharmaceuticals0.69 0.67 
Professional ServicesProfessional Services12.57 14.27 Professional Services12.70 12.50 
Real Estate Management & DevelopmentReal Estate Management & Development0.54 0.76 Real Estate Management & Development0.23 0.22 
Road & Rail0.04 0.25 
Road & Rail (2)
Road & Rail (2)
0.00 0.00 
SoftwareSoftware24.48 18.61 Software26.04 25.59 
Specialty RetailSpecialty Retail0.32 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 & Distributors0.78 0.88 Trading Companies & Distributors0.68 0.75 
Transportation InfrastructureTransportation Infrastructure2.57 3.10 Transportation Infrastructure2.52 2.44 
Wireless Telecommunication ServicesWireless Telecommunication Services0.10 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%
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The geographic composition of investments at cost and fair value was as follows:
September 30, 2022March 31, 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$45,632,191 $44,752,239 91.41 %199.98 %United States$44,137,930 $43,455,699 90.71 %188.09 %
EuropeEurope3,329,455 3,096,697 6.33 13.84 Europe3,440,338 3,403,664 7.10 14.73 
CanadaCanada822,868 770,204 1.57 3.44 Canada718,793 673,404 1.41 2.91 
Cayman IslandsCayman Islands391,106 339,863 0.69 1.52 Cayman Islands391,219 349,195 0.73 1.51 
Australia/New ZealandAustralia/New Zealand23,705 23,837 0.05 0.10 %
TotalTotal$50,175,620 $48,959,003 100.00 %218.78 %Total$48,711,985 $47,905,799 100.00 %207.34 %
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 IslandsCayman Islands279,365 278,788 0.91 2.17 Cayman Islands403,356 359,125 0.73 1.58 
Australia5,182 5,213 0.02 0.04 
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 September 30, 2022March 31, 2023 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 September 30, 2022March 31, 2023 and December 31, 2021,2022, on a fair value basis, approximately 99.7%99.9% and 99.6%99.8%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.3%0.1% and 0.4%0.2%, respectively, of our performing debt investments bore interest at a fixed rate.
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.
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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 and Rule 2a-5 under the 1940 Act, which defines fair value as the value of a portfolio investment for which market quotations are not readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provide that such a quotation is not considered to be readily available if it is not reliable. 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 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 afollowing tables 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.
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Investments
The following table presents the fair value hierarchy of financial instruments:
September 30, 2022March 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First lien debtFirst lien debt$— $8,278,199 $35,623,823 $43,902,022 First lien debt$— $4,819,331 $37,943,535 $42,762,866 
Second lien debtSecond lien debt— 842,501 1,268,919 2,111,420 Second lien debt— 785,600 1,092,027 1,877,627 
Unsecured debtUnsecured debt— 17,370 — 17,370 Unsecured debt— — — — 
Structured finance obligationsStructured finance obligations— 69,486 287,898 357,384 Structured finance obligations— 71,360 295,801 367,161 
Equity investments (1)
Equity investments (1)
— — 714,568 714,568 
Equity investments (1)
— — 779,150 779,150 
Total investmentsTotal investments— 9,207,556 37,895,208 47,102,764 Total investments— 5,676,291 40,110,513 45,786,804 
Investments measured at NAV(2)
— — — 1,856,239 
Investments Measured at NAV (2)
Investments Measured at NAV (2)
— — — 2,118,995 
TotalTotal$— $9,207,556 $37,895,208 $48,959,003 Total$— $5,676,291 $40,110,513 $47,905,799 
December 31, 2021
Level 1Level 2Level 3Total
First lien debt$— $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 $30,795,693 
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December 31, 2022
Level 1Level 2Level 3Total
First lien debt$— $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 the Emerald JV and Verdelite JV (refer to Note 11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
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The following table presentstables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
Three Months Ended September 30, 2022
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of period$32,556,391 $1,446,075 $298,409 $702,034 $35,002,909 
Purchases of investments5,978,812 71,844 — 2,805 6,053,461 
Proceeds from principal repayments and sales of investments(2,597,994)(182,082)— — (2,780,076)
Accretion of discount/amortization of premium39,220 933 52 — 40,206 
Net realized gain (loss)(11,758)(2,206)— — (13,964)
Net change in unrealized appreciation (depreciation)(266,806)(16,191)(10,563)9,728 (283,832)
Transfers into Level 3 (1)193,055 111,523 — — 304,578 
Transfers out of Level 3 (1)(267,097)(160,977)— — (428,074)
Fair value, end of period$35,623,823 $1,268,919 $287,898 $714,568 $37,895,208 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(267,815)$(16,191)$(10,159)$9,729 $(284,436)
Nine Months Ended September 30, 2022Three Months Ended March 31, 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 investments15,919,276 595,997 122,159 193,127 16,830,559 Purchases of investments640,983 12,826 — 412 654,221 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(3,204,195)(182,080)— (31,769)(3,418,044)Proceeds from principal repayments and sales of investments(176,571)— — — (176,571)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium87,705 2,191 114 — 90,010 Accretion of discount/amortization of premium34,758 826 53 — 35,637 
Net realized gain (loss)Net realized gain (loss)(10,188)(2,184)— 144 (12,228)Net realized gain (loss)(1,959)— — — (1,959)
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)(364,753)(55,881)(39,968)7,148 (453,453)Net change in unrealized appreciation (depreciation)(48,117)2,655 2,413 21,359 (21,690)
Transfers into Level 3 (1)Transfers into Level 3 (1)380,165 164,614 — — 544,781 
Transfers into Level 3 (1)
129,669 — — — 129,669 
Transfers out of Level 3 (1)Transfers out of Level 3 (1)(230,697)(53,871)— — (284,567)
Transfers out of Level 3 (1)
(178,772)(77,003)— — (255,775)
Fair value, end of periodFair value, end of period$35,623,823 $1,268,919 $287,898 $714,568 $37,895,208 Fair value, end of period$37,943,535 $1,092,027 $295,801 $779,150 $40,110,513 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(364,088)$(53,924)$(39,967)$7,147 $(450,832)
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2023 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2023$(45,507)$2,655 $1,316 $21,359 $(20,177)
(1)For the ninethree months ended September 30,March 31, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.
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Three Months Ended March 31, 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 investments3,045,406 152,844 54,225 38,670 3,291,145 
Proceeds from principal repayments and sales of investments(335,584)(50)— (22,769)(358,403)
Accretion of discount/amortization of premium20,606 502 21 — 21,129 
Net realized gain (loss)961 23 — 144 1,128 
Net change in unrealized appreciation (depreciation)(5,515)210 (6,112)5,891 (5,526)
Transfers into Level 3 (1)
229,362 61,765 — — 291,127 
Transfers out of Level 3 (1)
(248,862)(59,153)— — (308,015)
Fair value, end of period$25,752,883 $956,274 $253,726 $567,854 $27,530,737 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2022$(3,352)$(2,491)$(5,408)$5,891 $(5,360)
(1)For the three months ended March 31, 2022, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.transparency.
82

Three Months Ended September 30, 2021
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal InvestmentsForward Purchase Obligation
Fair value, beginning of period$5,346,267 $453,487 $— $56,877 $5,856,631 $— 
Purchases of investments6,055,199 422,557 197,899 113,178 6,788,833 — 
Proceeds from principal repayments and sales of investments(320,070)(5,499)— — (325,569)— 
Accretion of discount/amortization of premium8,651 189 2 — 8,842 — 
Net realized gain (loss)749 24 — — 773 — 
Net change in unrealized appreciation (depreciation)2,981 1,614 207 2,235 7,037 — 
Transfers into Level 3 (1)90,087 28,097 — — 118,184 — 
Transfers out of Level 3 (1)(308,987)(254,418)— — (563,405)— 
Fair value, end of period$10,874,877 $646,051 $198,108 $172,290 $11,891,326 $— 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021$5,042 $1,649 $207 $2,235 9,133 $— 
Nine months ended September 30, 2021
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal InvestmentsForward Purchase Obligation
Fair value, beginning of period$— $— $— $— $— $— 
Purchases of investments11,089,353 644,485 197,899 170,054 12,101,791 — 
Proceeds from principal repayments and sales of investments(250,267)(2,005)— — (252,272)(3,709)
Accretion of discount/amortization of premium11,893 257 2 — 12,152 — 
Net realized gain (loss)694 15 — — 709 3,709 
Net change in unrealized appreciation (depreciation)23,204 3,299 207 2,236 28,946 — 
Fair value, end of period$10,874,877 $646,051 $198,108 $172,290 $11,891,326 $— 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021$23,162 $3,299 $207 $2,236 28,904 $— 
(1)For the three months ended September 30, 2021, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
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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.
September 30, 2022March 31, 2023
RangeRange
Fair ValueValuation
Technique		Unobservable
Input		LowHighWeighted
Average (1)		Fair ValueValuation
Technique		Unobservable
Input		LowHigh
Weighted Average (1)
Investments in first lien debtInvestments in first lien debt$34,814,597 Discounted cash flowDiscount rate6.64 %18.45 %9.86 %Investments in first lien debt$37,600,577 Yield analysisDiscount rate6.39 %20.62 %9.85 %
29,003 EV CoverageMarket Multiple7.0x7.0x7.0x327,609 Market quotationsBroker quoted price86.0099.8894.97
780,223 Market quotationsQuoted price66.97%99.50%93.26%15,349 Market approachPerformance multiple6.50x6.50x6.50x
35,623,823 37,943,535 
Investments in second lien debtInvestments in second lien debt918,781 Discounted Cash FlowDiscount Rate9.96 %14.10 %11.51 %Investments in second lien debt921,911 Yield AnalysisDiscount rate9.98 %14.59 %11.66 %
350,138 Market quotationsQuoted price66.24 %100.50 %90.35 %170,116 Market quotationsBroker quoted price87.00100.5093.75
1,268,919 1,092,027 
Investments in structured financeInvestments in structured finance287,898 Market quotationsQuoted price80.83%97.50%87.29%Investments in structured finance295,801 Market quotationsBroker quoted price 78.87 96.41 89.67
Investments in equityInvestments in equity202,507 Performance MultipleMarket Multiple5.00x29.61x22.37xInvestments in equity269,614 Market approachPerformance multiple5.70x39.66x17.46x
25,126 Option Pricing ModelVolatility30.00 %48.00 %37.37 %54,659 Option pricing modelExpected volatility30.00 %50.00 %42.87 %
296,989 Discounted Cash FlowDiscount Rate11.67 %13.98 %12.97 %279,952 Yield analysisDiscount rate11.13 %15.97 %12.82 %
189,946 Recent transactionTransaction price100.00 %100.00 %100.00 %174,925 Asset recoverabilityN/A100.00 %100.00 %100.00 %
714,568 779,150 
TotalTotal$37,895,208 Total$40,110,513 
(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		LowHighWeighted
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 price96.69100.0099.23Investments 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. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in quoted prices or performance 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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Financial Instruments Not Carried at Fair Value
Debt
September 30, 2022December 31, 2021
Net Carrying
Value(1)(2)(3)		Fair ValueNet Carrying
Value(1)(2)(3)		Fair Value
Bard Peak Funding Facility$1,449,196 $1,449,196 $879,000 $879,000 
Castle Peak Funding Facility1,195,027 1,195,027 1,171,809 1,171,809 
Maroon Peak Funding Facility800,000 800,000 483,952 483,952 
Summit Peak Funding Facility1,535,572 1,535,572 1,643,154 1,643,154 
Denali Peak Funding Facility749,800 749,800 668,400 668,400 
Bushnell Peak Funding Facility600,000 600,000 395,500 395,500 
Granite Peak Funding Facility562,700 562,700 248,000 248,000 
Middle Peak Funding Facility599,950 599,950 799,550 799,550 
Bison Peak Funding Facility1,467,300 1,467,300 1,320,800 1,320,800 
Blanca Peak Funding Facility1,000,000 1,000,000 892,800 892,800 
Windom Peak Funding Facility1,612,648 1,612,648 989,759 989,759 
Monarch Peak Funding Facility1,123,400 1,123,400 567,400 567,400 
Borah Peak Funding Facility381,000 381,000 — — 
Naomi Peak Funding Facility340,000 340,000 — — 
Meridian Peak Funding Facility100,000 100,000 — — 
2022-1 BSL WH168,000 168,000 — — 
Revolving Credit Facility1,543,710 1,543,710 1,144,422 1,144,422 
June 2024 Notes413,517 415,757 431,854 431,738 
June 2026 Notes397,444 389,987 396,952 390,400 
September 2024 Notes344,879 347,189 361,805 359,232 
December 2026 Notes1,155,655 1,174,535 1,227,844 1,218,850 
November 2026 Eurobonds484,402 482,156 563,695 564,473 
November 2024 Notes470,872 473,960 496,054 499,946 
March 2027 Notes988,722 973,084 987,298 1,010,942 
January 2025 Notes469,326 472,810 — — 
January 2029 Notes638,778 657,770 — — 
March 2025 Notes852,378 859,293 — — 
May 2027 Notes593,636 595,821 — — 
April 2026 UK Bonds248,301 298,836 — — 
September 2025 Notes590,541 599,441 — — 
2021-1 BSL Debt661,975 663,000 661,910 663,148 
2022-1 BSL Debt418,376 419,311 — — 
2021-2 Debt504,222 505,800 504,124 505,750 
MML 2021-1 Debt685,943 690,000 685,696 690,000 
MML 2022-1 Debt753,757 759,000 — — 
MML 2022-2 Debt297,971 300,085 — — 
Short-Term Borrowings844,083 844,083 718,156 718,156 
Total$27,043,081 $27,150,222 $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, April 2026 UK Bonds and
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September 2025 Notes are presented net of unamortized debt issuance costs of $2.2 million, $2.5 million, $2.3 million, $19.6 million, $6.1 million, $3.1 million, $11.3 million, $3.9 million, $11.2 million, $7.3 million, $2.5 million, $3.1 million, and $8.9 million respectively, as of September 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.
(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, and MML 2022-2 Debt is presented net of unamortized debt issuance costs of $1.0 million, $1.6 million, $1.6 million, $4.2 million, $5.3 million, and $2.5 million as of September 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 $4.3 million as of December 31, 2021.
The following table presents fair value measurements of the Company’s debt obligations as of September 30, 2022March 31, 2023 and December 31, 2021:
September 30, 2022December 31, 2021
Level 1$— $— 
Level 26,339,074 3,653,442 
Level 320,811,148 14,603,739 
Total debt$27,150,222 $18,257,181 
2022 had they been accounted for at fair value:
Financial Instruments Not Carried



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March 31, 2023December 31, 2022
Fair ValueFair Value
Bard Peak Funding Facility$829,651 $1,235,414 
Castle Peak Funding Facility1,181,941 1,146,600 
Maroon Peak Funding Facility24,000 300,000 
Summit Peak Funding Facility1,604,227 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 Facility1,315,000 1,081,000 
Windom Peak Funding Facility1,290,731 1,741,465 
Monarch Peak Funding Facility1,400,400 873,400 
Borah Peak Funding Facility80,000 223,000 
Meridian Peak Funding Facility220,000 148,000 
2022-1 BSL WH— 400,000 
Naomi Peak Funding Facility385,000 170,000 
Haydon Peak Funding Facility49,000 49,000 
Bear Peak Funding Facility169,172 166,031 
Revolving Credit Facility1,267,754 1,470,758 
June 2024 Notes411,666 406,886 
June 2026 Notes357,655 352,646 
May 2027 Notes588,068 586,924 
October 2027 Notes352,890 353,434 
September 2024 Notes339,674 336,654 
December 2026 Notes1,067,295 1,053,132 
November 2026 Eurobonds467,730 449,149 
November 2024 Notes464,884 459,089 
March 2027 Notes862,812 856,640 
January 2025 Notes462,560 462,125 
January 2029 Notes558,631 550,113 
March 2025 Notes864,100 866,280 
April 2026 UK Bonds285,599 272,657 
September 2025 Notes795,211 795,092 
2021-1 BSL Debt663,000 663,000 
2022-1 BSL Debt420,000 420,000 
2021-2 Debt505,800 505,800 
MML 2021-1 Debt690,000 690,000 
MML 2022-1 Debt753,905 759,000 
MML 2022-2 Debt300,019 300,018 
Short-Term Borrowings201,167 619,377 
Total$24,698,892 $26,030,878 


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The following table presents the categorization of the Company’s debt obligations as of March 31, 2023 and December 31, 2022 had they been accounted for at Fair Valuefair value:
March 31, 2023December 31, 2022
Level 1$— $— 
Level 2— — 
Level 324,698,892 26,030,878 
Total debt$24,698,892 $26,030,878 
Other Assets and Liabilities

As of September 30, 2022March 31, 2023 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 would be categorized as Level 3 within the fair value hierarchy.
Note 6. Derivatives
The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its 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 Consolidated Statements of Assets and Liabilities.
The tabletables below summarizespresent the aggregate notional amount and fair value of the Company’s derivative financial instruments as of September 30, 2022March 31, 2023 and December 31, 2021.2022.
September 30, 2022March 31, 2023
Level 1Level 2Level 3Total Fair ValueNotionalLevel 1Level 2Level 3Total Fair ValueNotional
Derivative AssetsDerivative AssetsDerivative Assets
Foreign currency forward contractForeign currency forward contract$— $1,642 $— $1,642 $66,656 Foreign currency forward contract$— $— $— $— $— 
Total Fair Value— 1,642 — 1,642 66,656 
Interest rate swapsInterest rate swaps— 6,807 — 6,807 1,150,000 
Total Derivative assets at fair valueTotal Derivative assets at fair value$— $6,807 $— $6,807 $1,150,000 
Cash collateral receivedCash collateral received$— 
Derivative LiabilitiesDerivative LiabilitiesDerivative Liabilities
Foreign currency forward contractForeign currency forward contract— (1,336)— (1,336)94,771 Foreign currency forward contract$— $(7,373)$— $(7,373)$276,574 
Interest rate swapsInterest rate swaps— (263,674)— (263,674)5,425,000 Interest rate swaps— (187,813)— (187,813)4,825,000 
Total Fair Value$— $(265,010)$— $(265,010)$5,519,771 
Total Derivative liabilities at fair valueTotal Derivative liabilities at fair value$— $(195,186)$— $(195,186)$5,101,574 
Cash collateral postedCash collateral posted$322,339 
December 31, 2021December 31, 2022
Level 1Level 2Level 3Total Fair ValueNotionalLevel 1Level 2Level 3Total Fair ValueNotional
Derivative AssetsDerivative AssetsDerivative Assets
Foreign currency forward contractForeign currency forward contract$— $— $1,505 $1,505 $423,123 Foreign currency forward contract$— $3,952 $— $3,952 $157,384 
Total Derivative assets at fair valueTotal Derivative assets at fair value$— $3,952 $— $3,952 $157,384 
Cash collateral receivedCash collateral received$— 
Derivative LiabilitiesDerivative Liabilities
Foreign currency forward contractForeign currency forward contract$— $(2,040)$— $(2,040)$162,174 
Interest rate swapsInterest rate swaps— (248,311)— (248,311)5,975,000 
Total Derivative liabilities at fair valueTotal Derivative liabilities at fair value$— $(250,351)$— $(250,351)$6,137,174 
Cash collateral postedCash collateral posted$355,742 
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In the tabletables above:
•The fair value of derivatives areassets and derivative liabilities is presented gross.on a gross basis.
•The notional amountamount represents the absolute value amount of all outstanding derivative contracts.
•All foreign currency derivatives are not designated in hedge relationships.
•All interest rate swaps are designated in fair value hedge relationships.
•The Company has not applied counterparty netting or collateral netting tonetting; as such, the amounts of cash collateral received and posted are not offset Derivative Assetsagainst the derivative assets and Derivative Liabilitiesderivative liabilities in the Consolidated Statements of Assets and Liabilities.
The table below presents the impact to the Consolidated StatementStatements of Operations from Derivative Assetsderivative assets and Liabilitiesliabilities not designated in a qualifying hedge accounting relationship for the three and nine month periods ended September 30,March 31, 2023 and March 31, 2022, and September 30, 2021, respectively.
The unrealized gains and losses on the Derivativederivative assets and Derivativederivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on Derivative instruments in the Consolidated StatementStatements of Operations. The realized gains and losses on the Derivativederivative assets and Derivativederivative liabilities not designated in a qualifying hedge accounting relationship are included within Foreign currency and other transactions in the Consolidated StatementStatements of Operations.
Three Months Ended September 30,Nine Months Ended September 30,For the Three Months Ended March 31,
202220212022202120232022
Unrealized gain (loss)Unrealized gain (loss)Unrealized gain (loss)
Foreign currency forward contractForeign currency forward contract$(452)$— $(2,499)$— Foreign currency forward contract$(11,940)$(13,462)
Total Unrealized gain (loss)Total Unrealized gain (loss)$(452)$— $(2,499)$— Total Unrealized gain (loss)$(11,940)$(13,462)
Realized gain (loss)Realized gain (loss)Realized gain (loss)
Foreign currency forward contractForeign currency forward contract$(2,412)$— $(33,326)$— Foreign currency forward contract$4,770 $— 
Interest rate swapsInterest rate swaps— — — — Interest rate swaps— — 
Total Realized gain (loss)Total Realized gain (loss)$(2,412)$— $(33,326)$— Total Realized gain (loss)$4,770 $— 
Hedging
The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.
The table below presents the impact to the Consolidated StatementStatements of Operations from Derivative Assetsderivative assets and Liabilitiesliabilities designated in a qualifying hedge accounting relationship for the three and nine month periods ended September 30,March 31, 2023 and March 31, 2022, and September 30, 2021, respectively.
For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Consolidated Statements of Operations.
Three Months Ended September 30,Nine Months Ended September 30,For the Three Months Ended March 31,
202220212022202120232022
Interest rate swapsInterest rate swaps$(167,469)$— $(263,674)$— Interest rate swaps$(67,306)$(26,008)
Hedged itemsHedged items165,162 — 262,336 — Hedged items68,116 26,927 
The table below presents the carrying value of unsecured borrowings as of March 31, 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$5,803,650 $178,174 
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DescriptionCarrying ValueCumulative Hedging Adjustments
Unsecured notes$7,648,453 $262,336 
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 September 30, 2022March 31, 2023 and December 31, 2021,2022, the Company’s asset coverage was 181.7%190.8% and 170.2%184.5%.
SPV Financing Facilities
The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as of March 31, 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, and 2022-1 BSL WH Funding Facility, Naomi Peak Funding, Meridian Peak Funding, Haydon Peak Funding and Bear 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 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 September 30, 2022March 31, 2023, 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 entered into a senior secured revolving credit facility (the “Bard Peak Funding Facility”) with BNP Paribas (“BNPP”). BNPP serves as administrative agent, Wells Fargo Bank, National Association, 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 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, subject to a floor from and after September 15, 2021 of 1.85%. After March 15, 2024, the applicable margin on all outstanding advances will be 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 maximum funding amounts 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 funding 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
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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 Facility”) with Citibank, N.A. (“Citi”). Citi serves as administrative agent, Wilmington Trust, National Association,
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serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Castle Peak Funding Facility.

Advances used to finance the purchase or origination of broadly syndicated loans under the Castle Peak Funding Facility initially bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances (which is three-month LIBOR for dollar advances), plus the applicable margin of 1.50% per annum. Advances used to finance the purchase or origination of middle market loans under the Castle Peak Funding Facility initially bear interest at a per annum rate equal to such applicable benchmark plus the applicable margin of 2.00% per annum. 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.
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”). Morgan Stanley Senior Funding, Inc. serves as administrative agent, , U.S. Bank Trust Company National Association, serves as collateral agent and the Company serves as collateral manager under the Maroon Peak Funding Facility.
Advances may be used to finance the purchase or origination of broadly syndicated loans under the Maroon Peak Funding Facility and initially bear interest at a per annum rate equal to the three-month term 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 paypays 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 be 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 be repaid by October 13, 2023, unless the parties have entered into an extension agreement.
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2023.
Summit Peak Funding Facility
On March 3, 2021, Summit Peak Funding entered into a senior secured revolving credit facility (“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 benchmark for the currency of the applicable advance (which is three-month term SOFR for dollar advances), plus thean applicable margin ofranging from 1.50% for certain foreign currency advances to 1.65% per annum for U.S. dollar advances, and theadvances. The rate attributable to middle market loans equal toequals such applicable benchmark plus thean applicable margin ofranging from 2.15% for certain foreign currency advances to 2.30% per annum for U.S. dollar advances, and with suchadvances. Such blended raterates are subject to a floor of such applicable benchmark plus 2.00% for certain foreign currency advances toand 2.15% per annum for U.S. dollar advances. Effective September 3, 2021, 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
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Table 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. Contents
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 12), 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 Trust Company, National Association serves as collateral agent and collateral custodian and Twin Peaks (as discussed in Note 12) 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 1.95% per annum.  As of April 4, 2023, advances under the Denali Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus a spread adjustment of 0.15% per annum), plus the applicable margin of 1.95% per annum. After September 30, 2024, the applicable margin on outstanding advances will increase by 0.20% per annum. Effective December 30, 2021, Denali Peak Funding will payis required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin described above. In addition, Denali Peak Funding pays an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount.Denali Peak Funding also pays an administrative agency fee to DB, in addition to certain other fees, each as agreed between Denali Peak Funding and DB.
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, the maximum commitment amount of the Denali Peak Funding Facility was $600 million, $675 million and $750 million, respectively. 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 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 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.
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AdvancesAs of March 31, 2023, advances under the Bushnell Peak CreditFunding Facility bear 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 benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 1.85% per annum depending on the nature of the advances being requested.  From and after December 6, 2024, the applicable margin for advances will increase to 2.10% to 2.45% per annum depending on the nature of the advances being requested. Bushnell Peak Funding is required to utilize a minimum percentage of the financing commitments, 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 such minimum utilization amount accrueaccruing a fee at a rate of 1.60% per annum. Bushnell Peak Funding will also paypays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, commencing one month after the closing date of the Bushnell Peak Credit Facility, in addition to certain other fees agreed between Bushnell Peak Funding and Bank of America.

The initial principal amount of the Bushnell Peak Credit Facility is $425 million. Effective December 6, 2021, the maximum commitment amount of the Bushnell Peak Funding Facility was increased to $600 million. 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
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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 entered into a senior secured revolving credit facility (the “Granite Peak Funding Facility”) with Goldman Sachs Bank USA (“GS”). GS serves as administrative agent, Wilmington Trust, 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 three-month term SOFR, plus an applicable margin of 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, in addition to certain other fees, each as agreed between Granite Peak Funding and GS.
The initial principal amount of the commitments under the Granite Peak Funding Facility was $250 million. Effective June 7, 2022, the maximum commitment amount of the Granite Peak Funding Facility was increased to $750 million. 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 entered into a senior secured revolving credit facility (the “Middle Peak Funding Facility”) with MS. MS serves as agent, Wilmington Trust, National Association, serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Middle Peak Funding Facility.

Advances under the Middle 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, plus an applicable margin. The applicable margin will initially be 1.60% per annum for advances used to finance the purchase or origination 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% per annum, andwhich will increase to 2.10% per annum effective on June 30, 2024. Effective October 30, 2021,Middle Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the interest rate for dollar advances as described above. In addition, Middle Peak Funding pays a commitment fee of 0.35% 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 addition to certain other fees as agreed between Middle Peak Funding and MS.

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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, and the Middle Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by January 3, 2033.
Bison Peak Funding Facility
On July 23, 2021, Bison Peak Funding entered into a senior secured revolving credit facility (the “Bison Peak Funding Facility”) with Bank of America. Bank of America serves as administrative agent, Wilmington Trust, National Association, serves as collateral administrator and the Company serves as manager under the Bison Peak Funding Facility.
Advances under the Bison Peak Funding Facility bear interest initially at a per annum rate equal to, in the case of dollar advances, the daily floating LIBOR rate, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 1.50% per annum, the applicable margin attributable to large corporate loans equal to 1.75% per annum and the applicable margin applicable to middle market loans equal to 2.00% per annum. The applicable margin for all advances will increase by 0.50% per annum effective on July 23, 2024. Effective January 23, 2022, Bison Peak Funding is required to utilize a
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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
The Bison Peak Funding Facility will mature and all amounts outstanding under the Bison Peak Funding Facilityfacility must be repaid by July 23, 2026.
Blanca Peak Funding Facility
On August 16, 2021, Blanca Peak Funding, entered into a senior secured revolving credit facility (the “Blanca Peak Funding Facility”) with Barclays.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 (x) in the case of dollar advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.096% per annum. Blanca Peak Funding is required to utilize a minimum of 100% of the first $1.0 billion of commitments, and effective December 20, 2022, Blanca Peak Funding is required to utilize a minimum of 75% of the remainderpercentage 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, effective onOn December 19, 2022, on any date when Blanca Peak Funding is not utilizing more than 90% of the financing commitments, Blanca Peak Funding will paypays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount. Blanca Peak Funding will also paypays to Barclays an administrative agency fee, in addition to certain other fees, each as agreed between Blanca Peak Funding and Barclays.

The initial maximum commitment amount of the Blanca Peak Funding Facility is $1.0 billion, which was increased to $1.5 billion on August 19, 2022. Proceeds from borrowings under the Blanca Peak Funding Facility may be used to fund portfolio investments by Blanca Peak Funding and to make advances under revolving loans or delayed draw term loans where Blanca Peak Funding is a lender.
The period during which Blanca Peak Funding may make borrowings under the Blanca Peak Funding Facility expires on December 19, 2024, and the Blanca Peak Funding Facility matures and all amounts outstanding under the Blanca Peak Funding Facilityfacility must be repaid by December 19, 2032; provided that Barclays may require repayment of all amounts outstanding under the facility from and after August 19, 2026.
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Windom Peak Funding Facility
On September 2, 2021, Windom Peak Funding entered into a senior secured revolving credit facility (the “Windom Peak Funding Facility”) with Wells Fargo Bank, National Association (“Wells 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, daily simple SOFR with respect to 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 of the Windom Peak Funding Facility, by 0.50% during the second six months of the Windom Peak Funding Facility and by a blended rate equal to 0.50% on any Unused Facility Amount up to 40% of the maximum facility amount and 1.50% on any Unused Facility Amount exceeding 40% of the maximum facility amountProceeds from the 12 month anniversary of the Windom Peak Funding Facility until the end of the reinvestment period. All amounts outstandingborrowings 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 which Windom Peak Funding may make borrowings under the Windom Peak Funding Facility expires on September 2, 2024, and the Windom Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by September 2, 2026.
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Monarch Peak Funding Facility
On November 3, 2021, Monarch Peak Funding entered into a senior secured revolving credit facility (the “Monarch Peak Funding Facility”) with MUFG Bank, Ltd. (“MUFG”). MUFG serves as administrative agent, The Bank of New York Mellon Trust Company, National Association, serves as collateral agent, collateral custodian and collateral administrator and the Company serves as collateral manager under the Monarch Peak Funding Facility.
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 term SOFR, plus the applicable margin of 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 term SOFR plus the applicable margin of 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 obligation transaction,minimum utilization amounts, in addition to certain other fees as agreed between Monarch Peak Funding and MUFG.
The initial principal amount of the Monarch Peak Funding Facility was $1.0 billion. Effective May 1, 2022, the maximum commitment amount of the Monarch Peak Funding Facility was increased to $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 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 serves as collateral administrator and the Company serves as manager under the Borah Peak Funding Facility.
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Advances under the Borah Peak Funding Facility bear interest initially at a per annum rate equal to a rate per annum equal tothe one-month term SOFR rate plus the applicable margin of 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, Deutsche Bank Trust Company Americas serves as custodian, and the Company serves as collateral manager under the 2022-1 BSL WH Funding Facility.

