Refers to BCRED’s portfolio and not the terms of the offering. Institutional quality refers to the types of investments that have the characteristics, such as size and attributes, to merit attention from institutional investors. Individual investors should be aware that institutional investors generally make investments on different terms from individual investors.
Annualized Distribution Rate reflects January 2026’s distribution annualized and divided by last reported NAV from December 2025. Past performance does not predict future returns. Distributions have been and may in the future be funded through sources other than net investment income. See BCRED’s prospectus. Please visit the Shareholders page on BCRED’s website for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. As of December 31, 2025, 100% of inception to date distributions were funded from net investment income or realized short-term capital gains, rather than a return of capital. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
Inception date for Class I and Class S shares: January 7, 2021. Inception date for Class D shares: May 1, 2021. Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Returns greater than one year are annualized. All returns are derived from unaudited financial information and are net of all BCRED expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Growth of $100k calculation is based on the Total Net Return which is calculated based on the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested). Past performance does not predict future returns. Class S and Class D listed as (With Upfront Placement Fee) reflect the returns after the maximum upfront placement fees. Class S and Class D listed as (No Upfront Placement Fee) exclude upfront placement fees. Class I does not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BCRED’s portfolios which are estimates of fair value and form the basis for BCRED’s NAV. Valuations based on unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.
Measured at fair market value.
Reflects Preqin data as of October 31, 2025, as published on December 5, 2025, based on all funds in the private credit asset class, Blackstone Credit & Insurance analysis of company earnings presentations and calls as of December 31, 2025, and latest publicly available data of Blackstone Credit & Insurance peers.
This material reflects the views of Blackstone Inc. (“Blackstone”) as of the date appearing in the material only. The words “we,” “us,” and “our” in the material refer to Blackstone, unless the context requires otherwise. BCRED is advised by Blackstone Private Credit Strategies LLC and sub-advised by Blackstone Credit BDC Advisors LLC, which are affiliates of Blackstone Alternative Credit Advisors LP (collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone, “Blackstone Credit & Insurance” or “BXCI”). An investment in BCRED is not an investment in Blackstone or BXCI as BCRED is a separate and distinct legal entity. The material is provided for informational purposes only, and under no circumstances may any information contained in the material be construed as investment advice or an offer to sell or a solicitation of an offer to purchase (or any marketing in connection thereof) any interest in any investment vehicles managed by Blackstone or its affiliates. Certain market insights included in the material may not be relevant to BCRED and should not be interpreted as the view of BCRED or as an indication of BCRED ‘s future positioning. The positioning of Blackstone’s global credit-focused portfolio is different from BCRED’s portfolio positioning, and certain investment examples described in the material may be owned by vehicles and by certain other third-party equity partners, and not BCRED.
BCRED will generally invest in securities or loans rated below investment grade or not rated which should be considered to have speculative characteristics. See Summary of Risk Factors for more information.
Blackstone products are subject to the risk of capital loss and investors may not get back the amount originally invested.
As of September 30, 2025. 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 recently available information. Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Amounts are weighted on 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 BCRED, and may reflect a normalized or adjusted amount. Accordingly, BCRED makes no representation or warranty in respect of this information.
BCRED selected these portfolio companies to present an objective, non-performance based standard of showing BCRED’s two largest privately negotiated positions in each of top three largest industries (in each case to the extent BCRED is authorized to disclose such privately negotiated positions), calculated by fair value as of September 30, 2025. The top three industries as of December 31, 2025 are Software, Professional Services, Health Care Providers & Services.
As of September 30, 2025. Average last-twelve-month (“LTM”) LTM EBITDA includes all private debt investments for which fair value is determined by BCRED’s Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. EBITDA is a non-GAAP financial measure. For a particular portfolio company, LTM EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization over the preceding 12-month period. Amounts are weighted on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements (which are generally one quarter in arrears), have not been independently verified by BCRED, and may reflect a normalized or adjusted amount. Accordingly, BCRED makes no representation or warranty in respect of this information. As of September 30, 2025, the breakdown of BCRED’s portfolio company LTM EBITDA within the private debt portfolio is as follows: 6% less than $50 million, 21% between $50 to $100 million and 73% greater than $100 million based on fair market value. As of September 30, 2025, LTM EBITDA margin for BCRED’s private debt investments is 30%. EBITDA margin is the ratio of EBITDA-to-revenue.
