Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
1
Consolidated
Schedule
of
Investments
|
March
31,
2026
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
First
Lien
Debt
-
non-controlled/non-affiliated
-
14.5%
Commercial
Services
&
Supplies
-
5.6%
Ground
Penetrating
Radar
Systems
LLC,
Delayed
Draw
Term
Loan
(5)(6)(7)(8)
SOFR
+  4.50%
8.20%
01/02/2032
05/09/2025
$
140
$
139
$
140
Ground
Penetrating
Radar
Systems
LLC,
Revolver
(5)(6)(7)(8)
SOFR
+  4.50%
8.20%
01/02/2032
05/09/2025
30
30
30
Ground
Penetrating
Radar
Systems
LLC,
Term
Loan
(5)(7)(8)
SOFR
+  4.50%
8.20%
01/02/2032
05/09/2025
5,749
5,708
5,749
Jupiter
Purchaser
LLC,
Term
Loan
(5)(7)(8)(9)
SOFR
+  5.00%
8.70%
(incl.
2.75%
PIK)
11/08/2031
05/09/2025
6,204
6,144
6,197
Langan
Midco
LLC,
Term
Loan
(5)(7)(10)
SOFR
+  4.75%
8.42%
01/16/2029
10/31/2025
12,557
12,494
12,542
Scutum
SA,
Delayed
Draw
Term
Loan
(5)(6)(7)(11)
E
+  5.00%
7.13%
07/23/2032
12/03/2025
597
EUR
684
644
Scutum
SA,
Term
Loan
(5)(7)(11)
E
+  5.00%
7.13%
07/23/2032
12/03/2025
8,536
EUR
9,782
9,687
Veregy
Consolidated,
Inc.,
Term
Loan
(5)(7)(8)
SOFR
+  4.25%
7.92%
04/16/2031
10/31/2025
$
3,983
3,963
3,980
38,944
38,969
Construction
&
Engineering
-
2.0%
Saber
Power
Services
LLC,
Term
Loan
(5)(7)(8)
SOFR
+  5.00%
8.80%
10/21/2031
10/21/2025
13,812
13,792
13,811
Professional
Services
-
2.1%
Teneo
Holdings
LLC,
Delayed
Draw
Term
Loan
(5)
(6)(7)(12)
SOFR
+  4.75%
8.43%
07/31/2032
01/09/2026
519
514
519
Teneo
Holdings
LLC,
Revolver
(5)(6)(7)(12)
SOFR
+  4.75%
8.42%
07/31/2030
01/09/2026
195
193
195
Teneo
Holdings
LLC,
Term
Loan
(5)(7)(12)
SOFR
+  4.75%
8.42%
07/31/2032
01/09/2026
14,206
14,064
14,206
14,771
14,920
Real
Estate
Management
&
Development
-
1.1%
Odevo
AB,
Delayed
Draw
Term
Loan
(5)(7)(11)
E
+  5.25%
7.22%
12/31/2030
05/09/2025
1,759
EUR
2,034
2,026
Odevo
AB,
Delayed
Draw
Term
Loan
(5)(7)(11)
SOFR
+  5.25%
8.96%
12/31/2030
05/09/2025
$
1,030
1,029
1,030
Odevo
AB,
Delayed
Draw
Term
Loan
(5)(7)(11)
S
+  5.25%
9.22%
12/31/2030
05/09/2025
372
GBP
504
490
Odevo
AB,
Term
Loan
(5)(7)(11)
ST
+  5.25%
7.21%
12/31/2030
05/09/2025
5,835
SEK
607
613
Odevo
AB,
Term
Loan
(5)(7)(11)
E
+  5.25%
7.36%
12/31/2030
05/09/2025
30
EUR
34
35
Odevo
AB,
Term
Loan
(5)(7)(11)
SOFR
+  5.25%
8.96%
12/31/2030
05/09/2025
$
3,366
3,366
3,366
Odevo
AB,
Term
Loan
(5)(7)(11)
S
+  5.25%
9.22%
12/31/2030
05/09/2025
26
GBP
35
34
7,609
7,594
Software
-
3.7%
Denali
Bidco
Ltd.,
Term
Loan
(5)(7)(11)
E
+  5.00%
7.13%
09/05/2031
09/05/2025
84
EUR
99
96
Denali
Bidco
Ltd.,
Term
Loan
(5)(7)(11)
S
+  5.00%
8.73%
09/05/2031
09/05/2025
39
GBP
52
50
Dropbox,
Inc.,
Delayed
Draw
Term
Loan
(5)(7)(8)(13)
SOFR
+  4.50%
8.18%
09/09/2030
05/09/2025
$
2,916
2,905
2,887
Dropbox,
Inc.,
Term
Loan
(5)(7)(8)(13)
SOFR
+  4.50%
8.17%
12/11/2029
05/09/2025
7,459
7,407
7,385
IRI
Group
Holdings,
Inc.,
Term
Loan
(5)(7)(8)
SOFR
+  4.25%
7.95%
12/01/2029
05/09/2025
3,657
3,657
3,657
Optus
1011.
GmbH,
Delayed
Draw
Term
Loan
(5)
(7)(11)
E
+  4.50%
6.64%
03/24/2032
05/09/2025
793
EUR
906
905
Optus
1011.
GmbH,
Term
Loan
(5)(7)(11)
E
+  4.50%
6.64%
03/24/2032
05/09/2025
9,423
EUR
10,662
10,749
25,688
25,729
Transportation
Infrastructure
-
0.0%
(14)
Enstructure
LLC,
Term
Loan
(5)(7)(12)
SOFR
+  4.50%
8.18%
08/15/2032
08/15/2025
$
196
196
195
TOTAL
FIRST
LIEN
DEBT
-
NON-CONTROLLED/NON-AFFILIATED
$
101,000
$
101,218
Second
Lien
Debt
-
non-controlled/non-affiliated
-
5.0%
Software
-
2.2%
Denali
Holdco
Ltd.,
Term
Loan
(5)(7)(9)
9.80%
PIK
09/05/2032
09/05/2025
8,204
EUR
9,538
9,310
Denali
Holdco
Ltd.,
Term
Loan
(5)(7)(9)
11.20%
PIK
09/05/2032
09/05/2025
4,760
GBP
6,374
6,183
15,912
15,493
Trading
Companies
&
Distributors
-
2.8%
BCPE
Empire
Holdings,
Inc.,
Term
Loan
(5)(7)(10)
SOFR
+  5.25%
8.92%
12/31/2031
10/03/2025
$
20,000
19,725
19,700
TOTAL
SECOND
LIEN
DEBT
-
NON-CONTROLLED/NON-AFFILIATED
$
35,637
$
35,193
Subordinate
&
Other
Debt
-
non-controlled/non-affiliated
-
10.0%
Banks
-
0.4%
Clocktower
Intermediate
Lender
LP,
Revolver
(5)
(6)(7)(11)
SOFR
+  8.75%
12.26%
01/31/2033
01/29/2026
2,669
2,588
2,567
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
2
www.bmacx.com
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Subordinate
&
Other
Debt
-
non-controlled/non-affiliated
-
10.0%
(continued)
Capital
Markets
-
4.2%
Lloyds
Bank
plc,
Credit-Linked
Note
(5)(7)(11)
S
+  5.25%
8.98%
02/18/2035
01/23/2026
22,492
GBP
30,248
$
29,461
Financial
Services
-
2.6%
Auxilior
Capital
Partners,
Inc.,
Delayed
Draw
Term
Loan
(5)(7)
9.50%
07/01/2030
08/22/2025
$
17,857
$
17,857
17,857
Real
Estate
Management
&
Development
-
2.8%
Nightingale
2026-1
Limited,
Credit-Linked
Note
(5)
(7)(11)
S
+  7.00%
10.73%
10/30/2035
03/25/2026
15,000
GBP
20,057
19,781
TOTAL
SUBORDINATE
&
OTHER
DEBT
-
NON-CONTROLLED/NON-AFFILIATED
$
70,750
$
69,666
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
Aerospace
&
Defense
-
0.1%
Bombardier,
Inc.
