0001193125-24-141931.txt : 20240520 0001193125-24-141931.hdr.sgml : 20240520 20240517191519 ACCESSION NUMBER: 0001193125-24-141931 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240520 DATE AS OF CHANGE: 20240517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Blackstone Private Credit Fund CENTRAL INDEX KEY: 0001803498 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-278966 FILM NUMBER: 24961987 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE STREET 2: 31ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 212-503-2100 MAIL ADDRESS: STREET 1: 345 PARK AVENUE STREET 2: 31ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10154 424B3 1 d829649d424b3.htm 424B3 424B3
Table of Contents

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

BLACKSTONE PRIVATE CREDIT FUND

SUPPLEMENT NO. 1 DATED MAY 17, 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 March 31, 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 March 31, 2024, Blackstone Credit & Insurance has invested over $174 billion in capital in privately-originated transactions1. Specifically within the North America Direct Lending Strategy, Blackstone Credit & Insurance has invested over $100 billion2 in privately originated or privately negotiated first lien and

 

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 March 31, 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.

Table of Contents

unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit & Insurance has an annualized loss rate of 0.07%.3

The following replaces the first sentence of the third paragraph of the “Can I request that my Common Shares be repurchased?” section of the Prospectus Summary, the first sentence of the seventh paragraph under the “Share Repurchase Program” section of the Prospectus and all similar disclosure in the Prospectus:

In the event the amount of Common Shares tendered exceeds the repurchase offer amount, Common Shares will be repurchased on a pro rata basis with priority for repurchase requests in the case of the death, disability or divorce of a shareholder.

The following replaces the second sentence in the first paragraph in the “Fees and Expenses” section of the Prospectus and all similar disclosure in the Prospectus:

Total annual expenses are estimated and may vary.

The following replaces the first table in the “Fees and Expenses” section of the Prospectus and all similar disclosure in the Prospectus:

 

     Class S
Shares		     Class D
Shares		     Class I
Shares		  

Shareholder transaction expenses (fees paid directly from your investment)

       

Maximum sales load(1)

      —  %      —  %      —  % 

Maximum Early Repurchase Deduction(2)

      2.0 %      2.0 %      2.0 % 

 

     Class S
Shares		     Class D
Shares		     Class I
Shares		  

Annual expenses (as a percentage of net assets attributable to our Common Shares)(3)

       

Base management fees(4)

      1.25 %      1.25 %      1.25 % 

Incentive fees(5)

      1.76 %      1.76 %      1.76 % 

Shareholder servicing and/or distribution fees(6)

      0.85 %      0.25 %      —  % 

Interest payment on borrowed funds(7)

      6.91 %      6.91 %      6.91 % 

Other expenses(8)

      0.34 %      0.34 %      0.34 % 

Total annual expenses

      11.11 %      10.51 %      10.26 % 

 

(1)

No upfront sales load will be paid with respect to Class S shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly

 

3 

As of March 31, 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.

Table of Contents
  charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares. Please consult your selling agent for additional information.
(2)

Under our share repurchase program, to the extent we offer to repurchase Common Shares in any particular quarter, we expect to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be subject to the Early Repurchase Deduction. The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the Valuation Date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of Common Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Fund. In addition, the Fund’s Common Shares are sold to certain feeder vehicles primarily created to hold the Fund’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Fund will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

(3)

Total average net assets as of December 31, 2023 employed as the denominator for expense ratio computation is $25,444.7 million.

(4)

The base management fee paid to the Adviser is calculated each month at an annual rate of 1.25% of the Fund’s net assets as of the beginning of the first business day of the month.

(5)

We have capital gains and investment income that result in the payment of an incentive fee. The incentive fees, if any, are divided into two parts:

 

  •  

The first part of the incentive fee is based on income, whereby we pay the Adviser quarterly in arrears 12.5% of our Pre-Incentive Fee Net Investment Income Returns (as defined below) for each calendar quarter subject to a 5.0% annualized hurdle rate, with a catch-up.

 

  •  

The second part of the incentive fee is based on realized capital gains, whereby we pay the Adviser at the end of each calendar year in arrears 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains.

See “Investment Advisory Agreement and Administration Agreement” for more information concerning the incentive fees. The incentive fee referenced in the table above is estimated based on actual amounts of the incentive fee incurred during the fiscal year ended December 31, 2023.

 

(6)

Subject to FINRA limitations on underwriting compensation, we will also pay the following shareholder servicing and/or distribution fees to the Intermediary Manager: (a) for Class S shares, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class S shares and (b) for Class D shares only, a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable monthly. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Fund also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. No shareholder servicing and/or distribution fees will be paid with respect to the Class I shares. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such

Table of Contents
  amount is measured and the performance of our investments. We will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with the exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. We may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares. See “Plan of Distribution” and “Use of Proceeds.” The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from this offering.
(7)

We borrow funds to make investments. The costs associated with such borrowing will be indirectly borne by shareholders. The interest payment on borrowed funds referenced in the table above is estimated based on actual amounts of the interest payment on borrowed funds incurred during the fiscal year ended December 31, 2023, divided by our weighted average net assets.

(8)

“Other expenses” include professional fees, Board of Trustees’ fees, administrative service expenses, other general and administrative costs, organization costs, amortization of continuous offering costs and excise tax expense. Other expenses represent the estimated annual other expenses of the Fund and its subsidiaries based on actual amounts of other expenses for the fiscal year ended December 31, 2023.

We have entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain of our expenses on our behalf, including organization and offering expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates. If the Adviser elects to pay certain of our expenses, the Adviser will be entitled to reimbursement of such expenses from us if Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders. Because the Adviser’s obligation to pay certain of our expenses is voluntary, the table above does not reflect the impact of any expense support from the Adviser.

The following replaces the second table in the “Fees and Expenses” section of the Prospectus and all similar disclosure in the Prospectus:

Class S Shares

 

Return Assumption

    1 Year      3 Years      5 Years      10 Years  

You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income:

    $ 92      $ 263      $ 420      $ 755  

Total expenses assuming a 5.0% annual return solely from net realized capital gains:

    $ 97      $ 278      $ 441      $ 782  

Table of Contents

The following replaces the third table in the “Fees and Expenses” section of the Prospectus and all similar disclosure in the Prospectus:

Class D Shares

 

Return Assumption

    1 Year      3 Years      5 Years      10 Years  

You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income:

    $ 86      $ 248      $ 399      $ 728  

Total expenses assuming a 5.0% annual return solely from net realized capital gains:

    $ 92      $ 263      $ 420      $ 756  

The following replaces the fourth table in the “Fees and Expenses” section of the Prospectus and all similar disclosure in the Prospectus:

Class I Shares

 

Return Assumption    1 Year      3 Years      5 Years      10 Years  

You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income:

    $ 84      $ 242      $ 390      $ 716  

Total expenses assuming a 5.0% annual return solely from net realized capital gains:

    $ 89      $ 257      $ 412      $ 745  

On May 1, 2024, the Board of Trustees of the Fund appointed Lucie Enns as the Chief Securities Counsel of the Fund, effective as of the close of business on May 1, 2024.

The following is added to the table in the “Executive Officers Who are Not Trustees” section of the Prospectus and all similar disclosure in the Prospectus:

 

Name

    Year of
Birth		      Position      Officer
Since		  

Lucie Enns

      1990        Chief Securities Counsel        May 2024  

The following is added to the “Biographical Information – Executive Officers Who are not Trustees” section in the Prospectus and all similar disclosure in the Prospectus:

Lucie Enns, Chief Securities Counsel of the Fund, Senior Vice President of Blackstone Credit & Insurance. Lucie Enns is a Senior Vice President of Blackstone Credit & Insurance in Legal & Compliance based in New York. Before joining Blackstone Credit & Insurance in 2021, Ms. Enns was an attorney at Simpson Thacher & Bartlett LLP in the Registered Funds group, focusing on alternative investment products including business development companies, interval funds, and closed-end funds. Prior to that, she worked at K&L Gates LLP in the Investment Management group with a focus on mutual funds, exchange-traded funds, and closed-end funds. Ms. Enns holds a B.S. in Political Science, cum laude, from the University of Alabama, and a J.D., summa cum laude, from American University. Ms. Enns also serves as the Chief Securities Counsel of BXSL.

The following is added to the table in the “Control Persons and Principal Shareholders” section of the Prospectus and all similar disclosure in the Prospectus:

 

Executive Officers Who Are Not Trustees(1)    Type of
Ownership		      Number      Percentage  

Lucie Enns(2)

      —         —         —   

 

(2)

Effective as of the close of business on May 1, 2024, Ms. Enns was appointed as the Chief Securities Counsel of the Fund. Ms. Enns’ ownership figures in the table are as of May 1, 2024.

Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2024

On May 13, 2024, we filed our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

Table of Contents

 

 

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 March 31, 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 May 6, 2024 was 825,911,588, 417,991,192 and 16,932,999 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude May 1, 2024 subscriptions since the issuance price is not yet finalized at this time.

 

 

 

Table of Contents

Table of Contents

 

         Page  

PART I

   FINANCIAL INFORMATION   

Item 1.

   Financial Statements   
 

Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2024 and December 31, 2023 (Unaudited)

      5  
 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)

      7  
 

Condensed Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 and 2023 (Unaudited)

      8  
 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)

      9  
 

Condensed Consolidated Schedules of Investments as of March  31, 2024 and December 31, 2023 (Unaudited)

      11  
 

Notes to Condensed Consolidated Financial Statements (Unaudited)

      98  

Item 2.

   Management’s Discussion and Analysis of Financial Condition and Results of Operations      213  

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk      228  

Item 4.

   Controls and Procedures      228  

PART II

   OTHER INFORMATION   

Item 1.

   Legal Proceedings      229  

Item 1A.

   Risk Factors      229  

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds      229  

Item 3.

   Defaults Upon Senior Securities      229  

Item 4.

   Mine Safety Disclosures      229  

Item 5.

   Other Information      229  

Item 6.

   Exhibits      230  

Signatures

    

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Private Credit Fund (together, with its consolidated subsidiaries, the “Company,” “we,” “us” 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;

 

3

Table of Contents
  •  

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”).

 

4

Table of Contents

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)

 

     March 31,
2024		     December 31,
2023		  

ASSETS

     

Investments at fair value

     

Non-controlled/non-affiliated investments (cost of $50,251,632 and $48,561,249 at March 31, 2024 and December 31, 2023, respectively)

    $ 50,024,720     $ 48,242,813  

Non-controlled/affiliated investments (cost of $558 and $558 at March 31, 2024 and December 31, 2023, respectively)

      2,267       2,499  

Controlled/affiliated investments (cost of $2,499,563 and $2,459,916 at March 31, 2024 and December 31, 2023, respectively)

      2,485,589       2,498,599  
  

 

 

    

 

 

  

Total investments at fair value (cost of $52,751,753 and $51,021,723 at March 31, 2024 and December 31, 2023, respectively)

      52,512,576       50,743,911  

Cash and cash equivalents (restricted cash of $938 and $938 at March 31, 2024 and December 31, 2023, respectively)

      3,071,528       1,481,770  

Interest receivable from non-controlled/non-affiliated investments

      604,939       515,902  

Dividend receivable from controlled/affiliated investments

      101,597       98,607  

Receivable from broker

      282,292       266,573  

Deferred financing costs

      106,780       93,836  

Deferred offering costs

      1,746       1,032  

Receivable for investments sold

      145,631       101,460  

Derivative assets at fair value (Note 6)

      10,601       14,145  
  

 

 

    

 

 

  

Total assets

    $ 56,837,690     $ 53,317,236  
  

 

 

    

 

 

  

LIABILITIES

     

Debt (net of unamortized debt issuance costs of $99,904 and $91,634 at March 31, 2024 and December 31, 2023, respectively)

    $ 23,832,245     $ 23,179,861  

Payable for investments purchased

      361,905       70,138  

Management fees payable (Note 3)

      95,382       87,272  

Income based incentive fees payable (Note 3)

      125,357       122,943  

Interest payable

      340,988       322,597  

Derivative liabilities at fair value (Note 6)

      180,901       165,541  

Due to affiliates

      22,648       23,577  

Distribution payable (Note 9)

      265,044       245,032  

Payable for share repurchases (Note 9)

      557,702       532,774  

Accrued expenses and other liabilities

      17,790       33,064  
  

 

 

    

 

 

  

Total liabilities

      25,799,962       24,782,799  
  

 

 

    

 

 

  

Commitments and contingencies (Note 8)

     

NET ASSETS

     

Common Shares, $0.01 par value (1,216,675,450 and 1,123,896,870 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)

      12,167       11,239  

Additional paid in capital

      31,033,807       28,679,353  

Distributable earnings (loss)

      (8,246 )      (156,155 ) 
  

 

 

    

 

 

  

Total net assets

      31,037,728       28,534,437  
  

 

 

    

 

 

  

Total liabilities and net assets

    $ 56,837,690     $ 53,317,236  
  

 

 

    

 

 

  

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

 

5

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

 

     March 31,
2024		      December 31,
2023		  

NET ASSET VALUE PER SHARE

      

Class I Shares:

      

Net assets

    $ 20,311,966      $ 18,649,595  

Common Shares outstanding ($0.01 par value, unlimited shares authorized)

      796,226,759        734,579,940  

Net asset value per share

    $ 25.51      $ 25.39  

Class S Shares:

      

Net assets

    $ 10,308,375      $ 9,492,496  

Common Shares outstanding ($0.01 par value, unlimited shares authorized)

      404,087,160        373,864,258  

Net asset value per share

    $ 25.51      $ 25.39  

Class D Shares:

      

Net assets

    $ 417,387      $ 392,346  

Common Shares outstanding ($0.01 par value, unlimited shares authorized)

      16,361,531        15,452,672  

Net asset value per share

    $ 25.51      $ 25.39  

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

 

6

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)

 

     Three Months Ended
March 31,		  
     2024     2023  

Investment income:

     

From non-controlled/non-affiliated investments:

     

Interest income

    $ 1,390,843     $ 1,231,747  

Payment-in-kind interest income

      92,331       40,820  

Fee income

      2,390       997  

From controlled/affiliated investments:

     

Payment-in-kind interest income

      349       —   

Dividend income

      82,951       62,178  
  

 

 

    

 

 

  

Total investment income

      1,568,864       1,335,742  
  

 

 

    

 

 

  

Expenses:

     

Interest expense

      450,062       436,223  

Management fees (Note 3)

      95,382       73,603  

Income based incentive fees (Note 3)

      125,357       100,758  

Distribution and shareholder servicing fees

     

Class S

      21,405       15,391  

Class D

      259       560  

Professional fees

      3,583       4,021  

Board of Trustees’ fees

      221       224  

Administrative service expenses (Note 3)

      1,833       1,922  

Other general & administrative

      4,839       4,644  

Amortization of continuous offering costs

      639       1,299  
  

 

 

    

 

 

  

Total expenses before excise tax

      703,580       638,645  
  

 

 

    

 

 

  

Net investment income before excise tax

      865,284       697,097  
  

 

 

    

 

 

  

Excise tax expense

      9,451       7,742  
  

 

 

    

 

 

  

Net investment income after excise tax

      855,833       689,355  
  

 

 

    

 

 

  

Realized and unrealized gain (loss):

     

Net change in unrealized appreciation (depreciation):

     

Non-controlled/non-affiliated investments

      141,351       123,242  

Non-controlled/affiliated investments

      (232 )      342  

Controlled/affiliated investments

      (52,658 )      45,799  

Derivative instruments (Note 6)

      21,621       (11,940 ) 

Foreign currency and other transactions

      (161 )      (1,260 ) 
  

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation)

      109,921       156,183  
  

 

 

    

 

 

  

Net realized gain (loss):

     

Non-controlled/non-affiliated investments

      (42,398 )      (101,696 ) 

Derivative instruments (Note 6)

      (6,397 )      4,770  

Foreign currency and other transactions

      2,089       4,243  
  

 

 

    

 

 

  

Net realized gain (loss)

      (46,706 )      (92,683 ) 
  

 

 

    

 

 

  

Net realized and change in unrealized gain (loss)

      63,215       63,500  
  

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

    $ 919,048     $ 752,855  
  

 

 

    

 

 

  

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

 

7

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)

 

     Three Months Ended
March 31,		  
     2024     2023  

Operations:

     

Net investment income after excise tax

    $ 855,833     $ 689,355  

Net change in unrealized appreciation (depreciation)

      109,921       156,183  

Net realized gain (loss)

      (46,706 )      (92,683 ) 
  

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      919,048       752,855  
  

 

 

    

 

 

  

Distributions to common shareholders:

     

Class I

      (520,413 )      (392,229 ) 

Class S

      (240,186 )      (168,893 ) 

Class D

      (10,542 )      (22,249 ) 
  

 

 

    

 

 

  

Net decrease in net assets resulting from distributions

      (771,141 )      (583,371 ) 
  

 

 

    

 

 

  

Share transactions:

     

Class I:

     

Proceeds from shares sold

      1,731,701       470,258  

Share transfers between classes

      41,217       1,111,972  

Distributions reinvested

      241,268       170,112  

Repurchased shares, net of early repurchase deduction

      (448,947 )      (750,926 ) 
  

 

 

    

 

 

  

Net increase (decrease) from share transactions

      1,565,239       1,001,416  
  

 

 

    

 

 

  

Class S:

     

Proceeds from shares sold

      797,084       358,664  

Share transfers between classes

      (41,557 )      (33,734 ) 

Distributions reinvested

      115,110       75,600  

Repurchased shares, net of early repurchase deduction

      (103,536 )      (131,646 ) 
  

 

 

    

 

 

  

Net increase (decrease) from share transactions

      767,101       268,884  
  

 

 

    

 

 

  

Class D:

     

Proceeds from shares sold

      26,207       52,213  

Share transfers between classes

      340       (1,078,238 ) 

Distributions reinvested

      1,593       14,998  

Repurchased shares, net of early repurchase deduction

      (5,096 )      (10,465 ) 
  

 

 

    

 

 

  

Net increase (decrease) from share transactions

      23,044       (1,021,492 ) 
  

 

 

    

 

 

  

Total increase (decrease) in net assets

      2,503,291       418,292  

Net assets, beginning of period

      28,534,437       22,685,065  
  

 

 

    

 

 

  

Net assets, end of period

    $ 31,037,728     $ 23,103,357  
  

 

 

    

 

 

  

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

 

8

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

     Three Months Ended
March 31,		  
     2024     2023  

Cash flows from operating activities:

     

Net increase (decrease) in net assets resulting from operations

    $ 919,048     $ 752,855  

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

      (88,461 )      (169,383 ) 

Net change in unrealized (appreciation) depreciation on derivative instruments

      (21,621 )      11,940  

Net change in unrealized (appreciation) depreciation on foreign currency and other transactions

      161       1,260  

Net realized (gain) loss on investments

      42,398       101,696  

Net realized (gain) loss on derivative instruments

      6,397       —   

Net realized (gain) loss on foreign currency and other transactions

      (2,089 )      —   

Payment-in-kind interest capitalized

      (83,919 )      (47,295 ) 

Net accretion of discount and amortization of premium

      (43,879 )      (39,863 ) 

Amortization of deferred financing costs

      8,585       7,364  

Amortization of debt issuance costs and original issue discount on notes

      7,829       6,501  

Amortization of offering costs

      639       1,299  

Purchases of investments

      (3,000,252 )      (779,876 ) 

Proceeds from sale of investments and principal repayments

      1,355,622       1,988,650  

Changes in operating assets and liabilities:

     

Interest receivable from non-controlled/non-affiliated investments

      (89,037 )      62,265  

Dividend receivable from controlled/affiliated investments

      (2,990 )      (20,525 ) 

Receivable from broker

      (15,719 )      33,403  

Receivable for investments sold

      (44,171 )      193,911  

Other assets

      —        (140 ) 

Payable for investments purchased

      291,767       (154,925 ) 

Management fees payable

      8,110       211  

Income based incentive fees payable

      2,414       6,641  

Interest payable

      18,391       (22,988 ) 

Due to affiliates

      (929 )      9,971  

Accrued expenses and other liabilities

      (15,274 )      23,825  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      (746,980 )      1,966,797  
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Borrowings on debt

      1,093,597       2,109,270  

Repayments on debt

      (343,502 )      (3,558,321 ) 

Deferred financing costs paid

      (21,139 )      (341 ) 

Debt issuance costs paid

      (18,782 )      (1,377 ) 

Deferred offering costs paid

      (934 )      (337 ) 

Proceeds from issuance of common shares

      2,554,992       881,135  

Repurchased shares, net of early repurchase deduction paid

      (532,655 )      (1,161,453 ) 

Dividends paid in cash

      (393,158 )      (322,928 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      2,338,419       (2,054,352 ) 
  

 

 

    

 

 

  

Net increase (decrease) in cash and cash equivalents

      1,591,439       (87,555 ) 

Effect of foreign exchange rate changes on cash and cash equivalents

      (1,681 )      5,382  

Cash and cash equivalents, beginning of period

      1,481,770       1,351,901  
  

 

 

    

 

 

  

Cash and cash equivalents, end of period

    $ 3,071,528     $ 1,269,728  
  

 

 

    

 

 

  

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

 

9

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

     Three Months Ended
March 31,		  
     2024      2023  

Supplemental information and non-cash activities:

      

Interest paid during the period

    $ 491,504      $ 504,776  

Distribution payable

        265,044          198,748  

Reinvestment of distributions during the period

      357,971        260,710  

Accrued but unpaid debt financing and debt issuance costs

      8,582        —   

Accrued but unpaid offering costs

      6        6  

Share repurchases accrued but not yet paid

      557,702        893,244  

Excise taxes paid

      26,402        5,968  

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

 

10

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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 %      9.44 %      1/29/2027     $ 2,513     $ 2,514     $ 2,522       0.01 % 

Amentum Government Services Holdings, LLC

  

(9)

     SOFR + 4.00 %      9.33 %      2/15/2029       12,060       12,018       12,103       0.04  

Atlas CC Acquisition Corp.

  

(7)(10)

     SOFR + 4.25 %      9.85 %      5/25/2028       50,337       49,254       45,926       0.15  

Atlas CC Acquisition Corp.

  

(4)(7)(10)

     SOFR + 4.00 %      9.44 %      5/25/2028       6,337       6,158       4,625       0.01  

Corfin Holdings, Inc.

  

(4)(10)

     SOFR + 6.00 %      11.42 %      12/31/2027       32,721       32,673       32,067       0.10  

Frontgrade Technologies Holdings, Inc.

  

(4)(7)(10)

     SOFR + 6.75 %      12.06 %      1/9/2030       2,364       2,298       2,364       0.01  

Linquest Corp.

  

(4)(10)

     SOFR + 5.75 %      11.16 %      7/28/2028       153,563       151,666       151,259       0.49  

Loar Group, Inc.

  

(4)(11)

     SOFR + 7.25 %      12.68 %      4/2/2026       142,463       141,805       142,463       0.46  

Loar Group, Inc.

  

(4)(7)(11)

     SOFR + 7.25 %      12.68 %      4/2/2026       61,476       60,827       60,536       0.20  

Loar Group, Inc.

  

(4)(11)

     SOFR + 7.25 %      12.68 %      4/2/2026       58,944       58,944       58,944       0.19  

LSF11 Trinity Bidco, Inc.

  

(4)(8)

     SOFR + 4.00 %      9.33 %      6/14/2030       1,071       1,069       1,077       0.00  

Magneto Components BuyCo, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.33 %      12/5/2030       54,347       52,710       53,421       0.17  

Maverick Acquisition, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.55 %      6/1/2027       48,097       47,538       35,592       0.11  

Peraton Corp.

  

(10)

     SOFR + 3.75 %      9.18 %      2/1/2028       13,435       13,457       13,448       0.04  

Vertex Aerospace Services Corp.

  

(10)

     SOFR + 3.25 %      8.68 %      12/6/2028       11,761       11,721       11,801       0.04  

West Star Aviation Acquisition, LLC

  

(4)(10)

     SOFR + 6.00 %      11.31 %      3/1/2028       14,877       14,613       14,859       0.05  
           

 

 

    

 

 

    

 

 

  
              659,265       643,007       2.07  

Air Freight & Logistics

                

AGI-CFI Holdings, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      6/11/2027       264,899       261,914       256,290       0.83  

Alliance Ground

  

(4)(9)

     SOFR + 5.75 %      11.18 %      6/11/2027       94,457       93,221       91,387       0.29  

ENV Bidco AB

  

(4)(6)(7)(8) 

     E + 5.75 %      9.65 %      7/19/2029     EUR 114,140       113,143       119,693       0.39  

ENV Bidco AB

  

(4)(6)(10)

     SOFR + 5.75 %      11.06 %      7/19/2029       102,349       100,403       102,349       0.33  

Livingston International, Inc.

  

(4)(6)(10)

     SOFR + 5.50 %      10.91 %      4/30/2027       102,060       101,628       96,702       0.31  

Mode Purchaser, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.71 %      12/9/2026       28,088       27,662       28,088       0.09  

Mode Purchaser, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.71 %      2/5/2029       139,452       137,521       139,452       0.45  

Redwood Services Group, LLC

  

(4)(10)

     SOFR + 6.25 %      11.66 %      6/15/2029       62,566       61,586       62,409       0.20  

 

11

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Air Freight & Logistics (continued)

                

Redwood Services Group, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.16 %      6/15/2028       405       353       352       0.00  

RoadOne Inc

  

(4)(5)(7)(11)

     SOFR + 6.25 %      11.56 %      12/30/2028       1,096       1,061       1,073       0.00  

RWL Holdings, LLC

  

(4)(10)

     SOFR + 5.75 %      11.21 %      12/31/2028       272,219       268,551       257,247       0.83  

SEKO Global Logistics Network, LLC

  

(4)(11)

     E + 5.00 %      8.90 %      12/30/2026     EUR 34,685       39,840       35,455       0.11  

SEKO Global Logistics Network, LLC

  

(4)(11)

     SOFR + 5.00 %      10.46 %      12/30/2026       83,215       82,690       78,846       0.25  

SEKO Global Logistics Network, LLC

  

(4)(7)(11)

     P + 4.00 %      12.50 %      12/30/2026       6,302       6,267       5,708       0.02  

The Kenan Advantage Group, Inc.

  

(8)

     SOFR + 3.75 %      9.08 %      1/25/2029       13,048       12,986       13,077       0.04  

Wwex Uni Topco Holdings, LLC

  

(10)

     SOFR + 4.00 %      9.57 %      7/26/2028       14,007       13,919       13,958       0.04  
           

 

 

    

 

 

    

 

 

  
              1,322,745       1,302,086       4.18  

Airlines

                

Air Canada

  

(6)(8)

     SOFR + 2.50 %      7.83 %      3/14/2031       6,339       6,323       6,359       0.02  

Brown Group Holding, LLC

  

(9)

     SOFR + 2.75 %      8.18 %      6/7/2028       7,439       7,419       7,442       0.02  
           

 

 

    

 

 

    

 

 

  
              13,742       13,801       0.04  

Auto Components

                

Clarios Global LP

  

(6)(8)

     SOFR + 3.00 %      8.33 %      5/6/2030       3,491       3,491       3,504       0.01  

First Brands Group, LLC

  

(11)

     SOFR + 5.00 %      10.57 %      3/30/2027       4,549       4,515       4,557       0.01  

Metis Buyer, Inc.

  

(10)

     SOFR + 3.75 %      9.08 %      5/4/2028       27,091       26,713       27,168       0.09  

Metis Buyer, Inc.

  

(4)(7)(8)

     SOFR + 3.25 %      8.69 %      5/4/2026       5,310       5,225       5,262       0.02  
           

 

 

    

 

 

    

 

 

  
              39,944       40,491       0.13  

Beverages

                

Triton Water Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.81 %      3/31/2028       44,654       44,010       44,241       0.14  

Biotechnology

                

Grifols Worldwide Operations USA Inc

  

(8)

     SOFR + 2.00 %      7.46 %      11/15/2027       5,982       5,918       5,805       0.02  

Building Products

                

Cornerstone Building Brands, Inc.

  

(6)(9)

     SOFR + 5.63 %      10.95 %      8/1/2028       25,675       25,360       26,082       0.08  

Cornerstone Building Brands, Inc.

  

(6)(9)

     SOFR + 3.25 %      8.68 %      4/12/2028       4,855       4,829       4,838       0.02  

CP Atlas Buyer, Inc.

  

(9)

     SOFR + 3.75 %      9.18 %      11/23/2027       19,737       19,713       19,537       0.06  

Engineered Stone Group Holdings III Ltd.

  

(4)(6)(8)

     E + 5.75 %     

 9.64

PIK

 % 

 

     4/23/2028     EUR 29,426       31,984       27,223       0.09  

Engineered Stone Group Holdings III Ltd.

  

(4)(6)(10)

     SOFR + 6.01 %     

 11.32

PIK

 % 

 

     4/23/2028       60,946       60,087       52,261       0.17  

Fencing Supply Group Acquisition, LLC

  

(4)(11)

     SOFR + 6.00 %      11.43 %      2/26/2027       110,430       109,476       109,326       0.35  

 

12

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Building Products (continued)

                

Great Day Improvements, LLC

  

(4)(10)

     SOFR + 6.25 %      11.69 %      12/29/2027       191,778       189,212       191,778       0.62  

Jacuzzi Brands, LLC

  

(4)(11)

     SOFR + 6.00 %      11.31 %      2/25/2027       43,474       43,231       39,236       0.13  

Jacuzzi Brands, LLC

  

(4)(10)

     SOFR + 6.00 %      11.31 %      2/25/2027       187,540       186,142       169,254       0.55  

Jacuzzi Brands, LLC

  

(4)(10)

     SOFR + 6.00 %      11.31 %      2/25/2027       6,319       6,281       5,703       0.02  

Kodiak BP, LLC

  

(10)

     SOFR + 3.25 %      8.82 %      3/12/2028       40,281       40,109       40,314       0.13  

L&S Mechanical Acquisition, LLC

  

(4)(10)

     SOFR + 6.25 %      11.57 %      9/1/2027       112,852       111,581       111,160       0.36  

Lindstrom, LLC

  

(4)(11)

     SOFR + 6.25 %      11.68 %      4/1/2026       147,986       146,582       145,396       0.47  

The Chamberlain Group, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      11/3/2028       25,145       24,976       25,140       0.08  

Windows Acquisition Holdings, Inc.

  

(4)(11)

     SOFR + 6.50 %      11.96 %      12/29/2026       56,265       55,747       55,984       0.18  
           

 

 

    

 

 

    

 

 

  
              1,055,310       1,023,232       3.31  

Capital Markets

                

Advisor Group Holdings, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      8/17/2028       10,638       10,637       10,692       0.03  

AllSpring Buyer, LLC

  

(6)(9)

     SOFR + 3.25 %      8.82 %      11/1/2028       2,940       2,951       2,942       0.01  

Apex Group Treasury, LLC

  

(6)(9)

     SOFR + 3.75 %      9.33 %      7/27/2028       15,102       15,079       15,111       0.05  

Apex Group Treasury, LLC

  

(4)(6)(9)

     SOFR + 5.00 %      10.32 %      7/27/2028       78,550       77,117       78,942       0.25  

Aretec Group, Inc.

  

(6)(8)

     SOFR + 4.50 %      9.93 %      8/9/2030       857       848       863       0.00  

Clipper Acquisitions Corp.

  

(8)

     SOFR + 1.75 %      7.19 %      3/3/2028       1,985       1,978       1,981       0.01  

FFML Holdco Ltd

  

(4)(6)(10)

     B + 6.25 %      11.94 %      11/30/2028     NZD 38,495       23,352       22,884       0.07  

Focus Financial Partners, LLC

  

(9)

     SOFR + 2.75 %      8.08 %      6/30/2028       8,945       8,934       8,927       0.03  

Focus Financial Partners, LLC

  

(9)

     SOFR + 2.50 %      7.83 %      6/30/2028       1,985       1,985       1,979       0.01  

Resolute Investment Managers, Inc.

  

(11)

     SOFR + 6.50 %      12.07 %      4/30/2027       3,913       3,859       3,874       0.01  

Situs-AMC Holdings Corporation

  

(4)(10)

     SOFR + 5.50 %      10.90 %      12/22/2027       12,151       12,075       12,029       0.04  

Superannuation And Investments US, LLC

  

(6)(9)

     SOFR + 3.75 %      9.19 %      12/1/2028       13,127       13,066       13,177       0.04  

The Edelman Financial Engines Center, LLC

  

(10)

     SOFR + 3.50 %      8.94 %      4/7/2028       18,416       18,386       18,441       0.06  
           

 

 

    

 

 

    

 

 

  
              190,267       191,842       0.61  

Chemicals

                

DCG Acquisition Corp.

  

(8)

     SOFR + 4.50 %      9.93 %      9/30/2026       4,887       4,893       4,897       0.02  

Formulations Parent Corp.

  

(4)(7)(10) 

     SOFR + 5.75 %      11.06 %      11/15/2030       21,429       20,956       21,304       0.07  

Geon Performance Solutions, LLC

  

(4)(10)

     SOFR + 4.75 %      10.31 %      8/18/2028       3,606       3,589       3,615       0.01  

 

13

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Hyperion Materials & Technologies, Inc.

  

(9)

     SOFR + 4.50 %      10.10 %      8/30/2028       7,966       7,954       7,972       0.03  

Olympus Water US Holding Corp.

  

(9)

     SOFR + 3.75 %      9.32 %      11/9/2028       5,498       5,489       5,508       0.02  

Oxea Corporation

  

(6)(8)

     SOFR + 3.50 %      8.93 %      10/14/2024       6       6       6       0.00  
           

 

 

    

 

 

    

 

 

  
              42,887       43,302       0.15  

Commercial Services & Supplies

                

Access CIG, LLC

  

(9)

     SOFR + 5.00 %      10.33 %      8/18/2028       43,744       43,224       43,847       0.14  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 3.75 %      9.18 %      5/12/2028       41,043       40,985       41,039       0.13  

Anticimex, Inc.

  

(6)(9)

     SOFR + 3.15 %      8.47 %      11/16/2028       11,735       11,704       11,763       0.04  

APX Group, Inc.

  

(6)(9)

     SOFR + 3.25 %      8.69 %      7/10/2028       17,345       17,319       17,408       0.06  

Bazaarvoice, Inc.

  

(4)(7)(8)

     SOFR + 5.75 %      11.18 %      5/7/2028       383,163       383,163       383,163       1.23  

Bazaarvoice, Inc.

  

(4)(8)

     SOFR + 5.75 %      11.15 %      5/7/2028       24,329       24,329       24,329       0.08  

CFS Brands, LLC

  

(4)(6)(7)(11)

     SOFR + 6.00 %      11.33 %      10/2/2030       201,104       196,603       199,738       0.64  

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 4.75 %      10.08 %      3/31/2028       8,048       7,990       8,073       0.03  

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 3.75 %      9.19 %      3/31/2028       22,651       22,676       22,675       0.07  

Divisions Holding Corp.

  

(4)(10)

     SOFR + 4.75 %      10.19 %      5/27/2028       8,935       8,875       8,902       0.03  

EAB Global, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      8/16/2028       4,888       4,872       4,896       0.02  

Foundational Education Group, Inc.

  

(4)(9)

     SOFR + 3.75 %      9.32 %      8/31/2028       8,937       8,881       8,859       0.03  

FusionSite Midco, LLC

  

(4)(7)(11)

     SOFR + 5.75 %      11.32 %      11/17/2029       61,635       60,197       60,102       0.19  

Garda World Security Corp.

  

(6)(8)

     SOFR + 4.25 %      9.58 %      2/1/2029       21,074       20,983       21,140       0.07  

Iris Buyer, LLC

  

(4)(7)(11)

     SOFR + 6.25 %      11.56 %      10/2/2030       60,136       58,368       59,432       0.19  

Java Buyer, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      12/15/2027       133,212       131,567       133,212       0.43  

Java Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.16 %      11/9/2029       12,079       11,459       11,657       0.04  

Java Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.19 %      12/15/2027       62,532       61,670       62,222       0.20  

JSS Holdings, Inc.

  

(4)(10)

     SOFR + 5.25 %      10.68 %      12/17/2030       282,691       279,917       282,691       0.91  

Knowledge Pro Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.18 %      12/10/2027       58,429       57,490       58,204       0.19  

KPSKY Acquisition, Inc.

  

(4)(10)(18)

     SOFR + 5.35 %      10.76 %      10/19/2028       46,840       46,231       46,371       0.15  

KPSKY Acquisition, Inc.

  

(4)(10)(18)

     SOFR + 5.25 %      10.68 %      10/19/2028       20,896       20,624       20,687       0.07  

MaxGen Energy Services Corporation

  

(4)(7)(11)

     SOFR + 5.50 %      10.93 %      6/2/2027       83,793       82,606       83,145       0.27  

Onex Baltimore Buyer, Inc.

  

(4)(10)(18)

     SOFR + 5.50 %      10.84 %      12/1/2027       187,232       184,922       187,232       0.60  

Onex Baltimore Buyer, Inc.

  

(4)(7)(10)(18)

     SOFR + 5.00 %      10.34 %      12/1/2027       127,381       125,267       127,381       0.41  

 

14

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Commercial Services & Supplies (continued)

                

Polyphase Elevator Holding Co.

  

(4)(7)(11)

     SOFR + 6.00 %     

 11.40

(incl. 5.00

PIK

 % 

% 

) 

     6/23/2027       16,375       16,168       11,628       0.04  

Recycle & Resource US, LLC

  

(6)(9)

     SOFR + 3.50 %      9.07 %      7/14/2028       5,102       5,078       4,882       0.02  

TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)

  

(9)

     SOFR + 3.75 %      9.19 %      12/8/2028       27,000       26,914       26,990       0.09  

USIC Holdings, Inc.

  

(10)

     SOFR + 3.50 %      9.06 %      5/12/2028       24,375       24,302       24,359       0.08  

Vaco Holdings, Inc.

  

(10)

     SOFR + 5.00 %      10.43 %      1/21/2029       9,009       8,978       8,927       0.03  

Veregy Consolidated, Inc.

  

(11)

     SOFR + 6.00 %      11.57 %      11/2/2027       20,091       20,120       19,690       0.06  
           

 

 

    

 

 

    

 

 

  
              2,013,482       2,024,644       6.54  

Construction & Engineering

                

Aegion Corporation

  

(10)

     SOFR + 4.25 %      9.58 %      5/17/2028       15,950       15,950       16,030       0.05  

ASP Endeavor Acquisition, LLC

  

(4)(9)

     SOFR + 6.50 %      12.08 %      5/3/2027       35,010       34,650       32,034       0.10  

Atlas Securitized Products Funding 2, L.P.

  

(7)(8)

     SOFR + 1.50 %      6.83 %      4/10/2026       102,628       98,244       98,244       0.32  

COP Home Services TopCo IV, Inc.

  

(4)(7)(11)

     SOFR + 6.00 %      11.41 %      12/31/2027       210,563       206,472       210,140       0.68  

Peak Utility Services Group, Inc.

  

(4)(11)

     SOFR + 5.00 %      10.43 %      3/2/2028       23,086       22,962       22,624       0.07  

Refficiency Holdings, LLC

  

(10)

     SOFR + 3.50 %      8.93 %      12/16/2027       11,316       11,262       11,337       0.04  

Thermostat Purchaser III, Inc.

  

(4)(7)(10)

     SOFR + 4.50 %      9.99 %      8/31/2028       41,261       40,602       40,639       0.13  

Wec US Holdings Ltd

  

(8)

     SOFR + 2.75 %      8.08 %      1/27/2031       7,963       7,893       7,963       0.03  
           

 

 

    

 

 

    

 

 

  
              438,035       439,011       1.42  

Construction Materials

                

White Cap Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      10/19/2027       16,958       16,996       17,028       0.05  

Containers & Packaging

                

Ascend Buyer, LLC

  

(4)(10)

     SOFR + 6.40 %      11.86 %      9/30/2028       11,386       11,128       11,215       0.04  

Ascend Buyer, LLC

  

(4)(7)(10)

     SOFR + 6.25 %      11.68 %      9/30/2027       2,587       2,496       2,457       0.01  

Berlin Packaging, LLC

  

(9)

     SOFR + 3.75 %      9.19 %      3/11/2028       15,400       15,385       15,436       0.05  

Graham Packaging Co, Inc.

  

(10)

     SOFR + 3.00 %      8.44 %      8/4/2027       8,923       8,912       8,932       0.03  

MAR Bidco S.à r.l.

  

(6)(9)

     SOFR + 4.20 %      9.77 %      7/6/2028       3,849       3,837       3,666       0.01  

Novolex, Inc.

  

(9)

     SOFR + 3.68 %      9.11 %      4/13/2029       16,899       16,569       16,941       0.05  

Pretium PKG Holdings, Inc.

  

(11)(18)

     SOFR + 4.60 %     

 9.91

(incl. 1.40

PIK

 % 

% 

) 

     10/2/2028       22,073       21,797       19,838       0.06  

ProAmpac PG Borrower, LLC

  

(8)

     SOFR + 4.00 %      9.32 %      9/15/2028       16,314       16,291       16,363       0.05  

Ring Container Technologies Group, LLC

  

(9)

     SOFR + 3.50 %      8.94 %      8/12/2028       990       987       993       0.00  

TricorBraun Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.69 %      3/3/2028       9,583       9,526       9,488       0.03  

 

15

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Containers & Packaging (continued)

                

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.00 %      9.57 %      9/15/2028       15,751       15,719       15,776       0.05  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 5.25 %      10.56 %      9/15/2028       6,041       5,926       6,073       0.02  
           

 

 

    

 

 

    

 

 

  
              128,573       127,178       0.40  

Distributors

                

BP Purchaser, LLC

  

(4)(10)

     SOFR + 5.50 %      11.08 %      12/10/2028       7,860       7,754       7,545       0.02  

BradyIFS Holdings, LLC

  

(4)(11)

     SOFR + 6.00 %      11.31 %      10/31/2029       203,811       200,020       201,773       0.65  

BradyIFS Holdings, LLC

  

(4)(7)(11)

     SOFR + 6.00 %      11.30 %      10/31/2029       5,503       4,921       5,105       0.02  

Bution Holdco 2, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.66 %      10/17/2025       5,586       5,549       5,586       0.02  

Genuine Cable Group, LLC

  

(4)(10)

     SOFR + 5.75 %      11.18 %      11/2/2026       29,877       29,483       28,906       0.09  

Marcone Yellowstone Buyer, Inc.

  

(4)(7)(10)

     SOFR + 6.50 %      11.95 %      6/23/2028       15,612       15,130       14,545       0.05  

Marcone Yellowstone Buyer, Inc.

  

(4)(10)

     SOFR + 6.25 %      11.72 %      6/23/2028       26,330       26,012       24,750       0.08  

NDC Acquisition Corp.

  

(4)(11)

     SOFR + 5.50 %      10.90 %      3/9/2027       21,825       21,531       21,825       0.07  

NDC Acquisition Corp.

  

(4)(7)(11)

     SOFR + 5.50 %      10.87 %      3/9/2027       514       468       514       0.00  

Tailwind Colony Holding Corporation

  

(4)(11)

     SOFR + 6.50 %      11.91 %      5/13/2026       82,457       81,831       81,426       0.26  

Unified Door & Hardware Group, LLC

  

(4)(11)

     SOFR + 5.75 %      11.15 %      6/30/2025       64,025       63,473       63,385       0.20  
           

 

 

    

 

 

    

 

 

  
              456,172       455,360       1.46  

Diversified Consumer Services

                

Ascend Learning, LLC

  

(9)

     SOFR + 3.50 %      8.93 %      12/11/2028       20,527       20,232       20,440       0.07  

BPPH2 Limited

  

(4)(6)(8)

     S + 6.87 %      12.06 %      3/2/2028     GBP 40,700       55,418       51,369       0.17  

Cambium Learning Group, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.92 %      7/20/2028       946,286       940,472       946,286       3.05  

Colibri Group, LLC

  

(10)

     SOFR + 5.00 %      10.48 %      3/12/2029       9,803       9,733       9,848       0.03  

DTA Intermediate II Ltd.

  

(4)(7)(11)

     SOFR + 5.50 %      10.81 %      3/27/2030       55,731       54,244       54,241       0.17  

EM Bidco Limited

  

(6)(9)

     SOFR + 4.25 %      9.66 %      7/6/2029       7,441       7,378       7,457       0.02  

Endeavor Schools Holdings LLC

  

(4)(11)

     SOFR + 6.25 %      11.55 %      7/18/2029       47,298       46,254       46,588       0.15  

Endeavor Schools Holdings LLC

  

(4)(7)(11)

     SOFR + 6.25 %      11.56 %      7/18/2029       8,706       8,377       8,429       0.03  

Go Car Wash Management Corp.

  

(4)(11)

     SOFR + 6.25 %      11.68 %      12/31/2026       41,643       41,149       40,602       0.13  

 

16

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Go Car Wash Management Corp.

  

(4)(7)(10)

     SOFR + 6.25 %      11.68 %      12/31/2026       48,142       46,338       45,984       0.15  

Imagine Learning, LLC

  

(9)

     SOFR + 3.50 %      8.94 %      12/21/2029       65,200       64,901       65,130       0.21  

Mckissock Investment Holdings, LLC

  

(10)

     SOFR + 5.00 %      10.38 %      3/12/2029       27,500       26,857       27,626       0.09  

Pre-Paid Legal Services, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      12/15/2028       15,697       15,605       15,643       0.05  

Spring Education Group, Inc.

  

(8)

     SOFR + 4.50 %      9.81 %      9/29/2030       13,751       13,590       13,824       0.04  

Sunshine Cadence Holdco, LLC

  

(8)

     SOFR + 4.25 %      9.82 %      3/23/2027       39,089       37,191       38,356       0.12  

Sunshine Cadence Holdco, LLC

  

(4)(10)

     SOFR + 6.50 %      11.81 %      3/23/2027       300       294       300       0.00  

Sunshine Cadence Holdco, LLC

  

(4)(10)

     SOFR + 6.50 %      11.83 %      3/23/2027       700       686       700       0.00  

University Support Services, LLC

  

(9)

     SOFR + 3.00 %      8.43 %      2/10/2029       9,810       9,775       9,801       0.03  
           

 

 

    

 

 

    

 

 

  
              1,398,494       1,402,624       4.51  

Diversified Financial Services

                

Barbri Holdings, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      4/28/2028       133,952       132,382       130,845       0.42  

Comet Acquisition, Inc.

  

(4)(9)

     SOFR + 4.25 %      9.68 %      10/24/2025       15,631       15,525       15,650       0.05  

Lereta, LLC

  

(10)

     SOFR + 5.25 %      10.69 %      7/30/2028       29,082       28,902       22,282       0.07  

Mitchell International, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      10/15/2028       66,202       65,691       66,304       0.21  

More Cowbell II, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.09 %      9/1/2030       19,991       19,508       19,964       0.06  

More Cowbell II, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.28 %      9/1/2029       523       459       523       0.00  

Polaris Newco, LLC

  

(9)

     SOFR + 4.00 %      9.57 %      6/2/2028       32,748       32,513       32,469       0.10  

Sedgwick Claims Management Services, Inc.

  

(6)(8)

     SOFR + 3.75 %      9.08 %      2/24/2028       5,198       5,158       5,214       0.02  

SelectQuote, Inc.

  

(4)(5)(10)

     SOFR + 9.50 %     

 14.93

(incl. 3.00

PIK

 % 

% 

) 

     2/15/2025       267,986       267,846       241,188       0.78  
           

 

 

    

 

 

    

 

 

  
              567,984       534,439       1.71  

Diversified Telecommunication Services

                

Numericable US, LLC

  

(6)(8)

     SOFR + 5.50 %      10.81 %      8/15/2028       22,581       22,359       18,072       0.06  

Point Broadband Acquisition, LLC

  

(4)(11)

     SOFR + 6.00 %      11.43 %      10/1/2028       230,542       226,828       230,542       0.74  

Zacapa, LLC

  

(6)(9)

     SOFR + 4.00 %      9.31 %      3/22/2029       7,502       7,497       7,513       0.02  
           

 

 

    

 

 

    

 

 

  
              256,684       256,127       0.82  

Electric Utilities

                

Qualus Power Services Corp.

  

(4)(11)

     SOFR + 4.75 %      10.19 %      3/26/2027       50,330       49,736       49,072       0.16  

Qualus Power Services Corp.

  

(4)(7)(11)

     SOFR + 5.75 %      11.09 %      3/26/2027       48,699       47,852       48,385       0.16  

 

17

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Electric Utilities (continued)

                

Tiger Acquisition, LLC

  

(9)

     SOFR + 3.25 %      8.68 %      6/1/2028       1,990       1,976       1,976       0.01  
           

 

 

    

 

 

    

 

 

  
              99,564       99,433       0.33  

Electrical Equipment

                

Emergency Power Holdings, LLC

  

(4)(7)(11)

     SOFR + 5.50 %      10.91 %      8/17/2028       202,873       200,144       202,436       0.65  

Madison IAQ, LLC

  

(9)

     SOFR + 3.25 %      8.69 %      6/21/2028       39,924       39,616       39,914       0.13  
           

 

 

    

 

 

    

 

 

  
              239,760       242,350       0.78  

Electronic Equipment, Instruments & Components

                

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.41 %      12/23/2026       25,190       24,959       22,797       0.07  

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.41 %      12/23/2026       7,561       7,518       6,842       0.02  

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.42 %      12/23/2026       1,939       1,929       1,755       0.01  

CPI Intermediate Holdings Inc

  

(4)(7)(10)

     SOFR + 5.50 %      10.82 %      10/8/2029       461,053       452,476       451,869       1.46  

Infinite Bidco, LLC

  

(9)

     SOFR + 3.75 %      9.32 %      3/2/2028       11,977       11,961       11,832       0.04  

Phoenix 1 Buyer Corp.

  

(4)(7)(8)

     SOFR + 5.50 %      10.82 %      11/20/2030       43,137       42,647       43,137       0.14  

Presidio, Inc.

  

(8)

     SOFR + 3.50 %      8.91 %      1/22/2027       2,169       2,171       2,179       0.01  
           

 

 

    

 

 

    

 

 

  
              543,661       540,411       1.75  

Energy Equipment & Services

                

Abaco Energy Technologies, LLC

  

(4)(13)

     SOFR + 7.00 %      12.43 %      10/4/2024       1,791       1,773       1,791       0.01  

ISQ Hawkeye Holdco, Inc.

  

(4)(5)(7)(10)

     SOFR + 6.00 %      11.38 %      8/17/2029       8,425       8,259       8,396       0.03  

ISQ Hawkeye Holdco, Inc.

  

(4)(5)(7)(10)

     P + 5.00 %      13.50 %      8/17/2028       403       388       403       0.00  

LPW Group Holdings, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.35 %      3/15/2031       32,832       32,017       32,011       0.10  

LPW Group Holdings, Inc.

  

(4)(7)(11)

     SOFR + 6.00 %      11.33 %      3/15/2030       1,642       1,479       1,477       0.00  
           

 

 

    

 

 

    

 

 

  
              43,916       44,078       0.14  

Entertainment

                

CE Intermediate I, LLC

  

(9)

     SOFR + 3.50 %      8.95 %      11/10/2028       7,622       7,572       7,598       0.02  

Food Products

                

Quantum Bidco, Ltd.

  

(4)(6)(8)

     S + 5.50 %      10.97 %      1/29/2028     GBP 4,500       5,944       5,441       0.02  

 

18

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Food Products (continued)

                

Snacking Investments US, LLC

  

(6)(11)

     SOFR + 4.00 %      9.33 %      12/18/2026       4,868       4,886       4,881       0.02  
           

 

 

    

 

 

    

 

 

  
              10,830       10,322       0.04  

Ground Transportation

                

Quality Distribution LLC

  

(4)(7)(11)

     SOFR + 6.75 %      12.07 %      6/30/2028       684       663       691       0.00  

Quality Distribution LLC

  

(4)(7)(11)

     P + 5.75 %      14.25 %      6/30/2028       2,526       2,423       2,526       0.01  

Quality Distribution LLC

  

(4)(11)

     SOFR + 6.38 %      11.81 %      7/1/2028       6,856       6,732       6,856       0.02  
           

 

 

    

 

 

    

 

 

  
              9,818       10,073       0.03  

Health Care Equipment & Supplies

                

Advancing Eyecare Center, Inc.

  

(4)(8)

     SOFR + 5.75 %      11.20 %      6/13/2029       25,063       24,603       24,311       0.08  

Auris Luxembourg III S.à r.l.

  

(6)(8)

     SOFR + 4.25 %      9.58 %      2/28/2029       8,878       8,830       8,909       0.03  

Bamboo US BidCo LLC

  

(4)(6)(7)(11)

     SOFR + 6.75 %     

 12.06

(incl. 3.38

PIK

 % 

% 

) 

     9/30/2030       30,897       29,813       30,369       0.10  

Bamboo US BidCo LLC

  

(4)(6)(11)

     E + 6.75 %     

 10.66

(incl. 3.38

PIK

 % 

% 

) 

     9/30/2030     EUR 71,466       73,495       76,137       0.25  

CPI Buyer, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      11.10 %      11/1/2028       169,931       167,536       164,797       0.53  

Egrotron Acquisition, LLC

  

(4)(10)

     SOFR + 5.75 %      11.19 %      7/6/2028       66,857       65,907       66,857       0.22  

GCX Corporation Buyer, LLC

  

(4)(10)

     SOFR + 5.50 %      10.96 %      9/13/2028       193,050       190,817       190,154       0.61  

GCX Corporation Buyer, LLC

  

(4)(10)

     SOFR + 5.50 %      10.97 %      9/13/2028       48,880       48,375       48,147       0.16  

Natus Medical Incorporated

  

(4)(9)

     SOFR + 5.50 %      10.96 %      7/20/2029       49,375       46,744       46,659       0.15  

Natus Medical Incorporated

  

(4)(7)(9)

     SOFR + 4.75 %      10.18 %      7/21/2027       4,400       4,307       3,861       0.01  

Resonetics, LLC

  

(10)

     SOFR + 4.00 %      9.60 %      4/28/2028       65,791       65,150       66,026       0.21  

Sharp Services, LLC

  

(4)(8)

     SOFR + 3.75 %      9.06 %      12/31/2028       5,216       5,216       5,216       0.02  

Zeus, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.81 %      2/28/2031       49,101       48,205       48,193       0.16  
           

 

 

    

 

 

    

 

 

  
              778,998       779,636       2.53  

Health Care Providers & Services

                

123Dentist, Inc.

  

(4)(6)(7)(10)

     C + 5.50 %      10.79 %      8/10/2029     CAD  237,162       181,540       173,517       0.56  

ACI Group Holdings, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      8/2/2027       3,222       2,983       3,222       0.01  

ACI Group Holdings, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      8/2/2028       114,324       112,422       114,119       0.37  

 

19

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

ADCS Clinics Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.25 %      11.79 %      5/7/2027       10,485       10,373       10,485       0.03  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.25 %      11.58 %      5/7/2027       8,625       8,546       8,625       0.03  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(7)(11)

     SOFR + 6.25 %      11.50 %      5/7/2027       1,059       1,026       1,059       0.00  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.25 %      11.74 %      5/7/2027       252       252       252       0.00  

ADMI Corp.

  

(9)

     SOFR + 3.75 %      9.19 %      12/23/2027       39,846       39,709       38,575       0.12  

Amerivet Partners Management, Inc.

  

(4)(5)(7)(10)

     SOFR + 5.25 %      10.70 %      2/25/2028       21,160       20,601       21,160       0.07  

Canadian Hospital Specialties Ltd.

  

(4)(6)(11)

     C + 4.50 %      9.80 %      4/14/2028     CAD 14,783       11,715       14,160       0.05  

Canadian Hospital Specialties Ltd.

  

(4)(6)(10)

     C + 4.50 %      9.80 %      4/15/2027     CAD 5,400       4,275       3,897       0.01  

Caramel Bidco Limited

  

(4)(6)(8)

     S + 6.00 %      11.19 %      2/24/2029     GBP 62,265       81,592       73,480       0.24  

Caramel Bidco Limited

  

(4)(6)(8)

     E + 6.00 %      10.03 %      2/24/2029     EUR 14,000       15,578       14,122       0.05  

Caramel Bidco Limited

  

(4)(6)(8)

     SOFR + 6.00 %      11.32 %      2/24/2029       6,125       6,410       5,727       0.02  

CCBlue Bidco, Inc.

  

(4)(10)

     SOFR + 6.50 %     

 11.91

PIK

 % 

 

     12/21/2028       523,559       517,186       445,025       1.43  

DCA Investment Holdings, LLC

  

(4)(10)

     SOFR + 6.41 %      11.71 %      4/3/2028       25,343       25,214       25,343       0.08  

DCA Investment Holdings, LLC

  

(4)(10)

     SOFR + 6.50 %      11.80 %      4/3/2028       9,971       9,743       9,971       0.03  

Epoch Acquisition, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.41 %      10/4/2026       28,740       28,740       28,596       0.09  

Jayhawk Buyer, LLC

  

(4)(11)

     SOFR + 5.00 %      10.41 %      10/15/2026       271,510       268,786       257,934       0.83  

Kwol Acquisition, Inc.

  

(4)(6)(7)(10)

     SOFR + 6.25 %      11.43 %      12/6/2029       6,603       6,425       6,547       0.02  

MB2 Dental Solutions, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.32 %      2/13/2031       37,838       37,396       37,389       0.12  

Medical Knowledge Group, LLC

  

(4)(10)

     SOFR + 5.75 %      11.18 %      2/1/2029       183,284       180,527       183,284       0.59  

Midwest Physician Administrative Services, LLC

  

(10)

     SOFR + 3.25 %      8.82 %      3/12/2028       18,938       18,886       15,820       0.05  

Navigator Acquiror, Inc.

  

(4)(7)(9)

     SOFR + 5.50 %      10.93 %      7/16/2027       496,397       493,971       461,922       1.49  

 

20

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Odyssey Holding Company, LLC

  

(4)(11)(18)

     SOFR + 5.75 %      11.13 %      11/16/2026       50,082       49,904       50,083       0.16  

Odyssey Holding Company, LLC

  

(4)(11)

     SOFR + 5.75 %      11.14 %      11/16/2026       13,567       13,567       13,567       0.04  

Onex TSG Intermediate Corp.

  

(6)(10)

     SOFR + 4.75 %      10.32 %      2/28/2028       22,731       22,619       22,759       0.07  

ONS MSO, LLC

  

(4)(7)(11)

     SOFR + 5.75 %      11.15 %      7/8/2026       7,714       7,206       7,174       0.02  

ONS MSO, LLC

  

(4)(7)(11)

     P + 5.25 %      13.75 %      7/8/2026       4,975       4,882       4,975       0.02  

Pathway Vet Alliance, LLC

  

(8)

     SOFR + 3.75 %      9.19 %      3/31/2027       30,305       30,165       26,678       0.09  

Pediatric Associates Holding Co., LLC

  

(9)

     SOFR + 3.25 %      8.69 %      12/29/2028       6,379       6,348       5,629       0.02  

Phoenix Guarantor, Inc.

  

(8)

     SOFR + 3.25 %      8.58 %      2/21/2031       5,000       4,951       4,941       0.02  

Plasma Buyer, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.06 %      5/12/2029       91,026       89,599       85,797       0.28  

Plasma Buyer, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.06 %      5/12/2028       8,680       8,482       7,848       0.03  

PPV Intermediate Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.09 %      8/31/2029       126,926       124,873       126,217       0.41  

PSKW Intermediate, LLC

  

(4)(11)

     SOFR + 6.25 %      11.68 %      3/9/2026       16,913       16,913       16,913       0.05  

Radnet, Inc.

  

(6)(10)

     SOFR + 3.00 %      8.57 %      4/21/2028       4,610       4,596       4,619       0.01  

Smile Doctors, LLC

  

(4)(7)(10)

     SOFR + 5.90 %      11.24 %      12/23/2028       522,053       514,074       510,313       1.64  

Smile Doctors, LLC

  

(4)(7)(10)

     SOFR + 5.90 %      11.34 %      12/23/2028       25,873       23,954       24,013       0.08  

Snoopy Bidco, Inc.

  

(4)(7)(10)

     SOFR + 6.75 %     

 12.35

PIK

 % 

 

     6/1/2028       664,328       657,377       643,630       2.07  

SpecialtyCare, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.34 %      6/18/2028       67,717       66,491       66,025       0.21  

SpecialtyCare, Inc.

  

(4)(7)(11)

     SOFR + 5.75 %      11.33 %      6/18/2028       586       521       408       0.00  

SpecialtyCare, Inc.

  

(4)(7)(8)

     SOFR + 4.00 %      9.33 %      6/18/2028       1,068       989       920       0.00  

Stepping Stones Healthcare Services, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.91 %      1/2/2029       164,590       162,467       161,784       0.52  

Surgery Centers Holdings, Inc.

  

(6)(8)

     SOFR + 3.50 %      8.83 %      12/19/2030       5,687       5,632       5,720       0.02  

The Fertility Partners, Inc.

  

(4)(6)(10)

     C + 5.75 %      11.04 %      3/16/2028     CAD 136,915       106,174       95,519       0.31  

The Fertility Partners, Inc.

  

(4)(6)(7)(10)

     C + 5.75 %      11.04 %      9/16/2027     CAD 8,688       6,684       5,929       0.02  

 

21

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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 %      11.19 %      3/16/2028       46,021       45,326       43,490       0.14  

The GI Alliance Management, LLC

  

(4)(11)

     SOFR + 5.50 %      11.74 %      9/15/2028       257,834       252,081       257,834       0.83  

The GI Alliance Management, LLC

  

(4)(11)

     SOFR + 5.50 %      11.73 %      1/22/2030       28,650       28,373       28,650       0.09  

The GI Alliance Management, LLC

  

(4)(7)(11)

     SOFR + 5.50 %      11.72 %      9/15/2028       55,554       53,151       54,371       0.18  

TTF Holdings, LLC

  

(4)(10)

     SOFR + 4.00 %      9.44 %      3/31/2028       4,006       3,989       4,016       0.01  

UMP Holdings, LLC

  

(4)(10)

     SOFR + 5.75 %      11.07 %      7/15/2028       9,572       9,436       9,572       0.03  

UMP Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.06 %      7/15/2028       13,125       13,031       13,086       0.04  

Unified Physician Management, LLC

  

(4)(7)(9)

     SOFR + 5.25 %      10.58 %      6/18/2029       885,169       885,150       885,150       2.85  

US Oral Surgery Management Holdco, LLC

  

(4)(10)

     SOFR + 6.00 %      11.43 %      11/18/2027       181,283       179,462       179,470       0.58  

US Oral Surgery Management Holdco, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.39 %      11/18/2027       1,643       1,363       1,388       0.00  

Veonet GmbH

  

(6)(8)

     S + 5.25 %      10.44 %      3/14/2029     GBP 202,759       258,633       252,457       0.81  

WHCG Purchaser III, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.31 %      6/22/2028       102,900       101,718       62,769       0.20  

WHCG Purchaser III, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.31 %      6/22/2026       12,455       12,344       7,585       0.02  
           

 

 

    

 

 

    

 

 

  
              5,856,421       5,645,530       18.16  

Health Care Technology

                

athenahealth, Inc.

  

(9)

     SOFR + 3.25 %      8.58 %      2/15/2029       36,467       36,184       36,214       0.12  

Caerus US 1, Inc.

  

(4)(6)(10)

     SOFR + 5.50 %      10.81 %      5/25/2029       386,589       380,904       386,589       1.25  

Caerus US 1, Inc.

  

(4)(6)(7)(10)

     SOFR + 5.75 %      11.06 %      5/25/2029       117,595       114,731       117,197       0.38  

Caerus US 1, Inc.

  

(4)(6)(8)

     SOFR + 5.50 %      10.81 %      5/25/2029       70,172       70,172       70,172       0.23  

Color Intermediate LLC

  

(4)(10)

     SOFR + 5.50 %      10.91 %      10/4/2029       367,909       360,612       367,909       1.19  

Cotiviti Inc.

  

(8)

     SOFR + 3.25 %      8.58 %      2/24/2031       43,591       43,373       43,537       0.14  

Datix Bidco, Ltd.

  

(4)(6)(8)

     SOFR + 4.50 %      9.94 %      4/28/2025       24,000       23,908       24,000       0.08  

Edifecs, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.06 %      9/21/2026       154,195       152,962       154,195       0.50  

Edifecs, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.06 %      11/20/2028       204,375       201,073       204,375       0.66  

Edifecs, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.06 %      9/21/2026       95,270       95,357       95,270       0.31  

GI Ranger Intermediate, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.46 %      10/29/2028       103,497       102,182       103,497       0.33  

 

22

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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 Technology (continued)

                

Healthcomp Holding Company, LLC

  

(4)(10)

     SOFR + 6.25 %     

 11.57

(incl. 3.00

PIK

 % 

% 

) 

     11/8/2029       181,735       180,051       180,827       0.58  

Imprivata, Inc.

  

(4)(9)

     SOFR + 3.50 %      8.81 %      12/1/2027       2,018       2,018       2,018       0.01  

Neptune Holdings, Inc.

  

(4)(7)(11)

     SOFR + 6.00 %      11.29 %      8/31/2030       14,963       14,575       14,963       0.05  

Netsmart Technologies, Inc.

  

(10)

     SOFR + 3.75 %      9.19 %      10/1/2027       12,937       12,977       12,979       0.04  

NMC Crimson Holdings, Inc.

  

(4)(10)

     SOFR + 6.09 %      11.57 %      3/1/2028       71,173       69,979       71,173       0.23  

NMC Crimson Holdings, Inc.

  

(4)(10)

     SOFR + 6.09 %      11.55 %      3/1/2028       14,758       14,615       14,758       0.05  

Project Ruby Ultimate Parent Corp.

  

(10)

     SOFR + 3.25 %      8.69 %      3/10/2028       9,158       9,131       9,159       0.03  

RPBLS Midco, LLC

  

(4)(9)

     SOFR + 5.75 %      11.18 %      4/1/2028       164,729       162,743       164,729       0.53  

Verscend Holding Corp.

  

(8)

     SOFR + 4.00 %      9.44 %      8/27/2025       12,151       12,168       12,166       0.04  

Waystar Technologies, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      10/22/2029       12,280       12,265       12,326       0.04  
           

 

 

    

 

 

    

 

 

  
              2,071,980       2,098,053       6.79  

Hotels, Restaurants & Leisure

                

Alterra Mountain Company

  

(8)

     SOFR + 3.25 %      8.58 %      8/17/2028       9,154       9,154       9,191       0.03  

Century Casinos, Inc.

  

(6)(10)

     SOFR + 6.00 %      11.43 %      4/2/2029       31,369       30,917       30,860       0.10  

Fertitta Entertainment, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      1/27/2029       13,426       13,421       13,474       0.04  

Flynn Restaurant Group LP

  

(9)

     SOFR + 4.25 %      9.81 %      12/1/2028       7,547       7,502       7,580       0.02  

IRB Holding Corp.

  

(10)

     SOFR + 2.75 %      8.18 %      12/15/2027       18,588       18,588       18,614       0.06  

Mic Glen, LLC

  

(9)

     SOFR + 3.25 %      8.69 %      7/21/2028       12,908       12,895       12,907       0.04  

New Red Finance, Inc.

  

(6)(8)    

     SOFR + 2.25 %      7.58 %      9/12/2030       6,484       6,473       6,488       0.02  

Scientific Games Holdings LP

  

(9)

     SOFR + 3.25 %      8.58 %      4/4/2029       12,278       12,254       12,290       0.04  

Twin River Worldwide Holdings, Inc.

  

(6)(9)

     SOFR + 3.25 %      8.83 %      10/2/2028       9,602       9,566       9,040       0.03  

Whatabrands LLC

  

(9)

     SOFR + 3.25 %      8.69 %      8/3/2028       11,409       11,359       11,429       0.04  
           

 

 

    

 

 

    

 

 

  
              132,129       131,873       0.42  

Household Durables

                

AI Aqua Merger Sub, Inc.

  

(6)(9)

     SOFR + 3.75 %      9.07 %      7/31/2028       32,556       32,452       32,651       0.11  

Industrial Conglomerates

                

Bettcher Industries, Inc.

  

(9)

     SOFR + 4.00 %      9.33 %      12/14/2028       6,990       6,943       6,978       0.02  

CEP V Investment 11 S.à r.l.

  

(4)(6)(10)

     SA + 6.52 %      8.22 %      2/11/2028     CHF 47,449       47,602       52,613       0.17  

CEP V Investment 11 S.à r.l.

  

(4)(6)(10)

     E + 6.45 %      10.32 %      2/23/2028     EUR 54,899       51,815       59,228       0.19  

 

23

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Industrial Conglomerates (continued)

                

Engineered Machinery Holdings, Inc.

  

(10)

     SOFR + 3.75 %      9.32 %      5/19/2028       11,845       11,810       11,817       0.04  

Excelitas Technologies Corp.

  

(4)(8)

     E + 5.75 %      9.65 %      8/13/2029     EUR 25,007       25,280       26,979       0.09  

Excelitas Technologies Corp.

  

(4)(7)(10)

     SOFR + 5.75 %      11.16 %      8/13/2029       167,724       165,205       167,674       0.54  

Excelitas Technologies Corp.

  

(4)(7)(10)

     SOFR + 5.75 %      11.16 %      8/12/2028       10,937       10,722       10,937       0.04  

FCG Acquisitions, Inc.

  

(9)

     SOFR + 3.75 %      9.32 %      3/31/2028       22,878       22,810       22,899       0.07  

SPX Flow, Inc.

  

(9)

     SOFR + 4.50 %      9.93 %      4/5/2029       8,622       8,348       8,668       0.03  

Victory Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.34 %      11/19/2028       22,575       22,506       21,503       0.07  
           

 

 

    

 

 

    

 

 

  
              373,041       389,296       1.26  

Insurance

                

Alera Group, Inc.

  

(4)(7)(10)

     SOFR + 5.25 %      10.68 %      10/2/2028       56,410       55,932       56,186       0.18  

Alliant Holdings Intermediate, LLC

  

(9)

     SOFR + 3.50 %      8.83 %      11/6/2030       3,672       3,670       3,691       0.01  

Amerilife Holdings LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.08 %      8/31/2029       390,541       383,027       389,772       1.26  

AmWINS Group Inc

  

(10)

     SOFR + 2.25 %      7.69 %      2/19/2028       6,483       6,470       6,491       0.02  

AssuredPartners, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      2/12/2027       17,369       17,274       17,404       0.06  

Baldwin Risk Partners, LLC

  

(6)(9)

     SOFR + 3.50 %      8.94 %      10/14/2027       9,769       9,747       9,777       0.03  

CFC Underwriting, Ltd.

  

(4)(6)(7)(9)

     SOFR + 5.00 %      10.30 %      5/16/2029       138,161       135,400       138,250       0.45  

Foundation Risk Partners Corp.

  

(4)(7)(10)

     SOFR + 6.00 %      11.41 %      10/29/2028       27,640       27,260       27,497       0.09  

Foundation Risk Partners Corp.

  

(4)(7)(10)

     SOFR + 5.50 %      10.91 %      10/29/2028       7,833       7,527       7,563       0.02  

Foundation Risk Partners Corp.

  

(4)(10)

     SOFR + 6.00 %      11.41 %      10/30/2028       34,794       34,431       34,794       0.11  

Galway Borrower, LLC

  

(4)(7)(10)

     SOFR + 5.25 %      10.65 %      9/29/2028       221,592       219,033       221,036       0.71  

Galway Borrower, LLC

  

(4)(7)(10)

     SOFR + 5.25 %      10.66 %      9/29/2028       3,084       2,839       3,036       0.01  

High Street Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.25 %      10.56 %      4/14/2028       97,002       95,937       97,002       0.31  

High Street Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.25 %      10.56 %      4/16/2028       47,259       45,881       46,382       0.15  

Integrity Marketing Acquisition, LLC

  

(4)(7)(11)

     SOFR + 6.05 %      11.49 %      8/27/2026       79,754       79,232       79,352       0.26  

Integrity Marketing Acquisition, LLC

  

(4)(10)

     SOFR + 6.02 %      11.36 %      8/27/2026       96,594       95,484       96,111       0.31  

 

24

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)(7)(10)

     SOFR + 6.00 %      11.34 %      8/27/2026       4,091       4,017       4,049       0.01  

Integrity Marketing Acquisition, LLC

  

(4)(10)

     SOFR + 6.02 %      11.46 %      8/27/2026       71,808       71,274       71,449       0.23  

Integrity Marketing Acquisition, LLC

  

(4)(10)

     SOFR + 6.03 %      11.47 %      8/27/2026       2,310       2,292       2,298       0.01  

NFP Corp.

  

(8)

     SOFR + 3.25 %      8.69 %      2/15/2027       13,421       13,374       13,453       0.04  

PGIS Intermediate Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.95 %      10/16/2028       24,157       23,837       24,014       0.08  

PGIS Intermediate Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.06 %      10/16/2028       4,266       4,019       3,999       0.01  

Riser Merger Sub, Inc.

  

(4)(10)

     S + 6.00 %      11.19 %      10/31/2029     GBP 9,268       11,072       11,668       0.04  

Riser Merger Sub, Inc.

  

(4)(7)(10)

     SOFR + 6.00 %      11.31 %      10/31/2029       91,575       89,212       90,928       0.29  

RSC Acquisition, Inc.

  

(4)(5)(10)

     SOFR + 5.50 %      10.96 %      11/1/2029       129,913       129,193       130,238       0.42  

RSC Acquisition, Inc.

  

(4)(5)(7)(10)

     SOFR + 6.00 %      11.34 %      11/1/2029       24,691       23,974       24,551       0.08  

SG Acquisition, Inc.

  

(4)(9)

     SOFR + 5.50 %      10.91 %      1/27/2027       171,193       170,030       169,481       0.55  

Shelf Bidco Ltd

  

(4)(6)(10)(18)

     SOFR + 6.34 %      11.99 %      1/3/2030       131,716       128,451       131,716       0.42  

Tennessee Bidco Limited

  

(4)(6)(8)

     E + 7.00 %     

 10.87

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028     EUR 5,575       7,028       5,969       0.02  

Tennessee Bidco Limited

  

(4)(6)(7)(8)

     S + 7.28 %     

 12.47

(incl. 2.50

PIK

 % 

% 

) 

     7/9/2028     GBP 132,969       168,569       164,406       0.53  

Tennessee Bidco Limited

  

(4)(6)(8)

     SOFR + 7.10 %     

 12.18

(incl. 2.50

PIK

 % 

% 

) 

     7/9/2028       170,742       167,665       169,462       0.55  

Tennessee Bidco Limited

  

(4)(6)(8)

     SOFR + 7.10 %     

 12.28

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028       49,115       48,623       48,747       0.16  

Tennessee Bidco Limited

  

(4)(6)(8)

     SOFR + 6.35 %     

 11.63

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028       251,130       244,378       242,341       0.78  

Truist Insurance Holdings, LLC

  

(8)

     SOFR + 3.25 %      8.58 %      3/24/2031       44,800       44,688       44,781       0.14  

USI, Inc.

  

(8)

     SOFR + 3.00 %      8.30 %      11/22/2029       8,890       8,816       8,905       0.03  

USI, Inc.

  

(8)

     SOFR + 3.25 %      8.55 %      9/29/2030       1,990       1,995       1,994       0.01  

World Insurance Associates, LLC

  

(4)(7)(11)

     SOFR + 6.00 %      11.31 %      4/3/2028       43,225       41,908       42,226       0.14  
           

 

 

    

 

 

    

 

 

  
              2,623,559       2,641,019       8.52  

 

25

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Interactive Media & Services

                

Ancestry.com Operations, Inc

  

(9)

     SOFR + 3.25 %      8.68 %      12/6/2027       3,599       3,583       3,495       0.01  

Project Boost Purchaser, LLC

  

(9)

     SOFR + 3.50 %      9.07 %      5/30/2026       4,874       4,841       4,892       0.02  
           

 

 

    

 

 

    

 

 

  
              8,424       8,387       0.03  

Internet & Direct Marketing Retail

                

Donuts, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.53 %      12/29/2027       505,012       503,824       505,012       1.63  

Hoya Midco, LLC

  

(6)(9)

     SOFR + 3.25 %      8.56 %      2/3/2029       9,520       9,483       9,544       0.03  

Prodege International Holdings, LLC

  

(4)(10)

     SOFR + 5.75 %      11.23 %      12/15/2027       554,493       548,571       525,383       1.69  
           

 

 

    

 

 

    

 

 

  
              1,061,878       1,039,939       3.35  

IT Services

                

Ahead DB Holdings, LLC

  

(5)(10)

     SOFR + 3.75 %      9.16 %      10/18/2027       2,537       2,545       2,542       0.01  

AI Altius Bidco, Inc.

  

(4)(5)(8)

     9.75 %     

 9.75

PIK

 % 

 

     12/21/2029       25,725       25,297       25,596       0.08  

AI Altius Bidco, Inc.

  

(4)(10)

     SOFR + 5.18 %      10.43 %      12/21/2028       143,602       141,482       143,602       0.46  

Dcert Buyer, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      10/16/2026       19,456       19,471       19,390       0.06  

Endurance International Group Holdings, Inc.

  

(10)

     SOFR + 3.50 %      9.42 %      2/10/2028       44,484       44,256       43,517       0.14  

Infostretch Corporation

  

(4)(10)

     SOFR + 5.75 %      11.21 %      4/1/2028       179,798       177,401       160,919       0.52  

Inovalon Holdings, Inc.

  

(4)(10)

     SOFR + 6.25 %     

 11.84

(incl. 2.75

PIK

 % 

% 

) 

     11/24/2028       989,548       974,091       987,074       3.18  

Inovalon Holdings, Inc.

  

(4)(7)(10)

     SOFR + 6.25 %     

 11.81

(incl. 2.75

PIK

 % 

% 

) 

     11/24/2028       46,846       45,630       45,601       0.15  

Monterey Financing, S.à r.l.

  

(4)(6)(8)

     CI + 6.00 %      9.85 %      9/28/2029     DKK  560,750       72,423       80,497       0.26  

Monterey Financing, S.à r.l.

  

(4)(6)(9)

     N + 6.00 %      10.60 %      9/28/2029     NOK 599,094       54,704       54,769       0.18  

Monterey Financing, S.à r.l.

  

(4)(6)(8)

     ST + 6.00 %      10.00 %      9/28/2029     SEK 243,186       21,302       22,549       0.07  

Monterey Financing, S.à r.l.

  

(4)(6)(7)(9)

     E + 6.00 %      9.84 %      9/28/2029     EUR 110,819       105,407       119,530       0.39  

Park Place Technologies, LLC

  

(4)(7)(10)

     SOFR + 5.25 %      10.58 %      3/25/2031       561,453       555,422       555,400       1.79  

Razor Holdco, LLC

  

(4)(10)

     SOFR + 5.75 %      11.16 %      10/25/2027       186,901       184,677       186,901       0.60  

Red River Technology, LLC

  

(4)(11)

     SOFR + 6.00 %      11.54 %      5/26/2027       147,420       146,066       147,420       0.47  

 

26

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

IT Services (continued)

                

S&P Global Engineering Solutions

  

(4)(7)(11)

     SOFR + 6.75 %      12.06 %      5/2/2030       1,592       1,544       1,592       0.01  

Turing Holdco, Inc.

  

(4)(6)(8)

     E + 6.00 %     

 10.12

(incl. 2.50

PIK

 % 

% 

) 

     9/28/2028     EUR 16,739       18,990       17,833       0.06  

Turing Holdco, Inc.

  

(4)(6)(7)(8)

     E + 6.00 %     

 9.93

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028     EUR 6,224       7,168       6,537       0.02  

Turing Holdco, Inc.

  

(4)(6)(7)(8)

     SOFR + 6.10 %     

 11.41

(incl. 2.50

PIK

 % 

% 

) 

     10/16/2028       6,507       6,887       6,425       0.02  

Turing Holdco, Inc.

  

(4)(6)(8)

     SOFR + 6.00 %     

 11.40

(incl. 2.50

PIK

 % 

% 

) 

     9/28/2028       13,065       12,820       12,902       0.04  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.19 %      2/11/2028       8,804       8,813       8,834       0.03  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.18 %      2/15/2029       3,408       3,384       3,418       0.01  
           

 

 

    

 

 

    

 

 

  
              2,629,780       2,652,848       8.55  

Leisure Products

                

Motion Finco, LLC

  

(6)(8)

     SOFR + 3.50 %      9.07 %      11/12/2029       9,936       9,908       9,932       0.03  

Life Sciences Tools & Services

                

Cambrex Corp.

  

(10)

     SOFR + 3.50 %      8.93 %      12/4/2026       4,539       4,548       4,426       0.01  

Jupiter Bidco Limited

  

(4)(6)(7)(9)

     E + 6.25 %      10.08 %      8/27/2029     EUR 5,922       2,322       5,241       0.02  

Jupiter Bidco Limited

  

(4)(6)(10)

     SOFR + 6.25 %      11.56 %      8/27/2029       88,177       86,135       77,375       0.25  

LSCS Holdings, Inc.

  

(9)

     SOFR + 4.50 %      9.94 %      12/16/2028       7,988       7,961       7,886       0.03  

Packaging Coordinators Midco, Inc.

  

(10)

     SOFR + 3.50 %      9.07 %      11/30/2027       1,857       1,857       1,863       0.01  

Phoenix Newco, Inc.

