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Q1 2026 Shareholder Letter

FOR EXISTING SHAREHOLDERS ONLY

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BCRED Returns and portfolio Highlights

ITD total net return (Class I) [ 1 ]

9.4%

Annualized distribution rate (Class I) [ 3 ]

9.8%

Senior secured debt [ 8 ]

97%

Average loan to value (“LTV”) at the time of underwrite [ 9 ]

41%

April 29, 2026

BCRED Q1 2026 quarterly letter - awards

Award Recognition in 2025 [ 35 ][ 36 ][ 37 ]

Dear BCRED Shareholders,

Blackstone Private Credit Fund (“BCRED” or “the Fund”) was designed to deliver consistent current income and long-term outperformance relative to public fixed income, across market cycles.

Since inception, the Fund has generated a 9.4% annualized total return (Class I), [ 1 ] outperforming leveraged loans by ~350bps. [ 2 ] BCRED’s annualized distribution rate of 9.8% [ 3 ] represents more than 200bps of yield premium to leveraged loans. [ 2 ]

The first quarter was marked by heightened volatility and uncertainty driven by geopolitical turbulence and AI disruption fears. Combined with consistent negative headlines surrounding private credit, this environment adversely impacted flows across the non-traded BDC market, including BCRED. Through the noise, the Fund saw decelerating yet solid gross inflows in the quarter of $1.9B. Repurchases increased to $3.2B. Including capital invested by Blackstone and its senior leaders, BCRED was able to meet all repurchase requests for the quarter, further aligning with BCRED’s shareholders. [ 4 ]

Against this quarter’s challenging market backdrop, which included widening credit spreads and declines in public fixed income indices, BCRED protected investor capital. The Fund outperformed leveraged loans by 52bps with a flat total return, [ 1 ][ 2 ] reflecting unrealized marks on select private assets and broadly syndicated loans. The combination of high current income and low leverage allowed BCRED to absorb unrealized mark-to-market impacts while still delivering resilient overall performance. BXCI’s ~20-year history in its North America Direct Lending strategy spans multiple credit cycles and periods of high and low interest rates, with a track record of delivering a significant return premium to fixed income. [ 2 ]


Portfolio Quality

BCRED’s over $80B portfolio is constructed with a focus on quality, supported by disciplined underwriting and active portfolio management. The Fund is invested primarily in larger businesses in historically resilient sectors, [ 5 ] with an average issuer LTM EBITDA of $274M, [ 6 ] more than 2.5x the private credit market average. [ 7 ] 97% of debt investments are senior secured, [ 8 ] underwritten at an average LTV of 41%. [ 9 ] The portfolio has broad exposure across nearly 700 issuers and over 50 industries. It is also predominantly private, with 95% in private assets [ 10 ] vs. 81% for non-traded BDC peers. [ 11 ] The average private debt position size is less than 30bps.

Underlying fundamentals remain healthy, with borrowers delivering average LTM EBITDA growth of 11% [ 12 ] year-over-year and a ~40% improvement in interest coverage over the past two years, which now stands at 2.2x. [ 13 ]

While we do expect defaults across the industry to normalize from historically low levels, outsized defaults in credit markets typically coincide with recessionary conditions. Across Blackstone’s platform, however, we continue to see strong corporate earnings growth and economic resilience. We believe our robust valuation process allows us to proactively incorporate changes in portfolio company performance and market conditions. The portfolio carries a weighted average mark of 96.4, [ 14 ] in line with the broadly syndicated loan market. Non accruals increased from 0.6% to 2.4% at cost, [ 15 ] primarily driven by Medallia and Affordable Care (ACI Group Holdings), which are marked at 60.3 and 69.8, respectively. At fair value, non-accruals are 1.4%, which represents the current value of these investments and we believe more accurately reflects their go forward impact on the portfolio. The bottom 5% of the private debt portfolio has a weighted average mark of 69.6. [ 16 ]

As a senior lender, we aim to maintain strong contractual protections and influence in stressed situations, and are focused on preserving value through active engagement with borrowers. This may include operational or capital support or, when appropriate, assuming control. Where we take a greater ownership role, we leverage the breadth of Blackstone’s resources to support the business and protect shareholder value. Importantly, non-accrual status does not necessarily translate into realized losses over time.