(7)
7.45%
05/01/2034
12/19/2025
$
89
100
96
BWX
Technologies,
Inc.
(7)(15)
4.13%
04/15/2029
12/19/2025
270
264
260
TransDigm,
Inc.
(7)
6.63%
03/01/2032
03/17/2026
120
123
123
TransDigm,
Inc.
(7)(15)
6.13%
07/31/2034
02/10/2026
44
44
43
531
522
Air
Freight
&
Logistics
-
0.1%
Clue
Opco
LLC
(7)
9.50%
10/15/2031
03/05/2026
30
31
29
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
(7)(15)
9.88%
09/20/2031
12/12/2025
590
598
559
629
588
Automobile
Components
-
0.1%
Cooper-Standard
Automotive,
Inc.
(7)(15)
9.25%
03/01/2031
02/20/2026
319
320
300
Cyprium
Corp.
/
Cyprium
Holdings
Luxembourg
SARL
(7)
6.13%
04/15/2031
03/04/2026
40
40
39
Cyprium
Corp.
/
Cyprium
Holdings
Luxembourg
SARL
(7)
6.38%
04/15/2034
03/04/2026
48
48
47
Tenneco,
Inc.
(7)
8.00%
11/17/2028
12/12/2025
150
150
150
The
Goodyear
Tire
&
Rubber
Co.
(15)
5.00%
07/15/2029
12/19/2025
300
294
284
852
820
Automobiles
-
0.1%
Nissan
Motor
Acceptance
Co.
LLC
(7)(15)
7.05%
09/15/2028
12/12/2025
530
546
539
Nissan
Motor
Co.
Ltd.
(7)(15)
4.81%
09/17/2030
12/12/2025
50
47
45
ZF
North
America
Capital,
Inc.
(7)(15)
7.50%
03/24/2031
12/19/2025
150
154
148
ZF
North
America
Capital,
Inc.
(7)(15)
6.88%
04/23/2032
12/12/2025
100
97
95
844
827
Biotechnology
-
0.0%
(14)
Emergent
BioSolutions,
Inc.
(7)(15)
3.88%
08/15/2028
12/12/2025
270
240
228
Broadline
Retail
-
0.1%
Kohl's
Corp.
(15)
5.55%
07/17/2045
12/12/2025
100
66
57
Macy's
Retail
Holdings
LLC
(7)(15)
7.38%
08/01/2033
12/12/2025
140
148
143
Nordstrom,
Inc.
(15)
4.38%
04/01/2030
12/12/2025
80
75
75
Nordstrom,
Inc.
4.25%
08/01/2031
12/19/2025
20
19
18
Nordstrom,
Inc.
5.00%
01/15/2044
12/12/2025
70
53
47
Rakuten
Group,
Inc.
(7)(15)
9.75%
04/15/2029
12/12/2025
100
111
107
472
447
Capital
Markets
-
0.1%
Aretec
Group,
Inc.
(7)
10.00%
08/15/2030
12/19/2025
80
86
85
Focus
Financial
Partners
LLC
(7)
6.75%
09/15/2031
03/04/2026
110
110
109
Jane
Street
Group
LLC
/
JSG
Finance,
Inc.
(7)
7.13%
04/30/2031
03/05/2026
40
42
41
Jane
Street
Group
LLC
/
JSG
Finance,
Inc.
(7)(15)
6.13%
11/01/2032
12/12/2025
170
173
168
Jane
Street
Group
LLC
/
JSG
Finance,
Inc.
(7)(15)
6.75%
05/01/2033
03/05/2026
100
103
102
Jefferies
Finance
LLC
/
JFIN
Co-Issuer
Corp.
(7)(15)
6.63%
10/15/2031
02/04/2026
129
127
123
Osaic
Holdings,
Inc.
(7)
6.75%
08/01/2032
02/11/2026
140
142
140
Stonex
Escrow
Issuer
LLC
(7)
6.88%
07/15/2032
02/05/2026
144
150
146
933
914
Chemicals
-
0.3%
Celanese
US
Holdings
LLC
(15)
6.50%
04/15/2030
12/12/2025
150
151
153
Celanese
US
Holdings
LLC
7.00%
02/15/2031
03/16/2026
82
84
84
3
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
3
Consolidated
Schedule
of
Investments
|
March
31,
2026
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
(continued)
Chemicals
-
0.3%
(continued)
Celanese
US
Holdings
LLC
(15)
7.38%
02/15/2034
03/05/2026
$
194
$
199
$
199
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
(7)
(15)
6.13%
06/15/2028
03/05/2026
340
341
339
Huntsman
International
LLC
4.50%
05/01/2029
03/05/2026
10
10
9
Huntsman
International
LLC
(15)
5.70%
10/15/2034
01/23/2026
120
112
111
Nufarm
Australia
Ltd.
/
Nufarm
Americas,
Inc.
(7)
5.00%
01/27/2030
12/12/2025
67
62
60
Olin
Corp.
(7)(15)
6.63%
04/01/2033
02/05/2026
350
345
343
The
Chemours
Co.
(7)(15)
8.00%
01/15/2033
01/12/2026
500
510
503
The
Chemours
Co.
(7)(15)
7.88%
03/15/2034
02/26/2026
619
608
620
2,422
2,421
Commercial
Services
&
Supplies
-
0.4%
ACCO
Brands
Corp.
(7)(15)
4.25%
03/15/2029
12/12/2025
350
325
313
Cimpress
plc
(7)(15)
7.38%
09/15/2032
12/19/2025
330
335
327
Deluxe
Corp.
