Blackstone Private Credit Fund 424B3 Prospectus supplement

Filed pursuant to Rule 424(b)(3)
File No. 333-278966 and 333-264472

BLACKSTONE PRIVATE CREDIT FUND

SUPPLEMENT NO. 2 DATED AUGUST 20, 2024

TO THE PROSPECTUS DATED APRIL 26, 2024

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Blackstone Private Credit Fund (“we,” “our” or the “Fund”), dated April 26, 2024 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are:

• to update the Prospectus; and

• to include our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.

Updates to Prospectus

The following replaces the seventh bullet of the “What potential strengths does the Adviser offer?” section of the Prospectus Summary, the fourteenth paragraph under the “Investment Objectives and Strategies – Blackstone Credit & Insurance Strengths” section of the Prospectus and all similar disclosure in the Prospectus:

Strong Investment Track Record. Blackstone Credit & Insurance’s track record in private debt lending and investing in below investment grade credit dates back to the inception of Blackstone Credit & Insurance. Since 2005 through June 30, 2024, Blackstone Credit & Insurance has invested over $190 billion in capital in privately-originated transactions¹. Specifically within the North America Direct Lending Strategy, Blackstone Credit & Insurance has invested nearly $110 billion² in privately originated or privately negotiated first lien and unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit & Insurance has an annualized loss rate of 0.07%.³

¹  Includes invested and committed capital for privately originated and anchor investments across private credit strategies and vehicles since 2005, including Direct Lending, Sustainable Resources, Mezzanine, and Opportunistic. Excludes liquid credit strategy investments.

²  As of June 30, 2024. The North America Direct Lending track record represents U.S. and Canada first lien and unitranche debt, or non-U.S. first lien and unitranche debt where >50% of the revenue is generated from the U.S. (which may be secured by the applicable borrower’s assets and/or equity) transactions in companies that were originated or anchored by certain Blackstone Credit & Insurance managed, advised or sub-advised funds (including the Fund, Blackstone Credit & Insurance managed mezzanine funds and Blackstone Credit & Insurance sub-advised BDCs, as well as certain other Blackstone Credit & Insurance managed funds and accounts) and, with respect to certain transactions, investments allocated to affiliates of Blackstone Credit & Insurance, which may be sold to Blackstone Credit & Insurance managed funds or accounts in the future (the “North America Direct Lending track record”). The track record includes investments for periods prior to December 31, 2017, in BDCs that were sub-advised by Blackstone Credit & Insurance on a non-discretionary basis until April 9, 2018 (the “Sub-Advised Investments”). With respect to certain transactions, the North America Direct Lending track record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and unitranche debt may have been restructured subsequent to Blackstone Credit & Insurance’s initial investment. The North America Direct Lending track record excludes (i) broadly syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and (ii) transactions where Blackstone Credit & Insurance’s invested capital (net of transactions fees) was under $25 million.

³  As of June 30, 2024. The annualized loss rate represents annualized net losses for substantially realized investments. Whether an investment is substantially realized is determined in the manager’s discretion. Investments are included in the loss rate if (1) a payment was missed, (2) bankruptcy was declared, (3) there was a restructuring, or (4) it was realized with a total multiple on invested capital less than 1.0x. Net losses include all profits and losses associated with these investments, including interest payments received. Net losses are represented in the year the investment is substantially realized and excludes all losses associated with unrealized investments. The annualized net loss rate is the net losses divided by the average annual remaining invested capital within the platform. Investments sourced by Blackstone Credit & Insurance for the Sub-Advised Investments did, in certain cases, experience defaults and losses after Blackstone Credit & Insurance was no longer sub-adviser, and such defaults and losses are not included in the rates provided. Prior to December 31, 2022, the methodology used by the North America Direct Lending track record for calculating the platform’s average annual loss rate was based on net loss of principal resulting only from payment defaults in the year of default which would exclude interest payments. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that any entity or account managed by or advised by Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives.

The following replaces the suitability standard for Kansas residents in “Appendix A: Form of Subscription Agreement”:

If I am a Kansas resident, I understand that the Securities Commissioner of Kansas recommends that Kansas investors limit their aggregate investment in our securities and other similar investments to not more than 10 percent of their liquid net worth. For these purposes, liquid net worth is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities.

Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2024

On August 12, 2024, we filed our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2024

OR

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

For the transition period from      to     

Commission File Number 814-01358

Blackstone Private Credit Fund

(Exact name of Registrant as specified in its Charter)

Delaware	84-7071531
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
345 Park Avenue, 31st Floor New York, New York	10154
(Address of principal executive offices)	(Zip Code)

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

N/A

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

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

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

The number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of August 9, 2024 was 902,518,227, 447,705,666 and 20,320,307 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude August 1, 2024 subscriptions since the issuance price is not yet finalized at this time.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements		4
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2024 and December 31, 2023 (Unaudited)		4
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited)		6
	Condensed Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2024 and 2023 (Unaudited)		7
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited)		8
	Condensed Consolidated Schedules of Investments as of June  30, 2024 and December 31, 2023 (Unaudited)		10
	Notes to Condensed Consolidated Financial Statements (Unaudited)		81
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		188
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		203
Item 4.	Controls and Procedures		203
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings		205
Item 1A.	Risk Factors		205
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		205
Item 3.	Defaults Upon Senior Securities		205
Item 4.	Mine Safety Disclosures		205
Item 5.	Other Information		206
Item 6.	Exhibits		207
Signatures

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

• 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 disruptions and their impacts on our portfolio companies and 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 continued approval of quarterly tender offers by the Board of Trustees (the “Board”);

• actual and potential conflicts of interest with Blackstone Credit BDC Advisors LLC (the “Adviser”) or any of its affiliates;

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

• our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to the macroeconomic effects from adverse public health developments;

• 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 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 Report on Form 10-K for the year ended December 31, 2023 as updated by the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC”). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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

3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

	June 30, 2024		December 31, 2023
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $53,536,328 and $48,561,249 at June 30, 2024 and December 31, 2023, respectively)	$	53,363,354	$	48,242,813
Non-controlled/affiliated investments (cost of $558 and $558 at June 30, 2024 and December 31, 2023, respectively)		2,079		2,499
Controlled/affiliated investments (cost of $2,572,738 and $2,459,916 at June 30, 2024 and December 31, 2023, respectively)		2,509,563		2,498,599
Total investments at fair value (cost of $56,109,624 and $51,021,723 at June 30, 2024 and December 31, 2023, respectively)		55,874,996		50,743,911
Cash and cash equivalents (restricted cash of $901 and $938 at June 30, 2024 and December 31, 2023, respectively)		1,634,142		1,481,770
Interest receivable from non-controlled/non-affiliated investments		633,956		515,902
Interest receivable from controlled/affiliated investments		1,481		—
Dividend receivable from controlled/affiliated investments		101,375		98,607
Receivable from broker		255,586		266,573
Deferred financing costs		102,386		93,836
Deferred offering costs		2,286		1,032
Receivable for investments sold		117,279		101,460
Derivative assets at fair value (Note 6)		5,758		14,145
Total assets	$	58,729,245	$	53,317,236
LIABILITIES
Debt (net of unamortized debt issuance costs of $103,101 and $91,634 at June 30, 2024 and December 31, 2023, respectively)	$	22,808,852	$	23,179,861
Payable for investments purchased		286,413		70,138
Management fees payable (Note 3)		104,328		87,272
Income based incentive fees payable (Note 3)		134,199		122,943
Interest payable		345,622		322,597
Derivative liabilities at fair value (Note 6)		164,188		165,541
Due to affiliates		24,032		23,577
Distribution payable (Note 9)		289,093		245,032
Payable for share repurchases (Note 9)		459,098		532,774
Accrued expenses and other liabilities		27,296		33,064
Total liabilities		24,643,121		24,782,799
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (1,332,963,664 and 1,123,896,870 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)		13,330		11,239
Additional paid in capital		34,001,773		28,679,353
Distributable earnings (loss)		71,021		(156,155	)
Total net assets		34,086,124		28,534,437
Total liabilities and net assets	$	58,729,245	$	53,317,236

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

4

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

	June 30, 2024		December 31, 2023
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	22,383,884	$	18,649,595
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		875,338,950		734,579,940
Net asset value per share	$	25.57	$	25.39
Class S Shares:
Net assets	$	11,193,379	$	9,492,496
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		437,725,435		373,864,258
Net asset value per share	$	25.57	$	25.39
Class D Shares:
Net assets	$	508,861	$	392,346
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		19,899,279		15,452,672
Net asset value per share	$	25.57	$	25.39

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

5

Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	1,464,789		$	1,274,647		$	2,855,631		$	2,506,394
Payment-in-kind interest income		94,859			51,402			187,190			92,222
Dividend income		45			—			45			—
Fee income		4,064			384			6,454			1,381
From non-controlled/affiliated investments:
Dividend income		13			7			13			7
From controlled/affiliated investments:
Interest income		1,481			—			1,481			—
Payment-in-kind interest income		360			262			709			262
Dividend income		77,283			80,603			160,234			142,781
Total investment income		1,642,894			1,407,305			3,211,757			2,743,047
Expenses:
Interest expense		446,152			438,599			896,215			874,822
Management fees (Note 3)		104,328			75,635			199,710			149,238
Income based incentive fees (Note 3)		134,199			109,501			259,556			210,259
Distribution and shareholder servicing fees
Class S		23,329			16,297			44,735			31,688
Class D		302			121			561			681
Professional fees		3,147			3,959			6,730			7,980
Board of Trustees’ fees		225			240			446			464
Administrative service expenses (Note 3)		1,909			1,432			3,741			3,354
Other general & administrative		3,773			4,728			8,612			9,372
Amortization of continuous offering costs		857			1,016			1,496			2,315
Total expenses before excise tax		718,221			651,528			1,421,802			1,290,173
Net investment income before excise tax		924,673			755,777			1,789,955			1,452,874
Excise tax expense		8,911			5,691			18,362			13,433
Net investment income after excise tax		915,762			750,086			1,771,593			1,439,441
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		59,746			14,594			201,098			137,836
Non-controlled/affiliated investments		(188	)		(215	)		(420	)		127
Controlled/affiliated investments		(49,200	)		5,315			(101,858	)		51,114
Derivative instruments (Note 6)		(3,698	)		(3,026	)		17,923			(14,966	)
Foreign currency and other transactions		10,324			(4,523	)		10,164			(5,783	)
Net change in unrealized appreciation (depreciation)		16,984			12,145			126,907			168,328
Net realized gain (loss):
Non-controlled/non-affiliated investments		(22,111	)		(76,354	)		(64,509	)		(178,050	)
Non-controlled/affiliated investments		—			213			—			213
Derivative instruments (Note 6)		6,014			(2,464	)		(383	)		2,306
Foreign currency and other transactions		1,959			(820	)		4,048			3,423
Net realized gain (loss)		(14,138	)		(79,425	)		(60,844	)		(172,108	)
Net realized and change in unrealized gain (loss)		2,846			(67,280	)		66,063			(3,780	)
Net increase (decrease) in net assets resulting from operations	$	918,608		$	682,806		$	1,837,656		$	1,435,661

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

6

Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Operations:
Net investment income after excise tax	$	915,762		$	750,086		$	1,771,593		$	1,439,441
Net change in unrealized appreciation		16,984			12,145			126,907			168,328
Net realized gain (loss)		(14,138	)		(79,425	)		(60,844	)		(172,108	)
Net increase (decrease) in net assets resulting		918,608			682,806			1,837,656			1,435,661
Distributions to common shareholders:
Class I		(566,603	)		(415,176	)		(1,087,016	)		(807,405	)
Class S		(260,487	)		(178,614	)		(500,673	)		(347,507	)
Class D		(12,251	)		(4,804	)		(22,793	)		(27,053	)
Net decrease in net assets resulting from		(839,341	)		(598,594	)		(1,610,482	)		(1,181,965	)
Share transactions:
Class I:
Proceeds from shares sold		2,069,043			991,563			3,800,744			1,461,821
Share transfers between classes		29,248			19,887			70,465			1,131,859
Distributions reinvested		261,258			185,625			502,526			355,737
Repurchased shares, net of early repurchase deduction		(339,649	)		(1,069,607	)		(788,596	)		(1,820,533	)
Net increase (decrease) from share transactions		2,019,900			127,468			3,585,139			1,128,884
Class S:
Proceeds from shares sold		872,680			534,160			1,669,764			892,824
Share transfers between classes		(29,789	)		(8,406	)		(71,346	)		(42,140	)
Distributions reinvested		127,071			80,362			242,181			155,962
Repurchased shares, net of early repurchase deduction		(111,072	)		(131,460	)		(214,608	)		(263,106	)
Net increase (decrease) from share transactions		858,890			474,656			1,625,991			743,540
Class D:
Proceeds from shares sold		95,631			20,071			121,838			72,284
Share transfers between classes		541			(11,481	)		881			(1,089,719	)
Distributions reinvested		2,010			707			3,603			15,705
Repurchased shares, net of early repurchase deduction		(7,843	)		(3,351	)		(12,939	)		(13,816	)
Net increase (decrease) from share transactions		90,339			5,946			113,383			(1,015,546	)
Total increase (decrease) in net assets		3,048,396			692,282			5,551,687			1,110,574
Net assets, beginning of period		31,037,728			23,103,357			28,534,437			22,685,065
Net assets, end of period	$	34,086,124		$	23,795,639		$	34,086,124		$	23,795,639

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

7

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024			2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	1,837,656		$	1,435,661
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments		(98,820	)		(189,077	)
Net change in unrealized (appreciation) depreciation on derivative instruments		(17,923	)		14,966
Net change in unrealized (appreciation) depreciation on foreign currency and other transactions		(10,164	)		5,783
Net realized (gain) loss on investments		64,509			177,837
Net realized (gain) loss on derivative instruments		383			(2,306	)
Net realized (gain) loss on foreign currency and other transactions		(4,048	)		(3,423	)
Payment-in-kind interest capitalized		(179,574	)		(99,977	)
Net accretion of discount and amortization of premium		(108,967	)		(82,560	)
Amortization of deferred financing costs		21,647			15,190
Amortization of debt issuance costs and original issue discount on notes		15,931			13,242
Amortization of offering costs		1,496			2,315
Purchases of investments		(9,016,308	)		(1,677,844	)
Proceeds from sale of investments and principal repayments		4,152,440			3,191,597
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments		(118,054	)		27,384
Interest receivable from controlled/affiliated investments		(1,481	)		—
Dividend receivable from controlled/affiliated investments		(2,768	)		17,962
Receivable from broker		10,987			(19,969	)
Receivable for investments sold		(15,819	)		(143,243	)
Other assets		—			4,507
Payable for investments purchased		216,275			217,392
Management fees payable		17,056			2,244
Income based incentive fees payable		11,256			15,384
Interest payable		23,025			6,263
Due to affiliates		455			4,526
Accrued expenses and other liabilities		(5,768	)		(6,611	)
Net cash provided by (used in) operating activities		(3,206,578	)		2,927,243
Cash flows from financing activities:
Borrowings on debt		2,155,844			2,250,773
Repayments on debt		(2,455,031	)		(4,830,765	)
Deferred financing costs paid		(29,389	)		(26,568	)
Debt issuance costs paid		(3,068	)		(1,377	)
Deferred offering costs paid		(2,818	)		(337	)
Proceeds from issuance of common shares		5,592,346			2,426,929
Repurchased shares, net of early repurchase deduction paid		(1,090,234	)		(2,056,186	)
Dividends paid in cash		(818,110	)		(647,345	)
Net cash provided by (used in) financing activities		3,349,540			(2,884,876	)
Net increase (decrease) in cash and cash equivalents		142,962			42,367
Effect of foreign exchange rate changes on cash and cash equivalents		9,410			(5,236	)
Cash and cash equivalents, beginning of period		1,481,770			1,351,901
Cash and cash equivalents, end of period	$	1,634,142		$	1,389,032

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

8

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Six Months Ended June 30,
	2024		2023
Supplemental information and non-cash activities:
Interest paid during the period	$	994,156	$	963,045
Distribution payable		289,093		205,657
Subscription receivable		—		1,686
Reinvestment of distributions during the period		748,310		527,404
Accrued but unpaid debt financing costs		8,582		—
Accrued but unpaid debt issuance costs		1,458		—
Accrued but unpaid offering costs		—		6
Share repurchases accrued but not yet paid		459,098		1,204,469
Excise taxes paid		26,402		5,968