Payment-in-kind (PIK) income decreased from 7.8% to 7.0% during the quarter, [ 17 ] with the vast majority structured at the time of underwriting.


Spotlight on Software

The software sector will have to adapt to AI, and there will be dispersion in outcomes, with mission-critical platforms likely to be more resilient. BCRED’s exposure has been intentionally focused on large, established market leaders in verticals we believe are more insulated from AI-related disruption. [ 18 ] These investments have an average enterprise value exceeding $4.5B, [ 19 ][ 20 ] and were underwritten at an average loan-to-value of 37% [ 21 ] with ~$3B equity cushion per deal. [ 22 ] When incorporating the sharp sell-off in software stocks, we estimate our loan portfolio remains ~2x covered by enterprise value. [ 23 ]

As one of the largest investors in AI-related infrastructure globally, Blackstone brings proprietary insights that inform both how we underwrite risk as well as how we help portfolio companies address and incorporate necessary innovation. While there will be disruption, we believe Blackstone is uniquely well-equipped across the firm to partner with management teams and sponsors to position our companies for an AI-enabled future.


Liquidity and Balance Sheet Strength

During the quarter, BCRED strengthened and further diversified its capital structure. The Fund significantly increased its available liquidity, reduced its overall cost of capital, and extended the duration of its liabilities, enhancing its ability to capitalize on new investment opportunities and run its business.

As of quarter end, BCRED’s liquidity sources are diversified and substantial, including more than $15B of available liquidity (cash and amount available to borrow), [ 24 ] which incorporates ~$7B of new financings and debt commitments. The Fund also generated over $9B of natural liquidity through loan repayments in the LTM period and holds $4B of quoted investments. [ 25 ]

The Fund maintained a weighted average remaining duration on committed debt of approximately five years, exceeding the weighted average remaining duration of its assets. BCRED has continued to maintain the lowest all-in cost of debt among non-traded peers at 5.7% [ 26 ] and holds the highest combined ratings and outlook from Moody’s (Baa2/ Stable) and S&P (BBB-/Positive) among non-traded peers. [ 27 ] Leverage of 0.8x [ 28 ] sits well below the 2.0x regulatory limit.


Manager Selection Matters

The ability to source opportunities and manage risk is not uniform across the market. BCRED benefits from the scale and resources of Blackstone, the world’s largest alternative asset manager. [ 29 ] Across BXCI’s North America Direct Lending strategy, we have invested more than $164B over nearly two decades with less than 10bps of annualized realized losses. [ 30 ] BCRED also benefits from Blackstone’s leading Private Wealth platform, with 345 professionals, offering a high level of service and engagement.

Risk oversight is supported by BXCI’s Office of the CIO, which includes over 120 professionals and leverages proprietary data across $536B of credit AUM [ 31 ] and holdings across over 5,100 issuers. [ 32 ] In more challenging environments, our restructuring team may actively engage with borrowers to protect capital and drive recoveries, drawing on Blackstone’s ~40 years of private equity experience.


Dislocation Creating Opportunity

We believe the current environment has created an attractive entry point in private credit, with wider spreads compared to the prior quarter and continued conservative leverage and strong lender protections. BCRED deployed over $4B of capital during the quarter into what we view are compelling opportunities at conservative LTVs. Repayment activity totaled $2.6B, increasing natural liquidity, accelerating the recognition of deal fees, and creating additional capacity for new originations. Notably, several assets previously marked in the high-80s to low-90s ultimately repaid at par this quarter, [ 33 ] demonstrating how interim marks can differ meaningfully from ultimate outcomes.

Private credit continues to hold a compelling place in client portfolios. In fact, institutional investors, who represent ~80% of the asset class, [ 34 ] continue to demonstrate conviction with increasing capital commitments. In the first quarter, BXCI reached the $10B hard cap on its latest opportunistic credit fund and saw one of its strongest ever quarterly institutional inflows.