(7)(15)
8.00%
06/01/2029
12/12/2025
596
604
600
Garda
World
Security
Corp.
(7)(15)
6.50%
01/15/2031
12/12/2025
100
102
101
GFL
Environmental,
Inc.
(7)(15)
4.38%
08/15/2029
03/05/2026
800
788
779
Pitney
Bowes,
Inc.
(7)(15)
7.25%
03/15/2029
02/25/2026
419
419
420
R.R.
Donnelley
&
Sons
Co.
(7)
9.50%
08/01/2029
12/12/2025
60
62
61
2,635
2,601
Communications
Equipment
-
0.0%
(14)
ATP
Tower
Holdings
LLC
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
(7)
7.88%
02/03/2030
12/12/2025
80
83
81
Ciena
Corp.
(7)
4.00%
01/31/2030
12/12/2025
22
21
21
Viavi
Solutions,
Inc.
(7)(15)
3.75%
10/01/2029
12/12/2025
130
124
122
228
224
Construction
&
Engineering
-
0.0%
(14)
Dycom
Industries,
Inc.
(7)(15)
4.50%
04/15/2029
12/19/2025
310
306
301
Williams
Scotsman,
Inc.
(7)
6.63%
04/15/2030
12/12/2025
20
21
20
327
321
Construction
Materials
-
0.0%
(14)
Smyrna
Ready
Mix
Concrete
LLC
(7)
8.88%
11/15/2031
12/12/2025
150
155
155
Star
Holding
LLC
(7)
8.75%
08/01/2031
12/12/2025
70
70
71
225
226
Consumer
Finance
-
0.7%
Ally
Financial,
Inc.
(15)
6.70%
02/14/2033
12/12/2025
330
346
333
Azorra
Finance
Ltd.
(7)
6.25%
02/15/2034
03/17/2026
130
125
121
Bread
Financial
Holdings,
Inc.
(7)(15)
6.75%
05/15/2031
12/12/2025
300
310
298
Credit
Acceptance
Corp.
(7)(15)
6.63%
03/15/2030
12/12/2025
425
425
416
Enova
International,
Inc.
(7)(15)
9.13%
08/01/2029
12/12/2025
580
610
594
FirstCash,
Inc.
(7)
4.63%
09/01/2028
03/03/2026
12
12
12
FirstCash,
Inc.
(7)(15)
6.88%
03/01/2032
03/04/2026
940
964
959
Navient
Corp.
(15)
5.50%
03/15/2029
12/12/2025
60
59
55
Navient
Corp.
(15)
7.88%
06/15/2032
12/12/2025
320
333
286
OneMain
Finance
Corp.
6.75%
03/15/2032
12/12/2025
20
20
19
OneMain
Finance
Corp.
(15)
7.13%
09/15/2032
12/19/2025
320
332
316
OneMain
Finance
Corp.
(15)
6.75%
09/15/2033
12/12/2025
240
242
230
PRA
Group,
Inc.
(7)
5.00%
10/01/2029
12/19/2025
30
28
28
PRA
Group,
Inc.
(7)
8.88%
01/31/2030
03/04/2026
215
220
217
PROG
Holdings,
Inc.
(7)(15)
6.00%
11/15/2029
12/12/2025
380
375
361
Synchrony
Financial
(15)
7.25%
02/02/2033
12/12/2025
360
381
368
4,782
4,613
Consumer
Staples
Distribution
&
Retail
-
0.0%
(14)
US
Foods,
Inc.
(7)
4.75%
02/15/2029
03/09/2026
27
27
27
Containers
&
Packaging
-
0.1%
Cascades,
Inc.
/
Cascades
USA,
Inc.
(7)(15)
6.75%
07/15/2030
12/12/2025
330
342
333
Clydesdale
Acquisition
Holdings,
Inc.
(7)
6.63%
04/15/2029
03/26/2026
150
147
147
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
4
www.bmacx.com
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
(continued)
Containers
&
Packaging
-
0.1%
(continued)
OI
European
Group
BV
(7)(15)
4.75%
02/15/2030
12/19/2025
$
380
$
369
$
355
Owens-Brockway
Glass
Container,
Inc.
(7)(15)
7.25%
05/15/2031
12/12/2025
120
122
115
Owens-Brockway
Glass
Container,
Inc.
(7)
7.38%
06/01/2032
12/19/2025
30
31
29
1,011
979
Diversified
Consumer
Services
-
0.0%
(14)
Carriage
Services,
Inc.
(7)(15)
4.25%
05/15/2029
12/12/2025
130
125
123
Service
Corp.
International
3.38%
08/15/2030
12/12/2025
68
64
63
189
186
Diversified
REITs
-
0.1%
Service
Properties
Trust
(15)
3.95%
01/15/2028
03/05/2026
220
210
211
Service
Properties
Trust
4.95%
10/01/2029
02/12/2026
16
15
14
Service
Properties
Trust
(15)
8.88%
06/15/2032
02/27/2026
570
565
566
790
791
Diversified
Telecommunication
Services
-
0.3%
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor,
Inc.
(7)(15)
10.00%
02/15/2031
12/12/2025
330
337
337
Iliad
Holding
SAS
(7)
7.00%
04/15/2032
12/12/2025
20
21
20
Viasat,
Inc.
(7)
6.50%
07/15/2028
03/02/2026
12
12
12
Viasat,
Inc.
(7)(15)
7.50%
05/30/2031
12/12/2025
1,080
1,071
1,068
Virgin
Media
Secured
Finance
plc
(7)(15)
4.50%
08/15/2030
02/09/2026
181
167
161
VMED
O2
UK
Financing
I
plc
(7)(15)
7.75%
04/15/2032
02/19/2026
210
212
201
VMED
O2
UK
Financing
I
plc
(7)
6.75%
01/15/2033
02/25/2026
40
37
36
VZ
Secured
Financing
BV
(7)
7.50%
01/15/2033
03/05/2026
90
89
85
Ziggo
BV
(7)(15)
4.88%
01/15/2030
12/12/2025
110
105
103
2,051
2,023
Electrical
Equipment
-
0.0%
(14)
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
(7)
7.00%
05/21/2030
12/12/2025
60
63
61
Electronic
Equipment,
Instruments
&
Components
-
0.1%
TTM
Technologies,
Inc.
(7)(15)
4.00%
03/01/2029
12/12/2025
310
301
298
VM
Consolidated,
Inc.
(7)
5.50%
04/15/2029
02/20/2026
80
79
77
380
375
Energy
Equipment
&
Services
-
0.4%
Kodiak
Gas
Services
LLC
(7)
5.88%
04/01/2031
03/11/2026
107
107
108
Nabors
Industries,
Inc.
(7)(15)
8.88%
08/15/2031
12/12/2025
450
444
469
Nabors
Industries,
Inc.