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

9

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt
First Lien Debt— non-controlled/non-affiliated
Aerospace & Defense
Amentum Government Services Holdings, LLC	(8)		SOFR + 4.00	%		9.46	%		1/29/2027	$	2,506	$	2,508	$	2,516		0.01	%
Amentum Government Services Holdings, LLC	(9)		SOFR + 4.00	%		9.34	%		2/15/2029		12,040		12,000		12,108		0.04
Atlas CC Acquisition Corp.	(7)(10)		SOFR + 4.25	%		9.86	%		5/25/2028		50,112		49,106		32,866		0.10
Atlas CC Acquisition Corp.	(4)(5)(7)(10)		SOFR + 4.00	%		9.44	%		5/26/2026		6,419		6,261		881		0.00
Corfin Holdings, Inc.	(4)(10)		SOFR + 6.00	%		11.42	%		12/31/2027		32,637		32,593		32,637		0.10
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)		SOFR + 5.00	%		10.33	%		1/9/2030		2,358		2,295		2,358		0.01
Linquest Corp.	(4)(10)		SOFR + 5.75	%		11.18	%		7/28/2028		153,169		151,386		153,169		0.45
Loar Group, Inc.	(4)(11)		SOFR + 4.75	%		10.09	%		5/10/2030		251,214		250,713		251,214		0.74
Loar Group, Inc.	(4)(7)(11)		SOFR + 4.75	%		10.09	%		5/10/2030		1,211		1,074		259		0.00
LSF11 Trinity Bidco, Inc.	(8)		SOFR + 3.50	%		8.84	%		6/14/2030		1,066		1,066		1,072		0.00
Magneto Components BuyCo, LLC	(4)(7)(10)		SOFR + 6.00	%		11.34	%		12/5/2030		54,212		52,640		54,077		0.16
Maverick Acquisition, Inc.	(4)(11)		SOFR + 6.25	%		11.58	%		6/1/2027		47,974		47,460		37,659		0.11
Peraton Corp.	(10)		SOFR + 3.75	%		9.19	%		2/1/2028		13,399		13,420		13,417		0.04
TransDigm Inc	(6)(8)		SOFR + 2.50	%		7.84	%		2/28/2031		8,000		8,024		8,026		0.02
Vertex Aerospace Services Corp.	(10)		SOFR + 2.75	%		8.09	%		12/6/2028		11,731		11,694		11,760		0.03
West Star Aviation Acquisition, LLC	(4)(10)		SOFR + 5.00	%		10.33	%		3/1/2028		14,839		14,593		14,839		0.04
													656,833		628,858		1.85
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 5.75	%		11.26	%		6/11/2027		263,721		260,982		256,469		0.75
Alliance Ground	(4)(9)		SOFR + 5.75	%		11.26	%		6/11/2027		94,220		93,084		91,629		0.27
ENV Bidco AB	(4)(6)(7)(8)		E + 5.75	%		9.47	%		7/19/2029	EUR	114,140		113,265		121,888		0.36
ENV Bidco AB	(4)(6)(10)		SOFR + 5.75	%		11.08	%		7/19/2029		102,349		100,494		102,349		0.30
Livingston International, Inc.	(4)(6)(10)		SOFR + 5.50	%		10.93	%		4/30/2027		101,794		101,398		98,231		0.29
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		11.72	%		12/9/2026		27,349		26,973		27,349		0.08
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		11.72	%		2/5/2029		135,783		133,999		135,783		0.40
RoadOne Inc	(4)(5)(7)(11)		SOFR + 6.25	%		11.59	%		12/30/2028		1,093		1,063		1,066		0.00
RWL Holdings, LLC	(4)(10)		SOFR + 5.75	%		11.23	%		12/31/2028		271,526		268,059		253,198		0.74
SEKO Global Logistics Network, LLC	(4)(11)		E + 5.00	%		8.72	%		12/30/2026	EUR	34,596		39,765		27,418		0.08
SEKO Global Logistics Network, LLC	(4)(11)		SOFR + 5.00	%		10.48	%		12/30/2026		83,036		82,561		61,447		0.18
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)		SOFR + 5.00	%		10.47	%		12/30/2026		6,830		6,798		3,810		0.01
The Kenan Advantage Group, Inc.	(8)		SOFR + 3.75	%		9.09	%		1/25/2029		13,016		12,956		13,097		0.04
Wwex Uni Topco Holdings, LLC	(10)		SOFR + 4.25	%		9.85	%		7/26/2028		13,971		13,889		14,029		0.04
													1,255,286		1,207,763		3.54
Airlines
Air Canada	(6)(8)		SOFR + 2.50	%		7.85	%		3/14/2031		6,323		6,308		6,340		0.02
Brown Group Holding, LLC	(9)		SOFR + 2.75	%		8.19	%		6/7/2028		7,418		7,400		7,423		0.02
													13,708		13,763		0.04
Auto Components
Clarios Global LP	(6)(8)		SOFR + 3.00	%		8.34	%		5/6/2030		3,491		3,491		3,504		0.01
Dellner Couplers Group AB	(5)(6)(8)		E + 5.50	%		9.22	%		6/18/2029	EUR	23,500		24,895		25,094		0.07

10

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Auto Components (continued)
First Brands Group, LLC	(11)		SOFR + 5.00	%		10.59	%		3/30/2027	$	4,538	$	4,507	$	4,518		0.01	%
Mavis Tire Express Services Topco, Corp.	(10)		SOFR + 3.75	%		9.09	%		5/4/2028		27,765		27,410		27,862		0.08
Metis Buyer, Inc.	(4)(5)(7)(8)		SOFR + 3.50	%		8.96	%		5/4/2026		2,790		2,715		2,747		0.01
													63,018		63,725		0.18
Beverages
Triton Water Holdings, Inc.	(9)		SOFR + 3.25	%		8.85	%		3/31/2028		44,539		43,939		44,606		0.13
Biotechnology
Grifols Worldwide Operations USA Inc	(8)		SOFR + 2.00	%		7.44	%		11/15/2027		5,966		5,907		5,877		0.02
Broadline Retail
Peer USA LLC	(6)(8)		SOFR + 3.00	%		8.35	%		6/20/2031		7,000		7,021		7,016		0.02
Building Products
Cornerstone Building Brands, Inc.	(6)(9)		SOFR + 5.63	%		10.95	%		8/1/2028		25,610		25,314		25,916		0.08
Cornerstone Building Brands, Inc.	(6)(9)		SOFR + 3.25	%		8.68	%		4/12/2028		4,842		4,819		4,736		0.01
CP Atlas Buyer, Inc.	(9)		SOFR + 3.75	%		9.19	%		11/23/2027		19,688		19,665		19,251		0.06
Engineered Stone Group Holdings III Ltd.	(4)(6)(8)		E + 5.75	%		10.72 PIK	%		4/23/2028	EUR	30,254		32,904		27,783		0.08
Engineered Stone Group Holdings III Ltd.	(4)(6)(10)		SOFR + 6.01	%		12.57 PIK	%		4/23/2028		63,275		62,198		54,259		0.16
Fencing Supply Group Acquisition, LLC	(4)(11)		SOFR + 6.00	%		11.44	%		2/26/2027		110,146		109,277		108,494		0.32
Great Day Improvements LLC	(4)(5)(7)(13)		SOFR + 5.50	%		11.11	%		6/13/2030		36,328		35,483		35,483		0.10
Jacuzzi Brands, LLC	(4)(11)		SOFR + 6.00	%		11.33	%		2/25/2027		43,474		43,252		39,888		0.12
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		11.34	%		2/25/2027		187,540		186,262		172,068		0.50
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		11.33	%		2/25/2027		6,319		6,284		5,798		0.02
Kodiak BP, LLC	(10)		SOFR + 3.25	%		8.85	%		3/12/2028		40,175		40,015		40,244		0.12
L&S Mechanical Acquisition, LLC	(4)(10)		SOFR + 6.25	%		11.55	%		9/1/2027		109,506		108,362		109,506		0.32
Lindstrom, LLC	(4)(11)		SOFR + 6.25	%		11.68	%		5/1/2026		147,517		146,461		146,042		0.43
Oscar Acquisitionco LLC	(4)(7)(11)		SOFR + 4.25	%		9.90	%		4/29/2029		5,985		6,007		5,989		0.02
Tamko Building Products, LLC	(8)		SOFR + 3.25	%		8.59	%		9/20/2030		2,992		3,000		2,996		0.01
The Chamberlain Group, Inc.	(9)		SOFR + 3.25	%		8.69	%		11/3/2028		25,080		24,923		25,096		0.07
Windows Acquisition Holdings, Inc.	(4)(11)		SOFR + 6.50	%		11.98	%		12/29/2026		56,108		55,638		54,424		0.16
													909,864		877,973		2.58
Capital Markets
AllSpring Buyer, LLC	(6)(9)		SOFR + 3.25	%		8.89	%		11/1/2028		709		713		709		0.00
Apex Group Treasury, LLC	(6)(9)		SOFR + 3.75	%		9.33	%		7/27/2028		15,063		15,042		15,101		0.04
Apex Group Treasury, LLC	(4)(6)(9)		SOFR + 5.00	%		10.32	%		7/27/2028		78,351		77,004		78,840		0.23
Aretec Group, Inc.	(6)(8)		SOFR + 4.00	%		9.34	%		8/9/2030		853		853		858		0.00
Clipper Acquisitions Corp.	(8)		SOFR + 1.75	%		7.19	%		3/3/2028		1,980		1,973		1,980		0.01
FFML Holdco Ltd	(4)(6)(10)		B + 6.25	%		11.93	%		11/30/2028	NZD	37,987		23,072		23,138		0.07
Focus Financial Partners, LLC	(9)		SOFR + 2.75	%		8.09	%		6/30/2028		10,918		10,912		10,919		0.03
Focus Financial Partners, LLC	(9)		SOFR + 2.50	%		7.84	%		6/30/2028		6,468		6,479		6,470		0.02
GTCR Everest Borrower LLC	(6)(8)		SOFR + 3.00	%		8.34	%		6/3/2031		20,647		20,595		20,685		0.06
Osaic Holdings Inc	(8)		SOFR + 4.00	%		9.34	%		8/17/2028		10,620		10,629		10,666		0.03
Resolute Investment Managers, Inc.	(5)(11)		SOFR + 6.50	%		12.10	%		4/30/2027		3,903		3,854		3,825		0.01
Situs-AMC Holdings Corporation	(4)(10)		SOFR + 5.50	%		10.93	%		12/22/2027		12,151		12,080		12,151		0.04
Superannuation And Investments US, LLC	(6)(9)		SOFR + 3.75	%		9.21	%		12/1/2028		13,093		13,036		13,118		0.04
The Edelman Financial Engines Center, LLC	(8)		SOFR + 3.25	%		8.59	%		4/7/2028		18,416		18,417		18,463		0.05
													214,659		216,923		0.63

11

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Chemicals
DCG Acquisition Corp.	(4)(5)(7)(10)		SOFR + 4.75	%		10.08	%		6/13/2031	$	210,895	$	208,257	$	208,239		0.61	%
Derby Buyer LLC	(6)(9)		SOFR + 3.50	%		8.83	%		11/1/2030		6,484		6,524		6,522		0.02
Formulations Parent Corp.	(4)(7)(10)		SOFR + 5.75	%		11.07	%		11/15/2030		21,375		20,922		21,375		0.06
Geon Performance Solutions, LLC	(4)(10)		SOFR + 4.25	%		9.85	%		8/18/2028		3,598		3,581		3,618		0.01
Hyperion Materials & Technologies, Inc.	(9)		SOFR + 4.50	%		10.04	%		8/30/2028		7,945		7,935		7,760		0.02
OQ Chemicals Corp	(6)(8)		SOFR + 3.50	%		8.91	%		10/14/2024		6		6		6		0.00
													247,225		247,520		0.72
Commercial Services & Supplies
Access CIG, LLC	(9)		SOFR + 5.00	%		10.33	%		8/18/2028		43,634		43,146		43,969		0.13
Allied Universal Holdco, LLC	(9)		SOFR + 3.75	%		9.19	%		5/12/2028		40,938		40,883		40,827		0.12
Anticimex, Inc.	(6)(9)		SOFR + 3.15	%		8.46	%		11/16/2028		11,705		11,676		11,719		0.03
APX Group, Inc.	(6)(9)		SOFR + 2.75	%		8.07	%		7/10/2028		17,345		17,320		17,388		0.05
Bazaarvoice, Inc.	(4)(8)		SOFR + 5.25	%		10.54	%		5/7/2028		382,170		382,170		382,170		1.12
Bazaarvoice, Inc.	(4)(7)(8)		SOFR + 5.25	%		10.54	%		5/7/2028		24,268		24,268		24,268		0.07
CFS Brands, LLC	(4)(6)(7)(11)		SOFR + 6.00	%		11.34	%		10/2/2030		200,600		196,281		200,394		0.59
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 4.75	%		10.09	%		3/31/2028		8,027		7,973		8,062		0.02
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 3.75	%		9.21	%		3/31/2028		22,593		22,617		22,598		0.07
Divisions Holding Corp.	(4)(10)		SOFR + 4.75	%		10.19	%		5/27/2028		8,935		8,878		8,902		0.03
EAB Global, Inc.	(9)		SOFR + 3.25	%		8.59	%		8/16/2028		13,407		13,389		13,410		0.04
Foundational Education Group, Inc.	(4)(9)		SOFR + 3.75	%		9.34	%		8/31/2028		8,914		8,861		8,691		0.03
FusionSite Midco, LLC	(4)(7)(11)		SOFR + 5.75	%		11.35	%		11/17/2029		45,240		44,229		44,451		0.13
FusionSite Midco, LLC	(4)(7)(11)		SOFR + 5.75	%		11.36	%		11/17/2029		17,418		17,046		17,134		0.05
Garda World Security Corp.	(6)(8)		SOFR + 4.25	%		9.59	%		2/1/2029		21,021		20,934		21,179		0.06
Iris Buyer, LLC	(4)(7)(11)		SOFR + 6.25	%		11.59	%		10/2/2030		59,986		58,290		59,732		0.18
Java Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		11.19	%		12/15/2027		169,291		166,292		168,102		0.49
Java Buyer, Inc.	(4)(5)(10)		SOFR + 5.75	%		11.17	%		12/15/2027		12,049		11,834		12,049		0.04
Java Buyer, Inc.	(4)(10)		SOFR + 5.75	%		11.20	%		12/15/2027		93,230		92,251		93,230		0.27
JSS Holdings, Inc.	(4)(10)		SOFR + 5.25	%		10.70	%		12/17/2030		282,165		279,547		282,165		0.83
Knowledge Pro Buyer, Inc.	(4)(7)(10)		SOFR + 5.00	%		10.44	%		12/10/2027		82,286		81,404		82,074		0.24
KPSKY Acquisition, Inc.	(4)(10)(18)		SOFR + 5.60	%		11.03	%		10/19/2028		46,720		46,145		45,084		0.13
KPSKY Acquisition, Inc.	(4)(10)(18)		SOFR + 5.50	%		10.90	%		10/19/2028		20,843		20,587		20,114		0.06
Onex Baltimore Buyer, Inc.	(4)(10)(18)		SOFR + 5.50	%		10.95	%		12/1/2027		187,232		185,079		187,232		0.55
Onex Baltimore Buyer, Inc.	(4)(7)(10)(18)		SOFR + 5.00	%		10.45	%		12/1/2027		136,463		134,438		135,216		0.40
Pearce Intermediate Holdings, Inc	(4)(7)(11)		SOFR + 4.50	%		9.94	%		6/2/2027		83,578		82,487		83,552		0.25
Polyphase Elevator Holding Co.	(4)(5)(7)(11)		SOFR + 6.00	%		11.43 (incl. 5.00 PIK)	%  %		6/23/2027		16,549		16,506		12,361		0.04
Prime Security Services Borrower, LLC	(8)		SOFR + 2.25	%		7.58	%		10/13/2030		1,500		1,509		1,501		0.00
Pye-Barker Fire & Safety LLC	(4)(5)(10)		SOFR + 4.50	%		9.85	%		5/24/2031		4,461		4,461		4,461		0.01
Pye-Barker Fire & Safety LLC	(4)(5)(7)(10)		SOFR + 4.50	%		9.84	%		5/24/2031		5,301		5,274		5,301		0.02
The Hiller Companies LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.34	%		6/20/2030		76,021		75,024		75,019		0.22
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)	(9)		SOFR + 3.75	%		9.21	%		12/8/2028		26,931		26,850		27,022		0.08
USIC Holdings, Inc.	(10)		SOFR + 3.50	%		9.10	%		5/12/2028		24,313		24,244		23,568		0.07
Vaco Holdings, Inc.	(10)		SOFR + 5.00	%		10.48	%		1/21/2029		8,986		8,957		8,938		0.03
Veregy Consolidated, Inc.	(11)		SOFR + 6.00	%		11.59	%		11/2/2027		20,046		20,072		20,108		0.06
													2,200,922		2,211,991		6.51