AdvancesAs of March 31, 2023, advances under the 2022-1 BSL WH Funding Facility bearbore interest initially at a per annum rate equal to three-month term SOFR plus an applicable margin of 1.30% per annum. The applicable margin will increase to 1.60% per annum from and after May 16, 2023, and will increase to 1.90% per annum from and after November 16, 2023.

The initial maximum commitment amount of the 2022-1 BSL WH Funding Facility is $400 million. Proceeds from borrowings under the 2022-1 BSL WH Funding Facility may bewere 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. The period during which 2022-1 BSL WH may make borrowings under

On April 25, 2023, the 2022-1 BSL WH Funding Facility expires on May 16, 2023, and the 2022-1 BSL WH Funding Facility will maturewas terminated and all amounts outstanding under the credit facility must bewere repaid no later than May 16, 2023.in full.

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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, 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 1.30% per annum. Commencing on October 17, 2022, Naomi Peak Funding will paypays 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.

The initial maximum commitmentprincipal amount of the Naomi Peak Funding Facility as of March 31, 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 credit facility must be repaid by July 18, 2031.
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Meridian Peak Funding Facility
    On August 16, 2022, Meridian Peak Funding entered into a senior secured revolving credit facility (the “Meridian Peak Funding Facility”) with Massachusetts Mutual Life Insurance Company (“Mass Mutual”). Wilmington Trust, National Association 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 iswill be required to utilize a minimum of 70%percentage of the financing commitments. Unusedcommitments, with unused amounts below such minimum utilization amount will accrueaccruing 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.
    The initial maximum commitment amount of the Meridian Peak Funding Facility is $500 million.    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, National Association, serves as collateral agent, account bank and collateral custodian, and the Company serves as servicer and transferor under the Haydon Peak Funding Facility.
Advances under the Haydon Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin ranging from 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. Effective April 7, 2023, Haydon Peak Funding will pay 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.
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The period during which Haydon Peak Funding may make borrowings under the Haydon Peak Funding Facility expires on October 7, 2025, and the Haydon Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by October 7, 2027.
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 March 31, 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 May 6, 2022, 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 $5.2 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 $1.4 billion. Effective September 7, 2021, November 5, 2021, November 16, 2021 and May 6, 2022, the maximum commitment amount of the Revolving Credit Facility was $1.5 billion, $3.0 billion, $3.3 billion and $5.2 billion, respectively.currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. 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 borrowings on the Revolving Credit Facility expires on May 6, 2026, and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by May 6, 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
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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 September 30, 2022March 31, 2023 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, which are collectively referred to as the “Private Placement Bonds.”
As of March 31, 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.
As of September 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,
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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 September 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 September 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, March 2025 Notes, April 2026 UK Bonds,and September 2025 Notes, which are collectively referred to 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 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.

As of September 30, 2022March 31, 2023 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 (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
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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 secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
On October 13, 2021, the Company issued $350.0 million aggregate principal amount of 2.625% 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.
November 2026 Eurobonds
On November 2, 2021, the Company issued €500.0 million aggregate principal amount of 1.750% notes due 2026 (the “November 2026 Eurobonds”) pursuant to a supplemental indenture, dated as of November 2, 2021 (and together with the Base Indenture, the “November 2026 Eurobonds Indenture”), to the Base Indenture between the Company and the Trustee.
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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 secures) to the extent of the value of the assets securing such indebtedness, and rank
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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 $500.0 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.
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.
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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.
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 notional amounts of $500 million and $400 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 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
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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 Notes,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. Under theThe Company designated this interest rate swap agreement,and the Company receives a fixed interest rate of 4.875% and pays a floating interest rate of SONIA + 2.78% on a notional amount of £250.0 million. The Company designated the interest rate swap as the hedging instrumentApril 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 7.050% and pays a floating interest rate of SOFR + 2.93% on a notional amount of $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 September 2025 Notes Upsize were issued as “Additional Notes” under the September 2025 Notes Indenture and have identical terms to the Company's $600.0 million September 2025 Notes that were issued on September 27, 2022, other than the issue date and the issue price. The September 2026 Notes Upsize will be treated as a single class of notes 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 qualifying hedge accounting relationship.
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.
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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.
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The following table presents information on the secured and unsecured notes issued in the 2021-1 BSL Debt Securitization:
September 30, 2022March 31, 2023
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)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:
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September 30, 2022March 31, 2023
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.

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:
September 30, 2022March 31, 2023
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 2021-1 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
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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:
September 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 
March 31, 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:
September 30, 2022March 31, 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 $498.105$498.11 million term debt securitization (the “MML 2022-2 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes and loans offered in the MML 2022-2 Debt Securitization (collectively, the “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:
September 30, 2022March 31, 2023
DescriptionDescriptionTypePrincipal OutstandingInterest RateCredit RatingDescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L LoansSenior Secured Floating Rate$275,000 SOFR+2.10%Aaa (sf)
Class A-L NotesClass A-L NotesSenior Secured Floating Rate$275,000 SOFR + 2.10%Aaa (sf)
Class B-1 NotesClass B-1 NotesSenior Secured Floating Rate14,000 SOFR+3.35%Aaa (sf)Class B-1 NotesSenior Secured Floating Rate14,000 SOFR + 3.35%Aa2
Class B-2 NotesClass B-2 NotesSenior Secured Fixed Rate11,500 5.88%AAA (sf)Class B-2 NotesSenior Secured Fixed Rate11,500 5.88%Aa2
Class C Notes (1)Class C Notes (1)Mezzanine Secured Deferrable Floating Rate40,500 SOFR+2.50%AA (sf)Class C Notes (1)Mezzanine Secured Deferrable Floating Rate40,500 SOFR + 2.50%A2
Total Secured Debt341,000 
Total Secured NotesTotal Secured Notes341,000 
Subordinated Notes (1)Subordinated Notes (1)Subordinated157,105 N/AN/ASubordinated Notes (1)Subordinated157,105 NoneNot rated
Total DebtTotal Debt$498,105 Total Debt$498,105 
(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2022-2 MMLuMML 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, 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 2022-2 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 $844.1$367.2 million and $426.8 million as of September 30, 2022.March 31, 2023 and December 31, 2022, respectively.
Short-term borrowings under the Repurchase Agreements bore interest at an average applicable margin of 2.32%5.27% and 4.38% per annum as of September 30, 2022.March 31, 2023 and December 31, 2022, respectively. As of September 30,March 31, 2023 and December 31, 2022, respectively, the Company had $844.1$201.2 million and $253.7 million of short-term borrowings under the Repurchase Agreements.
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”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 September 30,March 31, 2023 and December 31, 2022, respectively, the Company had no$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 March 31, 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 March 31, 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 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 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 Consolidated Statements of Operations within interestInterest expense.
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The Company’s outstanding debt obligations were as follows:
September 30, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unused
Portion (1)		Amount
Available (2)
Bard Peak Funding Facility (3)$1,650,000 $1,449,196 $1,449,196 $200,804 $200,804 
Castle Peak Funding Facility (4)1,600,000 1,195,027 1,195,027 404,973 327,034 
Maroon Peak Funding Facility800,000 800,000 800,000 — — 
Summit Peak Funding Facility (5)2,300,000 1,535,572 1,535,572 764,428 111,342 
Denali Peak Funding Facility750,000 749,800 749,800 200 200 
Bushnell Peak Funding Facility600,000 600,000 600,000 — — 
Granite Peak Funding Facility750,000 562,700 562,700 187,300 113,734 
Middle Peak Funding Facility800,000 599,950 599,950 200,050 200,050 
Bison Peak Funding Facility1,500,000 1,467,300 1,467,300 32,700 32,700 
Blanca Peak Funding Facility1,500,000 1,000,000 1,000,000 500,000 380,923 
Windom Peak Funding Facility(6)2,000,000 1,612,648 1,612,648 387,352 386,613 
Monarch Peak Funding Facility2,000,000 1,123,400 1,123,400 876,600 46,780 
Borah Peak Funding Facility400,000 381,000 381,000 19,000 19,000 
Naomi Peak Funding Facility400,000 340,000 340,000 60,000 60,000 
Meridian Peak Funding Facility500,000 100,000 100,000 400,000 400,000 
2022-1 BSL WH400,000 168,000 168,000 232,000 232,000 
Revolving Credit Facility (7)5,150,000 1,543,710 1,543,710 3,606,290 3,578,119 
June 2024 Notes (8)(11)435,000 435,000 413,517 — — 
June 2026 Notes (8)400,000 400,000 397,444 — — 
September 2024 Notes (8)(11)365,000 365,000 344,879 — — 
December 2026 Notes (8)(11)1,250,000 1,250,000 1,155,655 — — 
November 2026 Eurobonds (8)(9)580,475 580,475 484,402 — — 
November 2024 Notes (8)(11)500,000 500,000 470,872 — — 
March 2027 Notes (8)1,000,000 1,000,000 988,722 — — 
January 2025 Notes (8)(11)500,000 500,000 469,326 — — 
January 2029 Notes (8)650,000 650,000 638,778 — — 
March 2025 Notes (8)(11)900,000 900,000 852,378 — — 
May 2027 Notes (8)(11)625,000 625,000 593,636 — — 
April 2026 UK Bonds (8)(9)(12)326,925 326,925 248,301 — — 
September 2025 Notes600,000 600,000 590,541 — — 
2021-1 BSL Debt (10)663,000 663,000 661,975 — — 
2022-1 BSL Debt (10)420,000 420,000 418,376 — — 
2021-2 Debt (10)505,800 505,800 504,222 — — 
MML 2021-1 Debt (10)690,000 690,000 685,943 — — 
MML 2022-1 Debt (10)759,000 759,000 753,757 — — 
MML 2022-2 Debt(10)300,500 300,500 297,971 — — 
Short-Term Borrowings844,083 844,083 844,083 — — 
Total$35,414,783 $27,543,087 $27,043,081 $7,871,697 $6,089,299 
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December 31, 2021March 31, 2023
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unused
Portion (1)		Amount
Available (2)		Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unamortized Debt Issuance CostsUnused
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 $829,651 $829,651 $— $820,349 $685,134 
Castle Peak Funding Facility (4)(3)Castle Peak Funding Facility (4)(3)1,600,000 1,171,809 1,171,809 428,191 131,041 Castle Peak Funding Facility (4)(3)1,600,000 1,181,941 1,181,941 — 418,059 98,612 
Maroon Peak Funding FacilityMaroon Peak Funding Facility700,000 483,952 483,952 216,048 216,048 Maroon Peak Funding Facility300,000 24,000 24,000 — 276,000 276,000 
Summit Peak Funding Facility (5)(3)Summit Peak Funding Facility (5)(3)2,000,000 1,643,154 1,643,154 356,846 86,767 Summit Peak Funding Facility (5)(3)2,300,000 1,604,227 1,604,227 — 695,773 125,647 
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 37,725 
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 Facility800,000 600,950 600,950 — 199,050 199,050 
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 1,315,000 1,315,000 — 185,000 40,117 
Windom Peak Funding Facility(6)(3)Windom Peak Funding Facility(6)(3)1,000,000 989,759 989,759 10,241 6,471 Windom Peak Funding Facility(6)(3)2,150,000 1,290,731 1,290,731 — 859,269 859,269 
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 — 599,600 431,493 
Revolving Credit Facility (7)3,250,000 1,144,422 1,144,422 2,105,578 2,105,578 
June 2024 Notes (8)435,000 435,000 431,854 — — 
June 2026 Notes (8)400,000 400,000 396,952 — — 
September 2024 Notes (8)365,000 365,000 361,805 — — 
December 2026 Notes (8)1,250,000 1,250,000 1,227,844 — — 
November 2026 Eurobonds (8)(9)569,958 569,958 563,695 — — 
November 2024 Notes (8)500,000 500,000 496,054 — — 
March 2027 Notes (8)1,000,000 1,000,000 987,298 — — 
2021-1 BSL Debt (10)663,000 663,000 661,910 — — 
2021-2 Debt (10)505,800 505,800 504,124 — — 
MML 2021-1 Debt (10)690,000 690,000 685,696 — — 
Borah Peak Funding FacilityBorah Peak Funding Facility400,000 80,000 80,000 — 320,000 48,859 
2022-1 BSL WH2022-1 BSL WH300,000 — — — 300,000 300,000 
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 Facility500,000 49,000 49,000 — 451,000 307,250 
Bear Peak Funding Facility (3)Bear Peak Funding Facility (3)542,750 169,172 169,172 — 373,578 71,454 
Revolving Credit Facility (4)Revolving Credit Facility (4)5,150,000 1,267,754 1,267,754 — 3,882,246 3,051,116 
June 2024 Notes (5)June 2024 Notes (5)435,000 435,000 418,128 1,592 — — 
June 2026 NotesJune 2026 Notes400,000 400,000 397,773 2,227 — — 
May 2027 Notes (5)May 2027 Notes (5)625,000 625,000 606,626 2,266 — — 
October 2027 Notes (5)October 2027 Notes (5)350,000 350,000 351,132 3,183 — — 
September 2024 Notes (5)September 2024 Notes (5)365,000 365,000 349,062 1,724 — — 
December 2026 Notes (5)December 2026 Notes (5)1,250,000 1,250,000 1,181,821 17,900 — — 
November 2026 EurobondsNovember 2026 Eurobonds542,750 542,750 537,361 5,389 — — 
November 2024 Notes (5)November 2024 Notes (5)500,000 500,000 476,579 2,681 — — 
March 2027 NotesMarch 2027 Notes1,000,000 1,000,000 989,267 10,733 — — 
January 2025 Notes (5)January 2025 Notes (5)500,000 500,000 475,842 3,048 — — 
January 2029 NotesJanuary 2029 Notes650,000 650,000 639,692 10,308 — — 
March 2025 Notes (5)March 2025 Notes (5)900,000 900,000 862,805 5,803 — — 
April 2026 UK Bonds (5)April 2026 UK Bonds (5)308,388 308,388 288,612 2,673 — — 
September 2025 Notes (5)September 2025 Notes (5)800,000 800,000 793,042 10,696 — — 
2021-1 BSL Notes2021-1 BSL Notes663,000 663,000 662,018 982 — — 
2021-2 Notes2021-2 Notes505,800 505,800 504,287 1,513 — — 
MML 2021-1 DebtMML 2021-1 Debt690,000 690,000 685,969 4,031 — — 
MML 2022-1 DebtMML 2022-1 Debt759,000 759,000 753,708 5,292 — — 
2022-1 BSL Debt2022-1 BSL Debt420,000 420,000 418,439 1,561 — — 
MML 2022-2 DebtMML 2022-2 Debt300,500 300,500 297,894 2,606 — — 
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$35,708,355 $25,451,831 $25,177,450 $96,208 $10,256,524 $7,238,326 
(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, the Company may borrow in U.S. dollars or certain other permitted currencies. Asas of September 30, 2022,March 31, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) and 94.1 million
•Euros (EUR) of 39.269.0 million and 36.0 million, respectively.
(4)•British Pounds (GBP) 50.0 million
Under the Castle Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. Asas of September 30, 2022,March 31, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD), 78.9 million
•Euros (EUR) 46.4 million
•British Pounds (GBP), and Euros (EUR) 64.4 million
Under the Summit Peak Funding Facility, as of 60.0 million, 42.4 million, and 36.0 million respectively. As of DecemberMarch 31, 2021,2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) and 154.3 million
•British Pounds (GBP) of 60.0101.7 million and 42.4 million, respectively.
(5)Under the SummitWindom Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. Asas of September 30, 2022,March 31, 2023, the Company had borrowings denominated in Canadian Dollars (CAD) and the following non-USD currencies:
•British Pounds (GBP) 43.6 million
Under the Bear Peak Funding Facility, as of 99.2 million and 6.1 million, respectively. As of DecemberMarch 31, 2021,2023, the Company had borrowings denominated in Canadian Dollars (CAD) of 60.0 million.the following non-USD currencies:
•Euros (EUR) 75.0 million
(6)•Under the Windom Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022 and December 31, 2021, the Company had borrowings denominated in British Pounds (GBP) of 43.650.7 million and 43.6 million, respectively.
(7)(4)Under the Revolving Credit Facility, the Company mayis permitted to borrow in U.S. dollarsUSD or certain other permitted currencies. As of September 30,March 31, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 172.0 million
•Euros (EUR) 41.3 million
•British Pounds (GBP) 481.2 million
•Swiss Franc (CHF) 102.6 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 CostsUnused
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), 94.1 million
•Euros (EUR) 66.0 million
•British Pounds (GBP), and Euros (EUR) 50.0 million
Under the Castle Peak Funding Facility, as of 323.6 million, 105.1 million, 660.3 million, and 75.5 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.
(8)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, April 2026 UK Bonds, and September 2025 Notes are presented net of unamortized debt issuance costs of $2.2 million, $2.5 million, $2.3 million, $19.6 million, $6.1 million, $3.1 million, $11.3 million, $3.9 million, $11.2 million, $7.3 million, $2.5 million, $3.1 million, and $8.9 million, respectively, as of September 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
(9)•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
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(10)The carrying value ofUnder the Company’s 2021-1 BSL Debt, 2022-1 BSL Debt, 2021-2 Debt, MML 2021-1 Debt, MML 2022-1 Debt and MML 2022-2 Debt is presented net of unamortized debt issuance costs of $1.0 million, $1.6 million, $1.6 million, $4.2 million, $5.3 million, and $2.5 million as of September 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 millionWindom Peak Funding Facility, as of December 31, 2021.2022, the Company had borrowings denominated in the following non-USD currencies:
•British 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
(11)•InclusiveBritish 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 September 30, 2022March 31, 2023 and December 31, 2021, $276.32022, $286.8 million and $47.7$395.8 million, respectively, of interest expense and $6.5$6.2 million and $2.6$12.9 million, respectively, of unused commitment fees were included in interest payable. For the three months ended September 30,March 31, 2023 and 2022, and 2021, the weighted average interest rate on all borrowings outstanding was 4.17%6.31% and 2.19%2.40%, respectively, (including unused fees) and the average principal debt outstanding was $27,552.4$27,150.9 million and $6,814.9 million, respectively. For the nine months ended September 30, 2022 and 2021, the weighted average interest rate on all borrowings outstanding was 3.27% and 2.16%, respectively, (including unused fees) and the average principal debt outstanding was $22,342.7 million and $3,512.9$18,101.5 million, respectively.
The components of interest expense were as follows:
Three Months Ended September 30,
20222021
Borrowing interest expense$278,356 $34,795 
Facility unused fees6,542 1,929 
Accretion of original issue discount4,989 533 
Amortization of financing costs and debt issuance costs7,192 2,502 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps(167,469)— 
Hedged items165,162 — 
Total interest expense$294,772 $39,759 
Cash paid for interest expense$43,572 $23,908 
Nine Months Ended September 30,Three Months Ended March 31,
2022202120232022
Borrowing interest expenseBorrowing interest expense$512,340 $52,604 Borrowing interest expense$411,025 $98,590 
Facility unused feesFacility unused fees21,946 2,611 Facility unused fees10,523 5,257 
Accretion of original issue discountAccretion of original issue discount13,318 563 Accretion of original issue discount5,918 3,683 
Amortization of financing costs and debt issuance costsAmortization of financing costs and debt issuance costs20,066 4,766 Amortization of financing costs and debt issuance costs7,947 4,941 
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(263,674)— Interest rate swaps(67,306)(26,008)
Hedged itemsHedged items262,336 — Hedged items68,116 26,927 
Total interest expenseTotal interest expense$566,332 $60,544 Total interest expense$436,223 $113,390 
Cash paid for interest expense$405,828 $35,752 
Note 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 September 30, 2022March 31, 2023 and December 31, 2021,2022, the Company had unfunded delayed draw terms loans and revolvers in the aggregate principal amount of $6,753.9$5,812.9 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 September 30,March 31,
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2023 and December 31, 2022, the Company estimates that it had $3,717.0$923.9 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 September 30, 2022,March 31, 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.
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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 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 9. Net Assets
The following table summarizespresents transactions in common shares of beneficial interestCommon Shares during the three months ended September 30, 2022March 31, 2023 (dollars in thousands except share amounts):
September 30, 2022
SharesAmount
CLASS I
Subscriptions50,251,731$1,253,674 
Share transfers between classes672,82816,753 
Distributions reinvested6,079,533151,911 
Share repurchases(24,860,836)(612,073)
Early repurchase deduction— 426 
Net increase (decrease)32,143,256 $810,691 
CLASS S
Subscriptions24,072,466$601,002 
Share transfers between classes(260,310)(6,483)
Distributions reinvested2,447,30461,154 
Share repurchases(1,963,074)(48,331)
Early repurchase deduction—360 
Net increase (decrease)24,296,386 $607,702 
CLASS D
Subscriptions7,190,702 $179,680 
Share transfers between classes(412,518)(10,270)
Distributions reinvested456,349 11,404 
Share repurchases(154,765)(3,810)
Early repurchase deduction—14 
Net increase (decrease)7,079,768 $177,018 
Total net increase (decrease)63,519,410 $1,595,411 

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The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2022:
September 30, 2022March 31, 2023
SharesAmountSharesAmount
CLASS ICLASS ICLASS I
SubscriptionsSubscriptions271,964,030$6,973,021 Subscriptions18,970,925$470,258 
Share transfers between classesShare transfers between classes2,206,16356,232 Share transfers between classes44,780,2461,111,972 
Distributions reinvestedDistributions reinvested14,582,560370,696 Distributions reinvested6,871,980170,112 
Share repurchasesShare repurchases(36,739,213)(908,178)Share repurchases(30,318,254)(750,983)
Early repurchase deductionEarly repurchase deduction— 3,339 Early repurchase deduction— 57 
Net increase (decrease)Net increase (decrease)252,013,540 $6,495,110 Net increase (decrease)40,304,897 $1,001,416 
CLASS SCLASS SCLASS S
SubscriptionsSubscriptions132,866,990$3,406,722 Subscriptions14,482,809$358,664 
Share transfers between classesShare transfers between classes(437,194)(11,003)Share transfers between classes(1,367,439)(33,734)
Distributions reinvestedDistributions reinvested5,600,358142,331 Distributions reinvested3,053,59675,600 
Share repurchasesShare repurchases(3,628,447)(90,294)Share repurchases(5,320,338)(131,785)
Early repurchase deductionEarly repurchase deduction—711 Early repurchase deduction—139 
Net increase (decrease)Net increase (decrease)134,401,707 $3,448,467 Net increase (decrease)10,848,628 $268,884 
CLASS DCLASS DCLASS D
SubscriptionsSubscriptions27,916,681 $713,712 Subscriptions2,111,714 $52,213 
Share transfers between classesShare transfers between classes(1,768,969)(45,229)Share transfers between classes(43,413,399)(1,078,238)
Distributions reinvestedDistributions reinvested973,728 24,710 Distributions reinvested605,782 14,998 
Share repurchasesShare repurchases(246,189)(6,087)Share repurchases(422,938)(10,476)
Early repurchase deductionEarly repurchase deduction—73 Early repurchase deduction—11 
Net increase (decrease)Net increase (decrease)26,875,251 $687,179 Net increase (decrease)(41,118,841)$(1,021,492)
Total net increase (decrease)Total net increase (decrease)413,290,498 $10,630,756 Total net increase (decrease)10,034,684 $248,808 
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The following table summarizespresents transactions in common shares of beneficial interestCommon Shares during the three months ended September 30, 2021March 31, 2022 (dollars in thousands except share amounts):
March 31, 2022
SharesAmountSharesAmount
CLASS ICLASS ICLASS I
SubscriptionsSubscriptions96,021,435$2,479,115 Subscriptions125,703,505$3,253,768 
Share transfers between classesShare transfers between classes569,25314,693 Share transfers between classes550,11014,239 
Distributions reinvestedDistributions reinvested1,899,28049,034 Distributions reinvested3,932,328101,772 
Share repurchasesShare repurchases(109,860)(2,845)Share repurchases(1,490,357)(38,481)
Early repurchase deductionEarly repurchase deduction— 44 Early repurchase deduction— 628 
Net increase (decrease)Net increase (decrease)98,380,108 $2,540,041 Net increase (decrease)128,695,586 $3,331,926 
CLASS SCLASS SCLASS S
SubscriptionsSubscriptions31,873,180$823,021 Subscriptions57,796,302$1,496,030 
Share transfers between classesShare transfers between classes(133,281)(3,439)Share transfers between classes(29,619)(766)
Distributions reinvestedDistributions reinvested599,25815,471 Distributions reinvested1,417,58036,694 
Share repurchasesShare repurchases(3,875)(100)Share repurchases(647,663)(16,723)
Early repurchase deductionEarly repurchase deduction—13 Early repurchase deduction—253 
Net increase (decrease)Net increase (decrease)32,335,282 $834,966 Net increase (decrease)58,536,600 $1,515,488 
CLASS DCLASS DCLASS D
SubscriptionsSubscriptions5,133,862 $132,547 Subscriptions10,490,092 $271,539 
Share transfers between classesShare transfers between classes(435,972)(11,254)Share transfers between classes(520,491)(13,473)
Distributions reinvestedDistributions reinvested46,849 1,210 Distributions reinvested211,498 5,474 
Share repurchasesShare repurchases—— Share repurchases(8,896)(230)
Early repurchase deductionEarly repurchase deduction—1 Early repurchase deduction—36 
Net increase (decrease)Net increase (decrease)4,744,739 $122,504 Net increase (decrease)10,172,203 $263,346 
Total net increase (decrease)Total net increase (decrease)135,460,129 $3,497,511 Total net increase (decrease)197,404,389 $5,110,760 

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The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2021 (dollars in thousands except share amounts):
SharesAmount
CLASS I
Subscriptions240,492,026$6,148,343 
Share transfers between classes675,64217,438 
Distributions reinvested2,859,11873,596 
Share repurchases(158,598)(4,103)
Early repurchase deduction— 63 
Net increase (decrease)243,868,188 $6,235,337 
CLASS S
Subscriptions74,739,583$1,916,892 
Share transfers between classes(133,281)(3,439)
Distributions reinvested807,55320,812 
Share repurchases(3,875)(100)
Early repurchase deduction fees—19 
Net increase (decrease)75,409,980 $1,934,184 
CLASS D
Subscriptions8,259,128 $212,894 
Share transfers between classes(542,361)(13,999)
Distributions reinvested49,260 1,272 
Share repurchases—— 
Early repurchase deduction fees—1 
Net increase (decrease)7,766,027 $200,168 
Total net increase (decrease)327,044,195 $8,369,689 
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 ninethree months ended March 31, 2023ended September 30, and 2022 and 2021:
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 
July 31, 202225.02 25.02 25.02 
August 31, 202225.12 25.12 25.12 
September 30, 202224.62 24.62 24.62 
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 
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NAV Per Share
For the Months EndedClass IClass SClass 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 
July 31, 202125.80 25.80 25.80 
August 31, 202125.84 25.84 25.84 
September 30, 202125.90 25.90 25.90 
(1)Class D commenced on May 1, 2021.
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 
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 ninethree months ended September 30, 2022:March 31, 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 
July 20, 2022July 31, 2022August 29, 20220.1740 102,863 
August 24, 2022August 31, 2022September 28, 20220.2440 148,413 (1)
September 7, 2022September 30, 2022October 26, 20220.1740 108,483 
$1.6360 $871,106 
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 
$0.6300 $392,229 
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 
July 20, 2022July 31, 2022August 29, 20220.1564 39,451 
August 24, 2022August 31, 2022September 28, 20220.2263 58,706 (1)
September 7, 2022September 30, 2022October 26, 20220.1562 41,985 
$1.4734 $327,287 
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 
$0.5774 $168,893 
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 
$0.6145 $22,249 

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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 
July 20, 2022July 31, 2022August 29, 20220.1688 6,555 
August 24, 2022August 31, 2022September 28, 20220.2388 10,007 (1)
September 7, 2022September 30, 2022October 26, 20220.1688 7,401 
$1.5881 $52,959 

The following table presents distributions that were declared and payable during the ninethree months ended September 30, 2021:March 31, 2022:
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)
July 21, 2021July 31, 2021August 27, 20210.1740 31,252 
August 25, 2021August 31, 2021September 28, 20210.1740 36,103 
September 27, 2021September 30, 2021October 27, 20210.1740 42,453 
$1.5229 $207,543 
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 
$0.5220 $224,687 
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)
July 21, 2021July 31, 2021August 27, 20210.1557 8,187 
August 25, 2021August 31, 2021September 28, 20210.1557 9,376 
September 27, 2021September 30, 2021October 27, 20210.1557 11,742 
$1.3638 $51,138 
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 
$0.4669 $80,248 
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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 
$0.5058 $11,981 

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)
July 21, 2021July 31, 2021August 27, 20210.1686 749 
August 25, 2021August 31, 2021September 28, 20210.1686 997 
September 27, 2021September 30, 2021October 27, 20210.1686 1,309 
$0.9414 $4,120 
(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 September 30, 2022,March 31, 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 within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods 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
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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 nine months ended September 30, 2022:Common Shares:
For the three months ended March 31, 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$1.6360 $871,106 $1.4734 $327,287 $1.5881 $52,959 Net investment income$0.6300 $392,229 $0.5774 $168,893 $0.6145 $22,249 
Net realized gainsNet realized gains— — — — — — Net realized gains— — — — — — 
TotalTotal$1.6360 $871,106 $1.4734 $327,287 $1.5881 $52,959 Total$0.6300 $392,229 $0.5774 $168,893 $0.6145 $22,249 
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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 nine months ended September 30, 2021:
For the three months ended March 31, 2022
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$1.5229 $207,543 $1.3638 $51,138 $0.9414 $4,120 Net investment income$0.5220 $224,687 $0.4669 $80,248 $0.5058 $11,981 
Net realized gainsNet realized gains— — — — — — Net realized gains— — — — — — 
TotalTotal$1.5229 $207,543 $1.3638 $51,138 $0.9414 $4,120 Total$0.5220 $224,687 $0.4669 $80,248 $0.5058 $11,981 
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 Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. 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 September 30,March 31, 2023 and 2022, approximately 26,978,67636,061,530 and 2,146,916 shares were repurchased, (total value of $664.2 million based on September 30, 2022 NAV of $24.62). During the nine months ended September 30, 2022, approximately 40,613,906 shares were repurchased (total value of $1.0 billion based on September 30, 2022 NAV of $24.62).
During the three and nine months ended September 30, 2021, approximately 113,735 shares were repurchased (total value of $2.9 million based on September 30, 2021 NAV of $25.90).respectively.
The following table further summarizespresents the share repurchases completed during the ninethree months ended September 30, 2022:March 31, 2023:

Repurchase deadline requestPercentage 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 11,488,257 1.66 %— 
August 31, 20225.00 %$24.62 September 30, 2022$663,415 26,978,603 3.19 %— 
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 December 31, 2022$893,037 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
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(2)All repurchase requests were satisfied in full.
(3)Amounts shown net of Early Repurchase Deduction

The following table presents the share repurchases completed during the three months ended March 31, 2022:
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, 20222,146,916 0.43 %$25.82 March 31, 2022$54,464 — 
(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 in thousands shown net of Early Repurchase Deduction

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The following table further summarizes the share repurchases completed during the nine months ended September 30, 2021:
Repurchase deadline requestPercentage of
Outstanding Shares
the Company Offered
to Repurchase(1)		Repurchase
Pricing Date		Amount
Repurchased (all classes)(3)		Number of Shares
Repurchased
(all classes)(1)		Percentage of
Outstanding Shares
Repurchased (2)
May 28, 20215.00 %June 30, 2021$1,233 48,738 0.06 %
(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 in thousands.

