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The materials above reflect the views of Blackstone Inc. (“Blackstone”) as of the date appearing in the materials. The words “we”, “us” and “our” in the materials refer to Blackstone, unless the context requires otherwise. BCRED is externally managed by Blackstone Credit BDC Advisors LLC, BCRED’s advisor and an affiliate of Blackstone Alternative Credit Advisors LP. An investment in BCRED is not an investment in BCRED’s sponsor or Blackstone as BCRED is a separate and distinct legal entity. The materials are provided for informational purposes only, and under no circumstances may any information contained in the materials 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 materials 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 materials are owned by other vehicles and by certain other third-party equity partners, and not BCRED.

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