12

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non- affiliated (continued)
Construction & Engineering
ASP Endeavor Acquisition, LLC	(4)(5)(9)		SOFR + 6.50	%		12.08	%		5/3/2027	$	34,920	$	34,590	$	31,952		0.09	%
Atlas Securitized Products Funding 2, L.P.	(5)(7)(8)		SOFR + 1.50	%		6.84	%		4/10/2026		113,253		109,894		113,253		0.33
Azuria Water Solutions Inc	(10)		SOFR + 4.25	%		9.57	%		5/17/2028		34,609		34,607		34,791		0.10
Brookfield WEC Holdings, Inc.	(8)		SOFR + 2.75	%		8.09	%		1/27/2031		7,963		7,895		7,979		0.02
Consor Intermediate II LLC	(4)(5)(7)(10)		SOFR + 4.75	%		10.08	%		5/10/2031		48,883		48,070		48,054		0.14
COP Home Services TopCo IV, Inc.	(4)(7)(11)		SOFR + 6.00	%		11.43	%		12/31/2027		210,031		206,226		209,609		0.61
Groundworks, LLC	(8)		SOFR + 3.50	%		8.83	%		3/14/2031		9,079		9,097		9,085		0.03
Groundworks, LLC	(7)(8)		SOFR + 3.50	%		8.83	%		3/14/2031		267		271		378		0.00
Peak Utility Services Group, Inc.	(4)(11)		SOFR + 5.00	%		10.44	%		3/2/2028		23,027		22,910		21,184		0.06
Refficiency Holdings, LLC	(10)		SOFR + 3.50	%		8.94	%		12/16/2027		11,285		11,235		11,323		0.03
Thermostat Purchaser III, Inc.	(4)(7)(10)		SOFR + 4.25	%		9.60	%		8/31/2028		10,000		9,912		10,024		0.03
													494,707		497,632		1.44
Containers & Packaging
Ascend Buyer, LLC	(4)(10)		SOFR + 5.75	%		11.23	%		9/30/2028		11,357		11,114		11,357		0.03
Ascend Buyer, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		11.23	%		9/30/2027		2,587		2,503		2,587		0.01
Berlin Packaging, LLC	(9)		SOFR + 3.75	%		9.08	%		6/7/2031		15,400		15,355		15,452		0.05
Charter Next Generation Inc	(10)		SOFR + 3.50	%		8.84	%		12/1/2027		2,000		2,014		2,006		0.01
Clydesdale Acquisition Holdings Inc	(9)		SOFR + 3.68	%		9.12	%		4/13/2029		16,856		16,535		16,914		0.05
Graham Packaging Co, Inc.	(10)		SOFR + 3.00	%		8.46	%		8/4/2027		8,891		8,881		8,915		0.03
MAR Bidco S.à r.l.	(6)(9)		SOFR + 4.20	%		9.77	%		7/6/2028		3,839		3,828		3,772		0.01
Pretium PKG Holdings, Inc.	(11)(18)		SOFR + 4.60	%		9.93 (incl. 1.40 PIK	%  %  )		10/2/2028		22,151		21,890		19,293		0.06
ProAmpac PG Borrower, LLC	(8)		SOFR + 4.00	%		9.32	%		9/15/2028		16,273		16,273		16,332		0.05
Ring Container Technologies Group, LLC	(9)		SOFR + 3.50	%		8.96	%		8/12/2028		987		984		995		0.00
TricorBraun Holdings, Inc.	(9)		SOFR + 3.25	%		8.71	%		3/3/2028		13,698		13,628		13,694		0.04
Trident TPI Holdings, Inc.	(9)		SOFR + 4.00	%		9.34	%		9/15/2028		21,793		21,797		21,852		0.06
													134,802		133,169		0.40
Distributors
BP Purchaser, LLC	(4)(5)(10)		SOFR + 5.50	%		11.11	%		12/10/2028		7,840		7,740		7,291		0.02
BradyIFS Holdings, LLC	(4)(11)		SOFR + 6.00	%		11.33	%		10/31/2029		203,310		199,696		203,310		0.60
BradyIFS Holdings, LLC	(4)(5)(7)(11)		SOFR + 6.00	%		11.30	%		10/31/2029		13,911		13,316		13,686		0.04
Bution Holdco 2, Inc.	(4)(11)		SOFR + 6.25	%		11.68	%		10/17/2025		5,561		5,530		5,561		0.02
Genuine Cable Group, LLC	(4)(10)		SOFR + 5.75	%		11.25	%		11/2/2026		29,802		29,447		28,833		0.08
Marcone Yellowstone Buyer, Inc.	(4)(10)		SOFR + 6.50	%		11.98	%		6/23/2028		15,572		15,241		14,715		0.04
Marcone Yellowstone Buyer, Inc.	(4)(10)		SOFR + 6.25	%		11.73	%		6/23/2028		26,255		25,957		24,549		0.07
NDC Acquisition Corp.	(4)(5)(7)(11)		SOFR + 5.50	%		10.93	%		3/9/2027		21,769		21,459		21,769		0.06
PT Intermediate Holdings III LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.33 (incl. 1.75 PIK	% %  )		4/9/2030		167,194		166,779		166,759		0.49
S&S Holdings LLC	(9)		SOFR + 5.00	%		10.43	%		3/11/2028		6,832		6,844		6,849		0.02
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.50	%		11.93	%		5/13/2026		82,243		81,776		81,626		0.24
Unified Door & Hardware Group, LLC	(4)(11)		SOFR + 5.75	%		11.18	%		6/30/2025		63,418		62,980		63,418		0.19
Unified Door & Hardware Group, LLC	(4)(5)(11)		SOFR + 5.75	%		11.18	%		6/30/2025		3,113		3,060		3,113		0.01
													639,825		641,479		1.88

13

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Diversified Consumer Services
Ascend Learning, LLC	(9)		SOFR + 3.50	%		8.94	%		12/11/2028	$	20,475	$	20,197	$	20,480		0.06	%
BPPH2 Limited	(4)(6)(8)		S + 6.87	%		12.07	%		3/2/2028	GBP	40,700		55,466		51,449		0.15
Cambium Learning Group, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.92	%		7/20/2028		943,860		938,397		943,860		2.77
Cengage Learning, Inc.	(11)		SOFR + 4.25	%		9.54	%		3/22/2031		8,479		8,520		8,513		0.02
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.35	%		5/31/2031		55,000		54,388		54,380		0.16
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.34	%		5/31/2031		790		638		640		0.00
DTA Intermediate II Ltd.	(4)(11)		SOFR + 5.50	%		10.84	%		3/27/2030		51,714		50,724		51,196		0.15
DTA Intermediate II Ltd.	(4)(5)(7)(11)		SOFR + 5.50	%		10.79	%		3/27/2030		3,888		3,380		3,486		0.01
Element Materials Technology Group US Holdings Inc.	(6)(9)		SOFR + 4.25	%		9.68	%		7/6/2029		7,422		7,362		7,461		0.02
Endeavor Schools Holdings LLC	(4)(11)		SOFR + 6.25	%		11.58	%		7/18/2029		47,179		46,187		46,117		0.14
Endeavor Schools Holdings LLC	(4)(5)(7)(11)		SOFR + 6.25	%		11.57	%		7/18/2029		8,684		8,371		8,368		0.02
Essential Services Holding Corp	(4)(5)(7)(10)		SOFR + 5.00	%		10.33	%		6/17/2031		69,595		68,741		68,736		0.20
Go Car Wash Management Corp.	(4)(11)		SOFR + 6.25	%		11.69	%		12/31/2026		41,535		41,087		41,223		0.12
Go Car Wash Management Corp.	(4)(10)		SOFR + 6.25	%		11.69	%		12/31/2026		48,019		47,405		47,659		0.14
Imagine Learning, LLC	(9)		SOFR + 3.50	%		8.84	%		12/21/2029		65,037		64,752		65,108		0.19
Mckissock Investment Holdings, LLC	(10)		SOFR + 5.00	%		10.48	%		3/12/2029		9,790		9,724		9,840		0.03
Mckissock Investment Holdings, LLC	(10)		SOFR + 5.00	%		10.33	%		3/12/2029		27,363		26,755		27,502		0.08
Pre-Paid Legal Services, Inc.	(9)		SOFR + 3.75	%		9.21	%		12/15/2028		17,651		17,561		17,662		0.05
Spring Education Group, Inc.	(8)		SOFR + 4.00	%		9.33	%		9/29/2030		13,716		13,562		13,800		0.04
Sunshine Cadence Holdco, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.33	%		5/1/2031		200,000		197,737		197,680		0.58
University Support Services, LLC	(9)		SOFR + 2.75	%		8.09	%		2/10/2029		9,785		9,759		9,791		0.03
													1,690,713		1,694,951		4.96
Diversified Financial Services
Barbri Holdings, Inc.	(4)(10)		SOFR + 5.75	%		11.19	%		4/28/2028		133,613		132,135		132,945		0.39
Lereta, LLC	(10)		SOFR + 5.25	%		10.71	%		7/30/2028		29,008		28,838		21,877		0.06
Mitchell International, Inc.	(9)		SOFR + 3.25	%		8.59	%		6/17/2031		65,229		64,903		64,755		0.19
More Cowbell II, LLC	(4)(7)(10)		SOFR + 6.00	%		11.09	%		9/1/2030		19,941		19,478		19,914		0.06
More Cowbell II, LLC	(4)(5)(7)(10)		SOFR + 6.00	%		11.33	%		9/1/2029		1,220		1,159		1,220		0.00
RFS Opco LLC	(4)(9)		SOFR + 5.00	%		10.33	%		4/4/2031		30,476		30,182		30,171		0.09
Sedgwick Claims Management Services, Inc.	(6)(8)		SOFR + 3.75	%		9.09	%		2/24/2028		5,185		5,147		5,197		0.02
SelectQuote, Inc.	(4)(10)		SOFR + 9.50	%		14.94 (incl. 3.00 PIK	%  %  )		5/15/2025		266,757		266,679		240,082		0.70
Solera, LLC	(9)(18)		SOFR + 4.00	%		9.59	%		6/2/2028		32,664		32,445		32,690		0.10
													580,966		548,851		1.61

14

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non- affiliated (continued)
Diversified REITs
Iron Mountain Information Management LLC	(8)		SOFR + 2.25	%		7.59	%		1/31/2031	$	5,985	$	6,007	$	5,967		0.02	%
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	(4)(7)(11)		SOFR + 5.50	%		10.81	%		10/1/2028		230,542		227,033		229,697		0.67
Zacapa, LLC	(6)(9)		SOFR + 4.00	%		9.33	%		3/22/2029		7,483		7,478		7,486		0.02
													234,511		237,183		0.69
Electric Utilities
Qualus Power Services Corp.	(4)(11)		SOFR + 5.25	%		10.60	%		3/26/2027		61,356		60,761		61,049		0.18
Qualus Power Services Corp.	(4)(5)(7)(11)		SOFR + 5.25	%		10.60	%		3/26/2027		52,838		51,655		52,056		0.15
Sabre Industries Inc	(9)		SOFR + 3.25	%		8.69	%		6/1/2028		9,477		9,457		9,414		0.03
													121,873		122,519		0.36
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)		SOFR + 5.50	%		10.93	%		8/17/2028		202,355		199,786		201,917		0.59
Madison IAQ, LLC	(9)		SOFR + 2.75	%		8.09	%		6/21/2028		39,823		39,534		39,909		0.12
													239,320		241,826		0.71
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)		SOFR + 6.00	%		11.44	%		12/23/2026		25,125		24,915		22,989		0.07
Albireo Energy, LLC	(4)(5)(11)		SOFR + 6.00	%		11.40	%		12/23/2026		7,541		7,503		6,900		0.02
Albireo Energy, LLC	(4)(5)(11)		SOFR + 6.00	%		11.42	%		12/23/2026		1,934		1,925		1,770		0.01
Infinite Bidco, LLC	(9)		SOFR + 3.75	%		9.34	%		3/2/2028		11,946		11,932		11,491		0.03
Phoenix 1 Buyer Corp.	(4)(7)(8)		SOFR + 5.50	%		10.83	%		11/20/2030		43,029		42,559		43,029		0.13
													88,834		86,179		0.26

15

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)		SOFR + 6.00	%		11.38	%		8/17/2029	$	8,626	$	8,468	$	8,596		0.03	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)		P + 5.00	%		13.50	%		8/17/2028		242		228		242		0.00
LPW Group Holdings, Inc.	(4)(5)(7)(11)		SOFR + 6.00	%		11.35	%		3/15/2031		32,832		31,890		32,241		0.09
													40,586		41,079		0.12
Entertainment
CE Intermediate I, LLC	(9)		SOFR + 3.50	%		8.97	%		11/10/2028		7,603		7,555		7,629		0.02
Renaissance Holdings Corp	(9)		SOFR + 4.25	%		9.60	%		4/5/2030		2,524		2,529		2,525		0.01
													10,084		10,154		0.03
Food Products
Snacking Investments US, LLC	(6)(11)		SOFR + 4.00	%		9.35	%		12/18/2026		4,855		4,872		4,868		0.01
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc.	(4)(8)		SOFR + 5.75	%		11.23	%		6/13/2029		24,937		24,502		21,197		0.06
Auris Luxembourg III S.à r.l.	(6)(8)		SOFR + 4.25	%		9.99	%		2/28/2029		8,878		8,836		8,911		0.03
Bamboo US BidCo LLC	(4)(6)(7)(11)		SOFR + 6.75	%		12.08 (incl. 3.38 PIK	%  %  )		9/30/2030		31,399		30,357		31,342		0.09
Bamboo US BidCo LLC	(4)(6)(11)		E + 6.75	%		10.62 (incl. 3.38 PIK	%  %  )		9/30/2030	EUR	71,714		73,894		76,802		0.23
CPI Buyer, LLC	(4)(7)(10)		SOFR + 5.50	%		11.11	%		11/1/2028		169,473		167,226		164,974		0.48
CPI Buyer, LLC	(4)(5)(7)(10)		SOFR + 5.50	%		10.83	%		11/1/2028		3,164		3,077		3,033		0.01
Egrotron Acquisition, LLC	(4)(10)		SOFR + 5.75	%		11.20	%		7/6/2028		66,687		65,795		66,687		0.20
GCX Corporation Buyer, LLC	(4)(10)		SOFR + 5.50	%		10.95	%		9/13/2027		192,555		190,489		189,667		0.56
GCX Corporation Buyer, LLC	(4)(10)		SOFR + 5.50	%		10.98	%		9/13/2027		48,758		48,290		48,026		0.14
Natus Medical Incorporated	(4)(9)		SOFR + 5.50	%		10.98	%		7/20/2029		49,250		46,749		48,388		0.14
Natus Medical Incorporated	(4)(5)(7)(9)		SOFR + 4.75	%		10.19	%		7/21/2027		4,400		4,314		4,095		0.01
Sharp Services, LLC	(4)(8)		SOFR + 3.75	%		9.08	%		12/31/2028		5,203		5,203		5,242		0.02
Zeus, LLC	(4)(7)(10)		SOFR + 5.50	%		10.83	%		2/28/2031		49,101		48,238		48,753		0.14
													716,970		717,117		2.11
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(7)(10)		CA + 5.50	%		10.27	%		8/10/2029	CAD	253,273		193,395		185,069		0.54
ACI Group Holdings, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		10.94	%		8/2/2027		5,370		5,149		5,370		0.02
ACI Group Holdings, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.94	%		8/2/2028		116,653		114,474		116,653		0.34
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.25	%		11.66	%		5/7/2027		10,458		10,356		10,458		0.03
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.25	%		11.61	%		5/7/2027		8,603		8,531		8,603		0.03
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)		SOFR + 6.25	%		11.65	%		5/7/2026		892		863		892		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.25	%		11.66	%		5/7/2027		251		249		251		0.00
ADMI Corp.	(9)		SOFR + 3.75	%		9.21	%		12/23/2027		39,743		39,616		39,023		0.11
Amerivet Partners Management, Inc.	(4)(7)(10)		SOFR + 5.25	%		10.73	%		2/25/2028		21,106		20,605		21,106		0.06
Canadian Hospital Specialties Ltd.	(4)(6)(11)		C + 4.50	%		9.47	%		4/14/2028	CAD	14,745		11,691		10,509		0.03
Canadian Hospital Specialties Ltd.	(4)(6)(10)		C + 4.50	%		9.47	%		4/15/2027	CAD	5,400		4,278		3,849		0.01
Caramel Bidco Limited	(4)(6)(8)		S + 6.00	%		11.20	%		2/24/2029	GBP	62,265		81,673		72,806		0.21