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the ninethree months ended September 30, 2022:March 31, 2023:
Nine Months Ended September 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)1.751.59 1.71 
Net unrealized and realized gain (loss) (2)(1.43)(1.43)(1.43)
Net increase (decrease) in net assets resulting from operations0.320.16 0.28 
Distributions from net investment income (3)(1.64)(1.47)(1.59)
Distributions from net realized gains (3)— — — 
Net increase (decrease) in net assets from shareholders' distributions(1.64)(1.47)(1.59)
Early repurchase deduction fees (6)0.01—— 
Total increase (decrease) in net assets(1.31)(1.31)(1.31)
Net asset value, end of period$24.62$24.62 $24.62 
Shares outstanding, end of period598,605,098266,826,80643,689,711
Total return based on NAV (4)1.26%0.62%1.07%
Ratios:
Ratio of net expenses to average net assets (5)6.42 %7.31 %6.79 %
Ratio of net investment income to average net assets (5)9.24 %8.41 %9.05 %
Portfolio turnover rate13.59 %13.59 %13.59 %
Supplemental Data:
Net assets, end of period$14,734,969$6,568,170$1,075,437
Asset coverage ratio181.70 %181.70 %181.70 %

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The following are the financial highlights for the nine months ended September 30, 2021:
Nine Months Ended September 30, 2021Three Months Ended March 31, 2023
Class IClass S
Class D (7)
Class IClass SClass D
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$24.59$24.59 $24.59 
Net investment income (1)Net investment income (1)1.601.450.89Net investment income (1)0.740.69 0.72 
Net unrealized and realized gain (loss) (2)Net unrealized and realized gain (loss) (2)0.820.810.36Net unrealized and realized gain (loss) (2)0.070.07 0.07 
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations2.422.261.25Net increase (decrease) in net assets resulting from operations0.810.76 0.79 
Distributions from net investment income (3)(2)Distributions from net investment income (3)(2)(1.52)(1.36)(0.94)Distributions from net investment income (3)(2)(0.63)(0.58)(0.61)
Distributions from net realized gains (3)(2)Distributions from net realized gains (3)(2)———Distributions from net realized gains (3)(2)— — — 
Net increase (decrease) in net assets from shareholders' distributionsNet increase (decrease) in net assets from shareholders' distributions(1.52)(1.36)(0.94)Net increase (decrease) in net assets from shareholders' distributions(0.63)(0.58)(0.61)
Early repurchase deduction fees (6)(5)Early repurchase deduction fees (6)(5)———Early repurchase deduction fees (6)(5)——— 
Total increase (decrease) in net assetsTotal increase (decrease) in net assets0.900.900.31Total increase (decrease) in net assets0.180.180.18 
Net asset value, end of periodNet asset value, end of period$25.90$25.90$25.90Net asset value, end of period$24.77$24.77 $24.77 
Shares outstanding, end of periodShares outstanding, end of period243,870,24875,409,9807,766,027Shares outstanding, end of period631,542,513293,389,6697,677,084
Total return based on NAV (4)(3)Total return based on NAV (4)(3)9.91%9.23%4.95%Total return based on NAV (4)(3)3.33%3.11%3.26%
Ratios:Ratios:Ratios:
Ratio of net expenses to average net assets (5)(4)Ratio of net expenses to average net assets (5)(4)4.20 %5.20 %5.18 %Ratio of net expenses to average net assets (5)(4)10.70 %11.56 %11.00 %
Ratio of net investment income to average net assets (5)(4)Ratio of net investment income to average net assets (5)(4)8.20 %7.43 %7.80 %Ratio of net investment income to average net assets (5)(4)12.18 %11.33 %12.04 %
Portfolio turnover ratePortfolio turnover rate24.68 %24.68 %24.68 %Portfolio turnover rate1.61 %1.61 %1.61 %
Supplemental Data:Supplemental Data:Supplemental Data:
Net assets, end of periodNet assets, end of period$6,316,746$1,953,286$201,163Net assets, end of period$15,645,058$7,268,107$190,192
Asset coverage ratioAsset coverage ratio196.1 %196.1 %196.1 %Asset coverage ratio190.8 %190.8 %190.8 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)For the nine months ended September 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 nine months ended September 30, 2021, the amount shown does not correspond with the aggregate amount for the period as it includes a $0.21, $0.26 and $0.11 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 9).
(4)(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.
(5)(4)For the ninethree months ended September 30, 2022,March 31, 2023, 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 ninethree months ended September 30, 2022,March 31, 2023, the ratio of total operating expenses to average net assets was 5.75%10.70%, 6.29%11.56%, and 5.48%11.00% 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.

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The following are the financial highlights for the three months ended March 31, 2022:
Three Months Ended March 31, 2022
Class IClass S
Class D (7)
Per Share Data (1):
Net asset value, beginning of period$25.93$25.93$25.93
Net investment income0.550.500.54
Net unrealized and realized gain (loss)(0.14)(0.14)(0.14)
Net increase (decrease) in net assets resulting from operations0.410.360.40
Distributions from net investment income (2)
(0.52)(0.47)(0.51)
Distributions from net realized gains (2)
———
Net increase (decrease) in net assets from shareholders' distributions(0.52)(0.47)(0.51)
Early repurchase deduction fees (5)
———
Total increase (decrease) in net assets(0.11)(0.11)(0.11)
Net asset value, end of period$25.82$25.82$25.82
Shares outstanding, end of period475,287,142190,961,70026,986,663
Total return based on NAV (3)
1.60%1.39%1.54%
Ratios:
Ratio of net expenses to average net assets (4)
5.19 %6.06 %5.44 %
Ratio of net investment income to average net assets (4)
8.68 %7.82 %8.42 %
Portfolio turnover rate2.30 %2.30 %2.30 %
Supplemental Data:
Net assets, end of period$12,273,986$4,931,495$696,926
Asset coverage ratio193.4 %193.4 %193.4 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).
(3)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 ninethree months ended September 30, 2021, March 31, 2022,amounts are annualized except for organizational costs.costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the ninethree months ended September 30, 2021,March 31, 2022, the ratio of total operating expenses to average net assets was 4.99%5.19%, 5.89%6.06% and 5.46%5.44%, 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 0.79%0.00%, 0.69%0.00% and 0.26%0.00% on Class I, Class S and Class D, respectively, of average net assets.
(6)(5)The per share amount rounds to less than $0.01 per share.share, for Class I, Class S and Class D.
(7)
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
March 31, 2023829,651 1,908.0 — N/A
December 31, 20221,235,414 1,845.1 — N/A
December 31, 2021879,000 1,702.0 — N/A
Castle Peak Funding Facility
March 31, 20231,181,941 1,908.0 — 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
March 31, 202324,000 1,908.0 — N/A
December 31, 2022300,000 1,845.1 — N/A
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December 31, 2021483,952 1,702.0 — N/A
Summit Peak Funding Facility
March 31, 20231,604,227 1,908.0 — 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
March 31, 2023562,800 1,908.0 — N/A
December 31, 2022749,800 1,845.1 — N/A
December 31, 2021668,400 1,702.0 — N/A
Bushnell Peak Funding Facility
March 31, 2023430,000 1,908.0 — N/A
December 31, 2022400,000 1,845.1 — N/A
December 31, 2021395,500 1,702.0 — N/A
Granite Peak Funding Facility
March 31, 2023675,600 1,908.0 — N/A
December 31, 2022647,600 1,845.1 — N/A
December 31, 2021248,000 1,702.0 — N/A
Middle Peak Funding Facility
March 31, 2023600,950 1,908.0 — N/A
December 31, 2022596,950 1,845.1 — N/A
December 31, 2021799,550 1,702.0 — N/A
Bison Peak Funding Facility
March 31, 20231,200,000 1,908.0 — 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
March 31, 20231,315,000 1,908.0 — 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
March 31, 20231,290,731 1,908.0 — 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
March 31, 20231,400,400 1,908.0 — N/A
December 31, 2022873,400 1,845.1 — N/A
December 31, 2021567,400 1,702.0 — N/A
Borah Peak Funding Facility
March 31, 202380,000 1,908.0 — N/A
December 31, 2022223,000 1,845.1 — N/A
2022-1 BSL WH
March 31, 2023— 1,908.0 — N/A
December 31, 2022148,000 1,845.1 — N/A
Naomi Peak Funding Facility
March 31, 2023385,000 1,908.0 — N/A
December 31, 2022400,000 1,845.1 — N/A
Meridian Peak Funding Facility
March 31, 2023220,000 1,908.0 — N/A
December 31, 2022170,000 1,845.1 — N/A
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Haydon Peak Funding Facility
March 31, 202349,000 1,908.0 — N/A
December 31, 202249,000 1,845.1 — N/A
Bear Peak Funding Facility
March 31, 2023169,172 1,908.0 — N/A
December 31, 2022166,031 1,845.1 — N/A
Revolving Credit Facility
March 31, 20231,267,754 1,908.0 — 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
March 31, 2023435,000 1,908.0 — N/A
December 31, 2022435,000 1,845.1 — N/A
December 31, 2021435,000 1,702.0 — N/A
June 2026 Notes
March 31, 2023400,000 1,908.0 — N/A
December 31, 2022400,000 1,845.1 — N/A
December 31, 2021400,000 1,702.0 — N/A
May 2027 Notes
March 31, 2023625,000 1,908.0 — N/A
December 31, 2022625,000 1,845.1 — N/A
October 2027 Notes
March 31, 2023350,000 1,908.0 — N/A
December 31, 2022350,000 1,845.1 — N/A
September 2024 Notes
March 31, 2023365,000 1,908.0 — N/A
December 31, 2022365,000 1,845.1 — N/A
December 31, 2021365,000 1,702.0 — N/A
December 2026 Notes
March 31, 20231,250,000 1,908.0 — N/A
December 31, 20221,250,000 1,845.1 — N/A
December 31, 20211,250,000 1,702.0 — N/A
November 2026 Eurobonds
March 31, 2023542,750 1,908.0 — N/A
December 31, 2022534,975 1,845.1 — N/A
December 31, 2021569,958 1,702.0 — N/A
November 2024 Notes
March 31, 2023500,000 1,908.0 — N/A
December 31, 2022500,000 1,845.1 — N/A
December 31, 2021500,000 1,702.0 — N/A
March 2027 Notes
March 31, 20231,000,000 1,908.0 — 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
March 31, 2023500,000 1,908.0 — N/A
December 31, 2022500,000 1,845.1 — N/A
January 2029 Notes
March 31, 2023650,000 1,908.0 — N/A
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Table of Contents
December 31, 2022650,000 1,845.1 — N/A
March 2025 Notes
March 31, 2023900,000 1,908.0 — N/A
December 31, 2022900,000 1,845.1 — N/A
April 2026 UK Bonds
March 31, 2023308,388 1,908.0 — N/A
December 31, 2022301,725 1,845.1 — N/A
September 2025 Notes
March 31, 2023800,000 1,908.0 — N/A
December 31, 2022800,000 1,845.1 — N/A
2021-1 BSL Notes
March 31, 2023663,000 1,908.0 — N/A
December 31, 2022663,000 1,845.1 — N/A
December 31, 2021663,000 1,702.0 — N/A
2021-2 Notes
March 31, 2023505,800 1,908.0 — N/A
December 31, 2022505,800 1,845.1 — N/A
December 31, 2021505,800 1,702.0 — N/A
MML 2021-1 Debt
March 31, 2023690,000 1,908.0 — N/A
December 31, 2022690,000 1,845.1 — N/A
December 31, 2021690,000 1,702.0 — N/A
MML 2022-1 Debt
March 31, 2023759,000 1,908.0 — N/A
December 31, 2022759,000 1,845.1 — N/A
2022-1 BSL Debt
March 31, 2023420,000 1,908.0 — N/A
December 31, 2022420,000 1,845.1 — N/A
MML 2022-2 Debt
March 31, 2023300,500 1,908.0 — N/A
December 31, 2022300,500 1,845.1 — N/A
Short-Term Borrowings
March 31, 2023201,167 1,908.0 — N/A
December 31, 2022619,377 1,845.1 — N/A
December 31, 2021718,156 1,702.0 — N/A
(1)Class D commencedTotal amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of 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.

As of March 31, 2023 and December 31, 2022 the aggregate principal amount of indebtedness outstanding was $25.5 billion and $26.8 billion, respectively.

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Table of Contents
Note 11. Joint VentureVentures
BCRED Emerald JV
BCRED Emerald JV LP (“Emerald JV”), a Delaware limited liability company, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV 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. On December 22, 2022, the Company made further capital contributions of $222.0 million (consisting of a cash contribution of $124.3 million and an in-kind contribution of investments valued at approximately $97.7 million) and the Emerald JV partner made further capital contributions of $74.0 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, through their joint control of the Emerald JV’s General Partner, have equal control of the Emerald JV's investment decisions 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 Company has determined that the Emerald JV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022.
On September 26, 2022,an investment company under ASC 946, and in accordance with ASC 946, the Company andwill generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Emerald JV Partner entered into a master framework agreement (the “Master Framework Agreement”), pursuant to which the Company and the Emerald JV Partner each agreed to increase their capital commitments to the Emerald JV to $2,250 million and $750 million, respectively. Pursuant to the Master Framework Agreement, the Company made capital contributions to the Emerald JV in an aggregate amount of approximately $940 million (consisting of cash capital contributions of $670 million and an in-kind capital contribution of investments valued at approximately $270 million), the Emerald JV Partner made capital contributions to the Emerald JV of approximately $313 million (consisting of a cash contribution of approximately $251 million and an in-kind capital contribution of investments valued at approximately $62 million), and certain of the subsidiaries of the Company sold investments to the Emerald JV for an aggregate cash purchase price of approximately $1,972 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 approximately 75% and approximately 25%, respectively.
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.
As of September 30, 2022,The Company's investment in the Emerald JV had total investments in senior secured debt at fair valueis disclosed on the Company’s Consolidated Schedule of $5,099.5 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 Emerald JV’s portfolioInvestments as of September 30, 2022:
September 30, 2022
Total senior secured debt investments(1)$5,099,533
Number of portfolio companies325
Weighted average yield on debt and income producing investments, at fair value(2)8.86 %
Weighted average yield on debt and income producing investments, at cost(2)8.75 %
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.
125


BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (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%7.67 %1/29/2027$2,985 $2,884 $2,860 0.12 %
Atlas CC Acquisition Corp. (10)L +4.25%7.32 %5/25/20289,945 9,561 8,754 0.35 
Loar Group, Inc. (4)(11)L +7.25%9.77 %10/2/202328,122 28,122 28,122 1.13 
Peraton Corp. (10)L +3.75%6.87 %2/1/20285,486 5,390 5,214 0.21 
Vertex Aerospace Services Corp. (10)L +3.75%6.87 %12/6/20282,985 2,999 2,910 0.12 
48,955 47,860 1.93 
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)L +5.50%8.88 %6/11/202724,562 24,348 24,316 0.98 
Mode Purchaser, Inc. (4)(11)SOFR +6.25%8.96 %12/9/202639,031 39,031 39,031 1.57 
RWL Holdings, LLC (4)(7)(10)SOFR +5.75%9.45 %12/31/202821,741 21,303 21,471 0.87 
SEKO Global Logistics Network, LLC (4)(5)(11)L +5.00%8.07 %12/30/202627,023 26,888 26,888 1.08 
111,571 111,707 4.50 
Airlines
Air Canada (6)(10)L +3.50%6.42 %8/11/20283,990 3,954 3,804 0.15 
American Airlines, Inc. (4)(10)L +4.75%5.81 %3/11/20283,815 3,944 3,706 0.15 
KKR Apple Bidco, LLC (4)(11)L +2.75%5.87 %9/23/20285,970 5,793 5,714 0.23 
United Airlines, Inc. (6)(10)L +3.75%6.53 %4/21/20284,000 3,975 3,835 0.15 
17,667 17,059 0.68 
Auto Components
Clarios Global LP (6)(8)L +3.25%6.37 %4/30/20263,000 2,858 2,847 0.11 
Wheel Pros, Inc. (10)L +4.50%7.55 %5/11/20282,487 2,496 1,840 0.07 
5,353 4,687 0.18 
Beverages
Triton Water Holdings, Inc. (9)L +3.50%7.17 %3/31/20285,965 5,821 5,382 0.22 
Building Products
Cornerstone Building Brands, Inc. (6)(9)L +3.25%6.07 %4/12/20281,492 1,465 1,235 0.05 
CP Atlas Buyer, Inc. (9)L +3.75%6.27 %11/23/20273,980 3,991 3,487 0.14 
Express Wash Concepts, LLC (4)(7)(11)SOFR +4.75%8.35 %4/30/202715,449 15,358 14,750 0.60 
Fencing Supply Group Acquisition, LLC (4)(5)(11)L +6.00%8.08 %2/26/202719,716 19,631 19,716 0.80 
Griffon Corporation (6)(9)SOFR +2.50%5.49 %1/24/20292,480 2,412 2,390 0.10 
iHeartCommunications, Inc. (4)(11)L +3.00%6.12 %5/1/20265,000 4,783 4,710 0.19 
Illuminate Merger Sub Corp. (9)L +3.50%6.38 %7/21/20282,978 2,975 2,616 0.11 
Kodiak BP, LLC (10)L +3.25%6.92 %3/12/20284,962 4,905 4,575 0.18 
Latham Pool Products, Inc. (4)(7)(11)SOFR +3.75%6.68 %2/18/202829,850 28,881 26,467 1.07 
March 31, 2023 and December 31, 2022.
126

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Building Products (continued)
Lindstrom, LLC (4)(11)SOFR +6.25%8.86 %4/7/2025$27,794 $27,794 $27,516 1.11 %
New Arclin US Holding Corp. (6)(7)(9)L +3.75%6.87 %10/2/20282,598 2,612 2,377 0.10 
Tamko Building Product, LLC (8)L +3.00%5.81 %6/1/20262,985 2,886 2,830 0.11 
The Chamberlain Group, Inc. (9)L +3.50%6.62 %11/3/20284,963 4,903 4,526 0.18 
Windows Acquisition Holdings, Inc. (4)(5)(11)L +6.50%10.17 %12/29/202610,668 10,668 10,668 0.43 
133,263 127,863 5.17 
Capital Markets
Advisor Group Holdings, Inc. (8)L +4.50%7.62 %7/31/20269,096 8,783 8,679 0.35 
AllSpring Buyer, LLC (6)(9)L +3.25%6.69 %11/1/20281,990 1,999 1,937 0.08 
Resolute Investment Managers, Inc. (11)L +4.25%7.92 %4/30/20242,669 2,674 2,382 0.10 
Situs-AMC Holdings Corporation (4)(11)SOFR +5.75%9.42 %12/22/202773,618 72,516 72,513 2.93 
Superannuation And Investments US, LLC (6)(9)L +3.75%6.87 %12/1/20281,985 1,997 1,946 0.08 
The Edelman Financial Engines Center, LLC (10)L +3.50%6.62 %4/7/20288,713 8,411 8,020 0.32 
96,381 95,478 3.86 
Chemicals
Ascend Performance Materials Operations, LLC (10)SOFR +4.75%8.83 %8/27/20261,658 1,666 1,628 0.07 
DCG Acquisition Corp. (8)L +4.50%7.62 %9/30/20262,977 2,979 2,786 0.11 
Dominion Colour Corporation (4)(6)(11)L +7.25% (incl. 2.00% PIK)9.81 %4/6/202410,970 10,868 8,913 0.36 
Starfruit Finco BV (10)L +2.75%5.87 %10/1/20251,987 1,901 1,867 0.08 
17,413 15,194 0.62 
Commercial Services & Supplies
Access CIG, LLC (8)L +3.75%6.82 %2/27/20255,804 5,764 5,573 0.22 
Allied Universal Holdco, LLC (9)L +3.75%6.87 %5/12/20288,942 8,698 7,886 0.32 
Anticimex, Inc. (6)(9)L +4.00%7.07 %11/16/20282,985 3,010 2,854 0.12 
Anticimex, Inc. (6)(9)L +3.50%6.57 %11/16/20284,990 4,779 4,740 0.19 
Bazaarvoice, Inc. (4)(7)(8)L +5.75%7.71 %5/7/202819,669 19,669 19,669 0.79 
Belfor Holdings, Inc. (8)L +4.00%7.12 %4/6/20263,979 3,961 3,920 0.16 
DG Investment Intermediate Holdings 2, Inc. (10)L +3.75%6.87 %3/31/20287,977 7,866 7,456 0.30 
EAB Global, Inc. (9)L +3.50%6.31 %8/16/20284,967 4,877 4,667 0.19 
eResearchTechnology, Inc. (11)L +4.50%7.62 %2/4/20275,228 5,075 4,891 0.20 
First Advantage Holdings, LLC (4)(11)L +2.75%5.87 %1/31/20276,000 5,887 5,830 0.24 
Foundational Education Group, Inc. (4)(9)SOFR +3.75%7.56 %8/31/20284,000 3,878 3,760 0.15 
Garda World Security Corp. (6)(8)L +4.25%7.24 %2/1/20296,000 5,759 5,605 0.23 
Garda World Security Corp. (6)(8)SOFR +4.25%7.05 %10/30/20263,000 3,017 2,831 0.11 
Genuine Financial Holdings, LLC (8)L +3.75%6.87 %7/11/20258,906 8,750 8,666 0.35 
The following table presents the consolidated schedule of investments of the Emerald JV as of March 31, 2023:
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)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%8.84%1/29/2027$2,969 $2,881 $2,921 0.11 %
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.40%5/25/20288,2227,9217,1120.27 
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.14%5/25/20281,6721,6121,4470.05 
Loar Group, Inc.(4)(11)L +7.25%12.09%9/29/202327,97627,97627,9761.05 
Peraton Corp.(10)L +3.75%8.59%2/1/20285,4575,3735,4010.20 
TransDigm Inc(8)SOFR +3.25%8.15%2/22/20273123063120.01 
Vertex Aerospace Services Corp.(10)L +3.50%8.34%12/6/20282,9702,9822,9600.11 
49,05148,1291.80 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%10.86%6/11/202724,42624,23723,9380.90 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.10%12/9/202638,83138,83138,8311.46 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%10.80%12/31/202821,63221,23121,3630.80 
SEKO Global Logistics Network, LLC(4)(5)(11)L +4.75%9.48%12/30/202635,23835,08134,9741.32 
119,380119,1064.48 
Airlines
Air Canada(10)L +3.50%8.37%8/11/20283,9703,9373,9690.15 
American Airlines, Inc.(10)L +4.75%9.56%4/20/20283,8153,9333,8800.15 
KKR Apple Bidco, LLC(9)L +2.75%7.59%9/23/20285,9405,7795,8910.22 
United Airlines, Inc.(10)L +3.75%8.57%4/21/20283,9703,9463,9500.15 
17,59517,6900.67 
Auto Components
Clarios Global LP(8)L +3.25%8.92%4/30/20263,0002,8582,9900.11 
Beverages
Triton Water Holdings, Inc.(9)L +3.50%8.66%3/31/20284,8584,7924,3800.16 
Building Products
Cornerstone Building Brands, Inc.(9)L +3.25%7.93%4/12/20281,4811,4571,3120.05 
CP Atlas Buyer, Inc.(9)SOFR +3.50%8.41%11/23/20273,9513,9603,5240.13 
Express Wash Concepts, LLC(4)(7)(11)SOFR +4.50%11.47%4/30/202721,78321,48920,7360.78 
Fencing Supply Group Acquisition, LLC(4)(5)(11)L +6.00%11.21%2/26/202719,64819,57219,6480.74 
Griffon Corporation(9)SOFR +2.50%7.50%1/24/20292,4602,3982,4510.09 
iHeartCommunications, Inc.(8)L +3.00%7.84%5/1/20265,0004,7964,4470.17 
Kodiak BP, LLC(10)L +3.25%7.98%3/12/20284,9374,8854,7520.18 
Latham Pool Products, Inc.(9)SOFR +3.75%8.73%2/23/202929,70028,90227,5471.04 
Latham Pool Products, Inc.(4)(7)(8)SOFR +3.50%5.36%2/23/20277,2007,1126,0330.23 
Lindstrom, LLC(4)(11)SOFR +6.25%11.02%4/7/202527,62527,62527,3491.03 
Tamko Building Product, LLC(8)SOFR +3.00%7.87%6/1/20262,9692,8842,8970.11 
The Chamberlain Group, Inc.(9)L +3.25%8.09%11/3/20284,9384,8834,7550.18 
Windows Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.50%11.55%12/29/20269,9279,9279,9270.37 
139,890135,3785.10 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%9.34%7/31/20269,0498,7798,9260.34 
AllSpring Buyer, LLC(9)L +3.00%8.19%11/1/20281,9801,9881,9780.07 
Resolute Investment Managers, Inc.(11)L +4.25%9.41%4/30/20241,4631,4651,0870.04 
Situs-AMC Holdings Corporation(4)(11)SOFR +5.50%10.66%12/22/202795,95894,75294,9983.58 
Superannuation And Investments US, LLC(9)L +3.75%8.59%12/1/20281,9751,9861,9710.07 
The Edelman Financial Engines Center, LLC(10)L +3.75%8.59%4/7/20288,669 8,389 8,378 0.32 
117,359117,3384.42 
Chemicals
DCG Acquisition Corp.(8)SOFR +4.50%9.41%9/30/20262,9622,9622,8810.11 
Dominion Colour Corporation(4)(11)(17)L +8.25%11.67%4/6/202410,97010,9594,7170.18 
13,9217,5980.29 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%8.73%2/27/20255,7735,7395,7250.22 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.66%5/12/20288,8978,6768,4630.32 
Anticimex, Inc.(9)L +3.50%8.45%11/16/20284,9544,7654,9040.18 
Anticimex, Inc.(4)(9)SOFR +4.75%9.74%11/16/202824,87523,69924,8130.93 
Bazaarvoice, Inc.(4)(7)(8)SOFR +5.75%10.47%5/7/202819,56919,56919,5690.74 
Belfor Holdings, Inc.(8)L +4.00%8.84%4/6/20263,9593,9433,9590.15 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.56%3/31/20287,9247,8167,7140.29 
EAB Global, Inc.(9)L +3.50%8.34%8/16/20284,9424,8604,8420.18 
Energizer Holdings Inc(9)L +3.75%8.59%12/8/20284,7044,6794,5670.17 
First Advantage Holdings, LLC(8)L +2.75%7.59%1/31/20276,0005,8965,9770.23 
Foundational Education Group, Inc.(4)(9)SOFR +3.75%8.91%8/31/20283,9603,8393,5840.13 
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Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
International SOS The Americas LP (4)(6)(9)L +3.75%7.44 %9/7/2028$1,985 $1,992 $1,940 0.08 %
Java Buyer, Inc. (4)(7)(10)L +5.75%9.04 %12/15/202711,444 11,223 11,022 0.44 
JSS Holdings, Inc. (4)(10)L +6.00%6.75 %12/17/202736,924 36,680 36,924 1.49 
Knowledge Pro Buyer, Inc. (4)(10)L +5.75%8.51 %12/10/202718,858 18,525 18,480 0.75 
Knowledge Pro Buyer, Inc. (4)(7)(10)L +5.75%9.70 %12/10/2027620 552 543 0.02 
KPSKY Acquisition, Inc. (4)(10)L +5.50%8.58 %10/19/2028104,290 99,087 99,075 4.00 
PECF USS Intermediate Holding III Corp. (9)L +4.25%7.37 %12/15/20282,978 2,994 2,551 0.10 
Polyphase Elevator Holding Co. (4)(11)L +5.50%9.17 %6/23/202721,736 21,195 21,193 0.86 
Recycle & Resource US, LLC (6)(9)L +3.50%7.17 %7/14/20282,985 2,998 2,713 0.11 
Restaurant Technologies, Inc. (4)(11)SOFR +4.25%7.80 %3/17/202919,900 19,437 19,411 0.78 
Revspring, Inc. (8)L +4.00%7.67 %10/11/20252,977 2,980 2,878 0.12 
The Action Environmental Group, Inc. (4)(11)L +6.00%9.59 %1/16/202619,495 19,094 19,251 0.78 
The Action Environmental Group, Inc. (4)(5)(12)L +6.00%8.85 %1/16/202613,405 13,221 13,237 0.53 
TRC Companies, Inc. (9)L +3.75%6.87 %12/8/20284,728 4,699 4,441 0.18 
345,666 342,008 13.81 
Communications Equipment
Commscope Inc (8)L +3.25%6.37 %4/6/2026300 282 277 0.01 
Construction & Engineering
Atlas Intermediate III, LLC (4)(10)L +7.50%10.48 %2/25/202824,247 24,183 24,047 0.97 
Brookfield WEC Holdings, Inc. (9)L +2.75%5.87 %8/1/20259,944 9,571 9,533 0.38 
Pike Electric Corp. (4)(8)L +3.00%6.12 %1/21/20283,000 2,927 2,919 0.12 
Pike Electric Corp. (8)L +3.00%6.12 %1/21/20286,000 5,824 5,838 0.24 
Refficiency Holdings, LLC (7)(10)L +3.75%6.87 %12/16/20273,792 3,747 3,622 0.15 
46,252 45,960 1.86 
Construction Materials
Quikrete Holdings, Inc. (4)(11)L +3.00%6.12 %6/11/20285,970 5,796 5,759 0.23 
White Cap Buyer, LLC (9)SOFR +3.75%6.78 %10/19/20275,193 5,007 4,870 0.20 
10,803 10,629 0.43 
Containers & Packaging
Ascend Buyer, LLC (4)(10)L +5.75%9.42 %10/2/202857,814 57,237 57,236 2.31 
Berlin Packaging, LLC (9)L +3.75%6.32 %3/11/20288,942 8,734 8,467 0.34 
Bway Holding Corporation (8)L +3.25%5.81 %4/3/20241,984 1,964 1,857 0.07 
Charter NEX US, Inc. (10)L +3.75%6.56 %12/1/20276,467 6,214 6,153 0.25 
Graham Packaging Co, Inc. (10)L +3.00%6.12 %8/4/20274,466 4,416 4,267 0.17 
Novolex, Inc. (9)SOFR +4.18%7.31 %4/13/20298,978 8,662 8,494 0.34 
ProAmpac PG Borrower, LLC (10)L +3.75%6.04 %11/3/20252,985 2,994 2,811 0.11 
Ring Container Technologies Group, LLC (9)L +3.75%6.87 %8/12/20282,985 2,873 2,885 0.12 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Garda World Security Corp.(8)SOFR +4.25%9.11%10/30/2026$3,000 $3,015 $2,976 0.11 %
Garda World Security Corp.(8)SOFR +4.25%9.01%2/1/20295,9705,7505,8020.22 
Genuine Financial Holdings, LLC(8)L +3.75%8.59%7/11/20258,2058,0728,1700.31 
International SOS The Americas LP(4)(9)L +3.75%8.94%9/7/20281,9751,9811,9680.07 
Java Buyer, Inc.(4)(10)SOFR +5.75%10.88%12/15/20279,7009,5459,4090.35 
Java Buyer, Inc.(4)(7)(10)SOFR +5.75%10.76%12/15/20271,6681,6241,5150.06 
JSS Holdings, Inc.(4)(10)SOFR +6.00%10.95%12/18/202836,73736,51736,7371.38 
Knowledge Pro Buyer, Inc.(4)(7)(10)L +5.75%10.46%12/10/202721,23520,86021,2140.80 
KPSKY Acquisition, Inc.(4)(10)(18)SOFR +5.60%10.41%10/19/2028135,998129,558129,1984.86 
PECF USS Intermediate Holding III Corp.(9)L +4.25%9.09%12/15/20282,9632,9772,5100.09 
Polyphase Elevator Holding Co.(4)(11)SOFR +5.50%10.18%6/23/202719,74919,27019,1070.72 
Polyphase Elevator Holding Co.(4)(11)SOFR +5.50%10.50%6/23/20278,5708,3628,2910.31 
Recycle & Resource US, LLC(9)SOFR +3.50%8.66%7/14/20282,9622,9752,7400.10 
Restaurant Technologies, Inc.(9)SOFR +4.25%8.83%4/2/202919,80019,37519,6090.74 
Revspring, Inc.(8)L +4.00%9.33%10/11/20252,9612,9642,8710.11 
The Action Environmental Group, Inc.(4)(12)SOFR +6.00%10.88%1/16/202621,40621,03321,1390.80 
The Action Environmental Group, Inc.(4)(12)SOFR +6.15%11.26%1/15/20265,9105,8475,8360.22 
The Action Environmental Group, Inc.(4)(12)SOFR +6.43%11.25%1/15/20265,3705,3145,3030.20 
398,520398,51214.99 
Communications Equipment
Commscope Inc(8)L +3.25%8.09%4/6/20262982832870.01 
Construction & Engineering
Atlas Intermediate III, LLC(4)(11)L +7.50%12.45% (incl. 2.00% PIK)2/25/202820,15820,11820,1580.76 
Atlas Intermediate III, LLC(4)(7)(11)L +7.50%12.28% (incl. 2.00% PIK)2/25/20284,2404,2234,2400.16 
Brookfield WEC Holdings, Inc.(9)L +2.75%7.59%8/1/20259,9069,6009,8700.37 
Pike Electric Corp.(4)(8)L +3.00%7.85%1/21/20286,000 5,830 5,966 0.22 
Pike Electric Corp.(8)SOFR +3.50%8.31%1/21/20282,9852,9192,9810.11 
Refficiency Holdings, LLC(10)SOFR +3.75%8.66%12/16/20274,4694,4354,4080.17 
47,12547,6231.79 
Construction Materials
Quikrete Holdings, Inc.(8)L +3.00%7.84%3/18/20293,9453,8353,9050.15 
White Cap Buyer, LLC(9)SOFR +3.75%8.56%10/19/20275,1674,9995,1220.19 
8,8349,0270.34 
Containers & Packaging
Ascend Buyer, LLC(4)(10)SOFR +6.40%11.45%9/29/202875,35474,65873,8472.78 
Berlin Packaging, LLC(9)L +3.75%8.91%3/11/20288,8978,7108,7830.33 
Charter NEX US, Inc.(10)SOFR +3.75%8.67%12/1/20276,4516,2236,3820.24 
Graham Packaging Co, Inc.(10)L +3.00%7.84%8/4/20274,4434,3984,4090.17 
Novolex, Inc.(9)SOFR +4.18%9.08%4/13/20295,9405,7155,8150.22 
ProAmpac PG Borrower, LLC(10)L +3.75%8.65%11/3/20252,9702,9782,9120.11 
Ring Container Technologies Group, LLC(9)L +3.50%8.34%8/12/20282,9702,8682,9580.11 
TricorBraun Holdings, Inc.(9)L +3.25%8.09%3/3/20287,2817,0157,1260.27 
Trident TPI Holdings, Inc.(11)L +3.25%8.09%10/17/20242,9972,9972,9800.11 
Trident TPI Holdings, Inc.(9)L +4.00%9.16%9/15/20285,9375,7435,7540.22 
121,305120,9664.56 
Distributors
BP Purchaser, LLC(4)(10)L +5.50%10.65%12/10/202850,63249,66848,2271.82 
Bution Holdco 2, Inc.(4)(11)L +6.25%11.09%10/17/202523,19923,08023,1990.87 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.85%12/29/202615,67015,70015,5920.59 
Genuine Cable Group, LLC(4)(10)SOFR +5.75%10.45%11/2/202632,05931,62631,4181.18 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%11.29%6/23/202882,59180,69979,2872.99 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.35%11.12%11/13/20244524464380.02 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.50%11.39%11/13/202431,06830,71130,1361.13 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.75%10.48%6/30/202539,56839,47337,9851.43 
271,403266,28210.03 
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +3.50%8.41%12/11/20288,1237,8627,5190.28 
Cambium Learning Group, Inc.(4)(7)(10)L +5.50%10.31%7/20/202834,88234,88234,8821.31 
Colibri Group, LLC(10)SOFR +5.00%10.26%3/12/20293,9703,9363,8280.14 
Dreambox Learning Holding LLC(4)(5)(10)L +6.25%10.00%12/1/202734,20033,65632,1481.21 
EM Bidco Limited(9)SOFR +4.25%9.25%7/6/20294,9884,9714,9410.19 
KUEHG Corp.(11)L +3.75%8.91%2/21/20251,7521,7131,7240.06 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.59%12/15/20287,9207,7587,8070.29 
128