  

(6)(9)

     SOFR + 3.25 %      8.69 %      11/15/2028       1,985       1,985       1,992       0.01  
           

 

 

    

 

 

    

 

 

  
              104,808       98,783       0.33  

Machinery

                

Chart Industries, Inc.

  

(6)(9)

     SOFR + 3.25 %      8.67 %      3/16/2030       5,467       5,455       5,490       0.02  

MHE Intermediate Holdings, LLC

  

(4)(7)(11)

     SOFR + 6.00 %      11.46 %      7/21/2027       7,390       7,298       7,390       0.02  

MHE Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.50 %      11.97 %      7/21/2027       354       349       354       0.00  

MHE Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.25 %      11.71 %      7/21/2027       353       346       353       0.00  

Pro Mach Group, Inc.

  

(11)

     SOFR + 3.75 %      9.08 %      8/31/2028       6,929       6,875       6,962       0.02  

TK Elevator U.S. Newco Inc.

  

(6)(9)

     SOFR + 3.50 %      8.79 %      4/30/2030       17,627       17,627       17,706       0.06  
           

 

 

    

 

 

    

 

 

  
              37,950       38,255       0.12  

 

27

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Marine

                

Armada Parent, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.19 %      10/29/2027       231,019       227,976       228,450       0.74  

Media

                

Digital Media Solutions, LLC

  

(6)(10)(17)

     SOFR + 11.00 %     

 16.57

PIK

 % 

 

     5/25/2026       33,699       33,383       9,267       0.03  

McGraw-Hill Education, Inc.

  

(9)

     SOFR + 4.75 %      10.19 %      7/28/2028       18,267       18,151       18,322       0.06  

Radiate Holdco, LLC

  

(10)

     SOFR + 3.25 %      8.69 %      9/25/2026       46,868       46,797       39,369       0.13  

Trader Corp.

  

(4)(6)(7)(10)

     C + 6.75 %      12.04 %      12/22/2029     CAD 109,405       78,574       80,780       0.26  

Univision Communications, Inc.

  

(10)

     SOFR + 3.25 %      8.69 %      3/15/2026       11,970       11,974       11,998       0.04  

UPC Financing Partnership

  

(6)(8)

     SOFR + 3.00 %      8.44 %      1/31/2029       5,000       4,938       4,987       0.02  
           

 

 

    

 

 

    

 

 

  
              193,817       164,723       0.54  

Metals & Mining

                

American Rock Salt Company, LLC

  

(10)

     SOFR + 4.00 %      9.44 %      6/9/2028       9,365       9,358       8,214       0.03  

SCIH Salt Holdings, Inc.

  

(10)

     SOFR + 4.00 %      9.44 %      3/16/2027       13,331       13,279       13,370       0.04  
           

 

 

    

 

 

    

 

 

  
              22,637       21,584       0.07  

Oil, Gas & Consumable Fuels

                

Eagle Midstream Canada Finance, Inc.

  

(4)(6)(10)

     SOFR + 6.25 %      11.56 %      8/15/2028       26,332       25,911       26,332       0.08  

Freeport LNG Investments, LLLP

  

(9)

     SOFR + 3.50 %      9.08 %      12/21/2028       35,084       35,018       34,891       0.11  

KKR Alberta Midstream Finance Inc

  

(4)(6)(10)

     SOFR + 6.25 %      11.56 %      8/15/2028       14,325       14,096       14,325       0.05  
           

 

 

    

 

 

    

 

 

  
              75,025       75,548       0.24  

Paper & Forest Products

                

Profile Products, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      11/12/2027       63,461       62,733       61,181       0.20  

Profile Products, LLC

  

(4)(7)(10)

     P + 4.50 %      13.00 %      11/12/2027       3,295       3,179       2,974       0.01  
           

 

 

    

 

 

    

 

 

  
              65,912       64,155       0.21  

 

28

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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

                

Doc Generici (Diocle S.p.A.)

  

(4)(5)(6)(7)(8)

     E + 6.50 %      10.43 %      10/27/2028     EUR 60,136       58,275       65,215       0.21  

Ergomed Plc

  

(4)(6)(7)(10)

     SOFR + 6.25 %      11.60 %      11/18/2030       108,046       105,399       107,137       0.35  

Freya Bidco, Ltd.

  

(4)(6)(7)(8)

     E + 6.25 %      10.18 %      1/24/2031     EUR 97,791       104,146       103,410       0.33  

Freya Bidco, Ltd.

  

(4)(6)(7)(10)

     SOFR + 6.25 %      11.43 %      1/24/2031       1,083       898       892       0.00  

Gusto Sing Bidco Pte Ltd

  

(4)(6)(7)(10)

     BB + 6.50 %      10.93 %      10/30/2028     AUD 1,000       639       629       0.00  

Padagis, LLC

  

(6)(9)

     SOFR + 4.75 %      10.34 %      7/6/2028       29,371       29,340       28,233       0.09  

Rhea Parent, Inc.

  

(4)(10)

     SOFR + 5.50 %      10.96 %      2/18/2029       202,886       200,044       202,886       0.65  
           

 

 

    

 

 

    

 

 

  
              498,741       508,402       1.63  

Professional Services

                

ALKU, LLC

  

(4)(10)

     SOFR + 6.25 %      11.58 %      5/23/2029       55,270       54,112       55,270       0.18  

ALKU, LLC

  

(4)(10)

     SOFR + 5.50 %      10.83 %      5/23/2029       5,000       4,902       4,900       0.02  

Apex Companies, LLC

  

(4)(11)

     SOFR + 6.25 %      11.56 %      1/31/2028       1,605       1,572       1,589       0.01  

Apex Companies, LLC

  

(4)(7)(11)

     SOFR + 6.25 %      11.58 %      3/15/2026       81       71       71       0.00  

Apex Companies, LLC

  

(4)(11)

     SOFR + 6.25 %      11.58 %      1/31/2028       369       362       362       0.00  

APFS Staffing Holdings Inc

  

(9)

     SOFR + 4.00 %      9.33 %      12/29/2028       5,218       5,188       5,179       0.02  

Aqgen Island Holdings, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      8/2/2028       41,141       41,048       41,043       0.13  

Armor Holdco, Inc.

  

(6)(9)

     SOFR + 4.50 %      9.93 %      12/11/2028       3,555       3,531       3,574       0.01  

Cast & Crew Payroll, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      12/29/2028       11,661       11,562       11,692       0.04  

CFGI Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.00 %      10.43 %      11/2/2027       20,949       20,460       20,550       0.07  

Chronicle Bidco, Inc.

  

(4)(7)(11)

     SOFR + 6.25 %      11.40 %      5/18/2029       44,982       44,559       44,842       0.14  

Claims Automation Intermediate 2, LLC

  

(4)(7)(10)

     SOFR + 4.75 %      10.18 %      12/16/2027       44,806       43,829       44,121       0.14  

Clearview Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.35 %      10.65 %      8/26/2027       148,598       146,636       146,701       0.47  

Cumming Group, Inc.

  

(4)(7)(11)

     SOFR + 5.25 %      10.58 %      5/26/2027       197,551       195,051       197,551       0.64  

Cumming Group, Inc.

  

(4)(7)(11)

     SOFR + 5.25 %      10.58 %      11/16/2027       20,780       20,343       20,635       0.07  

Deerfield Dakota Holding, LLC

  

(11)

     SOFR + 3.75 %      9.06 %      4/9/2027       85,040       84,753       84,727       0.27  

Eliassen Group, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.81 %      4/14/2028       67,558       66,820       66,782       0.22  

 

29

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Emerald US, Inc.

  

(6)(8)

     SOFR + 3.75 %      9.32 %      7/12/2028       3,839       3,836       3,847       0.01  

EP Purchaser LLC

  

(9)

     SOFR + 3.50 %      9.07 %      11/6/2028       9,522       9,365       9,469       0.03  

G&A Partners Holding Company II, LLC

  

(4)(7)(9)

     SOFR + 5.50 %      10.80 %      3/1/2031       60,493       58,916       58,889       0.19  

Guidehouse, Inc.

  

(4)(10)

     SOFR + 5.75 %     

 11.08

(incl. 2.00

PIK

 % 

% 

) 

     12/16/2030       1,231,944       1,221,909       1,225,784       3.95  

HIG Orca Acquisition Holdings, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.48 %      8/17/2027       93,596       92,542       93,596       0.30  

HIG Orca Acquisition Holdings, Inc.

  

(4)(7)(11)

     SOFR + 6.00 %      11.46 %      8/17/2027       8,795       8,617       8,795       0.03  

IG Investments Holdings, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.41 %      9/22/2028       442,737       436,647       442,737       1.43  

Inmar, Inc.

  

(11)

     SOFR + 5.50 %      10.80 %      5/1/2026       29,679       28,923       29,749       0.10  

Kaufman Hall & Associates, LLC

  

(4)(10)

     SOFR + 5.25 %      10.68 %      12/14/2028       96,082       94,790       96,082       0.31  

Kwor Acquisition, Inc.

  

(4)(5)(7)(11)

     SOFR + 5.25 %      10.68 %      12/22/2028       1,396       1,348       1,267       0.00  

Kwor Acquisition, Inc.

  

(4)(5)(7)(10)

     P + 4.25 %      12.75 %      12/22/2027       6,890       6,777       6,585       0.02  

Legacy Intermediate, LLC

  

(4)(10)

     SOFR + 5.75 %      11.24 %      2/25/2028       121,479       119,918       121,479       0.39  

Legacy Intermediate, LLC

  

(4)(9)

     SOFR + 5.75 %      11.17 %      2/25/2028       23,400       22,950       23,400       0.08  

Mantech International CP

  

(4)(7)(10)

     SOFR + 5.75 %      11.06 %      9/14/2029       811,522       796,282       809,205       2.61  

Material Holdings, LLC

  

(4)(10)

     SOFR + 6.00 %      11.41 %      8/19/2027       256,267       253,466       226,156       0.73  

Material Holdings, LLC

  

(4)(10)

     SOFR + 6.00 %      11.42 %      8/19/2027       15,897       15,718       14,029       0.05  

Mercury Bidco Globe Limited

  

(4)(6)(7)(8)

     S + 6.25 %      11.44 %      1/31/2031     GBP  80,581       100,108       99,289       0.32  

Minotaur Acquisition, Inc.

  

(8)

     SOFR + 4.75 %      10.18 %      3/27/2026       177,660       174,965       178,060       0.57  

MPG Parent Holdings, LLC

  

(4)(7)(11)

     SOFR + 5.25 %      10.56 %      1/8/2030       18,258       17,819       17,759       0.06  

Pavion Corp.

  

(4)(6)(10)

     SOFR + 5.75 %      11.07 %      10/30/2030       117,984       115,767       117,984       0.38  

Pavion Corp.

  

(4)(6)(7)(10)

     SOFR + 5.75 %      11.08 %      10/30/2030       8,711       8,380       8,433       0.03  

Petrus Buyer Inc

  

(4)(7)(10)

     SOFR + 6.50 %      11.82 %      10/17/2029       35,811       34,703       35,641       0.11  

Polyconcept Investments B.V.

  

(10)

     SOFR + 5.50 %      10.80 %      5/18/2029       24,476       24,116       24,441       0.08  

Sherlock Buyer Corp.

  

(4)(7)(11)

     SOFR + 5.75 %      11.16 %      12/8/2028       33,860       33,720       33,771       0.11  

STV Group, Inc.

  

(4)(7)(10)

     SOFR + 5.00 %      10.33 %      3/20/2031       58,837       57,264       57,257       0.18  

Thevelia US, LLC

  

(6)(9)

     SOFR + 4.00 %      9.46 %      6/18/2029       34,033       32,902       34,140       0.11  

 

30

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Trinity Air Consultants Holdings Corp.

  

(4)(10)

     SOFR + 5.75 %      11.29 %      6/29/2027       24,735       24,522       24,735       0.08  

Trinity Air Consultants Holdings Corp.

  

(4)(7)(10)

     SOFR + 5.75 %      11.03 %      6/29/2027       50,463       49,637       49,780       0.16  

Trinity Partners Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.96 %      12/21/2028       383,301       377,278       382,143       1.23  

Victors CCC Buyer, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.17 %      6/1/2029       144,428       141,871       144,117       0.46  

West Monroe Partners, LLC

  

(4)(10)

     SOFR + 5.50 %      11.08 %      11/8/2028       720,721       711,557       702,703       2.26  

West Monroe Partners, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      11.08 %      11/8/2027       14,143       13,248       13,789       0.04  
           

 

 

    

 

 

    

 

 

  
              5,834,660       5,844,700       18.84  

Real Estate Management & Development

                

Castle Management Borrower, LLC

  

(4)(7)(11)

     SOFR + 5.50 %      10.81 %      11/3/2029       33,250       32,553       33,250       0.11  

Cushman & Wakefield US Borrower LLC

  

(6)(9)

     SOFR + 3.25 %      8.68 %      1/31/2030       7,461       7,387       7,450       0.02  

McCarthy & Stone PLC

  

(4)(5)(6)(8)

     7.00 %      7.00 %      2/2/2026     GBP 20,000       28,064       23,287       0.08  

Neptune BidCo

  

(4)(6)(7)(8)

     E + 5.25 %      9.08 %      4/2/2031     EUR 5,608       6,222       6,222       0.02  

Progress Residential PM Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      2/16/2028       79,357       78,288       79,357       0.26  

Progress Residential PM Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      7/25/2029       15,205       14,940       15,205       0.05  
           

 

 

    

 

 

    

 

 

  
              167,454       164,771       0.54  

Software

                

Aareon Holding GmbH

  

(4)(6)(10)

     E + 6.25 %      10.14 %      8/16/2030     EUR 38,317       40,608       41,338       0.13  

Aareon Holding GmbH

  

(4)(6)(10)

     E + 6.25 %      10.15 %      8/19/2030     EUR 9,579       10,171       10,335       0.03  

Analytic Partners LP

  

(4)(7)(10)

     SOFR + 5.50 %      10.80 %      4/4/2028       21,413       21,083       21,413       0.07  

Anaplan, Inc.

  

(4)(7)(10)

     SOFR + 6.50 %      11.81 %      6/21/2029       537,534       528,841       537,534       1.73  

Aptean Inc

  

(4)(7)(10)

     SOFR + 5.25 %      10.57 %      1/29/2031       39,609       39,156       39,142       0.13  

Apttus Corp.

  

(10)

     SOFR + 4.00 %      9.44 %      5/8/2028       11,568       11,560       11,595       0.04  

Armstrong Bidco Limited

  

(4)(6)(8)

     S + 5.25 %      10.44 %      6/28/2029     GBP 478,945       572,744       586,365       1.89  

Avalara Inc

  

(4)(7)(10)

     SOFR + 7.25 %      12.56 %      10/19/2028       23,077       22,599       23,077       0.07  

Azurite Intermediate Holdings Inc.

  

(4)(7)(10)

     SOFR + 6.50 %      11.83 %      3/19/2031       18,810       18,108       18,105       0.06  

 

31

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Beeline, LLC

  

(4)(7)(10)

     SOFR + 5.25 %      10.59 %      5/2/2029       46,258       45,881       46,234       0.15  

BlueCat Networks USA, Inc.

  

(4)(10)

     SOFR + 6.00 %     

 11.32

(incl. 2.00

PIK

 % 

% 

) 

     8/8/2028       69,791       68,805       68,396       0.22  

BlueCat Networks USA, Inc.

  

(4)(10)

     SOFR + 6.00 %     

 11.33

(incl. 2.00

PIK

 % 

% 

) 

     8/8/2028       12,280       12,105       12,019       0.04  

BlueCat Networks USA, Inc.

  

(4)(7)(10)

     SOFR + 6.00 %     

 11.31

(incl. 2.00

PIK

 % 

% 

) 

     8/8/2028       2,307       2,202       2,185       0.01  

Bluefin Holding, LLC

  

(4)(5)(7)(11)

     SOFR + 7.25 %      12.57 %      9/12/2029       45,513       44,378       45,263       0.15  

Boxer Parent Company, Inc.

  

(8)

     SOFR + 4.25 %      9.58 %      12/29/2028       14,718       14,579       14,830       0.05  

Brave Parent Holdings, Inc.

  

(4)(7)(10)

     SOFR + 5.00 %      10.31 %      11/28/2030       498,512       493,097       495,453       1.60  

CDK Global Inc.

  

(8)

     SOFR + 4.00 %      9.31 %      7/6/2029       4,985       4,981       5,005       0.02  

Circana Group, L.P.

  

(4)(10)

     SOFR + 5.75 %      11.16 %      12/1/2028       680,144       669,942       680,144       2.19  

Circana Group, L.P.

  

(4)(10)

     SOFR + 6.25 %     

 11.58

(incl. 2.75

PIK

 % 

% 

) 

     12/1/2028       907,276       891,645       907,276       2.92  

Circana Group, L.P.

  

(4)(7)(10)

     SOFR + 5.75 %      11.08 %      12/1/2027       58,750       57,130       58,750       0.19  

Cloud Software Group Inc

  

(9)

     SOFR + 4.50 %      9.91 %      3/30/2029       2,000       1,990       1,993       0.01  

Cloudera, Inc.

  

(9)

     SOFR + 3.75 %      9.18 %      10/8/2028       36,590       36,243       36,510       0.12  

Community Brands ParentCo, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      2/24/2028       10,054       9,824       10,027       0.03  

Confine Visual Bidco

  

(4)(6)(10)

     SOFR + 5.75 %      11.06 %      2/23/2029       264,119       258,607       225,822       0.73  

Connatix Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      11.09 %      7/14/2027       107,616       106,260       98,323       0.32  

ConnectWise, LLC

  

(9)

     SOFR + 3.50 %      9.06 %      9/29/2028       28,248       28,189       28,274       0.09  

Cornerstone OnDemand, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      10/16/2028       27,073       26,997       26,610       0.09  

Cornerstone OnDemand, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.32 %      10/16/2028       34,738       33,795       34,043       0.11  

Coupa Software Inc.

  

(4)(6)(7)(10)

     SOFR + 7.50 %      12.81 %      2/27/2030       1,836       1,793       1,834       0.01  

Crewline Buyer, Inc.

  

(4)(6)(7)(11)

     SOFR + 6.75 %      12.06 %      11/8/2030       118,655       115,565       118,328       0.38  

Delta Topco, Inc.

  

(10)

     SOFR + 3.75 %      9.12 %      12/1/2027       34,619       34,591       34,700       0.11  

Denali Bidco Ltd

  

(4)(5)(6)(10)

     S + 6.00 %      11.19 %      8/29/2030     GBP 14,404       17,729       18,180       0.06  

Denali Bidco Ltd

  

(4)(5)(6)(7)(8)

     E + 6.00 %      9.83 %      8/29/2030     EUR 4,174       4,336       4,430       0.01  

 

32

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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 Corporation

  

(4)(11)

     SOFR + 5.75 %      11.21 %      8/4/2025       87,300       86,923       87,300       0.28  

Discovery Education, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      4/9/2029       638,393       630,911       612,857       1.97  

Discovery Education, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.02 %      10/3/2030       65,933       65,233       63,296       0.20  

DTI Holdco, Inc.

  

(10)

     SOFR + 4.75 %      10.06 %      4/26/2029       24,625       24,097       24,656       0.08  

DTI Holdco, Inc.

  

(4)(7)(10)

     SOFR + 4.75 %      10.06 %      4/26/2027       3,280       3,280       3,211       0.01  

ECI Macola Max Holding, LLC

  

(4)(6)(10)

     SOFR + 3.75 %      9.06 %      5/9/2030       11,857       11,857       11,909       0.04  

Ellucian Holdings, Inc.

  

(9)

     SOFR + 3.50 %      8.93 %      10/9/2029       1,958       1,956       1,969       0.01  

Epicor Software Corp.

  

(10)

     SOFR + 3.25 %      8.69 %      7/30/2027       5,906       5,925       5,934       0.02  

Episerver, Inc.

  

(4)(7)(11)

     SOFR + 5.25 %      10.70 %      4/9/2026       24,782       24,597       24,210       0.08  

Experity, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.15 %      2/24/2028       133,448       131,638       131,979       0.43  

Flexera Software, LLC.

  

(10)

     SOFR + 3.75 %      9.19 %      3/3/2028       2,000       2,005       2,007       0.01  

Forterro UK Ltd.

  

(4)(6)(8)

     ST + 4.75 %      8.83 %      7/9/2029     SEK 112,563       10,469       10,516       0.03  

Forterro UK Ltd.

  

(4)(6)(9)

     SA + 4.75 %      6.44 %      7/9/2029     CHF 10,674       10,751       11,836       0.04  

Forterro UK Ltd.

  

(4)(6)(10)

     SA + 4.75 %      6.44 %      7/9/2029     CHF 3,484       3,476       3,863       0.01  

Forterro UK Ltd.

  

(4)(6)(8)

     E + 4.75 %      8.68 %      7/9/2029     EUR 31,713       31,616       34,214       0.11  

Forterro UK Ltd.

  

(4)(6)(7)(8)

     E + 4.75 %      8.68 %      7/9/2029     EUR 1,639       1,690       2,617       0.01  

Forterro UK Ltd.

  

(4)(6)(10)

     S + 4.75 %      9.94 %      7/9/2029     GBP 8,894       10,483       11,225       0.04  

Genesys Cloud Services Holdings II, LLC

  

(10)

     SOFR + 3.50 %      8.83 %      12/1/2027       5,800       5,800       5,822       0.02  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.00 %      9.44 %      5/12/2028       39,815       39,317       39,712       0.13  

GI Consilio Parent, LLC

  

(4)(7)(8)

     S + 3.75 %      8.94 %      5/14/2026     GBP 332       370       352       0.00  

Gigamon Inc.

  

(4)(7)(11)

     SOFR + 5.75 %      11.22 %      3/9/2029       426,167       419,968       426,167       1.37  

GovernmentJobs.com, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      12/1/2028       150,521       148,423       150,126       0.48  

Granicus, Inc.

  

(4)(7)(10)

     SOFR + 5.25 %     

 10.56

(incl. 2.25

PIK

 % 

% 

) 

     1/17/2031       30,266       29,845       29,901       0.10  

GraphPAD Software, LLC

  

(4)(11)

     SOFR + 6.00 %      11.46 %      4/27/2027       2,832       2,810       2,832       0.01  

GraphPAD Software, LLC

  

(4)(11)

     SOFR + 5.50 %      10.96 %      4/27/2027       2,573       2,559       2,573       0.01  

GraphPAD Software, LLC

  

(4)(11)

     SOFR + 5.50 %      11.13 %      4/27/2027       8,571       8,523       8,571       0.03  

GraphPAD Software, LLC

  

(4)(11)

     SOFR + 5.50 %      11.19 %      4/27/2027       17,019       16,888       17,019       0.05  

HS Purchaser, LLC

  

(10)

     SOFR + 4.00 %      9.43 %      11/19/2026       39,505       39,499       38,305       0.12  

Icefall Parent, Inc.

  

(4)(7)(11)

     SOFR + 6.50 %      11.80 %      1/25/2030       72,237       70,702       70,655       0.23  

Idera, Inc.

  

(10)

     SOFR + 3.75 %      9.21 %      3/2/2028       51,971       51,877       51,855       0.17  

 

33

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

ION Trading Finance Ltd.

  

(6)(8)

     SOFR + 4.75 %      10.15 %      4/3/2028       27,669       27,687       27,669       0.09  

Kaseya, Inc.

  

(4)(10)

     SOFR + 6.00 %     

 11.31

(incl. 2.50

PIK

 % 

% 

) 

     6/25/2029       744,229       733,057       744,229       2.40  

Kaseya, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.83 %      6/25/2029       15,071       13,983       14,626       0.05  

LD Lower Holdings, Inc.

  

(4)(11)

     SOFR + 6.50 %      11.91 %      2/8/2026       116,279       115,399       115,407       0.37  

Lightbox Intermediate, LP

  

(4)(8)

     SOFR + 5.00 %      10.56 %      5/9/2026       37,337       36,838       35,750       0.12  

Magnesium BorrowerCo, Inc.

  

(4)(10)

     S + 5.25 %      10.44 %      5/18/2029     GBP  101,860       124,916       128,562       0.41  

Magnesium BorrowerCo, Inc.

  

(4)(7)(10)

     SOFR + 5.25 %      10.58 %      5/18/2029       984,965       965,207       982,489       3.17  

Mandolin Technology Intermediate Holdings, Inc.

  

(4)(9)

     SOFR + 3.75 %      9.20 %      7/31/2028       76,538       75,825       71,181       0.23  

Mandolin Technology Intermediate Holdings, Inc.

  

(4)(9)

     SOFR + 6.25 %      11.70 %      6/9/2030       62,527       60,866       62,527       0.20  

Mandolin Technology Intermediate Holdings, Inc.

  

(4)(7)(8)

     SOFR + 3.75 %      9.21 %      7/31/2026       5,891       5,841       5,135       0.02  

Medallia, Inc.

  

(4)(10)

     SOFR + 6.50 %     

 11.91

(incl. 4.00

PIK

 % 

% 

) 

     10/29/2028       1,046,766       1,033,500       1,025,831       3.31  

Mitnick Purchaser, Inc.

  

(9)

     SOFR + 4.50 %      9.91 %      5/2/2029       11,705       11,662       11,205       0.04  

Mitratech Holdings, Inc.

  

(5)(10)

     SOFR + 3.75 %      9.21 %      5/18/2028       16,619       16,570       16,587       0.05  

Mitratech Holdings, Inc.

  

(4)(5)(7)(10)

     SOFR + 6.25 %      11.55 %      5/18/2028       62,563       60,773       61,166       0.20  

Monk Holding Co.

  

(4)(10)(18)

     SOFR + 5.70 %      11.11 %      12/1/2027       11,029       10,866       11,029       0.04  

Monk Holding Co.

  

(4)(7)(10)

     SOFR + 5.50 %      10.91 %      12/1/2027       5,471       5,274       5,169       0.02  

MRI Software, LLC

  

(4)(7)(11)

     SOFR + 5.50 %      10.90 %      2/10/2027       48,177       47,953       47,689       0.15  

NAVEX TopCo, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.07 %      11/9/2030       100,646       98,584       100,099       0.32  

Neogames Connect S.à r.l.

  

(4)(6)(8)

     E + 6.25 %      10.15 %      5/30/2028     EUR 100,400       102,481       108,317       0.35  

Nintex Topco Limited

  

(4)(6)(10)

     SOFR + 6.00 %     

 11.50

(incl. 1.50

PIK

 % 

% 

) 

     11/13/2028       675,273       666,384       655,015       2.11  

 

34

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

NortonLifeLock, Inc.

  

(6)(9)

     SOFR + 2.00 %      7.43 %      9/12/2029       5,122       5,101       5,126       0.02  

Oranje Holdco Inc

  

(4)(7)(11)

     SOFR + 7.50 %      12.81 %      2/1/2029       66,000       64,504       66,000       0.21  

PDI TA Holdings, Inc.

  

(4)(6)(7)(10)

     SOFR + 5.50 %      10.83 %      2/3/2031       61,674       60,425       60,451       0.19  

Perforce Software, Inc.

  

(4)(8)

     SOFR + 4.75 %      10.07 %      3/25/2031       20,000       19,900       19,950       0.06  

Perforce Software, Inc.

  

(8)

     SOFR + 3.75 %      9.18 %      7/1/2026       15,256       15,247       15,145       0.05  

Project Alpha Intermediate Holding, Inc.

  

(9)

     SOFR + 4.75 %      10.06 %      10/28/2030       71,388       70,045       71,859       0.23  

Project Leopard Holdings, Inc.

  

(9)

     SOFR + 5.25 %      10.66 %      7/20/2029       134,250       128,366       124,551       0.40  

Project Leopard Holdings, Inc.

  

(4)(7)(8)

     P + 4.25 %      9.57 %      7/20/2029       3,081       3,091       1,241       0.00  

Proofpoint, Inc.

  

(9)

     SOFR + 3.25 %      8.81 %      8/31/2028       8,473       8,466       8,487       0.03  

Quest Software US Holdings, Inc.

  

(6)(9)

     SOFR + 4.25 %      9.71 %      2/1/2029       27,532       27,354       21,048       0.07  

Rally Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.08 %      7/19/2028       142,145       139,857       139,832       0.45  

RealPage, Inc.

  

(9)

     SOFR + 3.00 %      8.44 %      4/24/2028       1,965       1,961       1,915       0.01  

Relativity ODA, LLC

  

(4)(7)(11)

     SOFR + 6.50 %      11.93 %      5/12/2027       789       731       749       0.00  

Rocket Software, Inc.

  

(9)

     SOFR + 4.75 %      10.08 %      11/28/2028       43,194       42,605       42,933       0.14  

S2P Acquisition Borrower, Inc.

  

(6)(8)

     SOFR + 4.00 %      9.43 %      8/14/2026       12,447       12,460       12,486       0.04  

Sailpoint Technologies, Inc.

  

(4)(7)(10)

     SOFR + 6.00 %      11.31 %      8/16/2029       384,906       378,499       384,906       1.24  

Solarwinds Holdings, Inc.

  

(8)

     SOFR + 3.25 %      8.58 %      2/5/2027       2,978       2,960       2,989       0.01  

Sovos Compliance, LLC

  

(9)

     SOFR + 4.50 %      9.94 %      8/11/2028       6,362       6,366       6,313       0.02  

Spitfire Parent, Inc.

  

(4)(11)

     E + 5.50 %      9.33 %      3/11/2027     EUR 18,964       22,675       20,459       0.07  

Spitfire Parent, Inc.

  

(4)(11)

     SOFR + 5.50 %      10.93 %      3/11/2027       117,629       116,713       117,629       0.38  

Stamps.com, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.16 %      10/5/2028       853,394       842,390       832,059       2.68  

Surf Holdings, LLC

  

(6)(8)

     SOFR + 3.50 %      8.94 %      3/5/2027       8,187       8,203       8,213       0.03  

Symphony Technology Group

  

(6)(10)

     SOFR + 5.00 %      10.57 %      7/27/2028       65,229       64,790       39,138       0.13  

Symphony Technology Group

  

(6)(9)

     SOFR + 3.75 %      9.18 %      3/1/2029       29,796       29,597       29,811       0.10  

Tegra118 Wealth Solutions, Inc.

  

(8)

     SOFR + 4.00 %      9.32 %      2/18/2027       6,846       6,827       6,592       0.02  

 

35

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Triple Lift, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.23 %      5/5/2028       69,563       68,707       65,389       0.21  

Triple Lift, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.22 %      5/5/2028       5,480       5,313       4,622       0.01  

Vision Solutions, Inc.

  

(10)

     SOFR + 4.00 %      9.59 %      4/24/2028       36,559       36,474       36,654       0.12  

VS Buyer LLC

  

(6)(8)

     SOFR + 3.25 %      8.58 %      2/28/2027       5,964       5,953       5,979       0.02  

WPEngine, Inc.

  

(4)(7)(10)

     SOFR + 6.50 %      11.81 %      8/14/2029       81,400       78,997       80,342       0.26  

Zendesk Inc

  

(4)(7)(10)

     SOFR + 6.25 %      11.57 %      11/30/2028       936,617       914,270       931,544       3.00  
           

 

 

    

 

 

    

 

 

  
              13,541,535       13,545,116       43.70  

Specialty Retail

                

CustomInk, LLC

  

(4)(11)(18)

     SOFR + 6.18 %      11.60 %      5/3/2026       36,866       36,562       36,866       0.12  

EG America, LLC

  

(6)(8)

     SOFR + 5.50 %      11.24 %      2/7/2028       14,803       14,400       14,766       0.05  

Runner Buyer, Inc.

  

(10)

     SOFR + 5.50 %      10.96 %      10/20/2028       76,440       75,360       58,381       0.19  

StubHub Holdco Sub, LLC

  

(8)

     SOFR + 4.75 %      10.08 %      3/15/2030       2,821       2,792       2,828       0.01  
           

 

 

    

 

 

    

 

 

  
              129,114       112,841       0.37  

Technology Hardware, Storage & Peripherals

                

Lytx, Inc.

  

(4)(11)

     SOFR + 6.75 %      12.18 %      2/28/2028       45,893       45,951       45,893       0.15  

Trading Companies & Distributors

                

Foundation Building Materials, Inc.

  

(9)

     SOFR + 3.25 %      8.82 %      1/31/2028       14,728       14,508       14,761       0.05  

Icebox Holdco III, Inc.

  

(9)

     SOFR + 3.50 %      9.07 %      12/22/2028       15,779       15,736       15,804       0.05  

LBM Acquisition, LLC

  

(10)

     SOFR + 3.75 %      9.18 %      12/17/2027       44,742       44,628       44,714       0.14  

Park River Holdings, Inc.

  

(10)

     SOFR + 3.25 %      8.84 %      12/28/2027       46,000       45,628       45,741       0.15  

Porcelain Acquisition Corp.

  

(4)(11)

     SOFR + 6.00 %      11.41 %      4/1/2027       81,695       80,650       78,836       0.25  

Red Fox CD Acquisition Corp

  

(4)(11)

     SOFR + 6.00 %      11.32 %      3/4/2030       115,109       112,475       112,807       0.36  

Specialty Building Products Holdings, LLC

  

(9)

     SOFR + 3.75 %      9.18 %      10/15/2028       19,709       19,656       19,676       0.06  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      6/2/2028       7,948       7,914       8,001       0.03  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      6/2/2028       18,377       18,334       18,525       0.06  

Windsor Holdings III, LLC

  

(6)(8)

     SOFR + 4.00 %      9.33 %      8/1/2030       8,925       8,925       8,971       0.03  
           

 

 

    

 

 

    

 

 

  
              368,454       367,836       1.18  

Transportation Infrastructure

                

Capstone Logistics, LLC

  

(4)(11)

     SOFR + 4.75 %      10.18 %      11/12/2027       21,948       21,992       21,948       0.07  

Enstructure LLC

  

(4)(9)(18)

     SOFR + 6.35 %      11.78 %      5/25/2029       98,715       96,892       98,715       0.32  

Frontline Road Safety, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.31 %      5/3/2027       206,060       203,535       205,780       0.66  

Helix TS, LLC

  

(4)(10)

     SOFR + 6.25 %      11.71 %      8/4/2027       92,549       91,518       91,623       0.30  

Helix TS, LLC

  

(4)(10)

     SOFR + 6.25 %      11.73 %      8/4/2027       76,838       76,133       76,070       0.25  

Italian Motorway Holdings S.à.r.l

  

(4)(6)(8)

     E + 5.25 %      9.35 %      4/28/2029     EUR 236,429       243,874       255,071       0.82  

 

36

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Liquid Tech Solutions Holdings, LLC

  

(10)

     SOFR + 4.75 %      10.19 %      3/20/2028       18,852       18,797       18,616       0.06  

Roadsafe Holdings, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.22 %      10/19/2027       61,555       60,882       59,246       0.19  

Roadsafe Holdings, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.08 %      10/19/2027       76,713       76,060       73,837       0.24  

Roadsafe Holdings, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.18 %      10/19/2027       55,062       54,972       52,997       0.17  

Safety Borrower Holdings LP

  

(4)(11)

     SOFR + 5.25 %      10.81 %      9/1/2027       47,795       47,537       47,795       0.15  

Safety Borrower Holdings LP

  

(4)(7)(11)

     P + 4.25 %      12.75 %      9/1/2027       503       484       470       0.00  

Sam Holding Co, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.44 %      9/24/2027       148,200       146,481       147,089       0.47  

Sam Holding Co, Inc.

  

(4)(7)(11)

     SOFR + 6.00 %      11.43 %      9/24/2027       109,624       107,757       108,622       0.35  

Sam Holding Co, Inc.

  

(4)(7)(11)

     SOFR + 6.00 %      11.41 %      9/24/2027       19,793       19,264       19,443       0.06  

TRP Infrastructure Services, LLC

  

(4)(11)

     SOFR + 5.50 %      10.96 %      7/9/2027       72,033       71,248       64,830       0.21  
           

 

 

    

 

 

    

 

 

  
              1,337,426       1,342,152       4.32  

Wireless Telecommunication Services

                

CCI Buyer, Inc.

  

(10)

     SOFR + 4.00 %      9.30 %      12/17/2027       20,076       20,061       19,985       0.06  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt—non-controlled/non-affiliated

               47,855,720       47,590,841       153.44  
           

 

 

    

 

 

    

 

 

  

First Lien Debt—controlled/affiliated

                

Chemicals

                

Pigments Services, Inc.

  

(4)(6)(11)(16)(17)

     SOFR + 8.35 %     

 13.67

PIK

 % 

 

     4/14/2030       18,526       15,306       8,652       0.03  

Pigments Services, Inc.

  

(4)(6)(11)(16)

     SOFR + 8.35 %     

 13.67

PIK

 % 

 

     4/14/2030       10,271       10,271       10,271       0.03  
           

 

 

    

 

 

    

 

 

  
              25,577       18,923       0.06  

Insurance

                

CFCo LLC (Benefytt Technologies, Inc.)

  

(4)(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)(8)(16)(17)

     10.00 %     

 10.00

PIK

 % 

 

     9/12/2033       49,530       49,530       25,320       0.08  
           

 

 

    

 

 

    

 

 

  
              62,101       25,320       0.08  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt—controlled/affiliated

               87,678       44,243       0.14  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt

               47,943,398       47,635,084       153.58  
           

 

 

    

 

 

    

 

 

  

 

37

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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       44,090       39,623       0.13  

Peraton Corp.

  

(10)

     SOFR + 7.75 %      13.18 %      2/1/2029       53,259       52,774       53,512       0.17  
           

 

 

    

 

 

    

 

 

  
              96,864       93,135       0.30  

Air Freight & Logistics

                

Wwex Uni Topco Holdings, LLC

  

(10)

     SOFR + 7.00 %      12.57 %      7/26/2029       33,000       32,679       29,757       0.10  

Capital Markets

                

Apex Group Treasury, LLC

  

(4)(6)(9)

     SOFR + 6.75 %      12.31 %      7/27/2029       8,531       8,474       8,489       0.03  

Apex Group Treasury, LLC

  

(4)(6)(9)

     SOFR + 6.75 %      12.34 %      7/27/2029       19,622       19,700       19,524       0.06  

The Edelman Financial Engines Center, LLC

  

(8)

     SOFR + 6.75 %      12.19 %      7/20/2026       14,000       13,933       14,092       0.05  
           

 

 

    

 

 

    

 

 

  
              42,107       42,105       0.14  

Commercial Services & Supplies

                

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 6.75 %      12.19 %      3/30/2029       29,464       29,372       27,660       0.09  

Construction & Engineering

                

Thermostat Purchaser III, Inc.

  

(4)(10)

     SOFR + 7.25 %      12.74 %      8/31/2029       32,725       32,393       32,725       0.11  

Diversified Consumer Services

                

Pre-Paid Legal Services, Inc.

  

(9)

     SOFR + 7.00 %      12.33 %      12/14/2029       4,430       4,398       4,341       0.01  

Health Care Providers & Services

                

Canadian Hospital Specialties Ltd.

  

(4)(6)(8)

     8.75 %      8.75 %      4/15/2029     CAD 3,800       2,997       2,462       0.01  

CD&R Artemis UK Bidco Ltd.

  

(4)(6)(8)

     S + 7.50 %      12.69 %      8/19/2029     GBP 65,340       87,742       81,850       0.26  

CD&R Artemis UK Bidco Ltd.

  

(4)(5)(6)(9)

     SOFR + 7.35 %      12.66 %      8/19/2029       25,000       24,553       24,437       0.08  

Jayhawk Buyer, LLC

  

(4)(11)

     SOFR + 8.75 %      14.16 %      10/15/2027       6,537       6,464       6,210       0.02  
           

 

 

    

 

 

    

 

 

  
              121,756       114,959       0.37  

Health Care Technology

                

Imprivata, Inc.

  

(4)(9)

     SOFR + 6.25 %      11.56 %      12/1/2028       44,118       43,808       42,353       0.14  

Industrial Conglomerates

                

Victory Buyer, LLC

  

(4)(9)

     SOFR + 7.00 %      12.59 %      11/1/2029       24,677       24,492       23,258       0.07  

IT Services

                

Dcert Buyer, Inc.

  

(8)

     SOFR + 7.00 %      12.33 %      2/19/2029       60,975       61,122       55,377       0.18  

Inovalon Holdings, Inc.

  

(4)(10)

     SOFR + 10.50 %     

 16.07

PIK

 % 

 

     11/24/2033       112,262       110,293       112,262       0.36  
           

 

 

    

 

 

    

 

 

  
              171,415       167,639       0.54  

 

38

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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)

                

Life Sciences Tools & Services

                

Curia Global, Inc.

  

(4)(10)

     SOFR + 6.50 %      12.07 %      8/31/2029       45,977       45,354       42,528       0.14  

LSCS Holdings, Inc.

  

(4)(9)

     SOFR + 8.00 %      13.44 %      12/17/2029       40,000       39,570       35,600       0.11  
           

 

 

    

 

 

    

 

 

  
              84,924       78,128       0.25  

Media

                

Houghton Mifflin, LLC

  

(7)(9)

     SOFR + 8.50 %      13.83 %      4/8/2030       80,500       79,012       79,255       0.26  

Professional Services

                

Celestial Saturn Parent, Inc.

  

(9)

     SOFR + 6.50 %      11.94 %      6/4/2029       67,488       67,050       63,911       0.21  

Deerfield Dakota Holding, LLC

  

(10)

     SOFR + 6.75 %      12.32 %      4/7/2028       27,069       27,015       27,120       0.09  

Thevelia US, LLC

  

(4)(6)(9)

     SOFR + 6.75 %      12.21 %      6/17/2030       182,046       177,807       181,591       0.59  
           

 

 

    

 

 

    

 

 

  
              271,872       272,622       0.89  

Software

                

Cloudera, Inc.

  

(9)

     SOFR + 6.00 %      11.43 %      10/8/2029       66,697       66,312       66,280       0.21  

HS Purchaser, LLC

  

(10)

     SOFR + 6.75 %      12.19 %      11/19/2027       66,000       66,079       55,027       0.18  

Human Security, Inc.

  

(4)(11)

     SOFR + 6.75 %      12.09 %      7/22/2027       50,000       49,419       48,875       0.16  

Human Security, Inc.

  

(4)(5)(11)

     SOFR + 6.75 %      12.08 %      7/22/2027       50,000       49,419       48,875       0.16  

Idera, Inc.

  

(10)

     SOFR + 6.75 %      12.21 %      3/2/2029       30,331       30,261       29,573       0.10  

Mandolin Technology Intermediate Holdings, Inc.

  

(4)(9)

     SOFR + 6.50 %      11.95 %      7/30/2029       31,950       31,654       29,873       0.10  

Mitratech Holdings, Inc.

  

(4)(5)(10)

     SOFR + 8.00 %      13.35 %      5/18/2029       438       430       430       0.00  

Mitratech Holdings, Inc.

  

(5)(10)

     SOFR + 6.75 %      12.21 %      5/18/2029       18,000       17,898       17,085       0.06  

Vision Solutions, Inc.

  

(10)

     SOFR + 7.25 %      12.84 %      4/23/2029       40,353       40,275       37,831       0.12  
           

 

 

    

 

 

    

 

 

  
              351,747       333,849       1.09  

Trading Companies & Distributors

                

Icebox Holdco III, Inc.

  

(4)(9)

     SOFR + 6.75 %      12.32 %      12/21/2029       14,000       13,899       13,720       0.04  
           

 

 

    

 

 

    

 

 

  

Total Second Lien Debt—non-controlled/non-affiliated

               1,400,738       1,355,506       4.40  
           

 

 

    

 

 

    

 

 

  

Total Second Lien Debt

               1,400,738       1,355,506       4.40  
           

 

 

    

 

 

    

 

 

  

Unsecured Debt

                

Unsecured Debt-non-controlled/non-affiliated

                

Health Care Technology

                

Healthcomp Holding Company, LLC

  

(4)(8)

     13.75 %     

 13.75

PIK

 % 

 

     11/8/2031       19,126       18,592       18,840       0.06  

IT Services

                

PPT Holdings III, LLC

  

(4)(8)

     12.75 %     

 12.75

PIK

 % 

 

     3/27/2034       7,757       7,564       7,563       0.02  
           

 

 

    

 

 

    

 

 

  

Total Unsecured Debt—non-controlled/non-affiliated

               26,156       26,403       0.08  
           

 

 

    

 

 

    

 

 

  

Total Unsecured Debt

               26,156       26,403       0.08  
           

 

 

    

 

 

    

 

 

  

 

39

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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

                

Structured Finance Obligations—non-controlled/non-affiliated

                

Diversified Financial Services

                

522 Funding CLO 2020-6, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      10/23/2034       3,000       3,000       3,002       0.01  

AIMCO CLO Series 2015-A

  

(5)(6)(8)

     SOFR + 6.86 %      12.18 %      10/17/2034       7,450       7,450       7,450       0.02  

Allegro CLO XI Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.26 %      12.66 %      1/19/2033       3,895       3,863       3,908       0.01  

Apidos CLO XXXIII

  

(5)(6)(8)

     SOFR + 6.61 %      12.01 %      10/24/2034       5,000       4,960       5,015       0.02  

Apidos CLO XXXVI

  

(4)(5)(6)(8)

     SOFR + 6.21 %      11.53 %      7/20/2034       8,500       8,500       8,508       0.03  

Ares LXI CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.51 %      12.09 %      10/20/2034       7,750       7,750       7,794       0.03  

Ares LXII CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.09 %      1/25/2034       9,000       9,000       8,825       0.03  

Ares XXVII CLO, Ltd.

  

(5)(6)(8)

     SOFR + 7.01 %      12.33 %      10/28/2034       5,000       4,959       4,978       0.02  

Bain Capital Credit CLO 2020-4 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.98 %      13.40 %      10/20/2036       5,500       5,341       5,513       0.02  

Balboa Bay Loan Funding 2021-2, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.86 %      12.18 %      1/20/2035       7,000       6,942       6,642       0.02  

Barings CLO Ltd 2021-II

  

(4)(5)(6)(8)

     SOFR + 6.51 %      11.83 %      7/15/2034       6,000       6,000       5,917       0.02  

Barings CLO Ltd 2021-III

  

(4)(5)(6)(8)

     SOFR + 6.91 %      12.21 %      1/18/2035       7,200       7,200       6,977       0.02  

Barings CLO Ltd 2023-IV

  

(4)(5)(6)(8)

     SOFR + 7.59 %      12.91 %      1/20/2037       3,000       2,970       3,073       0.01  

Benefit Street Partners CLO XX

  

(4)(5)(6)(8)

     SOFR + 7.01 %      12.33 %      7/15/2034       6,500       6,500       6,517       0.02  

Benefit Street Partners LLC BSP 2020-21A

  

(4)(5)(6)(8)

     SOFR + 6.96 %      12.28 %      10/15/2034       3,000       2,975       3,007       0.01  

BlueMountain CLO XXIX Ltd

  

(4)(5)(6)(8)

     SOFR + 7.12 %      12.45 %      7/25/2034       2,750       2,693       2,696       0.01  

Broad River Ltd 2020-1

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      7/20/2034       7,000       6,953       7,016       0.02  

Carlyle US CLO 2020-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.51 %      11.83 %      7/20/2034       7,000       7,000       6,862       0.02  

Carlyle US CLO 2023-5 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.90 %      13.27 %      1/27/2036       7,000       6,863       7,096       0.02  

Carval CLO V-C, LTD.

  

(4)(5)(6)(8)

     SOFR + 7.01 %      12.33 %      10/15/2034       8,000       7,934       7,997       0.03  

Carval CLO VI-C, LTD.

  

(4)(5)(6)(8)

     SOFR + 7.33 %      12.65 %      4/21/2034       8,750       8,676       8,819       0.03  

CIFC Funding 2019-III, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.06 %      12.38 %      10/16/2034       8,000       8,000       8,035       0.03  

Dryden 112 CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.75 %      13.06 %      11/15/2036       4,900       4,787       4,948       0.02  

Dryden 95 CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.41 %      11.78 %      8/20/2034       8,000       8,000       7,661       0.02  

Eaton Vance CLO 2019-1 Ltd

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      4/15/2031       3,750       3,754       3,760       0.01  

Elmwood CLO III, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      10/20/2034       3,500       3,500       3,520       0.01  

Elmwood CLO VI, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.08 %      10/20/2034       4,000       4,000       4,023       0.01  

Flatiron RR CLO 22, LLC

  

(5)(6)(8)

     SOFR + 6.46 %      11.73 %      10/15/2034       5,000       5,000       5,005       0.02  

Fort Washington CLO 2021-2, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.87 %      12.19 %      10/20/2034       12,000       11,903       11,814       0.04  

Galaxy 30 CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.95 %      12.26 %      4/15/2035       3,000       2,975       3,015       0.01  

Galaxy XXV CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.21 %      11.54 %      10/25/2031       4,000       3,956       3,937       0.01  

Galaxy 32 CLO Ltd

  

(4)(5)(6)(8)

     SOFR + 7.33 %      12.70 %      10/20/2036       2,140       2,119       2,205       0.01  

Goldentree Loan Management US Clo 12 Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.25 %      12.57 %      4/20/2034       6,500       6,448       6,531       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       6,234       0.02  

 

40

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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—non-controlled/non-affiliated (continued)

                

Diversified Financial Services (continued)

                

Goldentree Loan Management US Clo 15 Ltd

  

(4)(5)(6)(8)

     SOFR + 6.50 %      11.82 %      10/20/2036       6,500       6,440       6,678       0.02  

Gulf Stream Meridian 5, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.59 %      11.91 %      7/15/2034       3,500       3,490       3,451       0.01  

Gulf Stream Meridian 7, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.85 %      12.24 %      7/15/2035       5,000       4,958       4,959       0.02  

Gulf Stream Meridian GSM 2021-IIIA, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.01 %      12.33 %      4/15/2034       1,250       1,212       1,251       0.00  

Halseypoint Clo 5, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.20 %      12.55 %      1/30/2035       9,500       9,343       9,501       0.03  

HPS Loan Management 15-2019 Ltd

  

(4)(5)(6)(8)

     SOFR + 6.80 %      12.11 %      1/22/2035       4,000       3,966       3,902       0.01  

Jamestown CLO XIV, Ltd.

  

(5)(6)(8)

     SOFR + 7.46 %      12.78 %      10/20/2034       10,000       9,837       10,011       0.03  

Kayne CLO III, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      4/15/2032       5,000       5,007       5,013       0.02  

Magnetite XXXII Ltd

  

(4)(5)(6)(8)

     SOFR + 6.90 %      12.21 %      4/15/2035       5,000       5,000       5,012       0.02  

MidOcean Credit CLO XIII Ltd

  

(4)(5)(6)(8)

     SOFR + 7.80 %      13.17 %      1/21/2037       9,500       9,128       9,631       0.03  

MidOcean Credit CLO XIV Ltd

  

(4)(6)(8)

     SOFR + 6.56 %      11.87 %      4/15/2037       1,500       1,459       1,459       0.00  

MidOcean Credit CLO XIV Ltd

  

(4)(6)(8)

     SOFR + 7.40 %      12.71 %      4/15/2037       3,500       3,500       3,500       0.01  

Morgan Stanley Eaton Vance Clo 2021-1, Ltd.

  

(5)(6)(8)

     SOFR + 7.01 %      12.28 %      10/20/2034       6,500       6,500       6,537       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       1,009       0.00  

Neuberger Berman Loan Advisers CLO 38, Ltd.

  

(5)(6)(8)

     SOFR + 6.51 %      11.83 %      10/20/2035       11,000       11,000       10,953       0.04  

OCP CLO 2021-22, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.86 %      12.28 %      12/2/2034       9,000       8,899       8,983       0.03  

Octagon 55, Ltd

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      7/20/2034       11,000       10,891       10,600       0.03  

Octagon Investment Partners 41, Ltd.

  

(5)(6)(8)

     SOFR + 7.39 %      12.71 %      10/15/2033       2,500       2,490       2,413       0.01  

Onex Credit Partners OCP 2020-19A

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      10/20/2034       4,250       4,092       4,242       0.01  

Palmer Square CLO 2015-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      5/21/2034       2,000       1,920       2,005       0.01  

Palmer Square CLO 2019-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.07 %      11/14/2034       12,000       12,000       12,060       0.04  

Palmer Square CLO 2022-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.35 %      11.67 %      4/20/2035       2,500       2,500       2,505       0.01  

Palmer Square CLO 2023-3 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.83 %      13.21 %      1/20/2037       10,000       9,902       10,281       0.03  

Park Avenue Institutional Advisers CLO Ltd 2022-1

  

(4)(5)(6)(8)

     SOFR + 7.29 %      12.61 %      4/20/2035       6,000       5,848       5,996       0.02  

Post CLO 2021-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.71 %      12.03 %      10/15/2034       6,000       6,000       6,011       0.02  

Post CLO 2022-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.75 %      12.07 %      4/20/2035       5,000       4,980       4,960       0.02  

Post CLO 2024-1 Ltd

  

(4)(6)(8)

     SOFR + 6.80 %      12.11 %      4/20/2037       2,500       2,500       2,478       0.01  

PPM CLO 4, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.06 %      10/18/2034       6,775       6,775       6,474       0.02  

 

41

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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—non-controlled/non-affiliated (continued)

                

Diversified Financial Services (continued)

                

PPM CLO 5, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.08 %      10/18/2034       4,800       4,800       4,764       0.02  

Rad CLO 14, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.08 %      1/15/2035       6,750       6,750       6,754       0.02  

Rad CLO 22 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.73 %      13.10 %      1/20/2037       7,500       7,281       7,632       0.02  

Rockford Tower CLO 2021-3, Ltd.

  

(5)(6)(8)

     SOFR + 6.98 %      12.30 %      10/20/2034       2,000       1,976       1,815       0.01  

RR 19, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.42 %      10/15/2035       3,000       3,000       3,015       0.01  

RR 20, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.25 %      12.56 %      7/15/2037       4,000       3,965       4,048       0.01  

Signal Peak 7, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.15 %      12.47 %      4/30/2032       3,875       3,848       3,881       0.01  

Sound Point CLO XXVII, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.82 %      12.15 %      10/25/2034       5,000       4,919       4,670       0.02  

Symphony CLO 34-PS Ltd.

  

(4)(5)(6)(8)

     SOFR + 8.15 %      13.47 %      7/24/2036       4,000       3,924       4,109       0.01  

Symphony CLO 30 Ltd

  

(4)(5)(6)(8)

     SOFR + 8.39 %      13.70 %      4/20/2035       3,500       3,535       3,536       0.01  

Trestles Clo IV, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.51 %      11.92 %      7/21/2034       8,000       8,000       8,005       0.03  

Vibrant CLO XII, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.37 %      12.79 %      1/20/2034       2,875       2,854       2,841       0.01  

Vibrant CLO XIII, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.32 %      12.64 %      7/15/2034       6,250       6,200       6,163       0.02  

Voya CLO 2019-4, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.97 %      12.29 %      1/15/2035       8,250       8,114       8,057       0.03  

Voya CLO 2020-2, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.66 %      11.97 %      7/19/2034       5,000       4,918       4,933       0.02  
           

 

 

    

 

 

    

 

 

  

Total Structured Finance Obligations—non-controlled/non-affiliated

               432,899       434,398       1.42  
           

 

 

    

 

 

    

 

 

  

Total Structured Finance Obligations

               432,899       434,398       1.42  
           

 

 

    

 

 

    

 

 

  

Equity

                

Equity—non-controlled/non-affiliated

                

Aerospace & Defense

                

Loar Acquisition 13, LLC - Common Units

  

(4)

           5,437,634       12,614       20,119       0.06  

Micross Topco, Inc.

  

(4)

           116       125       117       0.00  
           

 

 

    

 

 

    

 

 

  
              12,739       20,236       0.06  

Air Freight & Logistics

                

AGI Group Holdings LP - A2 Units

  

(4)

           1,674       1,674       388       0.00  

Mode Holdings, L.P. - Class A-2 Common Units

  

(4)

           1,076,923       1,077       1,928       0.01  
           

 

 

    

 

 

    

 

 

  
              2,751       2,316       0.01  

Capital Markets

                

Resolute Investment Managers, Inc.

             48,476       1,212       667       0.00  

Commercial Services & Supplies

                

GTCR Investors LP - A-1 Units

  

(4)

           893,584       894       894       0.00  

Distributors

                

Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units

  

(4)

           3,308,320       3,308       1,423       0.00  

 

42

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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		  

Equity—non-controlled/non-affiliated (continued)

                

Distributors (continued)

                

Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Units

  

(4)

           401,889       390       454       0.00  
           

 

 

    

 

 

    

 

 

  
              3,698       1,877       0.00  

Diversified Consumer Services

                

Cambium Holdings, LLC - Senior Preferred Interests

  

(4)

       11.50 %        29,194,330       28,735       38,491       0.12  

DTA LP - Class A Units

  

(4)

           2,612,843       2,613       2,613       0.01  
           

 

 

    

 

 

    

 

 

  
              31,348       41,104       0.13  

Diversified Financial Services

                

THL Fund IX Investors (Plymouth II), LP

  

(4)

           666,667       667       667       0.00  

Diversified Telecommunication Services

                

Point Broadband Holdings, LLC - Class A Units

  

(4)

           12,870       10,915       13,091       0.04  

Point Broadband Holdings, LLC - Class B Units

  

(4)

           685,760       1,955       4,628       0.01  

Point Broadband Holdings, LLC - Class Additional A Units

  

(4)

           147,380       420       995       0.00  

Point Broadband Holdings, LLC - Class Additional B Units

  

(4)

           2,766       2,346       2,813       0.01  
           

 

 

    

 

 

    

 

 

  
              15,636       21,527       0.06  

Health Care Equipment & Supplies

                

GCX Corporation Group Holdings, L.P. - Class A-2 Units

  

(4)

           4,853       4,853       2,863       0.01  

Health Care Providers & Services

                

AVE Holdings I Corp.

  

(4)

           12,237,213       11,870       12,084       0.04  

CD&R Artemis Holdco 2 Limited - Preferred Shares

  

(4)(6)

           33,000,000       43,662       52,189       0.17  

CD&R Ulysses Equity Holdings, L.P. - Common Shares

  

(4)(6)

           6,000,000       6,090       5,040       0.02  

Jayhawk Holdings, LP - A-1 Common Units

  

(4)

           12,472       2,220       860       0.00  

Jayhawk Holdings, LP - A-2 Common Units

  

(4)

           6,716       1,195       463       0.00  

Maia Aggregator, L.P. - Class A Units

  

(4)

           19,700,000       19,700       18,124       0.06  

NC Eve, L.P. - LP Interest

  

(4)(6)

           2,500,000       3,398       2,114       0.01  
           

 

 

    

 

 

    

 

 

  
              88,135       90,874       0.30  

Health Care Technology

                

Caerus Midco 2 S.à r.l. - Additional Vehicle Units

  

(4)(6)

           988,290       988       109       0.00  

Caerus Midco 2 S.à r.l. - Vehicle Units

  

(4)(6)

           4,941,452       4,941       4,596       0.01  

Healthcomp Holding Company, LLC - Preferred Interest

  

(4)

       6.00 %        18,035       1,804       1,804       0.01  
           

 

 

    

 

 

    

 

 

  
              7,733       6,509       0.02  

 

43

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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		  

Equity—non-controlled/non-affiliated (continued)

                

Insurance

                

RSC Topco, Inc.- Preferred Shares

  

(4)

           100       97       106       0.00  

Shelf Holdco Ltd Common Equity

  

(4)(6)

           1,300,000       1,300       3,250       0.01  
           

 

 

    

 

 

    

 

 

  
              1,397       3,356       0.01  

IT Services

                

NC Ocala Co-Invest Beta, L.P. - LP Interest

  

(4)

           25,687,196       25,687       29,027       0.09  

Professional Services

                

OHCP V TC COI, LP. - LP Interest

  

(4)

           6,500,000       6,500       12,285       0.04  

Tricor Horizon, LP

  

(4)(6)

           14,273,892       14,396       14,274       0.05  

Victors CCC Topco, LP

  

(4)

           9,600,000       9,600       15,648       0.05  
           

 

 

    

 

 

    

 

 

  
              30,496       42,207       0.14  

Software

                

Connatix Parent, LLC - Class L Common Units

  

(4)

           126,136       1,388       372       0.00  

Descartes Holdings, Inc - Class A Units

  

(4)

           937,585       4,060       1,510       0.00  

Expedition Holdco, LLC

  

(4)

           810,810       810       425       0.00  

Knockout Intermediated Holdings I, Inc.

  

(4)

           49,020       47,795       62,251       0.20  

Lobos Parent, Inc. - Series A Preferred Shares

  

(4)

       10.50 %        45,090       43,963       54,559       0.18  

Mandolin Technology Holdings, Inc. - Series A Preferred Shares

  

(4)

           31,950,000       30,992       33,228       0.11  

Mimecast Limited

  

(4)

           75,088,584       75,089       77,607       0.25  

Mitratech Holdings, Inc. - Class A Preferred Shares

  

(4)

           1,573       1,535       1,596       0.01  

TPG IX Newark CI, L.P. - LP Interests

  

(4)(6)

           3,846,970       3,847       3,847       0.01  

Zoro Common Equity

  

(4)

           1,195,880       11,959       11,959       0.04  

Zoro Series A Preferred Shares

  

(4)

       12.50 %        44,535       42,976       52,329       0.17  
           

 

 

    

 

 

    

 

 

  
              264,414       299,683       0.97  

Transportation Infrastructure

                

Atlas Intermediate Holding LLC - Preferred Interest

  

(4)

           34,238,400       33,725       36,635       0.12  

Enstructure LLC - A-7 Units

  

(4)

           3,783,785       2,805       3,859       0.01  

Enstructure LLC - A-8 Units

  

(4)

           858,469       635       876       0.00  

Frontline Road Safety Investments, LLC - Class A Common Units

  

(4)

           58,590       6,178       10,509       0.03  

Ncp Helix Holdings, LLC. - Preferred Shares

  

(4)

           1,485,282       1,116       1,886       0.01  
           

 

 

    

 

 

    

 

 

  
              44,459       53,765       0.17  
           

 

 

    

 

 

    

 

 

  

Total Equity—non-controlled/non-affiliated

               536,119       617,572       1.97  
           

 

 

    

 

 

    

 

 

  

 

44

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 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		  

Equity—non-controlled/affiliated

                

Distributors

                

GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)

  

(4)(6)(16)

           265,556       558       2,267       0.01  
           

 

 

    

 

 

    

 

 

  

Total Equity—non-controlled/
affiliated

               558       2,267       0.01  
           

 

 

    

 

 

    

 

 

  

Equity—controlled/affiliated (excluding Investments in Joint Ventures)

                

Chemicals

                

Pigments LP Int

  

(4)(6)(16)

           3,943       0       0       0.00  

Diversified Financial Services

                

Specialty Lending Company LLC - LLC Interest

  

(4)(6)(16)

           290,259,000       290,258       278,678       0.90  

Insurance

                

CFCo LLC (Benefytt Technologies, Inc.) - Class B Units

  

(4)(16)

           134,166,603       0       0       0.00  

Specialty Retail

                

GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)

  

(4)(6)(16)

           1,500,000       1,421       1,977       0.01  
           

 

 

    

 

 

    

 

 

  

Total Equity—controlled/affiliated (excluding Investments in Joint Ventures)

               291,679       280,655       0.91  
           

 

 

    

 

 

    

 

 

  

Total Equity

               828,356       900,494       2.89  
           

 

 

    

 

 

    

 

 

  

Investments in Joint Ventures

                

BCRED Emerald JV

  

(6)(16)

             2,002,500       2,031,871       6.55  

BCRED Verdelite JV

  

(6)(16)

             117,706       128,820       0.42  
           

 

 

    

 

 

    

 

 

  

Total Investments in Joint Ventures

               2,120,206       2,160,691       6.97  
           

 

 

    

 

 

    

 

 

  

Total Investments—non-controlled/non-affiliated

               50,251,632       50,024,720       161.31  

Total Investments—non-controlled/affiliated

               558       2,267       0.01  

Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)

               379,357       324,898       1.05  

Total Investments—Investments in Joint Ventures

               2,120,206       2,160,691       6.97  
           

 

 

    

 

 

    

 

 

  

Total Investment Portfolio

               52,751,753       52,512,576       169.34  
           

 

 

    

 

 

    

 

 

  

Cash and Cash Equivalents

                

State Street Institutional U.S. Government Money Market Fund

               1,183,383       1,183,383       3.81  

Other Cash and Cash Equivalents

               1,888,145       1,888,145       6.08  
           

 

 

    

 

 

    

 

 

  

Total Portfolio Investments, Cash and Cash Equivalents

             $ 55,823,281     $ 55,584,104       179.23 % 
           

 

 

    

 

 

    

 

 

  

 

45

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70.0% of the Company’s total assets. As of March 31, 2024, non-qualifying assets represented 20.4% of total assets as calculated in accordance with regulatory requirements.

(7)

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

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair
Value		  

123Dentist, Inc.

   Delayed Draw Term Loan     8/10/2029     $ 20,333     $ (1,569 ) 

ACI Group Holdings, Inc.

   Delayed Draw Term Loan     8/2/2024       20,482       —   

ACI Group Holdings, Inc.

   Revolver     8/2/2027       18,259       —   

 

46

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair
Value		  

ADCS Clinics Intermediate Holdings, LLC

   Revolver     5/7/2026       2,843       —   

Alera Group, Inc.

   Delayed Draw Term Loan     11/17/2025       21,225       —   

Amerilife Holdings LLC

   Revolver     8/31/2028       48,715       —   

Amerilife Holdings LLC

   Delayed Draw Term Loan     10/20/2026       76,816       —   

Amerivet Partners Management, Inc.

   Revolver     2/25/2028       11,511       —   

Analytic Partners LP

   Revolver     4/4/2028       3,261       —   

Anaplan, Inc.

   Revolver     6/21/2028       47,983       —   

Apex Companies, LLC

   Delayed Draw Term Loan     3/15/2026       163       —   

Apex Companies, LLC

   Delayed Draw Term Loan     3/15/2026       495       (6 ) 

Aptean Inc

   Revolver     1/30/2031       3,641       (36 ) 

Aptean Inc

   Delayed Draw Term Loan     1/30/2026       6,750       —   

Armada Parent, Inc.

   Revolver     10/29/2027       27,000       (270 ) 

Ascend Buyer, LLC

   Revolver     9/30/2027       5,173       —   

Atlas CC Acquisition Corp.

   Revolver     5/26/2026       12,180       —   

Atlas CC Acquisition Corp.

   Delayed Draw Term Loan     5/26/2026       14,403       (1,331 ) 

Atlas Securitized Products Funding 2, L.P.

   Revolver     4/10/2026       47,372       —   

Avalara Inc

   Revolver     10/19/2028       2,308       —   

Azurite Intermediate Holdings Inc.

   Delayed Draw Term Loan     3/30/2026       42,750       (321 ) 

Azurite Intermediate Holdings Inc.

   Revolver     3/19/2031       6,840       (103 ) 

Bamboo US BidCo LLC

   Delayed Draw Term Loan     9/30/2030       4,206       —   

Bamboo US BidCo LLC

   Revolver     9/28/2029       6,278       (78 ) 

Bazaarvoice, Inc.

   Revolver     5/7/2026       45,117       —   

Beeline, LLC

   Revolver     5/2/2028       5,543       —   

Beeline, LLC

   Delayed Draw Term Loan     5/2/2029       4,821       (24 ) 

BlueCat Networks USA, Inc.

   Delayed Draw Term Loan     8/8/2028       9,862       —   

Bluefin Holding, LLC

   Revolver     9/12/2029       4,487       (22 ) 

BradyIFS Holdings, LLC

   Revolver     10/31/2029       17,309       (173 ) 

BradyIFS Holdings, LLC

   Delayed Draw Term Loan     10/31/2025       16,984       —   

Brave Parent Holdings, Inc.

   Delayed Draw Term Loan     5/28/2025       56,649       (425 ) 

Brave Parent Holdings, Inc.

   Revolver     11/28/2030       28,325       (142 ) 

Caerus US 1, Inc.

   Delayed Draw Term Loan     5/25/2029       32,788       —   

Caerus US 1, Inc.

   Revolver     5/25/2029       50,451       —   

Caerus US 1, Inc.

   Delayed Draw Term Loan     5/25/2029       6,973       —   

Cambium Learning Group, Inc.

   Revolver     7/20/2028       101,715       —   

Castle Management Borrower, LLC

   Revolver     11/3/2029       4,167       —   

CFC Underwriting, Ltd.

   Delayed Draw Term Loan     5/16/2029       20,232       —   

CFGI Holdings, LLC

   Revolver     11/2/2027       19,950       (399 ) 

CFS Brands, LLC

   Delayed Draw Term Loan     10/2/2030       20,572       (206 ) 

CFS Brands, LLC

   Revolver     10/2/2030       30,858       (154 ) 

Chronicle Bidco, Inc.

   Revolver     11/14/2025       4,331       —   

Chronicle Bidco, Inc.

   Delayed Draw Term Loan     3/26/2026       14,000       —   

Circana Group, L.P.

   Revolver     12/1/2027       46,161       —   

 

47

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair
Value		  

Claims Automation Intermediate 2, LLC

   Delayed Draw Term Loan     12/16/2027       68,521       (685 ) 

Clearview Buyer, Inc.

   Revolver     2/26/2027       8,085       (81 ) 

Clearview Buyer, Inc.

   Delayed Draw Term Loan     8/26/2024       33,015       —   

Community Brands ParentCo, LLC

   Revolver     2/24/2028       6,330       (10 ) 

Connatix Buyer, Inc.

   Revolver     7/14/2027       16,294       (1,222 ) 

Continental Buyer, Inc

   Term Loan     4/2/2031       28,684       —   

Continental Buyer, Inc

   Revolver     4/2/2031       4,218       —   

Continental Buyer, Inc

   Delayed Draw Term Loan     4/2/2026       11,334       —   

COP Home Services TopCo IV, Inc.

   Revolver     12/31/2025       19,964       (214 ) 

COP Home Services TopCo IV, Inc.

   Delayed Draw Term Loan     12/30/2027       13,936       (209 ) 

Coupa Software Inc.

   Delayed Draw Term Loan     8/27/2024       164       (2 ) 

Coupa Software Inc.

   Revolver     2/27/2029       126       —   

CPI Buyer, LLC

   Revolver     11/1/2026       28,928       (579 ) 

CPI Intermediate Holdings Inc

   Delayed Draw Term Loan     10/8/2029       111,547       (1,115 ) 

Crewline Buyer, Inc.

   Revolver     11/8/2030       12,790       (31 ) 

Cumming Group, Inc.

   Revolver     11/16/2027       25,468       —   

Cumming Group, Inc.

   Delayed Draw Term Loan     5/21/2025       19,245       (144 ) 

Denali Bidco Ltd

   Delayed Draw Term Loan     8/29/2025       6,300       (73 ) 

Doc Generici (Diocle S.p.A.)

   Delayed Draw Term Loan     10/26/2024       5,288       —   

DTA Intermediate II Ltd.

   Delayed Draw Term Loan     3/27/2026       19,441       (194 ) 

DTA Intermediate II Ltd.

   Revolver     3/27/2030       9,073       —   

DTI Holdco, Inc.

   Revolver     4/26/2027       6,720       —   

Eliassen Group, LLC

   Delayed Draw Term Loan     4/14/2028       9,961       —   

Emergency Power Holdings, LLC

   Delayed Draw Term Loan     8/17/2024       43,758       (438 ) 

Endeavor Schools Holdings LLC

   Delayed Draw Term Loan     7/18/2029       12,377       —   

ENV Bidco AB

   Delayed Draw Term Loan     7/19/2029       27,675       (3,447 ) 

Episerver, Inc.

   Revolver     4/9/2026       3,833       (77 ) 

Ergomed Plc

   Delayed Draw Term Loan     11/17/2025       7,569       (98 ) 

Excelitas Technologies Corp.

   Revolver     8/14/2028       3,843       —   

Excelitas Technologies Corp.

   Delayed Draw Term Loan     8/13/2029       4,927       (49 ) 

Experity, Inc.

   Revolver     2/24/2028       13,452       (135 ) 

Formulations Parent Corp.

   Revolver     11/15/2029       3,571       (18 ) 

Forterro UK Ltd.

   Delayed Draw Term Loan     7/7/2029       11,621       —   

Foundation Risk Partners Corp.

   Revolver     10/29/2027       9,529       (143 ) 

Foundation Risk Partners Corp.

   Delayed Draw Term Loan     10/29/2025       19,215       —   

Freya Bidco, Ltd.

   Delayed Draw Term Loan     1/24/2026       13,071       (163 ) 

Freya Bidco, Ltd.

   Delayed Draw Term Loan     1/24/2026       12,081       —   

Frontgrade Technologies Holdings, Inc.

   Revolver     1/9/2028       516       —   

Frontline Road Safety, LLC

   Delayed Draw Term Loan     6/15/2025       20,201       —   

FusionSite Midco, LLC

   Delayed Draw Term Loan     11/17/2024       3,240       —   

FusionSite Midco, LLC

   Revolver     11/17/2029       4,884       (110 ) 

G&A Partners Holding Company II, LLC

   Delayed Draw Term Loan     3/1/2026       26,301       (263 ) 

 

48

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair
Value		  

G&A Partners Holding Company II, LLC

   Revolver     3/1/2030       6,575       (132 ) 

Galway Borrower, LLC

   Revolver     9/30/2027       16,001       —   

Galway Borrower, LLC

   Delayed Draw Term Loan     2/7/2026       533       (3 ) 

GGW Group GmbH

   Term Loan     3/31/2031       115,710       —   

GGW Group GmbH

   Delayed Draw Term Loan     4/23/2027       47,746       —   

GI Consilio Parent, LLC

   Revolver     5/14/2026       5,882       (62 ) 

GI Ranger Intermediate, LLC

   Revolver     10/29/2027       10,800       —   

Gigamon Inc.

   Revolver     3/11/2028       25,774       —   

Go Car Wash Management Corp.

   Delayed Draw Term Loan     12/31/2026       84,833       (954 ) 

GovernmentJobs.com, Inc.

   Revolver     12/2/2027       19,764       (395 ) 

Granicus, Inc.

   Revolver     1/17/2031       4,284       (11 ) 

Granicus, Inc.

   Delayed Draw Term Loan     1/17/2031       4,521       (23 ) 

GS Acquisitionco, Inc.

   Delayed Draw Term Loan     3/26/2026       18,000       —   

GS Acquisitionco, Inc.

   Revolver     3/26/2034       4,500       (22 ) 

Gusto Sing Bidco Pte Ltd

   Delayed Draw Term Loan     10/28/2028       102       (3 ) 

HIG Orca Acquisition Holdings, Inc.

   Revolver     8/17/2027       9,254       —   

High Street Buyer, Inc.

   Revolver     4/16/2027       4,186       (84 ) 

High Street Buyer, Inc.

   Delayed Draw Term Loan     4/16/2028       35,446       —   

High Street Buyer, Inc.

   Delayed Draw Term Loan     2/4/2025       44,077       (440 ) 

Houghton Mifflin, LLC

   Revolver     4/7/2027       18,750       (38 ) 

Icefall Parent, Inc.

   Revolver     1/17/2030       6,880       (138 ) 

IG Investments Holdings, LLC

   Revolver     9/22/2027       44,828       —   

Inovalon Holdings, Inc.

   Delayed Draw Term Loan     6/24/2024       52,698       —   

Integrity Marketing Acquisition, LLC

   Delayed Draw Term Loan     8/27/2025       4,325       —   

Integrity Marketing Acquisition, LLC

   Revolver     8/27/2026       653       (3 ) 

Iris Bidco Ltd

   Term Loan     4/30/2031       105,570       —   

Iris Bidco Ltd

   Delayed Draw Term Loan     4/30/2027       55,844       —   

Iris Buyer, LLC

   Revolver     10/2/2029       7,870       (216 ) 

Iris Buyer, LLC

   Delayed Draw Term Loan     10/2/2030       2,759       —   

ISQ Hawkeye Holdco, Inc.

   Revolver     8/17/2028       403       —   

ISQ Hawkeye Holdco, Inc.

   Delayed Draw Term Loan     8/17/2029       453       —   

Java Buyer, Inc.

   Delayed Draw Term Loan     4/1/2024       30,914       —   

Java Buyer, Inc.

   Delayed Draw Term Loan     11/9/2025       42,170       (422 ) 

Jupiter Bidco Limited

   Delayed Draw Term Loan     8/5/2029       41,392       (366 ) 

Kaseya, Inc.

   Delayed Draw Term Loan     6/25/2029       41,761       —   

Kaseya, Inc.

   Revolver     6/25/2029       36,559       —   

Kattegat Project Bidco AB

   Term Loan     4/7/2031       58,863       —   

Kattegat Project Bidco AB

   Delayed Draw Term Loan     10/5/2026       12,019       —   

Knowledge Pro Buyer, Inc.

   Revolver     12/10/2027       4,310       —   

Knowledge Pro Buyer, Inc.

   Delayed Draw Term Loan     12/8/2025       22,503       —   

Kwol Acquisition, Inc.

   Revolver     12/6/2029       897       (7 ) 

Kwor Acquisition, Inc.

   Delayed Draw Term Loan     12/22/2027       3,735       —   

Kwor Acquisition, Inc.

   Revolver     12/22/2027       5,305       —   

Loar Group, Inc.

   Delayed Draw Term Loan     12/31/2024       47,000       —   

 

49

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair
Value		  

LPW Group Holdings, Inc.

   Revolver     3/15/2030       4,925       —   

Magnesium BorrowerCo, Inc.

   Delayed Draw Term Loan     5/18/2029       68,627       —   

Magneto Components BuyCo, LLC

   Revolver     12/5/2029       8,983       (112 ) 

Magneto Components BuyCo, LLC

   Delayed Draw Term Loan     6/5/2025       10,780       (135 ) 

Mandolin Technology Intermediate Holdings, Inc.

   Revolver     7/30/2026       4,909       —   

Mantech International CP

   Delayed Draw Term Loan     9/14/2029       120,596       —   

Mantech International CP

   Revolver     9/14/2028       111,118       (1,111 ) 

Marcone Yellowstone Buyer, Inc.

   Delayed Draw Term Loan     6/23/2028       5,722       (286 ) 

MB2 Dental Solutions, LLC

   Delayed Draw Term Loan     8/12/2025       8,029       (26 ) 

MB2 Dental Solutions, LLC

   Delayed Draw Term Loan     8/12/2025       13,382       (22 ) 

MB2 Dental Solutions, LLC

   Revolver     2/13/2031       2,241       —   

Medline Borrower LP

   Revolver     2/27/2026       17,850       (84 ) 

Mercury Bidco Globe Limited

   Delayed Draw Term Loan     1/31/2026       25,268       (128 ) 

Metis Buyer, Inc.

   Revolver     5/4/2026       3,690       —   

MHE Intermediate Holdings, LLC

   Revolver     7/21/2027       804       —   

Mitratech Holdings, Inc.

   Delayed Draw Term Loan     11/26/2024       7,280       —   

Monk Holding Co.

   Delayed Draw Term Loan     12/1/2024       17,311       —   

Monterey Financing, S.à r.l.

   Delayed Draw Term Loan     9/19/2029       19,804       —   

More Cowbell II, LLC

   Delayed Draw Term Loan     9/1/2030       2,244       (27 ) 

More Cowbell II, LLC

   Revolver     9/1/2029       2,308       —   

MPG Parent Holdings, LLC

   Delayed Draw Term Loan     1/8/2026       4,464       (89 ) 

MPG Parent Holdings, LLC

   Revolver     1/8/2030       2,232       (45 ) 

MRI Software, LLC

   Revolver     2/10/2026       6,054       (182 ) 

MRI Software, LLC

   Delayed Draw Term Loan     2/10/2027       37,034       (185 ) 

Natus Medical Incorporated

   Revolver     7/21/2027       1,850       —   

NAVEX TopCo, Inc.

   Revolver     11/9/2028       8,855       (44 ) 

Navigator Acquiror, Inc.

   Delayed Draw Term Loan     1/16/2025       30,637       —   

NDC Acquisition Corp.

   Revolver     3/9/2027       2,911       —   

Neptune BidCo

   Delayed Draw Term Loan     4/2/2031       1,317       —   

Neptune BidCo

   Delayed Draw Term Loan     4/2/2031       2,788       —   

Neptune Holdings, Inc.

   Revolver     8/14/2030       2,000       —   

Onex Baltimore Buyer, Inc.

   Delayed Draw Term Loan     5/27/2024       80,782       —   

ONS MSO, LLC

   Delayed Draw Term Loan     12/13/2025       64,286       —   

ONS MSO, LLC

   Revolver     7/8/2026       2,025       —   

Oranje Holdco Inc

   Revolver     2/1/2029       8,250       —   

Park Place Technologies, LLC

   Delayed Draw Term Loan     9/1/2025       87,668       (438 ) 

Park Place Technologies, LLC

   Revolver     3/25/2030       65,751       —   

Pavion Corp.

   Delayed Draw Term Loan     10/30/2025       19,138       —   

Paya Holdings III LLC

   Revolver     9/12/2029       3,375       (28 ) 

PDI TA Holdings, Inc.

   Delayed Draw Term Loan     2/1/2026       23,381       (234 ) 

PDI TA Holdings, Inc.