16

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Caramel Bidco Limited	(4)(6)(8)		E + 6.00	%		9.77	%		2/24/2029	EUR	14,000	$	15,581	$	13,869		0.04	%
Caramel Bidco Limited	(4)(6)(8)		SOFR + 6.00	%		11.31	%		2/24/2029	$	6,125		6,395		5,666		0.02
CCBlue Bidco, Inc.	(4)(5)(10)		SOFR + 6.50	%		11.94 PIK	%		12/21/2028		539,227		533,191		467,780		1.37
Continental Buyer Inc	(4)(5)(7)(10)		SOFR + 5.25	%		10.58	%		4/2/2031		29,121		28,554		28,534		0.08
CSC Mkg Topco LLC	(4)(10)		SOFR + 5.75	%		11.19	%		2/1/2029		161,238		159,124		161,238		0.47
CSC Mkg Topco LLC	(4)(10)		SOFR + 5.75	%		11.18	%		2/1/2029		21,579		21,085		21,579		0.06
DCA Investment Holdings, LLC	(4)(10)		SOFR + 6.41	%		11.74	%		4/3/2028		25,276		25,156		25,276		0.07
DCA Investment Holdings, LLC	(4)(5)(10)		SOFR + 6.50	%		11.83	%		4/3/2028		9,946		9,733		9,946		0.03
Epoch Acquisition, Inc.	(4)(11)		SOFR + 6.00	%		11.43	%		10/4/2026		28,664		28,664		28,664		0.08
Heartland Dental LLC	(10)		SOFR + 4.50	%		9.84	%		4/30/2028		9,975		10,024		10,013		0.03
Inception Fertility Ventures LLC	(4)(5)(7)(10)		SOFR + 5.50	%		10.82	%		4/29/2030		263,218		262,043		261,997		0.77
Jayhawk Buyer, LLC	(4)(11)		SOFR + 5.00	%		10.44	%		10/15/2026		270,800		268,350		257,260		0.75
Kwol Acquisition, Inc.	(4)(6)(10)		SOFR + 6.25	%		11.51	%		12/6/2029		6,587		6,437		6,587		0.02
Kwol Acquisition, Inc.	(4)(5)(6)(7)(10)		SOFR + 6.25	%		11.60	%		12/6/2029		224		204		224		0.00
MB2 Dental Solutions, LLC	(4)(7)(10)		SOFR + 6.00	%		11.33	%		2/13/2031		38,236		37,808		38,188		0.11
Midwest Physician Administrative Services, LLC	(10)		SOFR + 3.25	%		8.85	%		3/12/2028		8,637		8,612		7,590		0.02
Navigator Acquiror, Inc.	(4)(7)(9)		SOFR + 5.50	%		10.94	%		7/16/2027		495,357		493,120		450,775		1.32
Odyssey Holding Company, LLC	(4)(11)(18)		SOFR + 5.75	%		11.13	%		11/16/2026		59,439		59,287		59,439		0.17
Odyssey Holding Company, LLC	(4)(11)		SOFR + 5.75	%		11.14	%		11/16/2026		4,211		4,211		4,211		0.01
Onex TSG Intermediate Corp.	(6)(10)		SOFR + 4.75	%		10.35	%		2/28/2028		22,672		22,568		22,653		0.07
ONS MSO, LLC	(4)(5)(7)(11)		SOFR + 5.75	%		11.09	%		7/8/2026		34,984		34,552		34,621		0.10
ONS MSO, LLC	(4)(5)(7)(11)		SOFR + 6.25	%		11.65	%		7/8/2026		508		426		508		0.00
ONS MSO, LLC	(4)(5)(11)		SOFR + 5.75	%		11.10	%		7/8/2026		10,000		9,908		9,975		0.03
Pediatric Associates Holding Co., LLC	(9)		SOFR + 3.25	%		8.71	%		12/29/2028		2,515		2,506		2,437		0.01
Plasma Buyer, LLC	(4)(7)(10)		SOFR + 5.75	%		11.08	%		5/12/2029		91,475		90,111		85,358		0.25
Plasma Buyer, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		11.09	%		5/12/2028		8,101		7,915		7,125		0.02
PPV Intermediate Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		11.10	%		8/31/2029		126,926		124,989		126,926		0.37
PPV Intermediate Holdings, LLC	(4)(7)(10)		SOFR + 6.00	%		11.35	%		8/31/2029		2,489		2,468		2,464		0.01
PSKW Intermediate, LLC	(4)(11)		SOFR + 6.25	%		11.69	%		3/9/2026		16,869		16,869		16,869		0.05
Smile Doctors, LLC	(4)(7)(10)		SOFR + 5.90	%		11.35	%		12/23/2028		520,738		513,209		509,024		1.49
Smile Doctors, LLC	(4)(5)(7)(10)		SOFR + 5.90	%		11.35	%		12/23/2028		47,403		45,041		45,306		0.13
Snoopy Bidco, Inc.	(4)(10)		SOFR + 6.75	%		12.36 PIK	%		6/1/2028		685,756		679,185		666,898		1.96
SpecialtyCare, Inc.	(4)(11)		SOFR + 5.75	%		11.31	%		6/18/2028		67,544		66,394		66,193		0.19
SpecialtyCare, Inc.	(4)(5)(11)		SOFR + 5.75	%		11.33	%		6/18/2028		584		580		573		0.00
SpecialtyCare, Inc.	(4)(5)(7)(8)		SOFR + 4.00	%		9.44	%		6/18/2028		2,255		2,185		2,255		0.01
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.33	%		1/2/2029		179,558		177,148		178,169		0.52
Surgery Centers Holdings, Inc.	(6)(8)		SOFR + 2.75	%		8.09	%		12/19/2030		5,687		5,695		5,708		0.02
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)		C + 5.75	%		10.75	%		3/16/2028	CAD	136,568		105,429		94,482		0.28

17

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
The Fertility Partners, Inc.	(4)(6)(10)		SOFR + 5.75	%		11.21	%		3/16/2028	$	45,905	$	45,252	$	43,609		0.13	%
The GI Alliance Management, LLC	(4)(11)		SOFR + 5.50	%		11.00	%		9/15/2028		257,180		251,762		257,180		0.75
The GI Alliance Management, LLC	(4)(11)		SOFR + 5.50	%		10.98	%		9/15/2028		28,516		28,252		28,516		0.08
The GI Alliance Management, LLC	(4)(7)(11)		SOFR + 5.50	%		10.99	%		9/15/2028		55,413		53,148		54,230		0.16
TTF Holdings, LLC	(4)(10)		SOFR + 4.00	%		9.46	%		3/31/2028		2,753		2,742		2,750		0.01
UMP Holdings, LLC	(4)(10)		SOFR + 5.75	%		11.07	%		7/15/2028		9,548		9,420		9,500		0.03
UMP Holdings, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		11.08	%		7/15/2028		13,092		13,003		12,988		0.04
Unified Physician Management, LLC	(4)(7)(9)		SOFR + 5.25	%		10.59	%		6/18/2029		882,923		882,905		882,904		2.59
US Oral Surgery Management Holdco, LLC	(4)(7)(10)		SOFR + 5.25	%		10.65	%		11/20/2028		216,239		214,578		216,239		0.63
US Oral Surgery Management Holdco, LLC	(4)(5)(7)(10)		SOFR + 6.00	%		11.43	%		11/20/2028		2,278		2,012		2,152		0.01
US Oral Surgery Management Holdco, LLC	(4)(5)(10)		SOFR + 6.50	%		11.93	%		11/20/2028		2,682		2,682		2,682		0.01
Veonet GmbH	(6)(8)		S + 5.50	%		10.70	%		3/14/2029	GBP	253,448		321,549		318,381		0.93
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		SOFR + 5.75	%		11.34	%		6/22/2028		102,373		101,266		66,542		0.20
WHCG Purchaser III, Inc.	(4)(5)(7)(10)(17)		SOFR + 5.75	%		11.34	%		6/22/2026		12,455		12,356		8,085		0.02
													6,316,564		6,116,727		17.90
Health Care Technology
athenahealth, Inc.	(9)		SOFR + 3.25	%		8.59	%		2/15/2029		36,374		36,107		36,300		0.11
Caerus US 1, Inc.	(4)(6)(10)		SOFR + 5.00	%		10.33	%		5/25/2029		385,608		380,212		385,608		1.13
Caerus US 1, Inc.	(4)(6)(7)(10)		SOFR + 5.00	%		10.33	%		5/25/2029		304,167		301,452		303,638		0.89
Caerus US 1, Inc.	(4)(6)(8)		SOFR + 5.00	%		10.33	%		5/25/2029		70,172		70,172		70,172		0.21
Color Intermediate LLC	(4)(10)		SOFR + 5.50	%		10.93	%		10/4/2029		366,993		360,142		366,993		1.08
Cotiviti, Inc.	(8)		SOFR + 3.25	%		8.58	%		5/1/2031		43,482		43,269		43,373		0.13
Edifecs, Inc.	(4)(10)		SOFR + 5.75	%		11.08 (incl. 2.35 PIK	%  %  )		9/21/2026		154,816		153,706		154,816		0.45
Edifecs, Inc.	(4)(10)		SOFR + 5.75	%		11.08 (incl. 2.35 PIK	%  %  )		11/20/2028		204,233		201,124		204,233		0.60
Edifecs, Inc.	(4)(11)		SOFR + 5.75	%		11.08 (incl. 2.35 PIK	%  %  )		9/21/2026		95,654		95,733		95,654		0.28
GI Ranger Intermediate, LLC	(4)(7)(10)		SOFR + 6.00	%		11.48	%		10/29/2028		103,345		102,106		103,345		0.30
Healthcomp Holding Company, LLC	(4)(10)		SOFR + 6.25	%		11.57 (incl. 3.00 PIK	%  %  )		11/8/2029		182,648		181,042		181,734		0.53
Imprivata, Inc.	(9)		SOFR + 3.50	%		9.09	%		12/1/2027		2,013		2,013		2,025		0.01
Neptune Holdings, Inc.	(4)(7)(11)		SOFR + 5.75	%		11.04	%		8/31/2030		14,925		14,553		14,925		0.04
Netsmart Technologies, Inc.	(10)		SOFR + 3.75	%		9.21	%		10/1/2027		12,904		12,940		12,954		0.04
NMC Crimson Holdings, Inc.	(4)(10)		SOFR + 6.09	%		11.54	%		3/1/2028		71,173		70,055		71,173		0.21
NMC Crimson Holdings, Inc.	(4)(10)		SOFR + 6.09	%		11.56	%		3/1/2028		14,758		14,624		14,758		0.04
Project Ruby Ultimate Parent Corp.	(10)		SOFR + 3.25	%		8.71	%		3/10/2028		9,134		9,109		9,159		0.03
Rocky MRA Acquisition Corp	(4)(9)		SOFR + 5.75	%		11.15	%		4/1/2028		164,310		162,453		164,310		0.48
Waystar Technologies, Inc.	(8)		SOFR + 2.75	%		8.10	%		10/22/2029		7,206		7,201		7,224		0.02
													2,218,013		2,242,394		6.58

18

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Hotels, Restaurants & Leisure
Alterra Mountain Company	(8)		SOFR + 3.25	%		8.59	%		8/17/2028	$	9,154	$	9,154	$	9,196		0.03	%
Bally’s Corp	(6)(9)		SOFR + 3.25	%		8.84	%		10/2/2028		9,577		9,544		9,118		0.03
Caesars Entertainment Inc	(6)(13)		SOFR + 2.75	%		8.10	%		2/6/2030		2,871		2,892		2,877		0.01
Century Casinos, Inc.	(6)(10)		SOFR + 6.00	%		11.43	%		4/2/2029		31,369		30,939		30,428		0.09
Fertitta Entertainment, LLC	(9)		SOFR + 3.75	%		9.08	%		1/27/2029		13,392		13,387		13,423		0.04
Flynn Restaurant Group LP	(9)		SOFR + 4.25	%		9.71	%		12/1/2028		7,528		7,485		7,541		0.02
IRB Holding Corp.	(10)		SOFR + 2.75	%		8.18	%		12/15/2027		21,534		21,545		21,550		0.06
Mic Glen, LLC	(9)		SOFR + 3.50	%		8.96	%		7/21/2028		12,791		12,780		12,808		0.04
New Red Finance, Inc.	(6)(8)		SOFR + 1.75	%		7.09	%		9/12/2030		6,484		6,468		6,476		0.02
Scientific Games Holdings LP	(9)		SOFR + 3.00	%		8.31	%		4/4/2029		14,778		14,785		14,766		0.04
Tacala Investment Corp.	(10)		SOFR + 4.00	%		9.34	%		1/31/2031		2,993		3,007		3,009		0.01
Whatabrands LLC	(9)		SOFR + 2.75	%		8.09	%		8/3/2028		11,380		11,385		11,396		0.03
													143,371		142,588		0.42
Household Durables
AI Aqua Merger Sub, Inc.	(6)(9)		SOFR + 4.00	%		9.33	%		7/31/2028		32,473		32,376		32,567		0.10
Industrial Conglomerates
Bettcher Industries, Inc.	(9)		SOFR + 4.00	%		9.34	%		12/14/2028		6,972		6,927		6,959		0.02
CEP V Investment 11 S.à r.l.	(4)(6)(10)		SA + 6.52	%		8.22	%		2/11/2028	CHF	47,449		47,629		52,812		0.15
CEP V Investment 11 S.à r.l.	(4)(6)(10)		E + 6.45	%		10.32	%		2/23/2028	EUR	54,899		51,916		58,794		0.17
Engineered Machinery Holdings, Inc.	(10)		SOFR + 3.75	%		9.35	%		5/19/2028		11,814		11,782		11,876		0.03
Excelitas Technologies Corp.	(4)(8)		E + 5.25	%		8.95	%		8/13/2029	EUR	24,944		25,235		26,713		0.08
Excelitas Technologies Corp.	(4)(5)(7)(10)		SOFR + 5.25	%		10.58	%		8/13/2029		31,088		30,368		31,039		0.09
FCG Acquisitions, Inc.	(9)		SOFR + 3.75	%		9.35	%		3/31/2028		22,819		22,756		22,850		0.07
SPX Flow, Inc.	(9)		SOFR + 3.50	%		8.84	%		4/5/2029		6,901		6,901		6,949		0.02
Victory Buyer, LLC	(9)		SOFR + 3.75	%		9.34	%		11/19/2028		22,518		22,453		21,730		0.06
													225,967		239,722		0.69
Insurance
Alera Group, Inc.	(4)(10)		SOFR + 5.25	%		10.59	%		10/2/2028		55,152		54,809		55,152		0.16
Alera Group, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.09	%		10/2/2028		3,640		3,527		3,640		0.01
Alliant Holdings Intermediate, LLC	(9)		SOFR + 3.50	%		8.84	%		11/6/2030		3,663		3,661		3,676		0.01
Amerilife Holdings LLC	(4)(7)(10)		SOFR + 5.75	%		11.08	%		8/31/2029		459,397		451,062		458,752		1.35
AmWINS Group Inc	(10)		SOFR + 2.25	%		7.71	%		2/19/2028		6,467		6,455		6,469		0.02
AssuredPartners, Inc.	(9)		SOFR + 3.50	%		8.84	%		2/14/2031		25,609		25,575		25,705		0.08
Baldwin Risk Partners, LLC	(4)(6)(9)		SOFR + 3.25	%		8.59	%		5/26/2031		8,237		8,221		8,248		0.02
BroadStreet Partners Inc.	(8)		SOFR + 3.25	%		8.59	%		6/14/2031		6,000		6,045		5,991		0.02
CFC Underwriting, Ltd.	(4)(6)(7)(9)		SOFR + 4.95	%		10.27	%		5/16/2029		138,161		135,535		137,904		0.40
Foundation Risk Partners Corp.	(4)(5)(7)(10)		SOFR + 5.25	%		10.58	%		10/29/2030		27,569		27,058		27,235		0.08
Foundation Risk Partners Corp.	(4)(5)(7)(10)		SOFR + 5.25	%		10.58	%		10/29/2030		12,252		11,933		11,982		0.04
Foundation Risk Partners Corp.	(4)(10)		SOFR + 5.25	%		10.58	%		10/29/2030		34,702		34,360		34,702		0.10
Galway Borrower, LLC	(4)(7)(10)		SOFR + 5.25	%		10.68	%		9/29/2028		221,033		218,623		221,031		0.65
Galway Borrower, LLC	(4)(5)(7)(10)		SOFR + 5.25	%		10.69	%		9/29/2028		2,620		2,388		2,620		0.01
Gimlet Bidco GmbH	(4)(6)(8)		E + 5.75	%		9.64	%		4/23/2031	EUR	110,003		114,326		114,863		0.34
Gimlet Bidco GmbH	(4)(6)(7)(8)		E + 5.75	%		9.64	%		4/23/2031	EUR	8,148		7,823		7,527		0.02
High Street Buyer, Inc.	(4)(10)		SOFR + 5.25	%		10.58	%		4/14/2028		96,753		95,757		96,753		0.28
High Street Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.25	%		10.58	%		4/16/2028		52,143		50,811		51,317		0.15
Integrity Marketing Acquisition, LLC	(4)(7)(11)		SOFR + 6.05	%		11.50	%		8/27/2026		79,554		79,088		79,551		0.23