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Containers & Packaging (continued)
TricorBraun Holdings, Inc. (9)L +3.25%6.37 %3/3/2028$7,318 $7,023 $6,892 0.28 %
Trident TPI Holdings, Inc. (11)L +3.25%6.92 %10/17/20243,013 3,013 2,944 0.12 
Trident TPI Holdings, Inc. (7)(9)L +4.00%7.67 %9/15/20285,688 5,446 5,389 0.22 
108,576 107,396 4.33 
Distributors
BP Purchaser, LLC (4)(10)L +5.50%8.74 %12/11/202844,604 43,762 43,712 1.76 
Bution Holdco 2, Inc. (4)(11)L +6.25%9.37 %10/17/202523,399 23,256 23,399 0.94 
Dana Kepner Company, LLC (4)(11)SOFR +6.00%9.62 %12/29/202615,750 15,784 15,671 0.63 
Genuine Cable Group, LLC (4)(10)L +5.75%8.88 %11/2/202632,222 31,726 31,900 1.29 
Marcone Yellowstone Buyer, Inc. (4)(5)(6)(10)L +5.50%9.17 %6/23/202863,361 62,096 62,093 2.51 
Tailwind Colony Holding Corporation (4)(7)(11)L +6.25%9.92 %11/13/202431,584 31,108 31,108 1.26 
Unified Door & Hardware Group, LLC (4)(11)L +5.75%7.65 %12/18/202739,716 39,606 38,723 1.56 
247,339 246,606 9.95 
Diversified Consumer Services
Ascend Learning, LLC (9)L +3.50%6.62 %12/11/20288,164 7,878 7,560 0.31 
Cambium Learning Group, Inc. (4)(7)(10)L +5.50%8.21 %7/20/202835,059 35,059 35,059 1.41 
Colibri Group, LLC (10)SOFR +5.00%7.34 %3/12/20293,980 3,943 3,861 0.16 
Dreambox Learning Holding LLC (4)(5)(10)L +6.25%9.44 %12/1/202734,200 33,598 32,832 1.32 
EM Bidco Limited (6)(9)SOFR +4.25%7.90 %7/6/20295,000 4,983 4,719 0.19 
KUEHG Corp. (11)L +3.75%6.87 %2/21/20256,956 6,796 6,591 0.27 
Learning Care Group (11)L +3.25%6.02 %3/13/20257,952 7,694 7,542 0.30 
Pre-Paid Legal Services, Inc. (9)L +3.75%6.82 %12/15/20287,960 7,791 7,579 0.31 
Prime Security Service Borrower, LLC (10)L +2.75%5.30 %9/23/20264,975 4,833 4,830 0.19 
Renaissance Learning, Inc. (4)(9)SOFR +4.50%7.10 %3/30/20293,990 3,928 3,837 0.15 
Rinchem Company, LLC (4)(9)SOFR +4.50%8.15 %3/2/20293,990 3,972 3,825 0.15 
University Support Services, LLC (9)L +3.25%6.37 %2/10/20299,140 8,924 8,683 0.35 
Weld North Education, LLC (9)L +3.75%6.87 %12/21/20271,986 1,968 1,926 0.08 
131,365 128,843 5.20 
Diversified Financial Services
Barbri Holdings, Inc. (4)(7)(10)L +5.75%8.87 %4/30/202852,437 51,925 51,899 2.09 
Corporation Service Company (4)(8)SOFR +3.25%3.75 %8/31/20292,527 2,451 2,470 0.10 
Mitchell International, Inc. (9)L +3.75%6.73 %10/15/20288,458 8,191 7,688 0.31 
Polaris Newco, LLC (9)L +4.00%7.67 %6/2/20286,965 6,656 6,445 0.26 
Sedgwick Claims Management Services, Inc. (6)(8)L +3.25%6.37 %12/31/20257,469 7,319 7,093 0.29 
76,541 75,595 3.05 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Consumer Services (continued)
Prime Security Service Borrower, LLC(10)L +2.75%7.52%9/23/2026$4,949 $4,826 $4,940 0.19 %
Renaissance Learning, Inc.(9)SOFR +4.50%9.23%3/30/20292,9782,9332,9710.11 
Rinchem Company, LLC(4)(9)SOFR +4.50%9.50%3/2/20293,9703,9533,7810.14 
University Support Services, LLC(9)SOFR +3.25%8.16%2/10/20299,0948,8988,9740.34 
Weld North Education, LLC(9)L +3.75%8.60%12/21/20271,9761,9591,9710.07 
117,347115,4864.33 
Diversified Financial Services
Barbri Holdings, Inc.(4)(10)L +5.75%10.59%4/28/202859,14858,62158,2612.19 
Barbri Holdings, Inc.(4)(7)(10)L +5.75%10.46%4/28/20288318178180.03 
Barbri Holdings, Inc.(4)(10)L +5.75%10.59%4/30/20282,7052,6832,6650.10 
Citco Funding LLC(4)(9)SOFR +3.50%8.17%4/27/20287,3397,1647,3480.28 
Corporation Service Company(9)SOFR +3.25%8.16%11/2/20292,4202,3512,4190.09 
Mitchell International, Inc.(9)L +3.75%8.50%10/15/20288,415 8,173 7,978 0.30 
Polaris Newco, LLC(9)L +4.00%9.16%6/2/20286,9306,6526,3390.24 
Sedgwick Claims Management Services, Inc.(8)SOFR +3.75%8.56%2/24/20284,4504,3734,4040.17 
90,83490,2323.40 
Diversified Telecommunication Services
Zacapa, LLC(9)SOFR +4.00%8.90%3/22/20295,9405,8525,8270.22 
Zayo Group Holdings, Inc.(9)SOFR +4.25%9.06%3/9/20272,1202,0761,6870.06 
7,9287,5140.28 
Electric Utilities
Qualus Power Services Corp.(4)(11)SOFR +5.25%10.24%3/26/20279,3109,2389,2170.35 
Qualus Power Services Corp.(4)(7)(11)SOFR +5.25%10.24%3/26/20271,9901,9541,9520.07 
11,19211,1690.42 
Electrical Equipment
Madison IAQ, LLC(9)L +3.25%8.30%6/21/20286,6786,5166,3710.24 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)L +6.00%10.88%12/23/20268258197550.03 
Albireo Energy, LLC(4)(5)(11)L +6.00%11.13%12/23/202613,94213,78312,7560.48 
Infinite Bidco, LLC(9)L +3.25%8.41%3/2/20282,9622,9742,8460.11 
Ingram Micro, Inc.(9)L +3.50%8.66%6/30/20282,9622,9742,9470.11 
20,55019,3040.73 
Energy Equipment & Services
Tetra Technologies, Inc.(4)(11)L +6.25%11.09%9/10/202522,79322,79322,7930.86 
Entertainment
CE Intermediate I, LLC(4)(9)L +4.00%8.86%11/10/20284,9504,9464,7770.18 
Recorded Books, Inc.(8)SOFR +4.00%8.79%8/29/20254,0003,9483,9870.15 
8,8948,7640.33 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl(8)L +3.75%8.68%2/27/20267,9157,6267,1910.27 
CPI Buyer, LLC(4)(7)(10)SOFR +5.50%10.65%11/1/2028137,843134,168132,9595.01 
CPI Buyer, LLC(4)(7)(10)SOFR +5.50%10.67%11/1/20282,6532,5732,5240.10 
CSHC Buyerco, LLC(4)(7)(11)L +4.75%9.75%9/8/20269,7559,6119,5640.36 
Messer GMBH(8)SOFR +2.50%7.23%3/2/20263,0843,0333,0810.12 
Mozart Borrower LP(9)L +3.25%8.09%10/23/20288,9108,7098,6990.33 
Natus Medical Incorporated(4)(9)SOFR +5.50%10.55%7/20/20293,7113,4903,4880.13 
Resonetics, LLC(10)L +4.00%9.10%4/28/20282,9622,9532,8500.11 
Sunshine Luxembourg VII S.à r.l, LLC(10)L +3.75%8.91%10/1/20269,8879,6339,8070.37 
181,796180,1636.80 
Health Care Providers & Services
ACI Group Holdings, Inc.(4)(5)(10)L +5.75%10.59% (incl. 1.25% PIK)8/2/2028136,542135,138134,4945.06 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.43%5/7/202732,94932,53932,4391.22 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.75%5/7/20271,7271,7031,6960.06 
ADMI Corp.(9)L +3.75%8.59%12/23/20275,9335,7535,5240.21 
Amerivet Partners Management, Inc.(4)(5)(10)SOFR +5.50%10.55%2/25/202896,77394,23592,9023.50 
Canadian Hospital Specialties Ltd.(4)(5)(11)C +4.50%9.52%4/14/2028CAD29,848 21,69821,8900.82 
CCBlue Bidco, Inc.(4)(10)L +3.50%8.66% (incl. 2.75% PIK)12/21/202819,96819,64918,5200.70 
CCBlue Bidco, Inc.(4)(7)(10)L +3.50%7.33% (incl. 2.75% PIK)12/21/20281,0049739030.03 
CHG Healthcare Services, Inc.(9)L +3.25%8.09%9/29/20285955405910.02 
DCA Investment Holdings, LLC(4)(10)SOFR +6.41%11.30%4/3/202828,99828,73827,9831.05 
129

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Telecommunication Services
Zacapa, LLC (6)(9)SOFR +4.25%7.80 %3/22/2029$5,970 $5,875 $5,686 0.23 %
Zayo Group Holdings, Inc. (9)SOFR +4.25%7.28 %3/9/20276,965 6,740 6,088 0.25 
12,615 11,775 0.48 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L +5.50%8.27 %3/26/202710,796 10,681 10,659 0.43 
Electrical Equipment
Madison IAQ, LLC (9)L +3.25%6.82 %6/21/20286,712 6,532 6,219 0.25 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(11)L +6.00%9.63 %12/23/202614,842 14,654 13,987 0.56 
CPI International, Inc. (11)L +3.50%6.62 %7/26/20241,985 1,989 1,960 0.08 
Infinite Bidco, LLC (9)L +3.25%6.92 %3/2/20282,977 2,991 2,832 0.11 
Ingram Micro, Inc. (4)(9)L +3.50%7.17 %6/30/20282,977 2,990 2,907 0.12 
22,625 21,686 0.87 
Energy Equipment & Services
Tetra Technologies, Inc. (4)(6)(11)L +6.25%9.37 %9/10/202522,793 22,793 22,793 0.92 
Entertainment
CE Intermediate I, LLC (4)(9)L +4.00%6.91 %11/10/20284,979 4,974 4,655 0.19 
Recorded Books, Inc. (8)SOFR +4.00%7.08 %8/29/20254,000 3,948 3,859 0.16 
8,923 8,514 0.35 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl (6)(8)L +3.75%5.58 %2/27/20267,956 7,620 7,002 0.28 
CSHC Buyerco, LLC (4)(7)(11)L +4.75%8.42 %9/8/20267,489 7,323 7,352 0.30 
CPI Buyer, LLC (4)(7)(10)L +5.50%8.57 %11/1/2028114,112 110,946 110,575 4.46 
Messer GMBH (9)L +2.50%6.17 %3/2/20263,396 3,330 3,256 0.13 
Mozart Borrower LP (9)L +3.25%6.37 %10/23/20288,965 8,743 8,260 0.33 
Natus Medical Incorporated (4)(9)SOFR +5.50%6.00 %7/20/20293,720 3,478 3,478 0.14 
Resonetics, LLC (10)L +4.00%6.37 %4/28/20282,977 2,967 2,836 0.11 
Sunshine Luxembourg VII S.à r.l, LLC (6)(10)L +3.75%7.42 %10/1/20269,937 9,666 9,272 0.37 
154,074 152,030 6.12 
Health Care Providers & Services
ACI Group Holdings, Inc. (4)(5)(10)L +5.50%9.17 %8/2/2028104,553 103,510 103,508 4.18 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L +6.50%8.47 %5/7/202729,029 28,628 28,571 1.15 
ADMI Corp. (9)L +3.75%6.87 %12/23/20275,964 5,762 5,323 0.21 
AmeriVet Partners Management, Inc. (4)(5)(10)SOFR +5.50%9.20 %2/25/202874,244 72,393 72,388 2.92 
CCBlue Bidco, Inc. (4)(7)(10)L +6.25%7.17 %12/21/202820,796 20,414 19,832 0.80 
CHG Healthcare Services, Inc. (9)L +3.25%6.37 %9/29/20288,955 8,607 8,622 0.35 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.50%11.46%4/3/2028$1,198 $1,187 $1,156 0.04 %
Electron Bidco, Inc.(9)L +3.00%7.84%11/1/20286,930 6,757 6,841 0.26 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%10.78%10/4/202429,05029,03728,9051.09 
Global Medical Response, Inc.(11)L +4.25%9.24%10/2/20254,9424,8583,5000.13 
Heartland Dental, LLC(4)(10)SOFR +5.00%9.81%4/30/202534,46233,15432,9111.24 
Heartland Dental, LLC(8)L +4.00%8.84%4/30/20254,5664,5684,3070.16 
ICS US Holdings, Inc.(4)(9)SOFR +5.25%9.15%6/8/202835,00032,82932,9001.24 
Jayhawk Buyer, LLC(4)(11)L +5.00%10.16%10/15/202628,88728,67128,5981.08 
Jayhawk Buyer, LLC(4)(11)L +5.00%9.73%10/15/20262,3352,3172,3110.09 
LifePoint Health, Inc.(8)L +3.75%8.58%11/16/20257,0006,9956,6850.25 
Midwest Physician Administrative Services, LLC(10)L +3.25%8.41%3/12/20282,9622,9662,7880.10 
National Mentor Holdings, Inc.(10)SOFR +3.75%8.75%3/2/20283,0122,5982,3180.09 
Navigator Acquiror, Inc.(4)(9)SOFR +5.75%10.61% (incl. 5.33% PIK)7/16/202715,80515,74715,6470.59 
Navigator Acquiror, Inc.(4)(7)(9)SOFR +5.75%10.33%7/16/20271,8701,8601,8510.07 
NMSC Holdings, Inc.(10)SOFR +5.25%10.14%2/23/20293,0673,0412,2350.08 
Onex TSG Intermediate Corp.(10)SOFR +4.75%9.69%2/28/20281,9751,9881,7590.07 
Pathway Vet Alliance, LLC(8)L +3.75%8.59%3/31/20274,9424,8614,3530.16 
Pediatric Associates Holding Co., LLC(7)(9)L +3.25%8.09%12/29/20283,8833,8693,8050.14 
PetVet Care Centers, LLC(10)L +3.50%8.34%2/14/20256,4286,2946,2230.23 
Phoenix Guarantor, Inc.(8)L +3.25%8.09%3/5/20265,4415,2705,3120.20 
Phoenix Guarantor, Inc.(8)L +3.50%8.34%3/5/20262,9622,9682,8980.11 
PSKW Intermediate, LLC(4)(11)L +6.25%11.10%3/9/202636,65936,65936,6591.38 
Radnet, Inc.(10)L +3.00%7.84%4/21/20284,2594,2604,2340.16 
Reverb Buyer, Inc.(9)SOFR +3.25%8.24%11/1/20283,9633,9313,8620.15 
Smile Doctors, LLC(4)(10)SOFR +5.75%10.75%12/23/2028144,451141,844141,5625.33 
Smile Doctors, LLC(4)(7)(10)SOFR +5.39%11.39%12/23/20274,2074,1314,1120.15 
Stepping Stones Healthcare Services, LLC(4)(10)L +5.75%10.91%1/2/202912,56112,35312,1840.46 
Stepping Stones Healthcare Services, LLC(4)(7)(10)SOFR +5.75%10.91%1/2/20292,0932,0452,0150.08 
Stepping Stones Healthcare Services, LLC(4)(7)(10)P +4.75%12.75%12/30/20261,1611,1331,1070.04 
Surgery Centers Holdings, Inc.(10)L +3.75%8.46%8/31/20264,9584,8384,9350.19 
U.S. Anesthesia Partners, Inc.(9)L +4.25%8.91%10/1/20282,9622,9762,8620.11 
US Oral Surgery Management Holdco, LLC(4)(10)L +6.00%10.91%11/18/202720,10019,86019,1450.72 
US Oral Surgery Management Holdco, LLC(4)(7)(10)L +6.00%11.16%11/18/20277,9687,8357,4980.28 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.91%6/22/20286,3456,2244,7000.18 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.77%6/22/20267397285480.02 
791,618779,66829.34 










130

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
DCA Investment Holdings, LLC (4)(7)(10)SOFR +6.25%9.98 %4/3/2028$24,521 $24,284 $24,279 0.98 %
Electron Bidco, Inc. (9)L +3.00%6.12 %11/1/20286,965 6,775 6,617 0.27 
Epoch Acquisition, Inc. (4)(11)L +6.00%9.12 %10/4/202429,204 29,191 29,191 1.18 
Forefront Management Holdings, LLC (4)(7)(9)SOFR +4.25%6.85 %3/23/20296,819 6,701 6,481 0.26 
Global Medical Response, Inc. (11)L +4.25%6.81 %10/2/20254,967 4,865 4,331 0.17 
Heartland Dental, LLC (4)(8)SOFR +5.00%8.55 %4/30/202534,722 33,069 32,639 1.32 
Heartland Dental, LLC (8)L +4.00%7.08 %4/30/20254,589 4,592 4,265 0.17 
ICS US Holdings, Inc. (4)(6)(9)SOFR +4.60%7.59 %6/8/202826,717 24,984 24,980 1.01 
Jayhawk Buyer, LLC (4)(11)L +5.00%8.68 %10/15/202631,382 31,115 31,069 1.25 
LifePoint Health, Inc. (8)L +3.75%6.87 %11/16/20257,000 6,994 6,526 0.26 
Midwest Physician Administrative Services, LLC (10)L +3.25%6.92 %3/12/20282,977 2,982 2,740 0.11 
National Mentor Holdings, Inc. (10)L +3.75%7.43 %3/2/20283,000 2,540 2,162 0.09 
Navigator Acquiror, Inc. (4)(7)(9)L +5.75%8.49 %7/16/202716,569 16,504 16,468 0.66 
NMSC Holdings, Inc. (10)SOFR +5.25%8.43 %2/23/20293,980 3,943 3,592 0.14 
Onex TSG Intermediate Corp. (6)(10)L +4.75%7.87 %2/28/20281,985 1,999 1,760 0.07 
Pathway Vet Alliance, LLC (8)L +3.75%7.42 %3/31/20274,967 4,875 4,402 0.18 
Pediatric Associates Holding Co., LLC (7)(9)L +3.25%5.08 %12/29/20283,718 3,702 3,579 0.14 
PetVet Care Centers, LLC (10)L +3.50%6.62 %2/14/20256,462 6,290 6,001 0.24 
Phoenix Guarantor, Inc. (6)(8)L +3.50%6.67 %3/5/20268,447 8,263 8,033 0.32 
PSKW Intermediate, LLC (4)(11)L +6.25%9.37 %3/9/202635,049 35,049 35,049 1.41 
Radnet, Inc. (6)(10)L +3.00%6.12 %4/21/20284,280 4,281 4,123 0.17 
Reverb Buyer, Inc. (7)(9)L +3.50%6.38 %11/1/20283,431 3,390 3,250 0.13 
Smile Doctors, LLC (4)(7)(10)L +5.75%9.42 %12/23/2028123,007 120,552 120,469 4.86 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L +5.75%11.00 %1/2/202913,058 12,764 12,517 0.51 
Surgery Centers Holdings, Inc. (6)(10)L +3.75%6.51 %8/31/20269,937 9,717 9,454 0.38 
U.S. Anesthesia Partners, Inc. (9)L +4.25%6.81 %10/1/20282,985 3,000 2,812 0.11 
US Oral Surgery Management Holdco, LLC (4)(7)(10)L +5.50%8.47 %11/18/202723,460 23,088 23,255 0.94 
WHCG Purchaser III, Inc. (4)(5)(7)(10)L +5.75%9.42 %6/22/20286,365 6,219 5,838 0.24 
WP CityMD Bidco, LLC (9)L +3.25%6.92 %12/22/20287,157 7,041 6,860 0.28 
688,083 680,986 27.46 
Health Care Technology
Edifecs, Inc. (4)(10)L +5.50%9.17 %9/21/20269,795 9,670 9,697 0.39 
Edifecs, Inc. (4)(11)L +7.50%11.17 %9/21/202617,945 18,402 18,483 0.75 
GI Ranger Intermediate, LLC (4)(10)SOFR +6.00%9.70 %10/29/202834,264 33,751 33,750 1.36 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Technology
Edifecs, Inc.(4)(10)SOFR +5.50%10.35%12/16/2027$9,745 $9,637 $9,745 0.37 %
Edifecs, Inc.(4)(11)L +7.50%12.35%9/21/202617,85318,25218,0320.68 
GI Ranger Intermediate, LLC(4)(10)SOFR +6.00%11.05%10/29/202844,70344,08344,0321.66 
Netsmart Technologies, Inc.(10)L +4.00%8.84%10/1/20273,9223,8883,8810.15 
Project Ruby Ultimate Parent Corp.(4)(10)SOFR +5.75%10.37%3/10/202849,75048,38348,2581.82 
Waystar Technologies, Inc.(8)L +4.00%8.84%10/22/20266,9316,7446,9190.26 
130,987130,8674.94 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%8.34%8/17/20286,9306,7336,9210.26 
Fertitta Entertainment, LLC(9)SOFR +4.00%8.81%1/27/20296,9306,6556,8390.26 
GVC Finance LLC(9)SOFR +3.50%8.18%10/31/20299129019150.03 
GVC Holdings Gibraltar, Ltd.(9)SOFR +2.50%7.44%3/29/20272,9702,9142,9680.11 
IRB Holding Corp.(10)SOFR +3.00%7.91%12/15/20277,3677,2027,2560.27 
Scientific Games Holdings LP(9)SOFR +3.50%8.10%4/4/20291,9901,8951,9660.07 
Tacala Investment Corp.(10)L +3.50%8.34%2/5/20277,9227,7787,7960.29 
Twin River Worldwide Holdings, Inc.(9)L +3.25%7.96%10/2/20283,3513,2683,2070.12 
Whatabrands, LLC(9)L +3.25%8.09%8/3/20288,7538,4808,6740.33 
45,82646,5421.74 
Household Durables
AI Aqua Merger Sub, Inc.(9)SOFR +3.75%8.48%7/31/20288,9798,6858,6930.33 
Hunter Douglas, Inc.(9)SOFR +3.50%8.37%2/26/20293,1433,1292,8370.11 
11,81411,5300.44 
Industrial Conglomerates
Engineered Machinery Holdings, Inc.(10)L +3.50%8.23%5/19/20283,9603,8263,9130.15 
FCG Acquisitions, Inc.(9)L +3.75%8.91%3/31/20288,9028,6818,6310.32 
SPX Flow, Inc.(9)SOFR +4.50%9.22%4/5/20291,7431,6801,6680.06 
Vertical US Newco, Inc.(9)L +3.50%8.60%7/30/20274,0604,0293,9660.15 
Victory Buyer, LLC(9)L +3.75%8.53%11/19/20289,9279,3768,5440.32 
27,59226,7221.00 
Insurance
Acrisure LLC(11)SOFR +5.75%10.45%2/15/202727,39326,14227,2561.03 
Alera Group, Inc.(4)(10)SOFR +6.00%10.91%10/2/202846,71545,85245,5471.71 
Alliant Holdings Intermediate, LLC(9)L +3.50%8.28%11/6/20272,9622,9732,9360.11 
AssuredPartners, Inc.(9)SOFR +3.50%8.31%2/12/20276,1826,0826,1280.23 
AssuredPartners, Inc.(9)SOFR +4.25%8.87%2/12/202716,58316,04116,5630.62 
Baldwin Risk Partners, LLC(9)L +3.50%8.21%10/14/20276,9206,8336,7700.25 
BroadStreet Partners, Inc.(8)L +3.00%7.84%1/27/20277,9117,6977,7640.29 
Foundation Risk Partners Corp.(4)(10)SOFR +6.00%11.00%10/29/202876,60675,89873,5422.77 
Galway Borrower, LLC(4)(5)(10)L +5.25%10.41%9/29/202844,68743,65543,7931.65 
High Street Buyer, Inc.(4)(5)(10)SOFR +6.00%11.05%4/14/20286,7676,7206,7160.25 
Howden Group Holdings Limited(10)L +3.25%8.13%11/12/20274,4514,4534,4100.17 
HUB International Limited(10)L +3.25%8.06%4/25/20252,9622,9752,9590.11 
HUB International Limited(8)L +3.00%7.82%4/25/20252,4242,3142,4200.09 
NFP Corp.(8)L +3.25%8.09%2/15/20279,2438,9909,0370.34 
PGIS Intermediate Holdings, LLC(4)(5)(10)L +5.50%10.66%10/16/202863,67961,76661,6102.32 
RSC Acquisition, Inc.(4)(5)(10)SOFR +5.50%10.55%10/30/202645,77844,89044,1761.66 
SG Acquisition, Inc.(4)(9)L +5.00%9.84%1/27/202777,65377,59177,6532.92 
USI, Inc.(9)SOFR +3.75%8.65%11/22/20296,8576,7926,8460.26 
447,664446,12616.78 
Interactive Media & Services
Ancestry.com Operations, Inc(9)SOFR +3.25%8.16%12/6/20272,9622,9662,7980.11 
Cengage Learning, Inc.(11)L +4.75%9.88%7/14/20261,4811,4911,3780.05 
MH Sub I, LLC(8)L +3.75%8.59%9/13/20244,9544,8294,8810.18 
MH Sub I, LLC(11)L +3.75%8.59%9/13/20242,9622,9742,9190.11 
Project Boost Purchaser, LLC(8)L +3.50%8.34%6/1/20266,9266,7616,8410.26 
Red Planet Borrower, LLC(9)L +3.75%8.59%10/2/20283,9483,9292,7970.11 
SurveyMonkey, Inc.(8)SOFR +3.75%8.67%10/10/20255665655640.02 
William Morris Endeavor Entertainment, LLC(8)L +2.75%7.60%5/18/20251,9731,8891,9600.07 
25,40424,1380.91 
Internet & Direct Marketing Retail
Donuts, Inc.(4)(7)(11)SOFR +6.00%10.97%12/29/202642,34642,10841,9231.58 
Prodege International Holdings, LLC(4)(10)L +5.75%10.62%12/15/202721,10520,80620,3670.77 
62,91462,2902.35 
IT Services
AI Altius Bidco, Inc.(4)(5)(10)L +5.50%10.65%12/21/202838,55437,84037,7831.42 
Dcert Buyer, Inc.(8)SOFR +4.00%8.70%10/16/202610,1399,8319,9500.37 
131