Looking Ahead

We believe BCRED’s high current income, senior secured portfolio, strong balance sheet, and current marks position the Fund to continue to outperform public fixed income while absorbing potential defaults and protecting investor capital. Supported by the Fund’s substantial liquidity and Blackstone’s platform, BCRED is well-positioned to deploy into attractive opportunities emerging in today’s market.

We thank you for your continued trust and partnership, and we remain committed to delivering long-term results for our shareholders.

Sincerely,
Blackstone Credit & Insurance Team

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BCRED vs. Fixed Income Indices Return [ 1 ][ 2 ]
Since BCRED’s inception

BCRED Bar Chart: BCRED (Class I), 9.4%; Leveraged Loans, 5.9%; High Yield Bonds, 4.2%; Investment Grade Bonds, -0.2%. BCRED Bar Chart: BCRED (Class I), 9.4%; Leveraged Loans, 5.9%; High Yield Bonds, 4.2%; Investment Grade Bonds, -0.2%.

Important Disclaimers

FOR EXISTING SHAREHOLDERS ONLY

Data is as of March 31, 2026, unless otherwise indicated. Reflects Blackstone Credit & Insurance’s (“BXCI”) views and beliefs as of the date of this material only, which is subject to change. Returns for periods greater than one year are annualized. Past performance does not predict future returns and there can be no assurance that BCRED will achieve results comparable to those of any BXCI’s prior funds or be able to implement its strategy or achieve its investment objectives, including due to an inability to access sufficient investment opportunities. See “Use of Leverage” in the Important Disclosure Information for more information.

BCRED’s peers or peer set (“private credit peers”) includes traded business development companies (“traded BDCs” or “traded peers”) and non-traded business development companies (“non-traded BDCs” or “non-traded peers”). Traded peers include BDCs which are externally-managed with total net assets in excess of $1 billion as of December 31, 2025 (excluding Blackstone Secured Lending Fund (BXSL), which is managed by the same investment adviser as BCRED and has significant overlap in its investments with BCRED): Ares Capital Corporation (ARCC), Bain Capital Specialty Finance, Inc. (BCSF), Barings BDC, Inc. (BBDC), Blue Owl Capital Corporation (OBDC), Blue Owl Technology Finance Corp. (OTF), Carlyle Secured Lending (CGBD), FS KKR Capital Corp. (FSK), Goldman Sachs BDC, Inc. (GSBD), Golub Capital BDC, Inc. (GBDC), Kayne Anderson BDC, Inc. (KBDC), MidCap Financial Investment Corporation (MFIC), Morgan Stanley Direct Lending Fund (MSDL), New Mountain Finance Corporation (NMFC), Oaktree Specialty Lending Corporation (OCSL), PennantPark Floating Rate Capital (PFLT), Prospect Capital Corporation (PSEC), and Sixth Street Specialty Lending, Inc. (TSLX). Non-traded peers include BDCs which are externally-managed, had effective registration statements as of 2025 and were broadly distributed, have broad exposure across industries in their investments and are not sector-focused, and had net asset values in excess of $4 billion as of December 31, 2025: Apollo Debt Solutions BDC (ADS), Ares Strategic Income Fund (ASIF), Blue Owl Credit Income Corp. (OCIC), Goldman Sachs Private Credit Corp (GSCRED), Golub Capital Private Credit Fund (GCRED), HPS Corporate Lending Fund (HLEND), and Oaktree Strategic Credit Fund (OSCF).