   Revolver     2/3/2031       6,996       (98 ) 

Pearce Services, LLC

   Delayed Draw Term Loan     6/2/2027       949       —   

Petrus Buyer Inc

   Delayed Draw Term Loan     10/17/2029       11,304       (170 ) 

 

50

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair
Value		  

Petrus Buyer Inc

   Revolver     10/17/2029       5,163       —   

PGIS Intermediate Holdings, LLC

   Revolver     10/16/2028       7,135       (143 ) 

PGIS Intermediate Holdings, LLC

   Delayed Draw Term Loan     10/16/2028       22,420       —   

Phoenix 1 Buyer Corp.

   Revolver     11/20/2029       8,349       —   

Plasma Buyer, LLC

   Revolver     5/12/2028       5,787       —   

Plasma Buyer, LLC

   Delayed Draw Term Loan     5/12/2029       2,718       —   

Polyphase Elevator Holding Co.

   Revolver     6/23/2027       374       —   

PPV Intermediate Holdings, LLC

   Revolver     8/31/2029       9,910       (50 ) 

PPV Intermediate Holdings, LLC

   Delayed Draw Term Loan     8/31/2029       4,979       (25 ) 

Profile Products, LLC

   Revolver     11/12/2027       6,591       —   

Profile Products, LLC

   Revolver     11/12/2027       6,700       —   

Progress Residential PM Holdings, LLC

   Delayed Draw Term Loan     4/26/2024       16,623       —   

Progress Residential PM Holdings, LLC

   Delayed Draw Term Loan     7/25/2029       2,915       —   

Project Leopard Holdings, Inc.

   Revolver     7/20/2027       14,694       —   

Pye-Barker Fire & Safety LLC

   Delayed Draw Term Loan     11/26/2027       18,278       (183 ) 

Quality Distribution LLC

   Revolver     7/1/2026       6,568       —   

Quality Distribution LLC

   Delayed Draw Term Loan     10/3/2024       12       —   

Quality Distribution LLC

   Delayed Draw Term Loan     10/24/2025       1,397       (7 ) 

Qualus Power Services Corp.

   Delayed Draw Term Loan     1/26/2025       5,694       —   

Rally Buyer, Inc.

   Revolver     7/19/2028       17,745       (266 ) 

Rally Buyer, Inc.

   Delayed Draw Term Loan     7/19/2028       5,299       —   

Redwood Services Group, LLC

   Delayed Draw Term Loan     8/15/2025       5,379       —   

Relativity ODA, LLC

   Revolver     5/12/2027       4,449       (33 ) 

Riser Merger Sub, Inc.

   Revolver     10/31/2029       16,200       (41 ) 

Riser Merger Sub, Inc.

   Delayed Draw Term Loan     10/31/2025       37,800       (378 ) 

RoadOne Inc

   Revolver     12/30/2028       275       —   

RoadOne Inc

   Delayed Draw Term Loan     12/30/2028       163       —   

RSC Acquisition, Inc.

   Delayed Draw Term Loan     10/30/2026       31,354       (78 ) 

S&P Global Engineering Solutions

   Revolver     5/2/2029       249       —   

Safety Borrower Holdings LP

   Revolver     9/1/2027       2,853       —   

Sailpoint Technologies, Inc.

   Revolver     8/16/2028       34,083       —   

Sam Holding Co, Inc.

   Revolver     3/24/2027       24,000       (180 ) 

Sam Holding Co, Inc.

   Delayed Draw Term Loan     9/24/2027       20,200       —   

Scorpio Bidco

   Term Loan     4/30/2031       39,366       —   

Scorpio Bidco

   Delayed Draw Term Loan     4/3/2030       7,747       —   

SEKO Global Logistics Network, LLC

   Revolver     12/30/2026       5,315       —   

SG Acquisition, Inc.

   Term Loan     4/3/2030       51,255       —   

SG Acquisition, Inc.

   Revolver     4/3/2030       13,402       —   

Sherlock Buyer Corp.

   Revolver     12/8/2027       4,445       (89 ) 

Smile Doctors, LLC

   Revolver     12/23/2027       51,955       (1,299 ) 

Smile Doctors, LLC

   Delayed Draw Term Loan     12/23/2028       98,168       —   

Snoopy Bidco, Inc.

   Delayed Draw Term Loan     5/6/2024       51,214       (768 ) 

SpecialtyCare, Inc.

   Revolver     6/18/2026       4,867       —   

SpecialtyCare, Inc.

   Delayed Draw Term Loan     6/19/2028       6,544       —   

 

51

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair
Value		  

Stepping Stones Healthcare Services, LLC

   Revolver     12/30/2026       22,501       (338 ) 

STV Group, Inc.

   Delayed Draw Term Loan     3/20/2026       16,811       (168 ) 

STV Group, Inc.

   Revolver     3/20/2031       11,767       (235 ) 

Tennessee Bidco Limited

   Delayed Draw Term Loan     6/22/2024       108,101       (2,163 ) 

The Fertility Partners, Inc.

   Revolver     9/16/2027       806       —   

The GI Alliance Management, LLC

   Delayed Draw Term Loan     3/1/2026       118,276       (1,183 ) 

Thermostat Purchaser III, Inc.

   Revolver     8/31/2026       8,125       (158 ) 

Trader Corp.

   Revolver     12/22/2028       6,899       —   

Trinity Air Consultants Holdings Corp.

   Delayed Draw Term Loan     6/29/2027       17,882       —   

Trinity Air Consultants Holdings Corp.

   Revolver     6/29/2027       13,269       —   

Trinity Partners Holdings, LLC

   Delayed Draw Term Loan     6/20/2025       115,743       (1,157 ) 

Triple Lift, Inc.

   Revolver     5/6/2028       8,815       —   

Turing Holdco, Inc.

   Delayed Draw Term Loan     8/3/2028       47,204       (94 ) 

Turing Holdco, Inc.

   Delayed Draw Term Loan     8/3/2028       31,353       —   

UMP Holdings, LLC

   Delayed Draw Term Loan     7/15/2028       3,852       —   

Unified Physician Management, LLC

   Revolver     6/18/2029       101,845       —   

Unified Physician Management, LLC

   Delayed Draw Term Loan     3/25/2026       5,000       (19 ) 

US Oral Surgery Management Holdco, LLC

   Revolver     11/18/2027       12,932       (129 ) 

US Oral Surgery Management Holdco, LLC

   Delayed Draw Term Loan     12/31/2024       9,559       —   

Victors CCC Buyer, LLC

   Delayed Draw Term Loan     6/1/2029       31,095       (311 ) 

Victors CCC Buyer, LLC

   Revolver     6/1/2029       29,205       —   

West Monroe Partners, LLC

   Revolver     11/9/2027       56,571       —   

WHCG Purchaser III, Inc.

   Revolver     6/22/2026       31       —   

World Insurance Associates, LLC

   Delayed Draw Term Loan     4/3/2028       53,333       (533 ) 

World Insurance Associates, LLC

   Revolver     4/3/2028       3,333       (33 ) 

WPEngine, Inc.

   Revolver     8/14/2029       8,140       (244 ) 

Zendesk Inc

   Revolver     11/3/2028       97,650       (1,953 ) 

Zendesk Inc

   Delayed Draw Term Loan     11/22/2028       208,035       (3,121 ) 

Zeus, LLC

   Revolver     2/8/2030       6,851       (103 ) 

Zeus, LLC

   Delayed Draw Term Loan     2/27/2026       9,135       (69 ) 
     

 

 

    

 

 

  

Total unfunded commitments

       $ 5,580,498     $ (37,073 ) 
     

 

 

    

 

 

  

 

(8)

There are no interest rate floors on these investments.

(9)

The interest rate floor on these investments as of March 31, 2024 was 0.50%.

(10)

The interest rate floor on these investments as of March 31, 2024 was 0.75%.

(11)

The interest rate floor on these investments as of March 31, 2024 was 1.00%.

(12)

The interest rate floor on these investments as of March 31, 2024 was 1.25%.

(13)

The interest rate floor on these investments as of March 31, 2024 was 1.50%.

 

52

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

(14)

The interest rate floor on these investments as of March 31, 2024 was 2.00%.

(15)

For unsettled positions the interest rate does not include the base rate.

(16)

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

 

    Fair Value
as of
December 31,
2023		     Gross
Additions		     Gross
Reductions		     Net change in
Unrealized
Appreciation
(Depreciation)		     Net
Realized
Gain (Loss)		     Fair value
as of
March 31,
2024		     Income  

Non-Controlled/Affiliated Investments

              

GSO DL Co-Invest EIS LP

   $ 2,499     $ —      $ —      $ (232 )    $ —      $ 2,267     $ —   

Controlled/Affiliated Investments

              

Daylight Beta Parent LLC (Benefytt Technologies, Inc.)

     49,530       —        —        (24,210 )      —        25,320       —   

CFCo LLC (Benefytt Technologies, Inc.)

     612       —        —        (612 )      —        —        —   

CFCo LLC (Benefytt Technologies, Inc.)

     —        —        —        —        —        —        —   

Pigments Services, Inc.

     9,412       —        —        (760 )      —        8,652       —   

Pigments Services, Inc.

     9,908       363       —        —        —        10,271       349  

Pigments Services, Inc.

     —        —        —        —        —        —        —   

Specialty Lending Company LLC

     265,631       39,285       —        (26,238 )      —        278,678       —   

BCRED Emerald JV LP

     2,032,260       —        —        (389 )      —        2,031,871       77,521  

BCRED Verdelite JV LP

     129,265       —        —        (445 )      —        128,820       5,430  

GSO DL Co-Invest CI LP

     1,981       —        —        (4 )      —        1,977       —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 2,501,098     $ 39,648     $ —      $ (52,890 )    $ —      $ 2,487,856     $ 83,300  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(17)

Loan was on non-accrual status as of March 31, 2024.

(18)

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

 

53

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

 

Counterparty

    Currency
Purchased		      Currency Sold      Settlement
Date		      Change in
Unrealized
Appreciation
(Depreciation)		  

Deutsche Bank AG

      USD 14,833        CAD 20,000        6/13/2024      $ 39  

Deutsche Bank AG

      USD 11,125        CAD 15,000        6/14/2024        29  

Deutsche Bank AG

      USD 11,284        CHF 9,820        6/14/2024        294  

Goldman Sachs Bank USA

      USD 85,298        DKK 579,731        6/14/2024        1,052  

Deutsche Bank AG

      USD 87,640        EUR 80,000        6/14/2024        987  

Deutsche Bank AG

      USD 102,296        GBP 80,000        6/14/2024        1,196  

Goldman Sachs Bank USA

      USD 56,245        NOK 587,617        6/14/2024        1,986  

Goldman Sachs Bank USA

      USD 24,197        NZD 39,280        6/14/2024        700  

Goldman Sachs Bank USA

      USD 10,744        SEK 109,749        6/13/2024        450  

Goldman Sachs Bank USA

      USD 23,409        SEK 239,106        6/14/2024        981  
           

 

 

  

Total Foreign Currency Forward Contracts

             $ 7,714  
           

 

 

  

Interest Rate Swaps

 

Counterparty

  

Hedged
Instrument

   Company
Receives		    

Company Pays

   Maturity
Date		     Notional
Amount		     Fair
Market
Value		     Upfront
Payments /
Receipts		     Change in
Unrealized
Appreciation
(Depreciation)(1)		  

Goldman Sachs Bank USA

   June 2024 Notes     2.56 %    SOFR + 0.93%     6/21/2024     $ 435,000     $ (3,776 )    $ —      $ 3,425  

Goldman Sachs Bank USA

   September 2024 Notes     1.75 %    SOFR + 0.08%     9/15/2024       365,000       (6,159 )      —        2,376  

Goldman Sachs Bank USA

   November 2024 Notes     2.35 %    SOFR + 0.66%     11/22/2024       500,000       (11,341 )      —        2,415  

Goldman Sachs Bank USA

   January 2025 Notes     2.70 %    SOFR + 0.99%     1/15/2025       500,000       (13,555 )      —        1,857  

Goldman Sachs Bank USA

   December 2026 Notes     2.63 %    SOFR + 0.26%     12/15/2026       625,000       (31,284 )      —        (6,560 ) 

Deutsche Bank

   December 2026 Notes     2.63 %    SOFR + 0.26%     12/15/2026       625,000       (31,073 )      —        (6,577 ) 

Goldman Sachs Bank USA

   March 2025 Notes     4.70 %    SOFR + 2.43%     3/24/2025       400,000       (10,768 )      —        321  

Deutsche Bank

   March 2025 Notes     4.70 %    SOFR + 2.43%     3/24/2025       500,000       (13,469 )      —        404  

Deutsche Bank

   April 2026 UK Bonds     4.87 %    SONIA + 2.78%     4/14/2026       GBP 250,000       (13,901 )      —        (1,481 ) 

Sumitomo Mitsui Banking Corporation

   May 2027 Notes     5.61 %    SOFR + 2.79%     5/3/2027       625,000       (26,379 )      —        (8,204 ) 

Sumitomo Mitsui Banking Corporation

   September 2025 Notes     7.05 %    SOFR + 2.93%     9/29/2025       600,000       (6,372 )      —        (4,531 ) 

Goldman Sachs Bank USA

   October 2027 Notes     7.49 %    SOFR + 3.72%     10/11/2027       350,000       (5,484 )      —        (5,947 ) 

 

54

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

Counterparty

  

Hedged
Instrument

   Company
Receives		    

Company
Pays

   Maturity
Date		     Notional
Amount		     Fair
Market
Value		     Upfront
Payments /
Receipts		     Change in
Unrealized
Appreciation
(Depreciation)(1)		  

Sumitomo Mitsui Banking Corporation

   September 2025 Notes     7.05 %    SOFR + 2.97%     9/29/2025       200,000       (2,249 )      —        (1,489 ) 

Sumitomo Mitsui Banking Corporation

   November 2028 Notes     7.30 %    SOFR + 3.06%     11/27/2028       500,000       2,887       —        (10,795 ) 

Goldman Sachs Bank USA

   January 2031 Notes     6.25 %    SOFR + 2.46%     1/25/2031       250,000       (2,482 )      —        (2,482 ) 

BNP Paribas

   January 2031 Notes     6.25 %    SOFR + 2.45%     1/25/2031       250,000       (2,609 )      —        (2,609 ) 
           

 

 

    

 

 

    

 

 

  

Total Interest Rate Swaps

             $ (178,014 )    $ —      $ (39,877 ) 
           

 

 

    

 

 

    

 

 

  

 

(1)

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

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

 

55

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 %      9.47 %      1/29/2027     $ 2,519     $ 2,521     $ 2,526       0.01 % 

Amentum Government Services Holdings, LLC

   (9)     SOFR + 4.00 %      9.36 %      2/15/2029       12,101       12,057       12,129       0.04  

Atlas CC Acquisition Corp.

   (7)(10)     SOFR + 4.25 %      9.90 %      5/25/2028       50,466       49,307       45,735       0.16  

Atlas CC Acquisition Corp.

   (4)(7)(10)     SOFR + 4.00 %      9.46 %      5/25/2028       5,350       5,150       3,548       0.01  

Corfin Holdings, Inc.

   (4)(10)     SOFR + 6.00 %      11.46 %      12/27/2027       5,759       5,721       5,586       0.02  

Corfin Holdings, Inc.

   (4)(11)     SOFR + 6.00 %      11.46 %      12/27/2027       25,374       25,374       24,613       0.09  

Corfin Holdings, Inc.

   (4)(11)     SOFR + 6.00 %      11.46 %      2/5/2026       1,672       1,657       1,622       0.01  

Frontgrade Technologies Holdings, Inc.

   (4)(7)(10)     SOFR + 6.75 %      12.10 %      1/9/2030       2,370       2,300       2,370       0.01  

Linquest Corp.

   (4)(10)     SOFR + 5.75 %      11.23 %      7/28/2028       153,956       151,945       151,647       0.53  

Loar Group, Inc.

   (4)(11)     SOFR + 7.25 %      12.71 %      10/2/2024       142,825       141,839       142,825       0.50  

Loar Group, Inc.

   (4)(11)     SOFR + 7.25 %      12.71 %      10/16/2025       28,773       28,773       28,773       0.10  

Loar Group, Inc.

   (4)(7)(11)     SOFR + 7.25 %      12.71 %      4/1/2024       52,535       52,098       51,595       0.18  

LSF11 Trinity Bidco, Inc.

   (8)     SOFR + 4.00 %      9.36 %      6/14/2030       1,071       1,069       1,079       0.00  

Magneto Components BuyCo, LLC

   (4)(6)(7)(10)     SOFR + 6.00 %      11.36 %      12/5/2030       54,347       52,648       52,629       0.18  

Maverick Acquisition, Inc.

   (4)(11)     SOFR + 6.25 %      11.60 %      6/1/2027       48,220       47,615       35,683       0.13  

Peraton Corp.

   (10)     SOFR + 3.75 %      9.21 %      2/1/2028       13,470       13,494       13,521       0.05  

Vertex Aerospace Services Corp.

   (10)     SOFR + 3.25 %      8.71 %      12/6/2028       11,790       11,748       11,818       0.04  

West Star Aviation Acquisition, LLC

   (4)(10)     SOFR + 6.00 %      11.35 %      3/1/2028       14,914       14,633       14,616       0.05  
           

 

 

    

 

 

    

 

 

  
              619,949       602,315       2.11  

Air Freight & Logistics

                

AGI-CFI Holdings, Inc.

   (4)(10)     SOFR + 5.75 %      11.25 %      6/11/2027       172,313       170,244       166,713       0.58  

AGI-CFI Holdings, Inc.

   (4)(10)     SOFR + 5.75 %      11.18 %      6/11/2027       93,295       92,138       90,263       0.32  

Alliance Ground

   (4)(10)     SOFR + 5.75 %      11.18 %      6/11/2027       94,658       93,323       91,582       0.32  

ENV Bidco AB

   (4)(6)(7)(8)     E + 5.75 %      9.68 %      7/19/2029     EUR 114,140       113,610       121,716       0.43  

ENV Bidco AB

   (4)(6)(10)     SOFR + 5.75 %      11.10 %      7/19/2029       102,349       100,312       101,837       0.36  

Livingston International, Inc.

   (4)(6)(10)     SOFR + 5.50 %      10.95 %      4/30/2027       103,554       103,080       98,118       0.34  

Mode Purchaser, Inc.

   (4)(11)     SOFR + 6.25 %      11.77 %      12/9/2026       28,088       27,623       28,088       0.10  

 

56

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Air Freight & Logistics (continued)

                

Mode Purchaser, Inc.

   (4)(11)     SOFR + 6.25 %      11.77 %      2/5/2029       139,452       137,422       139,452       0.49  

Redwood Services Group, LLC

   (4)(7)(10)     SOFR + 6.25 %      11.70 %      6/15/2029       60,184       59,155       59,309       0.21  

RoadOne Inc

   (4)(5)(7)(11)     SOFR + 6.25 %      11.72 %      12/30/2028       1,098       1,062       1,075       0.00  

RWL Holdings, LLC

   (4)(10)     SOFR + 5.75 %      11.25 %      12/31/2028       272,911       269,041       257,901       0.90  

SEKO Global Logistics Network, LLC

   (4)(11)     E + 5.00 %      8.89 %      12/30/2026     EUR  34,773       39,915       37,620       0.13  

SEKO Global Logistics Network, LLC

   (4)(11)     SOFR + 5.00 %      10.72 %      12/30/2026       68,432       67,909       67,064       0.24  

SEKO Global Logistics Network, LLC

   (4)(7)(11)     P + 4.00 %      12.50 %      12/30/2026       3,195       3,156       2,962       0.01  

SEKO Global Logistics Network, LLC

   (4)(11)     SOFR + 5.00 %      10.66 %      12/30/2026       14,997       14,946       14,697       0.05  

The Kenan Advantage Group, Inc.

   (10)     SOFR + 3.86 %      9.22 %      3/24/2026       13,048       13,058       13,025       0.05  

Wwex Uni Topco Holdings, LLC

   (10)     SOFR + 4.00 %      9.61 %      7/26/2028       14,041       13,947       13,800       0.05  
           

 

 

    

 

 

    

 

 

  
              1,319,941       1,305,222       4.58  

Airlines

                

Air Canada

   (6)(10)     SOFR + 3.50 %      9.14 %      8/11/2028       12,626       12,616       12,681       0.04  

Brown Group Holding, LLC

   (9)     SOFR + 2.75 %      8.21 %      6/7/2028       7,459       7,439       7,476       0.03  

United Airlines, Inc.

   (6)(10)     SOFR + 3.75 %      9.22 %      4/21/2028       15,886       15,939       15,966       0.06  
           

 

 

    

 

 

    

 

 

  
              35,994       36,123       0.13  

Auto Components

                

Clarios Global LP

   (6)(8)     SOFR + 3.75 %      9.11 %      5/6/2030       3,491       3,490       3,503       0.01  

Metis Buyer, Inc.

   (10)     SOFR + 4.00 %      9.47 %      5/4/2028       27,159       26,698       27,244       0.10  

Metis Buyer, Inc.

   (4)(7)(10)     SOFR + 3.25 %      8.89 %      5/4/2028       3,060       2,965       3,014       0.01  
           

 

 

    

 

 

    

 

 

  
              33,153       33,761       0.12  

Beverages

                

Triton Water Holdings, Inc.

   (9)     SOFR + 3.25 %      8.86 %      3/31/2028       44,769       44,081       44,433       0.16  

Biotechnology

                

Grifols Worldwide Operations USA Inc

   (8)     SOFR + 2.00 %      7.54 %      11/15/2027       997       988       999       0.00  

Building Products

                

Cornerstone Building Brands, Inc.

   (6)(9)     SOFR + 5.63 %      10.99 %      8/1/2028       25,736       25,402       26,063       0.09  

Cornerstone Building Brands, Inc.

   (6)(9)     SOFR + 3.25 %      8.71 %      4/12/2028       4,867       4,840       4,877       0.02  

CP Atlas Buyer, Inc.

   (9)     SOFR + 3.75 %      9.21 %      11/23/2027       35,708       35,646       35,221       0.12  

Engineered Stone Group Holdings III Ltd.

   (4)(6)(8)     E + 5.75 %      9.68 %      4/23/2028     EUR  28,739       31,206       27,205       0.10  

Engineered Stone Group Holdings III Ltd.

   (4)(6)(10)     SOFR + 5.75 %      11.39 %      4/23/2028       59,425       58,835       50,957       0.18  

Fencing Supply Group Acquisition, LLC

   (4)(7)(11)     SOFR + 6.00 %      11.64 %      2/26/2027       110,714       109,659       109,004       0.38  

 

57

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Building Products (continued)

                

Great Day Improvements, LLC

   (4)(10)     SOFR + 6.25 %      11.72 %      12/29/2027       179,780       177,387       179,780       0.63  

Great Day Improvements, LLC

   (4)(10)     SOFR + 6.25 %      11.89 %      12/29/2027       12,192       11,845       12,192       0.04  

Jacuzzi Brands, LLC

   (4)(11)     SOFR + 6.00 %      11.35 %      2/25/2025       43,474       43,317       39,236       0.14  

Jacuzzi Brands, LLC

   (4)(10)     SOFR + 6.00 %      11.35 %      2/25/2027       187,540       186,022       169,254       0.59  

Jacuzzi Brands, LLC

   (4)(10)     SOFR + 6.00 %      11.35 %      2/25/2025       6,319       6,296       5,703       0.02  

Kodiak BP, LLC

   (10)     SOFR + 3.25 %      8.86 %      3/12/2028       40,384       40,201       40,369       0.14  

L&S Mechanical Acquisition, LLC

   (4)(10)     SOFR + 6.25 %      11.70 %      9/1/2027       113,142       111,774       108,051       0.38  

Lindstrom, LLC

   (4)(11)     SOFR + 6.25 %      11.69 %      4/7/2025       148,455       146,699       145,857       0.51  

Mi Windows and Doors, LLC

   (9)     SOFR + 3.50 %      8.96 %      12/18/2027       5,489       5,497       5,509       0.02  

Oscar AcquisitionCo LLC

   (9)     SOFR + 4.50 %      9.95 %      4/29/2029       3,469       3,362       3,441       0.01  

The Chamberlain Group, Inc.

   (9)     SOFR + 3.25 %      8.71 %      11/3/2028       25,209       25,030       25,182       0.09  

Windows Acquisition Holdings, Inc.

   (4)(11)     SOFR + 6.50 %      12.00 %      12/29/2026       56,265       55,700       56,265       0.20  
           

 

 

    

 

 

    

 

 

  
              1,078,718       1,044,166       3.66  

Capital Markets

                

Advisor Group Holdings, Inc.

   (8)     SOFR + 4.50 %      9.86 %      8/17/2028       7,138       7,089       7,170       0.03  

AllSpring Buyer, LLC

   (6)(9)     SOFR + 3.25 %      8.89 %      11/1/2028       2,948       2,960       2,942       0.01  

Apex Group Treasury, LLC

   (6)(9)     SOFR + 3.75 %      9.38 %      7/27/2028       15,140       15,116       15,102       0.05  

Apex Group Treasury, LLC

   (4)(6)(9)     SOFR + 5.00 %      10.40 %      7/27/2028       78,749       77,229       78,650       0.28  

Aretec Group, Inc.

   (6)(8)     SOFR + 4.50 %      9.96 %      8/9/2030       862       852       862       0.00  

Clipper Acquisitions Corp.

   (8)     SOFR + 1.75 %      7.21 %      3/3/2028       1,990       1,983       1,986       0.01  

FFML Holdco Ltd

   (4)(6)(8)     B + 6.25 %      11.92 %      11/30/2028     NZD  38,495       23,322       23,909       0.08  

Focus Financial Partners LLC

   (9)     SOFR + 3.50 %      8.86 %      6/30/2028       6,983       6,940       7,009       0.02  

Focus Financial Partners LLC

   (9)     SOFR + 3.25 %      8.61 %      6/30/2028       1,985       1,969       1,992       0.01  

Focus Financial Partners LLC

   (9)     SOFR + 2.50 %      7.86 %      6/30/2028       1,990       1,990       1,993       0.01  

Resolute Investment Managers, Inc.

   (5)(11)     SOFR + 6.50 %      11.85 %      4/30/2027       3,923       3,864       2,540       0.01  

Situs-AMC Holdings Corporation

   (4)(11)     SOFR + 5.50 %      10.95 %      12/22/2027       12,151       12,070       12,029       0.04  

Superannuation And Investments US, LLC

   (6)(9)     SOFR + 3.75 %      9.22 %      12/1/2028       13,160       13,096       13,210       0.05  

The Edelman Financial Engines Center, LLC

   (10)     SOFR + 3.50 %      8.97 %      4/7/2028       18,463       18,431       18,512       0.06  
           

 

 

    

 

 

    

 

 

  
              186,911       187,906       0.66  

 

58

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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.

   (8)     SOFR + 4.50 %      9.96 %      9/30/2026       4,899       4,906       4,878       0.02  

Formulations Parent Corp.

   (4)(6)(7)(10)     SOFR + 5.75 %      11.13 %      11/15/2030       21,429       20,938       20,966       0.07  

Geon Performance Solutions, LLC

   (10)     SOFR + 4.75 %      10.36 %      8/18/2028       3,615       3,597       3,620       0.01  

Hyperion Materials & Technologies, Inc.

   (9)     SOFR + 5.50 %      10.96 %      8/30/2028       13,573       13,544       13,402       0.05  

Olympus Water US Holding Corp.

   (9)     SOFR + 3.75 %      9.36 %      11/9/2028       5,513       5,503       5,509       0.02  

Oxea Corporation

   (6)(8)     SOFR + 3.50 %      9.01 %      10/14/2024       6       6       6       0.00  
           

 

 

    

 

 

    

 

 

  
              48,494       48,381       0.17  

Commercial Services & Supplies

                

Access CIG, LLC

   (9)     SOFR + 5.00 %      10.39 %      8/18/2028       29,328       29,001       29,413       0.10  

Allied Universal Holdco, LLC

   (9)     SOFR + 3.75 %      9.21 %      5/12/2028       41,148       41,086       41,042       0.14  

Anticimex, Inc.

   (6)(9)     SOFR + 3.15 %      8.46 %      11/16/2028       11,765       11,732       11,775       0.04  

APX Group, Inc.

   (6)(9)     SOFR + 3.25 %      8.92 %      7/10/2028       17,390       17,362       17,423       0.06  

Bazaarvoice, Inc.

   (4)(7)(8)     SOFR + 5.75 %      11.18 %      5/7/2028       384,143       384,143       384,143       1.35  

Bazaarvoice, Inc.

   (4)(8)     SOFR + 5.75 %      11.15 %      5/7/2028       24,390       24,390       24,390       0.09  

CFS Brands, LLC

   (4)(6)(7)(11)     SOFR + 6.00 %      11.34 %      10/2/2030       201,608       196,925       196,753       0.69  

DG Investment Intermediate Holdings 2, Inc.

   (10)     SOFR + 4.75 %      10.11 %      3/31/2028       8,068       8,006       8,068       0.03  

DG Investment Intermediate Holdings 2, Inc.

   (10)     SOFR + 3.75 %      9.22 %      3/31/2028       29,707       29,737       29,511       0.10  

Divisions Holding Corp.

   (4)(10)     SOFR + 4.75 %      10.22 %      5/27/2028       9,701       9,635       9,653       0.03  

EAB Global, Inc.

   (9)     SOFR + 3.50 %      8.97 %      8/16/2028       4,900       4,884       4,900       0.02  

Foundational Education Group, Inc.

   (4)(9)     SOFR + 4.25 %      9.89 %      8/31/2028       8,960       8,900       8,781       0.03  

FusionSite Midco, LLC

   (4)(7)(11)     SOFR + 5.75 %      11.36 %      11/17/2029       45,467       44,358       44,335       0.16  

FusionSite Midco, LLC

   (4)(7)(11)     SOFR + 5.75 %      11.39 %      11/17/2024       4,125       3,892       3,905       0.01  

Garda World Security Corp.

   (6)(8)     SOFR + 4.25 %      9.72 %      10/30/2026       12,000       12,021       12,037       0.04  

Garda World Security Corp.

   (6)(8)     SOFR + 4.25 %      9.62 %      2/1/2029       9,097       9,031       9,123       0.03  

Iris Buyer, LLC

   (4)(7)(11)     SOFR + 6.25 %      11.60 %      10/2/2030       56,234       54,446       54,378       0.19  

Java Buyer, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.23 %      12/15/2027       196,505       193,795       195,707       0.69  

Java Buyer, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.12 %      11/9/2029       12,109       11,462       11,658       0.04  

JSS Holdings, Inc.

   (4)(10)     SOFR + 6.00 %      11.47 %      12/17/2030       283,439       280,505       283,439       0.99  

Knowledge Pro Buyer, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.21 %      12/10/2027       53,167       52,182       52,934       0.19  

KPSKY Acquisition, Inc.

   (4)(10)(18)     SOFR + 5.35 %      10.73 %      10/19/2028       46,961       46,317       46,492       0.16  

KPSKY Acquisition, Inc.

   (4)(10)     SOFR + 5.25 %      10.76 %      10/19/2028       20,949       20,589       20,740       0.07  

MaxGen Energy Services Corporation

   (4)(7)(11)     SOFR + 5.50 %      10.96 %      6/2/2027       84,023       82,739       82,749       0.29  

Onex Baltimore Buyer, Inc.

   (4)(10)(18)     SOFR + 6.00 %      10.96 %      12/1/2027       187,232       184,765       187,232       0.66  

Onex Baltimore Buyer, Inc.

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      12/1/2027       127,747       125,485       126,333       0.44  

Polyphase Elevator Holding Co.

   (4)(7)(11)     SOFR + 5.50 %      10.95 %      6/23/2027       16,227       16,177       11,703       0.04  

Recycle & Resource US, LLC

   (6)(9)     SOFR + 3.50 %      9.11 %      7/14/2028       5,115       5,089       4,818       0.02  

Revspring, Inc.

   (8)     SOFR + 4.00 %      9.61 %      10/11/2025       15,125       15,070       15,074       0.05  

TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)

   (9)     SOFR + 3.75 %      9.22 %      12/8/2028       27,069       26,978       27,069       0.09  

 

59

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Commercial Services & Supplies (continued)

                

USIC Holdings, Inc.

   (10)     SOFR + 3.50 %      9.11 %      5/12/2028       24,438       24,360       24,291       0.09  

Vaco Holdings, Inc.

   (10)     SOFR + 5.00 %      10.43 %      1/21/2029       9,032       9,000       8,936       0.03  

Veregy Consolidated, Inc.

   (11)     SOFR + 6.00 %      11.64 %      11/2/2027       20,137       20,168       18,224       0.06  
           

 

 

    

 

 

    

 

 

  
              2,004,230       2,007,029       7.02  

Construction & Engineering

                

Aegion Corporation

   (10)     SOFR + 4.75 %      10.39 %      5/17/2028       15,986       15,965       16,019       0.06  

ASP Endeavor Acquisition, LLC

   (4)(9)     SOFR + 6.50 %      12.13 %      5/3/2027       35,100       34,710       32,116       0.11  

Brookfield WEC Holdings, Inc.

   (9)     SOFR + 3.75 %      9.11 %      8/1/2025       2,963       2,902       2,976       0.01  

COP Home Services TopCo IV, Inc.

   (4)(7)(11)     SOFR + 6.00 %      11.48 %      12/31/2027       211,094       206,716       210,672       0.74  

Peak Utility Services Group, Inc.

   (4)(11)     SOFR + 5.00 %      10.54 %      3/2/2028       23,146       23,013       22,798       0.08  

Refficiency Holdings, LLC

   (10)     SOFR + 3.50 %      8.96 %      12/16/2027       11,345       11,287       11,375       0.04  

Thermostat Purchaser III, Inc.

   (4)(7)(10)     SOFR + 4.50 %      10.04 %      8/31/2028       41,364       40,659       40,927       0.14  

Tutor Perini Corp.

   (6)(11)     SOFR + 4.75 %      10.22 %      8/18/2027       2,592       2,609       2,539       0.01  
           

 

 

    

 

 

    

 

 

  
              337,861       339,422       1.19  

Construction Materials

                

White Cap Buyer, LLC

   (9)     SOFR + 3.75 %      9.11 %      10/19/2027       17,001       17,041       17,058       0.06  

Containers & Packaging

                

Ascend Buyer, LLC

   (4)(10)     SOFR + 6.25 %      11.90 %      10/2/2028       11,415       11,142       11,244       0.04  

Ascend Buyer, LLC

   (4)(7)(10)     SOFR + 6.25 %      11.71 %      10/2/2028       2,587       2,490       2,496       0.01  

Berlin Packaging, LLC

   (9)     SOFR + 3.75 %      9.21 %      3/11/2028       15,439       15,424       15,475       0.05  

Charter NEX US, Inc.

   (10)     SOFR + 3.75 %      9.22 %      12/1/2027       18,108       18,141       18,213       0.06  

Graham Packaging Co, Inc.

   (10)     SOFR + 3.00 %      8.47 %      8/4/2027       8,923       8,911       8,946       0.03  

MAR Bidco Sarl

   (6)(9)     SOFR + 3.95 %      9.50 %      7/6/2028       3,859       3,846       3,672       0.01  

Novolex, Inc.

   (9)     SOFR + 4.18 %      9.63 %      4/13/2029       16,942       16,610       17,037       0.06  

Pretium PKG Holdings, Inc.

   (11)     SOFR + 4.60 %      9.99 %      10/2/2028       21,969       21,677       17,300       0.06  

ProAmpac PG Borrower, LLC

   (10)     SOFR + 4.50 %      9.89 %      9/15/2028       16,355       16,153       16,406       0.06  

Ring Container Technologies Group, LLC

   (9)     SOFR + 3.50 %      8.97 %      8/12/2028       992       989       996       0.00  

TricorBraun Holdings, Inc.

   (9)     SOFR + 3.25 %      8.72 %      3/3/2028       7,108       7,073       7,077       0.02  

Trident TPI Holdings, Inc.

   (9)     SOFR + 4.00 %      9.61 %      9/15/2028       15,977       15,939       15,954       0.06  

Trident TPI Holdings, Inc.

   (9)     SOFR + 5.25 %      10.60 %      9/15/2028       6,071       5,950       6,100       0.02  
           

 

 

    

 

 

    

 

 

  
              144,345       140,916       0.48  

Distributors

                

BP Purchaser, LLC

   (4)(10)     SOFR + 5.50 %      11.14 %      12/10/2028       7,880       7,768       7,565       0.03  

BradyIFS Holdings, LLC

   (4)(7)(11)     SOFR + 6.00 %      11.38 %      10/31/2029       204,331       200,024       199,899       0.70  

BradyIFS Holdings, LLC

   (4)(7)(11)     SOFR + 6.00 %      11.37 %      10/31/2025       5,517       5,245       5,292       0.02  

Bution Holdco 2, Inc.

   (4)(11)     SOFR + 6.25 %      11.73 %      10/17/2025       5,611       5,568       5,611       0.02  

Dana Kepner Company, LLC

   (4)(11)     SOFR + 6.00 %      11.52 %      12/29/2026       80,382       79,308       80,382       0.28  

Genuine Cable Group, LLC

   (4)(10)     SOFR + 5.50 %      10.96 %      11/2/2026       29,955       29,522       29,206       0.10  

Marcone Yellowstone Buyer, Inc.

   (4)(7)(10)     SOFR + 6.50 %      12.00 %      6/23/2028       15,652       15,141       14,583       0.05  

Marcone Yellowstone Buyer, Inc.

   (4)(7)(10)     SOFR + 6.25 %      11.77 %      6/23/2028       25,870       25,533       24,286       0.09  

 

60

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Distributors (continued)

                

NDC Acquisition Corp.

   (4)(11)     SOFR + 5.50 %      10.95 %      3/9/2027       21,881       21,562       21,662       0.08  

NDC Acquisition Corp.

   (4)(7)(11)     SOFR + 5.50 %      10.98 %      3/9/2027       514       464       480       0.00  

Tailwind Colony Holding Corporation

   (4)(11)     SOFR + 6.50 %      11.98 %      5/13/2026       9,159       8,930       8,976       0.03  

Tailwind Colony Holding Corporation

   (4)(11)     SOFR + 6.50 %      11.98 %      11/13/2024       73,531       73,037       72,060       0.25  

Unified Door & Hardware Group, LLC

   (4)(11)     SOFR + 5.75 %      11.20 %      6/30/2025       64,202       63,538       62,918       0.22  
           

 

 

    

 

 

    

 

 

  
              535,640       532,920       1.87  

Diversified Consumer Services

                

Ascend Learning, LLC

   (9)     SOFR + 3.50 %      8.96 %      12/11/2028       20,580       20,268       20,259       0.07  

BPPH2 Limited

   (4)(6)(8)     S + 6.75 %      11.56 %      3/2/2028     GBP  40,700       55,369       51,489       0.18  

Cambium Learning Group, Inc.

   (4)(7)(10)     SOFR + 5.50 %      11.02 %      7/20/2028       948,713       942,546       948,713       3.32  

Colibri Group, LLC

   (10)     SOFR + 5.00 %      10.58 %      3/12/2029       9,846       9,773       9,859       0.03  

EM Bidco Limited

   (6)(9)     SOFR + 4.25 %      9.70 %      7/6/2029       7,460       7,393       7,413       0.03  

Endeavor Schools Holdings LLC

   (4)(11)     SOFR + 6.25 %      11.65 %      7/18/2029       47,455       46,359       46,743       0.16  

Endeavor Schools Holdings LLC

   (4)(7)(11)     SOFR + 6.25 %      11.64 %      7/18/2029       8,728       8,383       8,451       0.03  

Go Car Wash Management Corp.

   (4)(7)(11)     SOFR + 6.25 %      11.71 %      12/31/2026       90,012       87,502       86,807       0.30  

Groundworks, LLC

   (4)(7)(11)     SOFR + 6.50 %      11.90 %      3/14/2030       823       801       821       0.00  

Mckissock Investment Holdings, LLC

   (10)     SOFR + 5.00 %      10.38 %      3/12/2029       27,500       26,825       27,534       0.10  

Pre-Paid Legal Services, Inc.

   (9)     SOFR + 3.75 %      9.22 %      12/15/2028       15,736       15,639       15,652       0.05  

Spring Education Group, Inc.

   (8)     SOFR + 4.50 %      9.85 %      9/29/2030       13,785       13,618       13,842       0.05  

Sunshine Cadence Holdco, LLC

   (8)     SOFR + 4.25 %      9.86 %      3/23/2027       39,192       37,130       38,041       0.13  

Sunshine Cadence Holdco, LLC

   (4)(7)(10)     SOFR + 6.50 %      11.88 %      3/23/2027       200       196       200       0.00  

Sunshine Cadence Holdco, LLC

   (4)(10)     SOFR + 6.50 %      11.93 %      3/23/2027       700       685       700       0.00  

TruGreen Limited Partnership

   (10)     SOFR + 4.00 %      9.46 %      11/2/2027       1,213       1,218       1,174       0.00  

University Support Services, LLC

   (9)     SOFR + 3.25 %      8.71 %      2/10/2029       9,835       9,798       9,848       0.03  

Weld North Education, LLC

   (9)     SOFR + 3.75 %      9.22 %      12/21/2027       15,200       15,160       15,221       0.05  
           

 

 

    

 

 

    

 

 

  
              1,298,663       1,302,767       4.53  

Diversified Financial Services

                

Barbri Holdings, Inc.

   (4)(10)     SOFR + 5.75 %      11.21 %      4/28/2028       127,768       126,258       125,851       0.44  

Comet Acquisition, Inc.

   (9)     SOFR + 4.25 %      9.79 %      10/24/2025       15,670       15,548       15,661       0.05  

Lereta, LLC

   (10)     SOFR + 5.25 %      10.72 %      7/30/2028       29,157       28,966       22,378       0.08  

Mitchell International, Inc.

   (9)     SOFR + 3.75 %      9.40 %      10/15/2028       66,371       65,829       66,438       0.23  

More Cowbell II, LLC

   (4)(7)(10)     SOFR + 6.00 %      11.73 %      9/1/2030       19,991       19,489       19,664       0.07  

More Cowbell II, LLC

   (4)(7)(10)     SOFR + 6.00 %      11.73 %      9/1/2029       523       456       480       0.00  

 

61

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 Financial Services (continued)

                

Polaris Newco, LLC

   (9)     SOFR + 4.00 %      9.47 %      6/2/2028       32,832       32,582       32,434       0.11  

Sedgwick Claims Management Services, Inc.

   (6)(8)     SOFR + 3.75 %      9.11 %      2/24/2028       5,211       5,168       5,234       0.02  

SelectQuote, Inc.

   (4)(5)(10)     SOFR + 9.50 %     

 14.96

(incl. 3.00

PIK

 % 

% 

) 

     11/5/2024       271,178       270,968       244,060       0.86  
           

 

 

    

 

 

    

 

 

  
              565,264       532,200       1.86  

Diversified Telecommunication Services

                

Numericable US, LLC

   (6)(8)     SOFR + 5.50 %      10.89 %      8/15/2028       22,638       22,402       20,402       0.07  

Point Broadband Acquisition, LLC

   (4)(11)     SOFR + 6.00 %      11.51 %      10/1/2028       158,727       156,034       158,727       0.56  

Point Broadband Acquisition, LLC

   (4)(11)     SOFR + 6.00 %      11.46 %      10/1/2028       72,371       71,188       72,371       0.25  

Zacapa, LLC

   (6)(9)     SOFR + 4.00 %      9.35 %      3/22/2029       6,021       6,012       6,018       0.02  
           

 

 

    

 

 

    

 

 

  
              255,636       257,518       0.90  

Electric Utilities

                

Qualus Power Services Corp.

   (4)(11)     SOFR + 4.75 %      10.24 %      3/26/2027       50,476       49,831       48,709       0.17  

Qualus Power Services Corp.

   (4)(7)(11)     SOFR + 5.75 %      11.14 %      3/26/2027       48,823       47,802       48,020       0.17  

Tiger Acquisition, LLC

   (4)(6)(9)     SOFR + 3.25 %      8.71 %      6/1/2028       1,995       1,980       1,989       0.01  
           

 

 

    

 

 

    

 

 

  
              99,613       98,718       0.35  

Electrical Equipment

                

Emergency Power Holdings, LLC

   (4)(7)(11)     SOFR + 5.50 %      10.95 %      8/17/2028       197,781       194,890       197,288       0.69  

Madison IAQ, LLC

   (9)     SOFR + 3.25 %      8.72 %      6/21/2028       40,033       39,705       39,965       0.14  

Shoals Holdings, LLC

   (4)(11)     SOFR + 5.75 %      11.28 %      11/25/2026       8,292       8,189       8,292       0.03  
           

 

 

    

 

 

    

 

 

  
              242,784       245,545       0.86  

Electronic Equipment, Instruments & Components

                

Albireo Energy, LLC

   (4)(11)     SOFR + 6.00 %      11.46 %      12/23/2026       25,255       25,002       22,856       0.08  

Albireo Energy, LLC

   (4)(11)     SOFR + 6.00 %      11.49 %      12/23/2026       1,944       1,933       1,759       0.01  

Albireo Energy, LLC

   (4)(11)     SOFR + 6.00 %      11.52 %      12/23/2026       7,580       7,534       6,860       0.02  

CPI Intermediate Holdings Inc

   (4)(7)(10)     SOFR + 5.50 %      10.87 %      10/8/2029       462,089       453,107       452,887       1.59  

Infinite Bidco, LLC

   (9)     SOFR + 3.75 %      9.39 %      3/2/2028       12,007       11,990       11,737       0.04  

Phoenix 1 Buyer Corp.

   (4)(7)(8)     SOFR + 5.50 %      10.87 %      11/20/2030       43,137       42,628       42,622       0.15  

Presidio, Inc.

   (8)     SOFR + 3.50 %      8.98 %      1/22/2027       2,175       2,177       2,182       0.01  
           

 

 

    

 

 

    

 

 

  
              544,371       540,903       1.90  

Energy Equipment & Services

                

Abaco Energy Technologies, LLC

   (4)(13)     SOFR + 7.00 %      12.46 %      10/4/2024       3,871       3,811       3,871       0.01  

ISQ Hawkeye Holdco, Inc.

   (4)(5)(7)(10)     SOFR + 6.00 %      11.38 %      8/17/2029       8,447       8,257       8,417       0.03  

 

62

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Tetra Technologies, Inc.

   (4)(6)(11)     SOFR + 6.25 %      11.71 %      9/10/2025       22,793       22,345       22,793       0.08  
           

 

 

    

 

 

    

 

 

  
              34,413       35,081       0.12  

Entertainment

                

CE Intermediate I, LLC

   (9)     SOFR + 3.50 %      9.02 %      11/10/2028       7,642       7,588       7,584       0.03  

Food Products

                

Quantum Bidco, Ltd.

   (4)(6)(8)     S + 5.50 %      11.05 %      1/29/2028     GBP  12,500       16,680       14,977       0.05  

Snacking Investments US, LLC

   (6)(11)     SOFR + 4.00 %      9.36 %      12/18/2026       4,881       4,901       4,888       0.02  
           

 

 

    

 

 

    

 

 

  
              21,581       19,865       0.07  

Ground Transportation

                

Quality Distribution LLC

   (4)(7)(11)     SOFR + 6.75 %      12.11 %      6/30/2028       680       542       278       0.00  

Quality Distribution LLC

   (4)(11)     SOFR + 6.38 %      11.83 %      7/1/2028       6,874       6,742       6,874       0.02  
           

 

 

    

 

 

    

 

 

  
              7,284       7,152       0.02  

Health Care Equipment & Supplies

                

Advancing Eyecare Center, Inc.

   (4)(9)     SOFR + 5.75 %      11.25 %      6/13/2029       25,064       24,582       24,187       0.08  

Auris Luxembourg III Sarl

   (6)(8)     SOFR + 3.75 %      9.62 %      2/27/2026       9,975       9,968       9,873       0.03  

Bamboo US BidCo LLC

   (4)(6)(7)(11)     SOFR + 6.00 %      11.38 %      9/30/2030       30,457       29,333       29,567       0.10  

Bamboo US BidCo LLC

   (4)(6)(11)     E + 6.00 %      9.95 %      9/30/2030     EUR 70,854       72,851       76,460       0.27  

CPI Buyer, LLC

   (4)(7)(10)     SOFR + 5.50 %      11.15 %      11/1/2028       170,345       167,802       164,619       0.58  

Egrotron Acquisition, LLC

   (4)(10)     SOFR + 5.75 %      11.21 %      7/6/2028       67,027       66,019       66,859       0.23  

GCX Corporation Buyer, LLC

   (4)(10)     SOFR + 5.50 %      11.00 %      9/13/2028       193,545       191,144       190,642       0.67  

GCX Corporation Buyer, LLC

   (4)(10)     SOFR + 5.50 %      11.02 %      9/13/2028       49,005       48,461       48,270       0.17  

Natus Medical Incorporated

   (4)(9)     SOFR + 5.50 %      11.00 %      7/20/2029       49,500       46,738       46,035       0.16  

Natus Medical Incorporated

   (4)(7)(9)     SOFR + 4.75 %      10.21 %      7/21/2027       3,463       3,363       2,830       0.01  

Resonetics, LLC

   (10)     SOFR + 4.00 %      9.65 %      4/28/2028       65,960       65,274       66,097       0.23  

Sunshine Luxembourg VII S.à r.l, LLC

   (6)(10)     SOFR + 3.50 %      8.95 %      10/1/2026       13,765       13,791       13,855       0.05  
           

 

 

    

 

 

    

 

 

  
              739,326       739,294       2.58  

Health Care Providers & Services

                

123Dentist, Inc.

   (4)(6)(7)(10)     C + 5.50 %      10.94 %      8/10/2029     CAD  230,300       176,283       172,167       0.60  

ACI Group Holdings, Inc.

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      8/2/2027       3,222       2,966       3,007       0.01  

ACI Group Holdings, Inc.

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      8/2/2028       112,069       110,053       110,685       0.39  

 

63

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

ADCS Clinics Intermediate Holdings, LLC

   (4)(11)     SOFR + 6.25 %      11.79 %      5/7/2027       11,846       11,714       11,846       0.04  

ADCS Clinics Intermediate Holdings, LLC

   (4)(7)(11)     SOFR + 6.25 %      11.53 %      5/7/2027       8,647       8,525       8,569       0.03  

ADCS Clinics Intermediate Holdings, LLC

   (4)(11)     SOFR + 6.25 %      11.75 %      5/7/2027       252       251       250       0.00  

ADMI Corp.

   (9)     SOFR + 3.75 %      9.22 %      12/23/2027       39,949       39,803       38,077       0.13  

Amerivet Partners Management, Inc.

   (4)(5)(7)(10)     SOFR + 5.50 %      11.00 %      2/25/2028       26,213       25,545       26,213       0.09  

AMGH Holding Corp.

   (11)     SOFR + 4.25 %      9.89 %      3/14/2025       11,494       11,501       9,061       0.03  

Canadian Hospital Specialties Ltd.

   (4)(6)(11)     C + 4.50 %      9.93 %      4/14/2028     CAD 14,821       11,739       13,890       0.05  

Canadian Hospital Specialties Ltd.

   (4)(6)(10)     C + 4.50 %      9.93 %      4/15/2027     CAD 5,400       4,273       4,024       0.01  

Caramel Bidco Limited

   (4)(6)(8)     S + 6.00 %      11.19 %      2/24/2029     GBP 62,265       81,504       74,207       0.26  

Caramel Bidco Limited

   (4)(6)(8)     E + 6.00 %      10.03 %      2/24/2029     EUR  14,000       15,575       14,451       0.05  

Caramel Bidco Limited

   (4)(6)(8)     SOFR + 6.00 %      11.32 %      2/24/2029       6,125       6,424       5,727       0.02  

CCBlue Bidco, Inc.

   (4)(10)     SOFR + 6.25 %     

 11.70

(incl. 2.75

PIK

 % 

% 

) 

     12/21/2028       508,348       501,641       432,096       1.51  

Covenant Surgical Partners, Inc.

   (8)     SOFR + 4.00 %      9.38 %      7/1/2026       2,926       2,902       2,291       0.01  

DCA Investment Holdings, LLC

   (4)(10)     SOFR + 6.41 %      11.75 %      4/3/2028       25,410       25,273       25,220       0.09  

DCA Investment Holdings, LLC

   (4)(10)     SOFR + 6.50 %      11.85 %      4/3/2028       9,996       9,753       9,946       0.03  

Epoch Acquisition, Inc.

   (4)(11)     SOFR + 6.00 %      11.55 %      10/4/2026       28,810       28,810       28,666       0.10  

Global Medical Response, Inc.

   (11)     SOFR + 4.25 %      9.93 %      10/2/2025       33,941       33,983       26,757       0.09  

Jayhawk Buyer, LLC

   (4)(11)     SOFR + 5.00 %      10.45 %      10/15/2026       272,236       269,237       259,986       0.91  

Kwol Acquisition, Inc.

   (4)(6)(7)(10)     SOFR + 6.25 %      11.43 %      12/6/2029       6,872       6,687       6,685       0.02  

Medical Knowledge Group, LLC

   (4)(10)     SOFR + 5.75 %      11.21 %      2/1/2029       162,061       159,705       160,035       0.56  

Medical Knowledge Group, LLC

   (4)(10)     SOFR + 5.75 %      11.19 %      2/1/2029       21,690       21,138       21,418       0.08  

Midwest Physician Administrative Services, LLC

   (10)     SOFR + 3.25 %      8.86 %      3/12/2028       18,987       18,932       17,278       0.06  

 

64

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Navigator Acquiror, Inc.

   (4)(7)(9)     SOFR + 5.50 %      10.96 %      7/16/2027       482,571       480,045       448,791       1.57  

Odyssey Holding Company, LLC

   (4)(11)     SOFR + 5.75 %      11.13 %      11/16/2025       59,439       59,232       59,439       0.21  

Odyssey Holding Company, LLC

   (4)(11)     SOFR + 5.75 %      11.14 %      11/16/2025       4,211       4,211       4,211       0.01  

Onex TSG Intermediate Corp.

   (6)(10)     SOFR + 4.75 %      10.39 %      2/28/2028       22,789       22,670       22,547       0.08  

ONS MSO, LLC

   (4)(6)(7)(11)     SOFR + 5.75 %      11.10 %      7/8/2026       7,714       7,132       7,116       0.02  

ONS MSO, LLC

   (4)(6)(7)(11)     SOFR + 6.25 %      11.69 %      7/8/2026       808       705       703       0.00  

Pathway Vet Alliance, LLC

   (8)     SOFR + 3.75 %      9.22 %      3/31/2027       30,387       30,234       26,868       0.09  

Pediatric Associates Holding Co., LLC

   (9)     SOFR + 3.25 %      8.72 %      12/29/2028       6,389       6,357       6,198       0.02  

Phoenix Guarantor, Inc.

   (8)     SOFR + 3.50 %      8.97 %      3/5/2026       7,784       7,784       7,795       0.03  

Plasma Buyer, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.10 %      5/12/2029       90,576       88,919       85,130       0.30  

Plasma Buyer, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.10 %      5/12/2028       4,822       4,612       3,990       0.01  

PPV Intermediate Holdings, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.14 %      8/31/2029       126,926       124,779       125,875       0.44  

PSKW Intermediate, LLC

   (4)(11)     SOFR + 6.25 %      11.71 %      3/9/2026       14,156       14,156       14,156       0.05  

Radnet, Inc.

   (6)(10)     SOFR + 3.00 %      8.36 %      4/21/2028       4,610       4,595       4,630       0.02  

Smile Doctors, LLC

   (4)(7)(10)     SOFR + 5.90 %      11.30 %      12/23/2028       486,546       477,890       474,954       1.66  

Smile Doctors, LLC

   (4)(7)(10)     SOFR + 5.90 %      11.29 %      12/23/2028       36,822       35,375       34,787       0.12  

Snoopy Bidco, Inc.

   (4)(7)(10)     SOFR + 6.75 %     

 12.65

(incl. 12.65

PIK

 % 

% 

) 

     6/1/2028       643,738       636,468       620,439       2.17  

SpecialtyCare, Inc.

   (4)(7)(11)     SOFR + 5.75 %      11.41 %      6/18/2028       68,478       67,108       65,852       0.23  

SpecialtyCare, Inc.

   (4)(7)(8)     SOFR + 4.00 %      9.46 %      6/18/2028       831       743       623       0.00  

Stepping Stones Healthcare Services, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.20 %      1/2/2029       165,094       162,739       158,429       0.56  

Surgery Centers Holdings, Inc.

   (6)(10)     SOFR + 3.50 %      8.86 %      12/19/2030       5,687       5,630       5,717       0.02  

The Fertility Partners, Inc.

   (4)(6)(10)     C + 5.75 %      11.24 %      3/16/2028     CAD 137,263       106,359       97,893       0.34  

The Fertility Partners, Inc.

   (4)(6)(7)(10)     C + 5.75 %      11.25 %      9/16/2027     CAD 8,688       6,678       6,079       0.02  

The Fertility Partners, Inc.

   (4)(6)(10)     SOFR + 5.75 %      11.36 %      3/16/2028       46,138       45,580       43,601       0.15  

 

65

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 GI Alliance Management, LLC

   (4)(11)     SOFR + 6.25 %      11.78 %      9/15/2028       314,182       306,781       314,182       1.10  

TTF Holdings, LLC

   (4)(10)     SOFR + 4.00 %      9.47 %      3/31/2028       4,007       3,990       4,012       0.01  

UMP Holdings, LLC

   (4)(10)     SOFR + 5.75 %      11.15 %      7/15/2028       9,597       9,452       9,357       0.03  

UMP Holdings, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.13 %      7/15/2028       13,158       13,058       12,791       0.04  

Unified Physician Management, LLC

   (4)(7)(9)     SOFR + 5.25 %      10.61 %      6/18/2029       887,415       887,415       887,415       3.11  

US Oral Surgery Management Holdco, LLC

   (4)(10)     SOFR + 6.00 %      11.47 %      11/18/2027       127,120       125,744       124,260       0.44  

US Oral Surgery Management Holdco, LLC

   (4)(7)(11)     SOFR + 6.00 %      11.45 %      11/18/2027       54,865       54,002       53,229       0.19  

Veonet GmbH

   (6)(8)     S + 5.25 %      10.44 %      3/14/2029     GBP  202,759       258,483       254,326       0.89  

WHCG Purchaser III, Inc.

   (4)(10)     SOFR + 5.75 %      11.36 %      6/22/2028       102,900       101,648       62,769       0.22  

WHCG Purchaser III, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.36 %      6/22/2026       12,455       12,331       7,585       0.03  
           

 

 

    

 

 

    

 

 

  
              5,757,122       5,538,301       19.35  

Health Care Technology

                

athenahealth, Inc.

   (9)     SOFR + 3.25 %      8.61 %      2/15/2029       36,560       36,261       36,450       0.13  

Caerus US 1, Inc.

   (4)(6)(10)     SOFR + 5.50 %      10.85 %      5/25/2029       387,570       381,595       383,694       1.34  

Caerus US 1, Inc.

   (4)(6)(7)(10)     SOFR + 5.75 %      11.10 %      5/25/2029       123,999       121,798       123,999       0.43  

Caerus US 1, Inc.

   (4)(6)(7)(10)     SOFR + 5.75 %      11.21 %      5/25/2029       31,729       30,924       31,070       0.11  

Color Intermediate LLC

   (4)(10)     SOFR + 5.50 %      10.95 %      10/4/2029       368,831       361,184       368,831       1.29  

Datix Bidco, Ltd.

   (4)(8)     SOFR + 4.50 %      9.94 %      4/28/2025       24,000       23,887       23,880       0.08  

Edifecs, Inc.

   (4)(10)     SOFR + 5.75 %      11.10 %      9/21/2026       154,196       152,838       154,196       0.54  

Edifecs, Inc.

   (4)(10)     SOFR + 5.75 %      11.10 %      11/20/2028       204,436       200,955       204,436       0.72  

Edifecs, Inc.

   (4)(11)     SOFR + 5.75 %      11.10 %      9/21/2026       95,271       95,367       95,271       0.33  

GI Ranger Intermediate, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.25 %      10/29/2028       97,179       95,759       97,179       0.34  

GI Ranger Intermediate, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.25 %      10/29/2027       6,480       6,342       6,480       0.02  

Healthcomp Holding Company, LLC

   (4)(10)     SOFR + 5.75 %      11.12 %      11/8/2029       180,353       178,594       178,549       0.63  

Imprivata, Inc.

   (9)     SOFR + 3.75 %      9.22 %      12/1/2027       2,023       2,026       2,033       0.01  

Neptune Holdings, Inc.

   (4)(7)(11)     SOFR + 6.00 %      11.50 %      8/31/2030       15,000       14,595       14,660       0.05  

Netsmart Technologies, Inc.

   (10)     SOFR + 3.75 %      9.22 %      10/1/2027       12,970       13,013       13,012       0.05  

NMC Crimson Holdings, Inc.

   (4)(10)     SOFR + 6.09 %      11.64 %      3/1/2028       71,173       69,903       71,173       0.25  

NMC Crimson Holdings, Inc.

   (4)(7)(10)     SOFR + 6.09 %      11.63 %      3/1/2028       14,758       14,408       14,315       0.05  

Project Ruby Ultimate Parent Corp.

   (10)     SOFR + 3.25 %      8.72 %      3/10/2028       4,681       4,664       4,686       0.02  

RPBLS Midco, LLC

   (4)(10)     SOFR + 5.75 %      11.25 %      4/1/2028       130,730       128,866       130,730       0.46  

RPBLS Midco, LLC

   (4)(9)     SOFR + 5.75 %      11.25 %      4/1/2028       34,637       34,383       34,637       0.12  

 

66

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 Technology (continued)

                

Verscend Holding Corp.

   (8)     SOFR + 4.00 %      9.47 %      8/27/2025       30,170       30,198       30,308       0.11  

Waystar Technologies, Inc.

   (8)     SOFR + 4.00 %      9.47 %      10/22/2026       12,289       12,300       12,350       0.04  
           

 

 

    

 

 

    

 

 

  
              2,009,860       2,031,939       7.12  

Hotels, Restaurants & Leisure

                

Alterra Mountain Company

   (9)     SOFR + 3.50 %      8.97 %      8/17/2028       6,178       6,186       6,194       0.02  

Century Casinos, Inc.

   (6)(10)     SOFR + 6.00 %      11.44 %      4/2/2029       31,450       30,974       30,672       0.11  

Fertitta Entertainment, LLC

   (9)     SOFR + 4.00 %      9.36 %      1/27/2029       13,460       13,455       13,483       0.05  

Flynn Restaurant Group LP

   (9)     SOFR + 4.25 %      9.72 %      12/1/2028       7,567       7,519       7,614       0.03  

IRB Holding Corp.

   (10)     SOFR + 3.00 %      8.46 %      12/15/2027       18,588       18,581       18,641       0.07  

Mic Glen, LLC

   (9)     SOFR + 3.25 %      8.72 %      7/21/2028       12,941       12,927       12,949       0.05  

New Red Finance, Inc.

   (8)     SOFR + 2.25 %      7.61 %      9/12/2030       2,000       2,000       2,003       0.01  

Scientific Games Holdings LP

   (9)     SOFR + 3.25 %      8.66 %      4/4/2029       12,309       12,284       12,329       0.04  

Tacala Investment Corp.

   (10)     SOFR + 4.00 %      9.47 %      2/5/2027       17,847       17,872       17,942       0.06  

Twin River Worldwide Holdings, Inc.

   (6)(9)     SOFR + 3.25 %      8.93 %      10/2/2028       9,627       9,588       9,150       0.03  

Whatabrands LLC

   (9)     SOFR + 3.00 %      8.47 %      8/3/2028       9,438       9,385       9,466       0.03  
           

 

 

    

 

 

    

 

 

  
              140,771       140,443       0.50  

Household Durables

                

AI Aqua Merger Sub, Inc.

   (6)(9)     SOFR + 3.75 %      9.09 %      7/31/2028       32,645       32,535       32,711       0.11  

Industrial Conglomerates

                

Bettcher Industries, Inc.

   (9)     SOFR + 4.00 %      9.36 %      12/14/2028       7,008       6,958       6,984       0.02  

CEP V Investment 11 Sarl

   (4)(6)(10)     SA + 6.52 %      8.23 %      2/11/2028     CHF 47,449       47,573       56,416       0.20  

CEP V Investment 11 Sarl

   (4)(6)(10)     E + 6.45 %      10.38 %      2/23/2028     EUR 54,899       51,713       60,606       0.21  

Engineered Machinery Holdings, Inc.

   (10)     SOFR + 3.50 %      9.11 %      5/19/2028       11,875       11,838       11,825       0.04  

Excelitas Technologies Corp.

   (4)(8)     E + 5.75 %      9.74 %      8/13/2029     EUR  25,070       25,324       27,192       0.10  

Excelitas Technologies Corp.

   (4)(10)     SOFR + 5.75 %      11.23 %      8/13/2029       161,975       159,543       159,140       0.56  

Excelitas Technologies Corp.

   (4)(7)(10)     SOFR + 5.75 %      11.22 %      8/13/2029       14,288       13,965       14,095       0.05  

Excelitas Technologies Corp.

   (4)(7)(10)     SOFR + 5.75 %      11.20 %      8/12/2028       9,065       8,838       8,807       0.03  

FCG Acquisitions, Inc.

   (9)     SOFR + 3.75 %      9.22 %      3/31/2028       22,941       22,869       22,986       0.08  

SPX Flow, Inc.

   (9)     SOFR + 4.50 %      9.96 %      4/5/2029       8,580       8,293       8,620       0.03  

Vertical US Newco, Inc.

   (6)(9)     SOFR + 3.50 %      9.38 %      7/30/2027       17,708       17,752       17,770       0.06  

Victory Buyer, LLC

   (9)     SOFR + 3.75 %      9.39 %      11/19/2028       22,632       22,559       21,557       0.08  
           

 

 

    

 

 

    

 

 

  
              397,225       415,998       1.46  

 

67

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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

                

Alera Group, Inc.

   (4)(7)(10)     SOFR + 6.00 %      11.46 %      10/2/2028       63,312       62,765       63,201       0.22  

Alliant Holdings Intermediate, LLC

   (9)     SOFR + 3.50 %      8.86 %      11/6/2030       3,681       3,679       3,702       0.01  

Amerilife Holdings LLC

   (4)(7)(10)     SOFR + 5.75 %      11.14 %      8/31/2029       370,013       362,338       368,393       1.29  

AssuredPartners, Inc.

   (9)     SOFR + 3.50 %      8.97 %      2/12/2027       17,414       17,310       17,479       0.06  

Baldwin Risk Partners, LLC

   (6)(9)     SOFR + 3.50 %      8.97 %      10/14/2027       9,794       9,771       9,810       0.03  

CFC Underwriting, Ltd.

   (4)(6)(7)(9)     SOFR + 5.00 %      10.32 %      5/16/2029       138,161       135,265       138,452       0.49  

Foundation Risk Partners Corp.

   (4)(7)(10)     SOFR + 6.00 %      11.45 %      10/29/2028       27,710       27,043       27,296       0.10  

Foundation Risk Partners Corp.

   (4)(7)(10)     SOFR + 6.00 %      11.45 %      10/30/2028       30,911       30,549       30,851       0.11  

Galway Borrower, LLC

   (4)(7)(10)     SOFR + 5.25 %      10.70 %      9/29/2028       222,060       219,118       218,443       0.77  

High Street Buyer, Inc.

   (4)(10)     SOFR + 5.75 %      11.25 %      4/14/2028       90,547       89,403       90,547       0.32  

High Street Buyer, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.25 %      4/16/2028       45,142       44,164       44,682       0.16  

Howden Group Holdings Limited

   (10)     SOFR + 3.25 %      8.75 %      11/12/2027       13,358       13,308       13,404       0.05  

Integrity Marketing Acquisition, LLC

   (4)(10)     SOFR + 6.05 %      11.54 %      8/27/2025       79,956       79,393       79,156       0.28  

Integrity Marketing Acquisition, LLC

   (4)(10)     SOFR + 6.02 %      11.41 %      8/27/2025       96,836       95,607       95,868       0.34  

Integrity Marketing Acquisition, LLC

   (4)(7)(10)     SOFR + 6.00 %      11.39 %      8/27/2025       4,101       4,008       4,036       0.01  

Integrity Marketing Acquisition, LLC

   (4)(7)(10)     SOFR + 6.02 %      11.51 %      8/27/2026       71,988       71,395       71,267       0.25  

Integrity Marketing Acquisition, LLC

   (4)(10)     SOFR + 6.03 %      11.52 %      8/27/2025       2,316       2,296       2,293       0.01  

NFP Corp.

   (8)     SOFR + 3.25 %      8.72 %      2/15/2027       13,456       13,405       13,541       0.05  

PGIS Intermediate Holdings, LLC

   (4)(10)     SOFR + 5.50 %      10.93 %      10/16/2028       24,220       23,984       23,856       0.08  

PGIS Intermediate Holdings, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.10 %      10/16/2028       1,868       1,506       1,459       0.01  

Riser Merger Sub, Inc.

   (4)(10)     S + 6.00 %      11.19 %      10/31/2029     GBP 9,291       11,090       11,606       0.04  

Riser Merger Sub, Inc.

   (4)(7)(10)     SOFR + 6.00 %      11.35 %      10/31/2029       91,805       89,332       89,267       0.31  

RSC Acquisition, Inc.

   (4)(5)(10)     SOFR + 5.50 %      11.03 %      11/1/2029       53,668       53,588       53,668       0.19  

RSC Acquisition, Inc.

   (4)(5)(10)     SOFR + 5.50 %      11.03 %      10/30/2026       76,575       75,865       76,575       0.27  

RSC Acquisition, Inc.

   (4)(5)(7)(10)     SOFR + 6.00 %      11.35 %      10/30/2026       3,127       2,479       2,882       0.01  

RSC Acquisition, Inc.

   (4)(5)(10)     SOFR + 6.00 %      11.58 %      11/1/2029       7,017       6,955       6,982       0.02  

SG Acquisition, Inc.

   (4)(9)     SOFR + 5.50 %      10.98 %      1/27/2027       93,540       93,330       92,371       0.32  

Shelf Bidco Ltd

   (4)(6)(10)(18)     SOFR + 6.34 %      11.72 %      1/3/2030       132,047       128,629       131,386       0.46  

 

68

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Tennessee Bidco Limited

   (4)(6)(8)     E + 7.00 %     

 10.97

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028     EUR 5,493       6,962       6,019       0.02  

Tennessee Bidco Limited

   (4)(6)(7)(8)     S + 7.28 %     

 12.21

(incl. 2.50

PIK

 % 

% 

) 

     7/9/2028     GBP 124,060       150,959       151,745       0.53  

Tennessee Bidco Limited

   (4)(6)(8)     SOFR + 7.10 %     

 12.53

(incl. 2.50

PIK

 % 

% 

) 

     7/9/2028       168,565       165,308       167,301       0.59  

Tennessee Bidco Limited

   (4)(6)(8)     SOFR + 7.10 %     

 12.43

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028       57,880       58,606       57,446       0.20  

Tennessee Bidco Limited

   (4)(6)(8)     SOFR + 6.35 %     

 11.75

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028       129,641       128,520       125,103       0.44  

USI, Inc.

   (9)     SOFR + 3.00 %      8.35 %      11/22/2029       8,912       8,835       8,941       0.03  

USI, Inc.

   (9)     SOFR + 3.25 %      8.60 %      9/29/2030       1,995       2,000       2,001       0.01  

World Insurance Associates, LLC

   (4)(7)(11)     SOFR + 6.00 %      11.42 %      4/3/2028       43,333       41,932       41,867       0.15  
           

 

 

    

 

 

    

 

 

  
              2,330,697       2,342,896       8.23  

Interactive Media & Services

                

Ancestry.com Operations, Inc

   (9)     SOFR + 3.25 %      8.71 %      12/6/2027       3,609       3,591       3,540       0.01  

MH Sub I, LLC

   (11)     SOFR + 3.75 %      9.22 %      9/13/2024       4,497       4,501       4,512       0.02  

Project Boost Purchaser, LLC

   (9)     SOFR + 3.50 %      8.97 %      5/30/2026       4,887       4,849       4,897       0.02  
           

 

 

    

 

 

    

 

 

  
              12,941       12,949       0.05  

Internet & Direct Marketing Retail

                

Donuts, Inc.

   (4)(11)     SOFR + 6.00 %      11.59 %      12/29/2026       233,388       232,117       233,388       0.82  

Donuts, Inc.

   (4)(11)     SOFR + 6.00 %      11.59 %      12/29/2027       272,949       272,949       272,949       0.96  

Hoya Midco, LLC

   (6)(9)     SOFR + 3.25 %      8.63 %      2/3/2029       9,544       9,506       9,559       0.03  

Prodege International Holdings, LLC

   (4)(10)     SOFR + 5.75 %      11.28 %      12/15/2027       555,828       549,490       519,699       1.82  
           

 

 

    

 

 

    

 

 

  
              1,064,062       1,035,595       3.63  

IT Services

                

Ahead DB Holdings, LLC

   (5)(10)     SOFR + 3.75 %      9.20 %      10/18/2027       2,543       2,552       2,538       0.01  

AI Altius Bidco, Inc.

   (4)(5)(8)     9.75 %     

 9.75

PIK

 % 

 

     12/21/2029       25,725       25,274       25,596       0.09  

AI Altius Bidco, Inc.

   (4)(10)     SOFR + 5.18 %      10.43 %      12/21/2028       143,602       141,712       143,602       0.50  

Dcert Buyer, Inc.

   (8)     SOFR + 4.00 %      9.36 %      10/16/2026       19,507       19,523       19,375       0.07  

Endurance International Group Holdings, Inc.

   (10)     SOFR + 3.50 %      9.42 %      2/10/2028       44,598       44,352       43,811       0.15  

Infostretch Corporation

   (4)(10)     SOFR + 5.75 %      11.25 %      4/1/2028       180,255       177,702       161,328       0.57  

 

69

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

IT Services (continued)

                

Inovalon Holdings, Inc.

   (4)(7)(10)     SOFR + 6.25 %     

 11.72

(incl. 2.75

PIK

 % 

% 

) 

     11/24/2028       988,404       971,243       984,689       3.45  

Monterey Financing, S.A.R.L

   (4)(6)(8)     CI + 6.00 %      9.89 %      9/28/2029     DKK 560,750       72,350       82,418       0.29  

Monterey Financing, S.A.R.L

   (4)(6)(9)     N + 6.00 %      10.71 %      9/28/2029     NOK 599,094       54,653       58,524       0.21  

Monterey Financing, S.A.R.L

   (4)(6)(8)     ST + 6.00 %      10.04 %      9/28/2029     SEK 243,186       21,282       23,930       0.08  

Monterey Financing, S.A.R.L

   (4)(6)(8)     E + 6.00 %      9.93 %      9/28/2029     EUR 76,519       72,893       83,840       0.29  

Monterey Financing, S.A.R.L

   (4)(6)(7)(8)     E + 6.00 %      9.97 %      9/28/2029     EUR 34,300       32,395       38,932       0.14  

Park Place Technologies, LLC

   (11)     SOFR + 5.00 %      10.46 %      11/10/2027       788       790       787       0.00  

Razor Holdco, LLC

   (4)(10)     SOFR + 5.75 %      11.23 %      10/25/2027       187,387       185,004       185,982       0.65  

Red River Technology, LLC

   (4)(11)     SOFR + 6.00 %      11.54 %      5/26/2027       147,798       146,333       147,798       0.52  

S&P Global Engineering Solutions

   (4)(7)(11)     SOFR + 7.00 %      12.38 %      5/2/2030       1,596       1,546       1,596       0.01  

Turing Holdco, Inc.

   (4)(6)(8)     E + 6.00 %     

 10.12

(incl. 2.50

PIK

 % 

% 

) 

     9/28/2028     EUR 16,739       18,971       18,248       0.06  

Turing Holdco, Inc.

   (4)(6)(7)(8)     E + 6.00 %     

 9.97

(incl. 2.50

PIK

 % 

% 

) 

     8/3/2028     EUR 6,202       7,187       6,540       0.02  

Turing Holdco, Inc.

   (4)(6)(7)(8)     SOFR + 6.00 %     

 11.40

(incl. 2.50

PIK

 % 

% 

) 

     10/16/2028       6,461       6,861       5,988       0.02  

Turing Holdco, Inc.

   (4)(6)(8)     SOFR + 6.00 %     

 11.40

(incl. 2.50

PIK

 % 

% 

) 

     9/28/2028       12,982       12,723       12,820       0.04  

Virtusa Corp.

   (10)     SOFR + 3.75 %      9.22 %      2/11/2028       8,827       8,837       8,859       0.03  

Virtusa Corp.

   (10)     SOFR + 3.75 %      9.21 %      2/15/2029       3,419       3,395       3,429       0.01  
           

 

 

    

 

 

    

 

 

  
              2,027,578       2,060,630       7.21  

Leisure Products

                

Motion Finco, LLC

   (6)(8)     SOFR + 3.25 %      8.86 %      11/12/2026       3,686       3,626       3,694       0.01  

Life Sciences Tools & Services

                

Cambrex Corp.

   (10)     SOFR + 3.50 %      8.96 %      12/4/2026       4,509       4,519       4,429       0.02  

Curia Global, Inc.

   (10)     SOFR + 3.75 %      9.23 %      8/30/2026       23,182       23,201       20,929       0.07  

Jupiter Bidco Limited

   (4)(6)(7)(9)     E + 6.25 %      10.09 %      8/27/2029     EUR 5,922       2,293       5,777       0.02  

Jupiter Bidco Limited

   (4)(6)(10)     SOFR + 6.25 %      11.61 %      8/27/2029       88,177       86,040       77,375       0.27  

LSCS Holdings, Inc.

   (9)     SOFR + 4.50 %      9.97 %      12/16/2028       8,009       7,980       7,907       0.03  

Maravai Intermediate Holdings, LLC

   (6)(9)     SOFR + 3.00 %      8.40 %      10/19/2027       1,939       1,939       1,898       0.01  

 

70

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Life Sciences Tools & Services (continued)

                

Packaging Coordinators Midco, Inc.

   (10)     SOFR + 3.50 %      9.11 %      11/30/2027       1,862       1,862       1,865       0.01  

Phoenix Newco, Inc.

   (9)     SOFR + 3.25 %      8.72 %      11/15/2028       1,990       1,990       2,004       0.01  
           

 

 

    

 

 

    

 

 

  
              129,824       122,184       0.44  

Machinery

                

Chart Industries, Inc.

   (6)(9)     SOFR + 3.25 %      8.69 %      3/16/2030       5,467       5,454       5,485       0.02  

MHE Intermediate Holdings, LLC

   (4)(7)(11)     SOFR + 6.00 %      11.53 %      7/21/2027       7,678       7,575       7,678       0.03  

MHE Intermediate Holdings, LLC

   (4)(11)     SOFR + 6.25 %      11.78 %      7/21/2027       747       733       747       0.00  

Pro Mach Group, Inc.

   (11)     SOFR + 4.00 %      9.47 %      8/31/2028       6,929       6,872       6,958       0.02  
           

 

 

    

 

 

    

 

 

  
              20,634       20,868       0.07  

Marine

                

Armada Parent, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.24 %      10/29/2027       231,709       228,338       229,010       0.80  

Media

                

Clear Channel Outdoor Holdings, Inc.

   (6)(8)     SOFR + 3.50 %      9.14 %      8/21/2026       370       360       367       0.00  

Digital Media Solutions, LLC

   (6)(10)     SOFR + 11.00 %     

 16.61

PIK

 % 

 

     5/25/2026       32,355       32,003       17,795       0.06  

McGraw-Hill Education, Inc.

   (9)     SOFR + 4.75 %      10.22 %      7/28/2028       18,314       18,191       18,320       0.06  

Radiate Holdco, LLC

   (10)     SOFR + 3.25 %      8.72 %      9/25/2026       46,988       46,910       37,847       0.13  

Trader Corp.

   (4)(6)(7)(10)     C + 6.75 %      12.19 %      12/22/2029     CAD  109,681       78,693       82,941       0.29  

Univision Communications, Inc.

   (10)     SOFR + 3.25 %      8.72 %      3/15/2026       12,000       12,005       12,038       0.04  

UPC Financing Partnership

   (6)(8)     SOFR + 3.00 %      8.48 %      1/31/2029       5,000       4,935       4,991       0.02  
           

 

 

    

 

 

    

 

 

  
              193,097       174,299       0.60  

Metals & Mining

                

American Rock Salt Company, LLC

   (10)     SOFR + 4.00 %      9.47 %      6/9/2028       9,390       9,381       8,902       0.03  

SCIH Salt Holdings, Inc.

   (10)     SOFR + 4.00 %      9.47 %      3/16/2027       13,373       13,316       13,411       0.05  
           

 

 

    

 

 

    

 

 

  
              22,697       22,313       0.08  

Oil, Gas & Consumable Fuels

                

Eagle Midstream Canada Finance, Inc.

   (4)(6)(10)     SOFR + 6.25 %      11.63 %      8/15/2028       26,332       25,887       26,332       0.09  

Freeport LNG Investments, LLLP

   (9)     SOFR + 3.50 %      9.18 %      12/21/2028       35,174       35,105       35,209       0.12  

 

71

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Oil, Gas & Consumable Fuels (continued)

                

KKR Alberta Midsteam Finance Inc

   (4)(6)(10)     SOFR + 6.25 %      11.63 %      8/15/2028       14,325       14,083       14,325       0.05  
           

 

 

    

 

 

    

 

 

  
              75,075       75,866       0.26  

Paper & Forest Products

                

Profile Products, LLC

   (4)(7)(10)     SOFR + 5.50 %      10.95 %      11/12/2027       40,275       39,671       38,427       0.13  

Profile Products, LLC

   (4)(10)     SOFR + 5.50 %      10.99 %      11/12/2027       23,347       23,046       22,588       0.08  
           

 

 

    

 

 

    

 

 

  
              62,717       61,015       0.21  

Pharmaceuticals

                

Doc Generici (Diocle S.p.A.)