(7)(15)
7.63%
11/15/2032
03/05/2026
320
329
328
Precision
Drilling
Corp.
(7)(15)
6.88%
01/15/2029
12/12/2025
107
108
108
Tidewater,
Inc.
(7)(15)
9.13%
07/15/2030
12/12/2025
410
439
437
Transocean
International
Ltd.
(7)(15)
8.25%
05/15/2029
12/12/2025
340
339
351
Transocean
International
Ltd.
(15)
7.50%
04/15/2031
03/05/2026
330
341
338
Transocean
International
Ltd.
(7)(15)
8.50%
05/15/2031
12/12/2025
90
91
94
Viridien
(7)(15)
10.00%
10/15/2030
12/12/2025
250
267
266
2,465
2,499
Entertainment
-
0.1%
Discovery
Global
Holdings,
Inc.
(15)
4.28%
03/15/2032
12/12/2025
612
549
542
OAK-Eagle
Acquireco,
Inc.
(7)
7.25%
07/01/2033
03/24/2026
75
75
78
624
620
Financial
Services
-
0.3%
Burford
Capital
Global
Finance
LLC
(7)
9.25%
07/01/2031
12/19/2025
90
92
81
Burford
Capital
Global
Finance
LLC
(7)
8.50%
01/15/2034
02/18/2026
10
10
9
CrossCountry
Intermediate
HoldCo
LLC
(7)(15)
6.50%
10/01/2030
03/05/2026
100
100
96
CrossCountry
Intermediate
HoldCo
LLC
(7)
6.75%
12/01/2032
03/05/2026
30
29
28
Encore
Capital
Group,
Inc.
(7)(15)
6.63%
04/15/2031
12/12/2025
708
716
705
Freedom
Mortgage
Corp.
(7)
12.25%
10/01/2030
03/25/2026
30
32
33
Freedom
Mortgage
Holdings
LLC
(7)
8.38%
04/01/2032
12/12/2025
40
42
39
Freedom
Mortgage
Holdings
LLC
(7)(15)
7.88%
04/01/2033
02/04/2026
190
190
178
Jefferson
Capital
Holdings
LLC
(7)(15)
8.25%
05/15/2030
12/12/2025
100
105
104
5
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
5
Consolidated
Schedule
of
Investments
|
March
31,
2026
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
(continued)
Financial
Services
-
0.3%
(continued)
PennyMac
Financial
Services,
Inc.
(7)
7.88%
12/15/2029
03/24/2026
$
130
$
133
$
133
Rfna
LP
(7)
7.88%
02/15/2030
12/19/2025
20
20
19
TrueNoord
Capital
DAC
(7)
8.75%
03/01/2030
12/12/2025
80
84
82
United
Wholesale
Mortgage
LLC
(7)(15)
5.50%
04/15/2029
12/12/2025
120
118
113
Velocity
Commercial
Capital
LLC
(7)
9.38%
02/15/2031
01/28/2026
100
102
100
VFH
Parent
LLC
/
Valor
Co-Issuer,
Inc.
(7)
7.50%
06/15/2031
12/19/2025
40
42
41
1,815
1,761
Food
Products
-
0.1%
B&G
Foods,
Inc.
(7)(15)
8.00%
09/15/2028
12/12/2025
820
804
808
Post
Holdings,
Inc.
(7)(15)
4.50%
09/15/2031
12/12/2025
100
95
93
Post
Holdings,
Inc.
(7)
6.50%
03/15/2036
03/17/2026
70
70
69
969
970
Gas
Utilities
-
0.2%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp.
(7)
(15)
9.50%
06/01/2030
12/12/2025
60
64
64
Suburban
Propane
Partners
LP
/
Suburban
Energy
Finance
Corp.
(7)(15)
5.00%
06/01/2031
12/12/2025
390
374
367
Suburban
Propane
Partners
LP
/
Suburban
Energy
Finance
Corp.
(7)(15)
6.50%
12/15/2035
03/05/2026
240
239
233
Superior
Plus
LP
/
Superior
General
Partner,
Inc.
(7)
(15)
4.50%
03/15/2029
12/12/2025
380
368
364
Venture
Global
Plaquemines
LNG
LLC
(7)
7.50%
05/01/2033
12/19/2025
70
75
77
Venture
Global
Plaquemines
LNG
LLC
(7)
6.50%
01/15/2034
12/12/2025
20
20
21
Venture
Global
Plaquemines
LNG
LLC
(7)
6.75%
01/15/2036
12/19/2025
70
71
74
1,211
1,200
Ground
Transportation
-
0.1%
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
(7)
8.25%
01/15/2030
12/12/2025
7
7
7
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
(7)
8.38%
06/15/2032
03/27/2026
119
117
118
RXO,
Inc.
(7)(15)
6.38%
05/15/2031
02/11/2026
247
244
238
368
363
Health
Care
Providers
&
Services
-
0.3%
AdaptHealth
LLC
(7)
4.63%
08/01/2029
03/05/2026
70
67
67
AdaptHealth
LLC
(7)(15)
5.13%
03/01/2030
12/12/2025
70
68
67
AMN
Healthcare,
Inc.
(7)(15)
4.00%
04/15/2029
03/05/2026
410
391
387
CHS
/
Community
Health
Systems,
Inc.
(7)(15)
6.13%
04/01/2030
12/12/2025
460
391
400
Davita,
Inc.
(7)(15)
4.63%
06/01/2030
03/05/2026
550
537
529
Davita,
Inc.
(7)
6.88%
09/01/2032
02/27/2026
20
21
20
Encompass
Health
Corp.
(15)
4.50%
02/01/2028
12/12/2025
170
170
169
Prime
Healthcare
Services,
Inc.
(7)
9.38%
09/01/2029
12/12/2025
130
136
135
Select
Medical
Corp.
(7)
6.25%
12/01/2032
12/12/2025
20
20
19
1,801
1,793
Health
Care
REITs
-
0.2%
Diversified
Healthcare
Trust
(15)
4.75%
02/15/2028
12/12/2025
420
407
404
Diversified
Healthcare
Trust
(15)
4.38%
03/01/2031
12/19/2025
480
435
427
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
(15)
4.63%
08/01/2029
12/12/2025
1,140
968
888
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
3.50%
03/15/2031
02/17/2026
10
7
7
1,817
1,726
Hotels,
Restaurants
&
Leisure
-
0.3%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
(7)
4.38%
01/15/2028
03/23/2026
133
131
131
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
(7)
8.75%
11/15/2029
12/12/2025
80
81
78
Hilton
Domestic
Operating
Co.,
Inc.
(7)(15)
3.75%
05/01/2029
12/12/2025
700
683
670
Hilton
Domestic
Operating
Co.,
Inc.
(7)(15)
4.00%
05/01/2031
12/12/2025
73
70
69
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
6
www.bmacx.com
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
(continued)
Hotels,
Restaurants
&
Leisure
-
0.3%
(continued)
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.