Important Disclosure Information
Index Definitions
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 net asset value (“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. Inception-to-date (“ITD”) total return for Class S (no/with upfront placement fee): 8.5%/7.7%. ITD total return for Class D (no/with upfront placement fee): 8.7%/8.4%. Quarter-to-date (“QTD”) total return for Class S (no/with upfront placement fee): -0.2%/-3.7%. QTD total return for Class D (no/with upfront placement fee): -0.1%/-1.6%. All returns shown 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. Past performance does not predict future returns. Class S and Class D listed as (With Upfront Placement Fee or Brokerage Commissions) reflect the returns after the maximum upfront placement fees. Class S and Class D listed as (No Upfront Placement Fee or Brokerage Commissions) 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 portfolio, which are estimates of fair value and form the basis for BCRED’s NAV. Valuations based upon 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.
Source: Morningstar, BXCI as of March 31, 2026. “Leveraged Loans” is represented by Morningstar LSTA US Leveraged Loan Index. “High Yield Bonds” is represented by the Bloomberg US Corporate High Yield Index. “Investment Grade Bonds” is represented by the Bloomberg US Aggregate Bond Index.  
Annualized Distribution Rate reflects March’s distribution annualized and divided by last reported NAV from February. Distributions are not guaranteed. 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 March 31, 2026, 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 Blackstone Credit BDC Advisors LLC (the “Sub-Adviser”) or its affiliates, that may be subject to reimbursement to the Sub-Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. Annualized Distribution Rate for other share classes are as follows: 9.0% for Class S and 9.6% for Class D. 
Investments were made into an existing BCRED feeder fund, on the same terms as all other investors, which offset the repurchase amount requested from the feeder fund.
Over 85% of BCRED’s portfolio is invested in lower default rate sectors as a percentage of the fair value of BCRED’s investment portfolio excluding investments in joint ventures. Analysis based on the average annualized US leveraged loan default rates by industry from 2007 to December 2025, as published by Fitch. “Lower-default rate sectors” are defined as those which have an average annual default rate below 2%. GICS industry classifications utilized in BCRED reporting are re-mapped by BXCI to Fitch industry classifications for comparison purposes.
As of March 31, 2026. Average last-twelve-month (“LTM”) EBITDA includes all 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 twelve-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 March 31, 2026, the breakdown of BCRED’s portfolio company LTM EBITDA within the above defined debt portfolio is as follows: 5% less than $50 million, 21% between $50 to $100 million and 74% greater than $100 million based on fair market value. As of March 31, 2026, LTM EBITDA margin for these debt investments is 30%. EBITDA margin is the ratio of EBITDA-to-revenue.
Private credit market exhibited average LTM EBITDA of $101 million, based on issuer companies of loans in the Lincoln International Private Market Database as of December 31, 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.
As a percentage of BCRED’s investment portfolio excluding equity investments in unconsolidated joint ventures. Floating rate investments exclude investments on non-accrual.
At the time of underwrite for each investment in BCRED’s debt portfolio. 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 debt investments. Includes all 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. Loan-to-value at underwrite is calculated as the net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company at the time of underwrite.
As of March 31, 2026. Private investments represent Level 3 investments in the investment portfolio which may be quoted or non-quoted but for which inputs to the valuation methodology are unobservable and significant to overall fair value measurement, divided by total investments excluding investment in joint ventures. BCRED’s average private debt position size is approximately 25bps as of March 31, 2026. Reflects average size of investments in private debt portfolio companies divided by total private debt investments, based on fair market value. The average size of investments in private debt portfolio companies as of March 31, 2026 is $185 million, based on fair market value.
As of December 31, 2025. Represents Level 3 investments.
Represents LTM EBITDA Growth year-over-year where data is available and relevant. Includes all debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. BCRED amounts are weighted on fair market value of each respective investment. BCRED amounts were derived from portfolio company financial statements that are continuously received and may be updated; accordingly, growth figures may be based on prior period EBITDA amounts that were not available or, in the case of recently funded deals, not applicable in the prior period. Third-party figures (and corresponding BCRED amounts) 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. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation, and amortization over the LTM. EBITDA growth year-over-year may reflect some inorganic growth due to mergers and acquisitions (M&A). BCRED’s software portfolio (as classified under the GICS Industry level) has exhibited low double-digit growth which outpaced the broader portfolio.