   (4)(5)(6)(7)(8)     E + 6.50 %      10.42 %      10/27/2028     EUR 60,136       58,199       66,856       0.23  

Ergomed Plc

   (4)(6)(7)(10)     SOFR + 6.25 %      11.60 %      11/18/2030       108,046       105,299       105,453       0.37  

Padagis, LLC

   (6)(9)     SOFR + 4.75 %      10.43 %      7/6/2028       29,371       29,338       28,453       0.10  

Rhea Parent, Inc.

   (4)(10)     SOFR + 5.50 %      11.00 %      2/18/2029       203,413       200,418       203,413       0.71  

Sharp Midco, LLC

   (4)(9)     SOFR + 4.00 %      9.45 %      12/31/2028       5,229       5,220       5,249       0.02  
           

 

 

    

 

 

    

 

 

  
              398,474       409,424       1.43  

Professional Services

                

ALKU, LLC

   (4)(10)     SOFR + 6.25 %      11.61 %      5/23/2029       55,406       54,188       55,267       0.19  

Apex Companies, LLC

   (4)(7)(11)     SOFR + 6.25 %      11.63 %      1/31/2028       1,605       1,566       1,600       0.01  

APFS Staffing Holdings Inc

   (9)     SOFR + 4.00 %      9.36 %      12/29/2028       5,231       5,200       5,202       0.02  

Aqgen Island Holdings, Inc.

   (9)     SOFR + 3.50 %      8.97 %      8/2/2028       41,249       41,150       41,218       0.14  

Armor Holdco, Inc.

   (6)(9)     SOFR + 4.50 %      9.93 %      12/11/2028       3,564       3,538       3,581       0.01  

Cast & Crew Payroll, LLC

   (9)     SOFR + 3.75 %      9.11 %      12/29/2028       11,690       11,587       11,682       0.04  

CFGI Holdings, LLC

   (4)(7)(10)     SOFR + 5.00 %      10.46 %      11/2/2027       21,007       20,483       20,608       0.07  

Chronicle Bidco, Inc.

   (4)(7)(11)     SOFR + 6.75 %      12.13 %      5/18/2029       46,615       46,302       46,615       0.16  

Claims Automation Intermediate 2, LLC

   (4)(7)(10)     SOFR + 4.75 %      10.25 %      12/16/2027       44,906       43,862       44,221       0.15  

Clearview Buyer, Inc.

   (4)(7)(10)     SOFR + 5.35 %      10.70 %      8/26/2027       148,983       146,871       145,511       0.51  

Cumming Group, Inc.

   (4)(7)(11)     SOFR + 5.75 %      11.11 %      5/26/2027       198,056       195,516       194,702       0.68  

Cumming Group, Inc.

   (4)(7)(11)     SOFR + 5.75 %      11.11 %      11/16/2027       20,832       20,373       20,375       0.07  

Deerfield Dakota Holding, LLC

   (11)     SOFR + 3.75 %      9.10 %      4/9/2027       85,260       84,950       84,621       0.30  

Eliassen Group, LLC

   (4)(10)     SOFR + 5.50 %      10.85 %      4/14/2028       63,182       62,503       62,234       0.22  

Eliassen Group, LLC

   (4)(7)(10)     SOFR + 5.50 %      10.88 %      4/14/2028       4,547       4,441       4,330       0.02  

Emerald US, Inc.

   (6)(8)     SOFR + 3.75 %      9.36 %      7/12/2028       3,849       3,846       3,855       0.01  

 

72

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

EP Purchaser LLC

   (9)     SOFR + 3.50 %      9.11 %      11/6/2028       9,546       9,380       9,483       0.03  

Galaxy US Opco, Inc.

   (6)(9)     SOFR + 4.75 %      10.13 %      4/29/2029       12,202       11,970       10,128       0.04  

Guidehouse, Inc.

   (4)(10)     SOFR + 5.75 %     

 11.11

(incl. 2.00

PIK

 % 

% 

) 

     10/16/2028       1,225,688       1,216,563       1,211,899       4.25  

HIG Orca Acquisition Holdings, Inc.

   (4)(7)(11)     SOFR + 6.00 %      11.54 %      8/17/2027       93,837       92,591       93,837       0.33  

HIG Orca Acquisition Holdings, Inc.

   (4)(7)(11)     SOFR + 6.00 %      11.50 %      8/17/2027       8,817       8,651       8,631       0.03  

IG Investments Holdings, LLC

   (4)(7)(10)     SOFR + 6.00 %      11.48 %      9/22/2028       443,872       437,420       441,428       1.55  

Inmar, Inc.

   (11)     SOFR + 5.50 %      10.85 %      5/1/2026       29,752       28,904       29,454       0.10  

Kaufman Hall & Associates, LLC

   (4)(10)     SOFR + 5.25 %      10.71 %      12/14/2028       96,326       94,963       96,326       0.34  

Kwor Acquisition, Inc.

   (4)(5)(7)(10)     SOFR + 5.25 %      10.71 %      12/22/2028       1,399       1,349       1,322       0.00  

Kwor Acquisition, Inc.

   (4)(5)(7)(11)     P + 4.25 %      12.75 %      12/22/2027       5,244       5,123       5,061       0.02  

Legacy Intermediate, LLC

   (4)(10)     SOFR + 5.75 %      11.29 %      2/25/2028       121,794       120,199       121,794       0.43  

Mantech International CP

   (4)(7)(10)     SOFR + 5.75 %      11.13 %      9/14/2029       770,570       756,273       769,459       2.70  

Mantech International CP

   (4)(7)(10)     SOFR + 5.75 %      11.16 %      9/14/2029       65,335       63,281       64,129       0.22  

Material Holdings, LLC

   (4)(7)(10)     SOFR + 6.00 %      11.45 %      8/19/2027       264,534       261,334       242,761       0.85  

Minotaur Acquisition, Inc.

   (8)     SOFR + 4.75 %      10.21 %      3/27/2026       178,128       175,080       178,398       0.63  

Pavion Corp.

   (4)(6)(7)(10)     SOFR + 5.75 %      11.14 %      10/30/2030       124,277       121,343       121,261       0.42  

Petrus Buyer Inc

   (4)(7)(10)     SOFR + 6.50 %      11.99 %      10/17/2029       35,901       34,742       35,732       0.13  

Polyconcept Investments B.V.

   (10)     SOFR + 5.50 %      10.85 %      5/18/2029       24,538       24,159       24,365       0.09  

Sherlock Buyer Corp.

   (4)(7)(10)     SOFR + 5.75 %      11.20 %      12/8/2028       6,422       6,194       6,093       0.02  

Thevelia US, LLC

   (6)(9)     SOFR + 4.00 %      9.50 %      6/18/2029       34,120       32,931       34,191       0.12  

Trinity Air Consultants Holdings Corp.

   (4)(7)(10)     SOFR + 5.75 %      11.29 %      6/29/2027       19,719       19,341       19,719       0.07  

Trinity Air Consultants Holdings Corp.

   (4)(7)(10)     SOFR + 5.75 %      11.03 %      6/29/2027       44,895       44,178       44,228       0.15  

Trinity Partners Holdings, LLC

   (4)(7)(10)     SOFR + 5.50 %      11.03 %      12/21/2028       384,363       378,006       383,206       1.34  

Victors CCC Buyer, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.21 %      6/1/2029       144,795       142,110       144,484       0.51  

West Monroe Partners, LLC

   (4)(10)     SOFR + 5.25 %      10.72 %      11/8/2028       722,016       712,339       703,966       2.47  

West Monroe Partners, LLC

   (4)(7)(10)     SOFR + 5.25 %      10.72 %      11/8/2027       14,143       13,186       13,789       0.05  
           

 

 

    

 

 

    

 

 

  
              5,557,986       5,560,766       19.49  

 

73

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Real Estate Management & Development

                

Castle Management Borrower, LLC

   (4)(7)(11)     SOFR + 5.50 %      10.84 %      11/3/2029       33,333       32,604       32,771       0.11  

Cushman & Wakefield US Borrower LLC

   (6)(9)     SOFR + 3.25 %      8.71 %      1/31/2030       3,980       3,937       3,958       0.01  

McCarthy & Stone PLC

   (4)(5)(6)(8)     7.00 %      7.00 %      2/2/2026     GBP  20,000       28,057       23,517       0.08  

Progress Residential PM Holdings, LLC

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      2/16/2028       79,357       78,219       79,357       0.28  

Progress Residential PM Holdings, LLC

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      7/25/2029       15,205       14,923       15,205       0.05  
           

 

 

    

 

 

    

 

 

  
              157,740       154,808       0.53  

Software

                

Aareon Holding GmbH

   (4)(6)(10)     E + 6.25 %      10.14 %      8/16/2030     EUR 38,317       40,571       41,984       0.15  

Aareon Holding GmbH

   (4)(6)(10)     E + 6.25 %      10.15 %      8/19/2030     EUR 9,579       10,163       10,496       0.04  

Analytic Partners LP

   (4)(7)(10)     SOFR + 5.50 %      10.97 %      4/4/2028       21,469       21,164       21,469       0.08  

Anaplan, Inc.

   (4)(7)(10)     SOFR + 6.50 %      11.85 %      6/21/2029       537,534       528,418       534,606       1.87  

Apttus Corp.

   (10)     SOFR + 4.00 %      9.47 %      5/8/2028       11,598       11,589       11,643       0.04  

Armstrong Bidco Limited

   (4)(6)(8)     S + 5.25 %      10.44 %      6/28/2029     GBP 314,735       375,944       383,124       1.34  

Armstrong Bidco Limited

   (4)(6)(8)     S + 5.25 %      10.44 %      6/28/2029     GBP 164,210       196,265       199,891       0.70  

Avalara Inc

   (4)(7)(10)     SOFR + 7.25 %      12.60 %      10/19/2028       23,077       22,573       22,950       0.08  

Beeline, LLC

   (4)(7)(10)     SOFR + 5.25 %      10.64 %      5/2/2029       46,364       45,968       46,340       0.16  

BlueCat Networks USA, Inc.

   (4)(10)     SOFR + 6.00 %     

 11.38

(incl. 2.00

PIK

 % 

% 

) 

     8/8/2028       69,612       68,566       68,220       0.24  

BlueCat Networks USA, Inc.

   (4)(10)     SOFR + 6.00 %     

 11.42

(incl. 2.00

PIK

 % 

% 

) 

     8/8/2028       12,249       12,063       12,004       0.04  

BlueCat Networks USA, Inc.

   (4)(7)(10)     SOFR + 6.00 %     

 11.35

(incl. 2.00

PIK

 % 

% 

) 

     8/8/2028       2,312       2,202       2,191       0.01  

Bluefin Holding, LLC

   (4)(5)(6)(7)(11)     SOFR + 7.25 %      12.72 %      9/12/2029       45,513       44,326       44,763       0.16  

Boxer Parent Company, Inc.

   (8)     SOFR + 4.25 %      9.61 %      12/29/2028       14,755       14,608       14,882       0.05  

Brave Parent Holdings, Inc.

   (4)(7)(10)     SOFR + 5.00 %      10.36 %      11/28/2030       498,512       492,895       492,819       1.73  

CDK Global Inc.

   (9)     SOFR + 4.00 %      9.35 %      7/6/2029       2,985       2,975       3,005       0.01  

Circana Group, L.P.

   (4)(10)     SOFR + 5.75 %      11.21 %      12/1/2028       682,039       671,261       682,039       2.39  

 

74

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Circana Group, L.P.

   (4)(10)     SOFR + 6.25 %     

 11.61

(incl. 2.75

PIK

 % 

% 

) 

     12/1/2028       902,832       886,323       902,832       3.16  

Circana Group, L.P.

   (4)(7)(10)     SOFR + 5.75 %      11.11 %      12/1/2027       18,884       17,154       18,884       0.07  

Cloudera, Inc.

   (9)     SOFR + 3.75 %      9.21 %      10/8/2028       36,683       36,315       36,431       0.13  

Community Brands ParentCo, LLC

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      2/24/2028       15,092       14,721       14,930       0.05  

Confine Visual Bidco

   (4)(6)(7)(10)     SOFR + 6.50 %     

 11.81

(incl. 3.00

PIK

 % 

% 

) 

     2/23/2029       262,761       256,401       226,518       0.79  

Connatix Buyer, Inc.

   (4)(7)(10)     SOFR + 5.50 %      11.14 %      7/14/2027       107,900       106,437       97,654       0.34  

ConnectWise, LLC

   (9)     SOFR + 3.50 %      9.11 %      9/29/2028       28,325       28,262       28,325       0.10  

Cornerstone OnDemand, Inc.

   (9)     SOFR + 3.75 %      9.22 %      10/16/2028       27,142       27,062       26,327       0.09  

Coupa Software Inc.

   (4)(6)(7)(10)     SOFR + 7.50 %      12.86 %      2/27/2030       1,836       1,791       1,819       0.01  

Crewline Buyer, Inc.

   (4)(6)(7)(11)     SOFR + 6.75 %      12.10 %      11/8/2030       118,659       115,453       115,384       0.40  

Delta Topco, Inc.

   (10)     SOFR + 3.75 %      9.12 %      12/1/2027       34,708       34,678       34,734       0.12  

Denali Bidco Ltd

   (4)(5)(6)(7)(10)     S + 6.00 %      11.19 %      8/29/2030     GBP  14,404       17,638       18,080       0.06  

Denali Bidco Ltd

   (4)(5)(6)(8)     E + 6.00 %      9.84 %      8/29/2030     EUR 4,174       4,404       4,539       0.02  

Diligent Corporation

   (4)(11)     SOFR + 5.75 %      11.28 %      8/4/2025       87,525       87,076       87,525       0.31  

Discovery Education, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.23 %      4/9/2029       587,329       579,453       561,734       1.97  

Discovery Education, Inc.

   (4)(11)     SOFR + 5.75 %      11.14 %      10/3/2030       66,101       65,372       63,457       0.22  

DTI Holdco, Inc.

   (7)(10)     SOFR + 4.75 %      10.13 %      4/26/2029       24,688       24,132       24,290       0.09  

ECI Macola Max Holding, LLC

   (6)(10)     SOFR + 3.75 %      9.36 %      11/9/2027       11,888       11,906       11,907       0.04  

Epicor Software Corp.

   (10)     SOFR + 3.25 %      8.72 %      7/30/2027       5,922       5,942       5,950       0.02  

Episerver, Inc.

   (4)(7)(11)     SOFR + 5.25 %      10.75 %      4/9/2026       24,846       24,637       23,699       0.08  

Experity, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.20 %      2/24/2028       133,688       131,759       132,217       0.46  

Forterro UK Ltd.

   (4)(6)(8)     ST + 4.75 %      8.82 %      7/9/2029     SEK 112,563       10,459       11,104       0.04  

Forterro UK Ltd.

   (4)(6)(9)     SA + 4.75 %      6.45 %      7/9/2029     CHF  10,674       10,740       12,628       0.04  

Forterro UK Ltd.

   (4)(6)(10)     SA + 4.75 %      6.45 %      7/9/2029     CHF 3,484       3,471       4,121       0.01  

Forterro UK Ltd.

   (4)(6)(8)     E + 4.75 %      8.73 %      7/9/2029     EUR 31,713       31,585       34,834       0.12  

Forterro UK Ltd.

   (4)(6)(7)(8)     E + 4.75 %      8.68 %      7/9/2029     EUR 1,639       1,679       2,939       0.01  

Forterro UK Ltd.

   (4)(6)(10)     S + 4.75 %      9.94 %      7/9/2029     GBP  8,894       10,473       11,280       0.04  

GI Consilio Parent, LLC

   (7)(9)     SOFR + 4.00 %      9.47 %      5/12/2028       39,959       39,379       39,834       0.14  

GI Consilio Parent, LLC

   (4)(7)(8)     S + 3.75 %      8.94 %      5/14/2026     GBP 663       811       828       0.00  

 

75

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Gigamon Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.30 %      3/9/2029       432,291       425,702       431,146       1.51  

GovernmentJobs.com, Inc.

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      12/1/2028       150,905       148,686       150,509       0.53  

GraphPAD Software, LLC

   (4)(7)(11)     P + 5.00 %      13.50 %      4/27/2027       1,416       1,393       1,374       0.00  

GraphPAD Software, LLC

   (4)(11)     SOFR + 5.50 %      11.22 %      4/27/2027       2,623       2,608       2,623       0.01  

GraphPAD Software, LLC

   (4)(11)     SOFR + 5.50 %      11.13 %      4/27/2027       8,571       8,519       8,571       0.03  

GraphPAD Software, LLC

   (4)(11)     SOFR + 5.50 %      11.19 %      4/27/2027       17,063       16,921       17,063       0.06  

Greeneden U.S. Holdings II, LLC

   (10)     SOFR + 4.00 %      9.47 %      12/1/2027       5,817       5,838       5,846       0.02  

HS Purchaser, LLC

   (10)     SOFR + 4.00 %      9.48 %      11/19/2026       39,608       39,601       37,642       0.13  

Idera, Inc.

   (10)     SOFR + 3.75 %      9.28 %      3/2/2028       52,100       51,999       51,937       0.18  

ION Trading Finance Ltd.

   (6)(8)     SOFR + 4.75 %      10.20 %      4/3/2028       27,741       27,760       27,808       0.10  

Kaseya, Inc.

   (4)(7)(10)     SOFR + 6.00 %     

 11.38

(incl. 2.50

PIK

 % 

% 

) 

     6/25/2029       742,241       730,174       741,796       2.60  

Kaseya, Inc.

   (4)(7)(10)     SOFR + 5.50 %     

 10.86

(incl. 2.50

PIK

 % 

% 

) 

     6/25/2029       12,317       11,539       12,317       0.04  

LD Lower Holdings, Inc.

   (4)(11)     SOFR + 6.50 %      11.95 %      2/8/2026       116,578       115,577       115,413       0.40  

Lightbox Intermediate, LP

   (4)(8)     SOFR + 5.00 %      10.61 %      5/9/2026       37,432       36,873       35,841       0.13  

Magnesium BorrowerCo, Inc.

   (4)(10)     S + 5.75 %      10.94 %      5/18/2029     GBP  102,118       125,117       130,165       0.46  

Magnesium BorrowerCo, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.21 %      5/18/2029       958,047       937,534       955,569       3.35  

Mandolin Technology Intermediate Holdings, Inc.

   (4)(9)     SOFR + 3.75 %      9.25 %      7/31/2028       76,734       75,978       70,979       0.25  

Mandolin Technology Intermediate Holdings, Inc.

   (4)(9)     SOFR + 6.25 %      11.75 %      6/9/2030       62,685       60,952       62,685       0.22  

Mandolin Technology Intermediate Holdings, Inc.

   (4)(7)(8)     SOFR + 3.75 %      9.25 %      7/31/2026       2,553       2,497       1,743       0.01  

Medallia, Inc.

   (4)(10)     SOFR + 6.00 %     

 11.45

(incl. 4.00

PIK

 % 

% 

) 

     10/29/2028       831,310       820,545       814,684       2.86  

Medallia, Inc.

   (4)(10)     SOFR + 6.50 %     

 11.95

(incl. 4.00

PIK

 % 

% 

) 

     10/29/2028       205,092       201,869       200,990       0.70  

Mitnick Purchaser, Inc.

   (9)     SOFR + 4.50 %      9.98 %      5/2/2029       11,735       11,690       11,137       0.04  

 

76

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Mitratech Holdings, Inc.

   (5)(10)     SOFR + 3.75 %      9.28 %      5/18/2028       16,661       16,609       16,481       0.06  

Mitratech Holdings, Inc.

   (4)(5)(7)(10)     SOFR + 5.00 %      10.47 %      5/18/2028       62,720       60,817       61,320       0.21  

Monk Holding Co.

   (4)(10)(18)     SOFR + 5.70 %      10.96 %      12/1/2027       11,062       10,888       11,062       0.04  

Monk Holding Co.

   (4)(7)(10)     SOFR + 5.50 %      10.96 %      12/1/2027       3,561       3,350       3,259       0.01  

MRI Software, LLC

   (7)(11)     SOFR + 5.50 %      10.95 %      2/10/2027       48,299       48,018       47,157       0.17  

NAVEX TopCo, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.11 %      11/9/2030       100,646       98,503       98,456       0.35  

Neogames Connect SARL

   (4)(6)(8)     E + 6.25 %      10.18 %      5/30/2028     EUR 100,400       102,345       110,837       0.39  

Nintex Topco Limited

   (4)(6)(10)     SOFR + 6.00 %      11.50 %      11/13/2028       674,642       665,247       647,657       2.27  

NortonLifeLock, Inc.

   (6)(9)     SOFR + 2.00 %      7.46 %      9/12/2029       6,399       6,372       6,416       0.02  

Oranje Holdco Inc

   (4)(7)(11)     SOFR + 7.75 %      13.13 %      2/1/2029       66,000       64,427       66,000       0.23  

Perforce Software, Inc.

   (8)     SOFR + 3.75 %      9.21 %      7/1/2026       15,296       15,285       15,181       0.05  

Project Alpha Intermediate Holding, Inc.

   (9)     SOFR + 4.75 %      10.11 %      10/28/2030       71,388       69,994       71,916       0.25  

Project Leopard Holdings, Inc.

   (9)     SOFR + 5.25 %      10.73 %      7/20/2029       139,590       133,184       126,911       0.44  

Project Leopard Holdings, Inc.

   (4)(7)(8)     SOFR + 4.25 %      9.63 %      7/20/2029       4,385       4,396       2,044       0.01  

Proofpoint, Inc.

   (9)     SOFR + 3.25 %      8.72 %      8/31/2028       895       892       897       0.00  

Quest Software US Holdings, Inc.

   (6)(9)     SOFR + 4.25 %      9.78 %      2/1/2029       27,602       27,415       21,223       0.07  

Rally Buyer, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.12 %      7/19/2028       135,721       133,565       133,095       0.47  

Rally Buyer, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.11 %      7/19/2028       7,098       6,828       6,743       0.02  

RealPage, Inc.

   (9)     SOFR + 3.00 %      8.47 %      4/24/2028       1,970       1,965       1,959       0.01  

Relativity ODA, LLC

   (4)(7)(11)     SOFR + 6.50 %      11.96 %      5/12/2027       875       806       788       0.00  

Rocket Software, Inc.

   (9)     SOFR + 4.75 %      10.11 %      11/28/2028       43,303       42,680       42,626       0.15  

S2P Acquisition Borrower, Inc.

   (6)(8)     SOFR + 4.00 %      9.46 %      8/14/2026       12,969       12,983       13,013       0.05  

Sailpoint Technologies, Inc.

   (4)(7)(10)     SOFR + 6.00 %      11.36 %      8/16/2029       384,906       378,197       384,906       1.35  

Solarwinds Holdings, Inc.

   (8)     SOFR + 3.75 %      9.11 %      2/5/2027       2,978       2,959       2,988       0.01  

Sophia, LP

   (9)     SOFR + 3.50 %      8.96 %      10/7/2027       1,975       1,966       1,981       0.01  

Sovos Compliance, LLC

   (9)     SOFR + 4.50 %      9.97 %      8/11/2028       4,878       4,889       4,829       0.02  

Spitfire Parent, Inc.

   (4)(11)     E + 5.50 %      9.34 %      3/11/2027     EUR 19,013       22,716       20,989       0.07  

Spitfire Parent, Inc.

   (4)(11)     SOFR + 5.50 %      10.96 %      3/11/2027       117,930       116,934       117,930       0.41  

Stamps.com, Inc.

   (4)(10)     SOFR + 5.75 %      11.23 %      10/5/2028       855,596       843,953       834,206       2.92  

Surf Holdings, LLC

   (6)(8)     SOFR + 3.50 %      8.97 %      3/5/2027       3,202       3,206       3,213       0.01  

Symphony Technology Group

   (6)(10)     SOFR + 5.00 %      10.64 %      7/27/2028       65,396       64,930       46,799       0.16  

Symphony Technology Group

   (6)(9)     SOFR + 3.75 %      9.19 %      3/1/2029       29,872       29,662       29,828       0.10  

 

77

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Tegra118 Wealth Solutions, Inc.

   (8)     SOFR + 4.00 %      9.37 %      2/18/2027       6,864       6,842       6,557       0.02  

The Ultimate Software Group, Inc.

   (9)     SOFR + 3.25 %      8.76 %      5/4/2026       12,404       12,398       12,454       0.04  

Triple Lift, Inc.

   (4)(10)     SOFR + 5.75 %      11.27 %      5/5/2028       69,655       68,746       67,217       0.24  

Triple Lift, Inc.

   (4)(7)(10)     SOFR + 5.75 %      11.31 %      5/5/2028       5,480       5,302       4,980       0.02  

Vision Solutions, Inc.

   (10)     SOFR + 4.00 %      9.64 %      4/24/2028       36,657       36,567       36,438       0.13  

VS Buyer LLC

   (6)(8)     SOFR + 3.25 %      8.71 %      2/28/2027       3,479       3,458       3,492       0.01  

WPEngine, Inc.

   (4)(7)(10)     SOFR + 6.50 %      11.87 %      8/14/2029       81,400       78,885       79,528       0.28  

Zendesk Inc

   (4)(7)(10)     SOFR + 6.25 %     

 11.61

(incl. 3.25

PIK

 % 

% 

) 

     11/30/2028       936,617       912,909       931,544       3.26  
           

 

 

    

 

 

    

 

 

  
              13,127,524       13,129,988       45.98  

Specialty Retail

                

CustomInk, LLC

   (4)(11)(18)     SOFR + 6.18 %      11.49 %      5/3/2026       36,866       36,526       36,866       0.13  

EG America, LLC

   (6)(8)     SOFR + 5.50 %      11.24 %      2/7/2028       22,893       22,269       22,550       0.08  

Runner Buyer, Inc.

   (10)     SOFR + 5.50 %      11.00 %      10/20/2028       76,635       75,493       60,670       0.21  
           

 

 

    

 

 

    

 

 

  
              134,288       120,086       0.42  

Technology Hardware, Storage & Peripherals

                

Lytx, Inc.

   (4)(11)     SOFR + 6.75 %      12.21 %      2/28/2028       45,893       45,954       45,893       0.16  

Trading Companies & Distributors

                

Foundation Building Materials, Inc.

   (9)     SOFR + 3.25 %      8.89 %      1/31/2028       14,756       14,518       14,733       0.05  

Icebox Holdco III, Inc.

   (9)     SOFR + 3.50 %      9.11 %      12/22/2028       15,784       15,738       15,701       0.06  

LBM Acquisition, LLC

   (10)     SOFR + 3.75 %      9.21 %      12/17/2027       44,973       44,853       44,545       0.16  

Park River Holdings, Inc.

   (10)     SOFR + 3.25 %      8.91 %      12/28/2027       46,152       45,753       45,160       0.16  

Porcelain Acquisition Corp.

   (4)(11)     SOFR + 6.00 %      11.49 %      4/1/2027       81,905       80,421       78,400       0.27  

Specialty Building Products Holdings, LLC

   (9)     SOFR + 3.75 %      9.21 %      10/15/2028       19,759       19,703       19,759       0.07  

SRS Distribution, Inc.

   (9)     SOFR + 3.50 %      8.96 %      6/2/2028       7,968       7,932       7,980       0.03  

SRS Distribution, Inc.

   (9)     SOFR + 3.50 %      8.97 %      6/2/2028       18,424       18,378       18,478       0.06  

Windsor Holdings III, LLC

   (6)(8)     SOFR + 4.50 %      9.84 %      8/1/2030       8,948       8,875       9,026       0.03  
           

 

 

    

 

 

    

 

 

  
              256,171       253,782       0.89  

Transportation Infrastructure

                

Capstone Logistics, LLC

   (4)(11)     SOFR + 4.75 %      10.21 %      11/12/2027       22,005       22,052       22,005       0.08  

Enstructure LLC

   (4)(9)(18)     SOFR + 6.35 %      10.96 %      5/25/2029       98,715       96,803       98,715       0.35  

Frontline Road Safety, LLC

   (4)(7)(10)     SOFR + 5.75 %      11.55 %      5/3/2027       181,893       179,611       178,884       0.63  

Frontline Road Safety, LLC

   (4)(10)     SOFR + 5.75 %      11.39 %      5/3/2027       22,446       22,003       22,109       0.08  

Helix TS, LLC

   (4)(10)     SOFR + 6.25 %      11.78 %      8/4/2027       168,791       166,935       165,415       0.58  

Helix TS, LLC

   (4)(10)     SOFR + 6.25 %      11.75 %      8/4/2027       993       977       973       0.00  

 

78

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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-a
ffiliated (continued)

                

Transportation Infrastructure (continued)

                

Italian Motorway Holdings S.à.r.l

   (4)(6)(8)     E + 5.25 %      9.35 %      4/28/2029     EUR 236,429       243,641       259,048       0.91  

Liquid Tech Solutions Holdings, LLC

   (10)     SOFR + 4.75 %      10.22 %      3/20/2028       18,900       18,841       18,648       0.07  

Roadsafe Holdings, Inc.

   (4)(11)     SOFR + 5.75 %      11.22 %      10/19/2027       61,741       61,019       59,425       0.21  

Roadsafe Holdings, Inc.

   (4)(11)     SOFR + 5.75 %      11.29 %      1/31/2029       76,822       76,088       73,942       0.26  

Roadsafe Holdings, Inc.

   (4)(11)     SOFR + 5.75 %      11.26 %      10/19/2027       55,206       55,109       53,136       0.19  

Safety Borrower Holdings LP

   (4)(11)     SOFR + 5.25 %      10.90 %      9/1/2027       45,283       45,032       45,283       0.16  

Safety Borrower Holdings LP

   (4)(7)(11)     P + 4.25 %      12.75 %      9/1/2027       2,517       2,496       2,483       0.01  

Sam Holding Co, Inc.

   (4)(7)(11)     SOFR + 6.00 %      11.49 %      9/24/2027       151,380       148,847       148,819       0.52  

Sam Holding Co, Inc.

   (4)(11)     SOFR + 6.00 %      11.57 %      9/24/2027       63,840       62,654       63,042       0.22  

Sam Holding Co, Inc.

   (4)(11)     SOFR + 6.00 %      11.50 %      9/24/2027       46,091       45,550       45,515       0.16  

TRP Infrastructure Services, LLC

   (4)(11)     SOFR + 5.50 %      11.03 %      7/9/2027       72,218       71,371       64,274       0.23  
           

 

 

    

 

 

    

 

 

  
              1,319,029       1,321,716       4.66  

Wireless Telecommunication Services

                

CCI Buyer, Inc.

   (10)     SOFR + 4.00 %      9.35 %      12/17/2027       20,128       20,112       20,099       0.07  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt—non-controlled/non-affiliated

               45,749,946       45,464,551       159.19  
           

 

 

    

 

 

    

 

 

  

First Lien Debt—controlled/affiliated (excluding Investments in Joint Ventures)

                

Chemicals

                

Pigments Services, Inc.

   (4)(6)(11)(16)(17)     SOFR + 8.35 %      13.71 %      4/14/2030       18,526       15,306       9,412       0.03  

Pigments Services, Inc.

   (4)(6)(11)(16)     SOFR + 8.35 %     

 13.71

PIK

 % 

 

     4/14/2030       9,908       9,908       9,908       0.03  
           

 

 

    

 

 

    

 

 

  
              25,214       19,320       0.06  

Insurance

                

CFCo LLC (Benefytt Technologies, Inc.)

   (4)(8)(16)(17)(18)     0.00 %      0.00 %      9/13/2038       86,098       12,571       612       0.00  

Daylight Beta Parent LLC (Benefytt Technologies, Inc.)

   (4)(8)(16)     10.00 %     

 10.00

PIK

 % 

 

     9/12/2033       49,530       49,530       49,530       0.17  
           

 

 

    

 

 

    

 

 

  
              62,101       50,142       0.17  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt—controlled/affiliated (excluding Investments in Joint Ventures)

               87,315       69,462       0.23  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt

               45,837,261       45,534,013       159.42  
           

 

 

    

 

 

    

 

 

  

 

79

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 %      13.27 %      5/25/2029     $ 44,520     $ 44,069     $ 40,513       0.14 % 

Peraton Corp.

  

(10)

     SOFR + 7.75 %      13.22 %      2/1/2029       53,259       52,749       53,117       0.19  
           

 

 

    

 

 

    

 

 

  
              96,818       93,630       0.33  

Air Freight & Logistics

                

Wwex Uni Topco Holdings, LLC

  

(10)

     SOFR + 7.00 %      12.61 %      7/26/2029       33,000       32,664       28,380       0.10  

Capital Markets

                

Apex Group Treasury, LLC

  

(4)(6)(9)

     SOFR + 6.75 %      12.36 %      7/27/2029       8,531       8,471       8,446       0.03  

Apex Group Treasury, LLC

  

(4)(6)(9)

     SOFR + 6.75 %      12.39 %      7/27/2029       19,622       19,704       19,426       0.07  

The Edelman Financial Engines Center, LLC

  

(8)

     SOFR + 6.75 %      12.22 %      7/20/2026       14,000       13,926       14,026       0.05  
           

 

 

    

 

 

    

 

 

  
              42,101       41,898       0.15  

Chemicals

                

Pearls Netherlands Bidco

  

(4)(6)(9)

     SOFR + 7.25 %      12.63 %      2/25/2030       42,453       41,554       42,028       0.15  

Commercial Services & Supplies

                

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 6.75 %      12.22 %      3/30/2029       29,464       29,367       26,714       0.09  

USIC Holdings, Inc.

  

(10)

     SOFR + 6.50 %      12.11 %      5/14/2029       8,594       8,548       7,998       0.03  
           

 

 

    

 

 

    

 

 

  
              37,915       34,712       0.12  

Construction & Engineering

                

Thermostat Purchaser III, Inc.

  

(4)(10)

     SOFR + 7.25 %      12.79 %      8/31/2029       32,725       32,377       32,725       0.11  

Diversified Consumer Services

                

Pre-Paid Legal Services, Inc.

  

(9)

     SOFR + 7.00 %      12.47 %      12/14/2029       25,000       24,813       22,875       0.08  

Health Care Equipment & Supplies

                

Confluent Medical Technologies, Inc.

  

(4)(9)

     SOFR + 6.50 %      12.00 %      2/16/2030       52,500       51,696       52,500       0.18  

Health Care Providers & Services

                

Canadian Hospital Specialties Ltd.

  

(4)(6)(8)

     8.75 %      8.75 %      4/15/2029     CAD 3,800       2,995       2,552       0.01  

CD&R Artemis UK Bidco Ltd.

  

(4)(6)(8)

     S + 7.50 %      12.76 %      8/19/2029     GBP 65,340       87,677       82,245       0.29  

CD&R Artemis UK Bidco Ltd.

  

(4)(5)(6)(9)

     SOFR + 7.25 %      12.76 %      8/19/2029       15,000       14,723       14,625       0.05  

 

80

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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)

                

Health Care Providers & Services (continued)

                

CD&R Artemis UK Bidco Ltd.

  

(4)(5)(6)(9)

     SOFR + 7.35 %      12.70 %      8/19/2029       10,000       9,809       9,750       0.03  

Jayhawk Buyer, LLC

  

(4)(11)

     SOFR + 8.75 %      14.23 %      10/15/2027       6,537       6,459       6,242       0.02  
           

 

 

    

 

 

    

 

 

  
              121,663       115,414       0.40  

Health Care Technology

                

Imprivata, Inc.

  

(9)

     SOFR + 6.25 %      11.60 %      12/1/2028       44,118       43,791       42,353       0.15  

Hotels, Restaurants & Leisure

                

Mic Glen, LLC

  

(9)

     SOFR + 6.75 %      12.21 %      7/30/2029       16,000       15,963       15,600       0.05  

Industrial Conglomerates

                

Victory Buyer, LLC

  

(4)(9)

     SOFR + 7.00 %      12.64 %      11/1/2029       24,677       24,492       23,011       0.08  

IT Services

                

Dcert Buyer, Inc.

  

(8)

     SOFR + 7.00 %      12.36 %      2/19/2029       60,975       61,129       55,792       0.20  

Inovalon Holdings, Inc.

  

(4)(10)

     SOFR + 10.50 %     

 15.97

PIK

 % 

 

     11/24/2033       110,643       108,623       110,643       0.39  
           

 

 

    

 

 

    

 

 

  
              169,752       166,435       0.59  

Life Sciences Tools & Services

                

Curia Global, Inc.

  

(4)(10)

     SOFR + 6.50 %      12.14 %      8/31/2029       45,977       45,325       38,391       0.13  

LSCS Holdings, Inc.

  

(9)

     SOFR + 8.00 %      13.47 %      12/17/2029       40,000       39,551       35,600       0.12  

Phoenix Newco, Inc.

  

(4)(6)(9)

     SOFR + 6.50 %      11.97 %      11/15/2029       52,153       51,362       52,153       0.18  
           

 

 

    

 

 

    

 

 

  
              136,238       126,144       0.43  

Media

                

Houghton Mifflin, LLC

  

(7)(9)

     SOFR + 8.50 %      13.86 %      4/8/2030       80,500       78,940       77,151       0.27  

Pharmaceuticals

                

Sharp Midco, LLC

  

(4)(9)

     SOFR + 7.35 %      12.70 %      12/31/2029       31,500       30,910       31,500       0.11  

Professional Services

                

Aqgen Island Holdings, Inc.

  

(6)(9)

     SOFR + 6.50 %      12.18 %      8/2/2029       19,508       19,372       18,838       0.07  

Celestial Saturn Parent, Inc.

  

(9)

     SOFR + 6.50 %      11.97 %      6/4/2029       111,188       110,582       100,140       0.35  

Deerfield Dakota Holding, LLC

  

(10)

     SOFR + 6.75 %      12.36 %      4/7/2028       27,069       27,012       26,020       0.09  

Thevelia US, LLC

  

(4)(6)(9)

     SOFR + 6.75 %      12.25 %      6/17/2030       182,046       177,637       181,591       0.64  
           

 

 

    

 

 

    

 

 

  
              334,603       326,589       1.15  

Software

                

Cloudera, Inc.

  

(9)

     SOFR + 6.00 %      11.46 %      10/8/2029       66,697       66,295       64,251       0.23  

Cornerstone OnDemand, Inc.

  

(4)(9)

     SOFR + 6.00 %      11.36 %      10/15/2029       34,825       33,834       33,780       0.12  

HS Purchaser, LLC

  

(10)

     SOFR + 6.75 %      12.35 %      11/19/2027       66,000       66,085       54,234       0.19  

Human Security, Inc.

  

(4)(11)

     SOFR + 6.75 %      12.11 %      7/22/2027       50,000       49,376       48,875       0.17  

Human Security, Inc.

  

(4)(5)(11)

     SOFR + 6.75 %      12.11 %      7/22/2027       50,000       49,376       48,875       0.17  

Idera, Inc.

  

(10)

     SOFR + 6.75 %      12.28 %      3/2/2029       30,331       30,258       29,705       0.10  

Mandolin Technology Intermediate Holdings, Inc.

  

(4)(9)

     SOFR + 6.50 %      12.00 %      7/30/2029       31,950       31,640       29,874       0.10  

Mitratech Holdings, Inc.

  

(4)(5)(10)

     SOFR + 8.00 %      13.36 %      5/18/2029       438       430       425       0.00  

Mitratech Holdings, Inc.

  

(4)(5)(10)

     SOFR + 6.75 %      12.28 %      5/18/2029       18,000       17,948       16,695       0.06  

 

81

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Proofpoint, Inc.

  

(9)

     SOFR + 6.25 %      11.72 %      8/31/2029       63,274       63,129       64,065       0.22  

Symphony Technology Group

  

(6)(10)

     SOFR + 8.25 %      13.89 %      7/27/2029       41,983       41,668       16,793       0.06  

Vision Solutions, Inc.

  

(10)

     SOFR + 7.25 %      12.89 %      4/23/2029       46,426       46,318       42,761       0.15  
           

 

 

    

 

 

    

 

 

  
              496,357       450,333       1.57  

Trading Companies & Distributors

                

Icebox Holdco III, Inc.

  

(9)

     SOFR + 6.75 %      12.36 %      12/21/2029       14,000       13,894       12,810       0.04  
           

 

 

    

 

 

    

 

 

  

Total Second Lien Debt—non-controlled/non-affiliated

               1,826,541       1,736,088       6.06  
           

 

 

    

 

 

    

 

 

  

Total Second Lien Debt

               1,826,541       1,736,088       6.06  
           

 

 

    

 

 

    

 

 

  

Unsecured Debt- non-controlled/non-affiliated

                

Health Care Technology

                

Healthcomp Holding Company, LLC

  

(4)(8)

     13.75 %     

 13.75

PIK

 % 

 

     11/8/2031       18,733       18,182       18,171       0.06  
           

 

 

    

 

 

    

 

 

  

Total Unsecured Debt—non-controlled/non-affiliated

               18,182       18,171       0.06  
           

 

 

    

 

 

    

 

 

  

Structured Finance Obligations

                

Structured Finance Obligations—non-controlled/non-affiliated

                

Diversified Financial Services

                

522 Funding CLO 2020-6, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.17 %      10/23/2034       3,000       3,000       2,842       0.01  

AIMCO CLO Series 2015-A

  

(5)(6)(8)

     SOFR + 6.86 %      12.53 %      10/17/2034       7,450       7,450       7,269       0.03  

Allegro CLO XI Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.26 %      12.66 %      1/19/2033       3,895       3,863       3,894       0.01  

Apidos CLO XXXIII

  

(5)(6)(8)

     SOFR + 6.61 %      12.01 %      10/24/2034       5,000       4,959       4,889       0.02  

Apidos CLO XXXVI

  

(4)(5)(6)(8)

     SOFR + 6.21 %      11.37 %      7/20/2034       8,500       8,500       8,357       0.03  

Ares LXI CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.51 %      11.67 %      10/20/2034       7,750       7,750       7,518       0.03  

Ares LXII CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.14 %      1/25/2034       9,000       9,000       8,637       0.03  

Ares XXVII CLO, Ltd.

  

(5)(6)(8)

     SOFR + 7.01 %      12.43 %      10/28/2034       5,000       4,958       4,855       0.02  

Bain Capital Credit CLO
2020-4 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.98 %      13.40 %      10/20/2036       5,500       5,338       5,516       0.02  

Balboa Bay Loan Funding
2021-2, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.86 %      12.28 %      1/20/2035       7,000       6,941       6,537       0.02  

Barings CLO Ltd 2021-II

  

(4)(5)(6)(8)

     SOFR + 6.51 %      12.17 %      7/15/2034       6,000       6,000       5,815       0.02  

Barings CLO Ltd 2021-III

  

(4)(5)(6)(8)

     SOFR + 6.91 %      12.31 %      1/18/2035       7,200       7,200       6,676       0.02  

Barings CLO Ltd 2023-IV

  

(4)(5)(6)(8)

     SOFR + 7.59 %      12.91 %      1/20/2037       3,000       2,970       2,970       0.01  

Benefit Street Partners CLO XX

  

(4)(5)(6)(8)

     SOFR + 7.01 %      12.67 %      7/15/2034       6,500       6,500       6,488       0.02  

Benefit Street Partners LLC BSP 2020-21A

  

(4)(5)(6)(8)

     SOFR + 6.96 %      12.62 %      10/15/2034       3,000       2,974       2,979       0.01  

BlueMountain CLO XXIX Ltd

  

(4)(5)(6)(8)

     SOFR + 7.12 %      12.50 %      7/25/2034       2,750       2,692       2,611       0.01  

Broad River Ltd 2020-1

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.18 %      7/20/2034       7,000       6,952       6,950       0.02  

Carlyle US CLO 2020-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.51 %      11.93 %      7/20/2034       7,000       7,000       6,901       0.02  

 

82

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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—
non-controlled/non-affiliated (continued)

                

Diversified Financial Services (continued)

                

Carlyle US CLO 2023-5 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.90 %      13.27 %      1/27/2036       7,000       6,860       6,929       0.02  

Carval CLO V-C, LTD.

  

(4)(5)(6)(8)

     SOFR + 7.01 %      12.67 %      10/15/2034       8,000       7,933       7,889       0.03  

Carval CLO VI-C, LTD.

  

(4)(5)(6)(8)

     SOFR + 7.33 %      12.74 %      4/21/2034       8,750       8,674       8,706       0.03  

CIFC Funding 2019-III, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.06 %      12.72 %      10/16/2034       8,000       8,000       8,004       0.03  

CIFC Funding 2022-V, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.55 %      12.94 %      7/16/2033       10,000       9,913       10,050       0.04  

Dryden 112 CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.75 %      13.13 %      11/15/2036       4,900       4,784       4,883       0.02  

Dryden 95 CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.41 %      11.78 %      8/20/2034       8,000       8,000       7,500       0.03  

Eaton Vance CLO 2019-1 Ltd

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.16 %      4/15/2031       3,750       3,754       3,713       0.01  

Elmwood CLO 16, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.22 %      12.64 %      4/20/2034       6,000       5,948       6,032       0.02  

Elmwood CLO III, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.16 %      10/20/2034       3,500       3,500       3,501       0.01  

Elmwood CLO VI, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.16 %      10/20/2034       4,000       4,000       4,002       0.01  

Flatiron RR CLO 22, LLC

  

(5)(6)(8)

     SOFR + 6.46 %      11.85 %      10/15/2034       5,000       5,000       4,952       0.02  

Fort Washington CLO 2021-2, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.87 %      12.29 %      10/20/2034       12,000       11,901       11,892       0.04  

Galaxy 30 CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.95 %      12.34 %      4/15/2035       3,000       2,974       2,998       0.01  

Galaxy XXV CLO, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.21 %      11.59 %      10/25/2031       4,000       3,954       3,881       0.01  

Galaxy 32 CLO Ltd

  

(4)(5)(6)(8)

     SOFR + 7.33 %      12.70 %      10/20/2036       2,140       2,119       2,138       0.01  

Goldentree Loan Management US Clo 12 Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.25 %      12.67 %      4/20/2034       6,500       6,447       6,481       0.02  

Goldentree Loan Management US Clo 8 Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.41 %      11.83 %      10/20/2034       6,200       6,200       6,079       0.02  

Goldentree Loan Management US Clo 15 Ltd

  

(4)(5)(6)(8)

     SOFR + 6.50 %      11.84 %      10/20/2036       6,500       6,439       6,466       0.02  

Gulf Stream Meridian 5, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.59 %      11.99 %      7/15/2034       3,500       3,489       3,422       0.01  

Gulf Stream Meridian 7, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.85 %      12.24 %      7/15/2035       5,000       4,957       4,877       0.02  

Gulf Stream Meridian GSM 2021-IIIA, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.01 %      12.41 %      4/15/2034       1,000       962       999       0.00  

Halseypoint Clo 5, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.20 %      12.60 %      1/30/2035       9,500       9,339       8,968       0.03  

HPS Loan Management 15-2019 Ltd

  

(4)(5)(6)(8)

     SOFR + 6.80 %      12.10 %      1/22/2035       4,000       3,966       3,829       0.01  

Jamestown CLO XIV, Ltd.

  

(5)(6)(8)

     SOFR + 7.46 %      12.88 %      10/20/2034       10,000       9,833       9,935       0.03  

Kayne CLO III, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.16 %      4/15/2032       5,000       5,007       4,909       0.02  

Magnetite XXXII Ltd

  

(4)(5)(6)(8)

     SOFR + 6.90 %      12.29 %      4/15/2035       5,000       5,000       5,010       0.02  

MidOcean Credit CLO XIII Ltd

  

(4)(5)(6)(8)

     SOFR + 7.80 %      13.17 %      1/21/2037       9,500       9,120       9,337       0.03  

Morgan Stanley Eaton Vance Clo 2021-1, Ltd.

  

(5)(6)(8)

     SOFR + 7.01 %      12.40 %      10/20/2034       6,500       6,500       6,328       0.02  

Morgan Stanley Eaton Vance CLO 2022-17A Ltd

  

(4)(5)(6)(8)

     SOFR + 7.90 %      13.32 %      7/20/2035       1,000       1,007       1,006       0.00  

Neuberger Berman Loan Advisers CLO 38, Ltd.

  

(5)(6)(8)

     SOFR + 6.51 %      11.93 %      10/20/2035       11,000       11,000       10,838       0.04  

 

83

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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—
non-controlled/non-affiliated (continued)

                

Diversified Financial Services (continued)

                

OCP CLO 2021-22, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.86 %      12.28 %      12/2/2034       9,000       8,897       8,820       0.03  

Octagon 55, Ltd

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.18 %      7/20/2034       11,000       10,888       10,333       0.04  

Octagon Investment Partners 41, Ltd.

  

(5)(6)(8)

     SOFR + 7.39 %      12.79 %      10/15/2033       2,500       2,490       2,380       0.01  

Onex Credit Partners OCP 2020-19A

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.18 %      10/20/2034       4,250       4,088       4,157       0.01  

Palmer Square CLO 2015-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.13 %      5/21/2034       2,000       1,918       1,982       0.01  

Palmer Square CLO 2019-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.14 %      11/14/2034       12,000       12,000       11,853       0.04  

Palmer Square CLO 2022-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.35 %      11.77 %      4/20/2035       2,500       2,500       2,472       0.01  

Palmer Square CLO 2023-3 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.83 %      13.21 %      1/20/2037       10,000       9,900       9,984       0.03  

Park Avenue Institutional Advisers CLO Ltd 2022-1

  

(4)(5)(6)(8)

     SOFR + 7.29 %      12.71 %      4/20/2035       6,000       5,845       5,932       0.02  

Post CLO 2021-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.71 %      12.11 %      10/15/2034       6,000       6,000       5,825       0.02  

Post CLO 2022-1, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.75 %      12.17 %      4/20/2035       5,000       4,979       4,766       0.02  

PPM CLO 2, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.81 %      12.21 %      4/16/2032       2,250       2,253       2,107       0.01  

PPM CLO 4, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.16 %      10/18/2034       6,775       6,775       6,282       0.02  

PPM CLO 5, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.18 %      10/18/2034       4,800       4,800       4,453       0.02  

Rad CLO 14, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.76 %      12.42 %      1/15/2035       6,750       6,750       6,700       0.02  

Rad CLO 22 Ltd

  

(4)(5)(6)(8)

     SOFR + 7.73 %      13.10 %      1/20/2037       7,500       7,277       7,511       0.03  

Rockford Tower CLO 2021-3, Ltd.

  

(5)(6)(8)

     SOFR + 6.98 %      12.37 %      10/20/2034       2,000       1,975       1,786       0.01  

RR 19, Ltd.

  

(5)(6)(8)

     SOFR + 6.76 %      12.42 %      10/15/2035       3,000       3,000       2,995       0.01  

RR 20, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.25 %      12.64 %      7/15/2037       4,000       3,964       4,010       0.01  

Signal Peak 7, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.15 %      12.54 %      4/30/2032       3,875       3,847       3,822       0.01  

Sound Point CLO XXVII, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.82 %      12.20 %      10/25/2034       5,000       4,917       4,309       0.02  

Symphony CLO 34-PS Ltd.

  

(4)(5)(6)(8)

     SOFR + 8.15 %      13.55 %      7/24/2036       4,000       3,923       4,039       0.01  

Symphony CLO 30 Ltd

  

(4)(5)(6)(8)

     SOFR + 8.39 %      13.80 %      4/20/2035       3,500       3,536       3,524       0.01  

Trestles Clo IV, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.51 %      11.92 %      7/21/2034       8,000       8,000       7,792       0.03  

Vibrant CLO XII, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.37 %      12.79 %      1/20/2034       2,875       2,853       2,819       0.01  

Vibrant CLO XIII, Ltd.

  

(4)(5)(6)(8)

     SOFR + 7.32 %      12.72 %      7/15/2034       6,250       6,199       6,139       0.02  

Voya CLO 2019-4, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.97 %      12.36 %      1/15/2035       8,250       8,111       7,907       0.03  

Voya CLO 2020-2, Ltd.

  

(4)(5)(6)(8)

     SOFR + 6.66 %      12.06 %      7/19/2034       5,000       4,916       4,906       0.02  
           

 

 

    

 

 

    

 

 

  

Total Structured Finance Obligations—non-controlled/non-affiliated

               443,228       436,863       1.51  
           

 

 

    

 

 

    

 

 

  

Total Structured Finance Obligations

               443,228       436,863       1.51  
           

 

 

    

 

 

    

 

 

  

 

84

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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		  

Equity

                

Equity—non-controlled/non-affiliated

                

Aerospace & Defense

                

Loar Acquisition 13, LLC - Common Units

  

(4)

           2,890,586       4,336       9,394       0.03  

Micross Topco, Inc.

  

(4)

           116       125       115       0.00  
           

 

 

    

 

 

    

 

 

  
              4,461       9,509       0.03  

Air Freight & Logistics

                

AGI Group Holdings LP - A2 Units

  

(4)

           1,674       1,674       941       0.00  

Mode Holdings, L.P. - Class A-2 Common Units

  

(4)

           1,076,923       1,077       1,928       0.01  
           

 

 

    

 

 

    

 

 

  
              2,751       2,869       0.01  

Capital Markets

                

Resolute Investment Managers, Inc.

  

(4)

           48,476       1,212       1,212       0.00  

Commercial Services & Supplies

                

GTCR Investors LP - A-1 Units

  

(4)

           893,584       894       894       0.00  

Distributors

                

Box Co-Invest Blocker, LLC - Class A Units

  

(4)

           3,308,320       3,308       1,687       0.01  

Box Co-Invest Blocker, LLC - Class C Units

  

(4)

           401,889       390       434       0.00  
           

 

 

    

 

 

    

 

 

  
              3,698       2,121       0.01  

Diversified Consumer Services

                

Cambium Holdings, LLC - Senior Preferred Interests

  

(4)

       11.50 %        29,194,330       28,735       37,228       0.13  

Diversified Financial Services

                

THL Fund IX Investors (Plymouth II), LP

  

(4)

           666,667       667       667       0.00  

Diversified Telecommunication Services

                

Point Broadband Holdings, LLC - Class A Units

  

(4)

           12,870       10,915       13,091       0.05  

Point Broadband Holdings, LLC - Class B Units

  

(4)

           685,760       1,955       4,628       0.02  

Point Broadband Holdings, LLC - Class Additional A Units

  

(4)

           147,380       420       995       0.00  

Point Broadband Holdings, LLC - Class Additional B Units

  

(4)

           2,766       2,346       2,813       0.01  
           

 

 

    

 

 

    

 

 

  
              15,636       21,527       0.08  

Health Care Equipment & Supplies

                

GCX Corporation Group Holdings, L.P. - Class A-2 Units

  

(4)

           4,853       4,853       2,718       0.01  

Health Care Providers & Services

                

AVE Holdings I Corp.

  

(4)

           12,237,213       11,870       11,656       0.04  

CD&R Artemis Holdco 2 Limited - Preferred Shares

  

(4)(6)

           33,000,000       43,662       51,343       0.18  

CD&R Ulysses Equity Holdings, L.P. - Common Shares

  

(4)(6)

           6,000,000       6,090       5,040       0.02  

 

85

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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		  

Equity—non-controlled/non-affiliated (continued)

                

Health Care Providers & Services (continued)

                

Jayhawk Holdings, LP - A-1 Common Units

  

(4)

           12,472       2,220       975       0.00  

Jayhawk Holdings, LP - A-2 Common Units

  

(4)

           6,716       1,195       525       0.00  

Maia Aggregator, L.P. - Class A Units

  

(4)

           19,700,000       19,700       16,548       0.06  

NC Eve, L.P. - LP Interest

  

(4)(6)

           2,500,000       3,398       2,135       0.01  
           

 

 

    

 

 

    

 

 

  
              88,135       88,222       0.31  

Health Care Technology

                

Caerus Midco 2 S.À. R.L - Additional Vehicle Units

  

(4)(6)

           988,290       988       109       0.00  

Caerus Midco 2 S.À. R.L - Vehicle Units

  

(4)(6)

           4,941,452       4,941       4,596       0.02  

Healthcomp Holding Company, LLC - Preferred Interest

  

(4)

           18,035       1,804       1,804       0.01  
           

 

 

    

 

 

    

 

 

  
              7,733       6,509       0.03  

Insurance

                

Shelf Holdco Ltd Common Equity

  

(4)(6)

           1,300,000       1,300       2,275       0.01  

RSC Topco, Inc.- Preferred Shares

  

(4)

           100       97       102       0.00  
           

 

 

    

 

 

    

 

 

  
              1,397       2,377       0.01  

IT Services

                

NC Ocala Co-Invest Beta, L.P. - LP Interest

  

(4)

           25,687,196       25,687       27,485       0.10  

Professional Services

                

OHCP V TC COI, LP. - LP Interest

  

(4)

           6,500,000       6,500       11,245       0.04  

Tricor Horizon, LP

  

(4)(6)

           14,273,892       14,396       14,274       0.05  

Victors CCC Topco, LP

  

(4)

           9,600,000       9,600       15,168       0.05  
           

 

 

    

 

 

    

 

 

  
              30,496       40,687       0.14  

Software

                

Connatix Parent, LLC - Class L Common Units

  

(4)

           126,136       1,388       352       0.00  

Descartes Holdings, Inc - Class A Units

  

(4)

           937,585       4,060       1,941       0.01  

Expedition Holdco, LLC

  

(4)

           810,810       810       459       0.00  

Knockout Intermediated Holdings I, Inc.

  

(4)

           49,020       47,795       60,785       0.21  

Lobos Parent, Inc. - Series A Preferred Shares

  

(4)

       10.50 %        45,090       43,963       53,094       0.19  

Mandolin Technology Holdings, Inc. - Series A Preferred Shares

  

(4)

           31,950,000       30,992       32,110       0.11  

Mimecast Limited

  

(4)

           73,213,759       73,214       75,732       0.27  

 

86

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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		  

Equity—non-controlled/non-affiliated (continued)

                

Software (continued)

                

Mitratech Holdings, Inc. - Class A Preferred Shares

  

(4)

           1,573       1,535       1,525       0.01  

TPG IX Newark CI, L.P. - LP Interests

  

(4)(6)

           3,846,970       3,847       3,847       0.01  

Zoro Common Equity

  

(4)

           1,195,880       11,959       11,959       0.04  

Zoro Series A Preferred Shares

  

(4)

       12.50 %        44,535       42,976       50,102       0.18  
           

 

 

    

 

 

    

 

 

  
              262,539       291,906       1.03  

Transportation Infrastructure

                

Atlas Intermediate Holding LLC - Preferred Interest

  

(4)

           34,238,400       33,725       36,977       0.13  

Enstructure LLC

  

(4)

           4,642,254       3,440       4,593       0.02  

Frontline Road Safety Investments, LLC - Class A Common Units

  

(4)

           58,590       6,178       8,035       0.03  

Ncp Helix Holdings, LLC. - Preferred Shares

  

(4)

           1,485,282       1,115       1,604       0.01  
              44,458       51,209       0.19  
           

 

 

    

 

 

    

 

 

  

Total Equity—non-controlled/non-affiliated

               523,352       587,140       2.08  
           

 

 

    

 

 

    

 

 

  

Equity—non-controlled/affiliated

                

Distributors

                

GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)

  

(4)(6)(16)

           265,556       558       2,499       0.01  
           

 

 

    

 

 

    

 

 

  

Total Equity—non-controlled/affiliated

               558       2,499       0.01  
           

 

 

    

 

 

    

 

 

  

Equity—controlled/affiliated (excluding Investments in Joint Ventures)

                

Chemicals

                

Pigments LP Int

  

(4)(6)(16)

           3,943       —       —       0.00  

Diversified Financial Services

                

Specialty Lending Company LLC - LLC Interest

  

(4)(6)(16)

           250,974,000       250,974       265,631       0.93  

Insurance

                

CFCo LLC (Benefytt Technologies, Inc.) - Class B Units

  

(4)(16)

           134,166,603       —       —       0.00  

Specialty Retail

                

GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)

  

(4)(6)(16)

           1,500,000       1,421       1,981       0.01  
           

 

 

    

 

 

    

 

 

  

Total Equity—controlled/affiliated (excluding Investments in Joint Ventures)

               252,395       267,612       0.94  
           

 

 

    

 

 

    

 

 

  

Total Equity

               776,305       857,251       3.03  
           

 

 

    

 

 

    

 

 

  

 

87

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(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		  

Investment in Joint Venture

                

BCRED Emerald JV

  

(6)(16)

             2,002,500       2,032,260       7.12  

BCRED Verdelite JV

  

(6)(16)

             117,706       129,265       0.45  
           

 

 

    

 

 

    

 

 

  

Total Investments in Joint Ventures Total

               2,120,206       2,161,525       7.57  
           

 

 

    

 

 

    

 

 

  

Total Investments—non-controlled/non-affiliated

               48,561,249       48,242,813       168.90  

Total Investments—non-controlled/affiliated

               558       2,499       0.01  

Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)

               339,710       337,074       1.17  

Total Investments—Investments in Joint Ventures

               2,120,206       2,161,525       7.57  
           

 

 

    

 

 

    

 

 

  

Total Investment Portfolio

               51,021,723       50,743,911       177.65  
           

 

 

    

 

 

    

 

 

  

Cash and Cash Equivalents

                

State Street Institutional U.S. Government Money Market Fund

               158,725       158,725       0.56  

Other Cash and Cash Equivalents

               1,323,045       1,323,045       4.64  
           

 

 

    

 

 

    

 

 

  

Total Portfolio Investments, Cash and Cash Equivalents

             $ 52,503,493     $ 52,225,681       182.85 % 
           

 

 

    

 

 

    

 

 

  

 

(1)

Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. Variable rate loans typically include an interest reference rate floor feature.

(3)

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

 

88

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

(4)

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

(5)

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

(6)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70.0% of the Company’s total assets. As of December 31, 2023, non-qualifying assets represented 21.2% of total assets as calculated in accordance with regulatory requirements.

(7)

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

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration Date		     Unfunded
Commitment		     Fair
Value		  

123Dentist, Inc.

  

Delayed Draw Term Loan

     8/10/2029     $ 25,961     $ —   

ACI Group Holdings, Inc.

  

Delayed Draw Term Loan

     8/2/2024       26,305       —   

ACI Group Holdings, Inc.

  

Revolver

     8/2/2027       18,259       —   

ADCS Clinics Intermediate Holdings, LLC

  

Revolver

     5/7/2026       3,902       (78 ) 

Alera Group, Inc.

  

Delayed Draw Term Loan

     11/17/2025       22,342       (112 ) 

Amerilife Holdings LLC

  

Delayed Draw Term Loan

     8/31/2029       12,965       —   

Amerilife Holdings LLC

  

Revolver

     8/31/2028       48,715       —   

Amerilife Holdings LLC

  

Delayed Draw Term Loan

     10/20/2026       85,238       (852 ) 

Amerivet Partners Management, Inc.

  

Revolver

     2/25/2028       11,511       —   

Analytic Partners LP

  

Revolver

     4/4/2028       3,261       —   

Anaplan, Inc.

  

Revolver

     6/21/2028       47,983       (240 ) 

Apex Companies, LLC

  

Delayed Draw Term Loan

     1/31/2028       369       (5 ) 

Armada Parent, Inc.

  

Delayed Draw Term Loan

     2/15/2024       11,250       —   

Armada Parent, Inc.

  

Revolver

     10/29/2027       27,000       (270 ) 

Ascend Buyer, LLC

  

Revolver

     9/30/2027       5,173       —   

Atlas CC Acquisition Corp.

  

Delayed Draw Term Loan

     5/26/2026       14,403       (1,401 ) 

Atlas CC Acquisition Corp.

  

Revolver

     5/26/2026       13,168       —   

Avalara Inc

  

Revolver

     10/19/2028       2,308       (12 ) 

Bamboo US BidCo LLC

  

Revolver

     9/28/2029       6,278       (141 ) 

Bamboo US BidCo LLC

  

Delayed Draw Term Loan

     9/30/2030       4,385       —   

Bazaarvoice, Inc.

  

Revolver

     5/7/2026       45,117       —   

Beeline, LLC

  

Delayed Draw Term Loan

     5/2/2029       4,821       (24 ) 

Beeline, LLC

  

Revolver

     5/2/2028       5,543       —   

BlueCat Networks USA, Inc.

  

Delayed Draw Term Loan

     8/8/2028       9,862       —   

 

89

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration Date		     Unfunded
Commitment		     Fair
Value		  

Bluefin Holding, LLC

  

Revolver

     9/12/2029       4,487       (67 ) 

BradyIFS Holdings, LLC

  

Delayed Draw Term Loan

     10/31/2025       16,984       —   

BradyIFS Holdings, LLC

  

Revolver

     10/31/2029       17,309       (346 ) 

Brave Parent Holdings, Inc.

  

Delayed Draw Term Loan

     5/28/2025       56,649       (425 ) 

Brave Parent Holdings, Inc.

  

Revolver

     11/28/2030       28,325       (283 ) 

Caerus US 1, Inc.

  

Delayed Draw Term Loan

     5/25/2029       6,973       —   

Caerus US 1, Inc.

  

Delayed Draw Term Loan

     5/25/2029       32,788       —   

Caerus US 1, Inc.

  

Revolver

     5/25/2029       12,613       —   

Cambium Learning Group, Inc.

  

Revolver

     7/20/2028       101,715       —   

Castle Management Borrower, LLC

  

Revolver

     11/3/2029       4,167       (63 ) 

CFC Underwriting, Ltd.

  

Delayed Draw Term Loan

     5/16/2029       20,232       —   

CFGI Holdings, LLC

  

Revolver

     11/2/2027       19,950       (399 ) 

CFS Brands, LLC

  

Revolver

     10/2/2030       30,858       (617 ) 

CFS Brands, LLC

  

Delayed Draw Term Loan

     10/2/2030       20,572       —   

Chronicle Bidco, Inc.

  

Revolver

     11/14/2025       2,815       —   

Circana Group, L.P.

  

Revolver

     12/1/2027       86,026       —   

Claims Automation Intermediate 2, LLC

  

Delayed Draw Term Loan

     12/16/2027       68,521       (685 ) 

Clearview Buyer, Inc.

  

Delayed Draw Term Loan

     8/26/2024       33,015       —   

Clearview Buyer, Inc.

  

Revolver

     2/26/2027       8,085       (162 ) 

Community Brands ParentCo, LLC

  

Delayed Draw Term Loan

     2/24/2024       10,809       (108 ) 

Community Brands ParentCo, LLC

  

Revolver

     2/24/2028       6,330       (16 ) 

Confine Visual Bidco

  

Delayed Draw Term Loan

     3/11/2024       49,522       —   

Connatix Buyer, Inc.

  

Revolver

     7/14/2027       16,294       (1,344 ) 

COP Home Services TopCo IV, Inc.

  

Revolver

     12/31/2025       19,964       (214 ) 

COP Home Services TopCo IV, Inc.

  

Delayed Draw Term Loan

     12/30/2027       13,936       (209 ) 

Coupa Software Inc.

  

Delayed Draw Term Loan

     8/27/2024       164       (2 ) 

Coupa Software Inc.

  

Revolver

     2/27/2029       126       (1 ) 

CPI Buyer, LLC

  

Revolver

     11/1/2026       28,928       (579 ) 

CPI Intermediate Holdings Inc

  

Delayed Draw Term Loan

     10/8/2029       111,547       (1,115 ) 

Crewline Buyer, Inc.

  

Revolver

     11/8/2030       12,790       (309 ) 

Cumming Group, Inc.

  

Revolver

     11/16/2027       25,468       (382 ) 

Cumming Group, Inc.

  

Delayed Draw Term Loan

     5/21/2025       19,245       (144 ) 

Denali Bidco Ltd

  

Delayed Draw Term Loan

     8/29/2030       6,300       (5 ) 

Discovery Education, Inc.

  

Revolver

     4/9/2029       52,540       (2,102 ) 

Doc Generici (Diocle S.p.A.)

  

Delayed Draw Term Loan

     10/26/2024       5,288       —   

DTI Holdco, Inc.

  

Revolver

     4/26/2027       10,000       (173 ) 

Eliassen Group, LLC

  

Delayed Draw Term Loan

     4/14/2028       9,961       —   

Emergency Power Holdings, LLC

  

Delayed Draw Term Loan

     8/17/2024       49,368       (494 ) 

Endeavor Schools Holdings LLC

  

Delayed Draw Term Loan

     7/18/2029       12,377       —   

ENV Bidco AB

  

Delayed Draw Term Loan

     7/19/2029       26,639       (3,659 ) 

Episerver, Inc.

  

Revolver

     4/9/2026       3,833       (153 ) 

Ergomed Plc

  

Delayed Draw Term Loan

     11/17/2025       7,569       —   

 

90

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration Date		     Unfunded
Commitment		     Fair
Value		  

Excelitas Technologies Corp.

  

Delayed Draw Term Loan

     8/13/2029       4,927       —   

Excelitas Technologies Corp.

  

Revolver

     8/14/2028       5,715       —   

Experity, Inc.

  

Revolver

     2/24/2028       13,452       (135 ) 

Fencing Supply Group Acquisition, LLC

  

Delayed Draw Term Loan

     2/29/2024       3,945       (49 ) 

Fencing Supply Group Acquisition, LLC

  

Delayed Draw Term Loan

     2/26/2027       3,381       —   

Formulations Parent Corp.

  

Revolver

     11/15/2029       3,571       (66 ) 

Forterro UK Ltd.

  

Delayed Draw Term Loan

     7/7/2029       11,621       —   

Foundation Risk Partners Corp.

  

Revolver

     10/29/2027       9,529       (143 ) 

Foundation Risk Partners Corp.

  

Delayed Draw Term Loan

     10/29/2028       3,958       —   

Foundation Risk Partners Corp.

  

Delayed Draw Term Loan

     10/29/2025       27,063       (271 ) 

Freya Bidco Limited

  

Term Loan

     10/31/2030       1,056       —   

Freya Bidco Limited

  

Delayed Draw Term Loan

     10/31/2030       12,907       —   

Freya Bidco Limited

  

Term Loan

     10/31/2030       105,258       —   

Freya Bidco Limited

  

Delayed Draw Term Loan

     10/31/2030       12,921       —   

Frontgrade Technologies Holdings, Inc.

  

Revolver

     1/9/2028       516       —   

Frontline Road Safety, LLC

  

Delayed Draw Term Loan

     6/15/2025       22,446       (281 ) 

FusionSite Midco, LLC

  

Delayed Draw Term Loan

     11/17/2024       15,400       —   

FusionSite Midco, LLC

  

Revolver

     11/17/2029       4,884       (110 ) 

Galway Borrower, LLC

  

Revolver

     9/30/2027       19,017       (285 ) 

GI Consilio Parent, LLC

  

Revolver

     5/14/2026       4,629       (51 ) 

GI Consilio Parent, LLC

  

Revolver

     5/14/2026       844       —   

GI Ranger Intermediate, LLC

  

Delayed Draw Term Loan

     10/30/2028       27,360       —   

GI Ranger Intermediate, LLC

  

Revolver

     10/29/2027       4,320       —   

Gigamon Inc.

  

Revolver

     3/11/2028       25,774       (64 ) 

Go Car Wash Management Corp.

  

Delayed Draw Term Loan

     12/31/2026       84,833       (954 ) 

GovernmentJobs.com, Inc.

  

Revolver

     12/2/2027       19,764       (395 ) 

GraphPAD Software, LLC

  

Revolver

     4/27/2027       1,416       —   

Groundworks, LLC

  

Delayed Draw Term Loan

     9/13/2025       37       —   

Groundworks, LLC

  

Revolver

     3/14/2029       42       (1 ) 

HIG Orca Acquisition Holdings, Inc.

  

Delayed Draw Term Loan

     8/17/2027       9,724       —   

HIG Orca Acquisition Holdings, Inc.

  

Revolver

     8/17/2027       9,254       —   

High Street Buyer, Inc.

  

Delayed Draw Term Loan

     4/16/2028       37,586       —   

High Street Buyer, Inc.

  

Revolver

     4/16/2027       4,186       (84 ) 

Houghton Mifflin, LLC

  

Revolver

     4/7/2027       18,750       (129 ) 

Icefall Parent Inc

  

Term Loan

     1/25/2030       70,792       —   

Icefall Parent Inc

  

Revolver

     1/25/2030       6,742       —   

IG Investments Holdings, LLC

  

Revolver

     9/22/2027       44,828       (224 ) 

Inova Pharmaceutical

  

Term Loan

     10/30/2028       661       —   

Inova Pharmaceutical

  

Delayed Draw Term Loan

     10/30/2028       102       —   

Inovalon Holdings, Inc.

  

Delayed Draw Term Loan

     6/24/2024       99,544       (1,244 ) 

Integrity Marketing Acquisition, LLC

  

Delayed Draw Term Loan

     8/27/2025       4,325       —   

 

91

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration Date		     Unfunded
Commitment		     Fair
Value		  

Integrity Marketing Acquisition, LLC

  

Revolver

     8/27/2026       350       (2 ) 

Integrity Marketing Acquisition, LLC

  

Revolver

     8/27/2025       303       (3 ) 

Iris Buyer, LLC

  

Delayed Draw Term Loan

     10/2/2030       6,812       —   

Iris Buyer, LLC

  

Revolver

     10/2/2029       7,870       (216 ) 

ISQ Hawkeye Holdco, Inc.

  

Delayed Draw Term Loan

     8/17/2029       453       —   

ISQ Hawkeye Holdco, Inc.

  

Revolver

     8/17/2028       806       —   

Java Buyer, Inc.

  

Delayed Draw Term Loan

     4/1/2024       30,676       —   

Java Buyer, Inc.

  

Delayed Draw Term Loan

     11/9/2025       42,170       —   

Jupiter Bidco Limited

  

Delayed Draw Term Loan

     8/5/2029       41,392       —   

Kaseya, Inc.

  

Delayed Draw Term Loan

     6/25/2029       41,761       —   

Kaseya, Inc.

  

Revolver

     6/25/2029       36,559       —   

Knowledge Pro Buyer, Inc.

  

Delayed Draw Term Loan

     12/8/2025       25,388       —   

Knowledge Pro Buyer, Inc.

  

Revolver

     12/10/2027       6,824       —   

Kwol Acquisition, Inc.

  

Revolver

     12/6/2029       628       —   

Kwor Acquisition, Inc.

  

Delayed Draw Term Loan

     12/22/2027       3,735       —   

Kwor Acquisition, Inc.

  

Revolver

     12/22/2027       6,951       —   

Loar Group, Inc.

  

Delayed Draw Term Loan

     4/1/2024       47,000       —   

Magnesium BorrowerCo, Inc.

  

Delayed Draw Term Loan

     5/18/2029       99,913       (2,478 ) 

Magneto Components BuyCo, LLC

  

Revolver

     12/5/2029       8,983       (225 ) 

Magneto Components BuyCo, LLC

  

Delayed Draw Term Loan

     6/5/2025       10,780       —   

Mandolin Technology Intermediate Holdings, Inc.

  

Revolver

     7/30/2026       8,247       —   

Mantech International CP

  

Delayed Draw Term Loan

     9/14/2029       120,596       —   

Mantech International CP

  

Revolver

     9/14/2028       111,118       (1,111 ) 

Marcone Yellowstone Buyer, Inc.

  

Delayed Draw Term Loan

     6/23/2028       5,722       (286 ) 

Marcone Yellowstone Buyer, Inc.

  

Delayed Draw Term Loan

     6/23/2028       520       —   

Material Holdings, LLC

  

Revolver

     8/17/2027       7,630       —   

Medline Borrower LP

  

Revolver

     2/27/2026       17,850       (37 ) 

Mercury Bidco Globe Limited

  

Term Loan

     1/31/2031       100,402       —   

Mercury Bidco Globe Limited

  

Delayed Draw Term Loan

     1/31/2026       25,389       —   

Metis Buyer, Inc.

  

Revolver

     5/4/2026       5,940       —   

MHE Intermediate Holdings, LLC

  

Revolver

     7/21/2027       804       —   

Mitratech Holdings, Inc.

  

Delayed Draw Term Loan

     11/26/2024       7,280       —   

Monk Holding Co.

  

Delayed Draw Term Loan

     12/1/2024       19,234       —   

Monterey Financing, S.A.R.L

  

Delayed Draw Term Loan

     9/19/2029       19,804       —   

More Cowbell II, LLC

  

Delayed Draw Term Loan

     9/1/2030       2,244       (27 ) 

More Cowbell II, LLC

  

Revolver

     9/1/2029       2,308       —   

MPG Parent Holdings LLC

  

Term Loan

     1/8/2030       17,938       —   

MPG Parent Holdings LLC

  

Revolver

     1/8/2030       2,188       —   

MPG Parent Holdings LLC

  

Delayed Draw Term Loan

     1/8/2026       4,464       —   

MRI Software, LLC

  

Revolver

     2/10/2026       673       (13 ) 

MRI Software, LLC

  

Revolver

     2/10/2027       1,677       (3 ) 

MRI Software, LLC

  

Delayed Draw Term Loan

     2/10/2027       37,034       (185 ) 

MRI Software, LLC

  

Delayed Draw Term Loan

     2/10/2027       3,703       (37 ) 

 

92

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration Date		     Unfunded
Commitment		     Fair
Value		  

Natus Medical Incorporated

  

Revolver

     7/21/2027       2,788       —   

NAVEX TopCo, Inc.

  

Revolver

     11/9/2028       8,855       (177 ) 

Navigator Acquiror, Inc.

  

Delayed Draw Term Loan

     1/16/2025       45,956       —   

NDC Acquisition Corp.

  

Revolver

     3/9/2027       2,911       —   

Neptune Holdings, Inc.

  

Revolver

     8/14/2030       2,000       (40 ) 

NMC Crimson Holdings, Inc.

  

Delayed Draw Term Loan

     1/1/2024       2,617       —   

NortonLifeLock, Inc.

  

Revolver

     9/12/2029       3,375       (28 ) 

Onex Baltimore Buyer, Inc.

  

Delayed Draw Term Loan

     5/27/2024       10,781       —   

Onex Baltimore Buyer, Inc.

  

Delayed Draw Term Loan

     1/21/2025       70,001       —   

ONS MSO, LLC

  

Delayed Draw Term Loan

     12/13/2025       64,286       —   

ONS MSO, LLC

  

Revolver

     7/8/2026       6,192       —   

Oranje Holdco Inc

  

Revolver

     2/1/2029       8,250       —   

Pavion Corp.

  

Revolver

     10/30/2030       12,586       —   

Pavion Corp.

  

Delayed Draw Term Loan

     10/30/2025       27,871       (279 ) 

Pearce Services, LLC

  

Delayed Draw Term Loan

     6/2/2027       949       —   

Petrus Buyer Inc

  

Delayed Draw Term Loan

     10/17/2029       11,304       (170 ) 

Petrus Buyer Inc

  

Revolver

     10/17/2029       5,163       —   

PGIS Intermediate Holdings, LLC

  

Revolver

     10/16/2028       7,135       (143 ) 

PGIS Intermediate Holdings, LLC

  

Delayed Draw Term Loan

     10/16/2028       24,823       —   

Phoenix 1 Buyer Corp.

  

Revolver

     11/20/2029       8,349       (83 ) 

Plasma Buyer, LLC

  

Delayed Draw Term Loan

     5/12/2029       23,780       (238 ) 

Plasma Buyer, LLC

  

Revolver

     5/12/2028       9,644       —   

Polyphase Elevator Holding Co.

  

Revolver

     6/23/2027       374       —   

PPV Intermediate Holdings, LLC

  

Revolver

     8/31/2029       9,910       (74 ) 

PPV Intermediate Holdings, LLC

  

Delayed Draw Term Loan

     8/31/2029       4,979       (25 ) 

Profile Products, LLC

  

Revolver

     11/12/2027       9,886       (321 ) 

Profile Products, LLC

  

Revolver

     11/12/2027       6,700       —   

Progress Residential PM Holdings, LLC

  

Delayed Draw Term Loan

     4/26/2024       16,623       —   

Progress Residential PM Holdings, LLC

  

Delayed Draw Term Loan

     7/25/2029       2,915       —   

Project Leopard Holdings, Inc.

  

Revolver

     7/20/2027       13,391       —   

Pye-Barker Fire & Safety LLC

  

Delayed Draw Term Loan

     11/26/2027       18,278       (183 ) 

Quality Distribution LLC

  

Delayed Draw Term Loan

     10/3/2024       25       —   

Quality Distribution LLC

  

Revolver

     4/3/2028       94       (3 ) 

Quality Distribution LLC

  

Revolver

     7/1/2026       9,000       (405 ) 

Quality Distribution LLC

  

Delayed Draw Term Loan

     10/24/2025       1,390       (7 ) 

Qualus Power Services Corp.

  

Delayed Draw Term Loan

     1/26/2025       5,694       —   

Rally Buyer, Inc.

  

Delayed Draw Term Loan

     7/19/2028       12,089       —   

Rally Buyer, Inc.

  

Revolver

     7/19/2028       10,647       —   

Redwood Services Group, LLC

  

Delayed Draw Term Loan

     6/15/2029       38       —   

Redwood Services Group, LLC

  

Delayed Draw Term Loan

     6/15/2029       6       —   

Redwood Services Group, LLC

  

Delayed Draw Term Loan

     6/15/2029       2,454       —   

Relativity ODA, LLC

  

Revolver

     5/12/2027       4,937       (74 ) 

Riser Merger Sub, Inc.