(7)(15)
5.00%
06/01/2029
12/12/2025
$
630
$
611
$
599
Station
Casinos
LLC
(7)
6.63%
03/15/2032
12/19/2025
40
41
40
Voyager
Parent
LLC
(7)(15)
9.25%
07/01/2032
12/12/2025
140
149
146
1,766
1,733
Household
Durables
-
0.4%
Beazer
Homes
USA,
Inc.
(7)(15)
7.50%
03/15/2031
12/12/2025
367
374
361
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
(7)
4.88%
02/15/2030
12/12/2025
130
122
119
Century
Communities,
Inc.
(7)(15)
3.88%
08/15/2029
02/20/2026
274
262
257
LGI
Homes,
Inc.
(7)(15)
7.00%
11/15/2032
01/12/2026
215
214
200
Mattamy
Group
Corp.
(7)
6.00%
12/15/2033
02/19/2026
110
108
103
Risewell
Homes,
Inc.
(7)
8.50%
11/01/2030
12/12/2025
90
93
88
Somnigroup
International,
Inc.
(7)(15)
4.00%
04/15/2029
12/12/2025
990
959
953
Taylor
Morrison
Communities,
Inc.
(7)(15)
5.75%
01/15/2028
12/19/2025
490
498
492
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
(7)
6.75%
01/15/2034
01/27/2026
98
97
94
Whirlpool
Corp.
6.13%
06/15/2030
02/05/2026
10
10
10
Whirlpool
Corp.
5.50%
03/01/2033
02/04/2026
10
9
9
Whirlpool
Corp.
6.50%
06/15/2033
12/12/2025
42
42
40
2,788
2,726
Household
Products
-
0.0%
(14)
Central
Garden
&
Pet
Co.
(15)
4.13%
10/15/2030
03/17/2026
120
114
113
Independent
Power
and
Renewable
Electricity
Producers
-
0.0%
(14)
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
(7)
6.38%
02/15/2032
12/12/2025
20
20
19
TerraForm
Power
Operating
LLC
(7)
4.75%
01/15/2030
12/12/2025
10
10
10
30
29
Industrial
Conglomerates
-
0.1%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
(15)
9.75%
01/15/2029
12/12/2025
470
471
462
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
(15)
4.38%
02/01/2029
12/12/2025
380
331
325
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
9.00%
06/15/2030
01/16/2026
20
20
19
822
806
Insurance
-
0.1%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
(7)
7.50%
11/06/2030
02/25/2026
152
155
153
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
(7)(15)
7.00%
01/15/2031
03/05/2026
370
375
373
APH
Somerset
Investor
2
LLC
/
APH2
Somerset
Investor
2
LLC
/
APH3
Somerset
Investor
2
LLC
(7)
7.88%
11/01/2029
12/12/2025
100
98
91
HUB
International
Ltd.
(7)
7.25%
06/15/2030
03/05/2026
200
206
205
Jones
Deslauriers
Insurance
Management,
Inc.
(7)
8.50%
03/15/2030
12/12/2025
110
114
112
The
Nassau
Cos.
of
New
York
(7)
7.88%
07/15/2030
12/12/2025
80
76
73
1,024
1,007
Interactive
Media
&
Services
-
0.0%
(14)
ANGI
Group
LLC
(7)(15)
3.88%
08/15/2028
12/12/2025
72
67
64
Dotdash
Meredith,
Inc.
(7)
7.63%
06/15/2032
12/12/2025
80
74
74
ZoomInfo
Technologies
LLC
/
ZoomInfo
Finance
Corp.
(7)
3.88%
02/01/2029
12/19/2025
10
10
8
151
146
IT
Services
-
0.2%
APLD
ComputeCo
LLC
(7)
9.25%
12/15/2030
12/12/2025
160
160
165
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.
(7)(15)
8.00%
12/31/2032
12/19/2025
340
358
353
Cipher
Compute
LLC
(7)(15)
7.13%
11/15/2030
12/12/2025
70
71
73
Sabre
GLBL,
Inc.
(7)
11.13%
07/15/2030
03/05/2026
80
71
68
7
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
7
Consolidated
Schedule
of
Investments
|
March
31,
2026
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
(continued)
IT
Services
-
0.2%
(continued)
Twilio,
Inc.
(15)
3.63%
03/15/2029
12/18/2025
$
620
$
600
$
593
1,260
1,252
Life
Sciences
Tools
&
Services
-
0.1%
Charles
River
Laboratories
International,
Inc.
(7)(15)
4.25%
05/01/2028
12/19/2025
140
139
137
Charles
River
Laboratories
International,
Inc.
(7)(15)
3.75%
03/15/2029
12/12/2025
800
771
758
Star
Parent,
Inc.
(7)
9.00%
10/01/2030
02/05/2026
100
103
104
1,013
999
Machinery
-
0.1%
ESAB
Corp.
(7)(15)
6.25%
04/15/2029
12/12/2025
230
236
234
JB
Poindexter
&
Co.,
Inc.
(7)
8.75%
12/15/2031
12/12/2025
100
104
101
Mueller
Water
Products,
Inc.
(7)(15)
4.00%
06/15/2029
12/12/2025
150
147
145
Park-Ohio
Industries,
Inc.
(7)(15)
8.50%
08/01/2030
12/12/2025
220
227
226
Wabash
National
Corp.
(7)(15)
4.50%
10/15/2028
12/12/2025
250
232
219
946
925
Marine
Transportation
-
0.1%
Danaos
Corp.
(7)(15)
6.88%
10/15/2032
12/12/2025
310
320
315
DCLI
Bidco
LLC
(7)
7.75%
11/15/2029
12/12/2025
80
82
81
Stena
International
SA
(7)
7.25%
01/15/2031
12/12/2025
60
61
61
463
457
Media
-
0.3%
AMC
Networks,
Inc.
(7)(15)
10.50%
07/15/2032
12/12/2025
480
499
474
Cable
One,
Inc.
(7)(15)
4.00%
11/15/2030
03/05/2026
240
181
167
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
(7)
5.38%
06/01/2029
02/12/2026
80
80
79
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
(7)
7.38%
02/01/2036
02/11/2026
56
57
56
EchoStar
Corp.
10.75%
11/30/2029
12/19/2025
180
196
195
Gray
Media,
Inc.
(7)(15)
4.75%
10/15/2030
12/12/2025
240
190
185
Gray
Media,
Inc.
(7)(15)
5.38%
11/15/2031
12/12/2025
510
399
379
iHeartCommunications,
Inc.
(7)(15)
10.88%
05/01/2030
12/12/2025
127
95
82
McGraw-Hill
Education,
Inc.
(7)
7.38%
09/01/2031
03/05/2026
20
21
20
Sinclair
Television
Group,
Inc.