19

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Insurance (continued)
Integrity Marketing Acquisition, LLC	(4)(10)		SOFR + 6.02	%		11.37	%		8/27/2026	$	96,351	$	95,358	$	96,351		0.28	%
Integrity Marketing Acquisition, LLC	(4)(7)(10)		SOFR + 6.00	%		11.35	%		8/27/2026		5,401		5,330		5,386		0.02
Integrity Marketing Acquisition, LLC	(4)(10)		SOFR + 6.02	%		11.47	%		8/27/2026		71,627		71,150		71,627		0.21
Integrity Marketing Acquisition, LLC	(4)(5)(10)		SOFR + 6.03	%		11.48	%		8/27/2026		2,304		2,288		2,304		0.01
OneDigital Borrower LLC	(4)(9)		SOFR + 3.25	%		8.60	%		6/13/2031		10,000		9,988		9,988		0.03
Paisley Bidco Ltd	(4)(5)(6)(7)(8)		S + 5.25	%		10.45	%		4/18/2031	GBP	12,094		14,864		14,976		0.04
Paisley Bidco Ltd	(4)(5)(6)(8)		E + 5.25	%		9.12	%		4/18/2031	EUR	7,947		8,429		8,384		0.02
PGIS Intermediate Holdings, LLC	(4)(7)(10)		SOFR + 5.00	%		10.48	%		10/16/2028		24,096		23,794		23,953		0.07
PGIS Intermediate Holdings, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		11.09	%		10/16/2028		8,163		7,930		7,954		0.02
Riser Merger Sub, Inc.	(4)(5)(10)		S + 6.00	%		11.20	%		10/31/2029	GBP	9,245		11,054		11,686		0.03
Riser Merger Sub, Inc.	(4)(7)(10)		SOFR + 6.00	%		11.33	%		10/31/2029		91,346		89,092		90,968		0.27
Riser Merger Sub, Inc.	(4)(7)(10)		SOFR + 5.00	%		10.34	%		10/31/2029		14,707		14,214		14,208		0.04
RSC Acquisition, Inc.	(4)(10)		SOFR + 5.50	%		10.98	%		11/1/2029		129,583		128,933		129,583		0.38
RSC Acquisition, Inc.	(4)(5)(7)(10)		SOFR + 6.00	%		11.34	%		11/1/2029		47,887		47,190		47,747		0.14
SG Acquisition, Inc.	(4)(5)(7)(9)		SOFR + 5.00	%		10.30	%		4/3/2030		222,354		220,681		222,354		0.65
Shelf Bidco Ltd	(4)(6)(10)(18)		SOFR + 6.34	%		12.01	%		1/3/2030		131,385		128,271		131,385		0.39
Tennessee Bidco Limited	(4)(5)(6)(8)		E + 7.00	%		10.87 (incl. 2.50 PIK	%  %  )		8/3/2028	EUR	5,575		7,006		5,971		0.02
Tennessee Bidco Limited	(4)(6)(8)		S + 7.28	%		12.46 (incl. 2.50 PIK	%  %  )		7/9/2028	GBP	146,599		198,296		185,316		0.54
Tennessee Bidco Limited	(4)(6)(8)		SOFR + 7.10	%		12.37 (incl. 2.50 PIK	%  %  )		7/9/2028		170,742		167,845		170,742		0.50
Tennessee Bidco Limited	(4)(6)(8)		SOFR + 7.10	%		12.37 (incl. 2.50 PIK	%  %  )		8/3/2028		49,399		48,935		49,399		0.14
Tennessee Bidco Limited	(4)(6)(8)		SOFR + 6.25	%		11.63 (incl. 1.25 PIK	%  %  )		8/3/2028		273,027		265,710		273,027		0.80
Truist Insurance Holdings, LLC	(8)		SOFR + 3.25	%		8.58	%		3/24/2031		38,401		38,322		38,531		0.11
Truist Insurance Holdings LLC	(4)(5)(7)(8)		SOFR + 3.25	%		8.58	%		5/6/2029		1,693		1,259		1,597		0.00
USI, Inc.	(8)		SOFR + 2.75	%		8.08	%		11/22/2029		8,868		8,868		8,879		0.03
USI, Inc.	(8)		SOFR + 2.75	%		8.08	%		9/29/2030		1,985		1,985		1,988		0.01
World Insurance Associates, LLC	(4)(7)(11)		SOFR + 6.00	%		11.33	%		4/3/2028		43,117		41,884		42,583		0.12
													2,995,733		3,020,005		8.84
Interactive Media & Services
Arches Buyer Inc	(9)		SOFR + 3.25	%		8.69	%		12/6/2027		3,590		3,575		3,442		0.01
Project Boost Purchaser, LLC	(9)		SOFR + 3.50	%		8.96	%		5/30/2026		4,862		4,832		4,872		0.01
													8,407		8,314		0.02

20

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Internet & Direct Marketing Retail
Identity Digital Inc	(4)(11)		SOFR + 5.25	%		10.78	%		12/29/2027	$	503,716	$	502,611	$	503,716		1.48	%
Hoya Midco, LLC	(6)(9)		SOFR + 3.00	%		8.33	%		2/3/2029		9,520		9,485		9,572		0.03
Prodege International Holdings, LLC	(4)(10)		SOFR + 5.75	%		11.24	%		12/15/2027		553,288		547,778		533,923		1.57
													1,059,874		1,047,211		3.08
IT Services
Ahead DB Holdings, LLC	(10)		SOFR + 3.75	%		9.16	%		2/1/2031		2,531		2,538		2,542		0.01
AI Altius Bidco, Inc.	(4)(5)(8)		9.75	%		9.75 PIK	%		12/21/2029		27,000		26,595		26,865		0.08
AI Altius Bidco, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		10.03	%		12/21/2028		27,021		26,541		27,021		0.08
AI Altius US Bidco Inc	(4)(10)		SOFR + 4.75	%		10.03	%		12/21/2028		218,247		216,017		218,247		0.64
Allium Buyer LLC	(4)(7)(11)		SOFR + 6.75	%		12.08	%		5/2/2030		1,588		1,542		1,588		0.00
Dcert Buyer, Inc.	(8)		SOFR + 4.00	%		9.34	%		10/16/2026		19,406		19,419		18,957		0.06
Infostretch Corporation	(4)(10)		SOFR + 5.75	%		11.23	%		4/1/2028		179,340		177,098		166,338		0.49
Inovalon Holdings, Inc.	(4)(10)		SOFR + 6.25	%		11.84 (incl. 2.75 PIK	%  %  )		11/24/2028		996,427		981,799		996,427		2.92
Inovalon Holdings, Inc.	(4)(5)(10)		SOFR + 6.25	%		11.84 (incl. 2.75 PIK	%  %  )		11/24/2028		76,226		75,175		76,226		0.22
KEN Bidco Ltd	(4)(5)(6)(10)		S + 6.00	%		11.31	%		8/3/2028	GBP	13,921		16,966		17,378		0.05
Monterey Financing, S.à r.l.	(4)(6)(8)		CI + 6.00	%		9.60	%		9/28/2029	DKK	560,750		72,495		79,918		0.23
Monterey Financing, S.à r.l.	(4)(6)(9)		N + 6.00	%		10.63	%		9/28/2029	NOK	599,094		54,754		55,690		0.16
Monterey Financing, S.à r.l.	(4)(6)(8)		ST + 6.00	%		9.72	%		9/28/2029	SEK	243,186		21,323		22,772		0.07
Monterey Financing, S.à r.l.	(4)(6)(7)(9)		E + 6.00	%		9.65	%		9/28/2029	EUR	110,819		105,524		117,532		0.34
Newfold Digital Holdings Group Inc	(10)		SOFR + 3.50	%		8.94	%		2/10/2028		44,370		44,159		41,319		0.12
Park Place Technologies, LLC	(4)(7)(10)		SOFR + 5.25	%		10.59	%		3/25/2031		561,453		556,033		558,208		1.64
Park Place Technologies, LLC	(4)(7)(10)		SOFR + 5.25	%		10.58	%		3/25/2030		7,452		6,824		7,123		0.02
Razor Holdco, LLC	(4)(10)		SOFR + 5.75	%		11.18	%		10/25/2027		186,450		184,387		186,450		0.55
Red River Technology, LLC	(4)(11)		SOFR + 6.00	%		11.54	%		5/26/2027		147,042		145,798		147,042		0.43
Redwood Services Group, LLC	(4)(10)		SOFR + 6.25	%		11.69	%		6/15/2029		62,413		61,344		62,413		0.18
Redwood Services Group, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		11.19	%		6/15/2028		405		307		352		0.00
Turing Holdco, Inc.	(4)(6)(8)		E + 6.00	%		9.82 (incl. 2.50 PIK	%  %  )		9/28/2028	EUR	16,952		19,238		17,928		0.05
Turing Holdco, Inc.	(4)(6)(7)(8)		E + 6.00	%		9.89 (incl. 2.50 PIK	%  %  )		8/3/2028	EUR	6,228		7,166		6,587		0.02
Turing Holdco, Inc.	(4)(6)(7)(8)		SOFR + 6.10	%		11.41 (incl. 2.50 PIK	%  %  )		10/16/2028		6,543		6,901		6,461		0.02
Turing Holdco, Inc.	(4)(6)(8)		SOFR + 6.00	%		11.42 (incl. 2.50 PIK	%  %  )		9/28/2028		13,147		12,916		12,983		0.04
Turing Holdco, Inc.	(4)(5)(6)(10)		S + 6.00	%		11.32	%		8/3/2028	GBP	23,404		28,522		29,215		0.09
Turing Holdco, Inc.	(4)(5)(6)(10)		SOFR + 6.00	%		11.00	%		8/3/2028		31,139		30,238		30,750		0.09
Virtusa Corp.	(10)		SOFR + 3.25	%		8.59	%		2/15/2029		12,181		12,181		12,229		0.04
													2,913,800		2,946,561		8.64

21

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Leisure Products
Motion Finco, LLC	(6)(8)		SOFR + 3.50	%		8.83	%		11/12/2029	$	12,405	$	12,379	$	12,423		0.04	%
Life Sciences Tools & Services
Cambrex Corp.	(10)		SOFR + 3.50	%		8.94	%		12/4/2026		4,528		4,536		4,470		0.01
Jupiter Bidco Limited	(4)(6)(7)(9)		E + 6.25	%		10.08	%		8/27/2029	EUR	5,922		2,351		4,416		0.01
Jupiter Bidco Limited	(4)(6)(10)		SOFR + 6.25	%		11.59	%		8/27/2029		88,177		86,229		70,101		0.21
LSCS Holdings, Inc.	(9)		SOFR + 4.50	%		9.96	%		12/16/2028		7,968		7,942		7,893		0.02
Packaging Coordinators Midco, Inc.	(10)		SOFR + 3.25	%		8.58	%		11/30/2027		1,857		1,857		1,866		0.01
Phoenix Newco, Inc.	(6)(9)		SOFR + 3.25	%		8.71	%		11/15/2028		1,980		1,980		1,986		0.01
													104,895		90,732		0.27

22

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Machinery
Chart Industries, Inc.	(6)(9)		SOFR + 3.25	%		8.68	%		3/16/2030	$	5,467	$	5,467	$	5,495		0.02	%
MHE Intermediate Holdings, LLC	(4)(7)(11)		SOFR + 6.00	%		11.48	%		7/21/2027		7,384		7,299		7,384		0.02
MHE Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.50	%		11.98	%		7/21/2027		354		350		354		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.25	%		11.73	%		7/21/2027		353		347		353		0.00
Pro Mach Group, Inc.	(11)		SOFR + 3.50	%		8.84	%		8/31/2028		6,912		6,861		6,955		0.02
TK Elevator U.S. Newco, Inc.	(6)(9)		SOFR + 3.50	%		8.79	%		4/30/2030		17,583		17,540		17,695		0.05
													37,864		38,236		0.11
Marine
Armada Parent, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.20	%		10/29/2027		230,328		227,505		227,755		0.67
Kattegat Project Bidco AB	(4)(5)(6)(7)(8)		E + 6.00	%		9.72	%		4/7/2031	EUR	51,768		54,601		53,904		0.16
Kattegat Project Bidco AB	(4)(5)(6)(8)		SOFR + 6.00	%		11.33	%		4/7/2031		4,522		4,413		4,409		0.01
													286,519		286,068		0.84
Media
Bimini Group Purchaser Inc	(4)(5)(7)(10)		SOFR + 5.25	%		10.60	%		4/26/2031		208,166		205,763		205,699		0.60
Bimini Group Purchaser Inc	(4)(5)(7)(10)		SOFR + 5.25	%		10.60	%		4/26/2031		8,555		8,360		8,355		0.02
Digital Media Solutions, LLC	(6)(10)(17)		SOFR + 11.00	%		16.57 PIK	%		5/25/2026		33,699		33,382		4,044		0.01
Digital Media Solutions LLC	(4)(5)(6)(10)		SOFR + 8.00	%		13.61 PIK	%		2/25/2026		1,977		1,977		1,977		0.01
Houghton Mifflin, LLC	(7)(9)		SOFR + 4.25	%		9.68	%		4/7/2027		1,125		892		760		0.00
McGraw-Hill Education, Inc.	(9)		SOFR + 4.75	%		10.20	%		7/28/2028		18,220		18,111		18,275		0.05
Radiate Holdco, LLC	(10)		SOFR + 3.25	%		8.71	%		9/25/2026		28,335		28,309		23,028		0.07
Sunrise Financing Partnership	(6)(8)		SOFR + 3.00	%		8.44	%		1/31/2029		5,000		4,942		4,980		0.01
Trader Corp.	(4)(6)(7)(10)		C + 6.75	%		11.74	%		12/22/2029	CAD	109,128		77,330		79,769		0.23
Trader Corp.	(4)(5)(6)(10)		CA + 5.50	%		10.28	%		12/21/2029	CAD	49,036		35,480		35,844		0.11
													414,546		382,731		1.11
Metals & Mining
American Rock Salt Company, LLC	(10)		SOFR + 4.00	%		9.61	%		6/9/2028		9,341		9,334		8,034		0.02
SCIH Salt Holdings, Inc.	(10)		SOFR + 3.50	%		8.83	%		3/16/2027		13,289		13,242		13,314		0.04
													22,576		21,348		0.06
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)		SOFR + 6.25	%		11.57	%		8/15/2028		26,332		25,935		26,332		0.08
Freeport LNG Investments, LLLP	(9)		SOFR + 3.50	%		9.09	%		12/21/2028		34,994		34,932		34,999		0.10
KKR Alberta Midstream Finance, Inc	(4)(6)(10)		SOFR + 6.25	%		11.57	%		8/15/2028		14,325		14,109		14,325		0.04
													74,976		75,656		0.22
Paper & Forest Products
Profile Products, LLC	(4)(7)(10)		SOFR + 5.50	%		10.93	%		11/12/2027		63,300		62,624		61,725		0.18
Profile Products, LLC	(4)(5)(7)(10)		P + 4.50	%		13.00	%		11/12/2027		2,546		2,437		2,323		0.01
													65,061		64,048		0.19

23

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Pharmaceuticals
Dechra Pharmaceuticals Holdings Ltd	(4)(5)(6)(7)(8)		E + 6.25	%		10.18	%		1/24/2031	EUR	97,791	$	104,248	$	104,571		0.31	%
Dechra Pharmaceuticals Holdings Ltd	(4)(5)(6)(7)(10)		SOFR + 6.25	%		11.43	%		1/24/2031	$	1,083		905		919		0.00
Doc Generici (Diocle S.p.A.)	(4)(5)(6)(7)(8)		E + 6.50	%		10.21	%		10/27/2028	EUR	60,136		58,273		64,332		0.19
Eden Acquisitionco Ltd	(4)(6)(7)(10)		SOFR + 6.25	%		11.51	%		11/18/2030		108,046		105,498		107,949		0.32
Gusto Sing Bidco Pte Ltd	(4)(5)(6)(7)(10)		BB + 6.50	%		10.90	%		10/30/2028	AUD	1,000		640		651		0.00
Padagis, LLC	(6)(9)		SOFR + 4.75	%		10.31	%		7/6/2028		29,371		29,342		28,783		0.08
Rhea Parent, Inc.	(4)(10)		SOFR + 5.50	%		10.83	%		2/18/2029		202,370		199,679		202,370		0.59
													498,585		509,575		1.49
Professional Services
ALKU, LLC	(4)(10)		SOFR + 6.25	%		11.59	%		5/23/2029		55,128		54,029		55,128		0.16
ALKU, LLC	(4)(10)		SOFR + 5.50	%		10.84	%		5/23/2029		4,988		4,895		4,925		0.01
Apex Companies, LLC	(4)(11)		SOFR + 6.25	%		11.58	%		1/31/2028		1,605		1,574		1,605		0.00
Apex Companies, LLC	(4)(5)(7)(11)		SOFR + 5.75	%		11.09	%		3/15/2026		320		309		310		0.00
Apex Companies, LLC	(4)(5)(11)		SOFR + 6.25	%		11.59	%		1/31/2028		369		361		369		0.00
APFS Staffing Holdings Inc	(9)		SOFR + 4.00	%		9.34	%		12/29/2028		6,116		6,091		6,108		0.02
Armor Holdco, Inc.	(6)(9)		SOFR + 4.50	%		10.01	%		12/11/2028		6,395		6,373		6,431		0.02
Baker Tilly Advisory Group LP	(4)(5)(7)(10)		SOFR + 5.00	%		10.33	%		6/3/2031		169,479		166,165		166,123		0.49
Cast & Crew Payroll, LLC	(9)		SOFR + 3.75	%		9.09	%		12/29/2028		11,631		11,538		11,651		0.03
CFGI Holdings, LLC	(4)(7)(10)		SOFR + 4.50	%		9.84	%		11/2/2027		20,891		20,437		20,492		0.06
Chronicle Bidco, Inc.	(4)(7)(11)		SOFR + 6.25	%		11.90	%		5/18/2029		2,892		2,892		2,892		0.01
Chronicle Bidco, Inc.	(4)(11)		SOFR + 6.25	%		11.90	%		5/18/2029		41,976		41,707		41,976		0.12
Chronicle Bidco, Inc.	(4)(7)(11)		SOFR + 6.25	%		11.49	%		3/17/2031		733		590		593		0.00
Cisive Holdings Corp	(4)(7)(11)		SOFR + 5.75	%		11.18	%		12/8/2028		33,774		33,642		33,347		0.10
Claims Automation Intermediate 2, LLC	(4)(7)(10)		SOFR + 4.75	%		10.18	%		12/16/2027		44,688		44,172		44,688		0.13
Claims Automation Intermediate 2, LLC	(4)(7)(10)		SOFR + 4.75	%		10.20	%		12/16/2027		34,260		33,668		33,747		0.10
Clearview Buyer, Inc.	(4)(7)(10)		SOFR + 5.35	%		10.68	%		8/26/2027		119,265		117,757		118,935		0.35
Cumming Group, Inc.	(4)(7)(11)		SOFR + 5.25	%		10.59	%		5/26/2027		197,045		194,725		197,045		0.58
Cumming Group, Inc.	(4)(7)(11)		SOFR + 5.25	%		10.59	%		11/16/2027		25,346		24,910		25,202		0.07
Deerfield Dakota Holding, LLC	(11)		SOFR + 3.75	%		9.08	%		4/9/2027		84,819		84,557		84,881		0.25
Eliassen Group, LLC	(4)(10)		SOFR + 5.75	%		11.08	%		4/14/2028		67,386		66,760		66,712		0.20
Emerald US, Inc.	(6)(8)		SOFR + 3.75	%		9.35	%		7/12/2028		3,829		3,826		3,832		0.01
EP Purchaser LLC	(9)		SOFR + 3.50	%		9.10	%		11/6/2028		9,498		9,350		9,515		0.03
G&A Partners Holding Company II, LLC	(4)(9)		SOFR + 5.50	%		10.85	%		3/1/2031		60,493		59,341		59,737		0.18
G&A Partners Holding Company II, LLC	(4)(7)(9)		SOFR + 5.50	%		10.85	%		3/1/2030		2,367		2,004		2,022		0.01
Guidehouse, Inc.	(4)(10)		SOFR + 5.75	%		11.09 (incl. 2.00 PIK	%  %  )		12/16/2030		1,235,190		1,225,567		1,235,190		3.62
IG Investments Holdings, LLC	(4)(7)(10)		SOFR + 6.00	%		11.43	%		9/22/2028		441,601		435,678		441,601		1.30
IG Investments Holdings, LLC	(4)(5)(10)		SOFR + 6.00	%		11.33	%		9/22/2028		4,244		4,204		4,244		0.01
Inmar, Inc.	(11)		SOFR + 5.50	%		10.84	%		5/1/2026		29,603		28,939		29,714		0.09