  

Revolver

     10/31/2029       16,200       (324 ) 

Riser Merger Sub, Inc.

  

Delayed Draw Term Loan

     10/31/2025       37,800       (378 ) 

 

93

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration Date		     Unfunded
Commitment		     Fair
Value		  

RoadOne Inc

  

Delayed Draw Term Loan

     12/30/2028       163       —   

RoadOne Inc

  

Revolver

     12/30/2028       275       —   

RSC Acquisition, Inc.

  

Delayed Draw Term Loan

     10/30/2026       45,989       —   

S&P Global Engineering Solutions

  

Revolver

     5/2/2029       249       —   

Safety Borrower Holdings LP

  

Revolver

     9/1/2027       839       —   

Sailpoint Technologies, Inc.

  

Revolver

     8/16/2028       34,083       —   

Sam Holding Co, Inc.

  

Revolver

     3/24/2027       24,000       (300 ) 

Sam Holding Co, Inc.

  

Delayed Draw Term Loan

     9/24/2027       37,200       —   

SEKO Global Logistics Network, LLC

  

Revolver

     12/30/2026       8,422       —   

Sherlock Buyer Corp.

  

Delayed Draw Term Loan

     12/8/2028       11,177       (112 ) 

Sherlock Buyer Corp.

  

Revolver

     12/8/2027       4,445       (89 ) 

Smile Doctors, LLC

  

Revolver

     12/23/2027       51,955       (1,299 ) 

Smile Doctors, LLC

  

Delayed Draw Term Loan

     12/23/2028       124,106       (1,862 ) 

Snoopy Bidco, Inc.

  

Delayed Draw Term Loan

     5/6/2024       51,214       (768 ) 

SpecialtyCare, Inc.

  

Delayed Draw Term Loan

     6/19/2028       6,544       —   

SpecialtyCare, Inc.

  

Revolver

     6/18/2026       5,104       —   

Stepping Stones Healthcare Services, LLC

  

Delayed Draw Term Loan

     1/2/2024       9,922       —   

Stepping Stones Healthcare Services, LLC

  

Revolver

     12/30/2026       22,501       (788 ) 

Sunshine Cadence Holdco, LLC

  

Delayed Draw Term Loan

     3/23/2027       100       —   

Tennessee Bidco Limited

  

Delayed Draw Term Loan

     6/22/2024       228,925       (5,202 ) 

The Fertility Partners, Inc.

  

Revolver

     9/16/2027       806       —   

Thermostat Purchaser III, Inc.

  

Revolver

     8/31/2026       8,125       (128 ) 

Trader Corp.

  

Revolver

     12/22/2028       6,899       —   

Trinity Air Consultants Holdings Corp.

  

Delayed Draw Term Loan

     6/29/2027       21,738       —   

Trinity Air Consultants Holdings Corp.

  

Revolver

     6/29/2027       12,780       —   

Trinity Partners Holdings, LLC

  

Delayed Draw Term Loan

     6/20/2025       115,743       (1,157 ) 

Triple Lift, Inc.

  

Revolver

     5/6/2028       8,815       —   

Turing Holdco, Inc.

  

Delayed Draw Term Loan

     8/3/2028       47,203       —   

Turing Holdco, Inc.

  

Delayed Draw Term Loan

     8/3/2028       31,353       —   

UMP Holdings, LLC

  

Delayed Draw Term Loan

     7/15/2028       3,852       —   

Unified Physician Management, LLC

  

Revolver

     6/18/2029       101,845       —   

US Oral Surgery Management Holdco, LLC

  

Revolver

     11/18/2027       12,932       (291 ) 

US Oral Surgery Management Holdco, LLC

  

Delayed Draw Term Loan

     12/31/2024       10,500       —   

Victors CCC Buyer, LLC

  

Delayed Draw Term Loan

     6/1/2029       31,095       —   

Victors CCC Buyer, LLC

  

Revolver

     6/1/2029       29,205       —   

West Monroe Partners, LLC

  

Revolver

     11/9/2027       56,571       —   

WHCG Purchaser III, Inc.

  

Revolver

     6/22/2026       31       —   

World Insurance Associates, LLC

  

Delayed Draw Term Loan

     4/3/2028       53,333       (533 ) 

 

94

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Investments—non-controlled/non-affiliated

  

Commitment Type

   Commitment
Expiration Date		     Unfunded
Commitment		     Fair
Value		  

World Insurance Associates, LLC

  

Revolver

     4/3/2028       3,333       (67 ) 

WPEngine, Inc.

  

Revolver

     8/14/2029       8,140       (244 ) 

Zendesk Inc

  

Delayed Draw Term Loan

     11/22/2028       208,035       (3,121 ) 

Zendesk Inc

  

Revolver

     11/3/2028       97,650       (1,953 ) 

Zeus Company, LLC

  

Term Loan

     2/28/2031       48,365       —   

Zeus Company, LLC

  

Revolver

     2/28/2030       6,749       —   

Zeus Company, LLC

  

Delayed Draw Term Loan

     2/28/2026       9,067       —   
     

 

 

    

 

 

  

Total unfunded commitments

       $ 5,370,824     $ (47,166 ) 
     

 

 

    

 

 

  

 

(8)

There are no interest rate floors on these investments.

(9)

The interest rate floor on these investments as of December 31, 2023 was 0.50%.

(10)

The interest rate floor on these investments as of December 31, 2023 was 0.75%.

(11)

The interest rate floor on these investments as of December 31, 2023 was 1.00%.

(12)

The interest rate floor on these investments as of December 31, 2023 was 1.25%.

(13)

The interest rate floor on these investments as of December 31, 2023 was 1.50%.

(14)

The interest rate floor on these investments as of December 31, 2023 was 2.00%.

(15)

For unsettled positions the interest rate does not include the base rate.

(16)

Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:

 

    Fair Value
as of
December 31,
2022		     Gross
Additions		     Gross
Reductions		     Net change in
Unrealized
Appreciation
(Depreciation)		     Net
Realized
Gain (Loss)		     Fair value
as of
December 31,
2023		     Income  

Non-Controlled/Affiliated Investments

              

GSO DL Co-Invest EIS LP

   $ 2,813     $ —      $ (374 )    $ (153 )    $ 213     $ 2,499     $ 16  

Controlled/Affiliated Investments

              

Daylight Beta Parent LLC (Benefytt Technologies, Inc.)

     —        49,530       —        —        —        49,530       1,486  

CFCo LLC (Benefytt Technologies, Inc.)

     —        12,715       —        (12,103 )      —        612       —   

CFCo LLC (Benefytt Technologies, Inc.)

     —        —        —        —        —        —        —   

Pigments Services, Inc.

     —        15,344       —        (5,932 )      —        9,412       —   

Pigments Services, Inc.

     —        9,908       —        —        —        9,908       934  

Pigments Services, Inc.

     —        —        —        —        —        —        —   

Specialty Lending Company LLC

     172,330       79,074       —        14,227       —        265,631       7,641  

 

95

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

    Fair Value
as of
December 31,
2022		     Gross
Additions		     Gross
Reductions		     Net change in
Unrealized
Appreciation
(Depreciation)		     Net
Realized
Gain (Loss)		     Fair value
as of
December 31,
2023		     Income  

BCRED Emerald JV LP

     2,072,717       —        (112,500 )      72,043       —        2,032,260       291,248  

BCRED Verdelite JV LP

     115,677       —        —        13,588       —        129,265       18,646  

GSO DL Co-Invest CI LP

     1,881       —        —        100       —        1,981       —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 2,365,418     $ 166,571     $ (112,874 )    $ 81,770     $ 213     $ 2,501,098     $ 319,971  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(17)

Loan was on non-accrual status as of December 31, 2023.

(18)

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

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

 

Counterparty

    Currency
Purchased		      Currency Sold      Settlement
Date		      Change in
Unrealized
Appreciation
(Depreciation)		  

Deutsche Bank AG

      USD 14,718        CAD 20,000        3/13/2024      $ (443 ) 

Deutsche Bank AG

      USD 11,064        CAD 15,000        3/14/2024        (307 ) 

Deutsche Bank AG

      USD 9,190        CHF 8,000        3/14/2024        (397 ) 

Goldman Sachs Bank USA

      USD 79,492        DKK 546,731        3/14/2024        (1,925 ) 

Deutsche Bank AG

      USD 86,514        EUR 80,000        3/14/2024        (2,221 ) 

Deutsche Bank AG

      USD 100,490        GBP 80,000        3/14/2024        (1,467 ) 

Goldman Sachs Bank USA

      USD 53,367        NOK 584,117        3/14/2024        (4,409 ) 

Goldman Sachs Bank USA

      USD 23,358        NZD 38,100        3/14/2024        (795 ) 

Goldman Sachs Bank USA

      USD 10,538        SEK 109,749        3/13/2024        (410 ) 

Goldman Sachs Bank USA

      USD 22,768        SEK 237,106        3/14/2024        (885 ) 
           

 

 

  

Total Foreign Currency Forward Contracts

             $ (13,259 ) 
           

 

 

  

Interest Rate Swaps

 

Counterparty

  

Hedged
Instrument

   Company
Receives		    

Company Pays

   Maturity
Date		     Notional
Amount		     Fair
Market
Value		     Upfront
Payments/
Receipts		     Change in
Unrealized
Appreciation
(Depreciation)(1)		  

Goldman Sachs Bank USA

   June 2024 Notes     2.56 %    SOFR + 0.93%     6/21/2024     $ 435,000     $ (7,201 )    $ —      $ 11,724  

Goldman Sachs Bank USA

   September 2024 Notes     1.75 %    SOFR + 0.08%     9/15/2024       365,000       (8,535 )      —        8,964  

Goldman Sachs Bank USA

   November 2024 Notes     2.35 %    SOFR + 0.66%     11/22/2024       500,000       (13,756 )      —        11,606  

Goldman Sachs Bank USA

   January 2025 Notes     2.70 %    SOFR + 0.99%     1/15/2025       500,000       (15,412 )      —        11,177  

 

96

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Counterparty

  

Hedged
Instrument

   Company
Receives		    

Company Pays

   Maturity
Date		     Notional
Amount		     Fair
Market
Value		     Upfront
Payments/
Receipts		     Change in
Unrealized
Appreciation
(Depreciation)(1)		  

Goldman Sachs Bank USA

   December 2026 Notes     2.63 %    SOFR + 0.26%     12/15/2026       625,000       (24,724 )      —        9,933  

Deutsche Bank

   December 2026 Notes     2.63 %    SOFR + 0.26%     12/15/2026       625,000       (24,496 )      —        9,856  

Goldman Sachs Bank USA

   March 2025 Notes     4.70 %    SOFR + 2.43%     3/24/2025       400,000       (11,089 )      —        6,889  

Deutsche Bank

   March 2025 Notes     4.70 %    SOFR + 2.43%     3/24/2025       500,000       (13,873 )      —        8,621  

Deutsche Bank

   April 2026 UK Bonds     4.87 %    SONIA + 2.78%     4/14/2026     GBP  250,000       (12,420 )      —        7,521  

Sumitomo Mitsui Banking Corporation

   May 2027 Notes     5.61 %    SOFR + 2.79%     5/3/2027       625,000       (18,175 )      —        7,960  

Sumitomo Mitsui Banking Corporation

   September 2025 Notes     7.05 %    SOFR + 2.93%     9/29/2025       600,000       (1,841 )      —        324  

Goldman Sachs Bank USA

   October 2027 Notes     7.49 %    SOFR + 3.72%     10/11/2027       350,000       463       —        1,881  

Sumitomo Mitsui Banking Corporation

   September 2025 Notes     7.05 %    SOFR + 2.97%     9/29/2025       200,000       (760 )      —        36  

Sumitomo Mitsui Banking Corporation

   November 2028 Notes     7.30 %    SOFR + 3.06%     11/27/2028       500,000       13,682       —        13,682  
           

 

 

    

 

 

    

 

 

  

Total Interest Rate Swaps

             $ (138,137 )    $ —      $ 110,174  
           

 

 

    

 

 

    

 

 

  

 

(1)

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

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

 

97

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 1. Organization

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

The Company is externally managed by Blackstone Credit BDC Advisors LLC (the “Adviser”) an affiliate of Blackstone Alternative Credit Advisors LP (the “Administrator”and, collectively with its affiliates in the credit, asset-based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance,” or “BXCI”). The Administrator provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement (the “Administration Agreement”). References herein to information about Blackstone Credit & Insurance from December 31, 2023 or prior refers solely to the Adviser and Blackstone Alternative Credit Advisors LP, collectively with their credit-focused affiliates within Blackstone Credit & Insurance.

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

The Company offers on a continuous basis up to $45.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the Securities and Exchange Commission (“SEC”). The Company offers to sell any combination of three classes of Common Shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Common Shares was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. Blackstone Securities Partners L.P. (the “Intermediary Manager”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company also engages in private offerings of its Common Shares.

 

98

Table of Contents

Note 2. Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, “Financial Services—Investment Companies” (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the condensed consolidated financial statements for the interim period presented have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

All intercompany balances and transactions have been eliminated.

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

Use of Estimates

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

Consolidation

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

As of March 31, 2024, the Company’s consolidated subsidiaries were BCRED Bard Peak Funding LLC (“Bard Peak Funding”), BCRED Bear Peak Funding LLC (“Bear Peak Funding”), BCRED Bison Peak Funding LLC (“Bison Peak Funding”), BCRED Blanca Peak Funding LLC (“Blanca Peak Funding”), BCRED Borah Peak Funding LLC (“Borah Peak Funding”), BCRED Bushnell Peak Funding LLC (“Bushnell Peak Funding”), BCRED Castle Peak Funding LLC (“Castle Peak Funding”), BCRED Denali Peak Funding LLC (“Denali Peak Funding”), BCRED Gannett Peak Funding LLC, BCRED Granite Peak Funding LLC (“Granite Peak Funding”), BCRED Haydon Peak Funding LLC (“Haydon Peak Funding”), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC (“Maroon Peak Funding”), BCRED Meridian Peak Funding LLC (“Meridian Peak Funding”), BCRED Middle Peak Funding LLC (“Middle Peak Funding”), BCRED Monarch Peak Funding LLC (“Monarch Peak Funding”), BCRED Naomi Peak Funding LLC (“Naomi Peak Funding”), BCRED Summit Peak Funding LLC (“Summit Peak Funding”), BCRED Twin Peaks LLC (“Twin Peaks”), BCRED Windom Peak Funding LLC (“Windom Peak Funding”), BCRED BSL WH 2022-1 LLC (“2022-1 BSL WH”), BCRED Investments LLC, BCRED X Holdings LLC, BCRED BSL CLO 2021-1 Ltd., BCRED BSL CLO 2021-1, LLC, BCRED BSL CLO 2021-2, Ltd., BCRED BSL CLO 2021-2, LLC, BCRED BSL CLO 2022-1 Ltd., BCRED BSL CLO 2022-1 LLC, BCRED MML CLO 2021-1 LLC,

 

99

Table of Contents

BCRED MML CLO 2022-1 LLC, BCRED MML CLO 2022-2 LLC, BCRED CLO 2023-1 Depositor LLC (“2023-1 Depositor”), BCRED CLO 2023-1 LLC, BCRED CLO 2024-1 Depositor LLC (“2024-1 Depositor”), BCRED CLO 2024-1 LLC, BCRED Associates GP (Lux) S.à r.l, BCRED Direct Lending I (Lux) SCSp, BCRED C-1 LLC, BCRED C-2 Funding LLC and BCRED C-3 Funding LLC.

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

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

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Restricted cash and cash equivalents and restricted foreign currencies include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents and restricted foreign currencies are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

Investments

Investment transactions are recorded on a trade date basis.

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

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

Valuation of Investments

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

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

Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, fair

 

100

Table of Contents

value means the value of a portfolio investment for which market quotations are not readily available. A market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

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

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

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

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

 

  •  

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

 

101

Table of Contents
  •  

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

 

  •  

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

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

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

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

Receivables/Payables From Investments Sold/Purchased

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

Derivative Instruments

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

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments.

 

102

Table of Contents

While the notional amount gives some indication of the Company’s derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

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

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

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

Foreign Currency Transactions

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

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in foreign currency and other transactions in the Condensed Consolidated Statements of Operations, if any.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

 

103

Table of Contents

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2024 and 2023, the Company recorded $6.8 million and $1.9 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.).

PIK Income

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

Dividend Income

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

Fee Income

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

Non-Accrual Income

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

 

104

Table of Contents

For further information regarding the non-accrual status of investments refer to “Note 4. Investments”.

Organization Expenses and Offering Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

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

Deferred Financing Costs and Debt Issuance Costs

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

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the condensed consolidated financial statements of the Company.

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

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

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

 

105

Table of Contents

Allocation of Income, Expenses, Gains and Losses

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

Distributions

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

Recent Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, and has been adopted by the Company beginning with the condensed consolidated financial statements as of and for the three months ended March 31, 2024. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.

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

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

Investment Advisory Agreement

On October 5, 2020, the Company entered into an investment advisory agreement with the Adviser (the “Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

On August 2, 2022, the Company and the Adviser entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”), which was approved by the Board, including a majority of the independent trustees. The Amended and Restated Investment Advisory

 

106

Table of Contents

Agreement altered the Investment Advisory Agreement by removing certain “sunset” provisions that previously stated that certain requirements of the North American Securities Administrators Association (“NASAA”) Omnibus Guidelines would no longer apply if the Company’s shares become “covered securities” within the meaning of Section 18 of the Securities Act of 1933, as amended, and amending certain undertakings provisions, including to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Investment Advisory Agreement.

The Investment Advisory Agreement was effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. The Investment Advisory Agreement was most recently renewed and approved by the Board, including majority of the independent trustees, on May 1, 2024, for a one-year period ending on May 31, 2025.

The Company pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser.

Base Management Fees

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

For the three months ended March 31, 2024 and 2023, base management fees were $95.4 million and $73.6 million, respectively. As of March 31, 2024 and December 31, 2023, $95.4 million and $87.3 million, respectively, was payable to the Adviser relating to management fees.

Incentive Fees

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

(i) Income based incentive fees

The first part of the Company’s incentive fee is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under an administration agreement entered into between the Company and the Administrator (“Administration Agreement”), and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or

 

107

Table of Contents

distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.

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

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

 

  •  

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

 

  •  

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

 

  •  

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

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

(ii) Capital gains incentive fees

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

For the three months ended March 31, 2024 and 2023, the Company accrued income based incentive fees of $125.4 million and $100.8 million, respectively. As of March 31, 2024 and December 31, 2023, there was $125.4 million and $122.9 million, respectively, payable to the Adviser for the income based incentive fees.

For the three months ended March 31, 2024 and 2023, the Company accrued no capital gains incentive fees.

Administration Agreement

On October 5, 2020, the Company entered into the Administration Agreement with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing

 

108

Table of Contents

materials and coordinating meetings of the Company’s Board, managing the payment of expenses, the payment of receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in Investment Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

Unless earlier terminated as described below, the Administration Agreement was effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. The Administration Agreement was most recently renewed and approved by the Board, including a majority of the independent trustees, on May 1, 2024, for a one-year period.

For the three months ended March 31, 2024 and 2023, the Company incurred $1.8 million and $1.9 million, respectively, in expenses under the Administration Agreement, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations.

As of March 31, 2024 and December 31, 2023, $1.1 million and $2.3 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities, respectively.

Sub-Administration Agreement

On October 5, 2020, the Administrator entered into a sub-administration agreement (the “Sub-Administration Agreement”) with State Street Bank and Trust Company. The sub-administrator will receive compensation for its sub-administrative services under the Sub-Administration Agreement.

Intermediary Manager Agreement

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

 

109

Table of Contents

Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.

The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

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

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

Distribution and Servicing Plan

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

 

     Shareholder
Servicing and/or
Distribution
Fee as a %
of NAV		  

Class I shares

      —   

Class S shares

      0.85 % 

Class D shares

      0.25 % 

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

 

110

Table of Contents

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

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

For the three months ended March 31, 2024, the Company accrued distribution and shareholder servicing fees of $21.4 million and $0.3 million, which were attributable to Class S and Class D shares, respectively.

For the three months ended March 31, 2023, the Company accrued distribution and shareholder servicing fees of $15.4 million and $0.6 million, which were attributable to Class S and Class D shares, respectively.

Expense Support and Conditional Reimbursement Agreement

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

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

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

For the three months ended March 31, 2024 and 2023, the Adviser made no Expense Payments and there were no Reimbursement Payments made to the Adviser.

 

111

Table of Contents

Controlled/Affiliated Portfolio Companies

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

On October 11, 2021, a wholly-owned subsidiary of the Company and a third-party investor entered into a limited liability company agreement with SLC. SLC is a specialty finance company focused on investing in consumer credit and is led by a management team with deep expertise in the consumer finance industry. The investment in SLC allows the Company to gain exposure to a different asset class than its core investing focus of senior secured lending to U.S. private companies. As of March 31, 2024 and December 31, 2023, the wholly-owned subsidiary of the Company had committed $315.0 million and $315.0 million, respectively. As of March 31, 2024 and December 31, 2023, $24.7 million and $64.0 million of capital remained uncalled from the Company, respectively. The Company does not consolidate its equity interest in SLC.

In addition, the Company has made investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. For further description of the Emerald JV and Verdelite JV, see “Note 11. Joint Ventures”.

Note 4. Investments

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

 

    March 31, 2024     December 31, 2023  
    Cost     Fair Value     % of Total
Investments at
Fair Value		     Cost     Fair Value     % of Total
Investments at
Fair Value		  

First lien debt

   $ 47,943,398     $ 47,635,084       90.7 %    $ 45,837,261     $ 45,534,013       89.7 % 

Second lien debt

     1,400,738       1,355,506       2.6       1,826,541       1,736,088       3.4  

Unsecured debt

     26,156       26,403       0.1       18,182       18,171       0.0  

Structured finance obligations

     432,899       434,398       0.8       443,228       436,863       0.9  

Investments in joint ventures

     2,120,206       2,160,691       4.1       2,120,206       2,161,525       4.3  

Equity (1)

     828,356       900,494       1.7       776,305       857,251       1.7  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 52,751,753     $ 52,512,576       100.0 %    $ 51,021,723     $ 50,743,911       100.0 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Includes equity investment in SLC.

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

 

     March 31,
2024		     December 31,
2023		  

Aerospace & Defense

      1.4 %      1.4 % 

Air Freight & Logistics

      2.5       2.6  

Airlines (2)

      0.0       0.1  

Auto Components

      0.1       0.1  

 

112

Table of Contents
     March 31,
2024		     December 31,
2023		  

Beverages

      0.1       0.1  

Biotechnology (2)(3)

      0.0       0.0  

Building Products

      1.9       2.1  

Capital Markets

      0.4       0.5  

Chemicals

      0.1       0.2  

Commercial Services & Supplies

      3.9       4.0  

Construction Materials

      0.1       0.1  

Construction & Engineering

      0.9       0.7  

Containers & Packaging

      0.2       0.3  

Distributors

      0.9       1.1  

Diversified Consumer Services

      2.8       2.7  

Diversified Financial Services (1)

      2.4       2.4  

Diversified Telecommunication Services

      0.5       0.5  

Electrical Equipment

      0.5       0.5  

Electronic Equipment, Instruments & Components

      1.0       1.1  

Electric Utilities

      0.2       0.2  

Energy Equipment & Services

      0.1       0.1  

Entertainment (2)(3)

      0.0       0.0  

Food Products (2)(3)

      0.0       0.0  

Ground Transportation (2)(3)

      0.0       0.0  

Health Care Equipment & Supplies

      1.5       1.6  

Health Care Providers & Services

      11.1       11.3  

Health Care Technology

      4.1       4.1  

Hotels, Restaurants & Leisure

      0.3       0.3  

Household Durables

      0.1       0.1  

Industrial Conglomerates

      0.8       0.9  

Insurance

      5.1       4.7  

Interactive Media & Services (2)(3)

      0.0       0.0  

Internet & Direct Marketing Retail

      2.0       2.0  

Investments in Joint Ventures

      4.1       4.3  

IT Services

      5.4       4.4  

Leisure Products (2)(3)

      0.0       0.0  

Life Sciences Tools & Services

      0.4       0.5  

Machinery (3)

      0.1       0.0  

Marine

      0.4       0.5  

Media

      0.5       0.5  

Metals & Mining (2)(3)

      0.0       0.0  

Oil, Gas & Consumable Fuels

      0.2       0.1  

Paper & Forest Products

      0.1       0.1  

Pharmaceuticals

      1.0       0.9  

Professional Services

      11.7       11.7  

Real Estate Management & Development

      0.3       0.3  

Software

      27.0       27.3  

Specialty Retail

      0.2       0.2  

Technology Hardware, Storage & Peripherals

      0.1       0.1  

Trading Companies & Distributors

      0.7       0.5  

Transportation Infrastructure

      2.7       2.7  

Wireless Telecommunication Services

      0.1       0.1  
  

 

 

    

 

 

  

Total

      100.0 %      100.0 % 
  

 

 

    

 

 

  

 

(1)

Includes equity investment in SLC.

(2)

Amount rounds to less than 0.1% as of March 31, 2024.

(3)

Amount rounds to less than 0.1% as of December 31, 2023.

 

113

Table of Contents

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

 

     March 31, 2024  
     Cost      Fair Value      % of Total
Investments at
Fair Value		     Fair Value
as % of Net
Assets		  

United States

    $ 46,950,650      $ 46,756,113        89.0 %      150.6 % 

Europe

      4,681,777        4,656,640        8.9       15.0  

Canada

      670,511        649,757        1.3       2.1  

Bermuda/Cayman Islands

      424,824        426,553        0.8       1.4  

Australia/New Zealand and other

      23,991        23,513        0.0       0.1  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 52,751,753      $ 52,512,576        100.0 %      169.2 % 
  

 

 

     

 

 

     

 

 

    

 

 

  

 

     December 31, 2023  
     Cost      Fair Value      % of Total
Investments at
Fair Value		     Fair Value
as % of Net
Assets		  

United States

    $ 45,398,837      $ 45,129,324        88.9 %      158.2 % 

Europe

      4,489,832        4,500,069        8.9       15.8  

Canada

      669,615        657,164        1.3       2.3  

Bermuda/Cayman Islands

      440,117        433,445        0.9       1.5  

Australia/New Zealand

      23,322        23,909        0.0       0.1  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 51,021,723      $ 50,743,911        100.0 %      177.9 % 
  

 

 

     

 

 

     

 

 

    

 

 

  

As of March 31, 2024 and December 31, 2023, three borrowers (across four loans) and two borrowers (across three loans) in the portfolio were on non-accrual status, respectively.

As of March 31, 2024 and December 31, 2023, on a fair value basis, 99.8% and 99.9%, respectively, of performing debt investments bore interest at a floating rate and 0.2% and 0.1%, respectively, of performing debt investments bore interest at a fixed rate.

Note 5. Fair Value Measurements

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

 

     March 31, 2024  
     Level 1      Level 2      Level 3      Total  

First lien debt

    $ —       $ 4,162,906      $ 43,472,178      $ 47,635,084  

Second lien debt

      —         560,821        794,685        1,355,506  

Unsecured debt

      —         —         26,403        26,403  

Structured finance obligations

      —         72,453        361,945        434,398  

Equity (1)

      —         666        899,828        900,494  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

      —         4,796,846        45,555,039        50,351,885  

Investments Measured at NAV (2)

      —         —         —         2,160,691  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments

    $ —       $ 4,796,846      $ 45,555,039      $ 52,512,576  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

114

Table of Contents
     December 31, 2023  
     Level 1      Level 2      Level 3      Total  

First lien debt

    $ —       $ 4,197,276      $ 41,336,737      $ 45,534,013  

Second lien debt

      —         809,223        926,865        1,736,088  

Unsecured debt

      —         —         18,171        18,171  

Structured finance obligations

      —         70,964        365,899        436,863  

Equity (1)

      —         —         857,251        857,251  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ —       $ 5,077,463      $ 43,504,923      $ 48,582,386  

Investments Measured at NAV (2)

      —         —         —         2,161,525  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments

    $ —       $ 5,077,463      $ 43,504,923      $ 50,743,911  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

Includes equity investment in SLC.

(2)

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

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. Approximately $76.8 million of such Equity investments have a sale constraint or other restriction that will lapse after a predetermined date; the weighted average remaining duration of such restrictions is 1.6 years. For information regarding restrictions on Investment in joint ventures, see “Note 11. Joint Ventures”.

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

 

    Three Months Ended March 31, 2024  
    First Lien
Debt		     Second Lien
Debt		     Unsecured
Debt		     Structured
Finance
Obligations		     Equity     Total
Investments		  

Fair value, beginning of period

   $ 41,336,737     $ 926,865     $ 18,171     $ 365,899     $ 857,251     $ 43,504,923  

Purchases of investments

     2,505,473       1,140       7,957       7,708       52,051       2,574,329  

Proceeds from principal repayments and sales of investments

     (526,201 )      (212,013 )      —        (18,250 )      —        (756,464 ) 

Accretion of discount/(amortization of premium)

     36,993       3,652       18       210       —        40,873  

Net realized gain (loss)

     (972 )      —        —        (3 )      —        (975 ) 

Net change in unrealized appreciation (depreciation)

     (6,340 )      973       257       6,381       (8,262 )      (6,991 ) 

Transfers into Level 3 (1)

     128,478       90,763       —        —        —        219,241  

Transfers out of Level 3 (1)

     (1,990 )      (16,695 )      —        —        (1,212 )      (19,897 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fair value, end of period

   $ 43,472,178     $ 794,685     $ 26,403     $ 361,945     $ 899,828     $ 45,555,039  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations

   $ (6,776 )    $ 3,575     $ 247     $ 5,863     $ (8,262 )    $ (5,353 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

For the three months ended March 31, 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

 

115

Table of Contents
    Three Months Ended March 31, 2023  
    First Lien
Debt		     Second Lien
Debt		     Structured
Finance
Obligations		     Equity     Total
Investments		  

Fair value, beginning of period

   $ 37,543,544     $ 1,152,723     $ 293,335     $ 757,379     $ 39,746,981  

Purchases of investments

     640,983       12,826       —        412       654,221  

Proceeds from principal repayments and sales of investments

     (176,571 )      —        —        —        (176,571 ) 

Accretion of discount/(amortization of premium)

     34,758       826       53       —        35,637  

Net realized gain (loss)

     (1,959 )      —        —        —        (1,959 ) 

Net change in unrealized appreciation (depreciation)

     (48,117 )      2,655       2,413       21,359       (21,690 ) 

Transfers into Level 3 (1)

     129,669       —        —        —        129,669  

Transfers out of Level 3 (1)

     (178,772 )      (77,003 )      —        —        (255,775 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fair value, end of period

   $ 37,943,535     $ 1,092,027     $ 295,801     $ 779,150     $ 40,110,513  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2023 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations

   $ (45,507 )    $ 2,655     $ 1,316     $ 21,359     $ (20,177 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

For the three months ended March 31, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

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

 

    March 31, 2024  
                      Range        
    Fair Value     Valuation
Technique		     Unobservable
Input		     Low     High     Weighted
Average (1)		  

Investments in first lien debt

   $ 42,742,110       Yield Analysis       Discount rate       5.37 %      30.72 %      10.35 % 
    605,200       Market quotations       Broker quoted price       89.65       100.50       98.73  
    124,868       Asset Recoverability       Market Multiple       4.75x       10.50x       9.49x  
 

 

 

            
    43,472,178            

Investments in second lien debt

     703,012       Yield Analysis       Discount Rate       9.90 %      14.98 %      12.03 % 
    91,673       Market quotations       Broker quoted price       89.00       98.00       93.58  
 

 

 

            
    794,685            

Investments in unsecured debt

     26,403       Yield Analysis       Discount Rate       13.78 %      14.00 %      13.94 % 

Investments in structured finance obligations

     361,945       Market quotations       Broker quoted price       93.39       103.02       99.65  

Investments in equity

     249,308       Market approach      
 Performance
multiple		  
 		     6.44x       30.00x       20.96x  
    61,821      
 Option Pricing
Model		  
 		     Volatility       32.00 %      57.00 %      43.94 % 
    310,022       Yield Analysis       Discount Rate       11.00 %      17.92 %      14.29 % 
    278,677       Asset Recoverability       N/A       100.00 %      100.00 %      100.00 % 
 

 

 

            
    899,828            
 

 

 

            

Total

   $ 45,555,039            
 

 

 

            

 

(1)

Weighted averages are calculated based on fair value of investments.

 

116

Table of Contents
    December 31, 2023  
                      Range        
    Fair Value     Valuation
Technique		     Unobservable
Input		     Low     High     Weighted
Average (1)		  

Investments in first lien debt

   $ 40,753,427       Yield Analysis       Discount rate       5.77 %      30.89 %      10.05 % 
    493,636       Market quotations       Broker quoted price       86.83       100.38       98.02  
    89,674       Asset Recoverability       Market Multiple       4.75x       10.50x       9.26x  
 

 

 

            
    41,336,737            

Investments in second lien debt

     910,170       Yield Analysis       Discount Rate       10.07 %      15.31 %      11.56 % 
    16,695       Market quotations       Broker quoted price       92.75       92.75       92.75  
 

 

 

            
    926,865            

Investments in unsecured debt

     18,171       Yield Analysis       Discount Rate       14.90 %      14.90 %      14.90 % 

Investments in structured finance

     365,899       Market quotations       Broker quoted price       86.18       100.97       97.97  

Investments in equity

     227,117       Market approach       Performance multiple       6.40x       30.00x       21.27x  
    60,558       Option Pricing Model       Volatility       32.00 %      55.00 %      43.75 % 
    302,733       Yield Analysis       Discount Rate       9.93 %      17.92 %      13.18 % 
    265,631       Asset Recoverability       N/A       100.00 %      100.00 %      100.00 % 
    1,212       Market quotations       Broker quoted price       25.00       25.00       25.00  
 

 

 

            
    857,251            
 

 

 

            

Total

   $ 43,504,923            
 

 

 

            

 

(1)

Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in quoted prices or Performance Multiples would result in a significantly lower fair value measurement.

Financial Instruments Not Carried at Fair Value

Debt

The following table presents the fair value measurements of the Company’s debt obligations as of March 31, 2024 and December 31, 2023 had they been accounted for at fair value:

 

     March 31, 2024      December 31, 2023  
     Fair Value      Fair Value  

Bard Peak Funding Facility

    $ 238,034      $ 242,243  

Castle Peak Funding Facility

      1,118,415        1,121,681  

Summit Peak Funding Facility

      277,095        286,046  

Denali Peak Funding Facility

      562,800        562,800  

Bushnell Peak Funding Facility

      300,300        465,300  

Granite Peak Funding Facility

      563,600        563,600  

Middle Peak Funding Facility

      750,000        600,950  

 

117

Table of Contents
     March 31, 2024      December 31, 2023  
     Fair Value      Fair Value  

Bison Peak Funding Facility

      703,200        703,200  

Blanca Peak Funding Facility

      1,375,090        1,375,090  

Windom Peak Funding Facility

      966,029        967,477  

Monarch Peak Funding Facility

      1,400,400        1,400,400  

Borah Peak Funding Facility

      —         130,000  

Naomi Peak Funding Facility

      385,000        385,000  

Meridian Peak Funding Facility

      246,000        246,000  

Haydon Peak Funding Facility

      49,000        49,000  

Bear Peak Funding Facility

      353,273        360,531  

Revolving Credit Facility

      1,302,165        1,131,025  

June 2024 Notes

      435,000        427,693  

June 2026 Notes

      371,400        379,251  

May 2027 Notes

      610,500        618,319  

October 2027 Notes

      355,775        368,331  

September 2024 Notes

      357,919        354,580  

December 2026 Notes

      1,141,125        1,137,187  

November 2026 Eurobonds

      497,835        501,901  

November 2024 Notes

      488,700        485,177  

March 2027 Notes

      923,300        921,525  

January 2025 Notes

      488,150        483,120  

January 2029 Notes

      596,830        597,773  

March 2025 Notes

      888,930        885,149  

April 2026 UK Bonds

      305,030        306,018  

September 2025 Notes

      812,240        814,554  

November 2028 Notes

      521,750        520,940  

January 2031 Notes

      502,650        —   

2021-1 BSL Notes

      663,000        663,000  

MML 2021-1 Debt

      690,000        690,000  

MML 2022-1 Debt

      759,000        756,862  

2022-1 BSL Debt

      420,000        420,000  

2021-2 Notes

      505,800        505,800  

MML 2022-2 Debt

      300,266        300,273  

2023-1 Notes

      306,634        304,970  

2024-1 Notes

      243,902        —   

Short-Term Borrowings

      —         28,546  
  

 

 

     

 

 

  

Total

    $ 23,776,137      $ 23,061,312  
  

 

 

     

 

 

  

The following table presents the categorization of the Company’s debt obligations as of March 31, 2024 and December 31, 2023 had they been accounted for at fair value within the hierarchy:

 

     March 31,
2024		      December 31,
2023		  

Level 1

    $ —       $ —   

Level 2

      —         —   

Level 3

      23,776,137        23,061,312  
  

 

 

     

 

 

  

Total debt

    $ 23,776,137      $ 23,061,312  
  

 

 

     

 

 

  

 

118

Table of Contents

Other Assets and Liabilities

As of March 31, 2024 and December 31, 2023, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt obligations listed above, approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

Note 6. Derivatives

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

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

The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of March 31, 2024 and December 31, 2023:

 

     March 31, 2024  
     Level 1      Level 2     Level 3      Total Fair
Value		     Notional  

Derivative Assets

             

Foreign currency forward contract

    $ —       $ 7,714     $ —       $ 7,714     $ 427,071  

Interest rate swaps

      —         2,887       —         2,887       500,000  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Derivative assets at fair value

    $ —       $ 10,601     $ —       $ 10,601     $ 927,071  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Cash collateral received

            $ —     

Derivative Liabilities

             

Interest rate swaps

    $ —       $ (180,901 )    $ —       $ (180,901 )    $ 6,540,525  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Derivative liabilities at fair value

    $ —       $ (180,901 )    $ —       $ (180,901 )    $ 6,540,525  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Cash collateral posted

            $ 282,292    

 

     December 31, 2023  
     Level 1      Level 2     Level 3      Total Fair
Value		     Notional  

Derivative Assets

             

Interest rate swaps

    $ —       $ 14,145     $ —       $ 14,145     $ 850,000  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Derivative assets at fair value

    $ —       $ 14,145     $ —       $ 14,145     $ 850,000  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Cash collateral received

            $ —     

Derivative Liabilities

             

Foreign currency forward contract

    $ —       $ (13,259 )    $ —       $ (13,259 )    $ 411,499  

Interest rate swaps

      —         (152,282 )      —         (152,282 )      5,693,663  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Derivative liabilities at fair value

    $ —       $ (165,541 )    $ —       $ (165,541 )    $ 6,105,162  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Cash collateral posted

            $ 266,573    

In the tables above:

 

  •  

The fair value of derivative assets and derivative liabilities is presented on a gross basis.

 

  •  

The notional amount represents the absolute value amount of all outstanding derivative contracts.

 

  •  

All foreign currency derivatives are not designated in hedge relationships.

 

119

Table of Contents
  •  

All interest rate swaps are designated in fair value hedge relationships.

 

  •  

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three month periods ended March 31, 2024 and March 31, 2023, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.

 

     For the Three Months
Ended March 31,		  
     2024      2023  

Unrealized appreciation (depreciation)

      

Foreign currency forward contract

    $ 21,621      $ (11,940 ) 
  

 

 

     

 

 

  

Net change in unrealized appreciation (depreciation)

    $ 21,621      $ (11,940 ) 
  

 

 

     

 

 

  

Realized gain (loss)

      

Foreign currency forward contract

    $ (6,397 )     $ 4,770  
  

 

 

     

 

 

  

Net realized gain (loss)

    $ (6,397 )     $ 4,770  
  

 

 

     

 

 

  

Hedging

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three month periods ended March 31, 2024 and March 31, 2023, respectively.

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

 

     For the Three Months
Ended March 31,		  
     2024      2023  

Interest rate swaps

    $ (39,877 )     $ 67,306  

Hedged items

      39,182        (68,116 ) 

The table below presents the carrying value of unsecured borrowings as of March 31, 2024 and December 31, 2023 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

 

     March 31, 2024      December 31, 2023  

Description

    Carrying Value      Cumulative Hedging
Adjustments		      Carrying Value      Cumulative Hedging
Adjustments		  

Unsecured notes

    $ 6,805,841      $ (175,514 )     $ 6,356,700      $ (136,332 ) 

 

120

Table of Contents

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2024 and December 31, 2023, the Company’s asset coverage was 228.7% and 221.9%, respectively.

SPV Financing Facilities

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as of March 31, 2024, as described below: Bard Peak Funding, Castle Peak Funding, Summit Peak Funding, Denali Peak Funding, Bushnell Peak Funding, Granite Peak Funding, Middle Peak Funding, Bison Peak Funding, Blanca Peak Funding, Windom Peak Funding, Monarch Peak Funding, Naomi Peak Funding, Meridian Peak Funding, Haydon Peak Funding and Bear Peak Funding, which are collectively referred to as the “SPVs,” and such secured financing facilities described below are collectively referred to as the “SPV Financing Facilities”.

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

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

As of March 31, 2024, and December 31, 2023, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

Bard Peak Funding Facility

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

Advances under the Bard Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which in the case of dollar advances until June 30, 2023, was three-month LIBOR and from June 30, 2023, is three month term SOFR plus a 0.26% spread adjustment), plus an applicable margin of 1.55% to 2.15% per annum depending on the nature of the advances being requested under the credit facility, subject to a floor of 1.85%. After May 15, 2024, the applicable margin on all outstanding advances will be 3.05% per annum. Bard Peak Funding pays a commitment fee of 0.90% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments until May 15, 2024, in addition to certain other fees as agreed between Bard Peak Funding and BNPP.

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

 

121

Table of Contents

The period during which Bard Peak Funding may make borrowings under the Bard Peak Funding Facility expires on May 15, 2024, and the Bard Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 16, 2026.

Castle Peak Funding Facility

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

As of December 31, 2023, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.70% to 2.20% per annum depending on the nature of the advances being requested. Effective January 4, 2024, advances under the Castle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.85% to 2.35% per annum depending on the nature of the advances being requested. After January 4, 2026, the applicable margin on outstanding advances will be increased by 1.00% per annum. Castle Peak Funding pays a commitment fee of 1.85% per annum if the unused facility amount is greater than 30% or 0.50% per annum if the unused facility amount is less than or equal to 30% and greater than 10%, based on the average daily unused amount of the financing commitments until January 4, 2026, in addition to certain other fees as agreed between Castle Peak Funding and Citi.

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

The period during which Castle Peak Funding may make borrowings under the Castle Peak Funding Facility expires on January 4, 2026, and the Castle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by January 4, 2028.

Summit Peak Funding Facility

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

As of December 31, 2023, advances under the Summit Peak Funding Facility bore interest at a blended per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.50% to 2.30% per annum depending on the nature of the advances being requested with such blended rate subject to a floor of 2.00% per annum for certain foreign currency advances and 2.15% per annum for U.S. dollar advances. Effective March 12, 2024, advances under the Summit Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is three-month term SOFR rate for dollar advances) plus an applicable margin of 2.20% per annum. Summit Peak Funding pays a commitment fee of 0.40% per annum if the unused facility amount is greater than 25% based on the average daily unused amount of the financing commitments. Effective September 13, 2024, Summit Peak Funding will pay a commitment fee ranging from 0.25% per annum to 1.25% per annum based on the daily unused amount of the financing commitments, which fee may increase from and after March 12, 2025, to a rate equal to 2.20% per annum on unused amounts below a minimum percentage of the financing commitments. Summit Peak Funding also pays an administrative agency fee to SG, in addition to certain other fees as agreed between Summit Peak Funding and SG.

 

122

Table of Contents

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

The period during which Summit Peak Funding may make borrowings under the Summit Peak Funding Facility expires on March 12, 2027, and the Summit Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 12, 2029.

Denali Peak Funding Facility

Denali Peak Funding is party to a senior secured revolving credit facility (the “Denali Peak Funding Facility”), dated as of October 11, 2018, with Deutsche Bank AG, New York Branch (“DB”). DB serves as agent, U.S. Bank serves as collateral agent and collateral custodian and Twin Peaks serves as servicer under the Denali Peak Funding Facility.

Prior to April 4, 2023, advances under the Denali Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which was three-month LIBOR for dollar advances), plus the applicable margin of 1.95% per annum. As of April 4, 2023, advances under the Denali Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus a spread adjustment of 0.15% per annum), plus the applicable margin of 1.95% per annum. After September 30, 2024, the applicable margin on outstanding advances will increase by 0.20% per annum. Denali Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin described above. In addition, Denali Peak Funding pays an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount. Denali Peak Funding also pays an administrative agency fee to DB, in addition to certain other fees, each as agreed between Denali Peak Funding and DB.

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

The period during which Denali Peak Funding may make borrowings under the Denali Peak Funding Facility expires on September 30, 2024, and the Denali Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by September 30, 2026.

Bushnell Peak Funding Facility

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

Prior to April 25, 2023, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which was the daily floating LIBOR rate for dollar advances) plus an applicable margin of 1.50% to 1.75% per annum depending on the nature of the advances being requested. From April 25, 2023 until December 5, 2024, advances under the Bushnell Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 1.85% per annum depending on the nature of the advances being requested. From and after December 6, 2024, the applicable margin for advances will increase to 2.10% to 2.45% per annum depending on the nature of the advances being requested. Bushnell Peak Funding is required to utilize a minimum percentage of the financing

 

123

Table of Contents

commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.60% per annum. Bushnell Peak Funding also pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees agreed between Bushnell Peak Funding and Bank of America.

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

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

Granite Peak Funding Facility

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

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

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

The period during which Granite Peak Funding may make borrowings under the Granite Peak Funding Facility expires on June 17, 2024, and the Granite Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by June 17, 2026.

Middle Peak Funding Facility

On June 30, 2021, Middle Peak Funding entered into a senior secured revolving credit facility (the “Middle Peak Funding Facility”) with MS. MS serves as agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Middle Peak Funding Facility.

Prior to June 26, 2023, advances under the Middle Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, three-month LIBOR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.00% per annum. From and after June 26, 2023, advances under the Middle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus, prior to June 30, 2025, a spread adjustment of 0.15% per annum) plus an applicable margin of 2.07% per annum, which will increase to 2.35% per annum effective on June 30, 2025. Middle Peak Funding is required to

 

124

Table of Contents

utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee from and after October 26, 2023 at a rate equal to the applicable margin for dollar advances as described above. Middle Peak Funding pays a commitment fee of 0.30% per annum on the average daily unused amount of the financing commitments in excess of such minimum utilization amount. From and after May 7, 2024, Middle Peak Funding pays a commitment fee ranging from 0.15% per annum to 0.25% per annum on the average daily unused amount of the financing commitments, depending on the amount of the unused commitments outstanding in excess of such minimum utilization amount. Middle Peak Funding also pays interest on an interest-only loan in the notional amount of the aggregate commitments under the Middle Peak Funding Facility, in addition to certain other fees as agreed between Middle Peak Funding and MS.

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

The period during which Middle Peak Funding may make borrowings under the Middle Peak Funding Facility expires on December 28, 2026, and the Middle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by December 26, 2034.

Bison Peak Funding Facility

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

Prior to June 8, 2023, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, the daily floating LIBOR rate, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 1.50% per annum, the applicable margin attributable to large corporate loans equal to 1.75% per annum and the applicable margin applicable to middle market loans equal to 2.00% per annum. From June 8, 2023 until July 24, 2024, advances under the Bison Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.60% to 2.10% per annum depending on the nature of the advances being requested. The applicable margin for all advances will increase by an amount ranging from 0.50% to 0.65% per annum effective on July 24, 2024. Bison Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.50% per annum. Bison Peak Funding also pays an unused fee of 0.20% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees as agreed between Bison Peak Funding and Bank of America.

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

The period during which Bison Peak Funding may make borrowings under the Bison Peak Funding Facility expires on June 8, 2026, and the Bison Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by June 8, 2028.

 

125

Table of Contents

Blanca Peak Funding Facility

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

Advances under the Blanca Peak Funding Facility bear interest at a per annum rate equal to (x) in the case of dollar advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.096% per annum. Blanca Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization percentage accruing a fee at a rate equal to the applicable margin described above. On December 19, 2022, on any date when Blanca Peak Funding is not utilizing more than 90% of the financing commitments, Blanca Peak Funding pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount. Blanca Peak Funding also pays to Barclays an administrative agency fee, in addition to certain other fees, each as agreed between Blanca Peak Funding and Barclays.

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

The period during which Blanca Peak Funding may make borrowings under the Blanca Peak Funding Facility expires on December 19, 2024, and the Blanca Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by December 19, 2032; provided that Barclays may require repayment of all amounts outstanding under the facility from and after August 19, 2026.

Windom Peak Funding Facility

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

Proceeds from borrowings under the Windom Peak Funding Facility may be used to fund portfolio investments by Windom Peak Funding during the reinvestment period (which, initially, is scheduled to end three years after the closing date of the Windom Peak Funding Facility) and to make advances under revolving loans or delayed draw term loans in respect of which Windom Peak Funding is a lender.

Advances under the Windom Peak Funding Facility will bear interest, payable on a monthly basis in arrears, at a per annum rate equal to the “benchmark” rate for the currency of the applicable advance (which is, daily simple SOFR with respect to dollar advances) plus the “applicable margin” (which is a blended spread equal to the sum of 1.65% per annum with respect to any advances backed by broadly-syndicated loans and 2.15% per annum with respect to any advances backed by recurring revenue loans, middle market loans, first-lien last out loans or second lien loans).

Proceeds from borrowings under the Windom Peak Funding Facility may be used to fund portfolio investments by Windom Peak Funding and to make advances under revolving loans or delayed draw term loans where Windom Peak Funding is a lender. Windom Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.50% per annum. Windom Peak Funding also pays an unused fee of 0.50% on the daily unused amount of the financing commitments, in addition to certain other fees, each as agreed between Windom Peak Funding and Wells Fargo.

 

126

Table of Contents

The period during which Windom Peak Funding may make borrowings under the Windom Peak Funding Facility expires on September 2, 2024, and the Windom Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by September 2, 2026.

Monarch Peak Funding Facility

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

Advances used to finance the purchase or origination of broadly syndicated loans under the Monarch Peak Funding Facility bear interest at a per annum rate equal to one-month term SOFR, plus the applicable margin of 1.65% per annum. Advances used to finance the purchase or origination of middle market loans under the Monarch Peak Funding Facility bear interest at a per annum rate equal to one-month term SOFR plus the applicable margin of 2.05% per annum. Monarch Peak Funding is required to utilize a minimum percentage of the financing comments, with unused amounts below such minimum utilization percentage accruing a fee at a rate of 1.99% per annum. Monarch Peak Funding also pays an unused commitment fee of 0.35% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility in excess of such minimum utilization amounts, in addition to certain other fees as agreed between Monarch Peak Funding and MUFG.

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

The period during which Monarch Peak Funding may make borrowings under the Monarch Peak Funding Facility expires on November 3, 2024, and the Monarch Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by November 3, 2026.

Borah Peak Funding Facility

On April 4, 2022, Borah Peak Funding LLC entered into a senior secured revolving credit facility (the “Borah Peak Funding Facility”) with Bank of America. Bank of America served as administrative agent, Deutsche Bank Trust Company Americas (“DB Trust”) served as collateral administrator and the Company served as manager under the Borah Peak Funding Facility.

Advances under the Borah Peak Funding Facility bore interest at a per annum rate equal to the one-month term SOFR rate plus the applicable margin of 1.35%. Borah Peak Funding was required to utilize a minimum percentage of the financing commitment, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.35% per annum. In addition, Borah Peak Funding paid an unused fee of 0.25% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees as agreed between Borah Peak Funding and Bank of America.

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

On March 14, 2024, the Borah Peak Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

 

127

Table of Contents

Naomi Peak Funding Facility

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

Advances under the Naomi Peak Funding Facility bore interest at a per annum rate equal to three-month term SOFR plus an applicable margin of 2.50% per annum. Naomi Peak Funding paid an unused commitment fee of 0.50% per annum on the average daily unused revolving commitments under the Naomi Peak Funding Facility, which fee increased to 0.75% per annum for any day on or after January 18, 2023 on which more than 10% of the revolving commitments were unused, in addition to certain other fees as agreed between Naomi Peak Funding and Natixis.

The maximum principal amount of the Naomi Peak Funding Facility as of March 31, 2024 was $400.0 million, of which $250.0 million was funded as a term loan after the closing date and of which $150 million consisted of a revolving credit commitment. Proceeds from borrowings under the Naomi Peak Funding Facility were used to fund portfolio investments by Naomi Peak Funding and to make advances under revolving loans or delayed draw term loans where Naomi Peak Funding is a lender.

On April 19, 2024, the Naomi Peak Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

Meridian Peak Funding Facility

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

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

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

The period during which Meridian Peak Funding may make borrowings under the Meridian Peak Funding Facility expires on August 16, 2025, and the Meridian Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by August 16, 2030.

Haydon Peak Funding Facility

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

Prior to May 25, 2023, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one-or three-month term

 

128

Table of Contents

SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin ranging from 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. Effective May 25, 2023, the applicable margin for all advances was increased to 2.35% per annum. Effective April 7, 2023, Haydon Peak Funding pays an unused commitment fee of 0.50% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.

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

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

Bear Peak Funding Facility

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

Advances under the Bear Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 2.45% per annum. Effective February 10, 2023, Bear Peak Funding will pay a commitment fee of 0.90% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. Bear Peak Funding also pays BNPP an arranger fee, in addition to certain other fees, each as agreed between Bear Peak Funding and BNPP.

The current principal amount as of March 31, 2024 is €500.0 million. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bear Peak Funding and to make advances under delayed draw term loans and revolving loans where Bear Peak Funding is a lender.

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

Revolving Credit Facility

On May 18, 2021, the Company, entered into a senior secured credit facility (which was most recently amended and restated on June 9, 2023, and as further amended from time to time, the “Revolving Credit Facility”) with Citi. Citi serves as administrative agent and collateral agent.

The Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. A portion of the Revolving Credit Facility consists of funded term loans in the aggregate principal amount of $390.0 million, and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. The period during which the Company may make borrowings on the Revolving Credit Facility expires on June 9, 2027 (other than with respect to the foreign currency commitments of certain lenders in the amount of $50.0 million, which expire on May 6, 2026), and the Revolving Credit Facility will mature and all amounts

 

129

Table of Contents

outstanding under the credit facility must be repaid by June 9, 2028 (other than with respect to the foreign currency commitments of certain lenders in the amount of $50.0 million, which mature on May 6, 2027), pursuant to an amortization schedule.

Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month adjusted term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, the applicable benchmark rate for the related Interest Period for such Borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875%. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company will pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the Revolving Credit Facility.

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

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

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

As of March 31, 2024 and December 31, 2023, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

Private Placement Bonds

The Company issued unsecured notes, as further described below: June 2024 Notes, June 2026 Notes, May 2027 Notes and October 2027 Notes (each as defined below), which are collectively referred to herein as the “Private Placement Bonds.”

As of March 31, 2024 and December 31, 2023, the Company was in compliance with all covenants and other requirements of each of the Private Placement Bonds.

June 2024 Notes

On June 21, 2021, the Company entered into a Note Purchase Agreement (the “2021 Note Purchase Agreement”) governing the issuance of $435.0 million in aggregate principal amount of its 2.56% Series A Senior Notes (the “June 2024 Notes”) to qualified institutional investors in a private placement. The June 2024 Notes were issued on June 21, 2021 and will mature on June 21, 2024 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the June 2024 Notes will be due semiannually on June 3 and December 3. In addition, the Company is obligated to offer to repay the

 

130

Table of Contents

June 2024 Notes at par if certain change in control events occur. The June 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event that June 2024 notes receive a below investment grade rating by either one rating agency if there are only one or two rating agencies providing ratings of the June 2024 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), the June 2024 Notes will bear interest at a fixed rate of 3.56% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the June 2024 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the June 2024 Notes in a qualifying hedge accounting relationship.

June 2026 Notes

On August 17, 2021, the Company entered into the first supplement (the “First Supplement”) to the 2021 Note Purchase Agreement, governing the issuance of $400.0 million in aggregate principal amount of its 3.27% Series B Senior Notes (the “June 2026 Notes”) to qualified institutional investors in a private placement. The June 2026 Notes were issued on June 21, 2021 and will mature on June 21, 2026 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the June 2026 Notes will be due semiannually on February 17 and August 17. In addition, the Company is obligated to offer to repay the June 2026 Notes at par if certain change in control events occur. The June 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event of a Below Investment Grade Event, the June 2026 Notes will bear interest at a fixed rate of 4.27% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

May 2027 Notes

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

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

October 2027 Notes

On October 11, 2022, the Company entered into a Master Note Purchase Agreement (the “October 2022 Note Purchase Agreement”) governing the issuance of $350.0 million in aggregate principal amount of its 7.49% Series D Senior Notes (the “October 2027 Notes”) to qualified institutional investors in a private

 

131

Table of Contents

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

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

Unsecured Notes

The Company issued unsecured notes, as further described below: September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, April 2026 UK Bonds, September 2025 Notes, November 2028 Notes, and January 2031 Notes (each as defined below), which are collectively referred to herein as the “Unsecured Notes.”

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

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

As of March 31, 2024 and December 31, 2023, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

September 2024 Notes

On September 15, 2021, the Company issued $365.0 million aggregate principal amount of 1.750% notes due 2024 (the “September 2024 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of September 15, 2021 (and together with the Base Indenture, the “September 2024 Notes Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association, the “Trustee”).

The September 2024 Notes will mature on September 15, 2024 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2024 Notes Indenture. The September 2024 Notes bear interest at a rate of 1.75% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2022. The September 2024 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2024 Notes,

 

132

Table of Contents

rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the September 2024 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the September 2024 Notes in a qualifying hedge accounting relationship.

December 2026 Notes

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

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

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

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

November 2026 Eurobonds

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

The November 2026 Eurobonds will mature on November 30, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2026

 

133

Table of Contents

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

November 2024 Notes

On November 22, 2021, the Company issued $500.0 million aggregate principal amount of 2.350% notes due 2024 (the “November 2024 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2021 (and together with the Base Indenture, the “November 2024 Notes Indenture”), between the Company and the Trustee.

The November 2024 Notes will mature on November 22, 2024 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2024 Notes Indenture. The November 2024 Notes bear interest at a rate of 2.350% per year payable semi-annually on May 22 and November 22 of each year, commencing on May 22, 2022. The November 2024 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2024 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the November 2024 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2024 Notes in a qualifying hedge accounting relationship.

March 2027 Notes

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

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

 

134

Table of Contents

January 2025 Notes

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

The January 2025 Notes will mature on January 15, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2025 Notes Indenture. The January 2025 Notes bear interest at a rate of 2.700% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2022. The January 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

January 2029 Notes

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

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

March 2025 Notes

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

The March 2025 Notes will mature on March 24, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2025 Notes Indenture. The March 2025 Notes bear interest at a rate of 4.700% per year payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2022. The March 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively

 

135

Table of Contents

junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

April 2026 UK Bonds

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

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

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

September 2025 Notes

On September 27, 2022, the Company issued $600.0 million aggregate principal amount of 7.050% notes due in 2025 (the “September 2025 Notes”) pursuant to a supplemental indenture, dated as of September 27, 2022 (and together with the Base Indenture, the “September 2025 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The September 2025 Notes will mature on September 29, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2025 Notes Indenture. The September 2025 Notes bear interest at a rate of 7.050% per year payable semi-annually on March 29 and September 29 of each year, commencing on March 29, 2023. The September 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

 

136

Table of Contents

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

On November 17, 2022, the Company issued $200.0 million aggregate principal amount of 7.050% notes due 2025 (“September 2025 Notes Upsize”) under the Company’s Base Indenture and September 2025 Notes Indenture. The September 2025 Notes Upsize were issued as “Additional Notes” under the September 2025 Notes Indenture and have identical terms to the Company’s $600.0 million September 2025 Notes that were issued on September 27, 2022, other than the issue date and the issue price. The September 2026 Notes Upsize will be treated as a single class of notes with the September 2026 Notes for all purposes under the September 2025 Notes Indenture.

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

November 2028 Notes

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

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

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

January 2031 Notes

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

The January 2031 Notes will mature on January 25, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2031 Notes Indenture. The 2031 Notes bear interest at a rate of 6.250% per year payable semi-annually on January 25 and July 25 of each year, commencing on July 25, 2024. The 2031 Notes are general unsecured obligations of the

 

137

Table of Contents

Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

Debt Securitizations

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

2021-1 BSL Debt Securitization

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

The following table presents information on the secured and unsecured notes issued in the 2021-1 BSL Debt Securitization:

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		     Credit
Rating		  

Class A Notes

    Senior Secured Floating Rate    $ 499,800        SOFR + 1.25%       Aaa  

Class B Notes

    Senior Secured Floating Rate      38,760        SOFR + 1.80%       Aa2  

Class C Notes

    Mezzanine Secured Deferrable Floating Rate      59,160        SOFR + 2.15%       A2  

Class D Notes

    Mezzanine Secured Deferrable Floating Rate      65,280        SOFR + 3.35%       Baa3  

Class E Notes (1)

    Junior Secured Deferrable Floating Rate      —         SOFR + 7.00%       Ba3  
     

 

 

       

Total Secured Notes

         663,000       

Subordinated Notes (2)

         156,500        None       Not rated  
     

 

 

       

Total 2021-1 BSL Notes

       $ 819,500       
     

 

 

       

 

(1)

The Class E Notes were initially issued as unfunded, undrawn class of notes, in the amount of $57.1 million, that may be funded after closing at direction of the Company.

(2)

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

 

138

Table of Contents

The 2021-1 BSL Notes mature in July 2034, unless redeemed by the 2021-1 BSL Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after July 20, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2021-1 BSL Issuers. The Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2021-1 BSL Issuers and the Class E Notes and Subordinated Notes are the unsecured obligations of BCRED BSL CLO Issuer. The indenture governing the 2021-1 BSL Notes includes customary covenants and events of default.

The 2021-1 BSL Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to BCRED BSL CLO Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

2021-2 Debt Securitization

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

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

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		     Credit
Rating		  

Class A-L Loans

    Senior Secured Floating Rate    $ 218,000        SOFR + 1.22%       Aaa  

Class A Notes

    Senior Secured Floating Rate      149,500        SOFR + 1.22%       Aaa  

Class B Notes

    Senior Secured Floating Rate      38,100        SOFR + 1.75%       Aa2  

Class C Notes

    Mezzanine Secured Deferrable Floating Rate      48,000        SOFR + 2.05%       Not rated  

Class D Notes

    Mezzanine Secured Deferrable Floating Rate      52,200        SOFR + 3.15%       Not rated  
     

 

 

       

Total Secured Notes

         505,800       

Subordinated Notes (1)

         97,850        None       Not rated  
     

 

 

       

Total 2021-2 Notes

       $ 603,650       
     

 

 

       

 

(1)

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

 

139

Table of Contents

The 2021-2 Notes mature in October 2034, unless redeemed by the 2021-2 Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after October 20, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2021-2 Issuers. The Class A-L Loans, Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2021-2 Issuers and the Subordinated Notes are the unsecured obligations of BCRED BSL CLO 2 Issuer. The indenture governing the 2021-2 Notes and the credit agreement governing the Class A-L Loans include customary covenants and events of default.

The 2021-2 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to BCRED BSL CLO 2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

2021-1 MML Debt Securitization

On December 15, 2021, the Company completed a $1,001.0 million term debt securitization (the “MML 2021-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2021-1 Debt Securitization (collectively, the “MML 2021-1 Notes”) were issued by BCRED MML CLO 2021-1 LLC (the “MML 2021-1 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the MML 2021-1 Debt Securitization:

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		     Credit
Rating		  

Class A Loans

    Senior Secured Floating Rate    $ 50,000        SOFR + 1.48%       Aaa  

Class A Notes

    Senior Secured Floating Rate      480,000        SOFR + 1.48%       Aaa  

Class B Notes

    Senior Secured Floating Rate      80,000        SOFR + 1.90%       Aa2  

Class C Notes

    Mezzanine Secured Deferrable Floating Rate      80,000        SOFR + 2.60%       A2  
     

 

 

       

Total Secured Notes

         690,000       

Subordinated Notes (1)

         311,000        None       Not rated  
     

 

 

       

Total MML 2021-1 Notes

       $ 1,001,000       
     

 

 

       

 

(1)

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

The Company retained all of the Subordinated Notes issued in the Debt Securitization in part in exchange for the Company’s sale and contribution to the Issuer of the initial closing date portfolio. The Debt is scheduled to mature on January 15, 2035; however the Debt may be redeemed by the Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after December 15, 2023. In connection with

 

140

Table of Contents

the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The Class A Notes, the Class A Loans, Class B Notes and Class C Notes are secured obligations of the Issuer, the Subordinated Notes are the unsecured obligations of the Issuer, and the indenture governing the Notes and the credit agreement governing the Class A Loans, each include customary covenants and events of default.

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

The Company serves as collateral manager to the MML 2021-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

2022-1 MML Debt Securitization

On March 15, 2022, the Company completed a $1,090.4 million term debt securitization (the “MML 2022-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2022-1 Debt Securitization (collectively, the “MML 2022-1 Notes”) were issued by BCRED MML CLO 2022-1 LLC (the “MML 2022-1 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the MML 2022-1 Debt Securitization:

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		     Credit
Rating		  

Class A-1 Notes

    Senior Secured Floating Rate    $ 525,000        SOFR + 1.65%       Aaa  

Class A-2 Notes

    Senior Secured Fixed      80,000        3.41%       Aaa  

Class B Notes

    Senior Secured Floating Rate      66,000        SOFR + 2.00%       Aa2  

Class C Notes

    Mezzanine Secured Deferrable Floating Rate      88,000        SOFR + 2.75%       A2  
     

 

 

       

Total Secured Notes

         759,000       

Subordinated Notes (1)

         331,360        None       Not rated  
     

 

 

       

Total MML 2022-1 Notes

       $ 1,090,360       
     

 

 

       

 

(1)

The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization which are eliminated in consolidation.

The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the MML 2022-1 Issuer of the initial closing date portfolio. The MML 2022-1 Notes are scheduled to mature on April 20, 2035; however the MML 2022-1 Notes may be redeemed by the MML 2022-1 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after April 20, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the MML 2022-1 Issuers. The Class A-1 Notes, Class A-2 Notes, Class B Notes and Class C Notes are secured obligations of the MML 2022-1 Issuer, the

 

141

Table of Contents

Subordinated Notes are the unsecured obligations of the MML 2022-1 Issuer, and the indenture governing the MML 2022-1 Notes includes customary covenants and events of default.

MML 2022-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2022-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

2022-1 BSL Debt Securitization

On June 9, 2022, the Company completed a $589.8 million term debt securitization (the “2022-1 BSL Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2022-1 BSL Debt Securitization (collectively, the “2022-1 BSL Notes”) were issued by BCRED BSL CLO 2022-1, Ltd. (the “2022-1 BSL Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and BCRED BSL CLO 2022-1, LLC (the “2022-1 BSL Co-Issuer”), and are primarily secured by a diversified portfolio of broadly syndicated loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the 2022-1 BSL Debt Securitization:

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		     Credit
Rating		  

Class A-1A Notes

    Senior Secured Floating Rate    $ 292,000        SOFR + 1.58%       Aaa (sf)  

Class A-1B Notes

    Senior Secured Fixed Rate      50,000        4.34%       Aaa (sf)  

Class A-2 Notes

    Senior Secured Floating Rate      12,000        SOFR + 2.00%       AAA (sf)  

Class B-1 Notes

    Senior Secured Floating Rate      40,000        SOFR + 2.35%       AA (sf)  

Class B-2 Notes

    Senior Secured Fixed Rate      26,000        4.98%       AA (sf)  

Class C Notes (1)

    Secured Deferrable Floating Rate      51,000        SOFR + 2.60%       A (sf)  

Class D Notes (1)

    Mezzanine Secured Deferrable Floating Rate      39,000        SOFR + 3.69%       BBB-(sf)  

Class E Notes (1)

    Junior Secured Deferrable Floating Rate      21,000        SOFR + 7.33%       BB- (sf)  
     

 

 

       

Total Secured Notes

         531,000       

Subordinated Notes (1)

         58,750        None       Not rated  
     

 

 

       

Total 2022-1 BSL Notes

       $ 589,750       
     

 

 

       

 

(1)

The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization which are eliminated in consolidation.

 

142

Table of Contents

The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization. The 2022-1 BSL Notes are scheduled to mature on July 20, 2035; however the 2022-1 BSL Notes may be redeemed by the 2022-1 BSL Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after, in the case of any Class of Notes other than the Class A-1 Notes, July 20, 2024, and in the case of the Class A-1 Notes, July 20, 2035. The Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes and Class D Notes are secured obligations of the 2022-1 BSL Issuer and the 2022-1 BSL Co-Issuer, the Class E Notes are the secured obligations of the 2022-1 BSL Issuer, the Subordinated Notes are the unsecured obligations of the 2022-1 BSL Issuer, and the indenture governing the 2022-1 BSL Notes includes customary covenants and events of default.

The 2022-1 BSL Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2022-1 BSL Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

2022-2 MML Debt Securitization

On August 12, 2022, the Company completed a $498.1 million term debt securitization (the “MML 2022-2 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes and loans offered in the MML 2022-2 Debt Securitization (collectively, the “MML 2022-2 Notes”) were issued (or incurred, as applicable) by BCRED MML CLO 2022-2 LLC (the “MML 2022-2 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the MML 2022-2 Debt Securitization:

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		     Credit
Rating		  

Class A-L Notes

    Senior Secured Floating Rate    $ 275,000        SOFR + 2.10%       Aaa (sf)  

Class B-1 Notes

    Senior Secured Floating Rate      14,000        SOFR + 3.35%       Aa2  

Class B-2 Notes

    Senior Secured Fixed Rate      11,500        5.88%       Aa2  

Class C Notes (1)

    Mezzanine Secured Deferrable Floating Rate      40,500        SOFR + 2.50%       A2  
     

 

 

       

Total Secured Notes

         341,000       

Subordinated Notes (1)

    Subordinated      157,105        None       Not rated  
     

 

 

       

Total MML 2022-2 Notes

       $ 498,105       
     

 

 

       

 

(1)

The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2022-2 MML Debt Securitization which are eliminated in consolidation.

 

143

Table of Contents

The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization in part in exchange for the Company’s sale and contribution to the MML 2022-2 Issuer of the initial closing date portfolio. The MML 2022-2 Notes is scheduled to mature on July 18, 2034; however the MML 2022-2 Notes may be redeemed by the MML 2022-2 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after August 12, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuers. The Class A-L Loans, Class B-1 Notes, Class B-2 Notes and Class C Notes are secured obligations of the MML 2022-2 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-2 Issuer, and the indenture governing the MML 2022-2 Notes includes customary covenants and events of default.

The MML 2022-2 Notes has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2022-2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

2023-1 CLO Debt Securitization

On December 13, 2023, the Company completed a $492.7 million term debt securitization (the “2023-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2023-1 Debt Securitization (collectively, the “2023-1 Notes”) were issued by BCRED CLO 2023-1 LLC (the “2023-1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2023-1 Debt Securitization:

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		     Credit
Rating		  

Class A Notes

    Senior Secured Floating Rate    $ 272,500        SOFR + 2.30%       Aaa (sf)  

Class B Notes

    Senior Secured Floating Rate      32,500        SOFR + 3.00%       Aa2 (sf)  

Class C Notes (1)

    Mezzanine Secured Deferrable Floating Rate      34,000        SOFR + 4.00%       A2 (sf)  
     

 

 

       

Total Secured Notes

         339,000       

Subordinated Notes (1)

    Subordinated      153,665        None       Not Rated  
     

 

 

       

Total 2023-1 Notes

       $ 492,665       
     

 

 

       

 

(1)

The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2023-1 Issuer of the initial closing date portfolio. The 2023-1 Notes are

 

144

Table of Contents

scheduled to mature on January 20, 2036; however the 2023-1 Notes may be redeemed by the 2023-1 Issuer, at the direction of the Company as holder of the Subordinated Notes (through 2023-1 Depositor), on any business day after December 13, 2025. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2023-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2023-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2023-1 Issuer, and the indenture governing the 2023-1 Notes includes customary covenants and events of default.

The 2023-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2023-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

2024-1 CLO Debt Securitization

On March 13, 2024, the Company completed a $402.2 million term debt securitization (the “2024-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024-1 Debt Securitization (collectively, the “2024-1 Notes”) were issued by BCRED CLO 2024-1 LLC (the “2024-1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:

 

    

Type

    March 31, 2024  

Description

    Principal
Outstanding		      Interest
Rate		   Credit
Rating		  

Class A Notes

    Senior Secured Floating Rate    $ 180,000      SOFR + 1.83%     Aaa  

Class A-L Loans

    Senior Secured Floating Rate      40,000      SOFR + 1.83%     Aaa  

Class B Notes

    Senior Secured Floating Rate      24,000      SOFR + 2.35%     Aa2  

Class C Notes (1)

    Mezzanine Secured Deferrable Floating Rate      28,000      SOFR + 2.80%     A2  
     

 

 

       

Total Secured Notes

         272,000       

Subordinated Notes (1)

    Subordinated      130,161      None     Not Rated  
     

 

 

       

Total 2024-1 Notes

       $ 402,161      None  
     

 

 

       

 

(1)

The Company (through its wholly-owned and consolidated subsidiary, BCRED CLO 2024-1 Depositor LLC) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, BCRED CLO 2024-1 Depositor LLC) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2024-1 Issuer of the initial closing date portfolio. The 2024-1 Notes are scheduled to mature on April 20, 2036; however the 2024-1 Notes may be redeemed by the

 

145

Table of Contents

2024-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through BCRED CLO 2024-1 Depositor LLC), on any business day after March 13, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2024-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2024-1 Issuer, and the indenture governing the 2024-1 Notes includes customary covenants and events of default.

The 2024-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

Short-Term Borrowings

Master Repurchase Agreements

On June 15, 2021 and June 16, 2021, the Company entered into Master Repurchase Agreements (the “Repurchase Agreements”) with certain banks to provide short-term borrowings which the Company utilizes from time-to-time to manage its working capital needs. As part of the Repurchase Agreements, the Company can sell a security to the lender for cash with an agreement to buy it back in the future at a pre-determined price. The Company’s ability to draw down borrowings under the agreement is subject to 1940 Act leverage limitations and dependent on the Company pledging eligible assets to the banks as collateral. No commitment fees were paid in connection with execution of these agreements.

As of March 31, 2024, the Company had no short-term borrowings under the Repurchase Agreements. As of December 31, 2023, the Company had $28.5 million of short-term borrowings under the Repurchase Agreements.

Short-term borrowings under the Repurchase Agreements bore interest at an average applicable margin of 6.35% per annum as of December 31, 2023.

Certain of the Company’s investments serve as collateral for the Company’s obligations under the Repurchase Agreements and the carrying value of pledged investments were $59.1 million as of December 31, 2023.

The Company’s outstanding debt obligations were as follows:

 

    March 31, 2024  
    Aggregate
Principal
Committed		     Outstanding
Principal		     Carrying
Value (net of
unamortized
issuance costs)		     Unamortized
Debt Issuance
Costs		     Unused
Portion (1)		     Amount
Available (2)		  

Bard Peak Funding Facility (3)

   $ 1,650,000     $ 238,034     $ 238,034     $ —      $ 1,411,966     $ 1,346,024  

Castle Peak Funding Facility (3)

     1,600,000       1,118,415       1,118,415       —        481,585       337,079  

Summit Peak Funding Facility (3)

     1,375,000       277,095       277,095       —        1,097,905       1,097,905  

Denali Peak Funding Facility

     750,000       562,800       562,800       —        187,200       187,200  

Bushnell Peak Funding Facility

     600,000       300,300       300,300       —        299,700       299,700  

Granite Peak Funding Facility

     750,000       563,600       563,600       —        186,400       43,670  

Middle Peak Funding Facility

     1,000,000       750,000       750,000       —        250,000       250,000  

Bison Peak Funding Facility

     1,500,000       703,200       703,200       —        796,800       796,800  

 

146

Table of Contents
    March 31, 2024  
    Aggregate
Principal
Committed		     Outstanding
Principal		     Carrying
Value (net of
unamortized
issuance costs)		     Unamortized
Debt Issuance
Costs		     Unused
Portion (1)		     Amount
Available (2)		  

Blanca Peak Funding Facility

     1,500,000       1,375,090       1,375,090       —        124,910       124,910  

Windom Peak Funding Facility (3)

     2,150,000       966,029       966,029       —        1,183,971       1,183,844  

Monarch Peak Funding Facility

     2,000,000       1,400,400       1,400,400       —        599,600       336,693  

Naomi Peak Funding Facility

     400,000       385,000       385,000       —        15,000       15,000  

Meridian Peak Funding Facility

     350,000       246,000       246,000       —        104,000       104,000  

Haydon Peak Funding Facility

     250,000       49,000       49,000       —        201,000       201,000  

Bear Peak Funding Facility (3)

     539,425       353,273       353,273       —        186,152       186,152  

Revolving Credit Facility (4)

     5,150,000       1,302,165       1,302,165       —        3,847,835       3,846,987  

June 2024 Notes (5)

     435,000       435,000       430,943       288       —        —   

June 2026 Notes

     400,000       400,000       398,434       1,566       —        —   

May 2027 Notes (5)

     625,000       625,000       597,996       1,710       —        —   

October 2027 Notes (5)

     350,000       350,000       340,011       4,865       —        —   

September 2024 Notes (5)

     365,000       365,000       358,288       540       —        —   

December 2026 Notes (5)

     1,250,000       1,250,000       1,175,011       13,065       —        —   

November 2026 Eurobonds

     539,425       539,425       535,265       4,160       —        —   

November 2024 Notes (5)

     500,000       500,000       487,610       1,048       —        —   

March 2027 Notes

     1,000,000       1,000,000       991,988       8,012       —        —   

January 2025 Notes (5)

     500,000       500,000       485,664       1,335       —        —   

January 2029 Notes

     650,000       650,000       641,469       8,531       —        —   

March 2025 Notes (5)

     900,000       900,000       873,255       2,865       —        —   

April 2026 UK Bonds (5)

     315,537       315,537       299,897       1,791       —        —   

September 2025 Notes (5)

     800,000       800,000       785,668       6,404       —        —   

November 2028 Notes (5)

     500,000       500,000       490,838       11,022       —        —   

January 2031 Notes (5)

     500,000       500,000       480,660       14,249       —        —   

2021-1 BSL Notes

     663,000       663,000       662,105       895       —        —   

2021-2 Notes

     505,800       505,800       504,418       1,382       —        —   

MML 2021-1 Debt

     690,000       690,000       686,209       3,791       —        —   

MML 2022-1 Debt

     759,000       759,000       754,134       4,866       —        —   

2022-1 BSL Debt

     420,000       420,000       418,566       1,434       —        —   

MML 2022-2 Debt

     300,500       300,500       298,105       2,395       —        —   

2023-1 Notes

     305,000       305,000       303,084       1,916       —        —   

2024-1 Notes

     244,000       244,000       242,226       1,774       —        —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 35,081,687     $ 24,107,663     $ 23,832,245     $ 99,904     $ 10,974,024     $ 10,356,964  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

The unused portion is the amount upon which commitment fees, if any, are based.