(7)(15)
5.50%
03/01/2030
12/12/2025
120
107
104
Stagwell
Global
LLC
(7)(15)
5.63%
08/15/2029
12/12/2025
336
322
320
Univision
Communications,
Inc.
(7)(15)
8.50%
07/31/2031
03/05/2026
50
51
50
Univision
Communications,
Inc.
(7)(15)
9.38%
08/01/2032
12/12/2025
270
286
279
2,484
2,390
Metals
&
Mining
-
0.2%
Cleveland-Cliffs,
Inc.
(7)
7.00%
03/15/2032
12/19/2025
50
51
48
Compass
Minerals
International,
Inc.
(7)(15)
8.00%
07/01/2030
12/19/2025
180
188
186
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
6.75%
03/15/2034
02/18/2026
123
123
123
Mineral
Resources
Ltd.
(7)(15)
7.00%
04/01/2031
12/12/2025
580
606
593
Novelis
Corp.
(7)(15)
4.75%
01/30/2030
12/12/2025
120
115
114
SunCoke
Energy,
Inc.
(7)(15)
4.88%
06/30/2029
12/12/2025
310
287
280
1,370
1,344
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.3%
Arbor
Realty
SR,
Inc.
(7)(15)
8.50%
12/15/2028
01/29/2026
170
167
167
Arbor
Realty
SR,
Inc.
(7)(15)
7.88%
07/15/2030
12/12/2025
200
188
185
Rithm
Capital
Corp.
(7)
8.00%
04/01/2029
12/12/2025
398
393
391
Rithm
Capital
Corp.
(7)(15)
8.00%
07/15/2030
12/12/2025
410
419
396
Starwood
Property
Trust,
Inc.
(7)(15)
7.25%
04/01/2029
12/12/2025
477
499
492
Starwood
Property
Trust,
Inc.
(7)
6.50%
10/15/2030
12/19/2025
160
167
163
UWM
Holdings
LLC
(7)(15)
6.63%
02/01/2030
12/12/2025
70
71
66
UWM
Holdings
LLC
(7)
6.25%
03/15/2031
02/26/2026
70
68
64
1,972
1,924
Oil,
Gas
&
Consumable
Fuels
-
1.4%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
(7)(15)
6.63%
02/01/2032
12/19/2025
240
249
246
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
8
www.bmacx.com
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
(continued)
Oil,
Gas
&
Consumable
Fuels
-
1.4%
(continued)
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
(7)(15)
5.75%
10/15/2033
12/12/2025
$
410
$
416
$
406
Buckeye
Partners
LP
(7)(15)
4.50%
03/01/2028
12/12/2025
110
110
108
Buckeye
Partners
LP
(7)
6.75%
02/01/2030
03/13/2026
70
72
72
California
Resources
Corp.
(7)(15)
7.00%
01/15/2034
12/12/2025
484
493
488
CNX
Resources
Corp.
(7)
5.88%
03/01/2034
02/17/2026
22
22
22
Comstock
Resources,
Inc.
(7)(15)
6.75%
03/01/2029
12/12/2025
810
810
800
Crescent
Energy
Finance
LLC
(7)(15)
8.38%
01/15/2034
03/03/2026
779
807
815
CVR
Energy,
Inc.
(7)
5.75%
02/15/2028
12/12/2025
41
41
41
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.
(7)(15)
7.38%
06/30/2033
12/19/2025
717
730
723
Excelerate
Energy
LP
(7)(15)
8.00%
05/15/2030
12/12/2025
90
95
94
Gulfport
Energy
Operating
Corp.
(7)(15)
6.75%
09/01/2029
12/12/2025
210
216
215
Harvest
Midstream
I
LP
(7)
7.50%
05/15/2032
02/19/2026
60
62
61
Hess
Midstream
Operations
LP
(7)(15)
5.88%
03/01/2028
12/12/2025
400
407
403
Hess
Midstream
Operations
LP
(7)
6.50%
06/01/2029
03/25/2026
30
31
31
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
(7)
6.00%
02/01/2031
12/12/2025
80
77
78
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
(7)
7.25%
02/15/2035
12/12/2025
20
19
20
Kraken
Oil
&
Gas
Partners
LLC
(7)
7.63%
08/15/2029
12/12/2025
80
80
82
Murphy
Oil
Corp.
6.50%
02/15/2034
01/16/2026
110
111
109
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
(7)(15)
8.38%
02/15/2032
12/12/2025
777
808
801
Northern
Oil
&
Gas,
Inc.
(7)
8.75%
06/15/2031
01/29/2026
284
292
296
Northern
Oil
&
Gas,
Inc.
(7)(15)
7.88%
10/15/2033
01/28/2026
180
184
186
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
(7)(15)
9.88%
03/15/2030
12/12/2025
380
395
408
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
(7)(15)
7.88%
09/15/2030
01/06/2026
396
402
407
Saturn
Oil
&
Gas,
Inc.
(7)(15)
9.63%
06/15/2029
03/03/2026
325
338
340
SM
Energy
Co.
(7)(15)
6.75%
08/01/2029
02/11/2026
280
286
284
Summit
Midstream
Holdings
LLC
(7)(15)
8.63%
10/31/2029
12/12/2025
520
535
535
Talos
Production,
Inc.
(7)(15)
9.00%
02/01/2029
03/05/2026
360
376
375
Talos
Production,
Inc.
(7)(15)
9.38%
02/01/2031
12/12/2025
400
414
424
Venture
Global
LNG,
Inc.
(7)(15)
8.38%
06/01/2031
12/12/2025
130
128
135
Venture
Global
LNG,
Inc.
(7)(15)
9.88%
02/01/2032
12/12/2025
330
351
355
Wildfire
Intermediate
Holdings
LLC
(7)
7.50%
10/15/2029
12/12/2025
80
82
81
9,439
9,441
Paper
&
Forest
Products
-
0.0%
(14)
Magnera
Corp.
(7)
4.75%
11/15/2029
12/12/2025
70
65
63
Magnera
Corp.
(7)
7.25%
11/15/2031
02/05/2026
3
3
3
68
66
Personal
Care
Products
-
0.1%
Edgewell
Personal
Care
Co.
(7)
4.13%
04/01/2029
02/20/2026
23
22
22
HLF
Financing
SARL
LLC
/
Herbalife
International,
Inc.
(7)(15)
4.88%
06/01/2029
12/12/2025
520
491
487
513
509
Pharmaceuticals
-
1.2%
Rossini
SARL
(5)(7)(9)(11)
E
+  7.00%
9.50%
PIK
03/30/2030
06/05/2025
7,264
EUR
8,233
8,327
Professional
Services
-
0.0%
(14)
ASGN,
Inc.