24

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Professional Services (continued)
Kaufman Hall & Associates, LLC	(4)(10)		SOFR + 5.25	%		10.69	%		12/14/2028	$	95,837	$	94,617	$	95,837		0.28	%
Kwor Acquisition, Inc.	(4)(5)(11)		SOFR + 5.25	%		10.68	%		12/22/2028		1,392		1,380		1,344		0.00
Kwor Acquisition, Inc.	(4)(5)(7)(10)		P + 4.25	%		12.75	%		12/22/2027		9,390		9,284		8,963		0.03
Legacy Intermediate, LLC	(4)(10)		SOFR + 5.75	%		11.25	%		2/25/2028		121,168		119,710		121,168		0.36
Legacy Intermediate, LLC	(4)(9)		SOFR + 5.75	%		11.24	%		2/25/2028		23,341		22,920		23,341		0.07
Mantech International CP	(4)(5)(7)(10)		SOFR + 5.00	%		10.33	%		9/14/2029		903,634		889,141		902,435		2.65
Mercury Bidco Globe Limited	(4)(5)(6)(7)(8)		S + 6.25	%		11.45	%		1/31/2031	GBP	80,581		100,225		101,576		0.30
Mercury Borrower Inc	(9)		SOFR + 3.50	%		8.96	%		8/2/2028		41,030		40,942		41,112		0.12
Minotaur Acquisition, Inc.	(4)(5)(7)(11)		SOFR + 5.00	%		10.35	%		5/10/2030		99,098		96,621		96,587		0.28
MPG Parent Holdings, LLC	(4)(7)(11)		SOFR + 5.25	%		10.58	%		1/8/2030		18,212		17,793		18,212		0.05
Oxford Global Resources Inc	(4)(11)		SOFR + 6.00	%		11.50	%		8/17/2027		93,356		92,383		93,356		0.27
Oxford Global Resources Inc	(4)(5)(7)(11)		SOFR + 6.00	%		11.47	%		8/17/2027		8,772		8,608		8,772		0.03
Oxford Global Resources Inc	(4)(5)(9)		SOFR + 6.00	%		11.33	%		6/6/2030		9,974		9,777		9,974		0.03
Pavion Corp.	(4)(6)(10)		SOFR + 5.75	%		11.08	%		10/30/2030		117,689		115,561		117,689		0.35
Pavion Corp.	(4)(5)(6)(7)(10)		SOFR + 5.75	%		11.08	%		10/30/2030		23,887		23,557		23,609		0.07
Petrus Buyer Inc	(4)(7)(10)		SOFR + 5.25	%		10.68	%		10/17/2029		35,720		34,665		35,551		0.10
Polyconcept Investments B.V.	(10)		SOFR + 5.50	%		10.83	%		5/18/2029		24,414		24,072		23,944		0.07
Soliant Lower Intermediate, LLC	(4)(10)		SOFR + 4.00	%		9.10	%		6/20/2031		50,286		49,783		50,286		0.15
STV Group, Inc.	(4)(7)(10)		SOFR + 5.00	%		10.33	%		3/20/2031		58,690		57,402		58,228		0.17
STV Group, Inc.	(4)(7)(10)		P + 4.00	%		12.50	%		3/20/2030		841		615		782		0.00
Thevelia US, LLC	(6)(9)		SOFR + 4.00	%		9.48	%		6/18/2029		33,946		32,872		34,238		0.10
Trinity Air Consultants Holdings Corp	(4)(10)		SOFR + 5.25	%		10.66	%		6/29/2028		24,735		24,539		24,735		0.07
Trinity Air Consultants Holdings Corp	(4)(7)(10)		SOFR + 5.25	%		10.62	%		6/29/2028		50,463		49,701		50,285		0.15
Trinity Partners Holdings, LLC	(4)(7)(10)		SOFR + 5.50	%		10.98	%		12/21/2028		382,411		376,717		381,266		1.12
Victors CCC Buyer, LLC	(4)(7)(10)		SOFR + 4.75	%		10.08	%		6/1/2029		144,060		141,632		143,749		0.42
West Monroe Partners, LLC	(4)(10)		SOFR + 5.50	%		11.10	%		11/8/2028		718,882		710,237		706,302		2.07
West Monroe Partners, LLC	(4)(5)(7)(10)		SOFR + 5.50	%		11.11	%		11/8/2027		14,143		13,310		13,895		0.04
													5,844,125		5,896,251		17.30
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)		SOFR + 5.50	%		10.81	%		11/3/2029		33,167		32,576		33,167		0.10
Castle Management Borrower, LLC	(4)(7)(11)		SOFR + 5.50	%		10.83	%		11/3/2029		1,250		1,176		1,250		0.00
Cushman & Wakefield US Borrower LLC	(4)(6)(9)		SOFR + 3.00	%		8.34	%		1/31/2030		7,461		7,461		7,471		0.02
Cushman & Wakefield US Borrower LLC	(4)(6)(9)		SOFR + 3.75	%		9.09	%		1/31/2030		1,600		1,614		1,612		0.00
McCarthy & Stone PLC	(4)(5)(6)(8)		7.00	%		7.00	%		2/2/2026	GBP	20,000		28,071		24,018		0.07
Neptune BidCo	(4)(5)(6)(7)(8)		E + 5.25	%		9.12	%		4/2/2031	EUR	5,608		5,904		5,863		0.02
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 5.50	%		10.94	%		8/8/2030		79,357		78,357		79,357		0.23
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 5.50	%		10.94	%		8/8/2030		15,205		14,957		15,205		0.04
													170,116		167,943		0.48

25

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Software
Aareon Holding GmbH	(4)(6)(10)		E + 6.25	%		9.97	%		8/16/2030	EUR	38,317	$	40,645	$	41,035		0.12	%
Aareon Holding GmbH	(4)(6)(10)		E + 6.25	%		9.97	%		8/19/2030	EUR	15,779		16,870		16,899		0.05
Analytic Partners LP	(4)(7)(10)		SOFR + 5.00	%		10.33	%		4/4/2028	$	21,359		21,050		21,359		0.06
Anaplan Inc	(4)(5)(10)		SOFR + 5.75	%		11.08	%		6/21/2029		200		198		200		0.00
Anaplan, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.08	%		6/21/2029		537,534		529,263		537,534		1.58
Aptean Inc	(4)(7)(10)		SOFR + 5.25	%		10.59	%		1/29/2031		39,263		38,860		39,263		0.12
Aptean Inc	(4)(7)(10)		SOFR + 5.25	%		10.59	%		1/29/2031		345		312		312		0.00
Apttus Corp.	(10)		SOFR + 4.00	%		9.46	%		5/8/2028		11,539		11,529		11,553		0.03
Armstrong Bidco Limited	(4)(6)(8)		S + 5.25	%		10.45	%		6/28/2029	GBP	478,945		573,009		587,271		1.72
Avalara Inc	(4)(7)(10)		SOFR + 7.25	%		12.58	%		10/19/2028		23,077		22,628		23,077		0.07
Azurite Intermediate Holdings Inc.	(4)(7)(10)		SOFR + 6.50	%		11.84	%		3/19/2031		46,170		45,297		45,849		0.13
Bayshore Intermediate #2 LP	(4)(5)(10)		SOFR + 5.75	%		11.05	%		10/1/2028		72,103		71,749		71,743		0.21
BlueCat Networks USA, Inc.	(4)(10)		SOFR + 6.00	%		11.33 (incl. 2.00 PIK	%  %  )		8/8/2028		69,983		69,055		69,633		0.20
BlueCat Networks USA, Inc.	(4)(10)		SOFR + 6.00	%		11.30 (incl. 2.00 PIK	%  %  )		8/8/2028		12,310		12,145		12,248		0.04
BlueCat Networks USA, Inc.	(4)(5)(7)(10)		SOFR + 6.00	%		11.33 (incl. 2.00 PIK	%  %  )		8/8/2028		2,317		2,218		2,195		0.01
Bluefin Holding, LLC	(4)(7)(11)		SOFR + 7.25	%		12.59	%		9/12/2029		45,513		44,430		45,263		0.13
Boxer Parent Company, Inc.	(8)		SOFR + 4.00	%		9.34	%		12/29/2028		14,681		14,550		14,730		0.04
Brave Parent Holdings, Inc.	(4)(7)(10)		SOFR + 5.00	%		10.33	%		11/28/2030		502,788		497,642		502,386		1.47
CDK Global Inc.	(8)		SOFR + 3.25	%		8.58	%		7/6/2029		4,985		4,988		4,927		0.01
Cloud Software Group Inc	(9)		SOFR + 4.00	%		9.33	%		3/30/2029		7,500		7,506		7,503		0.02
Cloud Software Group Inc	(9)		SOFR + 4.50	%		9.83	%		3/21/2031		2,600		2,605		2,610		0.01
Cloudera, Inc.	(9)		SOFR + 3.75	%		9.19	%		10/8/2028		35,252		34,942		35,318		0.10
Community Brands ParentCo, LLC	(4)(7)(10)		SOFR + 5.50	%		10.94	%		2/24/2028		10,041		9,842		10,041		0.03
Confine Visual Bidco	(4)(6)(10)		SOFR + 5.75	%		11.06	%		2/23/2029		264,119		258,887		223,180		0.65
Connatix Buyer, Inc.	(4)(7)(10)		SOFR + 5.50	%		11.11	%		7/14/2027		107,333		106,082		102,388		0.30
ConnectWise, LLC	(9)		SOFR + 3.50	%		9.10	%		9/29/2028		28,176		28,121		28,021		0.08
Cornerstone OnDemand, Inc.	(9)		SOFR + 3.75	%		9.21	%		10/16/2028		27,003		26,932		25,563		0.07
Cornerstone OnDemand, Inc.	(4)(11)		SOFR + 6.00	%		11.33	%		10/16/2028		34,650		33,758		34,217		0.10
Coupa Software Inc.	(4)(6)(7)(10)		SOFR + 5.50	%		10.83	%		2/27/2030		1,836		1,795		1,834		0.01
Crewline Buyer, Inc.	(4)(6)(7)(11)		SOFR + 6.75	%		12.08	%		11/8/2030		118,659		115,686		118,332		0.35
Delta Topco, Inc.	(10)		SOFR + 3.50	%		8.85	%		12/1/2029		74,973		74,790		75,028		0.22
Denali Bidco Ltd	(4)(5)(6)(7)(10)		S + 5.75	%		10.95	%		8/29/2030	GBP	14,404		17,746		18,205		0.05
Denali Bidco Ltd	(4)(5)(6)(8)		E + 5.75	%		9.47	%		8/29/2030	EUR	10,019		10,588		10,605		0.03
Denali Bidco Ltd	(4)(5)(6)(8)		E + 5.50	%		9.22	%		8/29/2030	EUR	263		275		276		0.00

26

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Software (continued)
Diligent Corp	(4)(5)(7)(10)		SOFR + 5.00	%		10.34	%		8/2/2030	$	173,460	$	171,936	$	173,085		0.51	%
Diligent Corp	(4)(10)		SOFR + 5.00	%		10.34	%		8/2/2030		29,736		29,575		29,736		0.09
Discovery Education, Inc.	(4)(10)		SOFR + 5.75	%		11.18	%		4/9/2029		636,906		629,815		587,546		1.72
Discovery Education, Inc.	(4)(11)		SOFR + 5.75	%		11.09	%		4/9/2029		65,651		64,979		60,563		0.18
DTI Holdco, Inc.	(10)		SOFR + 4.75	%		10.09	%		4/26/2029		24,563		24,062		24,694		0.07
DTI Holdco, Inc.	(4)(5)(7)(10)		P + 4.75	%		12.25	%		4/26/2027		1,200		1,200		1,172		0.00
ECI Macola Max Holding, LLC	(6)(10)		SOFR + 3.75	%		9.08	%		5/9/2030		10,655		10,655		10,732		0.03
Elements Finco Ltd	(4)(5)(6)(7)(8)		S + 5.00	%		10.20	%		4/29/2031	GBP	67,590		83,659		84,395		0.25
Elements Finco Ltd	(4)(5)(6)(8)		SOFR + 4.75	%		10.09	%		4/29/2031		21,157		20,914		20,946		0.06
Elements Finco Ltd	(4)(5)(6)(8)		SOFR + 4.75	%		10.09	%		4/30/2031		17,609		17,507		17,433		0.05
Ellucian Holdings, Inc.	(9)		SOFR + 3.50	%		8.94	%		10/9/2029		1,962		1,960		1,973		0.01
Epicor Software Corp	(10)		SOFR + 3.25	%		8.59	%		5/30/2031		4,564		4,559		4,589		0.01
Epicor Software Corp	(10)		SOFR + 3.25	%		8.59	%		5/30/2031		535		535		538		0.00
Episerver, Inc.	(4)(7)(11)		SOFR + 5.25	%		10.73	%		4/9/2026		24,718		24,556		24,433		0.07
Experity, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.18	%		2/24/2028		133,028		131,339		133,028		0.39
Flexera Software LLC	(10)		SOFR + 3.50	%		8.83	%		3/3/2028		5,315		5,338		5,342		0.02
Gen Digital Inc	(6)(9)		SOFR + 2.00	%		7.09	%		9/12/2029		5,040		5,040		5,028		0.01
Genesys Cloud Services Holdings II, LLC	(10)		SOFR + 3.50	%		8.84	%		12/1/2027		5,785		5,784		5,820		0.02
Genuine Financial Holdings LLC	(9)		SOFR + 4.00	%		9.33	%		9/27/2030		3,990		4,002		3,982		0.01
Gigamon Inc.	(4)(11)		SOFR + 5.75	%		11.22	%		3/9/2029		425,069		419,372		425,069		1.25
Gigamon Inc.	(4)(7)(11)		SOFR + 5.75	%		11.20	%		3/9/2029		10,310		10,151		10,310		0.03
GovernmentJobs.com, Inc.	(4)(10)		SOFR + 5.50	%		10.95	%		12/1/2028		165,756		164,026		165,756		0.49
GovernmentJobs.com, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		10.93	%		12/1/2028		12,318		12,018		11,872		0.03
Granicus, Inc.	(4)(7)(10)		SOFR + 5.75	%		8.82 (incl. 2.25 PIK	%  %  )		1/17/2031		30,443		30,101		30,420		0.09
Graphpad Software LLC	(4)(5)(7)(10)		SOFR + 4.75	%		10.08	%		6/28/2031		143,417		141,959		142,444		0.42
GS Acquisitionco Inc	(4)(5)(7)(9)		SOFR + 5.25	%		10.58	%		5/25/2028		959		917		914		0.00
GS Acquisitionco Inc	(4)(7)(10)		SOFR + 5.25	%		10.58	%		5/25/2028		600		579		578		0.00
Homecare Software Solutions LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.33	%		6/14/2031		76,735		75,973		75,968		0.22
Homecare Software Solutions LLC	(4)(5)(7)(10)		SOFR + 5.00	%		10.34	%		6/14/2031		3,688		3,524		3,520		0.01
HS Purchaser, LLC	(10)		SOFR + 4.00	%		9.43	%		11/19/2026		36,410		36,411		32,883		0.10
Icefall Parent, Inc.	(4)(7)(11)		SOFR + 6.50	%		11.83	%		1/25/2030		72,237		70,768		71,446		0.21
Idera, Inc.	(10)		SOFR + 3.50	%		8.83	%		3/2/2028		52,221		52,216		51,927		0.15
IGT Holding IV AB	(4)(5)(6)(8)		E + 5.00	%		9.15	%		3/31/2028	EUR	14,538		15,636		15,569		0.05
ION Trading Finance Ltd.	(6)(8)		SOFR + 4.00	%		9.35	%		4/1/2028		24,018		23,912		24,023		0.07
IQN Holding Corp	(4)(7)(10)		SOFR + 5.25	%		10.60	%		5/2/2029		46,141		45,837		46,141		0.14
IQN Holding Corp	(4)(7)(10)		SOFR + 5.25	%		10.60	%		5/2/2028		647		611		647		0.00
IRI Group Holdings Inc	(4)(10)		SOFR + 5.50	%		10.85 (incl. 2.00 PIK	%  %  )		12/1/2028		1,589,605		1,565,203		1,589,605		4.66
IRI Group Holdings Inc	(4)(5)(7)(10)		SOFR + 5.00	%		10.34	%		12/1/2027		68,402		66,890		68,402		0.20
JS Parent Inc	(4)(5)(7)(10)		SOFR + 5.00	%		10.32	%		4/24/2031		81,422		80,987		80,975		0.24
Kaseya, Inc.	(4)(10)		SOFR + 5.50	%		10.83	%		6/25/2029		748,880		738,240		748,880		2.20
Kaseya, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		10.83	%		6/25/2029		17,295		16,243		16,850		0.05