Interest coverage ratio (“ICR”) is estimated as the ratio of average LTM EBITDA, to cash interest paid over the last 12 months for each respective portfolio company. Includes all debt investments (excluding ARR loans) for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. Amounts derived from the most recently available portfolio company financial statements, have not been independently verified by BCRED, may reflect a normalized or adjusted amount, and are generally about 90 days in arrears. Accordingly, BCRED makes no representation or warranty in respect of this information. 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. Currency fluctuations may have an adverse effect on the value, price or income and costs of our portfolio companies and investments which may increase or decrease as a result of changes in exchange rates. As of March 31, 2026, approximately 7% of the above defined debt investments (including ARR loans) and approximately 6% of the above defined debt investments (excluding ARR loans) have less than 1.0x interest coverage ratio. Q1’24 reflects a more normalized environment and accurate depiction of portfolio companies’ ICRs following volatility and peak rates in 2023.
Average mark based on BCRED’s debt investment portfolio (excluding equity investments and investments in joint ventures).
As of March 31, 2026, as assessed through the date of this letter. Calculated as the amortized cost or fair value of loans on non-accrual divided by total amortized cost or fair value of the BCRED investment portfolio excluding investments in joint ventures. Loans are generally placed on non-accrual status when there is reasonable doubt whether principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
As of March 31, 2026, the bottom 5% of BCRED’s private debt investments (defined as those debt investments classified as Level 3 marked the lowest relative to par aggregating to 5% of the total cost of Level 3 debt investments, excluding structured finance obligations) were approximately 97% first‑lien debt, and 100% senior secured debt at underwrite, with a 36% weighted average loan‑to‑value at underwrite and have a weighted‑average mark of 69.6.
Payment-in-kind (“PIK”) income as a percentage of total investment income is calculated as PIK income derived from interest and dividends divided by total investment income.
Verticals were assigned to AI risk categories based on a qualitative application of BXCI’s AI risk scorecard, in conjunction with an assessment of the AI risk profiles of companies within each vertical. The scorecard evaluates potential risks to end markets, business models, and company moats. These categorizations reflect the views of Blackstone Credit & Insurance. AI risk categories reflect current views of Blackstone Credit & Insurance, based on a qualitative application of BXCI’s AI risk scorecard, in conjunction with an assessment of the AI risk profiles of companies within each vertical. The scorecard evaluates potential risks to end markets, business models, and company moats. AI risk categories of investments within BCRED’s software portfolio (as classified under the GICS Industry level) as a percentage of the total fair market value of all investments, are as follows: 16% (Low AI Impact/ Tailwinds), 6% (Drive AI Impact), <5% (AI Headwinds).
As of March 31, 2026. Average last-twelve-month (“LTM”) LTM EBITDA was over $350M and includes all debt investments within BCRED’s software portfolio (as classified under the GICS Industry level) 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.
Based on the enterprise value at close for each applicable investment. Includes all debt investments within BCRED’s software portfolio (as classified under the GICS Industry level) for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. Average enterprise value is weighted based on the fair value of total applicable investments as of March 31, 2026. The number is presented for illustrative purposes and does not reflect actual realized proceeds to BCRED or to the equity sponsor or the company, and there can be no assurance that realized proceeds received by Blackstone or any investor in a Blackstone fund will be increased as a result. Currency fluctuations may have an adverse effect on the value, price or income and costs of our portfolio companies and investments which may increase or decrease as a result of changes in exchange rates. Databricks reflects BCRED’s largest software issuer based on enterprise value as of March 31, 2026.
Average loan-to-value represents the net ratio of loan-to-value for each portfolio company in BCRED’s software portfolio (as classified under the GICS Industry level) weighted based on the fair value of total applicable investments as of March 31, 2026. Includes all debt investments within BCRED’s software portfolio for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. Loan-to-value is calculated as the total net debt through each respective loan divided by the estimated enterprise value of the portfolio company at time of underwrite. Amounts 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.
Based on the subordinated capital at close for each applicable investment. Includes all debt investments within BCRED’s software portfolio (as classified under the GICS Industry level) for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. Average subordinated capital is weighted based on the fair value of total applicable investments as of March 31, 2026.