(7)(15)
4.63%
05/15/2028
12/19/2025
$
340
333
330
Real
Estate
Management
&
Development
-
0.1%
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
(7)
4.63%
08/01/2029
12/12/2025
60
58
57
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
(7)
4.63%
04/01/2030
03/05/2026
60
57
56
Five
Point
Operating
Co.
LP
(7)
8.00%
10/01/2030
12/12/2025
80
83
80
The
Howard
Hughes
Corp.
(7)
4.13%
02/01/2029
03/05/2026
90
87
85
The
Howard
Hughes
Corp.
(7)(15)
4.38%
02/01/2031
12/12/2025
210
201
193
The
Howard
Hughes
Corp.
(7)
5.88%
03/01/2032
02/04/2026
40
40
38
9
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
9
Consolidated
Schedule
of
Investments
|
March
31,
2026
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Corporate
Bonds
-
non-controlled/non-affiliated
-
11.5%
(continued)
Real
Estate
Management
&
Development
-
0.1%
(continued)
The
Howard
Hughes
Corp.
(7)
6.13%
03/01/2034
02/04/2026
$
57
$
57
$
55
583
564
Semiconductors
&
Semiconductor
Equipment
-
0.1%
Entegris,
Inc.
(7)(15)
3.63%
05/01/2029
03/05/2026
900
864
856
Software
-
1.8%
Cloud
Software
Group,
Inc.
(7)(15)
8.25%
06/30/2032
12/12/2025
540
555
513
Cloud
Software
Group,
Inc.
(7)
6.63%
08/15/2033
03/18/2026
10
9
9
Elastic
NV
(7)
4.13%
07/15/2029
03/05/2026
90
86
84
Fair
Isaac
Corp.
(7)
4.00%
06/15/2028
12/12/2025
394
388
383
Fair
Isaac
Corp.
(7)(15)
6.00%
05/15/2033
03/05/2026
330
335
324
Fair
Isaac
Corp.
(7)
6.25%
09/15/2034
03/11/2026
75
75
74
Gen
Digital,
Inc.
(7)(15)
7.13%
09/30/2030
02/26/2026
230
235
232
ION
Platform
Finance
US,
Inc.
(7)
7.88%
09/30/2032
01/26/2026
100
87
77
ION
Platform
Finance
US,
Inc.
/
ION
Platform
Finance
SARL
(7)
9.00%
08/01/2029
01/21/2026
108
108
100
Open
Text
Corp.
(7)(15)
3.88%
02/15/2028
12/12/2025
260
254
251
Open
Text
Corp.
(7)(15)
3.88%
12/01/2029
03/05/2026
430
392
385
RingCentral,
Inc.
(7)
8.50%
08/15/2030
03/05/2026
10
11
10
TeamSystem
Holdco
3
SpA
(5)(7)(11)
E
+  5.75%
7.90%
07/07/2033
07/07/2025
8,755
EUR
10,181
9,760
12,716
12,202
Specialized
REITs
-
0.0%
(14)
APLD
ComputeCo
2
LLC
(7)
6.75%
03/15/2031
03/03/2026
$
98
96
97
SV
RNO
Property
Owner
1
LLC
(7)
5.88%
03/01/2031
02/13/2026
100
100
99
Uniti
Group
LP
/
Uniti
Group
Finance
2019,
Inc.
/
CSL
Capital
LLC
(7)(15)
6.50%
02/15/2029
02/17/2026
100
99
97
Uniti
Group
LP
/
Uniti
Group
Finance
2019,
Inc.
/
CSL
Capital
LLC
(7)
8.63%
06/15/2032
02/18/2026
40
41
41
336
334
Specialty
Retail
-
0.1%
Petco
Health
&
Wellness
Co.,
Inc.
(7)
8.25%
02/01/2031
03/16/2026
28
29
28
PetSmart
LLC
/
PetSmart
Finance
Corp.
(7)
7.50%
09/15/2032
12/12/2025
180
183
181
The
Men's
Wearhouse
LLC
(7)
9.00%
02/01/2031
01/22/2026
78
80
80
Victra
Holdings
LLC
/
Victra
Finance
Corp.
(7)
8.75%
09/15/2029
02/20/2026
80
84
83
Wayfair
LLC
(7)(15)
6.75%
11/15/2032
12/12/2025
280
287
283
663
655
Technology
Hardware,
Storage
&
Peripherals
-
0.1%
Seagate
Data
Storage
Technology
Pte.
Ltd.
(7)(15)
8.25%
12/15/2029
03/13/2026
400
420
421
WULF
Compute
LLC
(7)(15)
7.75%
10/15/2030
12/12/2025
110
113
116
533
537
Textiles,
Apparel
&
Luxury
Goods
-
0.0%
(14)
The
William
Carter
Co.
(7)
7.38%
02/15/2031
02/20/2026
70
73
71
Under
Armour,
Inc.
(7)(15)
7.25%
07/15/2030
01/22/2026
132
135
134
208
205
Trading
Companies
&
Distributors
-
0.1%
Alta
Equipment
Group,
Inc.
(7)(15)
9.00%
06/01/2029
02/18/2026
310
298
276
Star
Leasing
Co.
LLC
(7)(15)
7.63%
02/15/2030
12/12/2025
100
93
93
Veritiv
Operating
Co.
(7)
10.50%
11/30/2030
12/12/2025
100
107
104
498
473
TOTAL
CORPORATE
BONDS
-
NON-CONTROLLED/NON-AFFILIATED
$
81,891
$
80,476
Unsecured
Debt
-
non-controlled/non-affiliated
-
2.3%
IT
Services
-
2.3%
Evergreen
Services
Group
Holdco
LLC,
Delayed
Draw
Term
Loan
(5)(7)(9)
12.75%
PIK
04/05/2031
10/28/2025
$
2,614
2,565
2,575
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
10
www.bmacx.com
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Unsecured
Debt
-
non-controlled/non-affiliated
-
2.3%
(continued)
IT
Services
-
2.3%
(continued)
Evergreen
Services
Group
Holdco
LLC,
Term
Loan
(5)(7)(9)
12.75%
PIK
04/05/2031
10/28/2025
$
13,407
$
13,156
$
13,206
15,721
15,781
TOTAL
UNSECURED
DEBT
-
NON-CONTROLLED/NON-AFFILIATED
$
15,721
$
15,781
Structured
Finance
Obligations
-
Debt
Instruments
-
non-controlled/non-affiliated
-
0.4%
Financial
Services
-
0.4%
Galaxy
35
CLO
Ltd.
(5)(7)(11)
SOFR
+  5.00%
8.67%
04/20/2038
06/25/2025
$
2,749
2,762
2,690
TOTAL
STRUCTURED
FINANCE
OBLIGATIONS
-
DEBT
INSTRUMENTS
-
NON-CONTROLLED/NON-AFFILIATED
$
2,762
$
2,690
Structured
Finance
Obligations
-
Equity
Instruments
-
non-controlled/non-affiliated
-
2.2%
Financial
Services
-
2.2%
Aimco
CLO
20
Ltd.