(2)

The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)

Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of March 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 94.1 million

  •  

Euros (EUR) 69.0 million

  •  

British Pounds (GBP) 74.6 million

Under the Castle Peak Funding Facility, as of March 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 78.9 million

  •  

Euros (EUR) 46.4 million

  •  

British Pounds (GBP) 64.4 million

 

147

Table of Contents

Under the Summit Peak Funding Facility, as of March 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 159.6 million

  •  

Euros (EUR) 26.9 million

  •  

British Pounds (GBP) 99.7 million

Under the Windom Peak Funding Facility, as of March 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

British Pounds (GBP) 115.9 million

Under the Bear Peak Funding Facility, as of March 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Euros (EUR) 260.8 million

  •  

British Pounds (GBP) 57.0 million

 

(4)

Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of March 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 137.0 million

  •  

Euros (EUR) 97.5 million

  •  

British Pounds (GBP) 512.2 million

  •  

Swiss Franc (CHF) 52.9 million

  •  

Australian Dollars (AUD) 1.0 million

 

(5)

Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

 

    December 31, 2023  
    Aggregate
Principal
Committed		     Outstanding
Principal		     Carrying
Value (net of
unamortized
issuance costs)		     Unamortized
Debt
Issuance
Costs		     Unused
Portion (1)		     Amount
Available (2)		  

Bard Peak Funding Facility (3)

   $ 1,650,000     $ 242,243     $ 242,243     $ —      $ 1,407,757     $ 1,290,994  

Castle Peak Funding Facility (3)

     1,600,000       1,121,681       1,121,681       —        478,319       186,042  

Summit Peak Funding Facility (3)

     2,300,000       286,046       286,046       —        2,013,954       1,575,278  

Denali Peak Funding Facility

     750,000       562,800       562,800       —        187,200       187,200  

Bushnell Peak Funding Facility

     600,000       465,300       465,300       —        134,700       134,512  

Granite Peak Funding Facility

     750,000       563,600       563,600       —        186,400       86,337  

Middle Peak Funding Facility

     1,000,000       600,950       600,950       —        399,050       278,721  

Bison Peak Funding Facility

     1,500,000       703,200       703,200       —        796,800       796,800  

Blanca Peak Funding Facility

     1,500,000       1,375,090       1,375,090       —        124,910       124,910  

Windom Peak Funding Facility (3)

     2,150,000       967,477       967,477       —        1,182,523       1,182,505  

Monarch Peak Funding Facility

     2,000,000       1,400,400       1,400,400       —        599,600       330,688  

Borah Peak Funding Facility

     400,000       130,000       130,000       —        270,000       81,124  

Naomi Peak Funding Facility

     400,000       385,000       385,000       —        15,000       15,000  

Meridian Peak Funding Facility

     350,000       246,000       246,000       —        104,000       104,000  

Haydon Peak Funding Facility

     250,000       49,000       49,000       —        201,000       201,000  

Bear Peak Funding Facility (3)

     551,975       360,531       360,531       —        191,444       191,444  

 

148

Table of Contents
    December 31, 2023  
    Aggregate
Principal
Committed		     Outstanding
Principal		     Carrying
Value (net of
unamortized
issuance costs)		     Unamortized
Debt
Issuance
Costs		     Unused
Portion (1)		     Amount
Available (2)		  

Revolving Credit Facility (4)

     5,150,000       1,131,025       1,131,025       —        4,018,975       4,018,453  

June 2024 Notes (5)

     435,000       435,000       426,970       612       —        —   

June 2026 Notes

     400,000       400,000       398,270       1,730       —        —   

May 2027 Notes (5)

     625,000       625,000       605,332       1,848       —        —   

October 2027 Notes (5)

     350,000       350,000       345,621       5,209       —        —   

September 2024 Notes (5)

     365,000       365,000       355,524       834       —        —   

December 2026 Notes (5)

     1,250,000       1,250,000       1,187,236       14,265       —        —   

November 2026 Eurobonds

     551,975       551,975       547,426       4,549       —        —   

November 2024 Notes (5)

     500,000       500,000       484,566       1,454       —        —   

March 2027 Notes

     1,000,000       1,000,000       991,311       8,689       —        —   

January 2025 Notes (5)

     500,000       500,000       483,230       1,796       —        —   

January 2029 Notes

     650,000       650,000       641,028       8,972       —        —   

March 2025 Notes (5)

     900,000       900,000       871,800       3,596       —        —   

April 2026 UK Bonds (5)

     318,663       318,663       304,284       2,010       —        —   

September 2025 Notes (5)

     800,000       800,000       790,713       7,471       —        —   

November 2028 Notes (5)

     500,000       500,000       501,424       11,536       —        —   

2021-1 BSL Notes

     663,000       663,000       662,083       917       —        —   

2021-2 Notes

     505,800       505,800       504,385       1,415       —        —   

MML 2021-1 Debt

     690,000       690,000       686,121       3,879       —        —   

MML 2022-1 Debt

     759,000       759,000       754,024       4,976       —        —   

2022-1 BSL Debt

     420,000       420,000       418,534       1,466       —        —   

MML 2022-2 Debt

     300,500       300,500       298,046       2,454       —        —   

2023-1 Notes

     305,000       305,000       303,044       1,956       —        —   

Short-Term Borrowings

     28,546       28,546       28,546       —        —        —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 35,719,459     $ 23,407,827     $ 23,179,861     $ 91,634     $ 12,311,632     $ 10,785,008  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

The unused portion is the amount upon which commitment fees, if any, are based.

(2)

The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)

Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 94.1 million

  •  

Euros (EUR) 69.0 million

  •  

British Pounds (GBP) 74.6 million

Under the Castle Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 78.9 million

  •  

Euros (EUR) 46.4 million

  •  

British Pounds (GBP) 64.4 million

Under the Summit Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 160.6 million

  •  

Euros (EUR) 27.9 million

  •  

British Pounds (GBP) 101.7 million

 

149

Table of Contents

Under the Windom Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

British Pounds (GBP) 115.9 million

Under the Bear Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Euros (EUR) 260.8 million

  •  

British Pounds (GBP) 57.0 million

 

(4)

Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:

 

  •  

Canadian Dollars (CAD) 134.0 million

  •  

Euros (EUR) 8.0 million

  •  

British Pounds (GBP) 445.7 million

  •  

Swiss Franc (CHF) 52.9 million

 

(5)

Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

As of March 31, 2024 and December 31, 2023, $328.8 million and $311.2 million, respectively, of interest expense and $12.2 million and $11.4 million, respectively, of unused commitment fees were included in Interest payable in the Company’s Condensed Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2024 and 2023, the weighted average interest rate on all borrowings outstanding (including unused fees and net discounts on unsecured debt) was 7.28% and 6.31%, respectively. For the three months ended March 31, 2024 and 2023, the weighted average all-in cost of debt (including unused fees, accretion of net discounts on unsecured debt, amortization of deferred financing costs, and the impact of the application of hedge accounting) was 7.44% and 6.43%, respectively.

For the three months ended March 31, 2024 and 2023, and the average principal debt outstanding was $23,943.3 million and $27,150.9 million, respectively.

The components of interest expense were as follows:

 

     Three Months
Ended
March 31,		  
     2024      2023  

Borrowing interest expense

    $ 411,547      $ 411,025  

Facility unused fees

      21,406        10,523  

Amortization of deferred financing costs

      8,585        7,364  

Amortization of original issue discount and debt issuance costs

      7,829        6,501  

Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:

      

Interest rate swaps

      39,877        (67,306 ) 

Hedged items

      (39,182 )       68,116  
  

 

 

     

 

 

  

Total interest expense

    $ 450,062      $ 436,223  
  

 

 

     

 

 

  

Cash paid for interest expense

    $ 491,504      $ 504,776  

 

150

Table of Contents

Note 8. Commitments and Contingencies

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2024 and December 31, 2023, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $5,580.5 million and $5,370.8 million, respectively.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the investment vehicles it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2024 and December 31, 2023, the Company estimates that $1,207.4 million and $399.5 million, respectively, of investments were committed but not yet funded.

As of March 31, 2024 and December 31, 2023, $301.5 million and $340.8 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2024 and December 31, 2023, management is not aware of any material pending legal proceedings.

Note 9. Net Assets

The following table presents transactions in Common Shares during the three months ended March 31, 2024:

 

     For the three months ended
March 31, 2024		  
     Shares      Amount  

CLASS I

      

Subscriptions

      68,153,130      $ 1,731,701  

Share transfers between classes

      1,600,802        41,217  

Distributions reinvested

      9,494,888        241,268  

Share repurchases

      (17,602,001 )       (449,028 ) 

Early repurchase deduction

      —         81  
  

 

 

     

 

 

  

Net increase (decrease)

      61,646,819      $ 1,565,239  
  

 

 

     

 

 

  

CLASS S

      

Subscriptions

      31,368,155      $ 797,084  

Share transfers between classes

      (1,615,042 )       (41,557 ) 

Distributions reinvested

      4,530,035        115,110  

Share repurchases

      (4,060,246 )       (103,576 ) 

Early repurchase deduction

      —         40  
  

 

 

     

 

 

  

Net increase (decrease)

      30,222,902      $ 767,101  
  

 

 

     

 

 

  

CLASS D

      

Subscriptions

      1,031,771      $ 26,207  

Share transfers between classes

      14,240        340  

Distributions reinvested

      62,688        1,593  

Share repurchases

      (199,840 )       (5,098 ) 

Early repurchase deduction

      —         2  
  

 

 

     

 

 

  

Net increase (decrease)

      908,859      $ 23,044  
  

 

 

     

 

 

  

Total net increase (decrease)

      92,778,580      $ 2,355,384  
  

 

 

     

 

 

  

 

151

Table of Contents

The following table presents transactions in Common Shares during the three months ended March 31, 2023:

 

     For the three months ended
March 31, 2023		  
     Shares      Amount  

CLASS I

      

Subscriptions

      18,970,925      $ 470,258  

Share transfers between classes

      44,780,246        1,111,972  

Distributions reinvested

      6,871,980        170,112  

Share repurchases

      (30,318,254 )       (750,983 ) 

Early repurchase deduction

      —         57  
  

 

 

     

 

 

  

Net increase (decrease)

      40,304,897      $ 1,001,416  
  

 

 

     

 

 

  

CLASS S

      

Subscriptions

      14,482,809      $ 358,664  

Share transfers between classes

      (1,367,439 )       (33,734 ) 

Distributions reinvested

      3,053,596        75,600  

Share repurchases

      (5,320,338 )       (131,785 ) 

Early repurchase deduction

      —         139  
  

 

 

     

 

 

  

Net increase (decrease)

      10,848,628      $ 268,884  
  

 

 

     

 

 

  

CLASS D

      

Subscriptions

      2,111,714      $ 52,213  

Share transfers between classes

      (43,413,399 )       (1,078,238 ) 

Distributions reinvested

      605,782        14,998  

Share repurchases

      (422,938 )       (10,476 ) 

Early repurchase deduction

      —         11  
  

 

 

     

 

 

  

Net increase (decrease)

      (41,118,841 )     $ (1,021,492 ) 
  

 

 

     

 

 

  

Total net increase (decrease)

      10,034,684      $ 248,808  
  

 

 

     

 

 

  

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following tables present each month-end NAV per share for Class I, Class S and Class D Common Shares during the three months ended March 31, 2024 and 2023:

 

     NAV Per Share  

For the Months Ended

    Class I      Class S      Class D  

January 31, 2024

    $ 25.41      $ 25.41      $ 25.41  

February 29, 2024

      25.43        25.43        25.43  

March 31, 2024

      25.51        25.51        25.51  

 

     NAV Per Share  

For the Months Ended

    Class I      Class S      Class D  

January 31, 2023

    $ 24.85      $ 24.85      $ 24.85  

February 28, 2023

      24.84        24.84        24.84  

March 31, 2023

      24.77        24.77        24.77  

 

152

Table of Contents

Distributions

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following tables present distributions that were declared and payable during the three months ended March 31, 2024:

 

                   Class I  

Declaration Date

    Record Date      Payment Date      Distribution
Per Share		      Distribution
Amount		  

January 24, 2024

      January 31, 2024        February 28, 2024      $ 0.2200      $ 168,161  

February 22, 2024

      February 29, 2024        March 28, 2024        0.2200        173,210  

March 21, 2024

      March 31, 2024        April 24, 2024        0.2200        179,042  
        

 

 

     

 

 

  
         $ 0.6600      $ 520,413  
        

 

 

     

 

 

  

 

                   Class S  

Declaration Date

    Record Date      Payment Date      Distribution
Per Share		      Distribution
Amount		  

January 24, 2024

      January 31, 2024        February 28, 2024      $ 0.2020      $ 77,794  

February 22, 2024

      February 29, 2024        March 28, 2024        0.2020        79,946  

March 21, 2024

      March 31, 2024        April 24, 2024        0.2020        82,446  
        

 

 

     

 

 

  
         $ 0.6060      $ 240,186  
        

 

 

     

 

 

  

 

                   Class D  

Declaration Date

    Record Date      Payment Date      Distribution
Per Share		      Distribution
Amount		  

January 24, 2024

      January 31, 2024        February 28, 2024      $ 0.2147      $ 3,474  

February 22, 2024

      February 29, 2024        March 28, 2024        0.2147        3,512  

March 21, 2024

      March 31, 2024        April 24, 2024        0.2147        3,556  
        

 

 

     

 

 

  
         $ 0.6441      $ 10,542  
        

 

 

     

 

 

  

The following tables present distributions that were declared and payable during the three months ended March 31, 2023:

 

                   Class I  

Declaration Date

    Record Date      Payment Date      Distribution
Per Share		      Distribution
Amount		  

January 25, 2023

      January 31, 2023        February 24, 2023      $ 0.2100      $ 125,726  

February 24, 2023

      February 28, 2023        March 29, 2023        0.2100        127,513  

March 23, 2023

      March 31, 2023        April 28, 2023        0.2100        138,990  
        

 

 

     

 

 

  
         $ 0.6300      $ 392,229  
        

 

 

     

 

 

  

 

                   Class S  

Declaration Date

    Record Date      Payment Date      Distribution
Per Share		      Distribution
Amount		  

January 25, 2023

      January 31, 2023        February 24, 2023      $ 0.1926      $ 55,316  

February 24, 2023

      February 28, 2023        March 29, 2023        0.1924        56,106  

March 23, 2023

      March 31, 2023        April 28, 2023        0.1924        57,471  
        

 

 

     

 

 

  
         $ 0.5774      $ 168,893  
        

 

 

     

 

 

  

 

153

Table of Contents
                   Class D  

Declaration Date

    Record Date      Payment Date      Distribution
Per Share		      Distribution
Amount		  

January 25, 2023

      January 31, 2023        February 24, 2023      $ 0.2049      $ 10,247  

February 24, 2023

      February 28, 2023        March 29, 2023        0.2048        10,343  

March 23, 2023

      March 31, 2023        April 28, 2023        0.2048        1,659  
        

 

 

     

 

 

  
         $ 0.6145      $ 22,249  
        

 

 

     

 

 

  

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. No action is required on the part of a registered shareholder to have his, her or its cash dividend or other distribution reinvested in our shares, except shareholders in certain states. Investors and clients of certain participating brokers in states that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Through March 31, 2024, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares:

 

     For the three months ended March 31, 2024  
     Class I      Class S      Class D  

Source of Distribution

    Per Share      Amount      Per Share      Amount      Per Share      Amount  

Net investment income

    $ 0.6600      $ 520,413      $ 0.6060      $ 240,186      $ 0.6441      $ 10,542  

Net realized gains

      —         —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 0.6600      $ 520,413      $ 0.6060      $ 240,186      $ 0.6441      $ 10,542  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

154

Table of Contents
     For the three months ended March 31, 2023  
     Class I      Class S      Class D  

Source of Distribution

    Per Share      Amount      Per Share      Amount      Per Share      Amount  

Net investment income

    $ 0.6300      $ 392,229      $ 0.5774      $ 168,893      $ 0.6145      $ 22,249  

Net realized gains

      —         —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 0.6300      $ 392,229      $ 0.5774      $ 168,893      $ 0.6145      $ 22,249  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company’s Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the three months ended March 31, 2024 and 2023, approximately 21,862,087 and 36,061,530 shares were repurchased, respectively.

 

155

Table of Contents

The following table presents the share repurchases completed during the three months ended March 31, 2024:

 

Repurchase deadline request

   Total Number of
Shares
Repurchased
(all classes)		     Percentage of
Outstanding
Shares
Repurchased (1)		     Price Paid
Per Share		     Repurchase
Pricing Date		     Amount
Repurchased
(all classes) (3)		     Maximum
number of
shares that
may yet be
purchased
under the
repurchase
plan (2)		  

February 29, 2024

     21,862,087       1.9 %    $ 25.51       March 31, 2024     $ 557,579       —   

 

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction

The following table presents the share repurchases completed during the three months ended March 31, 2023:

 

Repurchase deadline request

   Total Number of
Shares
Repurchased
(all classes)		     Percentage of
Outstanding
Shares
Repurchased (1)		     Price Paid
Per Share		     Repurchase
Pricing Date		     Amount
Repurchased
(all classes) (3)		     Maximum
number of
shares that
may yet be
purchased
under the
repurchase
plan (2)		  

February 28, 2023

     36,061,530       3.9 %    $ 24.77       March 31, 2023     $ 893,037       —  

 

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the three months ended March 31, 2024:

 

    For the three months ended March 31, 2024  
    Class I     Class S     Class D  

Per Share Data (1):

      

Net asset value, beginning of period

   $ 25.39     $ 25.39     $ 25.39  

Net investment income

     0.73       0.68       0.71  

Net change in unrealized and realized gain (loss)

     0.05       0.05       0.05  
 

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

     0.78       0.73       0.76  

Distributions from net investment income (2)

     (0.66 )      (0.61 )      (0.64 ) 

Distributions from net realized gains (2)

     —        —        —   
 

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from shareholders’ distributions

     (0.66 )      (0.61 )      (0.64 ) 
 

 

 

    

 

 

    

 

 

  

Early repurchase deduction fees (5)

     —        —        —   
 

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     0.12       0.12       0.12  
 

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 25.51     $ 25.51     $ 25.51  
 

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

     796,226,759       404,087,160       16,361,531  

Total return based on NAV (3)

     3.1 %      2.9 %      3.0 % 

 

156

Table of Contents
    For the three months ended March 31, 2024  
    Class I     Class S     Class D  

Ratios:

      

Ratio of net expenses to average net assets (4)

     9.0 %      9.8 %      9.2 % 

Ratio of net investment income to average net assets (4)

     11.6 %      10.8 %      11.4 % 

Portfolio turnover rate

     2.6 %      2.6 %      2.6 % 

Supplemental Data:

      

Net assets, end of period

   $ 20,311,966     $ 10,308,375     $ 417,387  

Asset coverage ratio

     228.7 %      228.7 %      228.7 % 

 

(1)

The per share data was derived by using the weighted average shares outstanding during the period.

(2)

The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)

Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(4)

For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 9.0%, 9.8%, and 9.2% on Class I, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

(5)

The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

The following are the financial highlights for the three months ended March 31, 2023:

 

    For the three months ended March 31, 2023  
    Class I     Class S     Class D  

Per Share Data (1):

      

Net asset value, beginning of period

   $ 24.59     $ 24.59     $ 24.59  

Net investment income

     0.74       0.69       0.72  

Net change in unrealized and realized gain (loss)

     0.07       0.07       0.07  
 

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

     0.81       0.76       0.79  

Distributions from net investment income (2)

     (0.63 )      (0.58 )      (0.61 ) 

Distributions from net realized gains (2)

     —        —        —   
 

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from shareholders’ distributions

     (0.63 )      (0.58 )      (0.61 ) 
 

 

 

    

 

 

    

 

 

  

Early repurchase deduction fees (5)

     —        —        —   
 

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     0.18       0.18       0.18  
 

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 24.77     $ 24.77     $ 24.77  
 

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

     631,542,513       293,389,669       7,677,084  

Total return based on NAV (3)

     3.3 %      3.1 %      3.3 % 

 

157

Table of Contents
    For the three months ended March 31, 2023  
    Class I     Class S     Class D  

Ratios:

      

Ratio of net expenses to average net assets (4)

     10.7 %      11.6 %      11.0 % 

Ratio of net investment income to average net assets (4)

     12.2 %      11.3 %      12.0 % 

Portfolio turnover rate

     1.6 %      1.6 %      1.6 % 

Supplemental Data:

      

Net assets, end of period

   $ 15,645,058     $ 7,268,107     $ 190,192  

Asset coverage ratio

     190.8 %      190.8 %      190.8 % 

 

(1)

The per share data was derived by using the weighted average shares outstanding during the period.

(2)

The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)

Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(4)

For the three months ended March 31, 2023, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2023, the ratio of total operating expenses to average net assets was 10.7%, 11.6% and 11.0%, on Class I, Class S and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

(5)

The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

The following is information about the Company’s senior securities as of the dates indicated in the table below:

 

Class and Period

    Total Amount
Outstanding
Exclusive of
Treasury
Securities (1)		      Asset Coverage
per Unit (2)		      Involuntary
Liquidating
Preference per
Unit (3)		      Average Market
Value per Unit (4)		  

Bard Peak Funding Facility

            

March 31, 2024

    $ 238,034      $ 2,287        —         N/A  

December 31, 2023

      242,243        2,219        —         N/A  

December 31, 2022

      1,235,414        1,845        —         N/A  

December 31, 2021

      879,000        1,702        —         N/A  

Castle Peak Funding Facility

            

March 31, 2024

      1,118,415        2,287        —         N/A  

December 31, 2023

      1,121,681        2,219        —         N/A  

December 31, 2022

      1,146,600        1,845        —         N/A  

December 31, 2021

      1,171,809        1,702        —         N/A  

Maroon Peak Funding Facility

            

March 31, 2024

      —         —         —         N/A  

December 31, 2023

      —         —         —         N/A  

December 31, 2022

      300,000        1,845        —         N/A  

December 31, 2021

      483,952        1,702        —         N/A  

 

158

Table of Contents

Class and Period

    Total Amount
Outstanding
Exclusive of
Treasury
Securities (1)		      Asset Coverage
per Unit (2)		      Involuntary
Liquidating
Preference per
Unit (3)		      Average Market
Value per Unit (4)		  

Summit Peak Funding Facility

            

March 31, 2024

      277,095        2,287        —         N/A  

December 31, 2023

      286,046        2,219        —         N/A  

December 31, 2022

      1,691,844        1,845        —         N/A  

December 31, 2021

      1,643,154        1,702        —         N/A  

Denali Peak Funding Facility

            

March 31, 2024

      562,800        2,287        —         N/A  

December 31, 2023

      562,800        2,219        —         N/A  

December 31, 2022

      749,800        1,845        —         N/A  

December 31, 2021

      668,400        1,702        —         N/A  

Bushnell Peak Funding Facility

            

March 31, 2024

      300,300        2,287        —         N/A  

December 31, 2023

      465,300        2,219        —         N/A  

December 31, 2022

      400,000        1,845        —         N/A  

December 31, 2021

      395,500        1,702        —         N/A  

Granite Peak Funding Facility

            

March 31, 2024

      563,600        2,287        —         N/A  

December 31, 2023

      563,600        2,219        —         N/A  

December 31, 2022

      647,600        1,845        —         N/A  

December 31, 2021

      248,000        1,702        —         N/A  

Middle Peak Funding Facility

            

March 31, 2024

      750,000        2,287        —         N/A  

December 31, 2023

      600,950        2,219        —         N/A  

December 31, 2022

      596,950        1,845        —         N/A  

December 31, 2021

      799,550        1,702        —         N/A  

Bison Peak Funding Facility

            

March 31, 2024

      703,200        2,287        —         N/A  

December 31, 2023

      703,200        2,219        —         N/A  

December 31, 2022

      1,182,000        1,845        —         N/A  

December 31, 2021

      1,320,800        1,702        —         N/A  

Blanca Peak Funding Facility

            

March 31, 2024

      1,375,090        2,287        —         N/A  

December 31, 2023

      1,375,090        2,219        —         N/A  

December 31, 2022

      1,081,000        1,845        —         N/A  

December 31, 2021

      892,800        1,702        —         N/A  

Windom Peak Funding Facility

            

March 31, 2024

      966,029        2,287        —         N/A  

December 31, 2023

      967,477        2,219        —         N/A  

December 31, 2022

      1,741,465        1,845        —         N/A  

December 31, 2021

      989,759        1,702        —         N/A  

Monarch Peak Funding Facility

            

March 31, 2024

      1,400,400        2,287        —         N/A  

December 31, 2023

      1,400,400        2,219        —         N/A  

December 31, 2022

      873,400        1,845        —         N/A  

December 31, 2021

      567,400        1,702        —         N/A  

 

159

Table of Contents

Class and Period

    Total Amount
Outstanding
Exclusive of
Treasury
Securities (1)		      Asset Coverage
per Unit (2)		      Involuntary
Liquidating
Preference per
Unit (3)		      Average Market
Value per Unit (4)		  

Borah Peak Funding Facility

            

March 31, 2024

      —         —         —         N/A  

December 31, 2023

      130,000        2,219        —         N/A  

December 31, 2022

      223,000        1,845        —         N/A  

2022-1 BSL WH

            

March 31, 2024

      —         —         —         N/A  

December 31, 2023

      —         —         —         N/A  

December 31, 2022

      148,000        1,845        —         N/A  

Naomi Peak Funding Facility

            

March 31, 2024

      385,000        2,287        —         N/A  

December 31, 2023

      385,000        2,219        —         N/A  

December 31, 2022

      400,000        1,845        —         N/A  

Meridian Peak Funding Facility

            

March 31, 2024

      246,000        2,287        —         N/A  

December 31, 2023

      246,000        2,219        —         N/A  

December 31, 2022

      170,000        1,845        —         N/A  

Haydon Peak Funding Facility

            

March 31, 2024

      49,000        2,287        —         N/A  

December 31, 2023

      49,000        2,219        —         N/A  

December 31, 2022

      49,000        1,845        —         N/A  

Bear Peak Funding Facility

            

March 31, 2024

      353,273        2,287        —         N/A  

December 31, 2023

      360,531        2,219        —         N/A  

December 31, 2022

      166,031        1,845        —         N/A  

Revolving Credit Facility

            

March 31, 2024

      1,302,165        2,287        —         N/A  

December 31, 2023

      1,131,025        2,219        —         N/A  

December 31, 2022

      1,470,758        1,845        —         N/A  

December 31, 2021

      1,144,422        1,702        —         N/A  

June 2024 Notes

            

March 31, 2024

      435,000        2,287        —         N/A  

December 31, 2023

      435,000        2,219        —         N/A  

December 31, 2022

      435,000        1,845        —         N/A  

December 31, 2021

      435,000        1,702        —         N/A  

June 2026 Notes

            

March 31, 2024

      400,000        2,287        —         N/A  

December 31, 2023

      400,000        2,219        —         N/A  

December 31, 2022

      400,000        1,845        —         N/A  

December 31, 2021

      400,000        1,702        —         N/A  

May 2027 Notes

            

March 31, 2024

      625,000        2,287        —         N/A  

December 31, 2023

      625,000        2,219        —         N/A  

December 31, 2022

      625,000        1,845        —         N/A  

October 2027 Notes

            

March 31, 2024

      350,000        2,287        —         N/A  

December 31, 2023

      350,000        2,219        —         N/A  

December 31, 2022

      350,000        1,845        —         N/A  

 

160

Table of Contents

Class and Period

    Total Amount
Outstanding
Exclusive of
Treasury
Securities (1)		      Asset Coverage
per Unit (2)		      Involuntary
Liquidating
Preference per
Unit (3)		      Average Market
Value per Unit (4)		  

September 2024 Notes

            

March 31, 2024

      365,000        2,287        —         N/A  

December 31, 2023

      365,000        2,219        —         N/A  

December 31, 2022

      365,000        1,845        —         N/A  

December 31, 2021

      365,000        1,702        —         N/A  

December 2026 Notes

            

March 31, 2024

      1,250,000        2,287        —         N/A  

December 31, 2023

      1,250,000        2,219        —         N/A  

December 31, 2022

      1,250,000        1,845        —         N/A  

December 31, 2021

      1,250,000        1,702        —         N/A  

November 2026 Eurobonds

            

March 31, 2024

      539,425        2,287        —         N/A  

December 31, 2023

      551,975        2,219        —         N/A  

December 31, 2022

      534,975        1,845        —         N/A  

December 31, 2021

      569,958        1,702        —         N/A  

November 2024 Notes

            

March 31, 2024

      500,000        2,287        —         N/A  

December 31, 2023

      500,000        2,219        —         N/A  

December 31, 2022

      500,000        1,845        —         N/A  

December 31, 2021

      500,000        1,702        —         N/A  

March 2027 Notes

            

March 31, 2024

      1,000,000        2,287        —         N/A  

December 31, 2023

      1,000,000        2,219        —         N/A  

December 31, 2022

      1,000,000        1,845        —         N/A  

December 31, 2021

      1,000,000        1,702        —         N/A  

January 2025 Notes

            

March 31, 2024

      500,000        2,287        —         N/A  

December 31, 2023

      500,000        2,219        —         N/A  

December 31, 2022

      500,000        1,845        —         N/A  

January 2029 Notes

            

March 31, 2024

      650,000        2,287        —         N/A  

December 31, 2023

      650,000        2,219        —         N/A  

December 31, 2022

      650,000        1,845        —         N/A  

March 2025 Notes

            

March 31, 2024

      900,000        2,287        —         N/A  

December 31, 2023

      900,000        2,219        —         N/A  

December 31, 2022

      900,000        1,845        —         N/A  

April 2026 UK Bonds

            

March 31, 2024

      315,537        2,287        —         N/A  

December 31, 2023

      318,663        2,219        —         N/A  

December 31, 2022

      301,725        1,845        —         N/A  

September 2025 Notes

            

March 31, 2024

      800,000        2,287        —         N/A  

December 31, 2023

      800,000        2,219        —         N/A  

December 31, 2022

      800,000        1,845        —         N/A  

November 2028 Notes

            

March 31, 2024

      500,000        2,287        —         N/A  

December 31, 2023

      500,000        2,219        —         N/A  

 

161

Table of Contents

Class and Period

    Total Amount
Outstanding
Exclusive of
Treasury
Securities (1)		      Asset Coverage
per Unit (2)		      Involuntary
Liquidating
Preference per
Unit (3)		      Average Market
Value per Unit (4)		  

January 2031 Notes

            

March 31, 2024

      500,000        2,287        —         N/A  

2021-1 BSL Notes

            

March 31, 2024

      663,000        2,287        —         N/A  

December 31, 2023

      663,000        2,219        —         N/A  

December 31, 2022

      663,000        1,845        —         N/A  

December 31, 2021

      663,000        1,702        —         N/A  

2021-2 Notes

            

March 31, 2024

      505,800        2,287        —         N/A  

December 31, 2023

      505,800        2,219        —         N/A  

December 31, 2022

      505,800        1,845        —         N/A  

December 31, 2021

      505,800        1,702        —         N/A  

MML 2021-1 Debt

            

March 31, 2024

      690,000        2,287        —         N/A  

December 31, 2023

      690,000        2,219        —         N/A  

December 31, 2022

      690,000        1,845        —         N/A  

December 31, 2021

      690,000        1,702        —         N/A  

MML 2022-1 Debt

            

March 31, 2024

      759,000        2,287        —         N/A  

December 31, 2023

      759,000        2,219        —         N/A  

December 31, 2022

      759,000        1,845        —         N/A  

2022-1 BSL Debt

            

March 31, 2024

      420,000        2,287        —         N/A  

December 31, 2023

      420,000        2,219        —         N/A  

December 31, 2022

      420,000        1,845        —         N/A  

MML 2022-2 Debt

            

March 31, 2024

      300,500        2,287        —         N/A  

December 31, 2023

      300,500        2,219        —         N/A  

December 31, 2022

      300,500        1,845        —         N/A  

2023-1 Notes

            

March 31, 2024

      305,000        2,287        —         N/A  

December 31, 2023

      305,000        2,219        —         N/A  

2024-1 Notes

            

March 31, 2024

      244,000        2,287        —         N/A  

Short-Term Borrowings

            

March 31, 2024

      —         —         —         N/A  

December 31, 2023

      28,546        2,219        —         N/A  

December 31, 2022

      619,377        1,845        —         N/A  

December 31, 2021

      718,156        1,702        —         N/A  

 

(1)

Total amount of each class of senior securities outstanding at the end of the period presented.

(2)

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)

The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)

Not applicable because the senior securities are not registered for public trading.

 

162

Table of Contents

As of March 31, 2024 and December 31, 2023 the aggregate principal amount of indebtedness outstanding was $24.1 billion and $23.4 billion, respectively.

Note 11. Joint Ventures

BCRED Emerald JV

BCRED Emerald JV LP (“Emerald JV”), a Delaware limited liability company, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV Partner”), and commenced operations on January 19, 2022 and operates under a limited liability company agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

The Company and the Emerald JV partner initially committed to contribute up to $1,500.0 million and $500.0 million of capital, respectively, to the Emerald JV. The Company initially contributed $733.4 million of cash, and the Emerald JV Partner contributed net assets of $244.5 million (i.e., $977.8 million in net assets contributed less $733.4 million in cash received by the Emerald JV Partner) to the Emerald JV in exchange for initial equity ownership interests of 75% and 25%, respectively.

On September 26, 2022, the Company and the Emerald JV Partner agreed to increase their capital commitments to the Emerald JV to $2,250.0 million and $750.0 million, respectively. The Company made capital contributions to the Emerald JV in an aggregate amount of $940.5 million (consisting of cash contributions of $670.2 million and an in-kind capital contribution of investments valued at $270.3 million), the Emerald JV Partner made capital contributions to the Emerald JV of approximately $313.5 million (consisting of a cash contribution of $251.4 million and an in-kind capital contribution of investments valued at $62.1 million), and certain of the subsidiaries of the Company sold investments to the Emerald JV for an aggregate cash purchase price of $1,971.6 million.

On December 22, 2022, the Company made further capital contributions of $222.0 million (consisting of a cash contribution of $124.3 million and an in-kind contribution of investments valued at approximately $97.7 million), and the Emerald JV Partner made further capital contributions of $74.0 million. After giving effect to the foregoing transactions, the equity ownership interests of the Company and the Emerald JV Partner in the Emerald JV remain 75% and 25%, respectively.

The Company and the Emerald JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV. As of March 31, 2024 and December 31, 2023, the Company had contributed $2,002.5 million, and the Emerald JV Partner had contributed $667.5 million of capital.

As of March 31, 2024 and December 31, 2023, $247.5 million of capital remained uncalled from the Company and $82.5 million of capital remained uncalled from the Emerald JV Partner. As of March 31, 2024 and December 31, 2023, the equity ownership interests of the Company and the Emerald JV Partner in the Emerald JV were 75% and 25%, respectively.

The Company and the Emerald JV Partner, through their joint control of the Emerald JV’s General Partner, have equal control of the Emerald JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The initial term of the Emerald JV is three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval the Emerald JV’s General Partner, except in the case of a dissolution event. The Company’s investment in the Emerald JV can not be transferred without the consent of the Emerald JV partner.

 

163

Table of Contents

The Company has determined that the Emerald JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Emerald JV and has determined that the Emerald JV is a variable interest entity under ASC 810—Consolidation (“ASC 810”). However, the Company is not deemed to be the primary beneficiary of the Emerald JV as there is equal power between the Company and the Emerald JV Partner. Accordingly, the Company does not consolidate the Emerald JV.

The Company’s investment in the Emerald JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of March 31, 2024 and December 31, 2023.

 

164

Table of Contents

The following table presents the consolidated schedule of investments of the Emerald JV as of March 31, 2024:

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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

                

Aerospace & Defense

                

Amentum Government Services Holdings, LLC

  

(8)

     SOFR + 4.00 %      9.44 %      1/29/2027     $ 2,939     $ 2,874     $ 2,950       0.11 % 

Atlas CC Acquisition Corp.

  

(10)

     SOFR + 4.25 %      9.85 %      5/25/2028       9,794       9,501       9,194       0.34  

Peraton Corp.

  

(10)

     SOFR + 3.75 %      9.18 %      2/1/2028       5,385       5,319       5,391       0.20  

TransDigm Inc

  

(8)

     SOFR + 2.75 %      8.06 %      3/22/2030       309       308       310       0.01  

Vertex Aerospace Services Corp.

  

(10)

     SOFR + 3.25 %      8.68 %      12/6/2028       2,940       2,950       2,950       0.11  
           

 

 

    

 

 

    

 

 

  
              20,952       20,795       0.77  

Air Freight & Logistics

                

AGI-CFI Holdings, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      6/11/2027       24,189       24,046       23,403       0.86  

Mode Purchaser, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.71 %      12/9/2026       32,101       32,101       32,101       1.18  

RWL Holdings, LLC

  

(4)(10)

     SOFR + 5.75 %      11.21 %      12/31/2028       26,572       26,209       25,110       0.93  

SEKO Global Logistics Network, LLC

  

(4)(11)

     SOFR + 5.00 %      10.46 %      12/30/2026          34,878       34,764       33,047       1.22  
           

 

 

    

 

 

    

 

 

  
              117,120       113,661       4.19  

Airlines

                

Air Canada

  

(8)

     SOFR + 2.50 %      7.83 %      3/14/2031       2,012       2,007       2,019       0.07  

American Airlines, Inc.

  

(10)

     SOFR + 4.75 %      10.33 %      4/20/2028       3,243       3,323       3,373       0.12  

Brown Group Holdings, LLC

  

(9)

     SOFR + 2.75 %      8.18 %      6/7/2028       5,871       5,675       5,874       0.22  

KKR Apple Bidco, LLC

  

(9)

     SOFR + 2.75 %      8.19 %      9/23/2028       5,880       5,750       5,882       0.22  
           

 

 

    

 

 

    

 

 

  
              16,755       17,148       0.63  

Beverages

                

Triton Water Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.81 %      3/31/2028       4,809       4,759       4,764       0.18  

Building Products

                

Cornerstone Building Brands, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      4/12/2028       1,466       1,447       1,461       0.05  

Fencing Supply Group Acquisition, LLC

  

(4)(11)

     SOFR + 6.00 %      11.43 %      2/26/2027       19,399       19,344       19,205       0.71  

Griffon Corporation

  

(9)

     SOFR + 2.25 %      7.70 %      1/24/2029       2,295       2,248       2,299       0.08  

Kodiak BP, LLC

  

(10)

     SOFR + 3.25 %      8.82 %      3/12/2028       4,886       4,844       4,890       0.18  

Latham Pool Products, Inc.

  

(7)(9)

     SOFR + 3.75 %      9.18 %      2/23/2029       26,815       26,217       26,216       0.97  

Lindstrom, LLC

  

(4)(11)

     SOFR + 6.25 %      11.68 %      4/1/2026       27,456       27,456       26,976       1.00  

Tamko Building Product, LLC

  

(8)

     SOFR + 2.25 %      7.58 %      9/20/2030       2,947       2,947       2,950       0.11  

The Chamberlain Group, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      11/3/2028       4,888       4,844       4,887       0.18  

Windows Acquisition Holdings, Inc.

  

(4)(11)

     SOFR + 6.50 %      11.96 %      12/29/2026       9,927       9,927       9,877       0.36  
           

 

 

    

 

 

    

 

 

  
              99,274       98,761       3.64  

Capital Markets

                

Advisor Group Holdings, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      8/17/2028       9,026       9,010       9,072       0.33  

AllSpring Buyer, LLC

  

(9)

     SOFR + 3.25 %      8.82 %      11/1/2028       1,960       1,967       1,961       0.07  

Apex Group Treasury, LLC

  

(9)

     SOFR + 3.75 %      9.33 %      7/27/2028       1,078       1,066       1,079       0.04  

 

165

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Capital Markets (continued)

                

Apex Group Treasury, LLC

  

(4)(9)

     SOFR + 5.00 %      10.32 %      7/27/2028       61,225       58,119       61,531       2.27  

Citco Funding LLC

  

(9)

     SOFR + 3.50 %      8.67 %      4/27/2028       7,265       7,126       7,292       0.27  

Resolute Investment Managers, Inc.

  

(11)

     SOFR + 6.50 %      12.07 %      4/30/2027       949       935       939       0.03  

Situs-AMC Holdings Corporation

  

(4)(10)

     SOFR + 5.50 %      10.90 %      12/22/2027       90,087       89,195       89,186       3.29  

Superannuation And Investments US, LLC

  

(9)

     SOFR + 3.75 %      9.19 %      12/1/2028       1,955       1,964       1,963       0.07  

The Edelman Financial Engines Center, LLC

  

(10)

     SOFR + 3.50 %      8.94 %      4/7/2028       8,581       8,359       8,593       0.32  
           

 

 

    

 

 

    

 

 

  
              177,741       181,616       6.69  

Chemicals

                

DCG Acquisition Corp.

  

(8)

     SOFR + 4.50 %      9.93 %      9/30/2026       2,932       2,932       2,938       0.11  

Pigments Services, Inc.

  

(4)(11)(17)

     SOFR + 8.35 %     

 13.67

PIK

 % 

 

     4/14/2030       5,681       4,693       2,653       0.10  

Pigments Services, Inc.

  

(4)(11)

     SOFR + 8.35 %     

 13.67

PIK

 % 

 

     4/14/2030       3,150       3,150       3,150       0.12  
           

 

 

    

 

 

    

 

 

  
              10,775       8,741       0.33  

Commercial Services & Supplies

                

Access CIG, LLC

  

(9)

     SOFR + 5.00 %      10.33 %      8/18/2028           19,512       19,062       19,557       0.72  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 3.75 %      9.18 %      5/12/2028       8,807       8,632       8,806       0.33  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 4.75 %      10.08 %      5/12/2028       24,875       24,218       24,977       0.92  

Anticimex, Inc.

  

(9)

     SOFR + 3.15 %      8.47 %      11/16/2028       4,903       4,748       4,915       0.18  

Anticimex, Inc.

  

(4)(9)

     SOFR + 4.50 %      9.84 %      11/16/2028       24,625       23,668       24,687       0.91  

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 3.75 %      9.19 %      3/31/2028       3,504       3,504       3,507       0.13  

EAB Global, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      8/16/2028       4,892       4,826       4,901       0.18  

First Advantage Holdings, LLC

  

(8)

     SOFR + 2.75 %      8.31 %      1/31/2027       6,000       5,926       6,002       0.22  

Foundational Education Group, Inc.

  

(4)(9)

     SOFR + 3.75 %      9.32 %      8/31/2028       3,920       3,819       3,886       0.14  

Garda World Security Corp.

  

(8)

     SOFR + 4.25 %      9.58 %      2/1/2029       5,910       5,730       5,928       0.22  

International SOS The Americas LP

  

(4)(9)

     SOFR + 3.50 %      8.81 %      9/7/2028       1,955       1,960       1,962       0.07  

Java Buyer, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      12/15/2027       9,602       9,481       9,602       0.35  

Java Buyer, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.19 %      12/15/2027       2,969       2,944       2,969       0.11  

JSS Holdings, Inc.

  

(4)(10)

     SOFR + 5.25 %      10.68 %      12/17/2030       36,363       36,192       36,363       1.34  

Knowledge Pro Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.18 %      12/10/2027       21,338       21,065       21,338       0.79  

KPSKY Acquisition, Inc.

  

(4)(10)(18)

     SOFR + 5.35 %      10.76 %      10/19/2028       134,634       129,410       133,288       4.92  

Polyphase Elevator Holding Co.

  

(4)(11)

     SOFR + 6.00 %     

 11.40

(incl. 5.00

PIK

 % 

% 

) 

     6/23/2027       28,375       27,856       20,643       0.76  

Recycle & Resource US, LLC

  

(9)

     SOFR + 3.50 %      9.07 %      7/14/2028       2,932       2,942       2,806       0.10  

TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)

  

(9)

     SOFR + 3.75 %      9.19 %      12/8/2028       4,657       4,638       4,655       0.17  
           

 

 

    

 

 

    

 

 

  
              340,621       340,792       12.56  

Construction & Engineering

                

Brookfield WEC Holdings, Inc.

  

(8)

     SOFR + 2.75 %      8.08 %      1/27/2031       9,818       9,770       9,818       0.36  

Pike Electric Corp.

  

(8)

     SOFR + 3.00 %      8.44 %      1/21/2028       6,000       5,862       6,030       0.22  

Refficiency Holdings, LLC

  

(10)

     SOFR + 3.50 %      8.93 %      12/16/2027       4,407       4,381       4,415       0.16  
           

 

 

    

 

 

    

 

 

  
              20,013       20,263       0.74  

 

166

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Construction Materials

                

Quikrete Holdings, Inc.

  

(8)

     SOFR + 2.75 %      8.19 %      3/19/2029       3,905       3,905       3,912       0.14  

White Cap Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      10/19/2027       5,115       4,985       5,136       0.19  
           

 

 

    

 

 

    

 

 

  
              8,890       9,048       0.33  

Containers & Packaging

                

Ascend Buyer, LLC

  

(4)(10)

     SOFR + 6.40 %      11.86 %      9/30/2028       74,591       74,027       73,472       2.71  

Berlin Packaging, LLC

  

(9)

     SOFR + 3.75 %      9.19 %      3/11/2028       8,807       8,660       8,828       0.33  

Graham Packaging Co, Inc.

  

(10)

     SOFR + 3.00 %      8.44 %      8/4/2027       4,377       4,343       4,382       0.16  

Novolex, Inc.

  

(9)

     SOFR + 3.68 %      9.11 %      4/13/2029       5,880       5,699       5,895       0.22  

ProAmpac PG Borrower, LLC

  

(8)

     SOFR + 4.00 %      9.32 %      9/15/2028       2,940       2,940       2,949       0.11  

Ring Container Technologies Group, LLC

  

(9)

     SOFR + 3.50 %      8.94 %      8/12/2028       2,940       2,858       2,950       0.11  

TricorBraun Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.69 %      3/3/2028       7,207       6,998       7,135       0.26  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.00 %      9.57 %      9/15/2028       5,877       5,705       5,886       0.22  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.00 %      9.31 %      9/15/2028       2,982       2,982       2,988       0.11  
           

 

 

    

 

 

    

 

 

  
              114,212       114,485       4.23  

Distributors

                

BP Purchaser, LLC

  

(4)(10)

     SOFR + 5.50 %      11.08 %      12/10/2028       50,132       49,347       48,127       1.78  

Bution Holdco 2, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.66 %      10/17/2025       22,346       22,277       22,346       0.82  

Genuine Cable Group, LLC

  

(4)(10)

     SOFR + 5.75 %      11.18 %      11/2/2026       31,734       31,425       30,703       1.13  

Marcone Yellowstone Buyer, Inc.

  

(4)(10)

     SOFR + 6.25 %      11.70 %      6/23/2028       81,755       80,241       76,849       2.84  

Tailwind Colony Holding Corporation

  

(4)(11)

     SOFR + 6.50 %      11.91 %      5/13/2026       31,153       30,984       30,764       1.14  

Unified Door & Hardware Group, LLC

  

(4)(11)

     SOFR + 5.75 %      11.15 %      6/30/2025       39,098       39,052       38,707       1.43  
           

 

 

    

 

 

    

 

 

  
              253,326       247,496       9.14  

Diversified Consumer Services

                

Ascend Learning, LLC

  

(9)

     SOFR + 3.50 %      8.93 %      12/11/2028       8,041       7,828       8,006       0.30  

BPPH2 Ltd

  

(4)(8)

     S + 6.62 %      11.81 %      3/16/2028     GBP  26,000       30,829       32,816       1.21  

Cambium Learning Group, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.92 %      7/20/2028       34,527       34,527       34,527       1.27  

Colibri Group, LLC

  

(10)

     SOFR + 5.00 %      10.48 %      3/12/2029       3,913       3,885       3,931       0.15  

EM Bidco Limited

  

(9)

     SOFR + 4.25 %      9.66 %      7/6/2029       4,938       4,923       4,948       0.18  

Express Wash Concepts, LLC

  

(4)(7)(11)

     SOFR + 6.00 %      11.43 %      4/30/2027       30,968       30,409       30,360       1.12  

Imagine Learning LLC

  

(9)

     SOFR + 3.50 %      8.94 %      12/21/2029       1,961       1,951       1,959       0.07  

Pre-Paid Legal Services, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      12/15/2028       7,841       7,706       7,813       0.29  

University Support Services, LLC

  

(9)

     SOFR + 3.00 %      8.43 %      2/10/2029       9,002       8,842       8,994       0.33  
           

 

 

    

 

 

    

 

 

  
              130,900       133,354       4.92  

Diversified Financial Services

                

Barbri Holdings, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      4/28/2028       70,474       69,840       68,839       2.54  

Mitchell International, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      10/15/2028       8,330       8,136       8,343       0.31  

Polaris Newco, LLC

  

(9)

     SOFR + 4.00 %      9.57 %      6/2/2028       6,859       6,638       6,801       0.25  

Sedgwick Claims Management Services, Inc.

  

(8)

     SOFR + 3.75 %      9.08 %      2/24/2028       4,405       4,371       4,418       0.16  
           

 

 

    

 

 

    

 

 

  
              88,985       88,401       3.26  

 

167

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Diversified Telecommunication Services

                

Zacapa, LLC

  

(9)

     SOFR + 4.00 %      9.31 %      3/22/2029       5,880       5,808       5,889       0.22  

Electric Utilities

                

Qualus Power Services Corp.

  

(4)(11)

     SOFR + 4.75 %      10.19 %      3/26/2027       11,184       11,118       10,905       0.40  

Electrical Equipment

                

Madison IAQ, LLC

  

(9)

     SOFR + 3.25 %      8.69 %      6/21/2028       6,610       6,482       6,608       0.24  

Electronic Equipment, Instruments & Components

                

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.42 %      12/23/2026       817       812       739       0.03  

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.41 %      12/23/2026       13,799       13,684       12,488       0.46  

Infinite Bidco, LLC

  

(9)

     SOFR + 3.75 %      9.32 %      3/2/2028       2,933       2,942       2,897       0.11  
           

 

 

    

 

 

    

 

 

  
              17,438       16,124       0.60  

Entertainment

                

CE Intermediate I, LLC

  

(9)

     SOFR + 3.50 %      8.95 %      11/10/2028       4,900       4,897       4,885       0.18  

Food Products

                

Froneri International PLC

  

(8)

     SOFR + 2.25 %      7.68 %      1/29/2027       4,845       4,755       4,853       0.18  

Ground Transportation

                

Quality Distribution LLC

  

(4)(11)

     SOFR + 6.38 %      11.81 %      7/1/2028       80,102       79,357       80,102       2.96  

Health Care Equipment & Supplies

                

Auris Luxembourg III S.à r.l.

  

(8)

     SOFR + 4.25 %      9.58 %      2/28/2029       6,985       6,857       7,009       0.26  

CPI Buyer, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      11.10 %      11/1/2028       139,202       136,209       135,315       4.99  

CSHC Buyerco, LLC

  

(4)(7)(11)

     SOFR + 4.75 %      10.18 %      9/8/2026       10,643       10,542       10,589       0.39  

Mozart Borrower LP

  

(9)

     SOFR + 2.75 %      8.08 %      10/23/2028       8,034       8,034       8,063       0.30  

Natus Medical Incorporated

  

(4)(9)

     SOFR + 5.50 %      10.96 %      7/20/2029       3,674       3,490       3,471       0.13  

Resonetics, LLC

  

(10)

     SOFR + 4.00 %      9.60 %      4/28/2028       2,932       2,925       2,943       0.11  
           

 

 

    

 

 

    

 

 

  
              168,057       167,390       6.18  

Health Care Providers & Services

                

ACI Group Holdings, Inc.

  

(4)(10)

     SOFR + 5.50 %      10.93 %      8/2/2028       128,872       127,819       128,872       4.76  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.25 %      11.58 %      5/7/2027       1,709       1,696       1,709       0.06  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.25 %      11.79 %      5/7/2027       28,915       28,644       28,915       1.07  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(7)(11)

     SOFR + 6.25 %      11.50 %      5/7/2027       212       207       212       0.01  

ADMI Corp.

  

(9)

     SOFR + 3.75 %      9.19 %      12/23/2027       4,977       4,874       4,818       0.18  

Amerivet Partners Management, Inc.

  

(4)(10)

     SOFR + 5.25 %      10.70 %      2/25/2028       83,061       81,389       83,061       3.07  

Canadian Hospital Specialties Ltd.

  

(4)(11)

     C + 4.50 %      9.80 %      4/14/2028     CAD  29,545       21,509       21,321       0.79  

CCBlue Bidco, Inc.

  

(4)(10)

     SOFR + 6.50 %     

 11.91

PIK

 % 

 

     12/21/2028       21,923       21,657       18,635       0.69  

CHG Healthcare Services, Inc.

  

(9)

     SOFR + 3.25 %      8.69 %      9/29/2028       589       571       591       0.02  

DCA Investment Holdings, LLC

  

(4)(10)

     SOFR + 6.41 %      11.71 %      4/3/2028       29,886       29,672       29,886       1.10  

 

168

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Health Care Providers & Services (continued)

                

Electron Bidco, Inc.

  

(9)

     SOFR + 3.00 %      8.44 %      11/1/2028       6,860       6,719       6,882       0.25  

Epoch Acquisition, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.41 %      10/4/2026       28,739       28,739       28,595       1.06  

ICS US Holdings, Inc.

  

(4)(9)

     SOFR + 4.60 %      9.91 %      6/8/2028       35,000       33,249       33,600       1.24  

Jayhawk Buyer, LLC

  

(4)(11)

     SOFR + 5.00 %      10.41 %      10/15/2026       30,894       30,724       29,349       1.08  

Midwest Physician Administrative Services, LLC

  

(10)

     SOFR + 3.25 %      8.82 %      3/12/2028       2,932       2,935       2,449       0.09  

Navigator Acquiror, Inc.

  

(4)(7)(9)

     SOFR + 5.50 %      10.93 %      7/16/2027       19,958       19,892       18,561       0.69  

Onex TSG Intermediate Corp.

  

(10)

     SOFR + 4.75 %      10.32 %      2/28/2028       1,955       1,965       1,957       0.07  

Pathway Vet Alliance, LLC

  

(8)

     SOFR + 3.75 %      9.19 %      3/31/2027       4,891       4,831       4,306       0.16  

Pediatric Associates Holding Co., LLC

  

(9)

     SOFR + 3.25 %      8.69 %      12/29/2028       3,922       3,911       3,461       0.13  

Phoenix Guarantor, Inc.

  

(8)

     SOFR + 3.25 %      8.58 %      2/21/2031       2,000       1,980       1,977       0.07  

PSKW Intermediate, LLC

  

(4)(11)

     SOFR + 6.25 %      11.68 %      3/9/2026       43,461       43,461       43,461       1.60  

Radnet, Inc.

  

(10)

     SOFR + 3.00 %      8.57 %      4/21/2028       4,058       4,058       4,066       0.15  

Smile Doctors, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.19 %      12/23/2028       142,980       140,793       139,287       5.14  

Stepping Stones Healthcare Services, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.91 %      1/2/2029       15,224       15,000       14,969       0.55  

U.S. Anesthesia Partners, Inc.

  

(9)

     SOFR + 4.25 %      9.69 %      10/1/2028       866       870       830       0.03  

US Oral Surgery Management Holdco, LLC

  

(4)(7)(10)

     SOFR + 6.00 %      11.43 %      11/18/2027           28,077       27,772       27,777       1.03  

WHCG Purchaser III, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.31 %      6/22/2028       6,284       6,202       3,833       0.14  

WHCG Purchaser III, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.31 %      6/22/2026       739       731       450       0.02  
           

 

 

    

 

 

    

 

 

  
              691,870       683,830       25.25  

Health Care Technology

                

GHX Ultimate Parent Corp

  

(4)(9)

     SOFR + 4.00 %      9.31 %      6/30/2027       4,485       4,480       4,519       0.17  

GI Ranger Intermediate, LLC

  

(4)(10)

     SOFR + 6.00 %      11.46 %      10/29/2028       44,235       43,731       44,235       1.63  

Netsmart Technologies, Inc.

  

(10)

     SOFR + 3.75 %      9.19 %      10/1/2027       3,882       3,856       3,894       0.14  

Waystar Technologies, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      10/22/2029       6,878       6,869       6,903       0.25  
           

 

 

    

 

 

    

 

 

  
              58,936       59,551       2.19  

Hotels, Restaurants & Leisure

                

Alterra Mountain Company

  

(8)

     SOFR + 3.25 %      8.58 %      8/17/2028       6,859       6,897       6,896       0.25  

Fertitta Entertainment, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      1/27/2029       6,860       6,635       6,884       0.25  

GVC Finance LLC

  

(9)

     SOFR + 3.50 %      8.91 %      10/31/2029       903       894       908       0.03  

GVC Holdings Gibraltar, Ltd.

  

(9)

     SOFR + 2.50 %      7.91 %      3/29/2027       2,940       2,898       2,947       0.11  

IRB Holding Corp.

  

(10)

     SOFR + 2.75 %      8.18 %      12/15/2027       7,298       7,298       7,309       0.27  

Scientific Games Holdings LP

  

(9)

     SOFR + 3.25 %      8.58 %      4/4/2029       1,970       1,892       1,972       0.07  

Twin River Worldwide Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.83 %      10/2/2028       3,317       3,250       3,123       0.12  

Whatabrands, LLC

  

(9)

     SOFR + 3.25 %      8.69 %      8/3/2028       8,664       8,445       8,679       0.32  
           

 

 

    

 

 

    

 

 

  
              38,209       38,718       1.42  

Household Durables

                

AI Aqua Merger Sub, Inc.

  

(9)

     SOFR + 3.75 %      9.07 %      7/31/2028       8,866       8,633       8,892       0.33  

Industrial Conglomerates

                

Engineered Machinery Holdings, Inc.

  

(10)

     SOFR + 3.75 %      9.32 %      5/19/2028       3,920       3,813       3,911       0.14  

FCG Acquisitions, Inc.

  

(9)

     SOFR + 3.75 %      9.32 %      3/31/2028       8,811       8,637       8,819       0.33  

SPX Flow, Inc.

  

(9)

     SOFR + 4.50 %      9.93 %      4/5/2029       1,743       1,690       1,752       0.06  

Victory Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.34 %      11/19/2028       9,827       9,386       9,360       0.35  
           

 

 

    

 

 

    

 

 

  
              23,526       23,842       0.88  

 

169

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Insurance

                

Alera Group, Inc.

  

(4)(10)

     SOFR + 5.25 %      10.68 %      10/2/2028       44,120       43,446       44,120       1.63  

Alliant Holdings Intermediate, LLC

  

(9)

     SOFR + 3.50 %      8.83 %      11/6/2030       2,409       2,409       2,422       0.09  

AssuredPartners, Inc.

  

(9)

     SOFR + 3.50 %      8.83 %      2/12/2027       6,119       6,047       6,132       0.23  

Baldwin Risk Partners, LLC

  

(9)

     SOFR + 3.50 %      8.94 %      10/14/2027       6,849       6,783       6,855       0.25  

BroadStreet Partners, Inc.

  

(8)

     SOFR + 3.00 %      8.44 %      1/27/2027       7,829       7,674       7,858       0.29  

Foundation Risk Partners Corp.

  

(4)(10)

     SOFR + 6.00 %      11.41 %      10/29/2028       75,832       75,257       75,832       2.80  

Galway Borrower, LLC

  

(4)(10)

     SOFR + 5.25 %      10.65 %      9/29/2028       44,193       43,350       44,082       1.63  

NFP Corp.

  

(8)

     SOFR + 3.25 %      8.69 %      2/15/2027       9,147       8,962       9,169       0.34  

PGIS Intermediate Holdings, LLC

  

(4)(10)

     SOFR + 5.50 %      10.95 %      10/16/2028           62,859       61,300       62,859       2.32  

USI, Inc.

  

(8)

     SOFR + 3.00 %      8.30 %      11/22/2029       6,788       6,734       6,800       0.25  
           

 

 

    

 

 

    

 

 

  
              261,962       266,129       9.83  

Interactive Media & Services

                

Ancestry.com Operations, Inc

  

(9)

     SOFR + 3.25 %      8.68 %      12/6/2027       2,932       2,935       2,847       0.11  

Project Boost Purchaser, LLC

  

(8)

     SOFR + 3.50 %      8.94 %      6/1/2026       6,854       6,753       6,876       0.25  

William Morris Endeavor Entertainment, LLC

  

(8)

     SOFR + 2.75 %      8.19 %      5/18/2025       1,920       1,898       1,921       0.07  
           

 

 

    

 

 

    

 

 

  
              11,586       11,644       0.43  

Internet & Direct Marketing Retail

                

Donuts, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.53 %      12/29/2027       41,914       41,729       41,914       1.55  

Prodege International Holdings, LLC

  

(4)(10)

     SOFR + 5.75 %      11.23 %      12/15/2027       20,892       20,659       19,795       0.73  
           

 

 

    

 

 

    

 

 

  
              62,388       61,709       2.28  

IT Services

                

AI Altius Bidco, Inc.

  

(4)(10)

     SOFR + 5.18 %      10.43 %      12/21/2028       30,024       29,567       30,024       1.11  

Dcert Buyer, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      10/16/2026       10,034       9,816       10,000       0.37  

Endurance International Group Holdings, Inc.

  

(10)

     SOFR + 3.50 %      9.42 %      2/10/2028       4,402       4,331       4,306       0.16  

Razor Holdco, LLC

  

(4)(10)

     SOFR + 5.75 %      11.16 %      10/25/2027       25,415       25,101       25,415       0.94  

Turing Midco, LLC

  

(9)

     SOFR + 2.50 %      7.94 %      3/24/2028       2,023       2,001       2,011       0.07  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.18 %      2/15/2029       3,920       3,892       3,932       0.15  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.19 %      2/11/2028       1,965       1,922       1,971       0.07  
           

 

 

    

 

 

    

 

 

  
              76,630       77,659       2.87  

Leisure Products

                

Motion Finco, LLC

  

(8)

     SOFR + 3.50 %      9.07 %      11/12/2029       5,855       5,826       5,853       0.22  

Life Sciences Tools & Services

                

Cambrex Corp.

  

(10)

     SOFR + 3.50 %      8.93 %      12/4/2026       5,942       5,893       5,794       0.21  

Machinery

                

Pro Mach Group, Inc.

  

(11)

     SOFR + 3.75 %      9.08 %      8/31/2028       5,934       5,843       5,962       0.22  

Media

                

iHeartCommunications, Inc.

  

(8)

     SOFR + 3.00 %      8.44 %      5/1/2026       5,000       4,870       4,392       0.16  

Radiate Holdco, LLC

  

(10)

     SOFR + 3.25 %      8.69 %      9/25/2026       3,910       3,914       3,284       0.12  

Univision Communications, Inc.

  

(10)

     SOFR + 3.25 %      8.69 %      3/15/2026       3,910       3,908       3,919       0.14  

UPC Financing Partnership

  

(8)

     SOFR + 3.00 %      8.44 %      1/31/2029       5,500       5,425       5,486       0.20  

Virgin Media Bristol, LLC

  

(8)

     SOFR + 3.25 %      8.69 %      1/31/2029       3,500       3,468       3,470       0.13  
           

 

 

    

 

 

    

 

 

  
              21,585       20,551       0.75  

 

170

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Metals & Mining

                

SCIH Salt Holdings, Inc.

  

(10)

     SOFR + 4.00 %      9.44 %      3/16/2027       3,890       3,862       3,902       0.14  

Oil, Gas & Consumable Fuels

                

CQP Holdco, LP

  

(9)

     SOFR + 3.00 %      8.30 %      12/31/2030       7,115       7,097       7,145       0.26  

Eagle Midstream Canada Finance, Inc.

  

(4)(10)

     SOFR + 6.25 %      11.56 %      8/15/2028       22,595       22,348       22,595       0.83  

Freeport LNG Investments, LLLP

  

(9)

     SOFR + 3.50 %      9.08 %      12/21/2028       4,869       4,843       4,842       0.18  

KKR Alberta Midstream Finance, Inc.

  

(4)(10)

     SOFR + 6.25 %      11.56 %      8/15/2028       12,293       12,158       12,293       0.45  
           

 

 

    

 

 

    

 

 

  
              46,446       46,875       1.72  

Paper & Forest Products

                

Profile Products, LLC

  

(4)(10)

     SOFR + 5.50 %      10.93 %      11/12/2027       75,112       74,010       72,671       2.68  

Pharmaceuticals

                

ANI Pharmaceuticals, Inc.

  

(4)(10)

     SOFR + 6.00 %      11.44 %      11/19/2027       50,883       49,245       51,032       1.88  

Professional Services

                

Aqgen Island Holdings, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      8/2/2028       7,623       7,413       7,605       0.28  

Armor Holdco, Inc.

  

(9)

     SOFR + 4.50 %      9.93 %      12/11/2028       4,152       4,091       4,174       0.15  

Camelot US Acquisition, LLC

  

(8)

     SOFR + 2.75 %      8.08 %      1/31/2031       3,122       3,115       3,124       0.12  

Cast & Crew Payroll, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      12/29/2028       4,888       4,886       4,901       0.18  

CFGI Holdings, LLC

  

(4)(10)

     SOFR + 5.00 %      10.43 %      11/2/2027       110,989       110,989       110,989       4.10  

Corporation Service Company

  

(9)

     SOFR + 2.75 %      8.08 %      11/2/2029       2,008       1,960       2,015       0.07  

Deerfield Dakota Holding, LLC

  

(11)

     SOFR + 3.75 %      9.06 %      4/9/2027       9,789       9,652       9,753       0.36  

EP Purchaser, LLC

  

(9)

     SOFR + 3.50 %      9.07 %      11/6/2028       3,430       3,424       3,411       0.13  

IG Investments Holdings, LLC

  

(4)(10)

     SOFR + 6.00 %      11.41 %      9/22/2028       134,634       134,127       134,634       4.97  

Kwor Acquisition, Inc.

  

(4)(10)

     SOFR + 5.25 %      10.68 %      12/22/2028       91,278       88,786       88,996       3.28  

Saphilux S.à r.l.

  

(8)

     S + 5.25 %      10.69 %      7/18/2028     GBP  20,000       25,424       25,180       0.93  

The Dun & Bradstreet Corporation

  

(8)

     SOFR + 2.75 %      8.08 %      1/18/2029       7,929       7,929       7,936       0.29  

Trans Union, LLC

  

(9)

     SOFR + 2.00 %      7.33 %      12/1/2028       1,827       1,823       1,828       0.07  

Trinity Air Consultants Holdings Corp.

  

(4)(10)

     SOFR + 5.75 %      11.29 %      6/29/2027       118,000       117,186       118,000       4.36  

West Monroe Partners, LLC

  

(4)(10)

     SOFR + 5.50 %      11.08 %      11/8/2028       28,971       28,579       28,246       1.04  

West Monroe Partners, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      11.08 %      11/8/2027       569       569       554       0.02  
           

 

 

    

 

 

    

 

 

  
              549,953       551,346       20.35  

Real Estate Management & Development

                

Progress Residential PM Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      2/16/2028       18,138       18,254       18,138       0.67  

Software

                

Boxer Parent Company, Inc.

  

(8)

     SOFR + 4.25 %      9.58 %      12/29/2028       7,645       7,573       7,703       0.28  

Cloudera, Inc.

  

(9)

     SOFR + 3.75 %      9.18 %      10/8/2028       8,098       7,876       8,080       0.30  

Community Brands ParentCo, LLC

  

(4)(10)

     SOFR + 5.50 %      10.93 %      2/24/2028       74,984       73,891       74,864       2.76  

 

171

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Software (continued)

                

Confine Visual Bidco

  

(4)(10)

     SOFR + 5.75 %      11.06 %      2/23/2029       32,504       31,790       27,791       1.03  

ConnectWise, LLC

  

(9)

     SOFR + 3.50 %      9.06 %      9/29/2028       4,399       4,404       4,403       0.16  

Delta Topco, Inc.

  

(10)

     SOFR + 3.75 %      9.12 %      12/1/2027       3,919       3,897       3,929       0.15  

ECI Macola Max Holding, LLC

  

(4)(10)

     SOFR + 3.75 %      9.06 %      5/9/2030       6,858       6,858       6,888       0.25  

Epicor Software Corp.

  

(10)

     SOFR + 3.25 %      8.69 %      7/30/2027       9,785       9,601       9,830       0.36  

Flexera Software, LLC

  

(10)

     SOFR + 3.75 %      9.19 %      3/3/2028       5,494       5,408       5,513       0.20  

Genesys Cloud Services Holdings II LLC

  

(10)

     SOFR + 3.50 %      8.83 %      12/1/2027       4,398       4,398       4,414       0.16  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.00 %      9.44 %      5/12/2028       7,063       6,953       7,044       0.26  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.50 %      9.94 %      5/12/2028       9,975       9,293       9,954       0.37  

GovernmentJobs.com, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.93 %      12/1/2028       24,085       23,776       24,034       0.89  

GraphPAD Software, LLC

  

(4)(11)

     SOFR + 5.50 %      10.96 %      4/27/2027       15,361       15,257       15,361       0.57  

HS Purchaser, LLC

  

(10)

     SOFR + 4.00 %      9.43 %      11/19/2026       3,911       3,892       3,792       0.14  

Idera, Inc.

  

(10)

     SOFR + 3.75 %      9.21 %      3/2/2028       2,932       2,939       2,925       0.11  

Informatica, LLC

  

(8)

     SOFR + 2.75 %      8.19 %      10/27/2028       1,568       1,554       1,571       0.06  

ION Trading Finance Ltd.

  

(8)

     SOFR + 4.75 %      10.15 %      4/3/2028       7,704       7,451       7,704       0.28  

LD Lower Holdings, Inc.

  

(4)(11)

     SOFR + 6.50 %      11.91 %      2/8/2026       14,793       14,725       14,682       0.54  

Medallia, Inc.

  

(4)(10)

     SOFR + 6.50 %     

 11.91

(incl. 4.00

PIK

 % 

% 

) 

     10/29/2028           49,029       48,443       48,048       1.77  

Mitnick Purchaser, Inc.

  

(9)

     SOFR + 4.50 %      9.91 %      5/2/2029       4,925       4,907       4,715       0.17  

Mitratech Holdings, Inc.

  

(4)(10)

     SOFR + 5.00 %      10.42 %      5/18/2028       27,225       26,241       26,953       0.99  

Mitratech Holdings, Inc.

  

(10)

     SOFR + 4.25 %      9.82 %      5/18/2028       14,888       14,285       14,872       0.55  

Monk Holding Co.

  

(4)(10)(18)

     SOFR + 5.70 %      11.11 %      12/1/2027       108,520       106,835       108,520       4.01  

Monk Holding Co.

  

(4)(7)(10)

     SOFR + 5.50 %      10.91 %      12/1/2027       1,040       1,002       996       0.04  

MRI Software, LLC

  

(4)(11)

     SOFR + 5.50 %      10.90 %      2/10/2027       10,047       9,846       10,022       0.37  

Nintex Topco Limited

  

(4)(10)

     SOFR + 6.00 %     

 11.50

(incl. 1.50

PIK

 % 

% 

) 

     11/13/2028       32,541       32,076       31,565       1.17  

NortonLifeLock, Inc.

  

(9)

     SOFR + 2.00 %      7.43 %      9/12/2029       2,649       2,638       2,651       0.10  

Perforce Software, Inc.

  

(8)

     SOFR + 3.75 %      9.18 %      7/1/2026       1,325       1,323       1,315       0.05  

Proofpoint, Inc.

  

(9)

     SOFR + 3.25 %      8.81 %      8/31/2028       8,783       8,525       8,797       0.32  

Quartz Acquireco LLC

  

(8)

     SOFR + 3.50 %      8.81 %      6/28/2030       6,732       6,672       6,764       0.25  

Quest Software US Holdings, Inc.

  

(9)

     SOFR + 4.25 %      9.71 %      2/1/2029       3,940       3,913       3,012       0.11  

RealPage, Inc.

  

(9)

     SOFR + 3.00 %      8.44 %      4/24/2028       7,832       7,668       7,630       0.28  

Relativity ODA, LLC

  

(4)(7)(11)

     SOFR + 6.50 %      11.93 %      5/12/2027       49,135       48,666       48,763       1.80  

S2P Acquisition Borrower, Inc.

  

(8)

     SOFR + 4.00 %      9.43 %      8/14/2026       4,710       4,684       4,725       0.17  

SolarWinds Holdings Inc.

  

(8)

     SOFR + 3.25 %      8.58 %      2/5/2027       2,908       2,908       2,919       0.11  

Sophia, LP

  

(9)

     SOFR + 3.50 %      8.93 %      10/9/2029       9,741       9,729       9,794       0.36  

Sovos Compliance, LLC

  

(9)

     SOFR + 4.50 %      9.94 %      8/11/2028       3,915       3,914       3,885       0.14  

SS&C Technologies, Inc.

  

(9)

     SOFR + 2.25 %      7.68 %      3/22/2029       3,791       3,722       3,799       0.14  

Stamps.com, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.16 %      10/5/2028       58,800       57,990       57,330       2.12  

Surf Holdings, LLC

  

(8)

     SOFR + 3.50 %      8.94 %      3/5/2027       4,891       4,843       4,906       0.18  

Symphony Technology Group

  

(10)

     SOFR + 5.00 %      10.57 %      7/27/2028       1,960       1,963       1,176       0.04  

Symphony Technology Group

  

(9)

     SOFR + 3.75 %      9.18 %      3/1/2029       5,895       5,816       5,898       0.22  

Triple Lift, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.23 %      5/5/2028       59,238       58,817       55,684       2.06  

Triple Lift, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.22 %      5/5/2028       821       794       693       0.03  

Vision Solutions, Inc.

  

(10)

     SOFR + 4.00 %      9.59 %      4/24/2028       5,943       5,901       5,958       0.22  

VS Buyer, LLC

  

(8)

     SOFR + 3.25 %      8.58 %      2/28/2027       3,018       2,990       3,026       0.11  
           

 

 

    

 

 

    

 

 

  
              728,647       724,898       26.75  

 

172

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Specialty Retail

                

CustomInk, LLC

  

(4)(11)(18)

     SOFR + 6.18 %      11.60 %      5/3/2026       36,866       36,642       36,866       1.36  

EG America, LLC

  

(8)

     SOFR + 5.50 %      11.24 %      2/7/2028       2,191       2,133       2,185       0.08  
           

 

 

    

 

 

    

 

 

  
              38,775       39,051       1.44  

Technology Hardware, Storage & Peripherals

                

Lytx, Inc.

  

(4)(11)

     SOFR + 6.75 %      12.18 %      2/28/2028       29,247       29,153       29,247       1.08  

Trading Companies & Distributors

                

Core and Main, LP

  

(8)

     SOFR + 2.50 %      8.06 %      7/27/2028       3,929       3,867       3,934       0.15  

Foundation Building Materials, Inc.

  

(9)

     SOFR + 3.25 %      8.82 %      1/31/2028       6,852       6,673       6,867       0.25  

Icebox Holdco III, Inc.

  

(9)

     SOFR + 3.50 %      9.07 %      12/22/2028       5,875       5,836       5,884       0.22  

LBM Acquisition, LLC

  

(10)

     SOFR + 3.75 %      9.18 %      12/17/2027       3,909       3,908       3,907       0.14  

Park River Holdings, Inc.

  

(10)

     SOFR + 3.25 %      8.84 %      12/28/2027       3,360       3,321       3,341       0.12  

Porcelain Acquisition Corp.

  

(4)(11)

     SOFR + 6.00 %      11.41 %      4/1/2027       8,666       8,568       8,363       0.31  

Specialty Building Products Holdings, LLC

  

(9)

     SOFR + 3.75 %      9.18 %      10/15/2028       1,960       1,968       1,957       0.07  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      6/2/2028       1,960       1,942       1,973       0.07  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      6/2/2028       7,844       7,698       7,907       0.29  
           

 

 

    

 

 

    

 

 

  
              43,781       44,133       1.62  

Transportation Infrastructure

                

Roadsafe Holdings, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.22 %      10/19/2027       11,796       11,723       11,354       0.42  

Roadsafe Holdings, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.18 %      10/19/2027       6,789       6,726       6,534       0.24  
           

 

 

    

 

 

    

 

 

  
              18,449       17,888       0.66  

Wireless Telecommunication Services

                

CCI Buyer, Inc.

  

(10)

     SOFR + 4.00 %      9.30 %      12/17/2027       6,659       6,543       6,629       0.24  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt

               4,582,240       4,572,025       168.68  
           

 

 

    

 

 

    

 

 

  

Second Lien

                

Capital Markets

                

Apex Group Treasury, LLC

  

(4)(9)

     SOFR + 6.75 %      12.31 %      7/27/2029       11,469       11,516       11,416       0.42  

Apex Group Treasury, LLC

  

(4)(9)

     SOFR + 6.75 %      12.34 %      7/27/2029       26,378       26,483       26,249       0.97  
           

 

 

    

 

 

    

 

 

  
              37,999       37,665       1.39  

Diversified Consumer Services

                

Ascend Learning, LLC

  

(9)

     SOFR + 5.75 %      11.18 %      12/10/2029       5,301       4,831       5,250       0.19  

Health Care Providers & Services

                

Canadian Hospital Specialties Ltd.

  

(4)(8)

     8.75 %      8.75 %      4/15/2029     CAD  12,000       8,248       7,774       0.29  

Jayhawk Buyer, LLC

  

(4)(11)

     SOFR + 8.75 %      14.16 %      10/15/2027       24,712       24,577       23,476       0.87  
           

 

 

    

 

 

    

 

 

  
              32,825       31,250       1.16  

Industrial Conglomerates

                

Victory Buyer, LLC

  

(4)(9)

     SOFR + 7.00 %      12.59 %      11/1/2029       66,704       65,678       62,868       2.32  

Life Sciences Tools & Services

                

Curia Global, Inc.

  

(4)(10)

     SOFR + 6.50 %      12.07 %      8/31/2029       37,847       37,181       35,008       1.29  

 

173

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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		  

Software

                

Vision Solutions, Inc.

  

(10)

     SOFR + 7.25 %      12.84 %      4/23/2029       26,068       23,190       24,438       0.90  
           

 

 

    

 

 

    

 

 

  

Total Second Lien Debt

               201,704       196,479       7.25  
           

 

 

    

 

 

    

 

 

  

Bond

                

Software

                

Tangerine Bidco S.p.A.

  

(4)(8)

     E + 6.50 %      10.41 %      12/30/2029     EUR  69,750       72,247       75,250       2.78  

TeamSystem S.p.A.

  

(4)(8)

     E + 6.25 %      10.19 %      2/15/2028     EUR 35,000       33,613       37,760       1.39  
           

 

 

    

 

 

    

 

 

  
              105,860       113,010       4.17  
           

 

 

    

 

 

    

 

 

  

Total Bonds

               105,860       113,010       4.17  
           

 

 

    

 

 

    

 

 

  

Equity

                

Air Freight & Logistics

                

AGI Group Holdings LP - A2 Units

  

(4)

           194       208       45       0.00  

Mode Holdings, L.P. - Class A-2 Common Units

  

(4)

           1,230,769       2,215       2,203       0.08  
           

 

 

    

 

 

    

 

 

  
              2,423       2,248       0.08  

Capital Markets

                

Resolute Investment Managers, Inc.

             11,751       294       162       0.01  

Chemicals

                

Pigments LP Int

  

(4)

           1,212       —       —       0.00  

Distributors

                

Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units

  

(4)

           780,000       780       335       0.01  

Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Units

  

(4)

           94,753       92       107       0.00  

GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)

  

(4)

           301,167       1,239       2,571       0.09  
           

 

 

    

 

 

    

 

 

  
              2,111       3,013       0.10  

Diversified Consumer Services

                

Cambium Holdings, LLC - Senior Preferred Interests

  

(4)

       11.50 %        974,662       1,133       1,287       0.05  

Health Care Providers & Services

                

Jayhawk Holdings, LP - A-1 Common Units

  

(4)

           797       210       55       0.00  

Jayhawk Holdings, LP - A-2 Common Units

  

(4)

           429       113       30       0.00  
           

 

 

    

 

 

    

 

 

  
              323       85       0.00  

Software

                

Descartes Holdings, Inc - Class A Units

  

(4)

           168,057       728       271       0.01  

 

174

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 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		  

Equity (continued)

                

Software (continued)

                

Lobos Parent, Inc. - Series A Preferred Shares

  

(4)

       10.50 %        5,773       5,700       6,985       0.26  
           

 

 

    

 

 

    

 

 

  
              6,428       7,256       0.27  

Specialty Retail

                

GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)

  

(4)

               3,000,000       3,542       3,955       0.15  

Transportation Infrastructure

                

Frontline Road Safety Investments, LLC - Class A Common Units

  

(4)

           3,936       376       706       0.03  
           

 

 

    

 

 

    

 

 

  

Total Equity

               16,630       18,712       0.69  
           

 

 

    

 

 

    

 

 

  

Total Investment Portfolio

               4,906,434       4,900,226       180.79  
           

 

 

    

 

 

    

 

 

  

Cash and Cash Equivalents

                

State Street Institutional U.S. Government Money Market Fund

               20,781       20,781       0.77  

Other Cash and Cash Equivalents

               207,296       207,296       7.65  
           

 

 

    

 

 

    

 

 

  

Total Portfolio Investments, Cash and Cash Equivalents

             $ 5,134,511     $ 5,128,303       189.21 % 
           

 

 

    

 

 

    

 

 

  

 

(1)

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

(2)

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

(3)

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

 

175

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

(4)

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

(5)

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

(6)

Reserved

(7)

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

 

Investments

  

Commitment Type

   Commitment
Expiration
Date		     Unfunded
Commitment		     Fair Value  

ADCS Clinics Intermediate Holdings, LLC

   Revolver     5/7/2026     $ 569     $ —   

Cambium Learning Group, Inc.

   Revolver     7/20/2028       3,249       —   

CPI Buyer, LLC

   Revolver     11/1/2026       2,974       (59 ) 

CSHC Buyerco, LLC

   Delayed Draw Term Loan     9/8/2026       195       —   

Express Wash Concepts, LLC

   Delayed Draw Term Loan     4/2/2025       32,667       —   

GovernmentJobs.com, Inc.

   Revolver     11/30/2027       2,566       (51 ) 

Knowledge Pro Buyer, Inc.

   Revolver     12/10/2027       931       —   

Latham Pool Products, Inc.

   Revolver     2/18/2029       11,250       (242 ) 

Monk Holding Co.

   Delayed Draw Term Loan     12/1/2024       3,290       —   

Navigator Acquiror, Inc.

   Delayed Draw Term Loan     1/16/2025       1,232       —   

Progress Residential PM Holdings, LLC

   Delayed Draw Term Loan     7/25/2029       3,721       —   

Relativity ODA, LLC

   Revolver     5/12/2027       485       (4 ) 

Smile Doctors, LLC

   Revolver     12/23/2027       4,737       (118 ) 

Stepping Stones Healthcare Services, LLC

   Revolver     12/30/2026       1,813       (27 ) 

Triple Lift, Inc.