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Technology (continued)
Imprivata, Inc. (9)SOFR +4.25%7.28 %12/1/2027$4,988 $4,850 $4,836 0.20 %
Netsmart Technologies, Inc. (10)L +4.00%7.12 %10/1/20273,942 3,904 3,773 0.15 
Project Ruby Ultimate Parent Corp. (4)(9)SOFR +5.75%6.25 %3/10/202838,167 37,025 37,022 1.49 
Waystar Technologies, Inc. (8)L +4.00%7.12 %10/22/20266,967 6,767 6,697 0.27 
114,369 114,257 4.61 
Hotels, Restaurants & Leisure
Alterra Mountain Company (9)L +3.50%6.62 %8/17/20286,965 6,748 6,769 0.27 
Fertitta Entertainment, LLC (9)SOFR +4.00%7.03 %1/27/20296,965 6,665 6,481 0.26 
GVC Holdings Gibraltar, Ltd. (6)(9)L +2.50%6.17 %3/29/20272,985 2,922 2,914 0.12 
IRB Holding Corp. (10)SOFR +2.75%5.87 %2/5/20251,984 1,986 1,922 0.08 
IRB Holding Corp. (10)SOFR +3.00%5.70 %12/15/20277,373 7,199 6,926 0.28 
Scientific Games Holdings LP (9)SOFR +3.50%5.62 %4/4/20292,000 1,897 1,858 0.07 
Tacala Investment Corp. (10)L +3.50%6.62 %2/5/20277,977 7,812 7,474 0.30 
Twin River Worldwide Holdings, Inc. (6)(9)L +3.25%5.93 %10/2/20288,373 8,090 7,585 0.31 
Whatabrands, LLC (9)L +3.25%6.37 %8/3/20288,797 8,497 8,165 0.33 
51,817 50,094 2.02 
Household Durables
AI Aqua Merger Sub, Inc. (6)(9)SOFR +3.75%4.50 %7/31/20289,000 8,673 8,395 0.34 
Fluidra SA (6)(9)SOFR +2.00%5.13 %1/29/20293,970 3,961 3,857 0.16 
Hunter Douglas, Inc. (6)(9)SOFR +3.50%6.34 %2/26/20294,000 3,982 3,312 0.13 
16,616 15,564 0.63 
Industrial Conglomerates
Engineered Machinery Holdings, Inc. (10)L +3.75%7.42 %5/19/20283,980 3,832 3,836 0.15 
FCG Acquisitions, Inc. (9)L +3.75%7.42 %3/31/20288,947 8,703 8,591 0.35 
SPX Flow, Inc. (9)SOFR +4.50%7.63 %4/5/20292,000 1,922 1,858 0.07 
Vertical US Newco, Inc. (6)(9)L +3.50%6.87 %7/30/20274,070 4,035 3,911 0.16 
Victory Buyer, LLC (4)(9)L +3.75%7.32 %11/19/20285,985 5,957 5,461 0.22 
24,449 23,657 0.95 
Insurance
Alera Group, Inc. (4)(10)L +5.50%8.31 %10/2/202835,841 35,126 35,125 1.42 
Alliant Holdings Intermediate, LLC (8)L +3.25%6.37 %5/9/20251,984 1,972 1,906 0.08 
Alliant Holdings Intermediate, LLC (9)L +3.50%6.49 %11/6/20272,977 2,993 2,829 0.11 
AssuredPartners, Inc. (9)SOFR +3.50%6.53 %2/12/20278,458 8,231 8,027 0.32 
Baldwin Risk Partners, LLC (6)(9)L +3.50%6.26 %10/14/20276,955 6,858 6,659 0.27 
BroadStreet Partners, Inc. (8)L +3.00%6.12 %1/27/20277,952 7,709 7,543 0.30 
Foundation Risk Partners Corp. (4)(10)L +5.50%7.75 %10/29/202858,774 58,188 58,186 2.35 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
IT Services (continued)
Endurance International Group Holdings, Inc.(10)L +3.50%8.22%2/10/2028$4,447 $4,357 $4,169 0.16 %
Park Place Technologies, LLC(11)SOFR +5.00%9.91%11/10/202726,483 25,532 25,475 0.96 
Razor Holdco, LLC(4)(10)L +5.75%10.59%10/25/202725,67525,26825,2900.95 
Turing Midco, LLC(9)L +2.50%7.34%3/24/20282,0722,0452,0680.08 
Virtusa Corp.(10)L +3.75%8.66%2/11/20281,9851,9311,9650.07 
Virtusa Corp.(10)SOFR +3.75%8.66%2/15/20293,9603,9263,9230.15 
110,730110,6234.16 
Leisure Products
Motion Finco, LLC(8)L +3.25%8.41%11/12/20266,4206,1506,3360.24 
Recess Holdings, Inc.(11)L +3.75%8.58%9/30/20242,1722,1702,1720.08 
8,3208,5080.32 
Life Sciences Tools & Services
Cambrex Corp.(10)SOFR +3.50%8.41%12/4/20265,9455,8705,8910.22 
Curia Global, Inc.(10)SOFR +3.75%8.53%8/30/202610,1579,8828,7060.33 
15,75214,5970.55 
Machinery
Pro Mach Group, Inc.(11)L +4.00%8.84%8/31/20285,9795,8655,9590.22 
Media
Clear Channel Outdoor Holdings, Inc.(8)L +3.50%8.33%8/21/20261,9741,9501,8440.07 
Radiate Holdco, LLC(10)L +3.25%8.09%9/25/20263,9503,9563,2480.12 
Univision Communications, Inc.(11)L +2.75%7.59%3/15/20243813813810.01 
Univision Communications, Inc.(10)L +3.25%8.09%3/15/20263,9503,9473,9360.15 
UPC Financing Partnership(8)L +2.93%7.61%1/31/20295,5005,4085,4030.20 
Virgin Media Bristol, LLC(8)L +3.25%7.93%1/31/20293,5003,4623,4710.13 
19,10418,2830.68 
Metals & Mining
SCIH Salt Holdings, Inc.(10)L +4.00%8.83%3/16/20273,9453,9073,8580.15 
Oil, Gas & Consumable Fuels
CQP Holdco, LP(9)L +3.50%8.23%6/5/20287,9047,8587,8560.30 
Eagle Midstream Canada Finance, Inc.(4)(10)SOFR +6.25%11.01%8/15/202825,90625,55825,7120.97 
Freeport LNG Investments, LLLP(9)L +3.50%8.31%12/21/20284,9194,8864,7770.18 
KKR Alberta Midstrean Fince, Inc.(4)(10)SOFR +6.25%11.01%8/15/202814,09413,90413,9880.53 
52,20652,3331.98 
Paper & Forest Products
Profile Products, LLC(4)(10)L +5.50%10.41%11/12/202775,87874,45474,1712.79 
Pharmaceuticals
ANI Pharmaceuticals, Inc.(4)(10)L +6.00%10.84%11/19/202751,41849,35150,3901.90 
Jazz Pharmaceuticals, Inc.(9)L +4.75%9.54%5/5/20283,5613,5623,5510.13 
52,91353,9412.03 
Professional Services
ALKU, LLC(4)(10)SOFR +5.25%10.16%3/1/202818,61918,54418,6190.70 
Aqgen Island Holdings, Inc.(9)L +3.50%8.38%8/2/20287,9207,6507,7120.29 
Armor Holdco, Inc.(9)SOFR +4.50%9.54%12/11/20284,1944,1204,1890.16 
BPPH2 Ltd(4)(8)S +6.75%10.55%2/21/2030GBP26,000 30,63031,5851.19 
Camelot US Acquisition, LLC(11)L +3.00%7.84%10/30/20263,3713,3073,3680.13 
Cast & Crew Payroll, LLC(9)SOFR +3.75%8.56%12/29/20284,9384,9354,9280.19 
CFGI Holdings, LLC(4)(10)SOFR +5.25%10.16%11/2/2027121,137121,137121,1374.56 
Cumming Group, Inc.(4)(7)(11)L +6.00%10.81%5/26/202715,62015,60415,0950.57 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.65%4/9/20279,8919,7049,6020.36 
Galaxy US Opco, Inc.(9)SOFR +4.75%9.56%4/29/20294,9754,8674,4220.17 
IG Investments Holdings, LLC(4)(5)(10)SOFR +6.00%10.91%9/22/2028136,015135,387135,3355.10 
Kwor Acquisition, Inc.(4)(10)L +5.25%10.09%12/22/202891,97388,99088,7543.34 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.40%5/23/20254,9544,9164,8970.18 
Sherlock Buyer Corp.(4)(10)L +5.75%10.65%12/8/202827,73527,37126,7641.01 
The Dun & Bradstreet Corporation(8)L +3.25%8.10%2/6/20267,9927,7597,9900.30 
Trans Union, LLC(9)L +2.25%7.09%12/1/20282,3092,3192,2960.09 
Trinity Air Consultants Holdings Corp.(4)(10)L +5.25%10.18%6/29/2027118,000116,934116,8204.40 
VT Topco, Inc.(7)(10)L +3.75%8.59%8/1/20256,1476,1086,0730.23 
West Monroe Partners, LLC(4)(7)(10)L +5.25%10.03%11/8/202829,26628,77528,5351.07 
639,057638,12124.04 
Real Estate Management & Development
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.16%2/16/202818,13818,28418,1380.68 
Road & Rail
Gruden Acquisition, Inc.(4)(5)(11)L +5.25%9.88%7/1/202880,92179,99077,2792.91 
Software
2U, Inc.(10)SOFR +6.50%11.32%12/28/202645,11642,94643,5371.64 
132

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Insurance (continued)
Galway Borrower, LLC (4)(5)(6)(10)L +5.25%7.50 %9/29/2028$34,350 $33,493 $33,491 1.35 %
High Street Buyer, Inc. (4)(5)(10)L +6.00%8.81 %4/14/20285,191 5,152 5,152 0.21 
Howden Group Holdings Limited (6)(10)L +3.25%6.38 %11/12/20274,489 4,490 4,289 0.17 
HUB International Limited (10)L +3.25%5.98 %4/25/20252,977 2,993 2,874 0.12 
HUB International Limited (8)L +3.00%5.77 %4/25/20254,807 4,612 4,631 0.19 
NFP Corp. (8)L +3.25%6.37 %2/15/20279,290 9,003 8,751 0.35 
PGIS Intermediate Holdings, LLC (4)(5)(10)L +5.50%8.56 %10/16/202848,669 47,091 47,087 1.90 
RSC Acquisition, Inc. (4)(5)(10)SOFR +5.50%8.39 %10/30/202635,152 34,451 34,448 1.39 
SG Acquisition, Inc. (4)(9)L +5.00%9.17 %1/27/202767,003 66,933 67,003 2.70 
USI, Inc. (4)(11)L +3.00%6.42 %5/16/20243,482 3,442 3,397 0.14 
332,738 331,399 13.37 
Interactive Media & Services
Ancestry.com Operations, Inc (9)L +3.25%6.37 %12/6/20272,970 2,974 2,683 0.11 
Cengage Learning, Inc. (11)L +4.75%7.81 %7/14/20261,489 1,500 1,352 0.05 
MH Sub I, LLC (11)L +3.75%6.87 %9/13/20242,971 2,988 2,839 0.11 
MH Sub I, LLC (8)L +3.75%6.87 %9/13/20244,967 4,799 4,748 0.19 
Project Boost Purchaser, LLC (8)L +3.50%6.62 %6/1/20266,967 6,787 6,638 0.27 
Red Planet Borrower, LLC (9)L +3.75%6.87 %10/2/20284,962 4,946 3,302 0.13 
SurveyMonkey, Inc. (4)(6)(8)L +3.75%6.87 %10/10/2025569 568 552 0.02 
William Morris Endeavor Entertainment, LLC (8)L +2.75%5.87 %5/18/20255,428 5,225 5,194 0.21 
29,786 27,308 1.09 
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)SOFR +6.00%8.91 %12/29/20279,710 9,613 9,613 0.39 
Donuts, Inc. (4)(11)SOFR +6.00%8.91 %12/29/202632,863 32,698 32,535 1.31 
Prodege International Holdings, LLC (4)(7)(10)L +5.75%9.04 %12/15/202720,608 20,246 20,141 0.81 
62,557 62,288 2.51 
IT Services
AI Altius Bidco, Inc. (4)(5)(10)L +5.50%8.28 %12/1/202829,429 28,842 28,840 1.16 
Dcert Buyer, Inc. (8)SOFR +4.00%6.90 %10/16/20269,949 9,595 9,519 0.38 
Endurance International Group Holdings, Inc. (10)L +3.50%6.18 %2/10/20284,470 4,369 3,799 0.15 
Ensono Holdings, LLC (10)L +3.75%6.87 %11/23/20282,755 2,718 2,424 0.10 
Park Place Technologies, LLC (11)SOFR +5.00%8.13 %11/10/202726,618 25,609 25,331 1.02 
Rackspace Technology Global (10)L +2.75%5.62 %2/15/2028790 743 568 0.02 
Razor Holdco, LLC (4)(10)L +5.75%8.25 %10/25/202725,870 25,415 25,353 1.02 
Sabre GLBL, Inc. (4)(6)(9)L +3.50%6.62 %6/30/20284,777 4,539 4,437 0.18 
Sabre GLBL, Inc. (6)(9)L +3.50%6.62 %12/17/20274,975 4,719 4,467 0.18 
Turing Midco, LLC (4)(11)L +2.75%4.42 %3/23/20282,786 2,749 2,742 0.11 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Apex Group Treasury, LLC(9)L +3.75%8.56%7/27/2028$1,089 $1,074 $1,066 0.04 %
Apex Group Treasury, LLC(4)(9)SOFR +5.00%9.66%7/27/202861,84557,99460,8492.29 
Boxer Parent Company, Inc.(8)L +3.75%8.59%10/2/20257,709 7,540 7,625 0.29 
Brown Group Holdings, LLC(9)SOFR +2.50%7.18%6/7/20285,9355,6905,8920.22 
Cloudera, Inc.(9)SOFR +3.75%8.66%10/8/20288,1817,9107,8330.29 
Community Brands ParentCo, LLC(4)(5)(10)SOFR +5.75%10.66%2/24/202875,74974,36174,2342.80 
Confine Visual Bidco(4)(7)(10)SOFR +5.75%10.55%2/23/202931,85230,98229,4511.11 
ConnectWise, LLC(9)L +3.50%8.34%9/29/20284,4444,4504,3050.16 
Delta Topco, Inc.(10)SOFR +3.75%8.66%12/1/20273,9603,9313,6810.14 
ECI Macola Max Holding, LLC(10)L +3.75%8.91%11/9/20276,9296,7126,7850.26 
EP Purchaser, LLC(9)L +3.50%8.66%11/6/20283,4653,4583,4520.13 
Epicor Software Corp.(10)L +3.25%8.09%7/30/20279,8869,6439,7290.37 
Flexera Software, LLC(10)L +3.75%8.59%3/3/20285,5745,4645,5050.21 
GI Consilio Parent, LLC(9)L +4.00%8.84%5/12/20287,1356,9946,6840.25 
GovernmentJobs.com, Inc.(4)(7)(10)SOFR +5.50%10.41%12/1/202823,36422,89122,6850.85 
GraphPAD Software, LLC(4)(11)L +5.50%10.23%4/27/202715,51815,37815,2070.57 
Greeneden U.S. Holdings II, LLC(10)L +4.00%8.84%12/1/20274,4434,4454,3870.17 
HS Purchaser, LLC(10)SOFR +4.00%8.78%11/19/20263,9523,9243,5360.13 
Hyland Software, Inc.(10)L +3.50%8.34%7/1/20243,9513,9343,9150.15 
Idera, Inc.(10)L +3.75%8.51%3/2/20282,9622,9712,8340.11 
Informatica, LLC(8)L +2.75%7.63%10/27/20281,5841,5671,5750.06 
ION Trading Finance Ltd.(8)L +4.75%9.91%4/3/20287,7837,4647,3600.28 
LD Lower Holdings, Inc.(4)(11)SOFR +6.50%11.50%2/8/202614,94514,84014,7210.55 
Medallia, Inc.(4)(10)L +6.50%11.34% (incl. 5.57% PIK)10/29/202847,10946,39546,1671.74 
Mitnick Purchaser, Inc.(9)SOFR +4.75%9.53%5/2/20294,9884,9664,7130.18 
Mitratech Holdings, Inc.(10)SOFR +4.25%9.33%5/18/202815,00014,25014,3630.54 
Mitratech Holdings, Inc.(4)(10)SOFR +5.00%9.79%5/18/202827,50026,26526,8131.01 
Monk Holding Co.(4)(10)(18)L +5.70%10.66%12/1/2027109,719107,549107,7994.06 
Monk Holding Co.(4)(7)(10)L +5.50%9.88%11/24/20286825985730.02 
MRI Software, LLC(5)(11)L +5.50%10.66%2/10/202610,1519,8879,7460.37 
Nintex Topco Limited(4)(10)L +6.00%10.73%11/13/202832,78632,21330,6551.15 
NortonLifeLock, Inc.(9)SOFR +2.00%6.91%9/12/20293,7193,7013,6870.14 
Perforce Software, Inc.(8)L +3.75%8.59%7/1/20261,3391,3351,2490.05 
Project Alpha Intermediate Holding, Inc.(8)L +4.00%8.85%4/26/20242,9702,9662,9560.11 
Proofpoint, Inc.(5)(9)L +3.25%8.09%8/31/20288,8738,5538,6930.33 
Quest Software US Holdings, Inc.(9)SOFR +4.25%9.08%2/1/20293,9803,9473,2690.12 
RealPage, Inc.(9)L +3.00%7.84%4/24/20287,9127,7047,6930.29 
Relativity ODA, LLC(4)(7)(11)L +6.50%12.35% (incl. 12.35% PIK)5/12/202753,82853,13253,0132.00 
Rocket Software, Inc.(8)L +4.25%9.09%11/28/20251,4881,4361,4640.06 
Rocket Software, Inc.(9)L +4.25%9.09%11/28/20255,4205,2855,3330.20 
S2P Acquisition Borrower, Inc.(8)SOFR +4.00%8.91%8/14/20264,9464,9024,8790.18 
SolarWinds Holdings Inc.(8)SOFR +4.00%8.81%2/5/20272,9302,9302,9250.11 
Sophia, LP(9)L +3.50%8.66%10/7/20279,8999,5569,8010.37 
Sovos Compliance, LLC(9)L +4.50%9.34%8/11/20283,9553,9543,7550.14 
SS&C Technologies, Inc.(9)SOFR +2.25%7.16%3/22/20294,2544,1624,2270.16 
Stamps.com, Inc.(4)(10)L +5.75%10.59%10/5/202859,40058,42457,9152.18 
Surf Holdings, LLC(8)L +3.50%8.51%3/5/20274,9474,8824,9100.18 
Symphony Technology Group(5)(10)L +4.75%9.58%7/27/20281,9801,9841,6400.06 
Symphony Technology Group(5)(9)SOFR +3.75%8.52%3/1/20295,9555,8505,6170.21 
The Ultimate Software Group, Inc.(9)L +3.25%8.03%5/4/20269,1518,9248,9320.34 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.44%5/5/202859,90559,37658,7072.21 
Triple Lift, Inc.(4)(7)(10)SOFR +5.25%9.58%5/5/20288217877790.03 
Vision Solutions, Inc.(5)(10)L +4.00%8.82%4/24/20286,0045,9505,3580.20 
VS Buyer, LLC(8)SOFR +3.00%7.70%2/28/20273,0503,0113,0250.11 
851,437847,50431.92 
Specialty Retail
CustomInk, LLC(4)(11)(18)L +6.18%11.14%5/3/202636,86636,53436,8661.39 
EG Dutch Finco BV(8)L +4.00%8.84%2/7/20255,9435,7675,7030.21 
42,30142,5691.60 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.66%2/28/202629,23729,13329,0181.09 
133

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
IT Services (continued)
Virtusa Corp. (10)L +3.75%6.88 %2/15/2029$5,975 $5,878 $5,617 0.23 %
115,177 113,098 4.55 
Leisure Products
Motion Finco, LLC (6)(8)L +3.25%6.92 %11/12/20268,476 8,092 7,767 0.31 
Recess Holdings, Inc. (11)L +3.75%6.56 %9/30/20242,189 2,187 2,129 0.09 
10,279 9,896 0.40 
Life Sciences Tools & Services
Cambrex Corp. (10)SOFR +3.50%6.63 %12/4/20265,947 5,869 5,713 0.23 
Curia Global, Inc. (10)L +3.75%6.56 %8/30/202610,222 9,920 9,528 0.38 
15,789 15,241 0.61 
Machinery
Pro Mach Group, Inc. (11)L +4.00%7.12 %8/31/20286,105 5,941 5,836 0.24 
Media
Clear Channel Outdoor Holdings, Inc. (6)(8)L +3.50%6.31 %8/21/20261,985 1,956 1,779 0.07 
Radiate Holdco, LLC (10)L +3.25%6.37 %9/25/20263,970 3,977 3,682 0.15 
Univision Communications, Inc. (10)L +3.25%6.37 %3/15/20263,970 3,967 3,777 0.15 
Univision Communications, Inc. (10)L +2.75%5.87 %3/15/2024381 381 378 0.02 
UPC Financing Partnership (4)(11)L +3.00%5.74 %1/31/20295,500 5,402 5,266 0.21 
Virgin Media Bristol, LLC (4)(11)L +3.25%6.07 %1/31/20293,500 3,459 3,397 0.14 
19,142 18,280 0.74 
Metals & Mining
SCIH Salt Holdings, Inc. (10)L +4.00%6.81 %3/16/20273,963 3,921 3,691 0.15 
Oil, Gas & Consumable Fuels
CQP Holdco, LP (9)L +3.75%7.42 %6/5/20287,945 7,893 7,680 0.31 
Eagle Midstream Canada Finance, Inc. (4)(6)(10)SOFR +6.25%8.96 %8/15/202825,906 25,526 25,518 1.03 
Freeport LNG Investments, LLLP (9)L +3.50%6.21 %12/21/20284,944 4,907 4,589 0.19 
KKR Alberta Midstrean Fince, Inc. (4)(6)(10)SOFR +6.25%8.96 %8/15/202814,094 13,887 13,882 0.56 
52,213 51,670 2.09 
Paper & Forest Products
Profile Products, LLC (4)(10)L +5.50%8.42 %11/12/202758,343 57,179 57,176 2.31 
Pharmaceuticals
ANI Pharmaceuticals, Inc. (6)(10)L +6.00%9.12 %4/27/202840,616 38,935 38,727 1.56 
Jazz Pharmaceuticals, Inc. (6)(9)L +3.50%6.62 %5/5/20283,581 3,582 3,468 0.14 
42,517 42,195 1.70 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Trading Companies & Distributors
Core and Main, LP(8)SOFR +2.50%7.40%7/27/2028$3,973 $3,895 $3,953 0.15 %
Foundation Building Materials, Inc.(9)L +3.25%8.08%1/31/20286,9226,6946,7440.25 
Icebox Holdco III, Inc.(9)L +3.50%8.66%12/22/20285,9375,8895,6240.21 
LBM Acquisition, LLC(10)L +3.75%8.59%12/17/20273,950 3,948 3,733 0.14 
Park River Holdings, Inc.(10)L +3.25%8.00%12/28/20273,3953,3453,1350.12 
Porcelain Acquisition Corp.(4)(7)(11)L +5.75%10.91%4/1/20278,7648,5858,6140.32 
Specialty Building Products Holdings, LLC(9)L +3.25%8.10%10/15/20281,9801,9901,8650.07 
SRS Distribution, Inc.(9)SOFR +3.25%8.16%6/2/20281,9671,9451,9020.07 
SRS Distribution, Inc.(9)L +3.50%8.34%6/2/20287,9257,7417,6730.29 
The Cook & Boardman Group, LLC(11)SOFR +5.75%10.58%10/17/202546,81644,78542,2101.59 
88,81785,4533.21 
Transportation Infrastructure
First Student Bidco, Inc.(9)L +3.00%8.14%7/21/20282121210.00 
Froneri International PLC(8)L +2.25%7.41%1/29/20274,8954,7724,8370.18 
Frontline Road Safety, LLC(4)(10)SOFR +5.75%10.43%4/30/20271,1721,1481,1230.04 
Frontline Road Safety, LLC(4)(10)SOFR +5.75%10.68%5/3/202712,07611,72611,5620.44 
Roadsafe Holdings, Inc.(4)(11)L +5.75%10.87%10/19/202711,91711,82311,7390.44 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%11.00%10/19/20276,8666,7856,7630.25 
36,27536,0451.35 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%8.90%12/17/20276,7286,5776,6520.25 
Total First Lien Debt5,459,1075,408,037203.57 


















134

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Professional Services
ALKU, LLC (4)(10)SOFR +5.25%8.95 %3/1/2028$19,700 $19,613 $19,651 0.79 %
Aqgen Island Holdings, Inc. (9)L +3.50%7.19 %8/2/20287,960 7,663 7,264 0.29 
Armor Holdco, Inc. (6)(9)L +4.50%8.17 %12/11/20284,216 4,134 4,105 0.17 
Camelot US Acquisition, LLC (6)(11)L +3.00%6.12 %10/30/20263,975 3,884 3,852 0.16 
Cast & Crew Payroll, LLC (9)SOFR +3.75%6.78 %12/29/20284,963 4,960 4,824 0.19 
CFGI Holdings, LLC (4)(6)(10)L +5.00%8.12 %11/1/202792,940 92,940 92,940 3.75 
Deerfield Dakota Holding, LLC (11)SOFR +3.75%6.78 %4/9/20279,942 9,730 9,403 0.38 
Galaxy US Opco, Inc. (6)(9)SOFR +4.75%7.78 %4/29/20295,000 4,882 4,713 0.19 
IG Investments Holdings, LLC (4)(5)(10)L +6.00%9.12 %9/22/2028104,361 103,840 103,839 4.19 
Kwor Acquisition, Inc. (4)(10)L +5.25%8.85 %12/22/202870,557 68,093 68,088 2.75 
National Intergovernmental Purchasing Alliance Co. (8)SOFR +3.50%7.05 %5/23/20254,977 4,933 4,827 0.19 
Sherlock Buyer Corp. (4)(10)L +5.75%9.42 %12/8/202821,280 21,121 21,120 0.85 
The Dun & Bradstreet Corporation (8)L +3.25%6.33 %2/6/20268,034 7,753 7,786 0.31 
Trans Union, LLC (9)L +2.25%5.37 %12/1/20282,590 2,602 2,514 0.10 
Trinity Air Consultants Holdings Corp. (4)(10)L +5.25%7.08 %6/29/202790,073 89,175 89,173 3.60 
Trinity Partners Holdings, LLC (4)(7)(10)SOFR +5.75%8.31 %12/21/20289,269 9,080 9,058 0.37 
VT Topco, Inc. (7)(10)L +3.75%6.87 %8/1/20256,068 6,022 5,789 0.23 
West Monroe Partners, LLC (4)(7)(10)L +5.50%8.32 %11/8/202829,414 28,875 28,665 1.16 
489,301 487,611 19.67 
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)L +5.25%8.92 %5/26/202713,775 13,738 13,600 0.55 
Progress Residential PM Holdings, LLC (4)(7)(10)SOFR +6.25%9.38 %2/16/202818,138 18,299 18,138 0.73 
32,037 31,738 1.28 
Road & Rail
Gruden Acquisition, Inc. (4)(5)(11)L +5.50%7.75 %7/1/202862,080 61,305 61,304 2.47 
Software
2U, Inc. (6)(10)L +5.75%8.87 %12/30/202451,608 49,623 49,596 2.00 
Apex Group Treasury, LLC (4)(6)(9)L +3.75%6.56 %7/27/202840,000 37,400 38,200 1.54 
Apex Group Treasury, LLC (6)(9)L +3.75%6.56 %7/27/20281,094 1,078 1,045 0.04 
Boxer Parent Company, Inc. (8)L +3.75%6.87 %10/2/20258,936 8,668 8,493 0.34 
Brown Group Holdings, LLC (4)(11)L +2.50%5.62 %6/7/20285,968 5,698 5,687 0.23 
Cloudera, Inc. (9)L +3.75%6.87 %10/8/20288,222 7,932 7,256 0.29 
Community Brands ParentCo, LLC (4)(5)(10)SOFR +5.75%8.88 %2/24/202858,117 56,958 56,955 2.30 
Confine Visual Bidco (4)(6)(10)L +5.75%8.74 %2/23/202931,109 30,178 30,176 1.22 
ConnectWise, LLC (9)L +3.50%7.17 %9/29/20284,466 4,473 4,187 0.17 
Delta Topco, Inc. (10)L +3.75%5.84 %12/1/20273,980 3,948 3,622 0.15 
ECI Macola Max Holding, LLC (6)(10)L +3.75%7.42 %11/9/20276,967 6,725 6,619 0.27 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +5.75%10.66%12/10/2029$5,301 $4,748 $4,607 0.17 %
Health Care Providers & Services
Canadian Hospital Specialties Ltd.(4)(5)(8)8.75%8.75%4/15/2029CAD12,000 8,2228,0250.30 
Jayhawk Buyer, LLC(4)(11)L +8.75%13.58%10/15/202724,71224,53924,5270.92 
32,76132,5521.22 
Industrial Conglomerates
Victory Buyer, LLC(4)(9)L +7.00%11.78%11/1/202966,70465,49457,1992.15 
Life Sciences Tools & Services
Curia Global, Inc.(4)(10)L +6.50%11.33%8/31/202937,84737,05830,6561.15 
Phoenix Newco, Inc.(4)(9)L +6.50%11.34%11/15/202937,84737,05637,3741.41 
74,11468,0302.56 
Software
Apex Group Treasury, LLC(4)(9)L +6.75%11.91%7/27/202911,46911,52211,2390.42 
Apex Group Treasury, LLC(4)(9)L +6.75%11.67%7/27/202926,37826,50025,8510.97 
Proofpoint, Inc.(5)(9)L +6.25%11.09%8/31/202937,84736,94835,9861.35 
Vision Solutions, Inc.(5)(10)L +7.25%12.07%4/23/202936,72131,69829,3961.11 
106,668102,4723.85 
Total Second Lien Debt283,785264,8609.95 
Bonds
Software
Tangerine Bidco SPA(4)(8)E +6.50%9.52%12/30/2029EUR66,000 67,93469,5552.62 
TeamSystem SpA(4)(8)E +6.25%8.54%2/15/2028EUR35,000 33,40037,2891.40 
101,334106,8444.02 
Total Bonds101,334106,8444.02 
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units(4)2,547,0484,3056,5200.25 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)1942081800.01 
Mode Holdings, L.P. - Class A-2 Common Units(4)1,230,7692,2152,5970.10 
2,4232,7770.11 
Distributors
Box Co-Invest Blocker, LLC(4)780,0007805850.02 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.50%974,6621,1331,1780.04 
Deneb Ultimate Topco, LLC - Class A Units(4)7287285630.02 
1,8611,7410.06 
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units(4)7972102260.01 
Jayhawk Holdings, LP - A-2 Common Units(4)4291131220.00 
3233480.01 
Software
Lobos Parent, Inc. - Series A Preferred Shares(4)10.50%5,7735,7006,2480.24 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units(4)3,9363762920.01 
Total Equity15,76818,5110.70 
Total Investments - non-controlled/non-affiliated5,859,9945,798,252218.24 
Investments - non-controlled/affiliated
Equity
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units(4)502,4151,8283,5780.13 
Total Equity1,8283,5780.13 
Total Investments - non-controlled/affiliated1,8283,5780.13 
Investments - controlled/affiliated
Equity
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units(4)3,000,0003,5423,9680.15 
Total Equity3,5423,9680.15 
Total Investments - controlled/affiliated3,5423,9680.15 
135