27

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Software (continued)
LD Lower Holdings, Inc.	(4)(5)(11)		SOFR + 6.50	%		11.93	%		2/8/2026	$	116,275	$	115,513	$	115,403		0.34	%
Lightbox Intermediate, LP	(4)(8)		SOFR + 5.00	%		10.46	%		5/9/2026		37,240		36,801		35,657		0.10
Magenta Buyer LLC	(5)(6)(10)(17)		SOFR + 5.00	%		10.59	%		7/27/2028		65,063		64,649		36,476		0.11
Magnesium BorrowerCo, Inc.	(4)(10)		S + 5.25	%		10.45	%		5/18/2029	GBP	101,601		124,714		128,434		0.38
Magnesium BorrowerCo, Inc.	(4)(7)(10)		SOFR + 5.25	%		10.59	%		5/18/2029		982,461		963,707		979,986		2.88
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)		SOFR + 3.75	%		9.23	%		7/31/2028		76,343		75,672		70,617		0.21
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)		SOFR + 6.25	%		11.73	%		6/9/2030		62,370		60,780		62,370		0.18
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)		SOFR + 3.75	%		9.24	%		7/31/2026		6,087		6,042		5,277		0.02
Maverick Bidco Inc.	(10)		SOFR + 3.75	%		9.23	%		5/18/2028		16,576		16,530		16,504		0.05
Maverick Bidco Inc.	(4)(5)(10)		SOFR + 5.00	%		10.43	%		5/18/2028		69,686		67,894		68,293		0.20
McAfee Corp	(6)(9)		SOFR + 3.25	%		8.58	%		3/1/2029		29,796		29,796		29,803		0.09
Medallia, Inc.	(4)(10)		SOFR + 6.50	%		11.93 (incl. 4.00 PIK	%  %  )		10/29/2028		1,057,466		1,044,923		1,036,317		3.04
Mitnick Purchaser, Inc.	(9)(18)		SOFR + 4.50	%		9.93	%		5/2/2029		11,675		11,635		10,893		0.03
Modena Buyer LLC	(8)		SOFR + 4.50	%		9.80	%		7/1/2031		49,961		48,961		48,829		0.14
Monk Holding Co.	(4)(10)(18)		SOFR + 5.70	%		11.13	%		12/1/2027		11,001		10,849		11,001		0.03
Monk Holding Co.	(4)(7)(10)		SOFR + 5.50	%		10.93	%		12/1/2027		5,457		5,273		5,155		0.02
MRI Software, LLC	(4)(7)(11)		SOFR + 5.50	%		10.93	%		2/10/2027		68,123		68,119		67,209		0.20
MRI Software, LLC	(4)(7)(11)		SOFR + 5.75	%		11.08	%		2/10/2027		6,851		6,698		6,759		0.02
NAVEX TopCo, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.83	%		11/9/2030		100,395		98,417		100,395		0.29
Nintex Topco Limited	(4)(6)(10)		SOFR + 6.00	%		11.46 (incl. 1.50 PIK	%  %  )		11/13/2028		676,359		667,967		656,068		1.92
Noble Midco 3 Ltd	(4)(5)(6)(7)(10)		SOFR + 5.00	%		10.32	%		6/24/2031		39,181		38,688		38,683		0.11
Oranje Holdco Inc	(4)(5)(11)		SOFR + 7.25	%		12.59	%		2/1/2029		5,000		4,900		5,000		0.01
Oranje Holdco Inc	(4)(7)(11)		SOFR + 7.50	%		12.83	%		2/1/2029		66,000		64,581		66,000		0.19
PDI TA Holdings, Inc.	(4)(5)(6)(7)(10)		SOFR + 5.25	%		10.58	%		2/3/2031		69,063		67,873		67,971		0.20
Perforce Software, Inc.	(4)(8)		SOFR + 4.75	%		10.09	%		3/25/2031		20,000		19,903		20,017		0.06
Perforce Software, Inc.	(8)		SOFR + 3.75	%		9.19	%		7/1/2026		15,216		15,208		15,197		0.04
Project Alpha Intermediate Holding, Inc.	(9)		SOFR + 3.75	%		9.07	%		10/28/2030		71,209		71,209		71,516		0.21
Project Leopard Holdings, Inc.	(9)		SOFR + 5.25	%		10.68	%		7/20/2029		133,910		128,316		124,984		0.37
Project Leopard Holdings, Inc.	(4)(5)(7)(8)		SOFR + 4.25	%		9.58	%		7/20/2027		6,755		6,764		5,014		0.01
Proofpoint, Inc.	(9)		SOFR + 3.00	%		8.34	%		8/31/2028		6,956		6,956		6,970		0.02
Rally Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.09 (incl. 1.75 PIK	%  %  )		7/19/2028		142,445		140,595		140,309		0.41
Rally Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.07	%		7/19/2028		7,098		6,858		6,832		0.02
RealPage, Inc.	(9)		SOFR + 3.00	%		8.46	%		4/24/2028		1,960		1,956		1,909		0.01
Recorded Future Inc	(4)(5)(7)(10)		SOFR + 5.75	%		11.08	%		6/28/2030		131,314		129,078		129,522		0.38

28

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Software (continued)
Relativity ODA, LLC	(4)(7)(11)		SOFR + 6.00	%		11.44	%		5/12/2027	$	789	$	736	$	789		0.00	%
Rocket Software, Inc.	(9)		SOFR + 4.75	%		10.09	%		11/28/2028		43,086		42,529		43,319		0.13
S2P Acquisition Borrower, Inc.	(6)(8)		SOFR + 4.00	%		9.44	%		8/14/2026		12,413		12,425		12,450		0.04
Sailpoint Technologies, Inc.	(4)(7)(10)		SOFR + 6.00	%		11.33	%		8/16/2029		384,906		378,801		384,906		1.13
Scorpio BidCo SAS	(4)(5)(6)(7)(8)		E + 5.75	%		9.60	%		4/30/2031	EUR	37,234		39,487		39,000		0.11
Skopima Consilio Parent LLC	(5)(7)(9)		SOFR + 4.00	%		9.46	%		5/12/2028		39,714		39,209		39,692		0.12
Solarwinds Holdings, Inc.	(8)		SOFR + 3.25	%		8.59	%		2/5/2030		2,978		2,967		2,985		0.01
Sovos Compliance, LLC	(9)		SOFR + 4.50	%		9.96	%		8/11/2028		13,826		13,769		13,738		0.04
Spitfire Parent, Inc.	(4)(11)		E + 5.50	%		9.15	%		3/11/2027	EUR	18,915		22,634		20,257		0.06
Spitfire Parent, Inc.	(4)(11)		SOFR + 5.50	%		10.94	%		3/11/2027		117,327		116,492		117,327		0.34
Stamps.com, Inc.	(4)(10)		SOFR + 5.75	%		11.18	%		10/5/2028		851,217		840,847		836,321		2.45
Surf Holdings, LLC	(6)(8)		SOFR + 3.50	%		8.95	%		3/5/2027		12,651		12,677		12,680		0.04
Tegra118 Wealth Solutions, Inc.	(8)		SOFR + 4.00	%		9.33	%		2/18/2027		6,828		6,811		6,586		0.02
TravelPerk Inc	(4)(5)(6)(8)		11.00	%		11.00 PIK	%		5/2/2029		39,354		38,606		38,567		0.11
Triple Lift, Inc.	(4)(10)		SOFR + 5.75	%		11.24	%		5/5/2028		69,386		68,585		65,223		0.19
Triple Lift, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		11.21	%		5/5/2028		5,480		5,323		4,622		0.01
Vision Solutions, Inc.	(10)		SOFR + 4.25	%		9.84	%		4/24/2028		40,205		40,110		39,652		0.12
VS Buyer LLC	(6)(8)		SOFR + 3.25	%		8.58	%		4/12/2031		9,834		9,810		9,871		0.03
WPEngine, Inc.	(4)(7)(10)		SOFR + 6.50	%		11.82	%		8/14/2029		81,400		79,108		81,156		0.24
XPLOR T1 LLC	(4)(8)		SOFR + 4.25	%		9.60	%		6/24/2031		35,000		34,825		35,000		0.10
Yellow Castle AB	(4)(6)(8)		ST + 4.75	%		8.76	%		7/9/2029	SEK	112,563		10,478		10,620		0.03
Yellow Castle AB	(4)(6)(9)		SA + 4.75	%		6.21	%		7/9/2029	CHF	10,674		10,762		11,881		0.03
Yellow Castle AB	(4)(5)(6)(10)		SA + 4.75	%		6.21	%		7/9/2029	CHF	3,484		3,481		3,877		0.01
Yellow Castle AB	(4)(6)(8)		E + 4.75	%		8.67	%		7/9/2029	EUR	31,713		31,646		33,963		0.10
Yellow Castle AB	(4)(5)(6)(7)(8)		E + 4.75	%		8.67	%		7/9/2029	EUR	1,639		1,702		1,756		0.01
Yellow Castle AB	(4)(5)(6)(10)		S + 4.75	%		9.95	%		7/9/2029	GBP	8,894		10,493		11,242		0.03
Zendesk Inc	(4)(7)(10)		SOFR + 6.25	%		11.60	%		11/22/2028		936,617		915,469		931,544		2.73
													14,572,589		14,550,226		42.64
Specialty Retail
CustomInk, LLC	(4)(11)(18)		SOFR + 6.18	%		11.61	%		5/3/2026		36,866		36,598		36,866		0.11
EG America, LLC	(6)(8)		SOFR + 5.50	%		11.14	%		2/7/2028		13,815		13,484		13,671		0.04
Runner Buyer, Inc.	(10)		SOFR + 5.50	%		10.96	%		10/20/2028		76,245		75,227		45,250		0.13
StubHub Holdco Sub, LLC	(8)		SOFR + 4.75	%		10.09	%		3/15/2030		7,767		7,753		7,779		0.02
													133,062		103,566		0.30
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)		SOFR + 5.00	%		10.43	%		2/28/2028		75,139		75,194		75,139		0.22
Trading Companies & Distributors
Foundation Building Materials, Inc.	(9)		SOFR + 3.25	%		8.84	%		1/31/2028		14,690		14,486		14,552		0.04
Hillman Group Inc	(9)		SOFR + 2.25	%		7.59	%		7/14/2028		3,989		3,996		3,997		0.01
Icebox Holdco III, Inc.	(9)		SOFR + 3.75	%		9.35	%		12/22/2028		15,739		15,699		15,808		0.05
LBM Acquisition, LLC	(10)		SOFR + 3.75	%		9.18	%		5/30/2031		44,742		44,366		44,055		0.13
Park River Holdings, Inc.	(10)		SOFR + 3.25	%		8.81	%		12/28/2027		45,915		45,569		44,984		0.13
Porcelain Acquisition Corp.	(4)(11)		SOFR + 6.00	%		11.43	%		4/1/2027		81,485		80,529		78,633		0.23
Red Fox CD Acquisition Corp	(4)(11)		SOFR + 6.00	%		11.33	%		3/4/2030		114,821		112,304		114,247		0.34
Sunsource Borrower LLC	(8)		SOFR + 4.00	%		9.42	%		3/25/2031		2,993		3,000		3,002		0.01
White Cap Buyer, LLC	(9)		SOFR + 3.25	%		8.59	%		10/19/2029		16,915		16,873		16,963		0.05
Windsor Holdings III, LLC	(6)(8)		SOFR + 4.00	%		9.34	%		8/1/2030		8,903		8,903		8,972		0.03
													345,725		345,213		1.02

29

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt— non-controlled/non-affiliated (continued)
Transportation Infrastructure
Capstone Logistics, LLC	(4)(11)		SOFR + 4.75	%		10.19	%		11/12/2027	$	21,892	$	21,933	$	21,892		0.06	%
Channelside AcquisitionCo, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		10.09	%		5/15/2031		157,242		156,729		157,206		0.46
Channelside AcquisitionCo, Inc.	(4)(5)(7)(11)		SOFR + 4.75	%		10.09	%		5/15/2029		5,002		4,883		4,998		0.01
Enstructure LLC	(4)(5)(7)(9)(18)		SOFR + 5.00	%		10.33	%		6/10/2029		142,519		140,063		139,698		0.41
Frontline Road Safety, LLC	(4)(10)		SOFR + 5.75	%		11.42	%		5/3/2027		203,818		201,740		203,818		0.60
Frontline Road Safety, LLC	(4)(7)(10)		SOFR + 5.75	%		11.33	%		5/3/2027		8,974		8,682		8,693		0.03
Helix TS, LLC	(4)(10)		SOFR + 6.25	%		11.73	%		8/4/2027		92,312		91,360		90,465		0.27
Helix TS, LLC	(4)(10)		SOFR + 6.25	%		11.70	%		8/4/2027		76,609		75,960		75,077		0.22
Italian Motorway Holdings S.à r.l	(4)(6)(8)		E + 5.25	%		9.09	%		4/28/2029	EUR	236,429		244,096		253,203		0.74
Liquid Tech Solutions Holdings, LLC	(10)		SOFR + 4.75	%		10.21	%		3/20/2028		18,803		18,752		18,823		0.06
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		11.14	%		10/19/2027		71,919		71,093		69,762		0.20
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		11.15	%		10/19/2027		76,521		75,914		74,225		0.22
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		11.15	%		10/19/2027		54,921		54,838		53,273		0.16
Safety Borrower Holdings LP	(4)(11)		SOFR + 5.25	%		10.81	%		9/1/2027		47,673		47,435		47,673		0.14
Safety Borrower Holdings LP	(4)(5)(7)(11)		P + 4.25	%		12.75	%		9/1/2027		1,175		1,157		1,141		0.00
Sam Holding Co, Inc.	(4)(11)		SOFR + 5.75	%		11.20	%		9/24/2027		147,820		146,228		147,820		0.43
Sam Holding Co, Inc.	(4)(7)(11)		SOFR + 5.75	%		11.19	%		9/24/2027		109,413		107,924		109,413		0.32
Sam Holding Co, Inc.	(4)(5)(7)(11)		SOFR + 5.75	%		11.15	%		9/24/2027		19,743		19,253		19,541		0.06
Sam Holding Co, Inc.	(4)(7)(11)		P + 5.00	%		13.50	%		3/24/2027		9,200		8,962		9,199		0.03
TRP Infrastructure Services, LLC	(4)(11)		SOFR + 5.50	%		10.98	%		7/9/2027		71,848		71,124		65,380		0.19
													1,568,126		1,571,300		4.61
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)		SOFR + 4.00	%		9.33	%		12/17/2027		21,029		21,016		21,077		0.06
Total First Lien Debt— non-controlled/non-affiliated													50,783,911		50,516,610		148.05
First Lien Debt— controlled/affiliated
Chemicals
Pigments Services, Inc.	(4)(6)(11)(16)(17)		SOFR + 8.35	%		13.69 PIK	%		4/14/2029		18,433		15,229		8,259		0.02
Pigments Services, Inc.	(4)(6)(11)(16)		SOFR + 8.35	%		13.69 PIK	%		4/14/2029		10,596		10,596		10,596		0.03
													25,825		18,855		0.05
Insurance
CFCo LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(16)(17)(18)		0.00	%		0.00	%		9/13/2038		86,098		12,571		0		0.00
Daylight Beta Parent LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(16)(17)		10.00	%		10.00 PIK	%		9/12/2033		49,530		49,530		13,551		0.04
													62,101		13,551		0.04
Professional Services
Material Holdings, LLC	(4)(5)(7)(10)(16)		SOFR + 6.00	%		11.35	%		8/19/2027		222,554		220,360		222,554		0.65
Material Holdings, LLC	(4)(5)(7)(10)(16)		SOFR + 6.00	%		11.35	%		8/19/2027		54,133		53,566		32,821		0.10
													273,926		255,375		0.75
Total First Lien Debt— controlled/affiliated													361,852		287,781		0.84
Total First Lien Debt													51,145,763		50,804,391		148.89