   Revolver     5/6/2028       1,321       —   

US Oral Surgery Management Holdco, LLC

   Revolver     11/18/2027       1,915       (19 ) 

West Monroe Partners, LLC

   Revolver     11/9/2027       2,274       —   

WHCG Purchaser III, Inc.

   Revolver     6/22/2026       2       —   
     

 

 

    

 

 

  

Total unfunded commitments

       $ 75,191     $ (520 ) 
     

 

 

    

 

 

  

 

(8)

There are no interest rate floors on these investments.

(9)

The interest rate floor on these investments as of March 31, 2024 was 0.50%.

(10)

The interest rate floor on these investments as of March 31, 2024 was 0.75%.

(11)

The interest rate floor on these investments as of March 31, 2024 was 1.00%.

 

176

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

(12)

The interest rate floor on these investments as of March 31, 2024 was 1.25%.

(13)

The interest rate floor on these investments as of March 31, 2024 was 1.50%.

(14)

The interest rate floor on these investments as of March 31, 2024 was 2.00%.

(15)

For unsettled positions the interest rate does not include the base rate.

(16)

Reserved

(17)

Loan was on non-accrual status as of March 31, 2024.

(18)

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

 

177

Table of Contents

The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2023:

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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

                

Aerospace & Defense

                

Amentum Government Services Holdings, LLC

  

(8)

     SOFR + 4.00 %      9.47 %      1/29/2027     $ 2,947     $ 2,876     $ 2,955       0.11 % 

Atlas CC Acquisition Corp.

  

(10)

     SOFR + 4.25 %      9.90 %      5/25/2028       9,817       9,506       9,169       0.34  

Loar Group, Inc.

  

(4)(11)

     SOFR + 7.25 %      12.71 %      10/16/2025       27,685       27,685       27,685       1.02  

Peraton Corp.

  

(10)

     SOFR + 3.75 %      9.21 %      2/1/2028       5,399       5,328       5,419       0.20  

TransDigm Inc

  

(8)

     SOFR + 3.25 %      8.64 %      2/22/2027       309       305       311       0.01  

Vertex Aerospace Services Corp.

  

(10)

     SOFR + 3.25 %      8.71 %      12/6/2028       2,948       2,958       2,954       0.11  
           

 

 

    

 

 

    

 

 

  
              48,658       48,493       1.79  

Air Freight & Logistics

                

AGI-CFI Holdings, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.25 %      6/11/2027       19,841       19,714       19,196       0.71  

AGI-CFI Holdings, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      6/11/2027       4,399       4,371       4,256       0.16  

Mode Purchaser, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.77 %      12/9/2026       32,101       32,101       32,101       1.18  

RWL Holdings, LLC

  

(4)(10)

     SOFR + 5.75 %      11.25 %      12/31/2028       26,639       26,256       25,174       0.93  

SEKO Global Logistics Network, LLC

  

(4)(11)

     SOFR + 5.00 %      10.72 %      12/30/2026       27,539       27,441       26,988       1.00  

SEKO Global Logistics Network, LLC

  

(4)(11)

     SOFR + 4.75 %      10.47 %      12/30/2026       7,429       7,403       7,280       0.27  
           

 

 

    

 

 

    

 

 

  
              117,286       114,995       4.25  

Airlines

                

Air Canada

  

(10)

     SOFR + 3.50 %      9.14 %      8/11/2028       3,940       3,912       3,957       0.15  

American Airlines, Inc.

  

(10)

     SOFR + 4.75 %      10.34 %      4/20/2028       3,434       3,524       3,532       0.13  

Brown Group Holdings, LLC

  

(9)

     SOFR + 2.75 %      8.21 %      6/7/2028       5,887       5,679       5,900       0.22  

KKR Apple Bidco, LLC

  

(9)

     SOFR + 2.75 %      8.18 %      9/23/2028       5,895       5,757       5,897       0.22  

United Airlines, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      4/21/2028       3,135       3,119       3,151       0.12  
           

 

 

    

 

 

    

 

 

  
              21,991       22,437       0.84  

Beverages

                

Triton Water Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.86 %      3/31/2028       4,821       4,768       4,785       0.18  

Building Products

                

Cornerstone Building Brands, Inc.

  

(9)

     SOFR + 3.25 %      8.71 %      4/12/2028       1,470       1,449       1,473       0.05  

CP Atlas Buyer, Inc.

  

(9)

     SOFR + 3.75 %      9.21 %      11/23/2027       2,751       2,756       2,713       0.10  

Fencing Supply Group Acquisition, LLC

  

(4)(11)

     SOFR + 6.00 %      11.64 %      2/26/2027       19,487       19,427       19,194       0.71  

Griffon Corporation

  

(9)

     SOFR + 2.25 %      7.79 %      1/24/2029       2,305       2,256       2,311       0.09  

Kodiak BP, LLC

  

(10)

     SOFR + 3.25 %      8.86 %      3/12/2028       4,898       4,854       4,896       0.18  

Latham Pool Products, Inc.

  

(7)(9)

     SOFR + 4.00 %      9.53 %      2/23/2029       28,552       27,883       26,720       0.99  

Lindstrom, LLC

  

(4)(11)

     SOFR + 6.25 %      11.69 %      4/7/2025       27,513       27,513       27,031       1.00  

Tamko Building Product, LLC

  

(8)

     SOFR + 3.50 %      8.90 %      9/20/2030       2,954       2,954       2,972       0.11  

The Chamberlain Group, Inc.

  

(9)

     SOFR + 3.25 %      8.71 %      11/3/2028       4,900       4,854       4,895       0.18  

Windows Acquisition Holdings, Inc.

  

(4)(11)

     SOFR + 6.50 %      12.00 %      12/29/2026       9,927       9,927       9,927       0.37  
           

 

 

    

 

 

    

 

 

  
              103,873       102,132       3.78  

 

178

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Capital Markets

                

Advisor Group Holdings, Inc.

  

(8)

     SOFR + 4.50 %      9.86 %      8/17/2028       9,026       8,942       9,066       0.33  

AllSpring Buyer, LLC

  

(9)

     SOFR + 3.25 %      8.89 %      11/1/2028       1,965       1,972       1,961       0.07  

Apex Group Treasury, LLC

  

(9)

     SOFR + 3.75 %      9.38 %      7/27/2028       1,081       1,068       1,078       0.04  

Apex Group Treasury, LLC

  

(4)(9)

     SOFR + 5.00 %      10.40 %      7/27/2028       61,380       58,087       61,303       2.26  

Citco Funding LLC

  

(9)

     SOFR + 3.50 %      8.59 %      4/27/2028       7,284       7,135       7,316       0.27  

Resolute Investment Managers, Inc.

  

(11)

     SOFR + 6.50 %      11.85 %      4/30/2027       951       937       616       0.02  

Situs-AMC Holdings Corporation

  

(4)(11)

     SOFR + 5.50 %      10.95 %      12/22/2027       90,087       89,136       89,186       3.29  

Superannuation And Investments US, LLC

  

(9)

     SOFR + 3.75 %      9.22 %      12/1/2028       1,960       1,969       1,967       0.07  

The Edelman Financial Engines Center, LLC

  

(10)

     SOFR + 3.50 %      8.97 %      4/7/2028       8,603       8,366       8,626       0.32  
           

 

 

    

 

 

    

 

 

  
              177,612       181,119       6.67  

Chemicals

                

DCG Acquisition Corp.

  

(8)

     SOFR + 4.50 %      9.96 %      9/30/2026       2,940       2,940       2,927       0.11  

Pigments Services, Inc.

  

(4)(11)(17)

     SOFR + 8.35 %      13.71 %      4/14/2030       5,695       4,705       2,893       0.11  

Pigments Services, Inc.

  

(4)(11)

     SOFR + 8.35 %     

 13.71

PIK

 % 

 

     4/14/2030       3,046       3,046       3,046       0.11  
           

 

 

    

 

 

    

 

 

  
              10,691       8,866       0.33  

Commercial Services & Supplies

                

Access CIG, LLC

  

(9)

     SOFR + 5.00 %      10.39 %      8/18/2028       19,561       19,084       19,618       0.72  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 3.75 %      9.21 %      5/12/2028       8,829       8,643       8,807       0.33  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 4.75 %      10.07 %      5/12/2028       24,938       24,239       24,994       0.92  

Anticimex, Inc.

  

(9)

     SOFR + 3.15 %      8.46 %      11/16/2028       4,916       4,751       4,920       0.18  

Anticimex, Inc.

  

(4)(9)

     SOFR + 4.50 %      9.92 %      11/16/2028       24,688       23,677       24,595       0.91  

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      3/31/2028       3,513       3,512       3,489       0.13  

EAB Global, Inc.

  

(9)

     SOFR + 3.50 %      8.97 %      8/16/2028       4,905       4,835       4,905       0.18  

First Advantage Holdings, LLC

  

(8)

     SOFR + 2.75 %      8.18 %      1/31/2027       6,000       5,918       6,025       0.22  

Foundational Education Group, Inc.

  

(4)(9)

     SOFR + 4.25 %      9.89 %      8/31/2028       3,930       3,823       3,851       0.14  

Garda World Security Corp.

  

(8)

     SOFR + 4.25 %      9.62 %      2/1/2029       5,925       5,735       5,941       0.22  

Garda World Security Corp.

  

(8)

     SOFR + 4.25 %      9.72 %      10/30/2026       3,000       3,012       3,009       0.11  

International SOS The Americas LP

  

(4)(9)

     SOFR + 3.75 %      9.40 %      9/7/2028       1,960       1,965       1,967       0.07  

Java Buyer, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.23 %      12/15/2027       12,604       12,448       12,572       0.46  

JSS Holdings, Inc.

  

(4)(10)

     SOFR + 6.00 %      11.47 %      12/17/2030       36,457       36,273       36,457       1.35  

Knowledge Pro Buyer, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.21 %      12/10/2027       20,847       20,555       20,847       0.77  

KPSKY Acquisition, Inc.

  

(4)(10)(18)

     SOFR + 5.35 %      10.73 %      10/19/2028       134,980       129,455       133,630       4.93  

Polyphase Elevator Holding Co.

  

(4)(11)

     SOFR + 5.50 %      10.95 %      6/23/2027       28,104       27,544       20,445       0.75  

Recycle & Resource US, LLC

  

(9)

     SOFR + 3.50 %      9.11 %      7/14/2028       2,940       2,950       2,770       0.10  

Revspring, Inc.

  

(8)

     SOFR + 4.00 %      9.61 %      10/11/2025       2,938       2,940       2,928       0.11  

TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)

  

(9)

     SOFR + 3.75 %      9.22 %      12/8/2028       4,669       4,648       4,669       0.17  
           

 

 

    

 

 

    

 

 

  
              346,007       346,439       12.77  

 

179

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Construction & Engineering

                

Brookfield WEC Holdings, Inc.

  

(9)

     SOFR + 2.75 %      8.18 %      8/1/2025       9,818       9,612       9,855       0.36  

Pike Electric Corp.

  

(8)

     SOFR + 3.00 %      8.43 %      1/21/2028       6,000       5,853       6,028       0.22  

Refficiency Holdings, LLC

  

(10)

     SOFR + 3.50 %      8.96 %      12/16/2027       4,418       4,390       4,430       0.16  
           

 

 

    

 

 

    

 

 

  
              19,855       20,313       0.74  

Construction Materials

                

Quikrete Holdings, Inc.

  

(8)

     SOFR + 2.75 %      8.18 %      3/19/2029       3,915       3,915       3,931       0.15  

White Cap Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.11 %      10/19/2027       5,128       4,988       5,145       0.19  
           

 

 

    

 

 

    

 

 

  
              8,903       9,076       0.34  

Containers & Packaging

                

Ascend Buyer, LLC

  

(4)(10)

     SOFR + 6.40 %      11.94 %      9/29/2028       74,782       74,185       73,660       2.72  

Berlin Packaging, LLC

  

(9)

     SOFR + 3.75 %      9.21 %      3/11/2028       8,829       8,673       8,850       0.33  

Charter NEX US, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      12/1/2027       6,401       6,212       6,438       0.24  

Graham Packaging Co, Inc.

  

(10)

     SOFR + 3.00 %      8.47 %      8/4/2027       4,377       4,341       4,389       0.16  

Novolex, Inc.

  

(9)

     SOFR + 4.18 %      9.63 %      4/13/2029       5,895       5,705       5,928       0.22  

ProAmpac PG Borrower, LLC

  

(10)

     SOFR + 4.50 %      9.89 %      9/15/2028       2,947       2,947       2,957       0.11  

Ring Container Technologies Group, LLC

  

(9)

     SOFR + 3.50 %      8.97 %      8/12/2028       2,947       2,860       2,958       0.11  

TricorBraun Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.72 %      3/3/2028       7,225       7,002       7,194       0.27  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.00 %      9.61 %      9/15/2028       5,892       5,727       5,883       0.22  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.50 %      9.89 %      9/15/2028       2,982       2,904       2,990       0.11  
           

 

 

    

 

 

    

 

 

  
              120,556       121,247       4.49  

Distributors

                

BP Purchaser, LLC

  

(4)(10)

     SOFR + 5.50 %      11.14 %      12/10/2028       50,260       49,431       48,249       1.78  

Bution Holdco 2, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.73 %      10/17/2025       22,446       22,365       22,446       0.83  

Dana Kepner Company, LLC

  

(4)(11)

     SOFR + 6.00 %      11.52 %      12/29/2026       15,551       15,574       15,551       0.57  

Genuine Cable Group, LLC

  

(4)(10)

     SOFR + 5.50 %      10.96 %      11/2/2026       31,816       31,476       31,020       1.14  

Marcone Yellowstone Buyer, Inc.

  

(4)(10)

     SOFR + 6.25 %      11.79 %      6/23/2028       81,964       80,357       77,046       2.84  

Tailwind Colony Holding Corporation

  

(4)(11)

     SOFR + 6.50 %      11.98 %      11/13/2024       31,201       31,009       30,577       1.13  

Unified Door & Hardware Group, LLC

  

(4)(11)

     SOFR + 5.75 %      11.20 %      6/30/2025       39,199       39,144       38,415       1.42  
           

 

 

    

 

 

    

 

 

  
              269,356       263,304       9.71  

Diversified Consumer Services

                

Ascend Learning, LLC

  

(9)

     SOFR + 3.50 %      8.96 %      12/11/2028       8,061       7,836       7,936       0.29  

BPPH2 Ltd

  

(4)(8)

     S + 6.62 %      11.80 %      2/21/2030       GBP 26,000       30,780       32,644       1.20  

Cambium Learning Group, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      11.02 %      7/20/2028       34,616       34,616       34,616       1.28  

Colibri Group, LLC

  

(10)

     SOFR + 5.00 %      10.58 %      3/12/2029       3,930       3,901       3,935       0.15  

EM Bidco Limited

  

(9)

     SOFR + 4.25 %      9.70 %      7/6/2029       4,950       4,935       4,919       0.18  

Express Wash Concepts, LLC

  

(4)(7)(11)

     SOFR + 6.00 %      11.42 %      4/30/2027       28,707       28,131       27,883       1.03  

Pre-Paid Legal Services, Inc.

  

(9)

     SOFR + 3.75 %      9.22 %      12/15/2028       7,860       7,717       7,818       0.29  

University Support Services, LLC

  

(9)

     SOFR + 3.25 %      8.71 %      2/10/2029       9,025       8,856       9,038       0.33  

Weld North Education, LLC

  

(9)

     SOFR + 3.75 %      9.22 %      12/21/2027       1,961       1,947       1,963       0.07  
           

 

 

    

 

 

    

 

 

  
              128,719       130,752       4.82  

Diversified Financial Services

                

Barbri Holdings, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.21 %      4/28/2028       62,199       61,732       61,266       2.26  

Mitchell International, Inc.

  

(9)

     SOFR + 3.75 %      9.40 %      10/15/2028       8,351       8,145       8,360       0.31  

 

180

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Diversified Financial Services (continued)

                

Polaris Newco, LLC

  

(9)

     SOFR + 4.00 %      9.47 %      6/2/2028       6,877       6,642       6,794       0.25  

Sedgwick Claims Management Services, Inc.

  

(8)

     SOFR + 3.75 %      9.11 %      2/24/2028       4,417       4,380       4,436       0.16  
           

 

 

    

 

 

    

 

 

  
              80,899       80,856       2.98  

Diversified Telecommunication Services

                

Zacapa, LLC

  

(9)

     SOFR + 4.00 %      9.35 %      3/22/2029       5,895       5,819       5,892       0.22  

Zayo Group Holdings, Inc.

  

(9)

     SOFR + 4.33 %      9.64 %      3/9/2027       2,104       2,068       1,814       0.07  
           

 

 

    

 

 

    

 

 

  
              7,887       7,706       0.29  

Electric Utilities

                

Qualus Power Services Corp.

  

(4)(11)

     SOFR + 4.75 %      10.24 %      3/26/2027       11,213       11,141       10,821       0.40  

Electrical Equipment

                

Madison IAQ, LLC

  

(9)

     SOFR + 3.25 %      8.72 %      6/21/2028       6,627       6,491       6,615       0.24  

Electronic Equipment, Instruments & Components

                

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.49 %      12/23/2026       819       814       741       0.03  

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.52 %      12/23/2026       3,194       3,165       2,890       0.11  

Albireo Energy, LLC

  

(4)(11)

     SOFR + 6.00 %      11.46 %      12/23/2026       10,641       10,544       9,630       0.36  

Infinite Bidco, LLC

  

(9)

     SOFR + 3.75 %      9.39 %      3/2/2028       2,940       2,950       2,874       0.11  
           

 

 

    

 

 

    

 

 

  
              17,473       16,135       0.61  

Energy Equipment & Services

                

Tetra Technologies, Inc.

  

(4)(11)

     SOFR + 6.25 %      11.71 %      9/10/2025       22,793       22,793       22,793       0.84  

Entertainment

                

CE Intermediate I, LLC

  

(9)

     SOFR + 3.50 %      9.02 %      11/10/2028       4,912       4,909       4,876       0.18  

Food Products

                

Froneri International PLC

  

(8)

     SOFR + 2.25 %      7.67 %      1/29/2027       4,858       4,760       4,869       0.18  

Ground Transportation

                

Quality Distribution LLC

  

(4)(11)

     SOFR + 6.38 %      11.83 %      7/1/2028       80,307       79,515       80,307       2.96  

Health Care Equipment & Supplies

                

Auris Luxembourg III Sarl

  

(8)

     SOFR + 3.75 %      9.62 %      2/27/2026       7,848       7,637       7,768       0.29  

CPI Buyer, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      11.15 %      11/1/2028       139,557       136,390       135,339       4.99  

CSHC Buyerco, LLC

  

(4)(7)(11)

     SOFR + 4.75 %      10.17 %      9/8/2026       10,687       10,575       10,524       0.39  

Mozart Borrower LP

  

(9)

     SOFR + 3.25 %      8.68 %      10/23/2028       8,843       8,671       8,897       0.33  

Natus Medical Incorporated

  

(4)(9)

     SOFR + 5.50 %      11.00 %      7/20/2029       3,683       3,490       3,425       0.13  

Resonetics, LLC

  

(10)

     SOFR + 4.00 %      9.65 %      4/28/2028       2,940       2,932       2,946       0.11  

Sunshine Luxembourg VII S.à r.l, LLC

  

(10)

     SOFR + 3.50 %      8.95 %      10/1/2026       9,811       9,607       9,875       0.36  
           

 

 

    

 

 

    

 

 

  
              179,302       178,774       6.60  

Health Care Providers & Services

                

ACI Group Holdings, Inc.

  

(4)(10)

     SOFR + 5.50 %      10.96 %      8/2/2028       136,004       134,811       134,644       4.97  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(7)(11)

     SOFR + 6.25 %      11.53 %      5/7/2027       1,714       1,693       1,698       0.06  

ADCS Clinics Intermediate Holdings, LLC

  

(4)(11)

     SOFR + 6.25 %      11.79 %      5/7/2027       32,668       32,347       32,668       1.21  

ADMI Corp.

  

(9)

     SOFR + 3.75 %      9.22 %      12/23/2027       4,989       4,879       4,756       0.18  

Amerivet Partners Management, Inc.

  

(4)(10)

     SOFR + 5.50 %      11.04 %      2/25/2028       83,273       81,488       83,273       3.07  

 

181

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Health Care Providers & Services (continued)

                

Canadian Hospital Specialties Ltd.

  

(4)(11)

     C + 4.50 %      9.93 %      4/14/2028       CAD 29,621       21,556       22,075       0.81  

CCBlue Bidco, Inc.

  

(4)(10)

     SOFR + 6.25 %     

 11.70

(incl. 2.75

PIK

 % 

% 

) 

     12/21/2028       21,292       21,012       18,098       0.67  

CHG Healthcare Services, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      9/29/2028       591       572       593       0.02  

DCA Investment Holdings, LLC

  

(4)(10)

     SOFR + 6.41 %      11.75 %      4/3/2028       29,970       29,741       29,745       1.10  

Electron Bidco, Inc.

  

(9)

     SOFR + 3.00 %      8.43 %      11/1/2028       6,878       6,729       6,903       0.25  

Epoch Acquisition, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.55 %      10/4/2026       28,815       28,815       28,671       1.06  

Global Medical Response, Inc.

  

(11)

     SOFR + 4.25 %      9.93 %      10/2/2025       4,904       4,846       3,866       0.14  

ICS US Holdings, Inc.

  

(4)(9)

     SOFR + 4.60 %      9.90 %      6/8/2028       35,000       33,144       33,163       1.22  

Jayhawk Buyer, LLC

  

(4)(11)

     SOFR + 5.00 %      10.45 %      10/15/2026       30,980       30,794       29,586       1.09  

Midwest Physician Administrative Services, LLC

  

(10)

     SOFR + 3.25 %      8.86 %      3/12/2028       2,940       2,943       2,675       0.10  

Navigator Acquiror, Inc.

  

(4)(9)

     SOFR + 5.50 %      10.96 %      7/16/2027       16,217       16,169       15,082       0.56  

Navigator Acquiror, Inc.

  

(4)(7)(9)

     SOFR + 5.50 %      10.96 %      7/16/2027       3,172       3,156       2,950       0.11  

Onex TSG Intermediate Corp.

  

(10)

     SOFR + 4.75 %      10.39 %      2/28/2028       1,960       1,970       1,939       0.07  

Pathway Vet Alliance, LLC

  

(8)

     SOFR + 3.75 %      9.22 %      3/31/2027       4,904       4,839       4,336       0.16  

Pediatric Associates Holding Co., LLC

  

(9)

     SOFR + 3.25 %      8.72 %      12/29/2028       3,932       3,920       3,814       0.14  

Phoenix Guarantor, Inc.

  

(8)

     SOFR + 3.25 %      8.68 %      3/5/2026       5,399       5,263       5,403       0.20  

Phoenix Guarantor, Inc.

  

(8)

     SOFR + 3.50 %      8.97 %      3/5/2026       2,795       2,798       2,798       0.10  

PSKW Intermediate, LLC

  

(4)(11)

     SOFR + 6.25 %      11.71 %      3/9/2026       36,376       36,376       36,376       1.34  

Radnet, Inc.

  

(10)

     SOFR + 3.00 %      8.36 %      4/21/2028       4,058       4,059       4,076       0.15  

Smile Doctors, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.24 %      12/23/2028       136,794       134,601       133,939       4.94  

Smile Doctors, LLC

  

(4)(10)

     SOFR + 5.75 %      11.18 %      12/23/2028       6,551       6,435       6,387       0.24  

Stepping Stones Healthcare Services, LLC

  

(4)(7)(10)

     SOFR + 5.75 %      11.20 %      1/2/2029       15,264       15,016       14,659       0.54  

U.S. Anesthesia Partners, Inc.

  

(9)

     SOFR + 4.25 %      9.71 %      10/1/2028       869       872       797       0.03  

US Oral Surgery Management Holdco, LLC

  

(4)(10)

     SOFR + 6.00 %      11.47 %      11/18/2027       20,100       19,899       19,648       0.73  

US Oral Surgery Management Holdco, LLC

  

(4)(7)(11)

     SOFR + 6.00 %      11.45 %      11/18/2027       7,977       7,865       7,754       0.29  

WHCG Purchaser III, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.36 %      6/22/2028       6,284       6,197       3,833       0.14  

WHCG Purchaser III, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.36 %      6/22/2026       739       731       450       0.02  
           

 

 

    

 

 

    

 

 

  
              705,536       696,655       25.71  

Health Care Technology

                

GHX Ultimate Parent Corp

  

(9)

     SOFR + 4.75 %      10.12 %      6/30/2027       4,496       4,401       4,514       0.17  

GI Ranger Intermediate, LLC

  

(4)(10)

     SOFR + 5.75 %      11.25 %      10/29/2028       44,363       43,802       44,363       1.64  

Netsmart Technologies, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      10/1/2027       3,892       3,864       3,904       0.14  

Project Ruby Ultimate Parent Corp.

  

(4)(10)

     SOFR + 5.75 %      11.18 %      3/10/2028       49,375       48,225       49,252       1.82  

Waystar Technologies, Inc.

  

(8)

     SOFR + 4.00 %      9.47 %      10/22/2026       6,878       6,741       6,912       0.26  
           

 

 

    

 

 

    

 

 

  
              107,033       108,945       4.03  

Hotels, Restaurants & Leisure

                

Alterra Mountain Company

  

(9)

     SOFR + 3.50 %      8.97 %      8/17/2028       6,877       6,709       6,896       0.25  

Fertitta Entertainment, LLC

  

(9)

     SOFR + 4.00 %      9.36 %      1/27/2029       6,878       6,640       6,889       0.25  

GVC Finance LLC

  

(9)

     SOFR + 3.50 %      8.99 %      10/31/2029       906       896       908       0.03  

 

182

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Hotels, Restaurants & Leisure (continued)

                

GVC Holdings Gibraltar, Ltd.

  

(9)

     SOFR + 2.50 %      7.99 %      3/29/2027       2,947       2,902       2,959       0.11  

IRB Holding Corp.

  

(10)

     SOFR + 3.00 %      8.46 %      12/15/2027       7,298       7,153       7,319       0.27  

Scientific Games Holdings LP

  

(9)

     SOFR + 3.25 %      8.66 %      4/4/2029       1,975       1,893       1,978       0.07  

Tacala Investment Corp.

  

(10)

     SOFR + 4.00 %      9.47 %      2/5/2027       7,859       7,743       7,901       0.29  

Twin River Worldwide Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.93 %      10/2/2028       3,326       3,255       3,161       0.12  

Whatabrands, LLC

  

(9)

     SOFR + 3.00 %      8.47 %      8/3/2028       8,686       8,454       8,712       0.32  
           

 

 

    

 

 

    

 

 

  
              45,645       46,723       1.71  

Household Durables

                

AI Aqua Merger Sub, Inc.

  

(9)

     SOFR + 3.75 %      9.09 %      7/31/2028       8,889       8,641       8,907       0.33  

Industrial Conglomerates

                

Engineered Machinery Holdings, Inc.

  

(10)

     SOFR + 3.50 %      9.11 %      5/19/2028       3,930       3,816       3,913       0.14  

FCG Acquisitions, Inc.

  

(9)

     SOFR + 3.75 %      9.22 %      3/31/2028       8,834       8,648       8,852       0.33  

SPX Flow, Inc.

  

(9)

     SOFR + 4.50 %      9.96 %      4/5/2029       1,743       1,688       1,751       0.06  

Vertical US Newco, Inc.

  

(9)

     SOFR + 3.50 %      9.38 %      7/30/2027       4,020       3,995       4,034       0.15  

Victory Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.39 %      11/19/2028       9,846       9,379       9,379       0.35  
           

 

 

    

 

 

    

 

 

  
              27,526       27,929       1.03  

Insurance

                

Alera Group, Inc.

  

(4)(10)

     SOFR + 6.00 %      11.46 %      10/2/2028       46,359       45,620       46,359       1.71  

Alliant Holdings Intermediate, LLC

  

(9)

     SOFR + 3.50 %      8.86 %      11/6/2030       2,415       2,415       2,429       0.09  

AssuredPartners, Inc.

  

(9)

     SOFR + 3.50 %      8.82 %      2/12/2027       6,135       6,056       6,157       0.23  

Baldwin Risk Partners, LLC

  

(9)

     SOFR + 3.50 %      8.97 %      10/14/2027       6,867       6,796       6,878       0.25  

BroadStreet Partners, Inc.

  

(8)

     SOFR + 3.00 %      8.43 %      1/27/2027       7,850       7,680       7,870       0.29  

Foundation Risk Partners Corp.

  

(4)(10)

     SOFR + 6.00 %      11.45 %      10/29/2028       76,026       75,418       76,026       2.81  

Galway Borrower, LLC

  

(4)(10)

     SOFR + 5.25 %      10.70 %      9/29/2028       44,347       43,463       43,682       1.61  

High Street Buyer, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.25 %      4/14/2028       6,715       6,676       6,715       0.25  

Howden Group Holdings Limited

  

(10)

     SOFR + 3.25 %      8.75 %      11/12/2027       4,417       4,418       4,432       0.16  

NFP Corp.

  

(8)

     SOFR + 3.25 %      8.72 %      2/15/2027       9,171       8,970       9,229       0.34  

PGIS Intermediate Holdings, LLC

  

(4)(10)

     SOFR + 5.50 %      10.93 %      10/16/2028       63,005       61,370       62,060       2.29  

SG Acquisition, Inc.

  

(4)(9)

     SOFR + 5.50 %      10.98 %      1/27/2027       77,653       77,606       76,683       2.83  

USI, Inc.

  

(9)

     SOFR + 3.00 %      8.35 %      11/22/2029       6,805       6,749       6,827       0.25  
           

 

 

    

 

 

    

 

 

  
              353,237       355,347       13.11  

Interactive Media & Services

                

Ancestry.com Operations, Inc

  

(9)

     SOFR + 3.25 %      8.71 %      12/6/2027       2,939       2,942       2,883       0.11  

MH Sub I, LLC

  

(8)

     SOFR + 3.75 %      9.18 %      9/13/2024       1,425       1,409       1,429       0.05  

MH Sub I, LLC

  

(11)

     SOFR + 3.75 %      9.22 %      9/13/2024       853       855       856       0.03  

Project Boost Purchaser, LLC

  

(8)

     SOFR + 3.50 %      8.93 %      6/1/2026       6,872       6,759       6,886       0.25  

William Morris Endeavor Entertainment, LLC

  

(8)

     SOFR + 2.75 %      8.18 %      5/18/2025       1,926       1,899       1,934       0.07  
           

 

 

    

 

 

    

 

 

  
              13,864       13,988       0.51  

Internet & Direct Marketing Retail

                

Donuts, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.59 %      12/29/2027       9,588       9,515       9,588       0.35  

Donuts, Inc.

  

(4)(11)

     SOFR + 6.00 %      11.59 %      12/29/2026       32,434       32,309       32,434       1.20  

Prodege International Holdings, LLC

  

(4)(10)

     SOFR + 5.75 %      11.28 %      12/15/2027       20,945       20,696       19,584       0.72  
           

 

 

    

 

 

    

 

 

  
              62,520       61,606       2.27  

 

183

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

IT Services

                

AI Altius Bidco, Inc.

  

(4)(10)

     SOFR + 5.18 %      10.43 %      12/21/2028       30,024       29,543       30,024       1.11  

Dcert Buyer, Inc.

  

(8)

     SOFR + 4.00 %      9.36 %      10/16/2026       10,060       9,820       9,992       0.37  

Endurance International Group Holdings, Inc.

  

(10)

     SOFR + 3.50 %      9.42 %      2/10/2028       4,413       4,338       4,335       0.16  

Park Place Technologies, LLC

  

(11)

     SOFR + 5.00 %      10.46 %      11/10/2027       26,280       25,528       26,223       0.97  

Razor Holdco, LLC

  

(4)(10)

     SOFR + 5.75 %      11.23 %      10/25/2027       25,480       25,143       25,289       0.93  

Turing Midco, LLC

  

(9)

     SOFR + 2.50 %      7.93 %      3/24/2028       2,035       2,011       2,042       0.08  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.21 %      2/15/2029       3,930       3,901       3,941       0.15  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.22 %      2/11/2028       1,970       1,925       1,977       0.07  
           

 

 

    

 

 

    

 

 

  
              102,209       103,823       3.84  

Leisure Products

                

Motion Finco, LLC

  

(8)

     SOFR + 3.25 %      8.86 %      11/12/2026       5,855       5,674       5,868       0.22  

Life Sciences Tools & Services

                

Cambrex Corp.

  

(10)

     SOFR + 3.50 %      8.96 %      12/4/2026       5,942       5,889       5,837       0.22  

Curia Global, Inc.

  

(10)

     SOFR + 3.75 %      9.23 %      8/30/2026       5,212       5,105       4,706       0.17  
           

 

 

    

 

 

    

 

 

  
              10,994       10,543       0.39  

Machinery

                

Pro Mach Group, Inc.

  

(11)

     SOFR + 4.00 %      9.47 %      8/31/2028       5,934       5,838       5,958       0.22  

Media

                

Clear Channel Outdoor Holdings, Inc.

  

(8)

     SOFR + 3.50 %      9.14 %      8/21/2026       1,969       1,950       1,952       0.07  

iHeartCommunications, Inc.

  

(8)

     SOFR + 3.00 %      8.43 %      5/1/2026       5,000       4,855       4,335       0.16  

Radiate Holdco, LLC

  

(10)

     SOFR + 3.25 %      8.72 %      9/25/2026       3,920       3,924       3,157       0.12  

Univision Communications, Inc.

  

(10)

     SOFR + 3.25 %      8.72 %      3/15/2026       3,920       3,918       3,932       0.15  

UPC Financing Partnership

  

(8)

     SOFR + 3.00 %      8.48 %      1/31/2029       5,500       5,421       5,490       0.20  

Virgin Media Bristol, LLC

  

(8)

     SOFR + 3.25 %      8.70 %      1/31/2029       3,500       3,467       3,500       0.13  
           

 

 

    

 

 

    

 

 

  
              23,535       22,366       0.83  

Metals & Mining

                

SCIH Salt Holdings, Inc.

  

(10)

     SOFR + 4.00 %      9.47 %      3/16/2027       3,902       3,872       3,914       0.14  

Oil, Gas & Consumable Fuels

                

CQP Holdco, LP

  

(9)

     SOFR + 3.50 %      8.99 %      12/31/2030       7,132       7,115       7,157       0.26  

Eagle Midstream Canada Finance, Inc.

  

(4)(10)

     SOFR + 6.25 %      11.63 %      8/15/2028       22,595       22,334       22,595       0.83  

Freeport LNG Investments, LLLP

  

(9)

     SOFR + 3.50 %      9.18 %      12/21/2028       4,882       4,853       4,886       0.18  

KKR Alberta Midstrean Fince, Inc.

  

(4)(10)

     SOFR + 6.25 %      11.63 %      8/15/2028       12,293       12,151       12,293       0.45  
           

 

 

    

 

 

    

 

 

  
              46,453       46,931       1.72  

Paper & Forest Products

                

Profile Products, LLC

  

(4)(10)

     SOFR + 5.50 %      10.95 %      11/12/2027       75,304       74,122       72,856       2.69  

Pharmaceuticals

                

ANI Pharmaceuticals, Inc.

  

(4)(10)

     SOFR + 6.00 %      11.43 %      11/19/2027       51,014       49,258       51,205       1.89  

Jazz Pharmaceuticals, Inc.

  

(9)

     SOFR + 3.50 %      8.93 %      5/5/2028       3,531       3,532       3,553       0.13  
           

 

 

    

 

 

    

 

 

  
              52,790       54,758       2.02  

Professional Services

                

Aqgen Island Holdings, Inc.

  

(9)

     SOFR + 3.50 %      8.97 %      8/2/2028       7,643       7,420       7,638       0.28  

Armor Holdco, Inc.

  

(9)

     SOFR + 4.50 %      9.93 %      12/11/2028       4,163       4,099       4,183       0.15  

Camelot US Acquisition, LLC

  

(11)

     SOFR + 3.00 %      8.43 %      10/30/2026       3,122       3,077       3,131       0.12  

Cast & Crew Payroll, LLC

  

(9)

     SOFR + 3.75 %      9.11 %      12/29/2028       4,900       4,898       4,896       0.18  

CFGI Holdings, LLC

  

(4)(10)

     SOFR + 5.00 %      10.46 %      11/2/2027       111,185       111,185       111,185       4.10  

 

184

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Professional Services (continued)

                

Corporation Service Company

  

(9)

     SOFR + 3.25 %      8.67 %      11/2/2029       2,168       2,114       2,177       0.08  

Deerfield Dakota Holding, LLC

  

(11)

     SOFR + 3.75 %      9.10 %      4/9/2027       9,814       9,665       9,741       0.36  

EP Purchaser, LLC

  

(9)

     SOFR + 3.50 %      9.11 %      11/6/2028       3,439       3,433       3,416       0.13  

Galaxy US Opco, Inc.

  

(9)

     SOFR + 4.75 %      10.13 %      4/29/2029       4,950       4,856       4,109       0.15  

IG Investments Holdings, LLC

  

(4)(10)

     SOFR + 6.00 %      11.48 %      9/22/2028       134,980       134,442       134,305       4.96  

Kwor Acquisition, Inc.

  

(4)(10)

     SOFR + 5.25 %      10.71 %      12/22/2028       91,444       88,869       90,073       3.32  

Saphilux Sarl

  

(4)(8)

     S + 5.50 %      10.69 %      7/18/2028       GBP 20,000       25,408       25,493       0.94  

Sherlock Buyer Corp.

  

(4)(10)

     SOFR + 5.75 %      11.20 %      12/8/2028       27,525       27,212       26,974       1.00  

The Dun & Bradstreet Corporation

  

(8)

     SOFR + 2.75 %      8.17 %      2/6/2026       7,929       7,929       7,955       0.29  

Trans Union, LLC

  

(9)

     SOFR + 2.25 %      7.68 %      12/1/2028       1,827       1,833       1,835       0.07  

Trinity Air Consultants Holdings Corp.

  

(4)(10)

     SOFR + 5.75 %      11.29 %      6/29/2027       118,000       117,123       118,000       4.35  

West Monroe Partners, LLC

  

(4)(10)

     SOFR + 5.25 %      10.72 %      11/8/2028       29,045       28,630       28,319       1.05  

West Monroe Partners, LLC

  

(4)(7)(10)

     SOFR + 5.25 %      10.72 %      11/8/2027       569       569       554       0.02  
           

 

 

    

 

 

    

 

 

  
              582,762       583,984       21.55  

Real Estate Management & Development

                

Progress Residential PM Holdings, LLC

  

(4)(7)(10)

     SOFR + 5.50 %      10.96 %      2/16/2028       18,138       18,261       18,138       0.67  

Software

                

Boxer Parent Company, Inc.

  

(8)

     SOFR + 4.25 %      9.61 %      12/29/2028       7,641       7,565       7,707       0.28  

Cloudera, Inc.

  

(9)

     SOFR + 3.75 %      9.21 %      10/8/2028       8,119       7,883       8,063       0.30  

Community Brands ParentCo, LLC

  

(4)(10)

     SOFR + 5.50 %      10.96 %      2/24/2028       75,175       74,009       74,987       2.77  

Confine Visual Bidco

  

(4)(7)(10)

     SOFR + 6.50 %     

 11.81

(incl. 3.00

PIK

 % 

% 

) 

     2/23/2029       32,336       31,578       27,880       1.03  

ConnectWise, LLC

  

(9)

     SOFR + 3.50 %      9.11 %      9/29/2028       4,410       4,416       4,410       0.16  

Delta Topco, Inc.

  

(10)

     SOFR + 3.75 %      9.12 %      12/1/2027       3,929       3,906       3,932       0.15  

ECI Macola Max Holding, LLC

  

(10)

     SOFR + 3.75 %      9.36 %      11/9/2027       6,876       6,696       6,887       0.25  

Epicor Software Corp.

  

(10)

     SOFR + 3.25 %      8.72 %      7/30/2027       9,810       9,612       9,856       0.36  

Flexera Software, LLC

  

(10)

     SOFR + 3.75 %      9.22 %      3/3/2028       5,509       5,416       5,512       0.20  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.00 %      9.47 %      5/12/2028       7,081       6,964       7,067       0.26  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.50 %      9.97 %      5/12/2028       10,000       9,275       9,965       0.37  

GovernmentJobs.com, Inc.

  

(4)(7)(10)

     SOFR + 5.50 %      10.96 %      12/1/2028       24,147       23,793       24,095       0.89  

GraphPAD Software, LLC

  

(4)(11)

     SOFR + 5.50 %      11.22 %      4/27/2027       15,400       15,287       15,400       0.57  

Greeneden U.S. Holdings II, LLC

  

(10)

     SOFR + 4.00 %      9.47 %      12/1/2027       4,409       4,410       4,432       0.16  

HS Purchaser, LLC

  

(10)

     SOFR + 4.00 %      9.48 %      11/19/2026       3,921       3,900       3,726       0.14  

Idera, Inc.

  

(10)

     SOFR + 3.75 %      9.28 %      3/2/2028       2,940       2,947       2,930       0.11  

Informatica, LLC

  

(8)

     SOFR + 2.75 %      8.18 %      10/27/2028       1,572       1,557       1,577       0.06  

ION Trading Finance Ltd.

  

(8)

     SOFR + 4.75 %      10.20 %      4/3/2028       7,724       7,455       7,742       0.29  

LD Lower Holdings, Inc.

  

(4)(11)

     SOFR + 6.50 %      11.95 %      2/8/2026       14,831       14,754       14,682       0.54  

Medallia, Inc.

  

(4)(10)

     SOFR + 6.00 %     

 11.45

(incl. 4.00

PIK

 % 

% 

) 

     10/29/2028       48,544       47,926       47,573       1.76  

Mitnick Purchaser, Inc.

  

(9)

     SOFR + 4.50 %      9.98 %      5/2/2029       4,937       4,919       4,686       0.17  

Mitratech Holdings, Inc.

  

(4)(10)

     SOFR + 5.00 %      10.47 %      5/18/2028       27,294       26,248       26,816       0.99  

 

185

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Software (continued)

                

Mitratech Holdings, Inc.

  

(10)

     SOFR + 4.25 %      9.88 %      5/18/2028       14,925       14,284       14,794       0.55  

Monk Holding Co.

  

(4)(10)(18)

     SOFR + 5.70 %      10.96 %      12/1/2027       108,645       106,844       108,645       4.01  

Monk Holding Co.

  

(4)(7)(10)

     SOFR + 5.50 %      10.96 %      12/1/2027       677       639       628       0.02  

MRI Software, LLC

  

(11)

     SOFR + 5.50 %      10.95 %      2/10/2027       10,073       9,880       9,884       0.36  

Nintex Topco Limited

  

(4)(10)

     SOFR + 6.00 %      11.50 %      11/13/2028       32,506       32,014       31,205       1.15  

NortonLifeLock, Inc.

  

(9)

     SOFR + 2.00 %      7.46 %      9/12/2029       3,310       3,296       3,318       0.12  

Perforce Software, Inc.

  

(8)

     SOFR + 3.75 %      9.21 %      7/1/2026       1,329       1,326       1,319       0.05  

Proofpoint, Inc.

  

(9)

     SOFR + 3.25 %      8.72 %      8/31/2028       8,805       8,503       8,820       0.33  

Quartz Acquireco LLC

  

(4)(9)

     SOFR + 3.50 %      8.82 %      6/28/2030       6,749       6,687       6,779       0.25  

Quest Software US Holdings, Inc.

  

(9)

     SOFR + 4.25 %      9.78 %      2/1/2029       3,950       3,921       3,037       0.11  

RealPage, Inc.

  

(9)

     SOFR + 3.00 %      8.47 %      4/24/2028       7,852       7,677       7,808       0.29  

Relativity ODA, LLC

  

(4)(7)(11)

     SOFR + 6.50 %      11.96 %      5/12/2027       54,525       53,956       53,699       1.98  

S2P Acquisition Borrower, Inc.

  

(8)

     SOFR + 4.00 %      9.46 %      8/14/2026       4,908       4,874       4,924       0.18  

SolarWinds Holdings Inc.

  

(8)

     SOFR + 3.75 %      9.11 %      2/5/2027       2,908       2,908       2,919       0.11  

Sophia, LP

  

(9)

     SOFR + 3.50 %      8.96 %      10/7/2027       9,824       9,540       9,857       0.36  

Sovos Compliance, LLC

  

(9)

     SOFR + 4.50 %      9.97 %      8/11/2028       3,925       3,924       3,886       0.14  

SS&C Technologies, Inc.

  

(9)

     SOFR + 2.25 %      7.67 %      3/22/2029       4,019       3,943       4,031       0.15  

Stamps.com, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.23 %      10/5/2028       58,950       58,094       57,476       2.12  

Surf Holdings, LLC

  

(8)

     SOFR + 3.50 %      8.97 %      3/5/2027       4,904       4,852       4,920       0.18  

Symphony Technology Group

  

(9)

     SOFR + 3.75 %      9.19 %      3/1/2029       5,910       5,827       5,901       0.22  

Symphony Technology Group

  

(10)

     SOFR + 5.00 %      10.64 %      7/27/2028       1,965       1,968       1,406       0.05  

The Ultimate Software Group, Inc.

  

(9)

     SOFR + 3.25 %      8.76 %      5/4/2026       9,082       8,912       9,118       0.34  

Triple Lift, Inc.

  

(4)(10)

     SOFR + 5.75 %      11.27 %      5/5/2028       59,390       58,943       57,312       2.12  

Triple Lift, Inc.

  

(4)(7)(10)

     SOFR + 5.75 %      11.31 %      5/5/2028       821       792       746       0.03  

Vision Solutions, Inc.

  

(10)

     SOFR + 4.00 %      9.64 %      4/24/2028       5,952       5,907       5,916       0.22  

VS Buyer, LLC

  

(8)

     SOFR + 3.25 %      8.71 %      2/28/2027       3,026       2,995       3,037       0.11  
           

 

 

    

 

 

    

 

 

  
              743,022       741,310       27.36  

Specialty Retail

                

CustomInk, LLC

  

(4)(11)(18)

     SOFR + 6.18 %      11.49 %      5/3/2026       36,866       36,616       36,866       1.36  

EG America, LLC

  

(8)

     SOFR + 5.50 %      11.24 %      2/7/2028       2,892       2,808       2,849       0.11  
           

 

 

    

 

 

    

 

 

  
              39,424       39,715       1.47  

Technology Hardware, Storage & Peripherals

                

Lytx, Inc.

  

(4)(11)

     SOFR + 6.75 %      12.21 %      2/28/2028       29,247       29,147       29,247       1.08  

Trading Companies & Distributors

                

Core and Main, LP

  

(8)

     SOFR + 2.50 %      7.69 %      7/27/2028       3,940       3,873       3,947       0.15  

Foundation Building Materials, Inc.

  

(9)

     SOFR + 3.25 %      8.89 %      1/31/2028       6,869       6,679       6,859       0.25  

Icebox Holdco III, Inc.

  

(9)

     SOFR + 3.50 %      9.11 %      12/22/2028       5,890       5,849       5,859       0.22  

LBM Acquisition, LLC

  

(10)

     SOFR + 3.75 %      9.21 %      12/17/2027       3,930       3,928       3,892       0.14  

Park River Holdings, Inc.

  

(10)

     SOFR + 3.25 %      8.91 %      12/28/2027       3,369       3,327       3,296       0.12  

Porcelain Acquisition Corp.

  

(4)(11)

     SOFR + 6.00 %      11.49 %      4/1/2027       8,688       8,543       8,322       0.31  

Specialty Building Products Holdings, LLC

  

(9)

     SOFR + 3.75 %      9.21 %      10/15/2028       1,965       1,974       1,965       0.07  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.50 %      8.96 %      6/2/2028       1,965       1,946       1,968       0.07  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.50 %      8.97 %      6/2/2028       7,864       7,709       7,887       0.29  
           

 

 

    

 

 

    

 

 

  
              43,828       43,995       1.62  

 

186

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Transportation Infrastructure

                

Frontline Road Safety, LLC

  

(4)(10)

     SOFR + 5.75 %      11.55 %      5/3/2027       12       12       12       0.00  

Roadsafe Holdings, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.22 %      10/19/2027       11,826       11,748       11,383       0.42  

Roadsafe Holdings, Inc.

  

(4)(11)

     SOFR + 5.75 %      11.26 %      10/19/2027       6,806       6,739       6,551       0.24  
           

 

 

    

 

 

    

 

 

  
              18,499       17,946       0.66  

Wireless Telecommunication Services

                

CCI Buyer, Inc.

  

(10)

     SOFR + 4.00 %      9.35 %      12/17/2027       6,676       6,551       6,667       0.25  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt

               4,924,428       4,915,829       181.42  
           

 

 

    

 

 

    

 

 

  

Second Lien Debt

                

Capital Markets

                

Apex Group Treasury, LLC

  

(4)(9)

     SOFR + 6.75 %      12.36 %      7/27/2029       11,469       11,515       11,357       0.42  

Apex Group Treasury, LLC

  

(4)(9)

     SOFR + 6.75 %      12.39 %      7/27/2029       26,378       26,486       26,117       0.96  
           

 

 

    

 

 

    

 

 

  
              38,001       37,474       1.38  

Diversified Consumer Services

                

Ascend Learning, LLC

  

(9)

     SOFR + 5.75 %      11.17 %      12/10/2029       5,301       4,810       4,598       0.17  

Health Care Providers & Services

                

Canadian Hospital Specialties Ltd.

  

(4)(8)

     8.75 %      8.75 %      4/15/2029      
 CAD
12,000		  
 		     8,221       8,060       0.30  

Jayhawk Buyer, LLC

  

(4)(11)

     SOFR + 8.75 %      14.23 %      10/15/2027       24,712       24,568       23,600       0.87  
           

 

 

    

 

 

    

 

 

  
              32,789       31,660       1.17  

Industrial Conglomerates

                

Victory Buyer, LLC

  

(4)(9)

     SOFR + 7.00 %      12.64 %      11/1/2029       66,704       65,632       62,201       2.30  

Life Sciences Tools & Services

                

Curia Global, Inc.

  

(4)(10)

     SOFR + 6.50 %      12.14 %      8/31/2029       37,847       37,151       31,602       1.17  

Phoenix Newco, Inc.

  

(4)(9)

     SOFR + 6.50 %      11.97 %      11/15/2029       37,847       37,146       37,847       1.40  
           

 

 

    

 

 

    

 

 

  
              74,297       69,449       2.57  

Software

                

Proofpoint, Inc.

  

(9)

     SOFR + 6.25 %      11.72 %      8/31/2029       37,847       37,053       38,320       1.41  

Vision Solutions, Inc.

  

(10)

     SOFR + 7.25 %      12.89 %      4/23/2029       29,995       26,505       27,626       1.02  
           

 

 

    

 

 

    

 

 

  
              63,558       65,946       2.43  
           

 

 

    

 

 

    

 

 

  

Total Second Lien Debt

               279,087       271,328       10.02  
           

 

 

    

 

 

    

 

 

  

Bonds

                

Software

                

Tangerine Bidco SPA

  

(4)(8)

     E + 6.50 %      10.43 %      12/30/2029       EUR 66,000       68,176       72,679       2.68  

TeamSystem SpA

  

(4)(8)

     E + 6.25 %      10.22 %      2/15/2028       EUR 35,000       33,560       38,638       1.43  
           

 

 

    

 

 

    

 

 

  
              101,736       111,317       4.11  
           

 

 

    

 

 

    

 

 

  

Total Bonds

               101,736       111,317       4.11  
           

 

 

    

 

 

    

 

 

  

Equity

                

Aerospace & Defense

                

Loar Acquisition 13, LLC—Common Units

  

(4)

           2,547,048       4,305       8,278       0.31  

Air Freight & Logistics

                

AGI Group Holdings LP - A2 Units

  

(4)

           194       208       109       0.00  

Mode Holdings, L.P. - Class A-2 Common Units

  

(4)

           1,230,769       2,215       2,203       0.08  
           

 

 

    

 

 

    

 

 

  
              2,423       2,312       0.08  

 

187

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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		  

Equity (continued)

                

Capital Markets

                

Resolute Investment Managers, Inc.

  

(4)

           11,751       294       294       0.01  

Chemicals

                

Pigments LP Int

  

(4)

           1,212       —        —        0.00  

Distributors

                

Box Co-Invest Blocker, LLC - Series A Units

  

(4)

           780,000       780       398       0.01  

Box Co-Invest Blocker, LLC - Series C Units

  

(4)

           94,753       92       102       0.00  

GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)

  

(4)

           301,167       1,236       2,837       0.10  
           

 

 

    

 

 

    

 

 

  
              2,108       3,337       0.11  

Diversified Consumer Services

                

Cambium Holdings, LLC - Senior Preferred Interests

  

(4)

       11.50 %        974,662       1,133       1,245       0.05  

Health Care Providers & Services

                

Jayhawk Holdings, LP - A-1 Common Units

  

(4)

           797       210       62       0.00  

Jayhawk Holdings, LP - A-2 Common Units

  

(4)

           429       113       34       0.00  
           

 

 

    

 

 

    

 

 

  
              323       96       0.00  

Software

                

Descartes Holdings, Inc

  

(4)

           168,057       728       348       0.01  

Lobos Parent, Inc. - Series A Preferred Shares

  

(4)

       10.50 %        5,773       5,700       6,798       0.25  
           

 

 

    

 

 

    

 

 

  
              6,428       7,146       0.26  

Specialty Retail

                

GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)

  

(4)

           3,000,000       3,542       3,963       0.15  

Transportation Infrastructure

                

Frontline Road Safety Investments, LLC - Class A Common Units

  

(4)

           3,936       376       540       0.02  
           

 

 

    

 

 

    

 

 

  

Total Equity

               20,932       27,211       0.99  
           

 

 

    

 

 

    

 

 

  

Total Investment Portfolio

               5,326,183       5,325,685       196.54  
           

 

 

    

 

 

    

 

 

  

Cash and Cash Equivalents

                

State Street Institutional U.S. Government Money Market Fund

               603       603       0.02  

Other Cash and Cash Equivalents

               128,611       128,611       4.75  
           

 

 

    

 

 

    

 

 

  

Total Portfolio Investments, Cash and Cash Equivalents

             $ 5,455,397     $ 5,454,899       201.31 % 
           

 

 

    

 

 

    

 

 

  

 

(1)

Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars

 

188

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

  (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. Variable rate loans typically include an interest reference rate floor feature.

(3)

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

(4)

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

(5)

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

(6)

Reserved

(7)

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

 

Investments

   

Commitment Type

    Commitment
Expiration
Date		      Unfunded
Commitment		      Fair
Value		  

ADCS Clinics Intermediate Holdings, LLC

   

Revolver

      5/7/2027      $ 781      $ (16 ) 

Cambium Learning Group, Inc.

   

Revolver

      7/20/2028        3,249        —   

Confine Visual Bidco

   

Delayed Draw Term Loan

      3/11/2024        6,094        —   

CPI Buyer, LLC

   

Revolver

      11/1/2026        2,974        (59 ) 

CSHC Buyerco, LLC

   

Delayed Draw Term Loan

      9/8/2026        195        —   

Express Wash Concepts, LLC

   

Delayed Draw Term Loan

      4/2/2025        35,000        (394 ) 

GovernmentJobs.com, Inc.

   

Revolver

      11/30/2027        2,566        (51 ) 

 

189

Table of Contents

BCRED Emerald JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

Investments

   

Commitment Type

    Commitment
Expiration
Date		      Unfunded
Commitment		      Fair
Value		  

Knowledge Pro Buyer, Inc.

   

Revolver

      12/10/2027        1,473        —   

Latham Pool Products, Inc.

   

Revolver

      2/18/2029        11,250        (770 ) 

Monk Holding Co.

   

Delayed Draw Term Loan

      12/1/2024        3,655        —   

Navigator Acquiror, Inc.

   

Delayed Draw Term Loan

      1/16/2025        1,847        —   

Progress Residential PM Holdings, LLC

   

Delayed Draw Term Loan

      7/25/2029        3,721        —   

Relativity ODA, LLC

   

Revolver

      5/12/2027        538        (8 ) 

Smile Doctors, LLC

   

Revolver

      12/23/2027        4,737        (118 ) 

Stepping Stones Healthcare Services, LLC

   

Delayed Draw Term Loan

      1/2/2024        800        —   

Stepping Stones Healthcare Services, LLC

   

Revolver

      12/30/2026        1,811        (62 ) 

Triple Lift, Inc.

   

Revolver

      5/6/2028        1,321        —   

US Oral Surgery Management Holdco, LLC

   

Revolver

      11/18/2027        1,915        (43 ) 

West Monroe Partners, LLC

   

Revolver

      11/9/2027        2,274        —   

WHCG Purchaser III, Inc.

   

Revolver

      6/22/2026        2        —   
        

 

 

     

 

 

  

Total unfunded commitments

          $ 86,203      $ (1,521 ) 
        

 

 

     

 

 

  

 

(8)

There are no interest rate floors on these investments.

(9)

The interest rate floor on these investments as of December 31, 2023 was 0.50%.

(10)

The interest rate floor on these investments as of December 31, 2023 was 0.75%.

(11)

The interest rate floor on these investments as of December 31, 2023 was 1.00%.

(12)

The interest rate floor on these investments as of December 31, 2023 was 1.25%.

(13)

The interest rate floor on these investments as of December 31, 2023 was 1.50%.

(14)

The interest rate floor on these investments as of December 31, 2023 was 2.00%.

(15)

For unsettled positions the interest rate does not include the base rate.

(16)

Reserved

(17)

Loan was on non-accrual status as of December 31, 2023.

(18)

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

 

190

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The following table presents the selected consolidated statements of assets and liabilities information of the Emerald JV as of March 31, 2024 and December 31, 2023 (Unaudited):

 

     March 31,
2024		      December 31,
2023		  

ASSETS

      

Investments at fair value (cost of $4,906,434 and $5,326,183 at March 31, 2024 and December 31, 2023, respectively)

    $ 4,900,226      $ 5,325,685  

Cash and cash equivalents

      228,077        129,214  

Interest receivable

      45,348        44,034  

Receivable for investments sold

      158,611        17,056  

Deferred financing costs

      14,431        15,576  
  

 

 

     

 

 

  

Total assets

    $ 5,346,693      $ 5,531,565  
  

 

 

     

 

 

  

LIABILITIES

      

Debt

    $ 2,443,542      $ 2,672,363  

Distribution payable

      103,361        106,593  

Payable for investments purchased and other liabilities

      90,629        42,929  
  

 

 

     

 

 

  

Total liabilities

      2,637,532        2,821,885  
  

 

 

     

 

 

  

MEMBERS’ EQUITY

      

Members’ Equity

      2,709,161        2,709,680  
  

 

 

     

 

 

  

Total members’ equity

      2,709,161        2,709,680  
  

 

 

     

 

 

  

Total liabilities and members’ equity

    $ 5,346,693      $ 5,531,565  
  

 

 

     

 

 

  

The following table presents the selected consolidated statements of operations information of the Emerald JV for the three months ended March 31, 2024 and March 31, 2023 (Unaudited):

 

     Three Months Ended
March 31,		  
     2024      2023  

Investment income:

      

Interest income

    $ 152,314      $ 159,216  

Payment-in-kind interest income

      1,898        2,581  

Dividend income

      —         337  

Other income

      585        1,386  
  

 

 

     

 

 

  

Total investment income

      154,797        163,520  
  

 

 

     

 

 

  

Expenses:

      

Interest expense

      50,974        57,291  

Other expenses

      617        1,409  
  

 

 

     

 

 

  

Total expenses

      51,591        58,700  
  

 

 

     

 

 

  

Net investment income before taxes

      103,206        104,820  
  

 

 

     

 

 

  

Tax expense

      —         —   
  

 

 

     

 

 

  

Net investment income after taxes

    $ 103,206      $ 104,820  
  

 

 

     

 

 

  

 

191

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

 

     Three Months Ended
March 31,		  
     2024      2023  

Net realized and change in unrealized gain (loss):

      

Net change in unrealized gain (loss) on investments and foreign currency

      (3,125 )       20,101  

Net realized gain (loss) on investments and foreign currency

      2,761        165  
  

 

 

     

 

 

  

Total net realized and change in unrealized gain (loss)

      (364 )       20,266  
  

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

    $ 102,842      $ 125,086  
  

 

 

     

 

 

  

BCRED Verdelite JV

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

On October 21, 2022, a wholly-owned subsidiary of the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company contributed $117.7 million (consisting of a cash contribution of $26.2 million and an in-kind capital contribution of investments valued at $91.5 million), and the Verdelite JV Partner contributed cash of $16.8 million, in exchange for equity ownership interests of 87.5% and 12.5%, respectively.

The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV. As of March 31, 2024 and December 31, 2023, the Company had contributed $117.7 million and the Verdelite JV Partner had contributed $16.8 million of capital, respectively, and $29.3 million and $4.2 million of capital remained uncalled from the Company and the Verdelite JV Partner, respectively. As of March 31, 2024 and December 31, 2023, the Company and the Verdelite JV Partner’s equity ownership interests are 87.5% and 12.5%, respectively.

The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s General Partner, have equal control of the Verdelite JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The initial term of the Verdelite JV is three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval the Verdelite JV’s General Partner, except in the case of a dissolution event. The Company’s investment in the Verdelite JV can not be transferred without the consent of the Verdelite JV partner.

 

192

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

 

The Company has determined that the Verdelite JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Verdelite JV and has determined that the Verdelite JV is a variable interest entity under ASC 810. However, the Company is not deemed to be the primary beneficiary of the Verdelite JV as there is equal power between the Company and JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.

The Company’s investment in the Verdelite JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of March 31, 2024 and December 31, 2023.

 

193

Table of Contents

The following table presents the consolidated schedule of investments of the Verdelite JV as of March 31, 2024:

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 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

                

Aerospace & Defense

                

Amentum Government Services Holdings, LLC

  

(8)

     SOFR + 4.00 %      9.44 %      1/29/2027     $ 420     $ 417     $ 421       0.29 % 

Atlas CC Acquisition Corp.

  

(10)

     SOFR + 4.25 %      9.85 %      5/25/2028       2,650       2,484       2,488       1.69  

Dynasty Acquisition Co, Inc.

  

(8)

     SOFR + 3.50 %      8.83 %      8/24/2028       2,992       2,989       3,000       2.04  

KBR, Inc.

  

(8)

     SOFR + 2.25 %      7.58 %      1/17/2031       508       507       510       0.35  

LSF11 Trinity Bidco Inc

  

(4)(8)

     SOFR + 4.00 %      9.33 %      6/14/2030       2,287       2,282       2,299       1.56  

Ovation Parent, Inc.

  

(10)

     SOFR + 3.50 %      8.81 %      3/27/2031       935       933       937       0.64  

Peraton Corp.

  

(10)

     SOFR + 3.75 %      9.18 %      2/1/2028       5,019       4,957       5,025       3.41  

TransDigm Inc

  

(8)

     SOFR + 3.25 %      8.56 %      2/14/2031       4,981       4,983       5,011       3.40  

Vertex Aerospace Services Corp.

  

(10)

     SOFR + 3.25 %      8.68 %      12/6/2028       3,046       3,020       3,056       2.08  
           

 

 

    

 

 

    

 

 

  
              22,572       22,747       15.46  

Air Freight & Logistics

                

Forward Air Corporation

  

(10)

     SOFR + 4.50 %      9.83 %      12/19/2030       2,787       2,680       2,751       1.87  

The Kenan Advantage Group, Inc.

  

(8)

     SOFR + 3.75 %      9.08 %      1/25/2029       3,554       3,537       3,562       2.42  
           

 

 

    

 

 

    

 

 

  
              6,217       6,313       4.29  

Airlines

                

American Airlines, Inc.

  

(8)

     SOFR + 2.75 %      8.60 %      2/15/2028       3,000       2,972       3,003       2.04  

Brown Group Holding, LLC

  

(9)

     SOFR + 2.75 %      8.18 %      6/7/2028       3,978       3,959       3,980       2.70  

United Airlines, Inc.

  

(8)

     SOFR + 2.75 %      8.08 %      2/22/2031       2,758       2,744       2,765       1.88  
           

 

 

    

 

 

    

 

 

  
              9,675       9,748       6.62  

Auto Components

                

Belron Finance US LLC

  

(9)

     SOFR + 2.25 %      7.66 %      4/18/2029       758       754       759       0.52  

Clarios Global, LP

  

(8)

     SOFR + 3.00 %      8.33 %      5/6/2030       2,913       2,913       2,924       1.99  

First Brands Group, LLC

  

(11)

     SOFR + 5.00 %      10.57 %      3/30/2027       3,769       3,710       3,776       2.56  

Metis Buyer, Inc.

  

(10)

     SOFR + 3.75 %      9.08 %      5/4/2028       2,977       2,985       2,986       2.03  

Phinia Inc

  

(4)(8)

     SOFR + 4.00 %      9.43 %      7/3/2028       1,741       1,682       1,743       1.18  
           

 

 

    

 

 

    

 

 

  
              12,044       12,188       8.28  

Beverages

                

Triton Water Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.81 %      3/31/2028       3,449       3,287       3,417       2.32  

Building Products

                

Cornerstone Building Brands, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      4/12/2028       3,979       3,915       3,966       2.69  

Griffon Corporation

  

(9)

     SOFR + 2.25 %      7.70 %      1/24/2029       1,173       1,163       1,175       0.80  

MIWD Holdco II, LLC

  

(8)

     SOFR + 3.50 %      8.83 %      3/21/2031       2,064       2,054       2,077       1.41  

Tamko Building Product, LLC

  

(8)

     SOFR + 2.25 %      7.58 %      9/20/2030       1,778       1,777       1,780       1.21  

The Chamberlain Group, Inc.

  

(9)

     SOFR + 3.25 %      8.68 %      11/3/2028       4,543       4,358       4,542       3.09  
           

 

 

    

 

 

    

 

 

  
              13,267       13,540       9.20  

Capital Markets

                

Advisor Group Holdings, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      8/17/2028       4,349       4,347       4,371       2.97  

Apex Group Treasury, LLC

  

(9)

     SOFR + 3.75 %      9.33 %      7/27/2028       3,545       3,442       3,548       2.41  

Aretec Group, Inc.

  

(8)

     SOFR + 4.50 %      9.93 %      8/9/2030       4,425       4,347       4,456       3.03  

Citco Funding LLC

  

(9)

     SOFR + 3.25 %      8.42 %      4/27/2028       995       990       999       0.68  

Focus Financial Partners, LLC

  

(9)

     SOFR + 2.75 %      8.08 %      6/30/2028       2,010       2,008       2,006       1.36  

Kestra Advisor Services Holdings A, Inc.

  

(8)

     SOFR + 4.00 %      9.30 %      3/19/2031       1,490       1,486       1,494       1.01  

The Edelman Financial Engines Center, LLC

  

(10)

     SOFR + 3.50 %      8.94 %      4/7/2028       3,703       3,618       3,708       2.52  
           

 

 

    

 

 

    

 

 

  
              20,238       20,582       13.98  

 

194

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Chemicals

                

CI Maroon Holdings, LLC

  

(4)(8)

     SOFR + 4.00 %      9.34 %      3/3/2031       900       896       905       0.61  

Nouryon USA LLC

  

(8)

     SOFR + 4.00 %      9.42 %      4/3/2028       2,985       2,981       2,998       2.04  

Starfruit Finco BV

  

(8)

     SOFR + 4.00 %      9.42 %      4/3/2028       792       786       796       0.54  
           

 

 

    

 

 

    

 

 

  
              4,663       4,699       3.19  

Commercial Services & Supplies

                

Access CIG, LLC

  

(9)

     SOFR + 5.00 %      10.33 %      8/18/2028       4,471       4,298       4,482       3.04  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 3.75 %      9.18 %      5/12/2028       2,553       2,456       2,553       1.73  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 4.75 %      10.08 %      5/12/2028       1,990       1,939       1,998       1.36  

Anticimex, Inc.

  

(9)

     SOFR + 3.15 %      8.47 %      11/16/2028       4,388       4,341       4,398       2.99  

APX Group, Inc.

  

(9)

     SOFR + 3.25 %      8.69 %      7/10/2028       3,294       3,176       3,306       2.25  

Belfor Holdings Inc

  

(4)(9)

     SOFR + 3.75 %      9.08 %      11/1/2030       1,016       1,006       1,022       0.69  

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 3.75 %      9.19 %      3/31/2028       1,758       1,710       1,760       1.20  

EAB Global, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      8/16/2028       4,537       4,451       4,545       3.09  

Garda World Security Corp.

  

(8)

     SOFR + 4.25 %      9.58 %      2/1/2029       3,846       3,844       3,858       2.62  

Genuine Financial Holdings, LLC

  

(8)

     SOFR + 4.00 %      9.33 %      9/27/2030       5,975       5,920       5,942       4.04  

OMNIA Partners, LLC

  

(8)

     SOFR + 3.75 %      9.07 %      7/25/2030       2,387       2,363       2,400       1.63  

Prime Security Services Borrower, LLC

  

(8)

     SOFR + 2.50 %      7.83 %      10/14/2030       1,319       1,306       1,321       0.90  

TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)

  

(9)

     SOFR + 3.75 %      9.19 %      12/8/2028       4,538       4,447       4,537       3.08  

Ursa Minor US Bidco, LLC

  

(8)

     SOFR + 3.50 %      8.81 %      2/24/2031       1,193       1,190       1,196       0.81  

Vaco Holdings, Inc.

  

(10)

     SOFR + 5.00 %      10.43 %      1/21/2029       1,736       1,690       1,720       1.17  

Vestis Corp

  

(8)

     SOFR + 2.25 %      7.56 %      2/22/2031       1,372       1,369       1,374       0.93  
           

 

 

    

 

 

    

 

 

  
              45,506       46,412       31.53  

Construction & Engineering

                

Aegion Corporation

  

(10)

     SOFR + 4.25 %      9.58 %      5/17/2028       2,986       2,982       3,001       2.04  

Artera Services, LLC

  

(8)

     SOFR + 4.50 %      9.81 %      2/15/2031       471       467       473       0.32  

Groundworks, LLC

  

(8)

     SOFR + 3.50 %      8.73 %      3/14/2031       1,604       1,588       1,606       1.09  

Groundworks, LLC

  

(8)

     SOFR + 3.50 %      8.82 %      3/14/2031       295       294       296       0.20  

Refficiency Holdings, LLC

  

(10)

     SOFR + 3.50 %      8.93 %      12/16/2027       4,439       4,390       4,448       3.02  

Touchdown Acquirer, Inc.

  

(7)(8)

     SOFR + 4.00 %      9.31 %      2/21/2031       1,148       1,142       1,154       0.78  
           

 

 

    

 

 

    

 

 

  
              10,863       10,978       7.45  

Construction Materials

                

Summit Materials, LLC

  

(8)

     SOFR + 2.50 %      7.83 %      1/12/2029       1,255       1,252       1,263       0.86  

White Cap Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      10/19/2027       4,596       4,535       4,615       3.14  
           

 

 

    

 

 

    

 

 

  
              5,787       5,878       4.00  

Containers & Packaging

                

Berlin Packaging, LLC

  

(9)

     SOFR + 3.75 %      9.19 %      3/11/2028       4,489       4,413       4,499       3.06  

Graham Packaging Co, Inc.

  

(10)

     SOFR + 3.00 %      8.44 %      8/4/2027       3,000       3,000       3,003       2.04  

Novolex, Inc.

  

(9)

     SOFR + 3.68 %      9.11 %      4/13/2029       3,788       3,724       3,798       2.58  

ProAmpac PG Borrower, LLC

  

(8)

     SOFR + 4.00 %      9.32 %      9/15/2028       5,097       5,087       5,112       3.47  

Ring Container Technologies Group, LLC

  

(9)

     SOFR + 3.50 %      8.94 %      8/12/2028       2,123       2,112       2,131       1.45  

SupplyOne, Inc.

  

(8)

     SOFR + 4.25 %      9.56 %      3/27/2031       1,141       1,129       1,137       0.77  

TricorBraun Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.69 %      3/3/2028       4,536       4,410       4,491       3.05  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.00 %      9.57 %      9/15/2028       3,295       3,204       3,300       2.24  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.00 %      9.31 %      9/15/2028       995       995       997       0.68  
           

 

 

    

 

 

    

 

 

  
              28,074       28,468       19.34  

 

195

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Distributors

                

Fastlane Parent Co Inc

  

(9)

     SOFR + 4.50 %      9.83 %      9/29/2028       3,763       3,723       3,765       2.56  

Diversified Consumer Services

                

Ascend Learning, LLC

  

(9)

     SOFR + 3.50 %      8.93 %      12/11/2028       4,147       4,013       4,129       2.80  

Cengage Learning, Inc.

  

(11)

     SOFR + 4.25 %      9.58 %      3/22/2031       1,968       1,949       1,969       1.34  

Colibri Group, LLC

  

(10)

     SOFR + 5.00 %      10.48 %      3/12/2029       4,229       4,124       4,249       2.89  

EM Bidco Limited

  

(9)

     SOFR + 4.25 %      9.66 %      7/6/2029       2,985       2,923       2,991       2.03  

Imagine Learning, LLC

  

(9)

     SOFR + 3.50 %      8.94 %      12/21/2029       2,000       1,990       1,998       1.36  

Mister Car Wash Holdings, Inc.

  

(8)

     SOFR + 3.00 %      8.33 %      3/21/2031       775       775       778       0.53  

Pre-Paid Legal Services, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      12/15/2028       3,290       3,241       3,278       2.23  

Spring Education Group, Inc.

  

(8)

     SOFR + 4.50 %      9.81 %      9/29/2030       3,413       3,333       3,431       2.33  

University Support Services, LLC

  

(9)

     SOFR + 3.00 %      8.43 %      2/10/2029       3,546       3,506       3,542       2.41  

Wand NewCo 3, Inc.

  

(8)

     SOFR + 3.75 %      9.08 %      1/30/2031       2,012       2,007       2,020       1.37  
           

 

 

    

 

 

    

 

 

  
              27,861       28,385       19.29  

Diversified Financial Services

                

Mitchell International, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      10/15/2028       3,950       3,803       3,956       2.69  

Polaris Newco, LLC

  

(9)

     SOFR + 4.00 %      9.57 %      6/2/2028       2,275       2,196       2,255       1.53  

Sedgwick Claims Management Services, Inc.

  

(8)

     SOFR + 3.75 %      9.08 %      2/24/2028       2,957       2,934       2,966       2.01  
           

 

 

    

 

 

    

 

 

  
              8,933       9,177       6.23  

Diversified REITs

                

Iron Mountain Information Management LLC

  

(8)

     SOFR + 2.25 %      7.58 %      1/31/2031       858       851       853       0.58  

Diversified Telecommunication Services

                

Numericable US, LLC

  

(8)

     SOFR + 5.50 %      10.81 %      8/15/2028       3,760       3,723       3,009       2.04  

Zacapa, LLC

  

(9)

     SOFR + 4.00 %      9.31 %      3/22/2029       4,537       4,442       4,544       3.09  
           

 

 

    

 

 

    

 

 

  
              8,165       7,553       5.13  

Electric Utilities

                

NRG Energy, Inc.

  

(8)

     SOFR + 2.00 %      7.31 %      3/27/2031       1,778       1,773       1,777       1.21  

Tiger Acquisition, LLC

  

(9)

     SOFR + 3.25 %      8.68 %      6/1/2028       1,995       1,980       1,981       1.35  

Vistra Operations Co, LLC

  

(8)

     SOFR + 2.00 %      7.33 %      12/20/2030       2,640       2,615       2,641       1.79  
           

 

 

    

 

 

    

 

 

  
              6,368       6,399       4.35  

Electrical Equipment

                

Madison IAQ, LLC

  

(9)

     SOFR + 3.25 %      8.69 %      6/21/2028       4,239       4,114       4,238       2.88  

Electronic Equipment, Instruments & Components

                

Infinite Bidco, LLC

  

(9)

     SOFR + 3.75 %      9.32 %      3/2/2028       2,659       2,577       2,627       1.78  

Financial Services

                

Paysafe Holdings US Corp

  

(9)

     SOFR + 2.75 %      8.19 %      6/28/2028       1,988       1,979       1,977       1.34  

Planet US Buyer, LLC

  

(8)

     SOFR + 3.50 %      8.81 %      1/31/2031       1,025       1,022       1,029       0.70  
           

 

 

    

 

 

    

 

 

  
              3,001       3,006       2.04  

Food Products

                

CHG PPC Parent LLC

  

(9)

     SOFR + 3.00 %      8.44 %      12/8/2028       2,969       2,894       2,977       2.02  

Saratoga Food Specialties, LLC

  

(8)

     SOFR + 3.75 %      9.07 %      3/7/2029       723       719       725       0.49  
           

 

 

    

 

 

    

 

 

  
              3,613       3,702       2.51  

Ground Transportation

                

Uber Technologies, Inc.

  

(8)

     SOFR + 2.75 %      8.08 %      3/3/2030       1,935       1,930       1,945       1.32  

 

196

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Health Care Equipment & Supplies

                

Auris Luxembourg III S.à r.l.

  

(8)

     SOFR + 4.25 %      9.58 %      2/28/2029       3,106       3,032       3,117       2.12  

Resonetics, LLC

  

(10)

     SOFR + 4.00 %      9.60 %      4/28/2028       3,542       3,452       3,554       2.41  
           

 

 

    

 

 

    

 

 

  
              6,484       6,671       4.53  

Health Care Providers & Services

                

ADMI Corp.

  

(9)

     SOFR + 3.75 %      9.19 %      12/23/2027       2,170       2,085       2,101       1.43  

CD&R Artemis UK Bidco Ltd.

  

(9)

     SOFR + 4.25 %      9.66 %      8/19/2028       1,000       993       1,001       0.68  

Electron Bidco, Inc.

  

(9)

     SOFR + 3.00 %      8.44 %      11/1/2028       3,786       3,724       3,798       2.58  

Heartland Dental LLC

  

(10)

     SOFR + 5.00 %      10.33 %      4/28/2028       3,958       3,846       3,971       2.70  

Pediatric Associates Holding Co., LLC

  

(9)

     SOFR + 3.25 %      8.69 %      12/29/2028       646       637       570       0.39  

Surgery Centers Holdings, Inc.

  

(8)

     SOFR + 3.50 %      8.83 %      12/19/2030       948       939       953       0.65  
           

 

 

    

 

 

    

 

 

  
              12,224       12,394       8.43  

Health Care Technology

                

athenahealth, Inc.

  

(9)

     SOFR + 3.25 %      8.58 %      2/15/2029       4,527       4,265       4,495       3.05  

Cotiviti, Inc.

  

(8)

     SOFR + 3.25 %      8.58 %      2/24/2031       5,231       5,205       5,224       3.55  

Gainwell Acquisition Corp.

  

(10)

     SOFR + 4.00 %      9.41 %      10/1/2027       1,990       1,924       1,907       1.30  

Netsmart Technologies, Inc.

  

(10)

     SOFR + 3.75 %      9.19 %      10/1/2027       2,901       2,847       2,911       1.98  

Waystar Technologies, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      10/22/2029       3,901       3,896       3,915       2.66  
           

 

 

    

 

 

    

 

 

  
              18,137       18,452       12.54  

Hotels, Restaurants & Leisure

                

Alterra Mountain Company

  

(8)

     SOFR + 3.25 %      8.58 %      8/17/2028       2,297       2,297       2,309       1.57  

Caesars Entertainment, Inc.

  

(9)

     SOFR + 3.25 %      8.66 %      2/6/2030       1,616       1,602       1,622       1.10  

Caesars Entertainment, Inc.

  

(9)

     SOFR + 2.75 %      8.04 %      2/6/2031       2,825       2,818       2,831       1.92  

Carnival Finance LLC

  

(10)

     SOFR + 3.25 %      8.69 %      10/18/2028       2,985       2,985       2,993       2.03  

FanDuel Group Financing, LLC.

  

(9)

     SOFR + 2.25 %      7.56 %      11/25/2030       2,417       2,412       2,423       1.65  

Fertitta Entertainment, LLC

  

(9)

     SOFR + 3.75 %      9.08 %      1/27/2029       4,162       4,088       4,176       2.84  

Hilton Grand Vacations Borrower, LLC

  

(8)

     SOFR + 2.75 %      8.08 %      1/17/2031       716       714       718       0.49  

IRB Holding Corp.

  

(10)

     SOFR + 2.75 %      8.18 %      12/15/2027       4,556       4,556       4,563       3.10  

Mic Glen, LLC

  

(9)

     SOFR + 3.25 %      8.69 %      7/21/2028       3,395       3,301       3,395       2.31  

New Red Finance, Inc.

  

(8)

     SOFR + 2.25 %      7.58 %      9/12/2030       923       919       924       0.63  

Scientific Games Holdings LP

  

(9)

     SOFR + 3.25 %      8.58 %      4/4/2029       2,985       2,974       2,988       2.03  

Tacala Investment Corp.

  

(10)

     SOFR + 4.00 %      9.33 %      1/31/2031       1,609       1,605       1,612       1.10  

Whatabrands LLC

  

(9)

     SOFR + 3.25 %      8.69 %      8/3/2028       4,541       4,468       4,548       3.09  
           

 

 

    

 

 

    

 

 

  
              34,739       35,102       23.86  

Household Durables

                

AI Aqua Merger Sub, Inc.

  

(7)(9)

     SOFR + 4.25 %      9.57 %      7/31/2028       897       709       903       0.61  

AI Aqua Merger Sub, Inc.