As of December 31, 2025. Based on Blackstone analysis of company earnings presentations and calls or latest publicly available data.
Past performance does not predict future returns. Actual results may vary. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market.
Measured as the fair market value of investments for each category against the total fair market value of all investments. Totals may not sum due to rounding. BCRED’s investments in Joint Ventures, which have similar underlying qualities, are excluded from the asset allocation chart and the industry top 5. Totals may not sum due to rounding. Unsecured debt is not shown and amounts to ~0.1%. Structured Finance Obligations – equity instruments is not shown and amounts to ~0.4%. Equity and Other includes equity investments in Specialty Lending Company LLC.
As a percentage of BCRED’s investment portfolio excluding equity investments in joint ventures, which have similar portfolio composition and underlying qualities.
Based on annualized industry default rates from 2007 to 2021 per Fitch US Leveraged Loan Default Insight Report, August 2022. BCRED and benchmark industry shares as of June 2023. Industry Benchmark refers to S&P LSTA Leverage Loan Index. GICS Industry Classifications reclassified as comparable Fitch Industries for comparison purposes.
Measured as the fair market value of investments for each category against the total fair market value of all investments. Totals may not sum due to rounding. BCRED’s investments in Joint Ventures, which have similar underlying qualities, are excluded from the asset allocation chart and the industry top 5.
Private credit market exhibited average LTM EBITDA of $99 million, based on issuer companies of loans in the Lincoln International Private Market Database as of June 30, 2025, which is latest available data. The “Lincoln International Private Market Database,” compiled by the Lincoln Valuations & Opinions Group (“VOG”), is a quarterly compilation of over 4,750 portfolio companies from a wide assortment of private equity investors and non-bank lenders. Most of these companies are highly levered with debt financing provided via the direct lending market and, in many instances, Lincoln estimates the fair value of at least one senior debt security in the portfolio companies’ capital structures. In assessing the data, VOG relies on commonly accepted valuation methodologies and each valuation analysis is unique and conforms to fair value accounting principles. The analyses are then vetted by auditors, fund managers and their board of directors, as well as other regulators. © 2025 Lincoln Partners Advisors LLC. All rights reserved. Used with permission. Third-party use is at user’s own risk.
Based on Blackstone Credit and Insurance analysis of company earnings presentations and calls, as of September 30, 2025 and latest publicly available data of Blackstone Credit and Insurance peers.
As of September 30, 2025. This represents Blackstone Credit & Insurance’s track record in direct lending, dating back to 2005 before BCRED’s inception.
As of September 30, 2025. Based on publicly reported total net assets of both traded and non-traded BDCs.
Direct Lending Deals and Blackstone Credit & Insurance, as of February 9, 2023. Includes Blackstone Credit & Insurance and the rest of the private market. Direct Lending Deals, “Key lenders prep more records for jumbo unitranche loans amid volatility.” December 31, 2023.
As of September 30, 2025. Reflects issuers and sponsors across all asset types within Private Corporate Credit, Liquid Corporate Credit, and Infrastructure & Asset Based Credit, excluding FX derivatives and LP interests.
As of September 30, 2025.
Represents BXCI’s average annualized loss rate for its North America Direct Lending strategy from 2006 through September 30, 2025. 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 BXCI for the Sub-Advised Investments did, in certain cases, experience defaults and losses after BXCI 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 BXCI will achieve comparable results or that any entity or account managed by or advised by BXCI will be able to implement its investment strategy or achieve its investment objectives.