Table of Contents
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
EP Purchaser, LLC (9)L +3.50%7.17 %11/6/2028$3,483 $3,475 $3,407 0.14 %
Epicor Software Corp. (10)L +3.25%6.37 %7/30/20279,937 9,670 9,339 0.38 
Flexera Software, LLC (10)L +3.75%6.39 %3/3/20285,951 5,814 5,700 0.23 
GI Consilio Parent, LLC (9)L +4.00%7.12 %5/12/20287,172 7,016 6,670 0.27 
GovernmentJobs.com, Inc. (4)(7)(10)L +5.50%8.62 %12/1/202823,482 22,962 22,881 0.92 
GraphPAD Software, LLC (4)(11)L +5.50%6.50 %4/27/202711,846 11,728 11,728 0.47 
Greeneden U.S. Holdings II, LLC (10)L +4.00%7.12 %12/1/20274,466 4,467 4,265 0.17 
HS Purchaser, LLC (10)L +4.00%7.13 %11/19/20263,972 3,940 3,662 0.15 
Hyland Software, Inc. (10)L +3.50%6.62 %7/1/20243,972 3,947 3,856 0.16 
Idera, Inc. (10)L +3.75%6.32 %3/2/20282,977 2,987 2,774 0.11 
Informatica, LLC (4)(11)L +2.75%5.88 %10/27/20281,592 1,573 1,550 0.06 
ION Trading Finance Ltd. (6)(8)L +4.75%8.42 %4/3/20287,823 7,464 7,283 0.29 
Ivanti Software, Inc. (10)L +4.00%7.14 %12/1/20271,985 1,974 1,555 0.06 
LD Lower Holdings, Inc. (4)(7)(11)L +6.50%10.17 %2/8/202615,021 14,897 14,796 0.60 
Maverick Acquisition, Inc. (4)(10)SOFR +5.00%5.75 %5/18/202827,500 26,145 26,125 1.05 
Medallia, Inc. (4)(13)L +6.75% PIK9.87 %10/29/202845,886 45,108 44,968 1.81 
Mitnick Purchaser, Inc. (9)SOFR +4.75%7.39 %5/2/20295,000 4,976 4,731 0.19 
Monk Holding Co. (4)(7)(10)L +5.75%6.50 %12/1/202791,084 88,928 88,828 3.58 
MRI Software, LLC (5)(11)L +5.50%9.17 %2/10/20267,789 7,571 7,570 0.31 
Nintex Topco Limited (4)(6)(10)L +6.00%8.52 %11/13/202832,919 32,292 31,932 1.29 
NortonLifeLock, Inc. (6)(9)SOFR +2.00%2.50 %9/12/20294,000 3,980 3,854 0.16 
Perforce Software, Inc. (8)L +3.75%6.87 %7/1/20261,343 1,339 1,256 0.05 
Project Alpha Intermediate Holding, Inc. (8)L +4.00%7.12 %4/26/20242,977 2,971 2,874 0.12 
Proofpoint, Inc. (5)(9)L +3.25%6.32 %8/31/20288,918 8,566 8,396 0.34 
Quest Software US Holdings, Inc. (6)(9)SOFR +4.25%6.98 %2/1/20294,000 3,964 2,980 0.12 
RealPage, Inc. (9)L +3.00%6.12 %4/24/20287,965 7,734 7,483 0.30 
Relativity ODA, LLC (4)(7)(11)L +9.59%10.59 %5/12/202735,885 35,357 35,339 1.43 
Rocket Software, Inc. (8)L +4.25%7.37 %11/28/20251,500 1,448 1,438 0.06 
Rocket Software, Inc. (9)L +4.25%7.37 %11/28/20255,447 5,287 5,240 0.21 
S2P Acquisition Borrower, Inc. (6)(8)SOFR +3.75%6.78 %8/14/20264,977 4,923 4,871 0.20 
Solarwinds Holdings, Inc. (4)(11)L +2.75%5.87 %2/5/20242,930 2,886 2,884 0.12 
Sophia, LP (9)L +3.50%7.17 %10/7/20279,950 9,566 9,589 0.39 
Sovos Compliance, LLC (9)L +4.50%7.62 %8/11/20283,969 3,967 3,794 0.15 
SS&C Technologies, Inc. (9)SOFR +2.25%5.38 %3/22/20294,422 4,318 4,312 0.17 
Stamps.com, Inc. (4)(10)L +5.75%8.38 %10/5/202829,850 29,315 29,253 1.18 
Stamps.com, Inc. (4)(10)L +5.75%8.38 %10/5/202829,850 29,315 29,253 1.18 
Surf Holdings, LLC (6)(8)L +3.50%6.67 %3/5/20274,967 4,893 4,815 0.19 
BCRED Emerald JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Total Investment Portfolio5,865,3645,805,798218.52 
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund$13,190 $13,190 0.50 %
Other Cash and Cash Equivalents138,416138,4165.21 
Total Portfolio Investments, Cash and Cash Equivalents$6,016,970 $5,957,404 224.23 %
136

(1)
BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Symphony Technology Group (5)(6)(10)L +4.75%7.87 %7/27/2028$1,985 $1,989 $1,798 0.07 %
Symphony Technology Group (5)(6)(9)L +3.75%6.36 %3/1/20295,990 5,882 5,480 0.22 
The Ultimate Software Group, Inc. (9)L +3.25%5.54 %5/4/20269,197 8,931 8,776 0.35 
Triple Lift, Inc. (4)(7)(10)SOFR +5.75%9.58 %5/8/202861,047 60,424 60,410 2.44 
Veritas US, Inc. (6)(11)L +5.00%8.67 %9/1/20253,696 3,696 2,954 0.12 
Vision Solutions, Inc. (10)L +4.00%6.78 %4/24/20286,034 5,975 5,330 0.22 
VS Buyer, LLC (4)(11)L +3.00%6.12 %2/28/20273,065 3,021 2,977 0.12 
769,365 760,809 30.70 
Specialty Retail
CustomInk, LLC (4)(11)L +6.18%7.18 %5/3/202636,866 36,481 36,866 1.49 
EG Dutch Finco BV (6)(8)L +4.00%7.67 %2/7/20255,979 5,746 5,594 0.23 
42,227 42,461 1.72 
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)SOFR +6.75%9.93 %2/28/202629,322 29,200 28,149 1.14 
Trading Companies & Distributors
Core and Main, LP (4)(11)L +2.50%4.32 %7/27/20283,990 3,904 3,824 0.15 
Foundation Building Materials, Inc. (9)L +3.25%6.06 %1/31/20286,957 6,704 6,293 0.25 
Icebox Holdco III, Inc. (7)(9)L +3.75%7.42 %12/22/20284,938 4,875 4,580 0.18 
LBM Acquisition, LLC (10)L +3.75%7.12 %12/17/20273,980 3,978 3,493 0.14 
Park River Holdings, Inc. (10)L +3.25%5.53 %12/28/20273,101 3,091 2,648 0.11 
Porcelain Acquisition Corp. (4)(7)(11)L +5.75%9.42 %4/1/20278,802 8,600 8,740 0.35 
Specialty Building Products Holdings, LLC (9)L +3.25%6.30 %10/15/20281,995 2,006 1,805 0.07 
SRS Distribution, Inc. (9)SOFR +3.50%6.31 %6/2/20289,955 9,727 9,207 0.37 
The Cook & Boardman Group, LLC (11)SOFR +5.75%8.48 %10/17/202547,062 44,620 44,179 1.78 
87,506 84,769 3.40 
Transportation Infrastructure
First Student Bidco, Inc. (9)L +3.00%6.64 %7/21/20283,981 3,970 3,695 0.15 
Froneri International PLC (4)(11)L +2.25%5.37 %1/29/20274,928 4,793 4,664 0.19 
Frontline Road Safety, LLC (4)(10)L +5.75%6.68 %5/3/202713,305 12,883 12,673 0.51 
Roadsafe Holdings, Inc. (4)(11)L +5.75%9.50 %10/19/202718,871 18,692 18,683 0.75 
40,338 39,715 1.60 
Wireless Telecommunication Services
CCI Buyer, Inc. (10)SOFR +4.00%7.55 %12/17/20276,758 6,573 6,388 0.26 
First Lien Debt Total4,841,914 4,781,798 192.89 
137

BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC (4)(9)L +5.75 %8.87 %12/10/2029$5,301 $4,705 $4,909 0.20 %
Health Care Providers & Services
Jayhawk Buyer, LLC (4)(11)L +8.75 %11.56 %10/15/202724,712 24,520 24,527 0.99 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L +7.00 %10.57 %11/1/202966,704 65,403 64,870 2.62 
Life Sciences Tools & Services
Curia Global, Inc. (4)(10)L +6.50 %9.31 %8/31/202937,847 36,997 36,995 1.49 
Phoenix Newco, Inc. (4)(6)(9)L +6.50 %9.62 %11/15/202937,847 36,997 36,995 1.49 
73,994 73,991 2.98 
Software
Apex Group Treasury, LLC (4)(6)(9)L +6.75 %10.42 %7/27/202937,847 38,036 38,036 1.53 
Proofpoint, Inc. (5)(9)L +6.25 %9.32 %8/31/202928,890 28,241 28,023 1.13 
Vision Solutions, Inc. (5)(10)L +7.25 %10.03 %4/23/202937,847 32,246 31,969 1.29 
98,522 98,028 3.95 
Transportation Infrastructure
Drive Chassis Holdco, LLC (8)L +6.75 %9.18 %4/10/202628,066 27,963 27,960 1.13 
Second Lien Total295,107 294,284 11.87 
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units (4)2,547,048 $4,305 $5,272 0.21 %
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)194 208 208 0.01 
Mode Holdings, L.P. - Class A-2 Common Units (4)1,230,769 2,215 2,265 0.09 
2,424 2,473 0.10 
Distributors
Box Co-Invest Blocker, LLC (4)780,000 780 819 0.03 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)974,662 1,133 1,176 0.05 
Deneb Ultimate Topco, LLC - Class A Units (4)728 728 655 0.03 
1,860 1,831 0.08 
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 — 
322 349 0.01 
Software
Lobos Parent, Inc. - Series A Preferred Shares (4)5,773 5,700 5,946 0.24 
138

BCRED Emerald JV LP
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)Maturity DatePar Amount (16)Cost (3)Fair Value% of Net Assets
Equity (continued)
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)3,936 $376 $315 0.01 %
Equity Total15,767 17,005 0.68 
Total Investment Portfolio5,152,788 5,093,087 205.44 
Total Investments — non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units (4)(6)(14)1,828 2,676 0.11 
Total Equity1,828 2,676 0.11 
Total Investments — non-controlled/affiliated1,828 2,676 0.11 
Investments—controlled/affiliated
Equity
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units (4)(6)(14)3,542 3,770 0.15 %
Total Equity3,542 3,770 0.15 
Total Investments - controlled/affiliated3,542 3,770 0.15 
Total Investment Portfolio5,158,157 5,099,533 205.70 
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund947 947 0.04 
Other Cash and Cash Equivalents134,125 134,125 5.41 
Total Portfolio Investments, Cash and Cash Equivalents$5,293,229 $5,234,605 211.15 %
(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 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”), 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 March 31, 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):
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/2027$781 $(16)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023489 — 
Atlas Intermediate III, LLCDelayed Draw Term Loan2/25/20284 — 
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/20231,363 — 
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, LLCDelayed Draw Term Loan5/1/20236,259 — 
CPI Buyer, LLCRevolver11/1/20262,974 (59)
CSHC Buyerco, LLCDelayed Draw Term Loan9/8/20261,170 — 
Cumming Group, Inc.Revolver5/26/20271,891 (57)
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/202825 — 
Donuts, Inc.Delayed Draw Term Loan5/14/20275,874 — 
Express Wash Concepts, LLCDelayed Draw Term Loan4/30/202713,100 — 
GovernmentJobs.com, Inc.Revolver11/30/20272,566 (51)
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.Revolver12/10/20271,241 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20232,094 — 
Latham Pool Products, Inc.Delayed Draw Term Loan2/18/20294,050 — 
Monk Holding Co.Delayed Draw Term Loan8/12/20237,311 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/20233,053 — 
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/202879 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/20272,115 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/20293,721 (62)
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20271,442 — 
Relativity ODA, LLCRevolver5/12/2027538 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/20275,185 (8)
Smile Doctors, LLCRevolver12/23/2027531 (52)
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/20231,523 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/2026651 — 
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 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/20253 (91)
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20237,580 — 
West Monroe Partners, LLCRevolver11/9/20272,843 — 
WHCG Purchaser III, Inc.Revolver6/22/20262 — 
136
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Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/20231,154 — 
Total First Lien Debt$110,587 $(556)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of March 31, 2023 was 0.50%.
(10)The interest rate floor on these investments as of March 31, 2023 was 0.75%.
(11)The interest rate floor on these investments as of March 31, 2023 was 1.00%.
(12)The interest rate floor on these investments as of March 31, 2023 was 1.25%.
(13)The interest rate floor on these investments as of March 31, 2023 was 1.50%.
(14)The interest rate floor on these investments as of March 31, 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 March 31, 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 
138
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 
139
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 
140
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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)
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 
141
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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)
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 
142
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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 
143
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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 
144
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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 
145
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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 
146
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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 
147
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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 
150
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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 (“SOFR or "S"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 September 30,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 March 31, 2023 and December 31, 2022 (Unaudited):
March 31, 2023December 31, 2022
ASSETS
Investments at fair value (cost of $5,865,364 and $6,225,186 at March 31, 2023 and December 31, 2022, respectively)$5,805,798 $6,143,310 
Cash and cash equivalents151,606 123,112 
Interest receivable61,747 67,094 
Receivable for investments sold19,221 195,023 
Deferred financing costs13,804 12,664 
Other assets— 65 
Total assets$6,052,176 $6,541,268 
LIABILITIES
Debt$3,238,102 $3,377,064 
Distribution payable94,152 91,832 
Payable for investments purchased and other liabilities64,111 308,750 
Total liabilities3,396,365 3,777,646 
MEMBERS’ EQUITY
Members’ Equity2,655,811 2,763,622 
Total Members’ Equity2,655,811 2,763,622 
Total liabilities and members’ equity$6,052,176 $6,541,268 

The following table presents the selected consolidated statements of operations information of the Emerald JV as of March 31, 2023 and March 31, 2022 (Unaudited):
For the three months ended March 31, 2023For the three months ended March 31, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income$159,216 $25,621 
Payment-in-kind interest income2,581 — 
Dividend income337 — 
Other income1,386 164 
Total investment income163,520 25,785 
Expenses:
Interest expense57,291 4,222 
Other expenses1,409 660 
Total expenses58,700 4,882 
Net investment income before taxes104,820 20,903 
Tax Expense— — 
Net investment income after taxes$104,820 $20,903 
Net realized and change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on investments20,101 (2,161)
Net realized gain (loss) on investments165 (110)
Total net realized and change in unrealized gain (loss) on investments20,266 (2,271)
Net increase (decrease) in net assets resulting from operations$125,086 $18,632 

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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 $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 initial equity ownership interests of 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 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 Consolidated Schedule of Investments as of March 31, 2023 and December 31, 2022.
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The following table presents the consolidated schedule of investments of the Verdelite JV as of March 31, 2023:
BCRED Verdelite JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
Investments—non-controlled/non-affiliated
First Lien
Aerospace & Defense
Amentum Government Services Holdings, LLC(8)L +4.00%8.84%1/29/2027$423 $420 $416 0.29 %
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.14%5/25/2028453 417 391 0.27 
Atlas CC Acquisition Corp.(10)SOFR +4.25%9.40%5/25/20282,225 2,051 1,925 1.32 
Peraton Corp.(10)L +3.75%8.59%2/1/20284,079 4,005 4,036 2.78 
Vertex Aerospace Services Corp.(10)L +3.50%8.34%12/6/20284,079 4,036 4,065 2.80 
10,929 10,833 7.46 
Air Freight & Logistics
The Kenan Advantage Group, Inc.(10)L +3.75%8.59%3/24/20263,582 3,497 3,562 2.45 
Airlines
United Airlines, Inc.(10)L +3.75%8.57%4/21/20283,480 3,450 3,463 2.38 
Auto Components
Clarios Global LP(5)(8)L +3.25%8.09%4/30/20264,350 4,306 4,335 2.98 
Metis Buyer, Inc.(10)SOFR +4.00%8.92%5/4/2028997 961 980 0.67 
5,267 5,315 3.65 
Beverages
Triton Water Holdings, Inc.(9)L +3.50%8.66%3/31/20283,482 3,219 3,140 2.16 
Building Products
Griffon Corporation(9)SOFR +2.50%7.50%1/24/20291,247 1,234 1,243 0.86 
Oscar AcquisitionCo LLC(9)SOFR +4.50%9.50%4/29/20293,857 3,729 3,728 2.57 
The Chamberlain Group, Inc.(9)L +3.25%8.09%11/3/20283,584 3,375 3,452 2.38 
8,338 8,423 5.81 
Capital Markets
Advisor Group Holdings, Inc.(8)L +4.50%9.34%7/31/20263,328 3,257 3,282 2.26 
The Edelman Financial Engines Center, LLC(10)L +3.75%8.59%4/7/20282,736 2,639 2,644 1.82 
5,896 5,926 4.08 
Chemicals
Starfruit Finco BV(8)SOFR +4.00%9.01%3/1/2028798 790 797 0.55 
WR Grace Holdings, LLC(9)L +3.75%8.94%9/22/20283,582 3,545 3,563 2.45 
4,335 4,360 3.00 
Commercial Services & Supplies
Access CIG, LLC(8)L +3.75%8.73%2/27/20254,277 4,169 4,242 2.92 
Allied Universal Holdco, LLC(9)SOFR +3.75%8.66%5/12/20283,582 3,412 3,407 2.34 
Anticimex, Inc.(9)L +3.50%8.45%11/16/20283,430 3,358 3,396 2.34 
APX Group, Inc.(9)L +3.25%8.25%7/10/20283,328 3,167 3,318 2.28 
DG Investment Intermediate Holdings 2, Inc.(10)SOFR +3.75%8.56%3/31/20283,977 3,839 3,871 2.66 
EAB Global, Inc.(9)L +3.50%8.34%8/16/20284,079 3,963 3,997 2.75 
Energizer Holdings Inc(9)L +3.75%8.59%12/8/20283,582 3,434 3,478 2.39 
Garda World Security Corp.(8)SOFR +4.25%9.11%10/30/20263,350 3,243 3,323 2.29 
Genuine Financial Holdings, LLC(8)L +3.75%8.59%7/11/20251,589 1,571 1,582 1.09 
30,156 30,614 21.06 
Construction & Engineering
Refficiency Holdings, LLC(10)SOFR +3.75%8.66%12/16/20273,482 3,389 3,434 2.36 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Construction Materials
White Cap Buyer, LLC(9)SOFR +3.75%8.56%10/19/2027$4,140 $4,009 $4,104 2.82 %
Containers & Packaging
Berlin Packaging, LLC(9)L +3.75%8.91%3/11/20283,539 3,485 3,493 2.40 
Charter NEX US, Inc.(10)SOFR +3.75%8.67%12/1/20273,836 3,772 3,795 2.61 
Novolex, Inc.(9)SOFR +4.18%9.08%4/13/20293,827 3,749 3,746 2.58 
ProAmpac PG Borrower, LLC(10)L +3.75%8.65%11/3/20254,079 3,963 4,000 2.75 
Ring Container Technologies Group, LLC(9)L +3.50%8.34%8/12/20282,145 2,131 2,136 1.47 
TricorBraun Holdings, Inc.(9)L +3.25%8.09%3/3/20284,079 3,921 3,993 2.75 
Trident TPI Holdings, Inc.(9)L +4.00%9.16%9/15/20283,328 3,215 3,226 2.22 
24,236 24,389 16.78 
Diversified Consumer Services
Ascend Learning, LLC(9)SOFR +3.50%8.41%12/11/20283,184 3,043 2,947 2.03 
Colibri Group, LLC(10)SOFR +5.00%10.26%3/12/20294,289 4,147 4,136 2.85 
KUEHG Corp.(11)L +3.75%8.91%2/21/20254,974 4,908 4,894 3.37 
Pre-Paid Legal Services, Inc.(9)L +3.75%8.59%12/15/20284,326 4,247 4,264 2.93 
SSH Group Holdings, Inc.(8)SOFR +4.00%8.90%7/30/20253,439 3,384 3,418 2.35 
TruGreen Limited Partnership(10)L +4.00%8.84%11/2/2027997 915 924 0.64 
University Support Services, LLC(9)SOFR +3.25%8.16%2/10/20293,582 3,533 3,534 2.43 
Weld North Education, LLC(9)L +3.75%8.60%12/21/20274,079 4,041 4,070 2.80 
28,218 28,187 19.40 
Diversified Financial Services
Mitchell International, Inc.(9)L +3.75%8.50%10/15/20282,985 2,810 2,830 1.95 
Polaris Newco, LLC(9)L +4.00%9.16%6/2/20283,802 3,639 3,478 2.39 
Sedgwick Claims Management Services, Inc.(8)SOFR +3.75%8.56%2/24/20282,987 2,958 2,956 2.03 
9,407 9,264 6.37 
Diversified Telecommunication Services
Numericable US, LLC(8)SOFR +5.50%10.17%8/15/20284,289 4,139 4,085 2.81 
Zacapa, LLC(9)SOFR +4.00%8.90%3/22/20294,079 3,952 4,001 2.75 
8,091 8,086 5.56 
Electrical Equipment
Madison IAQ, LLC(9)L +3.25%8.30%6/21/20282,084 1,975 1,989 1.37 
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(9)L +3.25%8.41%3/2/20282,686 2,582 2,581 1.78 
Entertainment
Recorded Books, Inc.(8)SOFR +4.00%8.79%8/29/20253,600 3,556 3,588 2.47 
Ground Transportaion
Uber Technologies, Inc.(8)SOFR +2.75%7.64%3/3/20302,448 2,442 2,446 1.68 
Health Care Equipment & Supplies
Auris Luxembourg III Sarl(8)L +3.75%8.68%2/27/20262,164 1,981 1,966 1.35 
Resonetics, LLC(10)L +4.00%9.10%4/28/20284,079 3,951 3,924 2.70 
Sunshine Luxembourg VII S.à r.l, LLC(10)L +3.75%8.91%10/1/20263,802 3,702 3,771 2.60 
9,634 9,661 6.65 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services
ADMI Corp.(9)L +3.75%8.59%12/23/2027$2,587 $2,459 $2,408 1.66 %
Electron Bidco, Inc.(9)L +3.00%7.84%11/1/20284,326 4,240 4,270 2.94 
LifePoint Health, Inc.(8)L +3.75%8.58%11/16/20256,575 6,160 6,279 4.32 
Pediatric Associates Holding Co., LLC(7)(9)L +3.25%8.09%12/29/2028643 630 630 0.43 
13,489 13,587 9.35 
Health Care Technology
athenahealth, Inc.(7)(9)SOFR +3.50%8.26%2/15/20293,576 3,212 3,326 2.29 
Netsmart Technologies, Inc.(10)L +4.00%8.84%10/1/20272,931 2,860 2,901 2.00 
Verscend Holding Corp.(8)L +4.00%8.84%8/27/20254,079 4,068 4,081 2.81 
Waystar Technologies, Inc.(8)L +4.00%8.84%10/22/20264,178 4,125 4,171 2.87 
14,265 14,479 9.97 
Hotels, Restaurants & Leisure
Alterra Mountain Company(9)L +3.50%8.34%8/17/20284,326 4,285 4,320 2.97 
Caesars Entertainment Inc(9)SOFR +3.25%8.16%2/6/20301,632 1,616 1,626 1.12 
Fertitta Entertainment, LLC(9)SOFR +4.00%8.81%1/27/20292,782 2,699 2,746 1.89 
IRB Holding Corp.(10)SOFR +3.00%7.91%12/15/20274,090 4,001 4,028 2.77 
Mic Glen, LLC(9)L +3.50%8.34%7/21/20283,430 3,313 3,332 2.29 
Tacala Investment Corp.(10)L +3.50%8.34%2/5/20274,079 3,945 4,014 2.76 
Twin River Worldwide Holdings, Inc.(9)L +3.25%7.96%10/2/20282,482 2,392 2,376 1.64 
Whatabrands, LLC(9)L +3.25%8.09%8/3/20283,582 3,490 3,550 2.44 
25,741 25,992 17.88 
Household Durables
AI Aqua Merger Sub, Inc.(9)SOFR +3.75%8.48%7/31/20283,837 3,706 3,714 2.56 
Industrial Conglomerates
FCG Acquisitions, Inc.(9)L +3.75%8.91%3/31/20283,977 3,824 3,856 2.65 
SPX Flow, Inc.(9)SOFR +4.50%9.22%4/5/20292,266 2,162 2,168 1.49 
Vertical US Newco, Inc.(9)L +3.50%8.60%7/30/20274,326 4,178 4,226 2.91 
10,164 10,250 7.05 
Insurance
Acrisure LLC(9)L +4.25%9.09%2/15/2027664 636 652 0.45 
Acrisure LLC(9)L +3.75%8.59%2/15/20272,985 2,831 2,921 2.01 
AmWINS Group, Inc(9)SOFR +2.75%7.66%2/19/2028944 935 942 0.65 
AssuredPartners, Inc.(9)L +3.50%8.34%2/12/20272,286 2,192 2,262 1.56 
Baldwin Risk Partners, LLC(9)L +3.50%8.21%10/14/20274,325 4,285 4,232 2.91 
BroadStreet Partners, Inc.(8)L +3.00%7.84%1/27/20273,336 3,244 3,275 2.25 
Howden Group Holdings Limited(9)SOFR +4.00%8.88%3/24/20302,442 2,344 2,433 1.67 
Howden Group Holdings Limited(10)L +3.25%8.13%11/12/20274,325 4,247 4,286 2.95 
HUB International Limited(10)L +3.25%8.06%4/25/20252,481 2,445 2,478 1.71 
NFP Corp.(8)L +3.25%8.09%2/15/20273,328 3,203 3,254 2.24 
26,362 26,735 18.40 
Interactive Media & Services
MH Sub I, LLC(11)L +3.75%8.59%9/13/20243,826 3,773 3,771 2.60 
Project Boost Purchaser, LLC(9)L +3.50%8.34%5/30/20264,079 3,979 4,014 2.76 
7,752 7,785 5.36 
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
IT Services
Dcert Buyer, Inc.(8)SOFR +4.00%8.70%10/16/2026$2,079 $2,007 $2,040 1.40 %
Endurance International Group Holdings, Inc.(10)L +3.50%8.22%2/10/20282,086 1,897 1,955 1.35 
Virtusa Corp.(10)L +3.75%8.66%2/11/20284,079 4,022 4,039 2.78 
World Wide Technology Holding Co, LLC(4)(9)SOFR +3.25%8.18%3/1/20301,014 1,003 1,012 0.70 
8,929 9,046 6.23 
Leisure Products
Motion Finco, LLC(8)L +3.25%8.41%11/12/20262,797 2,720 2,760 1.90 
Life Sciences Tools & Services
LSCS Holdings, Inc.(9)L +4.50%9.34%12/16/20282,475 2,377 2,386 1.64 
Packaging Coordinators Midco, Inc.(10)L +3.50%8.66%11/30/20274,079 3,987 3,996 2.75 
6,364 6,382 4.39 
Machinery
Pro Mach Group, Inc.(11)L +4.00%8.84%8/31/20284,278 4,209 4,264 2.93 
Titan Acquisition Ltd.(8)L +3.00%8.15%3/28/20252,984 2,864 2,838 1.95 
7,073 7,102 4.88 
Media
Radiate Holdco, LLC(10)L +3.25%8.09%9/25/20262,985 2,752 2,455 1.69 
Virgin Media Bristol, LLC(8)SOFR +3.25%8.11%3/31/20322,727 2,700 2,697 1.86 
5,452 5,152 3.55 
Oil, Gas & Consumable Fuels
CQP Holdco, LP(9)L +3.50%8.23%6/5/20284,325 4,300 4,299 2.96 
Professional Services
APFS Staffing Holdings Inc(4)(9)SOFR +4.00%8.89%12/29/20283,960 3,855 3,920 2.70 
Aqgen Island Holdings, Inc.(9)L +3.50%8.38%8/2/20284,278 4,168 4,166 2.87 
Camelot US Acquisition LLC(11)L +3.00%7.84%10/30/20263,135 3,102 3,132 2.16 
Cast & Crew Payroll, LLC(8)L +3.50%8.34%2/9/20263,532 3,499 3,533 2.43 
Deerfield Dakota Holding, LLC(11)SOFR +3.75%8.65%4/9/20274,300 4,184 4,175 2.87 
Inmar, Inc.(11)L +4.00%9.16%5/1/20242,084 1,943 2,003 1.38 
National Intergovernmental Purchasing Alliance Co.(8)SOFR +3.50%8.40%5/23/2025721 715 712 0.49 
VT Topco, Inc.(7)(10)L +3.75%8.59%8/1/20253,978 3,903 3,930 2.70 
25,369 25,571 17.60 
Software
Apex Group Treasury, LLC(9)L +3.75%8.56%7/27/20283,582 3,453 3,507 2.41 
Apttus Corp.(10)L +4.25%9.08%5/8/20283,591 3,426 3,495 2.41 
Boxer Parent Company, Inc.(8)L +3.75%8.59%10/2/20253,579 3,492 3,540 2.44 
Cloudera, Inc.(9)SOFR +3.75%8.66%10/8/20283,591 3,418 3,438 2.37 
ConnectWise, LLC(9)L +3.50%8.34%9/29/20283,557 3,431 3,446 2.37 
Cornerstone OnDemand, Inc.(9)L +3.75%8.59%10/16/20282,189 1,979 2,028 1.40 
ECI Macola Max Holding, LLC(10)L +3.75%8.91%11/9/20273,532 3,456 3,459 2.38 
Epicor Software Corp.(10)L +3.25%8.09%7/30/20273,582 3,503 3,525 2.43 
GI Consilio Parent, LLC(9)L +4.00%8.84%5/12/20282,139 2,044 2,004 1.38 
Greeneden U.S. Holdings II, LLC(10)L +4.00%8.84%12/1/20273,591 3,550 3,545 2.44 
HS Purchaser, LLC(10)SOFR +4.00%8.78%11/19/20263,582 3,274 3,205 2.21 
Idera, Inc.(10)L +3.75%8.51%3/2/20282,888 2,754 2,763 1.90 
Mitnick Purchaser, Inc.(9)SOFR +4.75%9.53%5/2/20293,430 3,324 3,242 2.23 
NortonLifeLock, Inc.(9)SOFR +2.00%6.91%9/12/20293,977 3,953 3,943 2.71 
160
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BCRED Verdelite JV LP
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Project Alpha Intermediate Holding, Inc.(8)L +4.00%8.85%4/26/2024$4,427 $4,362 $4,407 3.03 %
RealPage, Inc.(9)L +3.00%7.84%4/24/20285,797 5,563 5,636 3.88 
Rocket Software, Inc.(8)L +4.25%9.09%11/28/20253,581 3,500 3,524 2.43 
S2P Acquisition Borrower, Inc.(8)SOFR +4.00%8.91%8/14/20263,581 3,491 3,533 2.43 
Sophia, LP(9)L +3.50%8.66%10/7/20273,328 3,231 3,295 2.27 
Sovos Compliance, LLC(9)L +4.50%9.34%8/11/20283,582 3,512 3,400 2.34 
Surf Holdings, LLC(8)L +3.50%8.51%3/5/20273,582 3,539 3,555 2.45 
Symphony Technology Group(5)(10)L +4.75%9.58%7/27/20283,591 3,286 2,974 2.05 
Symphony Technology Group(5)(9)SOFR +3.75%8.52%3/1/20293,582 3,428 3,378 2.32 
The Ultimate Software Group, Inc.(9)L +3.25%8.03%5/4/20264,375 4,269 4,271 2.94 
Vision Solutions, Inc.(10)L +4.00%8.82%4/24/20282,189 1,875 1,954 1.34 
85,113 85,067 58.56 
Specialty Retail
EG America, LLC(9)L +4.25%9.09%3/31/20262,438 2,261 2,340 1.61 
Trading Companies & Distributors
Icebox Holdco III, Inc.(9)L +3.50%8.66%12/22/20282,389 2,259 2,263 1.56 
SRS Distribution, Inc.(9)L +3.50%8.34%6/2/20284,090 3,922 3,960 2.73 
6,181 6,223 4.29 
Wireless Telecommunication Services
CCI Buyer, Inc.(10)SOFR +4.00%8.90%12/17/20273,480 3,398 3,441 2.37 
Total First Lien Debt431,265 433,290 298.20 
Total Investment Portfolio431,265 433,290 298.20 
Cash and Cash Equivalents
Other Cash and Cash Equivalents7,181 7,181 4.94 
Total Portfolio Investments, Cash and Cash Equivalents$438,446 $440,471 303.14 %
(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 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.
(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 March 31, 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):
161
Table of Contents
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
athenahealth, Inc.Delayed Draw Term Loan2/15/2029$515 $— 
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/20289 — 
VT Topco, Inc.Delayed Draw Term Loan8/1/20252 — 
Total First Lien Debt$526 $— 

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of March 31, 2023 was 0.50%.
(10)The interest rate floor on these investments as of March 31, 2023 was 0.75%.
(11)The interest rate floor on these investments as of March 31, 2023 was 1.00%.
(12)The interest rate floor on these investments as of March 31, 2023 was 1.25%.
(13)The interest rate floor on these investments as of March 31, 2023 was 1.50%.
(14)The interest rate floor on these investments as of March 31, 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 March 31, 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.