  

(9)

     SOFR + 3.75 %      9.07 %      7/31/2028       3,287       3,210       3,297       2.24  
           

 

 

    

 

 

    

 

 

  
              3,919       4,200       2.85  

Independent Power and Renewable Electricity Producers

                

Generation Bridge Northeast LLC

  

(8)

     SOFR + 3.50 %      8.83 %      8/22/2029       2,107       2,088       2,111       1.43  

Industrial Conglomerates

                

FCG Acquisitions, Inc.

  

(9)

     SOFR + 3.75 %      9.32 %      3/31/2028       4,932       4,810       4,936       3.35  

SPX Flow, Inc.

  

(9)

     SOFR + 4.50 %      9.93 %      4/5/2029       3,766       3,682       3,786       2.57  
           

 

 

    

 

 

    

 

 

  
              8,492       8,722       5.92  

Insurance

                

AmWINS Group, Inc

  

(10)

     SOFR + 2.75 %      8.08 %      2/19/2028       935       928       938       0.64  

AssuredPartners, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      2/12/2027       3,762       3,710       3,770       2.56  

AssuredPartners, Inc.

  

(9)

     SOFR + 3.50 %      8.83 %      2/14/2031       540       537       541       0.37  

 

197

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Insurance (continued)

                

Baldwin Risk Partners, LLC

  

(9)

     SOFR + 3.50 %      8.94 %      10/14/2027       4,778       4,762       4,782       3.25  

BroadStreet Partners, Inc.

  

(8)

     SOFR + 3.00 %      8.44 %      1/27/2027       1,299       1,272       1,303       0.89  

BroadStreet Partners, Inc.

  

(8)

     SOFR + 3.75 %      9.08 %      1/27/2029       3,295       3,261       3,309       2.25  

Howden Group Holdings Limited

  

(9)

     SOFR + 4.00 %      9.33 %      4/18/2030       2,417       2,334       2,430       1.65  

Howden Group Holdings Limited

  

(9)

     SOFR + 3.50 %      8.83 %      2/15/2031       1,995       1,985       1,999       1.36  

HUB International, Ltd.

  

(10)

     SOFR + 3.25 %      8.57 %      6/20/2030       673       673       674       0.46  

NFP Corp.

  

(8)

     SOFR + 3.25 %      8.69 %      2/15/2027       4,288       4,195       4,298       2.92  

USI, Inc.

  

(8)

     SOFR + 3.25 %      8.55 %      9/29/2030       1,011       1,009       1,013       0.69  
           

 

 

    

 

 

    

 

 

  
              24,666       25,057       17.04  

Interactive Media & Services

                

MH Sub I, LLC

  

(9)

     SOFR + 4.25 %      9.58 %      5/3/2028       2,474       2,423       2,462       1.67  

Project Boost Purchaser, LLC

  

(9)

     SOFR + 3.50 %      9.07 %      5/30/2026       4,038       3,970       4,052       2.75  
           

 

 

    

 

 

    

 

 

  
              6,393       6,514       4.42  

IT Services

                

Ahead DB Holdings, LLC

  

(10)

     SOFR + 3.75 %      9.16 %      10/18/2027       2,487       2,470       2,492       1.69  

Ahead DB Holdings, LLC

  

(10)

     SOFR + 4.25 %      9.56 %      1/24/2031       900       891       904       0.61  

Dcert Buyer, Inc.

  

(8)

     SOFR + 4.00 %      9.33 %      10/16/2026       2,063       2,021       2,056       1.40  

Endurance International Group Holdings, Inc.

  

(10)

     SOFR + 3.50 %      9.42 %      2/10/2028       3,059       2,883       2,993       2.03  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.50 %      9.94 %      5/12/2028       1,496       1,485       1,493       1.01  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.19 %      2/11/2028       5,032       4,990       5,049       3.43  

World Wide Technology Holding Co, LLC

  

(9)

     SOFR + 2.75 %      8.18 %      3/1/2030       905       905       912       0.62  
           

 

 

    

 

 

    

 

 

  
              15,645       15,899       10.79  

Leisure Products

                

Amer Sports Co

  

(8)

     SOFR + 3.25 %      8.58 %      2/17/2031       283       282       284       0.19  

Motion Finco, LLC

  

(8)

     SOFR + 3.50 %      9.07 %      11/12/2029       2,551       2,538       2,550       1.73  
           

 

 

    

 

 

    

 

 

  
              2,820       2,834       1.92  

Life Sciences Tools & Services

                

IQVIA Inc

  

(8)

     SOFR + 2.00 %      7.31 %      1/2/2031       436       436       439       0.30  

LSCS Holdings, Inc.

  

(9)

     SOFR + 4.50 %      9.94 %      12/16/2028       2,450       2,370       2,418       1.64  

Packaging Coordinators Midco, Inc.

  

(10)

     SOFR + 3.50 %      9.07 %      11/30/2027       3,541       3,478       3,553       2.41  

Phoenix Newco, Inc.

  

(9)

     SOFR + 3.25 %      8.69 %      11/15/2028       2,985       2,988       2,995       2.03  
           

 

 

    

 

 

    

 

 

  
              9,272       9,405       6.38  

Machinery

                

Chart Industries, Inc.

  

(9)

     SOFR + 3.25 %      8.67 %      3/16/2030       2,289       2,295       2,299       1.56  

Innio North America Holding Inc

  

(8)

     SOFR + 4.25 %      9.56 %      11/2/2028       677       673       681       0.46  

Pro Mach Group, Inc.

  

(11)

     SOFR + 3.75 %      9.08 %      8/31/2028       3,748       3,699       3,766       2.56  

TK Elevator U.S. Newco, Inc.

  

(9)

     SOFR + 3.50 %      8.79 %      4/30/2030       4,384       4,380       4,403       2.99  
           

 

 

    

 

 

    

 

 

  
              11,047       11,149       7.57  

Media

                

Fleet US Bidco, Inc.

  

(4)(8)

     SOFR + 3.25 %      8.58 %      2/21/2031       726       722       728       0.49  

Radiate Holdco, LLC

  

(10)

     SOFR + 3.25 %      8.69 %      9/25/2026       2,955       2,790       2,482       1.69  

Univision Communications Inc

  

(10)

     SOFR + 3.25 %      8.69 %      1/31/2029       4,975       4,972       4,972       3.38  

Virgin Media Bristol, LLC

  

(8)

     SOFR + 3.25 %      8.79 %      3/31/2031       2,727       2,703       2,691       1.83  
           

 

 

    

 

 

    

 

 

  
              11,187       10,873       7.39  

 

198

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Metals & Mining

                

Arsenal AIC Parent, LLC

  

(8)

     SOFR + 3.75 %      9.08 %      8/18/2030       642       642       645       0.44  

Oil, Gas & Consumable Fuels

                

CQP Holdco, LP

  

(9)

     SOFR + 3.00 %      8.30 %      12/31/2030       3,442       3,418       3,457       2.35  

Freeport LNG Investments, LLLP

  

(9)

     SOFR + 3.50 %      9.08 %      12/21/2028       2,992       2,963       2,976       2.02  

GIP Pilot Acquisition Partners LP

  

(8)

     SOFR + 3.00 %      8.33 %      10/4/2030       1,122       1,117       1,127       0.77  
           

 

 

    

 

 

    

 

 

  
              7,498       7,560       5.14  

Professional Services

                

AlixPartners, LLP

  

(9)

     SOFR + 2.50 %      7.94 %      2/4/2028       1,371       1,362       1,374       0.93  

APFS Staffing Holdings Inc

  

(9)

     SOFR + 4.00 %      9.33 %      12/29/2028       3,920       3,834       3,891       2.64  

Aqgen Island Holdings, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      8/2/2028       3,636       3,560       3,627       2.46  

Camelot US Acquisition, LLC.

  

(8)

     SOFR + 2.75 %      8.08 %      1/31/2031       2,904       2,896       2,906       1.97  

Cast & Crew Payroll, LLC

  

(8)

     SOFR + 3.75 %      9.19 %      2/9/2026       3,495       3,474       3,507       2.38  

Deerfield Dakota Holding, LLC

  

(11)

     SOFR + 3.75 %      9.06 %      4/9/2027       3,763       3,690       3,749       2.55  

Eisner Advisory Group LLC

  

(9)

     SOFR + 4.00 %      9.33 %      2/28/2031       1,217       1,205       1,223       0.83  

EP Purchaser, LLC

  

(9)

     SOFR + 3.50 %      9.07 %      11/6/2028       487       469       484       0.33  

Inmar, Inc.

  

(11)

     SOFR + 5.50 %      10.80 %      5/1/2026       2,068       2,016       2,073       1.41  

Ryan, LLC

  

(7)(9)

     SOFR + 4.50 %      9.83 %      11/14/2030       1,508       1,479       1,518       1.03  

VT Topco, Inc.

  

(9)

     SOFR + 3.50 %      8.83 %      8/9/2030       1,034       1,034       1,038       0.70  
           

 

 

    

 

 

    

 

 

  
              25,019       25,390       17.23  

Real Estate Management & Development

                

Cushman & Wakefield US Borrower LLC

  

(9)

     SOFR + 3.25 %      8.68 %      1/31/2030       995       974       993       0.67  

Cushman & Wakefield US Borrower LLC

  

(4)(9)

     SOFR + 4.00 %      9.33 %      1/31/2030       1,708       1,669       1,714       1.16  
           

 

 

    

 

 

    

 

 

  
              2,643       2,707       1.83  

Software

                

Applied Systems, Inc.

  

(8)

     SOFR + 3.50 %      8.81 %      2/24/2031       176       175       177       0.12  

Apttus Corp.

  

(10)

     SOFR + 4.00 %      9.44 %      5/8/2028       3,554       3,424       3,563       2.42  

Boxer Parent Company, Inc.

  

(8)

     SOFR + 4.25 %      9.58 %      12/29/2028       3,856       3,820       3,885       2.64  

CDK Global Inc.

  

(8)

     SOFR + 4.00 %      9.31 %      7/6/2029       2,000       2,005       2,008       1.36  

Cloud Software Group, Inc.

  

(9)

     SOFR + 4.50 %      9.93 %      3/21/2031       1,419       1,408       1,411       0.96  

Cloudera, Inc.

  

(9)

     SOFR + 3.75 %      9.18 %      10/8/2028       3,560       3,452       3,552       2.41  

ConnectWise, LLC

  

(9)

     SOFR + 3.50 %      9.06 %      9/29/2028       3,521       3,419       3,524       2.39  

Cornerstone OnDemand, Inc.

  

(9)

     SOFR + 3.75 %      9.19 %      10/16/2028       2,167       1,996       2,130       1.45  

Delta Topco, Inc.

  

(10)

     SOFR + 3.75 %      9.12 %      12/1/2027       3,990       3,985       3,999       2.72  

ECI Macola Max Holding, LLC

  

(4)(10)

     SOFR + 3.75 %      9.06 %      5/9/2030       4,491       4,475       4,510       3.06  

Ellucian Holdings, Inc.

  

(9)

     SOFR + 3.50 %      8.93 %      10/9/2029       3,283       3,279       3,301       2.24  

Epicor Software Corp.

  

(10)

     SOFR + 3.25 %      8.69 %      7/30/2027       3,545       3,485       3,561       2.42  

Epicor Software Corp.

  

(10)

     SOFR + 3.75 %      9.08 %      7/30/2027       272       270       274       0.19  

Genesys Cloud Services Holdings II, LLC

  

(10)

     SOFR + 3.75 %      9.19 %      12/1/2027       290       290       292       0.20  

Genesys Cloud Services Holdings II, LLC

  

(10)

     SOFR + 3.50 %      8.83 %      12/1/2027       2,618       2,618       2,628       1.79  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.00 %      9.44 %      5/12/2028       2,117       2,042       2,112       1.43  

GTCR Investors LP

  

(8)

     SOFR + 3.00 %      8.31 %      1/31/2031       3,335       3,319       3,351       2.28  

HS Purchaser, LLC

  

(10)

     SOFR + 4.00 %      9.43 %      11/19/2026       3,545       3,324       3,437       2.33  

Idera, Inc.

  

(10)

     SOFR + 3.75 %      9.21 %      3/2/2028       1,865       1,799       1,861       1.26  

Instructure Holdings Inc

  

(9)

     SOFR + 2.75 %      8.09 %      10/30/2028       2,971       2,967       2,975       2.02  

ION Trading Finance Ltd.

  

(8)

     SOFR + 4.75 %      10.15 %      4/3/2028       2,985       2,977       2,985       2.03  

 

199

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 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 (continued)

                

Software (continued)

                

Mitnick Purchaser, Inc.

  

(9)

     SOFR + 4.50 %      9.91 %      5/2/2029       3,396       3,311       3,251       2.21  

NortonLifeLock, Inc.

  

(9)

     SOFR + 2.00 %      7.43 %      9/12/2029       2,833       2,819       2,835       1.93  

Project Alpha Intermediate Holding, Inc.

  

(8)

     SOFR + 4.75 %      10.06 %      10/28/2030       3,283       3,227       3,305       2.24  

Proofpoint, Inc.

  

(9)

     SOFR + 3.25 %      8.81 %      8/31/2028       4,295       4,277       4,302       2.92  

Quartz Acquireco, LLC

  

(8)

     SOFR + 3.50 %      8.81 %      6/28/2030       1,983       1,970       1,992       1.35  

RealPage, Inc.

  

(9)

     SOFR + 3.00 %      8.44 %      4/24/2028       2,761       2,682       2,690       1.83  

Rocket Software, Inc.

  

(9)

     SOFR + 4.75 %      10.08 %      11/28/2028       2,592       2,556       2,576       1.75  

S2P Acquisition Borrower, Inc.

  

(8)

     SOFR + 4.00 %      9.43 %      8/14/2026       3,411       3,350       3,421       2.32  

Sovos Compliance, LLC

  

(9)

     SOFR + 4.50 %      9.94 %      8/11/2028       3,546       3,489       3,519       2.39  

Surf Holdings, LLC

  

(8)

     SOFR + 3.50 %      8.94 %      3/5/2027       3,545       3,514       3,556       2.42  

Symphony Technology Group

  

(10)

     SOFR + 5.00 %      10.57 %      7/27/2028       3,555       3,310       2,133       1.45  

Symphony Technology Group

  

(9)

     SOFR + 3.75 %      9.18 %      3/1/2029       3,546       3,419       3,548       2.41  

UKG, Inc.

  

(8)

     SOFR + 3.50 %      8.81 %      2/10/2031       2,999       2,995       3,020       2.05  

Vision Solutions, Inc.

  

(10)

     SOFR + 4.00 %      9.59 %      4/24/2028       3,660       3,437       3,670       2.49  

Webpros US Bidco, Inc.

  

(4)(8)

     SOFR + 4.00 %      9.33 %      3/19/2031       655       653       657       0.45  
           

 

 

    

 

 

    

 

 

  
              99,538       100,011       67.93  

Specialty Retail

                

EG America, LLC

  

(8)

     SOFR + 5.50 %      11.24 %      2/7/2028       1,379       1,346       1,376       0.93  

HomeServe USA Holding Corp

  

(8)

     SOFR + 3.00 %      8.33 %      10/21/2030       829       822       832       0.57  
           

 

 

    

 

 

    

 

 

  
              2,168       2,208       1.50  

Technology Hardware, Storage & Peripherals

                

Xerox Corp

  

(9)

     SOFR + 4.00 %      9.33 %      11/17/2029       1,185       1,152       1,192       0.81  

Trading Companies & Distributors

                

American Builders & Contractors Supply Co, Inc.

  

(8)

     SOFR + 2.00 %      7.33 %      1/31/2031       685       684       686       0.47  

Avolon TLB Borrower 1 US LLC

  

(9)

     SOFR + 2.00 %      7.33 %      6/22/2028       2,751       2,727       2,755       1.87  

Core & Main, LP

  

(8)

     SOFR + 2.25 %      7.56 %      2/9/2031       1,086       1,080       1,087       0.74  

Foundation Building Materials, Inc.

  

(9)

     SOFR + 3.25 %      8.82 %      1/31/2028       2,985       2,957       2,991       2.03  

Icebox Holdco III, Inc.

  

(9)

     SOFR + 3.50 %      9.07 %      12/22/2028       4,354       4,207       4,361       2.96  

LBM Acquisition, LLC

  

(10)

     SOFR + 3.75 %      9.18 %      12/17/2027       2,985       2,888       2,983       2.03  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.50 %      8.94 %      6/2/2028       4,549       4,423       4,586       3.11  

Sunsource Borrower LLC

  

(8)

     SOFR + 4.00 %      9.42 %      3/25/2031       1,755       1,746       1,761       1.20  

Windsor Holdings III, LLC

  

(8)

     SOFR + 4.00 %      9.33 %      8/1/2030       1,854       1,854       1,864       1.27  
           

 

 

    

 

 

    

 

 

  
              22,566       23,074       15.68  

Transportation Infrastructure

                

KKR Apple Bidco, LLC

  

(9)

     SOFR + 2.75 %      8.19 %      9/22/2028       1,990       1,980       1,990       1.35  

Wireless Telecommunication Services

                

CCI Buyer, Inc.

  

(10)

     SOFR + 4.00 %      9.30 %      12/17/2027       4,337       4,289       4,317       2.93  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt

               587,937       595,097       404.24  
           

 

 

    

 

 

    

 

 

  

Total Investment Portfolio

               587,937       595,097       404.24  
           

 

 

    

 

 

    

 

 

  

Cash and Cash Equivalents

                

Other Cash and Cash Equivalents

               14,306       14,306       9.72  
           

 

 

    

 

 

    

 

 

  

Total Portfolio Investments, Cash and Cash Equivalents

             $ 602,243     $ 609,403       413.96 % 
           

 

 

    

 

 

    

 

 

  

 

200

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

Reserved

(7)

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

 

Investments

    Commitment Type      Commitment
Expiration Date		      Unfunded
Commitment		      Fair
Value		  

AI Aqua Merger Sub, Inc.

      Delayed Draw Term Loan        7/31/2028      $ 103      $ —   

Ryan LLC

      Delayed Draw Term Loan        11/14/2030        159        —   

Touchdown Acquirer, Inc.

      Delayed Draw Term Loan        2/21/2031        251        —   
        

 

 

     

 

 

  

Total unfunded commitments

          $ 513      $ —   
        

 

 

     

 

 

  

 

201

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

March 31, 2024

(in thousands)

(Unaudited)

 

(8)

There are no interest rate floors on these investments.

(9)

The interest rate floor on these investments as of March 31, 2024 was 0.50%.

(10)

The interest rate floor on these investments as of March 31, 2024 was 0.75%.

(11)

The interest rate floor on these investments as of March 31, 2024 was 1.00%.

(12)

The interest rate floor on these investments as of March 31, 2024 was 1.25%.

(13)

The interest rate floor on these investments as of March 31, 2024 was 1.50%.

(14)

The interest rate floor on these investments as of March 31, 2024 was 2.00%.

(15)

For unsettled positions the interest rate does not include the base rate.

 

202

Table of Contents

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2023:

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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

                

Aerospace & Defense

                

Amentum Government Services Holdings, LLC

  

(8)

     SOFR + 4.00 %      9.47 %      1/29/2027     $ 420     $ 417     $ 421       0.29 % 

Atlas CC Acquisition Corp.

  

(10)

     SOFR + 4.25 %      9.90 %      5/25/2028       2,657       2,480       2,482       1.68  

Avolon TLB Borrower 1 US LLC

  

(9)

     SOFR + 2.00 %      7.36 %      6/22/2028       2,758       2,733       2,767       1.87  

Dynasty Acquisition Co Inc

  

(8)

     SOFR + 4.00 %      9.35 %      8/24/2028       2,992       2,996       3,004       2.03  

LSF11 Trinity Bidco Inc

  

(8)

     SOFR + 4.00 %      9.36 %      6/14/2030       2,293       2,287       2,310       1.56  

Peraton Corp.

  

(10)

     SOFR + 3.75 %      9.21 %      2/1/2028       5,033       4,966       5,052       3.42  

TransDigm Inc

  

(8)

     SOFR + 3.25 %      8.60 %      2/14/2031       4,993       4,996       5,022       3.40  

Vertex Aerospace Services Corp.

  

(10)

     SOFR + 3.25 %      8.71 %      12/6/2028       3,054       3,026       3,061       2.07  
           

 

 

    

 

 

    

 

 

  
              23,901       24,119       16.32  

Air Freight & Logistics

                

Forward Air Corporation

  

(10)

     SOFR + 4.50 %      9.90 %      9/20/2030       3,000       2,880       2,852       1.93  

The Kenan Advantage Group, Inc.

  

(10)

     SOFR + 3.86 %      9.22 %      3/24/2026       3,554       3,491       3,548       2.40  
           

 

 

    

 

 

    

 

 

  
              6,371       6,400       4.33  

Airlines

                

American Airlines, Inc.

  

(8)

     SOFR + 2.75 %      8.60 %      2/15/2028       3,000       2,970       3,001       2.03  

Brown Group Holding, LLC

  

(9)

     SOFR + 2.75 %      8.21 %      6/7/2028       3,989       3,969       3,998       2.71  

United Airlines, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      4/21/2028       2,748       2,728       2,762       1.87  
           

 

 

    

 

 

    

 

 

  
              9,667       9,761       6.61  

Auto Components

                

Clarios Global LP

  

(8)

     SOFR + 3.75 %      9.11 %      5/6/2030       2,913       2,900       2,924       1.98  

Metis Buyer, Inc.

  

(10)

     SOFR + 4.00 %      9.47 %      5/4/2028       2,985       2,962       2,994       2.03  

Belron Finance US LLC

  

(4)(9)

     SOFR + 2.25 %      7.63 %      4/18/2029       758       758       761       0.52  

First Brands Group, LLC

  

(11)

     SOFR + 5.00 %      10.88 %      3/30/2027       3,322       3,262       3,303       2.24  

Phinia Inc

  

(4)(8)

     SOFR + 4.00 %      9.46 %      7/3/2028       1,746       1,683       1,755       1.19  
           

 

 

    

 

 

    

 

 

  
              11,565       11,737       7.96  

Beverages

                

Triton Water Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.86 %      3/31/2028       3,458       3,285       3,432       2.32  

Building Products

                

Cornerstone Building Brands, Inc.

  

(9)

     SOFR + 3.25 %      8.71 %      4/12/2028       3,990       3,921       3,998       2.71  

Griffon Corporation

  

(9)

     SOFR + 2.25 %      7.75 %      1/24/2029       1,178       1,167       1,182       0.80  

Oscar AcquisitionCo LLC

  

(9)

     SOFR + 4.50 %      9.95 %      4/29/2029       4,816       4,686       4,777       3.23  

Tamko Building Product, LLC

  

(8)

     SOFR + 3.50 %      8.87 %      9/20/2030       1,782       1,781       1,793       1.21  

The Chamberlain Group, Inc.

  

(9)

     SOFR + 3.25 %      8.71 %      11/3/2028       4,557       4,361       4,552       3.08  
           

 

 

    

 

 

    

 

 

  
              15,916       16,302       11.03  

Capital Markets

                

Advisor Group Holdings, Inc.

  

(8)

     SOFR + 4.50 %      9.86 %      8/17/2028       4,072       4,065       4,090       2.77  

Apex Group Treasury, LLC

  

(9)

     SOFR + 3.75 %      9.38 %      7/27/2028       3,555       3,445       3,546       2.40  

Aretec Group, Inc.

  

(8)

     SOFR + 4.50 %      9.95 %      8/9/2030       4,437       4,355       4,440       3.01  

Citco Funding LLC

  

(9)

     SOFR + 3.25 %      8.64 %      4/27/2028       998       993       1,002       0.68  

Focus Financial Partners LLC

  

(9)

     SOFR + 3.50 %      8.86 %      6/30/2028       2,015       1,986       2,023       1.37  

The Edelman Financial Engines Center, LLC

  

(10)

     SOFR + 3.50 %      8.97 %      4/7/2028       3,713       3,622       3,723       2.52  
           

 

 

    

 

 

    

 

 

  
              18,466       18,824       12.75  

 

203

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Chemicals

                

Nouryon USA LLC

  

(8)

     SOFR + 4.00 %      9.47 %      4/3/2028       2,992       2,989       3,008       2.04  

Starfruit Finco BV

  

(8)

     SOFR + 4.00 %      9.44 %      4/3/2028       794       787       798       0.54  
           

 

 

    

 

 

    

 

 

  
              3,776       3,806       2.58  

Commercial Services & Supplies

                

Access CIG, LLC

  

(9)

     SOFR + 5.00 %      10.39 %      8/18/2028       3,756       3,580       3,767       2.55  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 3.75 %      9.21 %      5/12/2028       2,560       2,456       2,553       1.73  

Allied Universal Holdco, LLC

  

(9)

     SOFR + 4.75 %      10.11 %      5/12/2028       1,995       1,941       2,000       1.35  

Anticimex, Inc.

  

(9)

     SOFR + 3.15 %      8.46 %      11/16/2028       5,399       5,332       5,403       3.66  

APX Group, Inc.

  

(9)

     SOFR + 3.25 %      8.92 %      7/10/2028       3,303       3,178       3,309       2.24  

Belfor Holdings Inc

  

(9)

     SOFR + 3.75 %      9.10 %      11/1/2030       1,081       1,071       1,086       0.74  

Covanta Holding Corp

  

(9)

     SOFR + 3.00 %      8.36 %      11/30/2028       1,039       1,030       1,042       0.71  

DG Investment Intermediate Holdings 2, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      3/31/2028       1,763       1,706       1,751       1.19  

EAB Global, Inc.

  

(9)

     SOFR + 3.50 %      8.97 %      8/16/2028       4,548       4,458       4,548       3.08  

Garda World Security Corp.

  

(8)

     SOFR + 4.25 %      9.72 %      10/30/2026       2,350       2,291       2,357       1.60  

Garda World Security Corp.

  

(8)

     SOFR + 4.25 %      9.62 %      2/1/2029       1,500       1,504       1,504       1.02  

Genuine Financial Holdings, LLC

  

(8)

     SOFR + 4.00 %      9.39 %      9/27/2030       3,990       3,954       3,986       2.70  

Prime Security Services Borrower, LLC

  

(8)

     SOFR + 2.50 %      7.84 %      10/14/2030       1,322       1,309       1,328       0.90  

TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)

  

(9)

     SOFR + 3.75 %      9.22 %      12/8/2028       5,550       5,418       5,550       3.76  

Vaco Holdings, Inc.

  

(10)

     SOFR + 5.00 %      10.43 %      1/21/2029       1,740       1,693       1,722       1.17  
           

 

 

    

 

 

    

 

 

  
              40,921       41,906       28.40  

Construction & Engineering

                

Aegion Corporation

  

(10)

     SOFR + 4.75 %      10.39 %      5/17/2028       2,998       2,985       3,004       2.03  

Refficiency Holdings, LLC

  

(10)

     SOFR + 3.50 %      8.96 %      12/16/2027       5,451       5,376       5,465       3.70  
           

 

 

    

 

 

    

 

 

  
              8,361       8,469       5.73  

Construction Materials

                

Summit Materials, LLC

  

(8)

     SOFR + 2.50 %      7.89 %      11/30/2028       1,255       1,252       1,261       0.85  

White Cap Buyer, LLC

  

(9)

     SOFR + 3.75 %      9.11 %      10/19/2027       5,611       5,518       5,629       3.81  
           

 

 

    

 

 

    

 

 

  
              6,770       6,890       4.66  

Containers & Packaging

                

Berlin Packaging, LLC

  

(9)

     SOFR + 3.75 %      9.21 %      3/11/2028       4,500       4,420       4,511       3.05  

Charter NEX US, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      12/1/2027       4,807       4,755       4,835       3.27  

Graham Packaging Co, Inc.

  

(10)

     SOFR + 3.00 %      8.47 %      8/4/2027       3,000       3,000       3,008       2.04  

Novolex, Inc.

  

(9)

     SOFR + 4.18 %      9.63 %      4/13/2029       3,798       3,730       3,819       2.59  

ProAmpac PG Borrower, LLC

  

(10)

     SOFR + 4.50 %      9.89 %      9/15/2028       5,110       5,061       5,126       3.47  

Ring Container Technologies Group, LLC

  

(9)

     SOFR + 3.50 %      8.97 %      8/12/2028       2,129       2,116       2,137       1.45  

TricorBraun Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.72 %      3/3/2028       4,548       4,413       4,528       3.07  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 4.00 %      9.61 %      9/15/2028       3,303       3,207       3,298       2.23  

Trident TPI Holdings, Inc.

  

(9)

     SOFR + 3.25 %      8.70 %      9/15/2028       997       984       1,000       0.68  
           

 

 

    

 

 

    

 

 

  
              31,686       32,262       21.85  

Distributors

                

Fastlane Parent Co Inc

  

(9)

     SOFR + 4.50 %      9.85 %      9/29/2028       3,773       3,730       3,774       2.55  

Diversified Consumer Services

                

Ascend Learning, LLC

  

(9)

     SOFR + 3.50 %      8.96 %      12/11/2028       4,157       4,016       4,092       2.77  

Colibri Group, LLC

  

(10)

     SOFR + 5.00 %      10.58 %      3/12/2029       4,247       4,137       4,253       2.88  

 

204

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Diversified Consumer Services (continued)

                

EM Bidco Limited

  

(9)

     SOFR + 4.25 %      9.70 %      7/6/2029       2,992       2,929       2,974       2.01  

Pre-Paid Legal Services, Inc.

  

(9)

     SOFR + 3.75 %      9.22 %      12/15/2028       3,298       3,246       3,280       2.22  

Spring Education Group, Inc.

  

(8)

     SOFR + 4.50 %      9.85 %      9/29/2030       3,421       3,339       3,435       2.33  

TruGreen Limited Partnership

  

(10)

     SOFR + 4.00 %      9.46 %      11/2/2027       274       255       266       0.18  

University Support Services, LLC

  

(9)

     SOFR + 3.25 %      8.71 %      2/10/2029       3,555       3,512       3,560       2.41  

Weld North Education, LLC

  

(9)

     SOFR + 3.75 %      9.22 %      12/21/2027       5,045       5,010       5,052       3.42  
           

 

 

    

 

 

    

 

 

  
              26,444       26,912       18.22  

Diversified Financial Services

                

Mitchell International, Inc.

  

(9)

     SOFR + 3.75 %      9.40 %      10/15/2028       3,960       3,805       3,964       2.68  

Polaris Newco, LLC

  

(9)

     SOFR + 4.00 %      9.47 %      6/2/2028       2,281       2,197       2,253       1.53  

Sedgwick Claims Management Services, Inc.

  

(8)

     SOFR + 3.75 %      9.11 %      2/24/2028       2,965       2,940       2,977       2.02  
           

 

 

    

 

 

    

 

 

  
              8,942       9,194       6.23  

Diversified REITs

                

Iron Mountain Information Management LLC

  

(8)

     SOFR + 2.25 %      7.63 %      1/31/2031       860       853       861       0.58  

Diversified Telecommunication Services

                

Numericable US, LLC

  

(8)

     SOFR + 5.50 %      10.89 %      8/15/2028       3,770       3,730       3,397       2.30  

Zacapa, LLC

  

(9)

     SOFR + 4.00 %      9.35 %      3/22/2029       4,551       4,451       4,548       3.08  
           

 

 

    

 

 

    

 

 

  
              8,181       7,945       5.38  

Electric Utilities

                

Tiger Acquisition, LLC

  

(4)(9)

     SOFR + 3.25 %      8.71 %      6/1/2028       2,000       1,985       1,994       1.35  

Vistra Operations Co LLC

  

(8)

     SOFR + 1.75 %      7.21 %      12/20/2030       2,647       2,621       2,650       1.79  
           

 

 

    

 

 

    

 

 

  
              4,606       4,644       3.14  

Electrical Equipment

                

Madison IAQ, LLC

  

(9)

     SOFR + 3.25 %      8.72 %      6/21/2028       4,250       4,117       4,243       2.87  

Electronic Equipment, Instruments & Components

                

Infinite Bidco, LLC

  

(9)

     SOFR + 3.75 %      9.39 %      3/2/2028       2,666       2,579       2,606       1.76  

Financial Services

                

Paysafe Holdings US Corp

  

(9)

     SOFR + 2.75 %      8.21 %      6/28/2028       1,994       1,984       1,992       1.35  

Food Products

                

CHG PPC Parent LLC

  

(4)(9)

     SOFR + 3.00 %      8.47 %      12/8/2028       2,977       2,897       2,984       2.02  

Ground Transportation

                

Uber Technologies, Inc.

  

(8)

     SOFR + 2.75 %      8.13 %      3/3/2030       1,941       1,936       1,949       1.32  

Health Care Equipment & Supplies

                

Auris Luxembourg III Sarl

  

(8)

     SOFR + 3.75 %      9.62 %      2/27/2026       2,147       2,013       2,125       1.44  

Resonetics, LLC

  

(10)

     SOFR + 4.00 %      9.65 %      4/28/2028       3,551       3,456       3,558       2.41  

Sunshine Luxembourg VII S.à r.l, LLC

  

(10)

     SOFR + 3.50 %      8.95 %      10/1/2026       3,773       3,695       3,797       2.57  
           

 

 

    

 

 

    

 

 

  
              9,164       9,480       6.42  

Health Care Providers & Services

                

ADMI Corp.

  

(9)

     SOFR + 3.75 %      9.22 %      12/23/2027       2,175       2,085       2,073       1.40  

CD&R Artemis UK Bidco Ltd.

  

(8)

     SOFR + 4.25 %      9.70 %      8/19/2028       1,000       993       999       0.68  

Electron Bidco, Inc.

  

(9)

     SOFR + 3.00 %      8.47 %      11/1/2028       3,795       3,730       3,810       2.58  

Heartland Dental LLC

  

(10)

     SOFR + 5.00 %      10.36 %      4/28/2028       3,968       3,848       3,966       2.68  

Pediatric Associates Holding Co., LLC

  

(9)

     SOFR + 3.25 %      8.72 %      12/29/2028       647       638       628       0.43  

 

205

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Health Care Providers & Services (continued)

                

Surgery Centers Holdings, Inc.

  

(10)

     SOFR + 3.50 %      8.86 %      12/19/2030       948       938       953       0.64  
           

 

 

    

 

 

    

 

 

  
              12,232       12,429       8.41  

Health Care Technology

                

athenahealth, Inc.

  

(9)

     SOFR + 3.25 %      8.61 %      2/15/2029       4,538       4,262       4,524       3.06  

Gainwell Acquisition Corp.

  

(10)

     SOFR + 4.00 %      9.49 %      10/1/2027       1,995       1,929       1,945       1.32  

Netsmart Technologies, Inc.

  

(10)

     SOFR + 3.75 %      9.22 %      10/1/2027       2,909       2,850       2,918       1.98  

Verscend Holding Corp.

  

(8)

     SOFR + 4.00 %      9.47 %      8/27/2025       3,551       3,544       3,567       2.41  

Waystar Technologies, Inc.

  

(8)

     SOFR + 4.00 %      9.47 %      10/22/2026       3,649       3,612       3,667       2.48  
           

 

 

    

 

 

    

 

 

  
              16,197       16,621       11.25  

Hotels, Restaurants & Leisure

                

Alterra Mountain Company

  

(9)

     SOFR + 3.50 %      8.97 %      8/17/2028       2,303       2,284       2,309       1.56  

Caesars Entertainment Inc

  

(9)

     SOFR + 3.25 %      8.71 %      2/6/2030       1,620       1,606       1,626       1.10  

Carnival Finance LLC

  

(10)

     SOFR + 3.25 %      8.71 %      10/18/2028       2,992       2,992       3,001       2.03  

FanDuel Group Financing LLC

  

(9)

     SOFR + 2.25 %      7.60 %      11/25/2030       2,423       2,417       2,433       1.65  

Fertitta Entertainment, LLC

  

(9)

     SOFR + 4.00 %      9.36 %      1/27/2029       3,759       3,682       3,765       2.55  

Fogo de Chao, Inc.

  

(9)

     SOFR + 4.75 %      10.14 %      9/30/2030       545       534       536       0.36  

IRB Holding Corp.

  

(10)

     SOFR + 3.00 %      8.46 %      12/15/2027       5,556       5,494       5,572       3.77  

Mic Glen, LLC

  

(9)

     SOFR + 3.25 %      8.72 %      7/21/2028       3,404       3,304       3,406       2.31  

New Red Finance, Inc.

  

(8)

     SOFR + 2.25 %      7.61 %      9/12/2030       925       921       927       0.63  

Scientific Games Holdings LP

  

(9)

     SOFR + 3.25 %      8.66 %      4/4/2029       2,992       2,981       2,997       2.03  

Tacala Investment Corp.

  

(10)

     SOFR + 4.00 %      9.47 %      2/5/2027       3,549       3,456       3,568       2.42  

Whatabrands LLC

  

(9)

     SOFR + 3.00 %      8.47 %      8/3/2028       4,552       4,475       4,566       3.09  
           

 

 

    

 

 

    

 

 

  
              34,146       34,706       23.50  

Household Durables

                

AI Aqua Merger Sub, Inc.

  

(9)

     SOFR + 3.75 %      9.09 %      7/31/2028       4,796       4,669       4,805       3.25  

AI Aqua Merger Sub, Inc.

  

(9)

     SOFR + 4.25 %      9.61 %      7/31/2028       1,000       970       1,006       0.68  
           

 

 

    

 

 

    

 

 

  
              5,639       5,811       3.93  

Independent Power and Renewable Electricity Producers

                

Generation Bridge Northeast LLC

  

(8)

     SOFR + 4.25 %      9.65 %      8/22/2029       2,109       2,089       2,120       1.43  

Industrial Conglomerates

                

FCG Acquisitions, Inc.

  

(9)

     SOFR + 3.75 %      9.22 %      3/31/2028       4,944       4,815       4,954       3.35  

SPX Flow, Inc.

  

(9)

     SOFR + 4.50 %      9.96 %      4/5/2029       3,766       3,678       3,783       2.56  

Vertical US Newco, Inc.

  

(9)

     SOFR + 3.50 %      9.38 %      7/30/2027       2,801       2,722       2,811       1.90  
           

 

 

    

 

 

    

 

 

  
              11,215       11,548       7.81  

Insurance

                

AmWINS Group, Inc

  

(10)

     SOFR + 2.75 %      8.22 %      2/19/2028       937       930       941       0.64  

AssuredPartners, Inc.

  

(9)

     SOFR + 3.50 %      8.97 %      2/12/2027       3,776       3,719       3,790       2.57  

Baldwin Risk Partners, LLC

  

(9)

     SOFR + 3.50 %      8.97 %      10/14/2027       5,805       5,780       5,814       3.94  

BroadStreet Partners, Inc.

  

(8)

     SOFR + 3.75 %      9.11 %      1/27/2029       3,304       3,267       3,318       2.25  

BroadStreet Partners, Inc.

  

(8)

     SOFR + 3.00 %      8.47 %      1/27/2027       3,302       3,228       3,311       2.24  

Howden Group Holdings Limited

  

(9)

     SOFR + 4.00 %      9.36 %      4/18/2030       2,430       2,342       2,438       1.65  

Howden Group Holdings Limited

  

(10)

     SOFR + 3.25 %      8.75 %      11/12/2027       3,795       3,738       3,808       2.58  

NFP Corp.

  

(8)

     SOFR + 3.25 %      8.72 %      2/15/2027       4,299       4,198       4,327       2.93  

USI, Inc.

  

(9)

     SOFR + 3.25 %      8.60 %      9/29/2030       1,012       1,010       1,015       0.69  
           

 

 

    

 

 

    

 

 

  
              28,212       28,762       19.49  

 

206

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Interactive Media & Services

                

MH Sub I, LLC

  

(9)

     SOFR + 4.25 %      9.61 %      5/3/2028       3,980       3,893       3,920       2.65  

MH Sub I, LLC

  

(11)

     SOFR + 3.75 %      9.22 %      9/13/2024       1,102       1,095       1,106       0.75  

Project Boost Purchaser, LLC

  

(9)

     SOFR + 3.50 %      8.97 %      5/30/2026       4,048       3,972       4,057       2.75  
           

 

 

    

 

 

    

 

 

  
              8,960       9,083       6.15  

IT Services

                

Ahead DB Holdings, LLC

  

(10)

     SOFR + 3.75 %      9.20 %      10/18/2027       2,494       2,475       2,488       1.68  

Dcert Buyer, Inc.

  

(8)

     SOFR + 4.00 %      9.36 %      10/16/2026       2,068       2,022       2,054       1.39  

Endurance International Group Holdings, Inc.

  

(10)

     SOFR + 3.50 %      9.42 %      2/10/2028       3,067       2,879       3,013       2.04  

GI Consilio Parent, LLC

  

(8)

     SOFR + 4.25 %      9.65 %      5/12/2028       1,500       1,481       1,495       1.01  

Virtusa Corp.

  

(10)

     SOFR + 3.75 %      9.22 %      2/11/2028       5,045       5,000       5,064       3.43  

World Wide Technology Holding Co, LLC

  

(9)

     SOFR + 3.25 %      8.71 %      3/1/2030       1,006       997       1,011       0.68  
           

 

 

    

 

 

    

 

 

  
              14,854       15,125       10.23  

Leisure Products

                

Motion Finco, LLC

  

(8)

     SOFR + 3.25 %      8.86 %      11/12/2026       2,551       2,495       2,556       1.73  

Recess Holdings, Inc.

  

(4)(11)

     SOFR + 4.00 %      9.39 %      3/29/2027       602       596       607       0.41  
           

 

 

    

 

 

    

 

 

  
              3,091       3,163       2.14  

Life Sciences Tools & Services

                

IQVIA Inc

  

(8)

     SOFR + 2.00 %      7.39 %      1/2/2031       438       438       440       0.30  

LSCS Holdings, Inc.

  

(9)

     SOFR + 4.50 %      9.97 %      12/16/2028       2,456       2,372       2,425       1.64  

Packaging Coordinators Midco, Inc.

  

(10)

     SOFR + 3.50 %      9.11 %      11/30/2027       3,551       3,483       3,557       2.41  

Phoenix Newco, Inc.

  

(9)

     SOFR + 3.25 %      8.72 %      11/15/2028       2,992       2,996       3,014       2.04  
           

 

 

    

 

 

    

 

 

  
              9,289       9,436       6.39  

Machinery

                

Chart Industries, Inc.

  

(9)

     SOFR + 3.25 %      8.69 %      3/16/2030       2,289       2,295       2,297       1.55  

Innio North America Holding Inc

  

(8)

     SOFR + 4.25 %      9.63 %      11/2/2028       677       673       678       0.46  

Pro Mach Group, Inc.

  

(11)

     SOFR + 4.00 %      9.47 %      8/31/2028       3,748       3,696       3,764       2.55  
           

 

 

    

 

 

    

 

 

  
              6,664       6,739       4.56  

Media

                

Radiate Holdco, LLC

  

(10)

     SOFR + 3.25 %      8.72 %      9/25/2026       2,962       2,781       2,386       1.62  

Univision Communications Inc

  

(10)

     SOFR + 3.25 %      8.71 %      1/31/2029       4,987       4,985       4,989       3.38  

Virgin Media Bristol, LLC

  

(8)

     SOFR + 3.25 %      8.79 %      3/31/2031       2,727       2,703       2,722       1.84  
           

 

 

    

 

 

    

 

 

  
              10,469       10,097       6.84  

Metals & Mining

                

Arsenal AIC Parent LLC

  

(8)

     SOFR + 4.50 %      9.85 %      8/18/2030       644       638       647       0.44  

Oil, Gas & Consumable Fuels

                

CQP Holdco, LP

  

(9)

     SOFR + 3.00 %      8.38 %      12/31/2030       3,451       3,434       3,463       2.34  

Freeport LNG Investments, LLLP

  

(9)

     SOFR + 3.50 %      9.18 %      12/21/2028       3,000       2,970       3,003       2.03  

GIP Pilot Acquisition Partners LP

  

(8)

     SOFR + 3.00 %      8.39 %      10/4/2030       1,122       1,117       1,124       0.76  
           

 

 

    

 

 

    

 

 

  
              7,521       7,590       5.13  

Professional Services

                

AlixPartners, LLP

  

(9)

     SOFR + 2.75 %      8.21 %      2/4/2028       1,374       1,365       1,379       0.93  

APFS Staffing Holdings Inc

  

(9)

     SOFR + 4.00 %      9.36 %      12/29/2028       3,930       3,839       3,908       2.65  

Aqgen Island Holdings, Inc.

  

(9)

     SOFR + 3.50 %      8.97 %      8/2/2028       3,645       3,565       3,643       2.47  

Camelot US Acquisition, LLC

  

(11)

     SOFR + 3.00 %      8.47 %      10/30/2026       2,904       2,880       2,912       1.97  

Cast & Crew Payroll, LLC

  

(8)

     SOFR + 3.75 %      9.22 %      2/9/2026       3,504       3,480       3,510       2.38  

 

207

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Professional Services (continued)

                

Deerfield Dakota Holding, LLC

  

(11)

     SOFR + 3.75 %      9.10 %      4/9/2027       3,772       3,693       3,744       2.53  

EP Purchaser, LLC

  

(9)

     SOFR + 3.50 %      9.11 %      11/6/2028       488       469       485       0.33  

Inmar, Inc.

  

(11)

     SOFR + 5.50 %      10.85 %      5/1/2026       2,073       2,014       2,053       1.39  

OMNIA Partners LLC

  

(7)(8)

     SOFR + 4.25 %      9.63 %      7/25/2030       2,187       2,165       2,205       1.49  

Ryan LLC

  

(7)(9)

     SOFR + 4.50 %      9.85 %      11/14/2030       1,508       1,478       1,516       1.03  

VT Topco, Inc.

  

(9)

     SOFR + 4.25 %      9.61 %      8/9/2030       1,036       1,027       1,043       0.71  
           

 

 

    

 

 

    

 

 

  
              25,975       26,398       17.88  

Real Estate Management & Development

                

Cushman & Wakefield US Borrower LLC

  

(9)

     SOFR + 3.25 %      8.71 %      1/31/2030       997       975       992       0.67  

Cushman & Wakefield US Borrower LLC

  

(9)

     SOFR + 4.00 %      9.36 %      1/31/2030       1,712       1,672       1,714       1.16  
           

 

 

    

 

 

    

 

 

  
              2,647       2,706       1.83  

Software

                

Apttus Corp.

  

(10)

     SOFR + 4.00 %      9.47 %      5/8/2028       3,564       3,424       3,577       2.42  

Boxer Parent Company, Inc.

  

(8)

     SOFR + 4.25 %      9.61 %      12/29/2028       3,793       3,755       3,825       2.59  

CDK Global Inc.

  

(9)

     SOFR + 4.00 %      9.35 %      7/6/2029       2,000       2,005       2,014       1.36  

Cloudera, Inc.

  

(9)

     SOFR + 3.75 %      9.21 %      10/8/2028       3,569       3,454       3,544       2.40  

ConnectWise, LLC

  

(9)

     SOFR + 3.50 %      9.11 %      9/29/2028       3,530       3,422       3,530       2.39  

Cornerstone OnDemand, Inc.

  

(9)

     SOFR + 3.75 %      9.22 %      10/16/2028       2,172       1,992       2,107       1.43  

Delta Topco, Inc.

  

(10)

     SOFR + 3.75 %      9.12 %      12/1/2027       4,000       3,995       4,003       2.71  

ECI Macola Max Holding, LLC

  

(10)

     SOFR + 3.75 %      9.36 %      11/9/2027       4,505       4,443       4,512       3.05  

Epicor Software Corp.

  

(10)

     SOFR + 3.25 %      8.72 %      7/30/2027       3,554       3,490       3,571       2.42  

Epicor Software Corp.

  

(10)

     SOFR + 3.75 %      9.10 %      7/30/2027       273       270       275       0.19  

GI Consilio Parent, LLC

  

(9)

     SOFR + 4.00 %      9.47 %      5/12/2028       2,123       2,043       2,119       1.43  

Greeneden U.S. Holdings II, LLC

  

(10)

     SOFR + 4.00 %      9.47 %      12/1/2027       2,568       2,544       2,582       1.75  

GTCR Investors LP

  

(9)

     SOFR + 3.00 %      8.40 %      1/31/2031       3,335       3,319       3,354       2.27  

HS Purchaser, LLC

  

(10)

     SOFR + 4.00 %      9.48 %      11/19/2026       3,554       3,312       3,377       2.29  

Idera, Inc.

  

(10)

     SOFR + 3.75 %      9.28 %      3/2/2028       1,870       1,799       1,864       1.26  

Instructure Holdings Inc

  

(9)

     SOFR + 2.75 %      8.68 %      10/30/2028       2,976       2,972       2,995       2.03  

ION Trading Finance Ltd.

  

(8)

     SOFR + 4.75 %      10.20 %      4/3/2028       2,992       2,985       3,000       2.03  

Mitnick Purchaser, Inc.

  

(9)

     SOFR + 4.50 %      9.98 %      5/2/2029       3,404       3,316       3,231       2.19  

NortonLifeLock, Inc.

  

(9)

     SOFR + 2.00 %      7.46 %      9/12/2029       3,539       3,517       3,548       2.40  

Project Alpha Intermediate Holding, Inc.

  

(8)

     SOFR + 4.75 %      10.11 %      10/28/2030       5,283       5,186       5,322       3.60  

Proofpoint, Inc.

  

(9)

     SOFR + 3.25 %      8.72 %      8/31/2028       3,990       3,970       3,997       2.71  

Quartz Acquireco LLC

  

(4)(8)

     SOFR + 3.50 %      8.82 %      6/28/2030       1,350       1,337       1,356       0.92  

RealPage, Inc.

  

(9)

     SOFR + 3.00 %      8.47 %      4/24/2028       2,768       2,684       2,753       1.86  

Rocket Software, Inc.

  

(9)

     SOFR + 4.75 %      10.11 %      11/28/2028       2,598       2,561       2,558       1.73  

S2P Acquisition Borrower, Inc.

  

(8)

     SOFR + 4.00 %      9.46 %      8/14/2026       3,554       3,484       3,566       2.41  

Sophia, LP

  

(9)

     SOFR + 3.50 %      8.96 %      10/7/2027       3,303       3,223       3,314       2.24  

Sovos Compliance, LLC

  

(9)

     SOFR + 4.50 %      9.97 %      8/11/2028       3,555       3,495       3,519       2.38  

Surf Holdings, LLC

  

(8)

     SOFR + 3.50 %      8.97 %      3/5/2027       3,554       3,520       3,566       2.41  

Symphony Technology Group

  

(10)

     SOFR + 5.00 %      10.64 %      7/27/2028       3,564       3,304       2,550       1.73  

Symphony Technology Group

  

(9)

     SOFR + 3.75 %      9.19 %      3/1/2029       3,555       3,422       3,550       2.40  

The Ultimate Software Group, Inc.

  

(9)

     SOFR + 3.25 %      8.76 %      5/4/2026       4,342       4,262       4,359       2.95  

Vision Solutions, Inc.

  

(10)

     SOFR + 4.00 %      9.64 %      4/24/2028       3,670       3,431       3,648       2.47  
           

 

 

    

 

 

    

 

 

  
              99,936       101,086       68.42  

 

208

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(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 (continued)

                

Specialty Retail

                

EG America, LLC

  

(8)

     SOFR + 5.50 %      11.24 %      2/7/2028       2,138       2,068       2,106       1.43  

HomeServe USA Holding Corp

  

(8)

     SOFR + 3.00 %      8.33 %      10/21/2030       829       821       833       0.56  
           

 

 

    

 

 

    

 

 

  
              2,889       2,939       1.99  

Technology Hardware, Storage & Peripherals

                

Xerox Corp

  

(9)

     SOFR + 4.00 %      9.35 %      11/17/2029       1,200       1,165       1,204       0.81  

Trading Companies & Distributors

                

Foundation Building Materials, Inc.

  

(9)

     SOFR + 3.25 %      8.89 %      1/31/2028       2,992       2,963       2,988       2.02  

Icebox Holdco III, Inc.

  

(9)

     SOFR + 3.50 %      9.11 %      12/22/2028       4,365       4,210       4,342       2.94  

LBM Acquisition, LLC

  

(10)

     SOFR + 3.75 %      9.21 %      12/17/2027       2,992       2,889       2,964       2.01  

SRS Distribution, Inc.

  

(9)

     SOFR + 3.50 %      8.97 %      6/2/2028       4,561       4,403       4,575       3.10  

Windsor Holdings III, LLC

  

(8)

     SOFR + 4.50 %      9.84 %      8/1/2030       1,859       1,824       1,875       1.27  
           

 

 

    

 

 

    

 

 

  
              16,289       16,744       11.34  

Transportation Infrastructure

                

KKR Apple Bidco, LLC

  

(9)

     SOFR + 2.75 %      8.21 %      9/22/2028       1,995       1,985       1,996       1.35  

Wireless Telecommunication Services

                

CCI Buyer, Inc.

  

(10)

     SOFR + 4.00 %      9.35 %      12/17/2027       4,451       4,378       4,444       3.01  
           

 

 

    

 

 

    

 

 

  

Total First Lien Debt

               582,598       591,886       400.71  
           

 

 

    

 

 

    

 

 

  

Total Investment Portfolio

               582,598       591,886       400.71  
           

 

 

    

 

 

    

 

 

  

Cash and Cash Equivalents

                

Other Cash and Cash Equivalents

               6,307       6,307       4.27  
           

 

 

    

 

 

    

 

 

  

Total Portfolio Investments, Cash and Cash Equivalents

             $ 588,905     $ 598,193       404.98 % 
           

 

 

    

 

 

    

 

 

  

 

(1)

Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest

 

209

Table of Contents

BCRED Verdelite JV LP

Condensed Consolidated Schedule of Investments

December 31, 2023

(in thousands)

(Unaudited)

 

  rate in effect as of December 31, 2023. Variable rate loans typically include an interest reference rate floor feature.
(3)

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

(4)

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

(5)

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

(6)

Reserved

(7)

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

 

Investments

    Commitment Type      Commitment
Expiration Date		      Unfunded
Commitment		      Fair
Value		  

OMNIA Partners LLC

      Delayed Draw Term Loan        1/25/2024      $ 205      $ —   

Ryan LLC

      Delayed Draw Term Loan        11/14/2030        159        —   
        

 

 

     

 

 

  

Total unfunded commitments

          $ 364      $ —   
        

 

 

     

 

 

  

 

(8)

There are no interest rate floors on these investments.

(9)

The interest rate floor on these investments as of December 31, 2023 was 0.50%.

(10)

The interest rate floor on these investments as of December 31, 2023 was 0.75%.

(11)

The interest rate floor on these investments as of December 31, 2023 was 1.00%.

(12)

The interest rate floor on these investments as of December 31, 2023 was 1.25%.

(13)

The interest rate floor on these investments as of December 31, 2023 was 1.50%.

(14)

The interest rate floor on these investments as of December 31, 2023 was 2.00%.

(15)

For unsettled positions the interest rate does not include the base rate.

 

210

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of March 31, 2024 and December 31, 2023 (Unaudited):

 

     March 31,
2024		      December 31,
2023		  

ASSETS

      

Investments at fair value (cost of $587,937 and $582,598 at March 31, 2024 and December 31, 2023, respectively)

    $ 595,097      $ 591,886  

Cash and cash equivalents

      14,306        6,307  

Interest receivable

      2,721        2,777  

Receivable for investments sold

      21,643        3,574  

Deferred financing costs

      504        711  
  

 

 

     

 

 

  

Total assets

    $ 634,271      $ 605,255  
  

 

 

     

 

 

  

LIABILITIES

      

Debt

    $ 407,100      $ 356,700  

Distribution payable

      27,515        21,310  

Interest payable and other liabilities

      52,433        79,513  
  

 

 

     

 

 

  

Total liabilities

      487,048        457,523  
  

 

 

     

 

 

  

MEMBERS’ EQUITY

      

Members’ Equity

      147,223        147,732  
  

 

 

     

 

 

  

Total members’ equity

      147,223        147,732  
  

 

 

     

 

 

  

Total liabilities and members’ equity

    $ 634,271      $ 605,255  
  

 

 

     

 

 

  

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three months ended March 31, 2024 and March 31, 2023 (Unaudited):

 

     Three Months
Ended March 31,		  
     2024      2023  

Investment income:

      

Interest income

    $ 14,471      $ 10,643  

Other income

      13        110  
  

 

 

     

 

 

  

Total investment income

      14,484        10,753  
  

 

 

     

 

 

  

Expenses:

      

Interest expense

      7,750        5,564  

Other expenses

      34        75  
  

 

 

     

 

 

  

Total expenses

      7,784        5,639  
  

 

 

     

 

 

  

Net investment income before taxes

      6,700        5,114  
  

 

 

     

 

 

  

Tax Expense

      —         —   
  

 

 

     

 

 

  

Net investment income after taxes

    $ 6,700      $ 5,114  
  

 

 

     

 

 

  

 

211

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

 

     Three Months
Ended March 31,		  
     2024      2023  

Net realized and change in unrealized gain (loss) on investments

      

Net change in unrealized gain (loss) on investments

      (2,128 )       6,886  

Net realized gain (loss) on investments

      1,124        1,098  

Total net realized and change in unrealized gain (loss) on investments

      (1,004 )       7,984  
  

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

    $ 5,696      $ 13,098  
  

 

 

     

 

 

  

Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of March 31, 2024, except as discussed below.

April Subscriptions and Distribution Declaration

The Company received approximately $1,126.5 million of net proceeds, inclusive of distributions reinvested through the Company’s distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares for subscriptions effective April 1, 2024.

On April 17, 2024, the Company’s Board declared net distributions of $0.2200 per Class I share, $0.2019 per Class S share, and $0.2147 per Class D share, which is payable on May 28, 2024 to shareholders of record as of April 30, 2024.

May Subscriptions

Through the date of issuance of the condensed consolidated financial statements the Company received approximately $1,278.9 million of subscriptions, inclusive of distributions reinvested through the Company’s distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares effective May 1, 2024.

Naomi Peak Funding Facility Termination

On April 19, 2024, the Naomi Peak Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

 

212

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8-Consolidated Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 2023, as updated from time to time by the Company’s periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company’s control, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 as updated from time to time by the Company’s periodic filings with the SEC.

Overview and Investment Framework

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on February 11, 2020, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as investment adviser with the SEC. We have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under our Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days’ notice of such change. Under normal circumstances we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, “Private Credit”). In limited instances, we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (“Opportunistic Credit”). We expect that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in U.S private companies), we also expect to invest to some extent in European and other non-U.S. companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

 

213

Table of Contents

Key Components of Our Results of Operations

Investments

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

Revenues

We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrator that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Expense Support and Conditional Reimbursement Agreement

We have entered into the Expense Support Agreement with the Adviser. For additional information see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions”.

 

214

Table of Contents

Portfolio and Investment Activity

For the three months ended March 31, 2024, we made $3,784.7 million aggregate principal amount of new investment commitments (including $1,281.0 million of which remained unfunded as of March 31, 2024), $3,719.0 million of which was first lien debt, $7.8 million of which was unsecured debt, $7.8 million of which was structured finance obligations and $50.1 million of which was equity.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):

 

     As of and for the three
months ended March 31,		  
     2024     2023  

Investments:

     

Total investments, beginning of period

    $ 51,021,723     $ 49,935,296  

New investments purchased

      3,000,252       779,877  

Payment-in-kind interest capitalized

      83,919       47,295  

Net accretion of discount on investments

      43,879       39,863  

Net realized gain (loss) on investments

      (42,398 )      (101,696 ) 

Investments sold or repaid

      (1,355,622 )      (1,988,650 ) 
  

 

 

    

 

 

  

Total investments, end of period

    $ 52,751,753     $ 48,711,985  
  

 

 

    

 

 

  

Amount of investments funded at principal:

     

First lien debt

    $ 2,975,811     $ 787,159  

Second lien debt

      —        10,000  

Unsecured debt

      7,757       —   

Structured finance obligations

      7,750       —   

Equity and Investments in joint ventures

      52,051       412  
  

 

 

    

 

 

  

Total

    $ 3,043,369     $ 797,571  
  

 

 

    

 

 

  

Proceeds from investments sold or repaid:

     

First lien debt

    $ (939,939 )    $ (1,837,569 ) 

Second lien debt

      (397,433 )      (23,966 ) 

Unsecured debt

      —        (14,616 ) 

Structured finance obligations

      (18,250 )      —   

Equity and Investments in joint ventures

      —        (112,500 ) 
  

 

 

    

 

 

  

Total

    $ (1,355,622 )    $ (1,988,651 ) 
  

 

 

    

 

 

  
     March 31,
2024		     December 31,
2023		  

Number of portfolio companies

      502       503  

Weighted average yield on debt and income producing investments, at amortized cost (1)(2)

      11.6 %      11.7 % 

Weighted average yield on debt and income producing investments, at fair value (1)(2)

      11.6 %      11.8 % 

Average loan to value (LTV) (3)

      43.8 %      43.7 % 

Percentage of debt investments bearing a floating rate, at fair value

      99.8 %      99.9 % 

Percentage of debt investments bearing a fixed rate, at fair value

      0.2 %      0.1 % 

Percentage of assets on non-accrual, at amortized cost (4)

      0.2 %      0.1 % 

 

215

Table of Contents
(1)

Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)

As of March 31, 2024 and December 31, 2023, the weighted average total portfolio yield at cost was 10.9% and 11.0%, respectively. The weighted average total portfolio yield at fair value was 11.0% and 11.1%, respectively.

(3)

Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

(4)

As a percentage of total amortized cost of Investments (excluding Investments in Joint Ventures). Assets on non-accrual represented 0.1% and less than 0.1% of total fair value of Investments (excluding Investments in Joint Ventures) as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024 and March 31, 2023, our portfolio companies had a weighted average annual EBITDA of $225 million and $200.0 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments”.

BCRED Emerald JV

BCRED Emerald JV LP (“Emerald JV”), a Delaware limited liability company, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV Partner”), and commenced operations on January 18, 2022 and operates under a limited liability company agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

As of March 31, 2024, the Company and the Emerald JV Partner have committed to contribute up to $2,250.0 million and $750.0 million, respectively, of capital to the Emerald JV. As of March 31, 2024 the Company had contributed $2,002.5 million and the Emerald JV Partner had contributed $667.5 million of capital and $247.5 million and $82.5 million of capital remained uncalled from the Company and the Emerald JV Partner, respectively. The Company and the Emerald JV partner own 75% and 25%, respectively, of the equity ownership interests of the Emerald JV. The Company and the Emerald JV Partner, through their joint control of the Emerald JV’s General Partner, have equal control of the Emerald JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The Company does not consolidate the Emerald JV.

 

216

Table of Contents

The following table is a summary of Emerald JV’s portfolio as of March 31, 2024 and December 31, 2023:

 

     March 31, 2024     December 31, 2023  

Total investments, at fair value

    $ 4,900,226     $ 5,325,685  

Total senior secured debt investments at fair value

      4,768,506       5,187,161  

Number of portfolio companies

      265       272  

Weighted average yield on debt and income producing investments, at fair value (1)

      11.6 %      11.5 % 

Weighted average yield on debt and income producing investments, at cost (1)

      11.6 %      11.4 % 

Percentage of debt investments bearing a floating rate, at fair value

      99.8 %      99.8 % 

Percentage of debt investments bearing a fixed rate, at fair value

      0.2 %      0.2 % 

Percentage of assets on non-accrual, at amortized cost (2)

      0.1 %      0.1 % 

 

(1)

Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)

As a percentage of total amortized cost of Investments of Emerald JV. Assets on non-accrual represented 0.1% and 0.1% of total fair value of Investments of Emerald JV as of March 31, 2024 and December 31, 2023, respectively.

BCRED Verdelite JV

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

As of March 31, 2024, the Company and the Verdelite JV Partner have committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company and the Verdelite JV Partner own 87.5% and 12.5%, respectively, of the equity ownership interests of the Verdelite JV. The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s General Partner, have equal control of the Verdelite JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The Company does not consolidate the Verdelite JV.

 

217

Table of Contents

The following table is a summary of Verdelite JV’s portfolio as of March 31, 2024 and December 31, 2023:

 

     March 31, 2024     December 31, 2023  

Total investments, at fair value

    $ 595,097     $ 591,886  

Total senior secured debt investments at fair value

    $ 595,097     $ 591,886  

Number of portfolio companies

      213       192  

Weighted average yield on debt and income producing investments, at fair value (1)

      9.5 %      9.7 % 

Weighted average yield on debt and income producing investments, at cost (1)

      9.6 %      9.8 % 

Percentage of debt investments bearing a floating rate, at fair value

      100.0 %      100.0 % 

Percentage of debt investments bearing a fixed rate, at fair value

      —  %      —  % 

Percentage of assets on non-accrual, at amortized cost (2)

      —  %      —  % 

 

(1)

Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)

As a percentage of total amortized cost of Investments of Verdelite JV. Verdelite JV had no assets on non-accrual as of March 31, 2024 and December 31, 2023.

For additional information on the Emerald JV and Verdelite JV, including a listing of portfolio investments for each, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures”.

Results of Operations

The following table represents the operating results (dollar amounts in thousands):

 

     Three Months Ended
March 31,		  
     2024      2023  

Total investment income

    $ 1,568,864      $ 1,335,742  

Net expenses before excise tax

      703,580        638,645  
  

 

 

     

 

 

  

Net investment income before excise tax

      865,284        697,097  

Excise tax expense

      9,451        7,742  
  

 

 

     

 

 

  

Net investment income after excise tax

      855,833        689,355  

Net change in unrealized appreciation (depreciation)

      109,921        156,183  

Net realized gain (loss)

      (46,706 )       (92,683 ) 
  

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

    $ 919,048      $ 752,855  
  

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

 

218

Table of Contents

Investment Income

Investment income, was as follows (dollar amounts in thousands):

 

     Three Months Ended
March 31,		  
     2024      2023  

Interest income

    $ 1,390,843      $ 1,231,747  

Payment-in-kind interest income

      92,680        40,820  

Dividend income

      82,951        62,178  

Fee income

      2,390        997  
  

 

 

     

 

 

  

Total investment income

    $ 1,568,864      $ 1,335,742  
  

 

 

     

 

 

  

Total investment income increased to $1,568.9 million for the three months ended March 31, 2024, an increase of $233.1 million or 17% compared to the same period in the prior year. This was primarily driven by increased benchmark interest rates and an increase in the average investments at fair value. Average investments at fair value increased by 6% to $51,487.6 million during the three months ended March 31, 2024 compared to $48,403.1 million during the three months ended March 31, 2023.

A further increase was driven by dividend income which was primarily comprised of $83.0 million received from our Emerald JV and Verdelite JV joint ventures as compared to $62.2 million in the prior year.

Additionally, for the three months ended March 31, 2024, we recorded $6.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1.9 million in the prior year, primarily a result of increased prepayments.

For the three months ended March 31, 2024 and 2023, Payment-in-kind interest income represented 5.9% and 3.1% of total investment income, respectively.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

While elevated interest rates have favorably impacted our investment income during the three months ended March 31, 2024, further interest rate increases, and the resulting higher cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate increases occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

 

219

Table of Contents

Expenses

Expenses were as follows (dollar amounts in thousands):

 

     Three Months Ended
March 31,		  
     2024      2023  

Interest expense

    $ 450,062      $ 436,223  

Management fees

      95,382        73,603  

Income based incentive fees

      125,357        100,758  

Distribution and shareholder servicing fees

      

Class S

      21,405        15,391  

Class D

      259        560  

Professional fees

      3,583        4,021  

Board of Trustees’ fees

      221        224  

Administrative service expenses

      1,833        1,922  

Other general & administrative

      4,839        4,644  

Amortization of continuous offering costs

      639        1,299  
  

 

 

     

 

 

  

Total expenses before excise tax

      703,580        638,645  

Net investment income before excise tax

      865,284        697,097  

Excise tax expense

      9,451        7,742  
  

 

 

     

 

 

  

Net investment income after excise tax

    $ 855,833      $ 689,355  
  

 

 

     

 

 

  

Interest Expense

Total interest expense (including unused fees, amortization of deferred financing costs and accretion of net discounts on unsecured debt) increased to $450.1 million for the three months ended March 31, 2024, an increase of $13.8 million or 3% compared to the same period in the prior year. This was primarily driven by an increase in our weighted average interest rate on our borrowings relative to the prior period, partially offset by a decrease in our average principal of debt outstanding.

Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and excluding amortization of deferred financing costs) increased to 7.28% for the three months ended March 31, 2024 from 6.31% for the same period in the prior year. The average principal of debt outstanding decreased to $23,943.3 million for the three months ended March 31, 2024 from $27,150.9 million for the same period in the prior year.

Management Fees

Management fees increased to $95.4 million for the three months ended March 31, 2024, an increase of $21.8 million or 30% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $30,674.1 million for the three months ended March 31, 2024 compared to $23,671.4 million for the same period in the prior year.

Income Based Incentive Fees

Income based incentive fees increased to $125.4 million for the three months ended March 31, 2024, an increase of $24.6 million or 24% compared to the same period in the prior year, primarily due to an increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $1,002.9 million for the three months ended March 31, 2024 from $806.1 million for the same period in the prior year.

 

220

Table of Contents

Capital Gains Based Incentive Fees

We accrued no capital gains incentive fees for the three months ended March 31, 2024. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expenses

Total other expenses are primarily comprised of $21.7 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $4.8 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent), and $3.6 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company).

Total other expenses increased to $32.8 million for the three months ended March 31, 2024, an increase of $4.7 million as compared to the same period in the prior year. The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S and Class D shares.

Income Taxes, Including Excise Taxes

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for taxation as a RIC, we must distribute to our shareholders, in each taxable year, generally at least 90% of the sum of (i) our “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income.

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

For the three months ended March 31, 2024 and 2023, we accrued $9.5 million and $7.7 million, respectively, of U.S. federal excise tax.

Net Unrealized Gain (Loss)

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):

 

     Three Months Ended
March 31,		  
     2024      2023  

Net change in unrealized gain (loss) on investments

    $ 88,461      $ 169,383  

Net change in unrealized gain (loss) on derivative instruments

      21,621        (11,940 ) 

Net change in unrealized gain (loss) on foreign currency and other transactions

      (161 )       (1,260 ) 
  

 

 

     

 

 

  

Net change in unrealized gain (loss)

    $ 109,921      $ 156,183  
  

 

 

     

 

 

  

 

221

Table of Contents

For the three months ended March 31, 2024, the net change in unrealized gains of $109.9 million was primarily driven by the increase in the fair value of our debt investments. The fair value of our debt investments as a percentage of principal increased by 0.3% from 97.4% as of December 31, 2023 to 97.7% as of March 31, 2024, driven by strong portfolio company fundamentals and changes in the economic outlook.

For the three months ended March 31, 2024, we had net change in unrealized gains of $21.6 million and $0.2 million on foreign currency forward contracts and foreign currency transactions, respectively, primarily as a result of fluctuations in the NOK, EUR and DKK exchange rates vs. USD.

Net Realized Gain (Loss)

The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):

 

     Three Months Ended
March 31,		  
     2024      2023  

Net realized gain (loss) on investments

    $ (42,398 )     $ (101,696 ) 

Net realized gain (loss) on derivative instruments

      (6,397 )       4,770  

Net realized gain (loss) on foreign currency and other transactions

      2,089        4,243  
  

 

 

     

 

 

  

Net realized gain (loss)

    $ (46,706 )     $ (92,683 ) 
  

 

 

     

 

 

  

For the three months ended March 31, 2024, we generated net realized losses on investments of $42.4 million which was primarily from full or partial sales or restructures of our debt investments.

Additional net realized losses were generated on derivative assets and derivative liabilities of $6.4 million as a result of the settlement of our foreign currency derivative transactions.

The net realized losses for the three months ended March 31, 2024,were partially offset by the net realized gains of $2.1 million on foreign currency and other transactions, primarily as a result of fluctuations in the GBP and EUR exchange rates vs. USD.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to the holders of our Common Shares.

As of March 31, 2024 and December 31, 2023, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances, short term borrowings related to repurchase obligations and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act,

 

222

Table of Contents

with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2024 and December 31, 2023, we had an aggregate principal amount of $24,107.7 million and $23,407.8 million, of debt outstanding and our asset coverage ratio was 228.7% and 221.9%, respectively.

Cash and cash equivalents as of March 31, 2024, taken together with our $10,974.0 million of unused capacity under our credit facilities (subject to borrowing base availability, $10,357.0 million is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2024, we had a significant amount of unfunded commitments, which we plan to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $4,796.8 million of Level 2 debt investments as of March 31, 2024, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2024, we had $3,071.5 million in cash and cash equivalents. During the three months ended March 31, 2024, cash used in operating activities was $747.0 million, primarily due to purchases of investments of $3,000.3 million partially offset by sales of investments and principal repayments of $1,355.6 million and receipt of interest payments from our investments. Cash provided by financing activities was $2,338.4 million during the period, primarily as a result of proceeds from issuance of Common Shares of $2,555.0 million and net borrowing on our credit facilities and unsecured notes of $750.1 million, partially offset by share repurchases of $532.7 million and dividends paid in cash of $393.2 million.

 

223

Table of Contents

Equity

The following table presents transactions in the Common Shares (dollars in thousands except share amounts):

 

     For the three months ended
March 31, 2024		  
     Shares      Amount  

CLASS I

      

Subscriptions

      68,153,130      $ 1,731,701  

Share transfers between classes

      1,600,802        41,217  

Distributions reinvested

      9,494,888        241,268  

Share repurchases

      (17,602,001 )       (449,028 ) 

Early repurchase deduction

      —         81  
  

 

 

     

 

 

  

Net increase (decrease)

      61,646,819      $ 1,565,239  
  

 

 

     

 

 

  

CLASS S

      

Subscriptions

      31,368,155      $ 797,084  

Share transfers between classes

      (1,615,042 )       (41,557 ) 

Distributions reinvested

      4,530,035        115,110  

Share repurchases

      (4,060,246 )       (103,576 ) 

Early repurchase deduction

      —         40  
  

 

 

     

 

 

  

Net increase (decrease)

      30,222,902      $ 767,101  
  

 

 

     

 

 

  

CLASS D

      

Subscriptions

      1,031,771      $ 26,207  

Share transfers between classes

      14,240        340  

Distributions reinvested

      62,688        1,593  

Share repurchases

      (199,840 )       (5,098 ) 

Early repurchase deduction

      —         2  
  

 

 

     

 

 

  

Net increase (decrease)

      908,859      $ 23,044  
  

 

 

     

 

 

  

Total net increase (decrease)

      92,778,580      $ 2,355,384  
  

 

 

     

 

 

  

Distributions and Distribution Reinvestment Plan

The following tables summarize our distributions declared and payable for the three months ended March 31, 2024 (dollar amounts in thousands, except per share amounts):

 

                Class I  

Declaration Date

   Record Date     Payment Date     Distribution Per Share     Distribution Amount  

January 24, 2024

     January 31, 2024       February 28, 2024     $ 0.2200     $ 168,161  

February 22, 2024

     February 29, 2024       March 28, 2024       0.2200       173,210  

March 21, 2024

     March 31, 2024       April 24, 2024       0.2200       179,042  
     

 

 

    

 

 

  
      $ 0.6600     $ 520,413  
     

 

 

    

 

 

  

 

                Class S  

Declaration Date

   Record Date     Payment Date     Distribution Per Share     Distribution Amount  

January 24, 2024

     January 31, 2024       February 28, 2024     $ 0.2020     $ 77,794  

February 22, 2024

     February 29, 2024       March 28, 2024       0.2020       79,946  

March 21, 2024

     March 31, 2024       April 24, 2024       0.2020       82,446  
     

 

 

    

 

 

  
      $ 0.6060     $ 240,186  
     

 

 

    

 

 

  

 

224

Table of Contents
                Class D  

Declaration Date

   Record Date     Payment Date     Distribution Per Share     Distribution Amount  

January 24, 2024

     January 31, 2024       February 28, 2024     $ 0.2147     $ 3,474  

February 22, 2024

     February 29, 2024       March 28, 2024       0.2147       3,512  

March 21, 2024

     March 31, 2024       April 24, 2024       0.2147       3,556  
     

 

 

    

 

 

  
      $ 0.6441     $ 10,542  
     

 

 

    

 

 

  

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional Common Shares rather than receiving cash distributions. Shareholders who receive distributions in the form of Common Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and dividend reinvestment plan, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets”.

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All Common Shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, it is expected to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of Common Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company’s Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

 

225

Table of Contents

During the three months ended March 31, 2024, approximately 21,862,087 shares were repurchased for a total value of $557.6 million (net of Early Repurchase Deduction).

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets”.

Borrowings

As of March 31, 2024 and December 31, 2023, we had an aggregate principal amount of $24,107.7 million and $23,407.8 million, respectively, of debt outstanding.

For additional information on our debt obligations see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 7. Borrowings”.

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 6. Derivatives” for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2024 and December 31, 2023, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $5,580.5 million and $5,370.8 million, respectively.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the investment vehicles it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2024 and December 31, 2023, we estimate that $1,207.4 million and $399.5 million, respectively, of investments were committed but not yet funded.

Other Commitments and Contingencies

As of March 31, 2024 and December 31, 2023, $301.5 million and $340.8 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. At March 31, 2024, management is not aware of any material pending legal proceedings.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

 

  •  

the Investment Advisory Agreement;

 

226

Table of Contents
  •  

the Administration Agreement;

 

  •  

the Intermediary Manager Agreement; and.

 

  •  

the Expense Support and Conditional Reimbursement Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions”.

Recent Developments

Macroeconomic Environment

The three months ended March 31, 2024 have been characterized by continued volatility in global markets, driven by investor concerns over inflation, elevated interest rates, slowing economic growth, political and regulatory uncertainty and geopolitical conditions, including the wars in Ukraine and Russia and in the Middle East. Events affecting financial institutions during the past year also contributed to volatility in global markets and diminished liquidity and credit availability.

During 2023 and throughout the first quarter of 2024, inflation began to moderate as a result of the monetary policy tightening actions taken by central banks, including maintaining elevated interest rates. These higher interest rates have created further uncertainty for the economy and for our borrowers. Although our business model is such that rising interest rates will, all else being equal, correlate to increases in our net income, further increases in interest rates may adversely affect our existing borrowers and lead to nonperformance, as higher costs may dampen consumer spending and slow corporate profit growth, which may negatively impact our portfolio companies as they may be susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. Therefore, during these periods our non-performing assets may increase and the value of our portfolio may decrease if we are required to write down the values of our investments. Adverse economic conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. It remains difficult to predict the full impact of recent changes and any future changes with respect to interest rates or inflation.

Additionally, bank closures in the United States over the course of 2023 have since caused uncertainty for financial services companies and fear of instability in the global financial system generally, which may also have other implications for broader economic and monetary policy, including interest rate policy. There can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect the Company, its portfolio companies or their respective financial performance.

Critical Accounting Estimates

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

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 15, 2024, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

 

227

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to market risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer.

Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures are (a) effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

228

Table of Contents

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors.

There have been no material changes to the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Refer to our Current Reports on Form 8-K filed with SEC on January 25, 2024, February 23, 2024 and March 22, 2024 for information about unregistered sales of our equity securities during the quarter.

The following table sets forth information regarding repurchases of shares of our common stock during the quarter ended March 31, 2024:

 

Repurchase deadline request

   Total
Number of
Shares
Repurchased
(all classes)		     Percentage of
Outstanding
Shares
Repurchased
(1)		     Price Paid
Per Share		     Repurchase
Pricing Date		     Amount
Repurchased
(all classes)
(3)		     Maximum
number of shares
that may yet be
purchased under
the repurchase
plan (2)		  

February 29, 2024

     21,862,087       1.9 %    $ 25.51       March 31, 2024     $ 557,579       —   

 

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets”.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Mundys S.p.A., formerly “Atlantia S.p.A.,” which may be, or may have been at the time considered to be, an affiliate of Blackstone and, therefore, our affiliate.

 

229

Table of Contents

Item 6. Exhibits.

 

Exhibit
Number		   

Description of Exhibits

  3.1    Fifth Amended and Restated Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).
  3.2    Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).
 10.1    Twelfth Supplemental Indenture, dated as of January  25, 2024, relating to the 6.250% Notes due 2031, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K, filed on January 29, 2024).
 10.2    Form of 6.250% Notes due 2031 (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed on January 29, 2024).
 10.3    Registration Rights Agreement, dated as of January  25, 2024, relating to the 6.250% Notes due January 2031, by and among the Company and Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities, Inc., J.P. Morgan Securities LLC, and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers (incorporated by reference to Exhibit 4.4 of the Company’s Current Report on Form 8-K filed on January 29, 2024).
 31.1    Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
 31.2    Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
 31.3    Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
 32.1    Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
 32.2    Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
 32.3    Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
 99.1    Section 13(r) Disclosure.*
101.INS    Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SCH    Inline XBRL Taxonomy Extension Schema Document*
101.CAL    Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF    Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB    Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE    Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

*

Filed herewith.

 

230

Table of Contents

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

 

231

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

        Blackstone Private Credit Fund
Date:    May 13, 2024       /s/ Brad Marshall
        Brad Marshall
        Co-Chief Executive Officer
        (Principal Executive Officer)
Date:    May 13, 2024       /s/ Jonathan Bock
        Jonathan Bock
        Co-Chief Executive Officer
        (Principal Executive Officer)
Date:    May 13, 2024       /s/ Teddy Desloge
        Teddy Desloge
        Chief Financial Officer
        (Principal Financial Officer)

 

232