30

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt
Second Lien Debt— non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(4)(10)		SOFR + 7.63	%		13.23	%		5/25/2029	$	44,520	$	44,112	$	34,948		0.10	%
Peraton Corp.	(10)		SOFR + 7.75	%		13.18	%		2/1/2029		53,259		52,800		53,580		0.16
													96,912		88,528		0.26
Air Freight & Logistics
Wwex Uni Topco Holdings, LLC	(10)		SOFR + 7.00	%		12.60	%		7/26/2029		33,000		32,694		31,680		0.09
Capital Markets
Apex Group Treasury, LLC	(4)(6)(9)		SOFR + 6.75	%		12.31	%		7/27/2029		8,531		8,477		8,531		0.03
Apex Group Treasury, LLC	(4)(6)(9)		SOFR + 6.75	%		12.34	%		7/27/2029		19,622		19,696		19,622		0.06
													28,173		28,153		0.09
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 6.75	%		12.21	%		3/30/2029		29,464		29,377		28,963		0.08
OMNIA Partners LLC	(4)(5)(8)		SOFR + 5.00	%		10.35	%		5/31/2032		165,000		164,184		164,175		0.48
													193,561		193,138		0.56
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(10)		SOFR + 7.25	%		12.74 (incl. 0.50 PIK)	%  %		8/31/2029		32,740		32,423		32,740		0.10
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(6)(8)		8.75	%		8.75	%		4/15/2029	CAD	3,800		2,998		2,424		0.01
CD&R Artemis UK Bidco Ltd.	(4)(6)(8)		S + 7.50	%		12.69	%		8/19/2029	GBP	65,340		87,806		82,390		0.24
CD&R Artemis UK Bidco Ltd.	(4)(6)(9)		SOFR + 7.35	%		12.68	%		8/19/2029		25,000		24,574		24,500		0.07
Jayhawk Buyer, LLC	(4)(11)		SOFR + 8.75	%		14.18	%		10/15/2027		6,537		6,469		6,210		0.02
													121,847		115,524		0.34
Health Care Technology
Imprivata, Inc.	(4)(9)		SOFR + 6.25	%		11.58	%		12/1/2028		44,118		43,824		42,353		0.12
Industrial Conglomerates
Victory Buyer, LLC	(4)(9)		SOFR + 7.00	%		12.60	%		11/19/2029		24,677		24,501		23,443		0.07
IT Services
Dcert Buyer, Inc.	(8)		SOFR + 7.00	%		12.34	%		2/19/2029		60,975		61,114		54,725		0.16
Inovalon Holdings, Inc.	(4)(10)		SOFR + 10.50	%		16.09 PIK	%		11/24/2033		116,774		114,856		116,774		0.34
													175,970		171,499		0.50
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)		SOFR + 6.50	%		12.09	%		8/31/2029		45,977		45,383		41,379		0.12
LSCS Holdings, Inc.	(9)		SOFR + 8.00	%		13.46	%		12/17/2029		40,000		39,589		38,200		0.11
													84,972		79,579		0.23
Media
Houghton Mifflin, LLC	(4)(9)		SOFR + 8.50	%		13.85	%		4/8/2030		80,500		79,318		79,293		0.23
Professional Services
Celestial Saturn Parent, Inc.	(9)		SOFR + 6.50	%		11.96	%		6/4/2029		67,488		67,071		66,307		0.19
Deerfield Dakota Holding, LLC	(10)		SOFR + 6.75	%		12.32	%		4/7/2028		27,069		27,018		27,137		0.08
Thevelia US, LLC	(4)(6)(9)		SOFR + 6.75	%		12.21	%		6/17/2030		182,046		177,977		182,046		0.53
													272,066		275,490		0.80

31

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt—non-controlled/ non-affiliated (continued)
Software
Cloudera, Inc.	(9)		SOFR + 6.00	%		11.44	%		10/8/2029	$	66,697	$	66,330	$	66,321		0.19	%
Delta Topco, Inc.	(8)		SOFR + 5.25	%		10.60	%		12/1/2030		87,913		87,483		89,408		0.26
HS Purchaser, LLC	(5)(10)		SOFR + 6.75	%		12.20	%		11/19/2027		18,000		18,062		14,063		0.04
Human Security, Inc.	(4)(11)		SOFR + 6.75	%		12.09	%		7/22/2027		50,000		49,463		48,875		0.14
Human Security, Inc.	(4)(5)(11)		SOFR + 6.75	%		12.07	%		7/22/2027		50,000		49,463		48,875		0.14
Idera, Inc.	(10)		SOFR + 6.75	%		12.23	%		3/2/2029		27,051		26,850		26,544		0.08
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)		SOFR + 6.50	%		11.98	%		7/30/2029		31,950		31,668		29,793		0.09
Maverick Bidco Inc.	(4)(5)(10)		SOFR + 8.00	%		13.34	%		5/18/2029		628		616		619		0.00
Maverick Bidco Inc.	(5)(10)		SOFR + 6.75	%		12.23	%		5/18/2029		18,000		17,953		17,460		0.05
Vision Solutions, Inc.	(5)(10)		SOFR + 7.25	%		12.84	%		4/23/2029		41,439		41,247		40,040		0.12
													389,135		381,998		1.11
Trading Companies & Distributors
Icebox Holdco III, Inc.	(4)(9)		SOFR + 6.75	%		12.35	%		12/21/2029		14,000		13,903		14,210		0.04
Total Second Lien Debt— non-controlled/non-affiliated													1,589,299		1,557,628		4.54
Total Second Lien Debt													1,589,299		1,557,628		4.54
Unsecured Debt
Unsecured Debt—non-controlled/non-affiliated
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75	%		13.75 PIK	%		11/8/2031		19,784		19,268		19,487		0.06
IT Services
PPT Holdings III, LLC	(4)(5)(8)		12.75	%		12.75 PIK	%		3/27/2034		8,018		7,829		7,878		0.02
Total Unsecured Debt— non-controlled/non-affiliated													27,097		27,365		0.08
Total Unsecured Debt													27,097		27,365		0.08

32

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Structured Finance Obligations— Debt Instruments
Structured Finance Obligations— Debt Instruments—non-controlled/non-affiliated
Diversified Financial Services
522 Funding CLO 2020-6, Ltd.	(4)(5)(6)(8)		SOFR + 6.76	%		12.09	%		10/23/2034	$	3,000	$	3,000	$	2,942		0.01	%
AIMCO CLO Series 2015-A	(4)(5)(6)(8)		SOFR + 6.86	%		12.18	%		10/17/2034		7,450		7,450		7,488		0.02
Allegro CLO XIII Ltd	(4)(5)(6)(8)		SOFR + 6.87	%		12.20	%		7/20/2034		2,500		2,450		2,507		0.01
Apidos CLO XXXIII	(5)(6)(8)		SOFR + 6.61	%		12.01	%		10/24/2034		5,000		4,961		5,028		0.01
Apidos CLO XXXVI	(4)(5)(6)(8)		SOFR + 6.21	%		11.54	%		7/20/2034		8,500		8,500		8,545		0.03
Ares Loan Funding VI Ltd	(4)(5)(6)(8)		SOFR + 6.40	%		11.73	%		7/10/2037		2,000		2,000		2,000		0.01
Ares LX CLO LTD	(4)(5)(6)(8)		SOFR + 6.51	%		11.84	%		7/18/2034		5,000		4,978		4,980		0.01
Ares LXII CLO, Ltd.	(4)(5)(6)(8)		SOFR + 6.76	%		12.09	%		1/25/2034		9,000		9,000		9,044		0.03
Ares XXVII CLO, Ltd.	(4)(5)(6)(8)		SOFR + 7.01	%		12.34	%		10/28/2034		5,000		4,960		5,022		0.01
Bain Capital Credit CLO 2020-4 Ltd	(4)(5)(6)(8)		SOFR + 7.98	%		13.30	%		10/20/2036		5,500		5,344		5,752		0.02
Bain Capital Credit CLO 2024-3 Ltd	(4)(5)(6)(8)		SOFR + 6.25	%		11.59	%		7/16/2037		2,500		2,500		2,519		0.01
Balboa Bay Loan Funding 2021-2, Ltd.	(5)(6)(8)		SOFR + 6.86	%		12.18	%		1/20/2035		7,000		6,944		6,842		0.02
Balboa Bay Loan Funding 2024-1 Ltd	(4)(5)(6)(8)		SOFR + 6.25	%		11.60	%		7/20/2037		2,300		2,300		2,317		0.01
Barings Clo Ltd 2019-IV	(4)(5)(6)(8)		SOFR + 6.40	%		11.73	%		7/15/2037		5,000		5,000		5,014		0.01
Barings CLO Ltd 2021-II	(4)(5)(6)(8)		SOFR + 6.51	%		11.84	%		7/15/2034		6,000		6,000		6,030		0.02
Barings CLO Ltd 2021-III	(4)(5)(6)(8)		SOFR + 6.91	%		12.24	%		1/18/2035		7,200		7,200		6,996		0.02
Barings CLO Ltd 2023-IV	(4)(5)(6)(8)		SOFR + 7.59	%		12.91	%		1/20/2037		3,000		2,971		3,166		0.01
Benefit Street Partners CLO XX	(4)(5)(6)(8)		SOFR + 7.01	%		12.34	%		7/15/2034		6,500		6,500		6,560		0.02
Benefit Street Partners LLC BSP 2020-21A	(4)(5)(6)(8)		SOFR + 6.96	%		12.29	%		10/15/2034		3,000		2,975		3,018		0.01
BlueMountain CLO XXIX Ltd	(4)(5)(6)(8)		SOFR + 7.12	%		12.45	%		7/25/2034		2,750		2,695		2,718		0.01
Broad River Ltd 2020-1	(5)(6)(8)		SOFR + 6.76	%		12.09	%		7/20/2034		7,000		6,954		7,051		0.02
Carlyle US CLO 2020-1, Ltd.	(4)(5)(6)(8)		SOFR + 6.51	%		11.84	%		7/20/2034		11,500		11,500		11,554		0.03
Carlyle US CLO 2023-5 Ltd	(4)(5)(6)(8)		SOFR + 7.90	%		13.27	%		1/27/2036		7,000		6,866		7,336		0.02
Carval CLO V-C, LTD.	(5)(6)(8)		SOFR + 7.01	%		12.34	%		10/15/2034		8,000		7,936		8,060		0.02
Carval CLO VI-C, LTD.	(5)(6)(8)		SOFR + 7.33	%		12.65	%		4/21/2034		8,750		8,678		8,809		0.03
Carval Clo X-C Ltd	(4)(5)(6)(8)		SOFR + 6.15	%		11.48	%		7/20/2037		3,000		3,000		3,023		0.01
CBAM 2018-8 Ltd	(4)(5)(6)(8)		SOFR + 7.40	%		12.75	%		7/15/2037		4,000		4,000		4,015		0.01
CBAM 2018-8 Ltd	(4)(5)(6)(8)		SOFR + 6.37	%		11.72	%		7/15/2037		1,000		961		971		0.00
CIFC Funding 2019-III, Ltd.	(4)(5)(6)(8)		SOFR + 7.06	%		12.39	%		10/16/2034		8,000		8,000		8,068		0.02
Dryden 112 CLO, Ltd.	(4)(5)(6)(8)		SOFR + 7.75	%		13.07	%		11/15/2036		4,900		4,789		4,970		0.01
Dryden 78 CLO Ltd	(4)(5)(6)(8)		SOFR + 7.70	%		13.02	%		4/17/2037		4,000		4,000		4,100		0.01
Dryden 78 CLO Ltd	(4)(5)(6)(8)		SOFR + 6.63	%		11.95	%		4/17/2037		1,000		977		1,005		0.00
Dryden 95 CLO, Ltd.	(4)(5)(6)(8)		SOFR + 6.41	%		11.74	%		8/20/2034		8,000		8,000		7,650		0.02
Eaton Vance CLO 2019-1 Ltd	(4)(5)(6)(8)		SOFR + 6.40	%		11.74	%		7/15/2037		5,000		5,000		5,025		0.01
Elmwood CLO 22 Ltd	(4)(5)(6)(8)		SOFR + 6.50	%		11.82	%		4/17/2036		3,500		3,465		3,468		0.01
Elmwood CLO VI, Ltd.	(4)(5)(6)(8)		SOFR + 6.76	%		12.09	%		10/20/2034		4,000		4,000		4,046		0.01
Flatiron RR CLO 22, LLC	(4)(5)(6)(8)		SOFR + 6.46	%		11.80	%		10/15/2034		5,000		5,000		5,027		0.01
Fort Washington CLO 2021-2, Ltd.	(4)(5)(6)(8)		SOFR + 6.87	%		12.19	%		10/20/2034		13,000		12,879		12,999		0.04
Galaxy 30 CLO, Ltd.	(4)(5)(6)(8)		SOFR + 6.95	%		12.28	%		4/15/2035		3,000		2,975		3,011		0.01
Galaxy XXV CLO, Ltd.	(4)(5)(6)(8)		SOFR + 6.50	%		11.82	%		4/25/2036		4,000		4,000		4,029		0.01

33

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread (2)			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Structured Finance Obligations— Debt Instruments—non-controlled/non-affiliated (continued)
Diversified Financial Services (continued)
Galaxy 32 CLO Ltd	(4)(5)(6)(8)		SOFR + 7.33	%		12.65	%		10/20/2036	$	2,140	$	2,120	$	2,208		0.01	%
Goldentree Loan Management US Clo 12 Ltd.	(4)(5)(6)(8)		SOFR + 7.25	%		12.57	%		4/20/2034		6,500		6,449		6,569		0.02
Goldentree Loan Management US Clo 8 Ltd.	(4)(5)(6)(8)		SOFR + 6.41	%		11.73	%		10/20/2034		6,200		6,200		6,257		0.02
Goldentree Loan Management US Clo 15 Ltd	(4)(5)(6)(8)		SOFR + 6.50	%		11.82	%		10/20/2036		6,500		6,441		6,716		0.02
GoldenTree Loan Management US CLO 16 Ltd	(4)(5)(6)(8)		SOFR + 8.50	%		13.82	%		1/20/2034		4,000		3,993		4,016		0.01
Goldentree Loan Management US Clo 18 Ltd	(4)(5)(6)(8)		SOFR + 8.50	%		13.82	%		1/20/2037		5,000		4,933		5,048		0.01
Gulf Stream Meridian 5, Ltd.	(4)(5)(6)(8)		SOFR + 6.59	%		11.92	%		7/15/2034		5,000		4,959		5,000		0.01
Gulf Stream Meridian 7, Ltd.	(4)(5)(6)(8)		SOFR + 6.85	%		12.18	%		7/15/2035		5,000		4,959		5,017		0.01
Gulf Stream Meridian GSM 2021-IIIA, Ltd.	(4)(5)(6)(8)		SOFR + 7.01	%		12.34	%		4/15/2034		1,250		1,213		1,255		0.00
Halseypoint Clo 5, Ltd.	(4)(5)(6)(8)		SOFR + 7.20	%		12.56	%		1/30/2035		9,500		9,347		9,404		0.03
HPS Loan Management 15-2019 Ltd	(4)(5)(6)(8)		SOFR + 6.80	%		12.10	%		1/22/2035		4,000		3,967		4,012		0.01
HPS Loan Management 2024-20 Ltd	(4)(5)(6)(8)		SOFR + 6.20	%		11.54	%		7/25/2037		2,000		2,000		2,010		0.01
Jamestown CLO XIV, Ltd.	(4)(5)(6)(8)		SOFR + 7.46	%		12.79	%		10/20/2034		10,000		9,841		10,060		0.03
Jamestown CLO XV, Ltd.	(4)(5)(6)(8)		SOFR + 7.06	%		12.39	%		7/15/2035		3,000		2,970		2,987		0.01
Kayne CLO III, Ltd.	(4)(5)(6)(8)		SOFR + 6.76	%		12.09	%		4/15/2032		5,000		5,007		5,036		0.01
Magnetite XXXII Ltd	(4)(5)(6)(8)		SOFR + 6.90	%		12.23	%		4/15/2035		5,000		5,000		5,058		0.01
MidOcean Credit CLO XIII Ltd	(4)(5)(6)(8)		SOFR + 7.80	%		13.17	%		1/21/2037		9,500		9,135		9,949		0.03
MidOcean Credit CLO XIV Ltd	(4)(5)(6)(8)		SOFR + 6.56	%		11.87	%		4/15/2037		1,500		1,460		1,472		0.00
MidOcean Credit CLO XIV Ltd	(4)(5)(6)(8)		SOFR + 7.40	%		12.71	%		4/15/2037		3,500		3,500		3,532		0.01
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.	(4)(5)(6)(8)		SOFR + 7.01	%		12.35	%		10/20/2034		6,500		6,500		6,509		0.02
Morgan Stanley Eaton Vance CLO 2022-17A Ltd	(4)(5)(6)(8)		SOFR + 7.90	%		13.22	%		7/20/2035		1,000		1,007		1,011		0.00
Neuberger Berman Loan Advisers CLO 38, Ltd.	(4)(5)(6)(8)		SOFR + 6.51	%		11.84	%		10/20/2035		11,000		11,000		11,037		0.03
OCP CLO 2021-22, Ltd.	(5)(6)(8)		SOFR + 6.86	%		12.19	%		12/2/2034		9,000		8,902		9,026		0.03
Octagon 55, Ltd	(4)(5)(6)(8)		SOFR + 6.76	%		12.09	%		7/20/2034		11,000		10,894		10,801		0.03
Octagon Investment Partners 41, Ltd.	(4)(5)(6)(8)		SOFR + 7.39	%		12.72	%		10/15/2033		2,500		2,491		2,509		0.01
Onex Credit Partners OCP 2020-19A	(4)(5)(6)(8)		SOFR + 6.76	%		12.09	%		10/20/2034		4,250		4,096		4,251		0.01
Palmer Square CLO 2015-1, Ltd.	(4)(5)(6)(8)		SOFR + 6.76	%		12.09	%		5/21/2034		2,000		1,922		2,007		0.01
Palmer Square CLO 2019-1, Ltd.	(4)(5)(6)(8)		SOFR + 6.76	%		12.08	%		11/14/2034		13,000		13,003		13,053		0.04