Interest coverage ratio (“ICR”) is estimated as the ratio of average LTM EBITDA, to cash interest paid over the last 12 months for each applicable portfolio company. Includes all debt investments within BCRED’s Software portfolio (as classified under the GICS Industry level) (excluding ARR loans) for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. Amounts derived from the most recently available portfolio company financial statements, have not been independently verified by BCRED, may reflect a normalized or adjusted amount, and are generally about 90 days in arrears. Accordingly, BCRED makes no representation or warranty in respect of this information. 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. Currency fluctuations may have an adverse effect on the value, price or income and costs of our portfolio companies and investments which may increase or decrease as a result of changes in exchange rates. Average mark based on debt investments within BCRED’s software portfolio (as classified under the GICS Industry level) for all applicable categorizations. EBITDA growth since closing includes all applicable debt investments in BCRED’s software portfolio (as classified under the GICS Industry level) for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes both asset-based investments and quoted investments. Amounts derived from the most recently available portfolio company financial statements have not been independently verified by BCRED, may reflect a normalized or adjusted amount, and are generally about 90 days in arrears. Accordingly, BCRED makes no representation or warranty in respect of this information. ICR based on debt investments within BCRED’s Software sector (as classified under the GICS Industry level) is 2.2x.
As of March 31, 2026. Available liquidity is composed of cash and cash equivalents, excluding restricted cash, plus the amount available to draw upon across all revolving credit facilities, net of limitations related to each respective credit facility’s borrowing base.
As of March 31, 2026. “Quoted” investments are defined as Level 1 and 2 investments as a percentage of the total portfolio fair value divided by total investments at fair value excluding equity investments in unconsolidated joint ventures. For information on Level 1, 2, and 3 investments, please refer to section “Valuation of Investments” in BCRED’s prospectus.
For the quarter ended March 31, 2026. BCRED’s weighted average all-in cost of capital is based on annualized all-in cost of debt incurred in Q1’26 (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of hedge accounting) divided by weighted average principal of debt outstanding during the same period. Peers reflects the average annualized Q4’25 all-in cost of debt for the three months ended December 31, 2025 weighted by total NAV. All-in cost of debt calculated as interest expense divided by average debt principal outstanding for the three months ended December 31, 2025.
As of March 31, 2026, BCRED has an investment grade credit rating of BBB (high) / stable outlook from DBRS Morningstar, provided on December 1, 2023, and an investment grade of Baa2 / stable from Moody’s, provided on September 23, 2024, and an investment grade credit rating of BBB-/ positive from S&P, provided on December 4, 2024. The underlying private credit loans within BCRED are not rated. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Blackstone provides compensation directly to DBRS/Morningstar, Moody’s and S&P for its evaluation of BCRED. Credit ratings do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
As of March 31, 2026. Debt-to-equity ratio represents the ratio of total principal of outstanding debt to net assets.
Based on Blackstone analysis of company earnings presentations and calls, as of March 31, 2026 or latest publicly available data.
Represents BXCI’s average annualized loss rate for its North America Direct Lending strategy from 2006 through March 31, 2026. 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 does not predict future returns, 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.
AUM is a combined figure inclusive of Blackstone Credit & Insurance “BXCI” and Real Estate Debt businesses.
Reflects issuers and sponsors across all asset types within Private Corporate Credit, Liquid Corporate Credit, and Infrastructure & Asset Based Credit.
BCRED’s top three largest fully realized repayments during Q1’26 were Clario (eResearchTechnology, Inc.), which repaid $986M with 10.7% IRR, Alliance Ground (AGI-CFI Holdings, Inc.), which repaid $395M with 10.7% IRR and SelectQuote Inc, which repaid $123M with 12.3% IRR.
Allocations to private credit by investor type in 2024, published in “Financing the Economy 2025” by Alternative Credit Council on December 9, 2025.
Alternative Credit Investor Awards. The awards described above may not be representative of any one client’s experience with Blackstone Credit & Insurance 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–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. 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.
IFR Awards. The awards presented may not be representative of any one client’s experience with Blackstone Credit & Insurance and should not be viewed as indicative of future performance. The awards were provided by International Financing Review, a publication addressing global finance and cover January 1-November 7, 2025. International Financing Review determines its industry awards annually by way of nominations and a series of pitch meetings 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 achieve different results. International Financing Review announced Blackstone as the 2025 North American Private Credit House of the Year on December 17, 2025. 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 2, 2026, covering the 2025 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, 2023, or 2025. Blackstone Credit & Insurance won Global Fund Manager of the Year in 2021, 2023, and 2025, but did not win this award in 2022. 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 2025 calendar year. 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.