Numbers presented are calculated since inception of the Value Creation Program in 2016. Figures presented are based on data reported by portfolio companies and assets and not from financial statements of portfolio companies. While the data reported by portfolio companies and assets is believed to be reliable for purposes used herein, it is subject to change, and Blackstone has not fully verified, and does not assume responsibility for, the accuracy or completeness of this information. Represents the sum of (a) estimated identified total cost reduction opportunities at the time cost is benchmarked with portfolio companies (see footnote 43 for additional details) multiplied by the average enterprise value multiple across the portfolio, by finding the mean of the enterprise value multiples at time of BXCI’s initial investments, and (b) total revenue from introductions across Blackstone portfolio companies multiplied by EBITDA margin and multiple at investment of the portfolio company, with the exception of significantly longer term projects (projects that are greater than or equal to 10 years in project duration) in which total revenue is multiplied by EBITDA margin. Estimates assume revenue enhancements and costs savings directly improve enterprise value or EBITDA margins and that such revenue gains or cost savings will endure for the period of time implied by multiples.
Alternative Credit Investor Awards. The awards described above may not be representative of any one client’s experience with Blackstone Credit and should not be viewed as indicative of future performance. The awards were provided by Alternative Credit Investor, a publication addressing alternative credit markets, and cover the period from spring 2024 to spring 2025. Alternative Credit Investor determines its industry awards annually through editorial discretion and judgment based on subjective criteria. Their selection to receive the awards and/or their rankings may have been based on a limited universe of participants, and therefore there can be no assurance that a different sampling of participants might not achieve different results. Alternative Credit Investor announced the awards on November 19, 2025 where Blackstone won BDC of the Year, Fund Manager of the Year and Direct Lending Deal of the Year (Large Cap). No fees were paid by or to Blackstone to receive the award or to be considered for the award. No amounts were paid to the sponsor of the award for Blackstone’s right to promote receipt of the award.
Awarded by Private Debt Investor on March 1, 2022, covering the 2021 calendar year, on March 1, 2023, covering the 2022 calendar year, and on March 1, 2024, covering the 2023 calendar year. Blackstone has provided compensation to Private Debt Investor for the ability to communicate the results of this award. Blackstone Credit & Insurance won Americas BDC Manager of the Year in 2021, but did not win this award in 2022 or 2023. Blackstone Credit & Insurance won Global Fund Manager of the Year in 2021 and 2023, but did not win this award in 2022. Blackstone Credit & Insurance won Americas Deal of the Year in 2021, but did not win this award in 2022 or 2023. Blackstone won Global Responsible Investor of the Year in 2022, but did not win this award in 2021 or 2023. Blackstone Credit & Insurance won Americas Junior Lender of the Year in 2023, but did not win this award in 2021 or 2022. The following were awarded to Blackstone Credit & Insurance for the European region: Europe Lender of the Year 2022 (did not win in 2021 or 2023) and Europe Junior Lender of the Year 2022 (did not win in 2021 or 2023). The awards described above may not be representative of any one client’s experience with Blackstone Credit & Insurance and past performance does not predict future returns. The awards herein were provided by Private Debt Investor, a publication addressing private credit markets, and cover the 2021, 2022, and 2023 calendar years. Private Debt Investor determines its industry awards annually by way of nominations and an online reader poll that prompts readers to vote for a particular firm in one or more of multiple enumerated categories, including those shown above and therefore is based on subjective criteria. In addition, their selection to receive the awards and/or their rankings may have been based on a limited universe of participants, and therefore there can be no assurance that a different sampling of participants might not have achieved different results. For the avoidance of doubt, references in this section to information about Blackstone Credit & Insurance from December 31, 2023 or prior refer solely to the Blackstone Credit BDC Advisors LLC and Blackstone Alternative Credit Advisors LP, collectively with their credit-focused affiliates within Blackstone Credit & Insurance.
Awarded by Money Management Institute (“MMI”) /Barron’s on October 17, 2024, for the period dated June 2023 – June 2024. The award described above may not be representative of any one client’s experience with Blackstone, and past performance does not predict future returns. The award herein was provided by MMI, an industry association representing financial services firms that provide financial advice and investment advisory solutions to investors, and Barron’s, a publication that reports on investing and the financial sector. Per MMI, the awards recognize companies that demonstrate leadership in advancing advisory solutions for investors and financial advisors. The criteria for awards provided by MMI/Barron’s including the award shown above may be based on subjective criteria, and are not intended to be, nor should they be construed as or relied upon as, any indication of future performance or other future activity. In addition, their selection to receive the awards and/or their rankings may have been based on a limited universe of participants, and therefore there can be no assurance that a different sampling of participants might not have achieved different results.