162
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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)SORF +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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Table of Contents
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.
(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.
(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):
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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 — 
Barbri Holdings, Inc.Delayed Draw Term Loan4/28/20231,363 — 
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 Loan12/21/20232,832 — 
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 (44)
Cumming Group, Inc.Delayed Draw Term Loan5/26/20272,022 (20)
Cumming Group, Inc.Revolver5/26/20271,776 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/2023173 — 
Icebox Holdco III, Inc.Delayed Draw Term Loan12/22/20281,027 (62)
Express Wash Concepts, LLCDelayed Draw Term Loan4/30/202719,500 — 
Forefront Management Holdings, LLCDelayed Draw Term Loan3/23/2029681 — 
The GI Alliance Management, LLCDelayed Draw Term Loan11/4/20244 — 
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.Revolver12/10/20231,318 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20273,878 (39)
Latham Pool Products, Inc.Delayed Draw Term Loan2/18/202911,250 (1,181)
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/20232,542 — 
Reverb Buyer, Inc.Delayed Draw Term Loan11/1/2028552 (25)
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/20233,701 — 
New Arclin US Holding Corp.Delayed Draw Term Loan9/22/2028382 (28)
Pediatric Associates Holding Co., LLCDelayed Draw Term Loan12/29/2028263 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/20272,115 (62)
Prodege International Holdings, LLCDelayed Draw Term Loan12/15/20222,729 (55)
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 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/20233,263 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/20261,740 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan12/10/2022110 — 
Trident TPI Holdings, Inc.Delayed Draw Term Loan9/15/2028278 — 
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 Loan11/18/20234,617 — 
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, LLCRevolver11/9/20272,843 (14)
WHCG Purchaser III, Inc.Revolver6/22/2026741 (54)
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/20231,154 — 
Total Unfunded Commitments$147,494 $(2,010)
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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(8)    There are no interest rate floors on these investments.
(9)    The interest rate floor on these investments as of September 30,December 31, 2022 was 0.50%.
(10)    The interest rate floor on these investments as of September 30,December 31, 2022 was 0.75%.
(11)    The interest rate floor on these investments as of September 30,December 31, 2022 was 1.00%.
(12)    The interest rate floor on these investments as of September 30,December 31, 2022 was 1.25%.
(13)    The interest rate floor on these investments as of September 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 EmeraldVerdelite JV as of September 30, 2022:March 31, 2023 and December 31, 2022 (Unaudited):
March 31, 2023December 31, 2022
ASSETS
Investments at fair value (cost of $431,265 and $495,472 at March 31, 2023 and December 31, 2022, respectively)$433,290 $490,615 
Cash and cash equivalents7,181 2,767 
Interest receivable3,787 4,539 
Receivable for investments sold21,705 1,624 
Total assets$465,963 $499,545 
LIABILITIES
Debt$302,500 $365,000 
Interest payable and other liabilities18,162 2,342 
Total liabilities320,662 367,342 
MEMBERS’ EQUITY
Members’ Equity145,301 132,203 
Total Members’ Equity145,301 132,203 
Total liabilities and members’ equity$465,963 $499,545 
The following table presents the selected consolidated statement of operations information of the Verdelite JV as of March 31, 2023 (Unaudited):
September 30, 2022For the three months ended March 31, 2023
ASSETS(Unaudited)
Investments at fair value (cost of $5,158,157 at September 30, 2022)$5,099,533 Investment income:
Cash and cash equivalents135,072 From non-controlled/non-affiliated investments:
Interest receivableincome20,893$10,643 
Receivable for investments soldOther income25,346 
Deferred financing costs10,627 
Subscription receivable2,287110 
Total assetsinvestment income$5,293,75810,753 
LIABILITIESExpenses:
DebtInterest expense$2,591,1645,564 
Distribution payableOther expenses33,536 
Payable for investments purchased and other liabilities190,80875 
Total liabilitiesexpenses2,815,5085,639 
MEMBERS’ EQUITYNet investment income before taxes5,114 
Members’ EquityTax Expense2,478,250— 
Total Members’ Equity2,478,250 
Total liabilities and member’s equityNet investment income after taxes$5,293,758 
Below is selected statement of operations information for the Emerald JV as of September 30, 2022:

For the Three Months Ended September 30, 2022For the Nine Months Ended September 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income$56,971 $119,898 
Other income150 392 
Total investment income57,121 120,290 
Expenses:
Interest expense18,762 32,957 
Other expenses1,404 2,616 
Total expenses20,166 35,573 
Net investment income before taxes36,955 84,717 
Tax Expense— — 
Net investment income after taxes$36,955 $84,717 
Net realized and change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on investments(7,970)(58,771)
Net realized gains on investments(2,259)(2,750)
Total net realized and change in unrealized gain (loss) on investments(10,229)(61,521)
Net increase (decrease) in net assets resulting from operations$26,726 $23,196 

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Note 12. 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.
The following table summarizes the assets and liabilities of Twin Peaks as of the acquisition date:
March 5, 2021
ASSETS5,114 
Investments at fair value$1,023,188 Net realized and change in unrealized gain (loss) on investments
Cash and cash equivalentsNet unrealized gain (loss) on investments$23,6096,886 
Interest receivableNet realized gain (loss) on investments$10,018 
Other assets$2,211 
Total assets$1,059,026 
LIABILITIES
Debt$337,648 
Interest payable$365 
Total liabilities$338,013 
NET ASSETS1,098 
Total net realized and change in unrealized gain (loss) on investments7,984 
Net increase (decrease) in net assets resulting from operations$721,013 
Total liabilities and net assets$1,059,02613,098 

Note 13.12. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the 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 consolidated financial statements as of September 30, 2022,March 31, 2023, except as discussed below.
Newly-Formed Joint Venture

    On October 21, 2022, a wholly-owned subsidiary of the Company entered into a joint venture (the “Verdelite JV”) with 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”). The Verdelite JV will acquire and hold approximately $667 million of broadly-syndicated loans. The Fund and the Verdelite JV Partner made capital commitments of $147 million and $21 million, respectively, to the Verdelite JV in exchange for initial equity ownership interests of approximately 87.5% and approximately 12.5%, respectively. Investment decisions and all other material decisions with respect to the Verdelite JV must be approved by representatives of the Fund and the Verdelite JV Partner, and the Fund and the
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Verdelite JV Partner will have equal voting rights with respect to the Verdelite JVApril Subscriptions and the Verdelite JV’s general partner. The New JV will not be consolidated in the Fund’s consolidated financial statements.

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, National Association, serves as collateral agent, account bank and collateral custodian, and the Company serves as servicer and transferor under the Haydon Peak Funding Facility.

Advances under the Haydon 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 one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. Effective April 7, 2023, Haydon Peak Funding will pay a 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 until October 7, 2025, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.Dividend Declarations

The initial principal amountCompany received approximately $493.7 million of net proceeds, inclusive of distributions reinvested through the Haydon Peak Funding Facility is $500 million. Proceeds from borrowings underCompany's distribution reinvestment plan, relating to the Haydon Peak Funding Facility may be used to fund portfolio investments by Haydon Peak Fundingissuance of Class I shares, Class S shares, 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 October 7, 2025, and the Haydon Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by October 7, 2027.
Bear Peak Funding FacilityClass D shares for subscriptions effective April 1, 2023.

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 servesApril 19, 2023, the Company’s Board declared net distributions of $0.2100 per Class I share, $0.1925 per Class S share, and $0.2048 per Class D share, which is payable on May 26, 2023 to shareholders of record as administrative agent, GLAS Trust Corporation Limited serves as collateral agent, and the Company serves as servicer under the Bear Peak Funding Facility.of April 30, 2023.

Advances under the Bear Peak Funding Facility initially 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 until October 10, 2025. Bear Peak Funding will also pay to BNPP an arranger fee, in addition to certain other fees, each as agreed between Bear Peak Funding and BNPP.May Subscriptions

The initial principal amountCompany received approximately $388.8 million of net proceeds, inclusive of distributions reinvested through the maximum funding amounts under the Bear Peak Funding Facility is €500 million. Proceeds from borrowings under the credit facility may be usedCompany's distribution reinvestment plan, relating 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 credit facility must be repaid by October 10, 2027.
October 2027 Notes

On October 11, 2022, the Company entered into a Master Note Purchase Agreement (the “October 2022 Note Purchase Agreement”) governing the issuance of $350,000,000 in aggregate principal amount of its 7.49% SeriesClass I shares, Class S shares, and Class D Senior Notes (the “October 2027 Notes”) to qualified institutional investors in a private placement. The October 2027 Notes were issued on October 11, 2022shares for an aggregate issue price of $345,649.50, 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 outstanding and future 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 occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the October 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 7.49% and pays a floating interest rate ofsubscriptions effective May 1, 2023.
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three-month term SOFR + 3.72% on a notional amount of $350 million. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
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 and uncertainties, 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 Credit”). In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (“Opportunistic Credit”). 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
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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 PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts. In addition, we generate revenue from various fees in the ordinary course of business such as in the form of commitment, loan origination, structuring consent, waiver, amendment, syndication and other miscellaneousor diligence fees, as well as fees for providing managerial assistance rendered by us.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 Consolidated 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 September 30, 2022,March 31, 2023, we acquired $9,648.8$808.2 million aggregate principal amount of investments (including $976.1$10.6 million of unfunded commitments), $8,434.2$797.8 million of which was first lien debt, $119.0$10.0 million of which was second lien debt, and $1,095.6$0.4 million of which was equity (which includes a $1,092.8 million investment in our joint venture).
For the three months ended September 30, 2021, we acquired $9,100.5 million aggregate principal amount of investments (including $1,215.6 million of unfunded commitments), $8,285.5 million of which was first lien debt, $501.6 million of which was second lien debt, $1.6 million of which was unsecured debt, $198.6 million of which was structured finance investments, and $113.2 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 September 30,As of and for the three months ended March 31,
20222021 20232022
Investments:Investments: Investments: 
Total investments, beginning of periodTotal investments, beginning of period$47,141,027 $11,247,577 Total investments, beginning of period$49,935,296 $30,698,023 
New investments purchased(1)New investments purchased(1)7,206,000 7,789,702 New investments purchased(1)827,172 7,842,704 
Net accretion of discount on investmentsNet accretion of discount on investments46,758 10,935 Net accretion of discount on investments39,863 23,451 
Net realized gain (loss) on investments(6)Net realized gain (loss) on investments(6)(99,556)5,135 Net realized gain (loss) on investments(6)(101,696)1,662 
Investments sold or repaid(7)Investments sold or repaid(7)(4,118,609)(1,394,407)Investments sold or repaid(7)(1,988,650)(789,219)
Total investments, end of periodTotal investments, end of period$50,175,620 $17,658,942 Total investments, end of period$48,711,985 $37,776,621 
Amount of investments funded at principal:Amount of investments funded at principal:Amount of investments funded at principal:
First lien debt investmentsFirst lien debt investments$7,508,082 $7,077,977 First lien debt investments$787,159 $6,694,844 
Second lien debt investmentsSecond lien debt investments69,063 493,498 Second lien debt investments10,000 344,936 
Unsecured debtUnsecured debt— 1,641 Unsecured debt— 38,949 
Structured finance investmentsStructured finance investments— 198,600 Structured finance investments— 60,936 
Equity investments(4)
1,095,622 113,180 
Equity investments and Investments in Joint Ventures (5)
Equity investments and Investments in Joint Ventures (5)
412 772,073 
TotalTotal$8,672,767 $7,884,896 Total$797,571 $7,911,738 
Proceeds from investments sold or repaid:Proceeds from investments sold or repaid: Proceeds from investments sold or repaid:
First lien debt investmentsFirst lien debt investments$(3,852,026)$(1,312,168)First lien debt investments$(1,837,569)$(724,070)
Second lien debt investmentsSecond lien debt investments(262,208)(51,889)Second lien debt investments(23,966)(18,710)
Unsecured debtUnsecured debt(4,375)(30,350)Unsecured debt(14,616)(17,571)
Structured finance investmentsStructured finance investments— — Structured finance investments— (6,100)
Equity investments— — 
Equity investments and Investments in Joint VenturesEquity investments and Investments in Joint Ventures(112,500)(22,770)
TotalTotal$(4,118,609)$(1,394,407)Total$(1,988,651)$(789,221)
March 31, 2023December 31, 2022
Number of portfolio companiesNumber of portfolio companies578 404 Number of portfolio companies516 532 
Weighted average yield on debt and income producing investments, at cost(1)(2)
8.76 %6.47 %
Weighted average yield on debt and income producing investments, at fair value(1)(2)
8.99 %6.44 %
Average loan to value (LTV)(3)
42.70 %45.20 %
Weighted average yield on debt and income producing investments, at cost (2)(3)
Weighted average yield on debt and income producing investments, at cost (2)(3)
11.08 %10.37 %
Weighted average yield on debt and income producing investments, at fair value (2)(3)
Weighted average yield on debt and income producing investments, at fair value (2)(3)
11.29 %10.59 %
Average loan to value (LTV) (4)
Average loan to value (LTV) (4)
42.00 %43.60 %
Percentage of debt investments bearing a floating rate, at fair valuePercentage of debt investments bearing a floating rate, at fair value99.70 %99.02 %Percentage of debt investments bearing a floating rate, at fair value99.90 %99.80 %
Percentage of debt investments bearing a fixed rate, at fair valuePercentage of debt investments bearing a fixed rate, at fair value0.30 %0.98 %Percentage of debt investments bearing a fixed rate, at fair value0.10 %0.20 %
Percentage of assets on non-accrual (8)
Percentage of assets on non-accrual (8)
0.33 %0.07 %
(1)Includes payment-in-kind (“PIK”) interest capitalized, which increases the loan principal.
(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.
(2)(3)As of September 30,March 31, 2023 and December 31, 2022, and 2021, the weighted average total portfolio yield at cost was 8.31%10.43% and 6.41%9.75%, respectively. The weighted average total portfolio yield at fair value was 8.52%10.61% and 6.38%9.95%, respectively.
(3)(4)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
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applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.
(4)(5)Includes a $1,092.8$0.0 million and $0.0$733.4 million investmentof investments in our joint ventureventures for the three months ended September 30,March 31, 2023 and 2022, respectively.
(6)Net realized gain (loss) on investments includes $0.0 million and 2021,$0.0 million of net realized losses related to investments contributed in-kind to our joint ventures for the quarter ended March 31, 2023 and March 31, 2022.
(7)Investments sold or repaid includes the amortized cost of First lien debt investments and Second lien debt investments of $0.0 million and $0.0 million, respectively, related to investments contributed in-kind to our joint ventures for the period ended March 31, 2023 and March 31, 2022.    
(8)As a percentage of total amortized cost of Investments (excluding Investments in Joint Ventures). Assets on non-accrual represented 0.16% and 0.04% of total fair value of Investments (excluding Investments in Joint Ventures) as of March 31, 2023 and December 31, 2022, respectively.
As of September 30, 2022,March 31, 2023, our portfolio companies had a weighted average annual revenue of $795.3 million weighted average annual EBITDA of $188.5$200.0 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):
September 30, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
First lien debt$44,901,859 $43,902,022 89.67 %$28,076,107 $28,143,451 91.39 %
Second lien debt2,256,935 2,111,420 4.31 1,799,656 1,813,872 5.89 
Unsecured debt21,432 17,370 0.04 6,061 5,842 0.02 
Structured finance investments409,571 357,384 0.73 287,275 286,610 0.93 
Investment in joint venture1,895,396 1,856,239 3.79 — — — 
Equity investments(1)690,426 714,568 1.46 528,924 545,918 1.77 
Total$50,175,620 $48,959,003 100.00 %$30,698,023 $30,795,693 100.00 %
(1)For additional information on our Investments, see “Includes equity investment in SLC.Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 4. Investments
As of September 30, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.”.
BCRED Emerald JV LP
BCRED Emerald JV LP (“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 March 31, 2023, the Company and the Emerald JV Partner has committed $2,250.0 million and $750.0 million, respectively, of capital to the Emerald JV. The Company and the Emerald JV partner each initially 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 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 entered into the Master Framework Agreement, pursuant to which the Company and the Emerald JV Partner each agreed to increase their capital commitments to the Emerald JV to $2,250 million and $750 million, respectively. Pursuant to the Master Framework Agreement, the Company made capital contributions to the Emerald JV in an aggregate amount of approximately $940 million (consisting of cash capital contributions of $670 million and an in-kind capital contribution of investments valued at approximately $270 million), the Emerald JV Partner made capital contributions to the Emerald JV of approximately $313 million (consisting of a cash contribution of approximately $251 million and an in-kind capital contribution of investments valued at approximately $62 million), and certain of the SPV subsidiaries of the Company sold investments to the Emerald JV for an aggregate cash purchase price of approximately $1,972 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 approximately 75% and approximately 25%, respectively. 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 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 Emerald JV is disclosed on the Company’s Consolidated Schedule of Investments as of September 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. The Company is not deemed to be the primary beneficiary of the Emerald JV as there is equal power between the Company and JV. Accordingly, the Company does not consolidate the Emerald JV.

As of March 31, 2023, the Emerald JV had total investments at fair value of $5,805.8 million. The following table is a summary of JV’s portfolio as of March 31, 2023 and December 31, 2022.
March 31, 2023December 31, 2022
Total senior secured debt investments at fair value$5,672,897$5,722,448
Number of portfolio companies311443
Weighted average yield on debt and income producing investments, at fair value (2)
11.14 %10.88 %
Weighted average yield on debt and income producing investments, at cost (2)
11.00 %10.72 %
Percentage of debt portfolio at floating interest rates (1)
100.00 %93.50 %
Percentage of debt portfolio at fixed interest rates (1)
0.00 %6.50 %
Percentage of assets on non-accrual (1)
0.19 %0.18 %
(1)As a percentage of total amortized cost of Investments of Emerald JV. Assets on non-accrual represented 0.08% and 0.09% of total fair value of Investments of Emerald JV as of March 31, 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.

On October 21, 2022, a wholly-owned subsidiary of the Company and the Verdelite JV Partner committed to contribute $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 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 March 31, 2023, the Verdelite JV had total investments at fair value of $433.3 million. The following table is a summary of JV’s portfolio as of March 31, 2023 and December 31, 2022:

March 31, 2023December 31, 2022
Total senior secured debt investments at fair value$433,290$490,615
Number of portfolio companies132129
Weighted average yield on debt and income producing investments, at fair value (2)
9.62 %9.25 %
Weighted average yield on debt and income producing investments, at cost (2)
9.66 %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)
0.00 %0.00 %
(1)Verdelite JV had no assets on non-accrual as of March 31, 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 Consolidated Financial Statements—Note 11. Joint VentureVentures”.”
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Results of Operations
The following table represents our operating results (dollar amounts in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Total investment income$1,044,979 $238,815 $2,337,502 $396,328 
Net expenses473,797 92,278 996,001 132,003 
Net investment income before excise tax571,182 146,537 1,341,501 264,325 
Excise tax expense— — 292 — 
Net investment income after excise tax571,182 146,537 1,341,209 264,325 
Net unrealized appreciation (depreciation)(135,308)21,126 (1,085,983)89,657 
Net realized gain (loss)(99,556)4,255 (110,874)10,273 
Net increase (decrease) in net assets resulting from operations$336,318 $171,918 $144,352 $364,255 
Three Months Ended March 31,
20232022
Total investment income$1,335,742 $555,686 
Net expenses638,645 217,865 
Net investment income before excise tax697,097 337,821 
Excise tax expense7,742 117 
Net investment income after excise tax689,355 337,704 
Net unrealized appreciation (depreciation)156,183 (86,576)
Net realized gain (loss)(92,683)2,615 
Net increase (decrease) in net assets resulting from operations$752,855 $253,743 
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 September 30,Nine Months Ended September 30,Three Months Ended March 31,
202220212022202120232022
Interest incomeInterest income$970,341 $231,869 $2,150,852 $380,505 Interest income$1,231,747 $512,807 
Payment-in-kind interest incomePayment-in-kind interest income36,734 1,213 89,526 1,913 Payment-in-kind interest income40,820 21,419 
Dividend incomeDividend income25,152 — 70,275 — Dividend income62,178 20,811 
Fee incomeFee income12,752 5,733 26,849 13,910 Fee income997 649 
Total investment incomeTotal investment income$1,044,979 $238,815 $2,337,502 $396,328 Total investment income$1,335,742 $555,686 
Total investment income increased to $1,045.0$1,335.7 million for the three months ended September 30, 2022March 31, 2023 from $238.8$555.7 million for the same period in the prior year primarily driven by our deployment of capital, increasingincreased 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 increasedgrew to $48,959.0$47,905.8 million at September 30, 2022March 31, 2023 from $17,738.4$37,777.5 million at September 30, 2021.March 31, 2022. Included in investment income is dividend income which increased to $25.2of $62.2 million forreceived from our Emerald JV and Verdelite JV joint ventures and our investment in Specialty Lending Company LLC (“SLC”).
While rising interest rates have favorably impacted our investment income during the three months ended September 30, 2022, from $0.0 million forMarch 31, 2023, further interest rate increases and the sameresulting higher cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate increases occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the prior year primarily driven by dividend income received fromcredit markets, and this could impact our JV and our investmentability to sell such assets at attractive prices or in SLC.
Total investment income increased to $2,337.5 million for the nine months ended September 30, 2022 from $396.3 million for the same period in the prior year primarily driven by our deployment of capital and the increased balance of our investments. Included in investment income is dividend income which increased to $70.3 million for the nine months ended September 30, 2022, from $0.0 million for the same period in the prior year primarily driven by dividend income received from our JV and our investment in SLC.
We may experience full 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 September 30,Nine Months Ended September 30,Three Months Ended March 31,
2022202120222021 20232022
Interest expenseInterest expense$294,772 $39,759 $566,332 $60,544 Interest expense$436,223 $113,390 
Management feesManagement fees70,984 22,521 186,552 39,521 Management fees73,603 50,627 
Income based incentive feesIncome based incentive fees83,663 21,735 194,775 35,496 Income based incentive fees100,758 48,148 
Capital gains incentive feesCapital gains incentive fees— 3,173 (15,059)12,491 Capital gains incentive fees— (10,502)
Distribution and shareholder servicing feesDistribution and shareholder servicing feesDistribution and shareholder servicing fees
Class SClass S13,811 3,442 35,703 5,598 Class S15,391 9,453 
Class DClass D649 97 1,570 120 Class D560 383 
Professional feesProfessional fees2,215 720 7,842 2,307 Professional fees4,021 1,688 
Board of Trustees’ feesBoard of Trustees’ fees239 130 641 409 Board of Trustees’ fees224 194 
Administrative service expensesAdministrative service expenses1,897 606 4,090 1,225 Administrative service expenses1,922 1,186 
Other general & administrativeOther general & administrative3,918 1,399 9,764 3,658 Other general & administrative4,644 2,370 
Organization costs— — — 1,090 
Amortization of continuous offering costsAmortization of continuous offering costs1,649 1,036 3,791 2,645 Amortization of continuous offering costs1,299 928 
Excise tax expense— — 292 — 
Total expensesTotal expenses473,797 94,618 996,293 165,104 Total expenses$638,645 $217,865 
Expense support— — — (2,199)
Recoupment of expense support— — — 2,199 
Management fees waived— (1,231)— (18,231)
Incentive fees waived— (1,109)— (14,870)
Net expenses$473,797 $92,278 $996,293 $132,003 
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 $294.8$436.2 million for the three months ended September 30, 2022 from $39.8March 31, 2023 compared to $113.4 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. The average principal debt outstanding increased to $27,552.4$27,150.9 million for the three months ended September 30, 2022March 31, 2023 from $6,814.9$18,101.5 million for the same period in the prior year in addition to an increase in our weighted average interest rate to 4.17%6.31% for the three months ended September 30, 2022March 31, 2023 from 2.19%2.40% for the same period in the prior year.
Total interest expense (including unused fees and other debt financing expenses), increased to $566.3 million for the nine months ended September 30, 2022 from $60.5 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities, unsecured notes and debt securitizations. The average principal debt outstanding increased to $22,342.7 million for the nine months ended September 30, 2022 from $3,512.9 million for the same period in the prior year in addition to an increase in our weighted average interest rate to 3.27% for the nine months ended September 30, 2022 from 2.16% for the same period in the prior year.
Management Fees
Management fees increased to $71.0$73.6 million for the three months ended September 30, 2022 from $22.5March 31, 2023 compared to $50.6 million for the same period in the prior year primarily due to an increase in grossnet assets. Management
Income Based Incentive Fees
Income based incentive fees increased to $186.6$100.8 million for the ninethree months ended September 30, 2022 from $39.5March 31, 2023 compared to $48.1 million for the same period in the prior year primarily due to an increase in gross assets. Our total gross assetspre-incentive fee net investment income. Pre-incentive fee net investment income increased to $52,335.2 million at September 30, 2022 from $18,860.1 million at September 30, 2021. For the three and nine months ended September 30, 2021, the Adviser fully waived management fees, which resulted in a waiver of $1.2 million and $18.2 million, respectively.
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Income Based Incentive Fees
Income based incentive fees increased to $83.7$272.2 million for the three months ended September 30, 2022March 31, 2023 from $21.7$144.7 million for the same period in the prior year primarily due to our deployment of capital. Income based incentive fees increased to $194.8 million for the nine months ended September 30, 2022 from $35.5 million for the same period in the prior year primarily due to our deployment of capital. For the three and nine months ended September 30, 2021, the Adviser fully waived incentive fees, which resulted in a waiver of $1.1 million and $14.9 million, respectively.year.
Capital Gains Based Incentive Fees
We accrued no capital gains incentive fees for the three and nine months ended September 30, 2022 of $0.0 million and $(15.1) million, respectively, compared to $3.2 million and $12.5 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 nine months ended September 30, 2021.March 31, 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.
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Other Expenses
Organization costsTotal other expenses were $28.1 million for the three months ended March 31, 2023, primarily comprised of $16.0 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 $4.6 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 subscriptions and other costs.
Total other expenses increasedtransfer agent). The increase compared to $24.4 million for the three months ended September 30, 2022 from $7.4 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 Class D shares and the increased cost of distribution and shareholder servicing fees, professional fees, administrative service expenses and other general & administrative expenses due to servicing a growing portfolio.
Total other expenses increased to $63.4 million for the nine months ended September 30, 2022 from $17.1 million for the same period in the prior year primarily driven by an increase of distribution and shareholder servicing fees, professional fees, administrative service expenses and other general & administrative expenses due to servicing a growingsignificantly larger 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 September 30,March 31, 2023 and 2022, the Company accrued $7.7 million and 2021, we did not incur any,$0.1 million, respectively, inof U.S. federal excise tax. For the nine months ended September 30, 2022 and 2021, we incurred $0.3 million and $0.0 million, respectively in U.S. federal excise tax.
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Net Unrealized Gain (Loss)
Net unrealized gain (loss) was comprised of the following (dollar amounts in thousands):
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended March 31,
202220212022202120232022
Net unrealized gain (loss) on investmentsNet unrealized gain (loss) on investments$(139,266)$21,126 $(1,088,272)$89,657 Net unrealized gain (loss) on investments$169,383 $(73,114)
Net unrealized gain (loss) on foreign currency forward contracts3,958 — 2,289 — 
Net unrealized gain (loss) on forward purchase obligation— — — — 
Foreign currency forward contractsForeign currency forward contracts(11,940)(13,462)
Foreign currency transactionsForeign currency transactions(1,260)— 
Net unrealized gain (loss)Net unrealized gain (loss)$(135,308)$21,126 $(1,085,983)$89,657 Net unrealized gain (loss)$156,183 $(86,576)
For the three months ended September 30, 2022, theMarch 31, 2023, we had net unrealized loss wasgains on investments of $169.4 million, compared to net unrealized losses on investments of $73.1 million for the same period in the prior year, which were primarily driven by a decreasean increase in the fair value of our debt investments during the period.investments. The fair value of our debt investments as a percentage of principal decreasedincreased by 1.2% during the period0.2%, from 96.3% as of December 31, 2022 to 96.6% as of March 31, 2023 partially due to volatilitychanges in the quarter in part by rising rates and inflation. economic outlook.
For the three months ended September 30, 2021, the fair valueMarch 31, 2023, we had net unrealized losses of our debt investments increased due to continued spread tightening$11.9 million and $1.3 million on foreign currency forward contracts and foreign currency transactions, respectively, primarily as a result of fluctuations in the credit markets driven primarily by a strong recovery in economic activity in the period.
For the nine months ended September 30, 2022, the net unrealized loss was primarily driven by a decrease in the fair value of our debt investments during the period. The fair value of our debt investments as a percentage of principal decreased by 2.3% September 30, 2021, the fair value of our debt investments increased due to continued spread tightening in the credit markets driven primarily by a strong recovery in economic activity in the period.EUR, CAD, GBP, SEK and DKK exchange rates.
Net Realized Gain (Loss)
The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):
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Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net realized gain (loss) on investments$(92,364)$5,135 $(108,268)$5,912 
Net realized gain (loss) on forward purchase obligation— — — 3,709 
Net realized gain (loss) on derivative— — — 2,334 
Net realized gain (loss) on translation of assets and liabilities in foreign currencies(7,192)(880)(2,606)(1,682)
Net realized gain (loss)$(99,556)$4,255 $(110,874)$10,273 
Three Months Ended March 31,
20232022
Net realized gain (loss) on investments$(101,696)$1,662 
Net realized gain (loss) on derivative instruments4,770 — 
Net realized gain (loss) on translation of assets and liabilities in foreign currencies and other transactions4,243 953 
Net realized gain (loss)$(92,683)$2,615 
For the three and nine months ended September 30, 2022,March 31, 2023, we generated realized gains of $11.1 million and $16.3 million, respectively, partially offset bynet realized losses on investments of $110.7$101.7 million, and $127.2 million, respectively,which was primarily from full or partial sales of our debt investments.
For the three and nine months ended September 30, 2021, we generated realized gains on investments of $4.3 million and $10.3 million, respectively, which was primarily comprised of These were partially offset by net realized gains of $4.8 million on salesderivative assets and derivative liabilities from the settlement of quoted loans and, for the nine months ended September 30, 2021, theour foreign currency derivative transactions. Additionally, we generated net realized gains of $4.2 million on salesforeign currency translations primarily as a result of quoted loans, net realized gain on forward purchase obligationfluctuations in the CHF, CAD, GBP, and net realized gains on derivative upon settlement of the Syndicated Warehouse.EUR exchange rates vs. USD.
The rise in interest 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 for additional disclosure regarding these derivative instruments. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 7. Borrowings” for additional disclosure regarding the carrying value of our debt.
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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 September 30, 2022March 31, 2023 and December 31, 2021, we had fifteen 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 September 30, 2022March 31, 2023 and December 31, 2021,2022, we had an aggregate amount of $27,543.1$25,451.8 million and $18,301.5$26,842.2 million, respectively, of debt securities outstanding and our asset coverage ratio was 181.7%190.8% and 170.2%.184.5%, respectively.
Cash and cash equivalents as of September 30, 2022,March 31, 2023, taken together with our $7,871.7$10,256.5 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 September 30, 2022,March 31, 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 $9,207.6$5,676.3 million of Level 2 debt investments as of September 30, 2022,March 31, 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 September 30, 2022, recent macroeconomic or market volatility, COVID-19, geopolitical uncertaintiesdeterioration in economic 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 September 30, 2022,March 31, 2023, we had $1,589.0$1,269.7 million in cash and cash equivalents. During the ninethree months ended September 30, 2022,March 31, 2023, cash used inprovided by operating activities was $18,356.2$1,966.8 million, primarily as a result of funding portfolio investments of $24,992.6 million, partially offset by proceeds from sale of investments of $5,604.9$1,988.7 million, partially offset by funding portfolio investments of $779.9 million and an increasea decrease in payables for investments purchases of $381.8154.9 million. Cash provided byused in financing activities was $19,332.0$2,054.4 million during the period, primarily as a result of new share issuances related to $11,093.5$1,161.5 million of subscriptionsshare repurchases and $1,449.1 million of net borrowings, of $9,306.1 million.
As of September 30, 2021, we had $392.8 million in cash and cash equivalents. During the nine months ended September 30, 2021, cash used in operating activities was $16,041.5 million, primarily as a result of funding portfolio investments of $18,427.3 million, the acquisition of Twin Peaks for $697.4 million (net of cash assumed), partially offset by proceeds from sale of investments of $2,117.8 million and an increase in payables for investments purchases of $1,336.6 million. Cash provided by financing activities was $16,434.3 million during the period, primarily as a result of new share issuances related to $8,277.0$881.1 million of subscriptions and net borrowings of $8,326.9 million.subscriptions.
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Equity
The following table summarizes issuances and repurchases of our common shares of beneficial interestpresents transactions in the Common Shares during the three months ended September 30, 2022March 31, 2023 (dollars in thousands except share amounts):
September 30, 2022
SharesAmount
CLASS I
Subscriptions50,251,731$1,253,674 
Share transfers between classes672,82816,753 
Distributions reinvested6,079,533151,911 
Share repurchases(24,860,836)(612,073)
Early repurchase deduction— 426 
Net increase (decrease)32,143,256 $810,691 
CLASS S
Subscriptions24,072,466$601,002 
Share transfers between classes(260,310)(6,483)
Distributions reinvested2,447,30461,154 
Share repurchases(1,963,074)(48,331)
Early repurchase deduction—360 
Net increase (decrease)24,296,386 $607,702 
CLASS D
Subscriptions7,190,702 $179,680 
Share transfers between classes(412,518)(10,270)
Distributions reinvested456,349 11,404 
Share repurchases(154,765)(3,810)
Early repurchase deduction—14 
Net increase (decrease)7,079,768 $177,018 
Total net increase (decrease)63,519,410 $1,595,411 
The following table summarizes issuances and repurchases of our common shares of beneficial interest during the nine months ended September 30, 2022 (dollars in thousands except share amounts):
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September 30, 2022
SharesAmount
CLASS I
Subscriptions271,964,030$6,973,021 
Share transfers between classes2,206,16356,232 
Distributions reinvested14,582,560370,696 
Share repurchases(36,739,213)(908,178)
Early repurchase deduction— 3,339 
Net increase (decrease)252,013,540 $6,495,110 
CLASS S
Subscriptions132,866,990$3,406,722 
Share transfers between classes(437,194)(11,003)
Distributions reinvested5,600,358142,331 
Share repurchases(3,628,447)(90,294)
Early repurchase deduction—711 
Net increase (decrease)134,401,707 $3,448,467 
CLASS D
Subscriptions27,916,681 $713,712 
Share transfers between classes(1,768,969)(45,229)
Distributions reinvested973,728 24,710 
Share repurchases(246,189)(6,087)
Early repurchase deduction—73 
Net increase (decrease)26,875,251 $687,179 
Total net increase (decrease)413,290,498 $10,630,756 
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The following table summarizes transactions in common shares of beneficial interest during the three months ended September 30, 2021 (dollars in thousands except share amounts):
SharesAmount
CLASS I
Subscriptions96,021,435$2,479,115 
Share transfers between classes569,25314,693 
Distributions reinvested1,899,28049,034 
Share repurchases(109,860)(2,845)
Early repurchase deduction— 44 
Net increase (decrease)98,380,108 $2,540,041 
CLASS S
Subscriptions31,873,180$823,021 
Share transfers between classes(133,281)(3,439)
Distributions reinvested599,25815,471 
Share repurchases(3,875)(100)
Early repurchase deduction—13 
Net increase (decrease)32,335,282 $834,966 
CLASS D
Subscriptions5,133,862 $132,547 
Share transfers between classes(435,972)(11,254)
Distributions reinvested46,849 1,210 
Share repurchases—— 
Early repurchase deduction—1 
Net increase (decrease)4,744,739 $122,504 
Total net increase (decrease)135,460,129 $3,497,511 
The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2021 (dollars in thousands except share amounts):
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March 31, 2023
SharesAmountSharesAmount
CLASS ICLASS ICLASS I
SubscriptionsSubscriptions240,492,026$6,148,343 Subscriptions18,970,925$470,258 
Share transfers between classesShare transfers between classes675,64217,438 Share transfers between classes44,780,2461,111,972 
Distributions reinvestedDistributions reinvested2,859,11873,596 Distributions reinvested6,871,980170,112 
Share repurchasesShare repurchases(158,598)(4,103)Share repurchases(30,318,254)(750,983)
Early repurchase deductionEarly repurchase deduction— 63 Early repurchase deduction— 57 
Net increase (decrease)Net increase (decrease)243,868,188 $6,235,337 Net increase (decrease)40,304,897 $1,001,416 
CLASS SCLASS SCLASS S
SubscriptionsSubscriptions74,739,583$1,916,892 Subscriptions14,482,809$358,664 
Share transfers between classesShare transfers between classes(133,281)(3,439)Share transfers between classes(1,367,439)(33,734)
Distributions reinvestedDistributions reinvested807,55320,812 Distributions reinvested3,053,59675,600 
Share repurchasesShare repurchases(3,875)(100)Share repurchases(5,320,338)(131,785)
Early repurchase deduction fees—19 
Early repurchase deductionEarly repurchase deduction—139 
Net increase (decrease)Net increase (decrease)75,409,980 $1,934,184 Net increase (decrease)10,848,628 $268,884 
CLASS DCLASS DCLASS D
SubscriptionsSubscriptions8,259,128 $212,894 Subscriptions2,111,714 $52,213 
Share transfers between classesShare transfers between classes(542,361)(13,999)Share transfers between classes(43,413,399)(1,078,238)
Distributions reinvestedDistributions reinvested49,260 1,272 Distributions reinvested605,782 14,998 
Share repurchasesShare repurchases—— Share repurchases(422,938)(10,476)
Early repurchase deduction fees—1 
Early repurchase deductionEarly repurchase deduction—11 
Net increase (decrease)Net increase (decrease)7,766,027 $200,168 Net increase (decrease)(41,118,841)$(1,021,492)
Total net increase (decrease)Total net increase (decrease)327,044,195 $8,369,689 Total net increase (decrease)10,034,684 $248,808 

Distributions and DividendDistribution Reinvestment Plan
The following table summarizes ourpresents the Company’s distributions declared and payable for the ninethree months ended September 30, 2022March 31, 2023 (dollar amounts in thousands, except per share amounts):

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 
$0.6300 $392,229 
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 
July 20, 2022July 31, 2022August 29, 20220.1740 102,863 
August 24, 2022August 31, 2022September 28, 20220.2440 148,413 (1)
September 7, 2022September 30, 2022October 26, 20220.1740 108,483 
$1.6360 $871,106 
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 
$0.5774 $168,893 
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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 
July 20, 2022July 31, 2022August 29, 20220.1564 39,451 
August 24, 2022August 31, 2022September 28, 20220.2263 58,706 (1)
September 7, 2022September 30, 2022October 26, 20220.1562 41,985 
$1.4734 $327,287 
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 
July 20, 2022July 31, 2022August 29, 20220.1688 6,555 
August 24, 2022August 31, 2022September 28, 20220.2388 10,007 (1)
September 7, 2022September 30, 2022October 26, 20220.1688 7,401 
$1.5881 $52,959 
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 
$0.6145 $22,249 

The following table presents distributions that were declared during the nine months ended September 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)
July 21, 2021July 31, 2021August 27, 20210.1740 31,252 
August 25, 2021August 31, 2021September 28, 20210.1740 36,103 
September 27, 2021September 30, 2021October 27, 20210.1740 42,453 
$1.5229 $207,543 
157

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)
July 21, 2021July 31, 2021August 27, 20210.1557 8,187 
August 25, 2021August 31, 2021September 28, 20210.1557 9,376 
September 27, 2021September 30, 2021October 27, 20210.1557 11,742 
$1.3638 $51,138 
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)
July 21, 2021July 31, 2021August 27, 20210.1686 749 
August 25, 2021August 31, 2021September 28, 20210.1686 997 
September 27, 2021September 30, 2021October 27, 20210.1686 1,309 
$0.9414 $4,120 
(1)Represents a special distribution.
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.
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 declared
For additional information on our shares of common stock during the nine months ended September 30, 2022:
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.6360 $871,106 $1.4734 $327,287 $1.5881 $52,959 
Net realized gains— — — — — — 
Total$1.6360 $871,106 $1.4734 $327,287 $1.5881 $52,959 

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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 nine months ended September 30, 2021:
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.5229 $207,543 $1.3638 $51,138 $0.9414 $4,120 
Net realized gains— — — — — — 
Total$1.5229 $207,543 $1.3638 $51,138 $0.9414 $4,120 
and dividend reinvestment plan, see “Item 1. Financial Statements—Notes to 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 as of the subscription closing date immediately following the prospective repurchase date. 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.
During the three months ended September 30, 2022,March 31, 2023, approximately 26,978,67636,061,530 shares were repurchased (totalfor a total value of $664.2$893.0 million based on September 30, 2022 NAV of $24.62). During the nine months ended September 30, 2022, approximately 40,613,906 shares were repurchased (total value of $1.0 billion based on September 30, 2022 NAV of $24.62).
During the three and nine months ended September 30, 2021, approximately 113,735 shares were repurchased (total value of $2.9 million based on September 30, 2021 NAV of $25.90).
The following table further summarizes the share repurchases completed during the nine months ended September 30, 2022:
Repurchase deadline requestPercentage 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 11,488,257 1.66 %— 
August 31, 20225.00 %$24.62 September 30, 2022$663,415 26,978,603 3.19 %— 
(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).

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The following table further summarizes theFor additional information on our share repurchases, completed during the nine months ended September 30, 2021:

Repurchase deadline requestPercentage of
Outstanding Shares
the Company Offered
to Repurchase(1)		Repurchase
Pricing Date		Amount
Repurchased (all classes)(3)		Number of Shares
Repurchased
(all classes)(1)		Percentage of
Outstanding Shares
Repurchased (2)
May 28, 20215.00 %June 30, 2021$1,233 48,738 0.06 %
August 31, 20215.00 %September 30, 2021$2,887 113,735 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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see “Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 9. Net Assets.”
Borrowings
Our outstanding debt obligations were as follows (dollar amounts in thousands):
September 30, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unused
Portion (1)		Amount
Available (2)
Bard Peak Funding Facility (3)$1,650,000 $1,449,196 $1,449,196 $200,804 $200,804 
Castle Peak Funding Facility (4)1,600,000 1,195,027 1,195,027 404,973 327,034 
Maroon Peak Funding Facility800,000 800,000 800,000 — — 
Summit Peak Funding Facility (5)2,300,000 1,535,572 1,535,572 764,428 111,342 
Denali Peak Funding Facility750,000 749,800 749,800 200 200 
Bushnell Peak Funding Facility600,000 600,000 600,000 — — 
Granite Peak Funding Facility750,000 562,700 562,700 187,300 113,734 
Middle Peak Funding Facility800,000 599,950 599,950 200,050 200,050 
Bison Peak Funding Facility1,500,000 1,467,300 1,467,300 32,700 32,700 
Blanca Peak Funding Facility1,500,000 1,000,000 1,000,000 500,000 380,923 
Windom Peak Funding Facility(6)2,000,000 1,612,648 1,612,648 387,352 386,613 
Monarch Peak Funding Facility2,000,000 1,123,400 1,123,400 876,600 46,780 
Borah Peak Funding Facility400,000 381,000 381,000 19,000 19,000 
Naomi Peak Funding Facility400,000 340,000 340,000 60,000 60,000 
Meridian Peak Funding Facility500,000 100,000 100,000 400,000 400,000 
2022-1 BSL WH400,000 168,000 168,000 232,000 232,000 
Revolving Credit Facility (7)5,150,000 1,543,710 1,543,710 3,606,290 3,578,119 
June 2024 Notes (8)(11)435,000 435,000 413,517 — — 
June 2026 Notes (8)400,000 400,000 397,444 — — 
September 2024 Notes (8)(11)365,000 365,000 344,879 — — 
December 2026 Notes (8)(11)1,250,000 1,250,000 1,155,655 — — 
November 2026 Eurobonds (8)(9)580,475 580,475 484,402 — — 
November 2024 Notes (8)(11)500,000 500,000 470,872 — — 
March 2027 Notes (8)1,000,000 1,000,000 988,722 — — 
January 2025 Notes (8)(11)500,000 500,000 469,326 — — 
January 2029 Notes (8)650,000 650,000 638,778 — — 
March 2025 Notes (8)(11)900,000 900,000 852,378 — — 
May 2027 Notes (8)(11)625,000 625,000 593,636 — — 
April 2026 UK Bonds (8)(9)(12)326,925 326,925 248,301 — — 
September 2025 Notes600,000 600,000 590,541 — — 
2021-1 BSL Debt (10)663,000 663,000 661,975 — — 
2022-1 BSL Debt (10)420,000 420,000 418,376 — — 
2021-2 Debt (10)505,800 505,800 504,222 — — 
MML 2021-1 Debt (10)690,000 690,000 685,943 — — 
MML 2022-1 Debt (10)759,000 759,000 753,757 — — 
MML 2022-2 Debt(10)300,500 300,500 297,971 — — 
Short-Term Borrowings844,083 844,083 844,083 — — 
Total$35,414,783 $27,543,087 $27,043,081 $7,871,697 $6,089,299 
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December 31, 2021
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unused
Portion (1)		Amount
Available (2)
Bard Peak Funding Facility (3)$1,650,000 $879,000 $879,000 $771,000 $— 
Castle Peak Funding Facility (4)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 (5)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(6)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 (7)3,250,000 1,144,422 1,144,422 2,105,578 2,105,578 
June 2024 Notes (8)435,000 435,000 431,854 — — 
June 2026 Notes (8)400,000 400,000 396,952 — — 
September 2024 Notes (8)365,000 365,000 361,805 — — 
December 2026 Notes (8)1,250,000 1,250,000 1,227,844 — — 
November 2026 Eurobonds (8)(9)569,958 569,958 563,695 — — 
November 2024 Notes (8)500,000 500,000 496,054 — — 
March 2027 Notes (8)1,000,000 1,000,000 987,298 — — 
2021-1 BSL Debt (10)663,000 663,000 661,910 — — 
2021-2 Debt (10)505,800 505,800 504,124 — — 
MML 2021-1 Debt (10)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 Bard Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD) and Euros (EUR) of 39.2 million and 36.0 million, respectively.
(4)Under the Castle Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), British Pounds (GBP), and Euros (EUR) of 60.0 million, 42.4 million, and 36.0 million respectively. As of DecemberMarch 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 60.0 million and 42.4 million, respectively.
(5)Under the Summit Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 99.2 million and 6.1 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD) of 60.0 million.
(6)Under the Windom Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 20222023 and December 31, 2021, the Company2022, we had borrowings denominated in British Pounds (GBP)an aggregate principal amount of 43.6$25,451.8 million and 43.6 million, respectively.
(7)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), Swiss Franc (CHF), British Pounds (GBP), and Euros (EUR) of 323.6 million, 105.1 million, 660.3 million, and 75.5$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.
(8)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, April 2026 UK Bonds, and September 2025 Notes are presented net of unamortized debt issuance costs of $2.2 million, $2.5 million, $2.3 million, $19.6 million, $6.1 million, $3.1 million, $11.3 million, $3.9 million, $11.2 million, $7.3 million, $2.5 million, $3.1 million, and $8.9 million, respectively, as of September 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.
(9)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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(10)The carrying value of the Company’s 2021-1 BSL Debt, 2022-1 BSL Debt, 2021-2 Debt, MML 2021-1 Debt, MML 2022-1 Debt and MML 2022-2 Debt is presented net of unamortized debt issuance costs of $1.0 million, $1.6 million, $1.6 million, $4.2 million, $5.3 million, and $2.5 million as of September 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.
(11)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 Consolidated Financial Statements—Note 7. Borrowings.”
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Off-Balance Sheet Arrangements
Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2022March 31, 2023 and December 31, 2021,2022, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $6,856.5$5,812.9 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 March 31, 2023 and December 31, 2022, the Company estimates that it had $923.9 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 September 30, 2022,March 31, 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 12. 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;
•Intermediary Manager Agreement; and.
•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 Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”
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Recent Developments

Performance
Inception Date
YTD Return (1)
Class IJanuary 7, 20211.26 %
Class S (no upfront placement fee)January 7, 20210.62 %
Class S (with upfront placement fee)January 7, 2021(2.90)%
Class D (no upfront placement fee)May 1, 20211.07 %
Class D (with upfront placement fee)May 1, 2021(0.43)%
(1)YTD return is through September 30, 2022The first quarter of 2023 represented a turbulent period for markets, driven by concerns over slowing economic growth and assumes distributions are reinvested pursuantexacerbated by stress in the U.S. and European banking systems. Despite market volatility amid challenges in the banking sector, sustained high interest rates and solid underlying company performance have continued to favorably impact our returns. Continued challenges in the Company’s dividend reinvestment plan. Amounts are not annualized.
Recent Developmentsbanking sector may contribute to a more constrained financing market, which may create meaningful deployment opportunities for our private credit strategies as borrowers seek alternative financing sources. Nonetheless, significant market dislocation, particularly in the banking 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.

Macroeconomic Environment
The U.S. Federal Reserve’s recentnumerous actions to increase interest rates in order to control inflation have 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. It is difficult to predict the full impact of recent changes and any future changes in interest rates or inflation.

Many of our portfolio companies 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
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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.

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, are the subject of recent national, international and regulatory guidance and proposals for reform. As of December 31, 2021, the ICE Benchmark Association, 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.

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 new index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for USD LIBOR. Additionally, market participants have started to transition from GBP LIBOR to the Sterling Overnight Index Average, or SONIA, in line with guidance from the U.K. regulators.

At this time, it is not possible to predict how markets will respond to SOFR, SONIA,the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“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.

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Critical Accounting Estimates

The preparation of the 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.
Valuation Risk
We have invested, and plan to continue to invest, primarily 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, based 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 process 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 September 30, 2022, 99.7% 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 September 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):

Interest IncomeInterest Expense
Net Income(1)
Up 300 basis points$1,439,893 $(747,403)$692,490 
Up 200 basis points959,929 (498,269)461,660 
Up 100 basis points479,964 (249,134)230,830 
Down 100 basis points(479,319)249,134 (230,185)
Down 200 basis points(952,227)498,269 (453,958)
(1)Excludes the impact of income based incentive fees. See Note 3 to our consolidated financial statements for the three months ended September 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 ratesUncertainty with respect to our portfolio investments.
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Inflation
In the U.S., rising interest rateseconomic conditions has introduced significant volatility in the financial markets, and the resulting higher costeffect of capital has the potentialvolatility could materially impact our market risks. We are subject to negatively impact the free cash flow and credit quality of certain borrowers. In addition, rising costs resulting from heightened energy prices and input costs are contributing to margin pressures at certain of our portfolio companies. Such investments would continue to be negatively impacted by a sustained high rate of inflation if they are unable to mitigate margin pressures, especially if concurrent with an increase in their debt service costs. If higher than expected rates of inflation and expected significantfinancial market risks, including valuation risk, interest rate increases in 2022 occur concurrently with a period of economic weakness or a slowdown in growth, portfolio performancerisk and inflation risk. Our exposure to market risk has not materially changed from what was previously disclosed in our portfolio companies may be negatively impacted. Although rising interest rates haveAnnual Report on Form 10-K for the potential to negatively impact the financial performance of certain borrowers, the performance of the Company has generally benefited from rising interest rates as a substantial majority of the portfolio is floating rate. In addition, continued market dislocation may create attractive deployment opportunities, as borrowers seek alternative lending sources. Nonetheless, significant market dislocation could limit the liquidity of certain assets traded in the credit markets, and this would impact the Company's ability to sell such assets at attractive prices or in a timely manner.
Inflation persisted at multi-decade highs in many major economies around the world, prompting central banks to pursue monetary policy tightening actions that are likely to continue to create headwinds to economic growth. In the U.S., annual inflation was 8.2% in September, down from 9.1% in June but still well above the Federal Reserve’s long-run target of 2%. In Eurozone economies, inflation increased to a record 9.9% in September, up from 9.1% in August.fiscal year ended December 31, 2022.
Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness 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 and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.
(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 September 30, 2022March 31, 2023 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.
For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed 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.
Refer to our Current Reports on Form 8-K filed with SEC on October 20, 2022, September 22, 2022January 26, 2023, February 24, 2023 and August 24, 2022March 23, 2023 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 September 30, 2022:March 31, 2023:
Offer DateTender Offer Expiration
Percentage of Outstanding Shares the Company Offered to Repurchase (1)
Tender Offer (2)
Purchase Price per ShareShares Repurchased
August 04, 2022August 31, 20225.00 %663,415 $24.62 26,978,603 

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 December 31, 2022$893,037 — 
(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.On May 9, 2023, the Board appointed Teddy Desloge as the Chief Financial Officer of the Company, effective as of the close of business on May 10, 2023. Mr. Desloge will also serve as a Portfolio Manager of the Company, effective May 10, 2023. Mr. Desloge, born 1988, is a Managing Director with Blackstone. He is involved with investment management for Blackstone Credit’s various direct lending vehicles. Since joining Blackstone Credit in 2015, Mr. Desloge has been involved with investment management of various Direct Lending Funds and has been focused on origination, research, and execution of private and opportunistic credit investments across industries supporting Blackstone Credit's Private Credit Strategies. Mr. Desloge will also serve as the Chief Financial Officer of Blackstone Secured Lending Fund (“BXSL”).
Prior to joining Blackstone Credit in 2015, Mr. Desloge was an Associate at Gefinor Capital where he focused on origination, research and execution of private credit and equity investments. He started his career in the Leveraged Finance Group at Jefferies.
Mr. Desloge graduated from Hobart & William Smith Colleges with a BA and a major in Economics.
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Mr. Desloge’s appointment coincides with the resignation, effective as of the close of business on May 10, 2023, of Kevin Kresge as the interim Chief Financial Officer of the Company. Mr. Kresge’s decision to resign was not the result of any disagreement relating to Blackstone or the Company’s operations, policies or practices.
On May 9, 2023, the Board appointed Matthew Alcide as the Chief Accounting Officer of the Company, effective as of the close of business on May 10, 2023. Mr. Alcide, born 1987, is a Senior Vice President with Blackstone. Mr. Alcide is a member of the Blackstone Credit BDC Finance Group where he oversees the accounting and financial reporting for Blackstone’s BDCs. Mr. Alcide will also serve as the Chief Accounting Officer of BXSL.
Prior to joining Blackstone, Mr. Alcide was a Director in the New York and London offices of PricewaterhouseCoopers where he provided assurance and accounting services to companies and investment funds across the asset management, investment banking and broker-dealer industries with a focus on SEC registrants and other publicly traded entities.
Mr. Alcide graduated magna cum laude from Providence College with a BS in Accounting. Mr. Alcide is a Certified Public Accountant licensed in the State of New York.
On May 9, 2023, the Board appointed Kris Corbett as the Controller and Treasurer of the Company, effective as of the close of business on May 10, 2023. Mr. Corbett, born 1978, is a Senior Vice President with Blackstone. Mr. Corbett is a member of the Blackstone Credit BDC Finance Group where he oversees the Blackstone Credit Product Control function as well as accounting for Blackstone’s BDCs. Mr. Corbett will also serve as the Controller and Treasurer of BXSL.
Prior to joining Blackstone in 2016, Mr. Corbett was a Managing Director at Perella Weinberg Partners where he performed roles in finance, accounting, and financial reporting within alternative asset management. Prior to Perella Weinberg Partners, Mr. Corbett held a variety of positions in accounting and financial reporting at King Street Capital Management, Ziff Brothers Investments and began his career in public accounting at PricewaterhouseCoopers.
Mr. Corbett graduated from the University of Massachusetts with a BBA in Accounting. Mr. Corbett is a Certified Public Accountant licensed in the State of New York, and a CFA Charterholder.
The appointments of Mr. Alcide as Chief Accounting Officer and Mr. Corbett as Controller and Treasurer coincide with the resignation, effective as of the close of business on May 10, 2023, of David Goldberg as the interim Chief Accounting Officer and interim Treasurer of the Company. Mr. Goldberg’s decision to resign was not the result of any disagreement relating to Blackstone or the Company’s operations, policies or practices.
On May 9, 2023, the Board appointed Stacy Wang as the Head of Stakeholder Relations of the Company, effective as of the close of business on May 10, 2023. Ms. Wang, born 1989, is a Principal with Blackstone. Prior to her current role, Ms. Wang focused on fundraising, product strategy, and client relationships across private and opportunistic credit products for institutional and retail investors in Blackstone Credit products. Ms. Wang will also serve as the Head of Stakeholder Relations of BXSL.
Prior to joining Blackstone Credit in 2015, Ms. Wang worked as an Investment Banking Associate at Natixis, where she focused on leveraged finance and M&A transactions.
Ms. Wang graduated from the Stern School of Business at New York University with a BS in Finance and Journalism.
None of Mr. Desloge, Mr. Alcide, Mr. Corbett or Ms. Wang have any family relationships with any director or executive officer of the Company, and none of which is a party to any transaction that is required to be reported pursuant to Item 404(a) of Regulation S-K.

Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Mundys S.p.A. (formerly, Atlantia S.p.A.), which may be, or may have been at the time considered to be, an affiliate of Blackstone and, therefore, our affiliate.
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Item 6. Exhibits.
Exhibit
Number		Description of Exhibits
4.13.1
3.2
4.24.1
4.3
4.4
10.1
10.2
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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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
November 14, 2022
Date:May 10, 2023/s/ Brad Marshall
Brad Marshall
ChiefCo-Chief Executive Officer
November 14, 2022Date:May 10, 2023/s/ Kevin Kresge
Kevin Kresge
Interim Chief Financial Officer
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