(5)(7)(16)
Effective
yield
12.21%
10/16/2038
11/07/2025
$
5,659
5,091
4,372
CarVal
CLO
XIII-C
Ltd.
(5)(6)(7)(17)
06/24/2027
06/24/2025
919
919
966
Galaxy
35
CLO
Ltd.
(5)(7)(16)
Effective
yield
11.66%
04/20/2038
06/25/2025
8,010
6,745
4,924
HPS
Loan
Management
Ltd.
(5)(7)(16)
Effective
yield
11.10%
04/15/2037
06/18/2025
2,000
1,239
1,047
MidOcean
Credit
CLO
XIX
Ltd.
(5)(7)(16)
Effective
yield
8.10%
07/20/2036
09/24/2025
2,000
1,434
1,083
Regatta
Kilo
(5)(6)(7)(17)
12/27/2026
06/13/2025
1,415
1,415
1,518
Whitebox
CLO
V
Ltd.
(5)(7)(16)
Effective
yield
7.37%
07/20/2038
09/24/2025
2,500
2,157
1,633
19,000
15,543
TOTAL
STRUCTURED
FINANCE
OBLIGATIONS
-
EQUITY
INSTRUMENTS
-
NON-CONTROLLED/NON-AFFILIATED
$
19,000
$
15,543
Equity
&
Other
-
non-controlled/non-affiliated
-
9.0%
Health
Care
Technology
-
1.6%
Azalea
Parent
Corp.,
Preferred
Units
(5)(7)(9)
12.75%
PIK
11/21/2025
10,895
$
10,691
$
11,222
Pharmaceuticals
-
4.4%
Elanco
Animal
Health,
Inc.
-
Royalty
Interest
(5)(7)
02/26/2026
25,000,000
25,442
30,464
Transportation
Infrastructure
-
3.0%
Enstructure
Holdco
LLC,
Preferred
Units
(5)(7)(9)(11)
SOFR
+  7.00%
10.69%
PIK
08/15/2025
21,065,549
20,770
20,907
TOTAL
EQUITY
&
OTHER
-
NON-CONTROLLED/NON-AFFILIATED
$
56,903
$
62,593
Equity
&
Other
-
non-controlled/affiliated
-
5.2%
Financial
Services
-
1.6%
Taurus
I
Cayman
TopCo
LP
-
LP
Interest
(5)(6)(7)(18)
12/23/2025
17.86%
$
10,487
$
10,854
Oil,
Gas
&
Consumable
Fuels
-
3.6%
Pibb
Member
Holdings
LLC
-
LLC
Interest
(5)(7)(18)
06/25/2025
25,000,000
24,929
25,297
TOTAL
EQUITY
&
OTHER
-
NON-CONTROLLED/AFFILIATED
$
35,416
$
36,151
Equity
&
Other
-
controlled/affiliated
-
5.4%
Insurance
-
5.4%
Fort
Greene
Reinsurance
Holdings
LLC
Class
A
Common
Units
(5)(7)(17)(18)
08/04/2025
628
$
6,285
$
5,894
Class
A
Preferred
Units,
A-1
(5)(7)(18)
10.00%
08/04/2025
150
1,500
1,500
Class
A
Preferred
Units,
A-2
(5)(7)(18)
10.00%
08/29/2025
650
6,500
6,500
Class
A
Preferred
Units,
A-3
(5)(7)(18)
11.00%
09/29/2025
1,600
16,000
16,000
Class
A
Preferred
Units,
A-4
(5)(7)(18)
10.67%
12/29/2025
349
3,492
3,490
Class
A
Preferred
Units,
A-5
(5)(7)(18)
10.67%
03/27/2026
451
4,510
4,510
38,287
37,894
Foundry
Insurance
Services
Ltd.,
Common
Units
(5)
(7)(17)(18)
07/11/2025
10
TOTAL
EQUITY
&
OTHER
-
CONTROLLED/AFFILIATED
$
38,287
$
37,894
Investee
Funds
-
non-controlled/affiliated
-
61.2%
Financial
Services
-
61.2%
Blackstone
Private
Credit
Fund
-
Class
I
(5)(7)(18)(19)
05/01/2025
9,880,405
$
247,500
$
240,390
11
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
11
Consolidated
Schedule
of
Investments
|
March
31,
2026
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
(1)
Reference
Rate
&
Spread
(2)
Interest
Rate
(2)
Maturity
Date
Acquisition
Date
Par
Amount/
Units/
Ownership
(3)
Cost
(4)
Fair
Value
Investee
Funds
-
non-controlled/affiliated
-
61.2%
(continued)
Financial
Services
-
61.2%
(continued)
Blackstone
Private
Real
Estate
Credit
and
Income
Fund,
Common
Shares
(5)(7)(18)(19)
06/01/2025
7,117,034
$
182,500
$
186,182
TOTAL
INVESTEE
FUNDS
-
NON-CONTROLLED/AFFILIATED
$
430,000
$
426,572
TOTAL
PORTFOLIO
INVESTMENTS
-
126.7%
$
887,367
$
883,777
Interest
Rate
Cost
Fair
Value
Cash
and
Cash
Equivalents
-
2.7%
BlackRock
Liquidity
FedFund
-
Class
Institutional
3.55%
$
14,685
$
14,685
Dreyfus
Government
Cash
Management
-
Class
Institutional
3.54%
26
26
Fidelity
Investments
Money
Market
Treasury
Portfolio
-
Class
I
3.56%
1,324
1,324
Other
Cash
and
Cash
Equivalents
3,461
3,457
TOTAL
CASH
AND
CASH
EQUIVALENTS
$
19,496
$
19,492
TOTAL
PORTFOLIO
INVESTMENTS,
CASH
AND
CASH
EQUIVALENTS
-
129.4%
$
906,863
$
903,269
Debt
Outstanding
-
(15.3)%
(106,939)
Reverse
Repurchase
Agreements
-
(5.8)%
(40,542)
Other
Assets,
less
Liabilities
-
(8.3)%
(58,262)
Net
Assets
-
100.0%
$
697,526
Amounts
above
are
shown
as
a
percentage
of
net
assets
as
of
March
31,
2026.
Reverse
Repurchase
Agreements
Outstanding
at
March
31,
2026
Counterparty
Interest
Rate
Acquisition
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
BofA
Securities,
Inc.
2.75%
03/26/2026
On
Demand
(20)
$
(65)
$
(65)
BofA
Securities,
Inc.
3.20%
02/11/2026
On
Demand
(20)
(146)
(146)
BofA
Securities,
Inc.
3.25%
02/13/2026
On
Demand
(20)
(121)
(121)
BofA
Securities,
Inc.
3.25%
02/27/2026
On
Demand
(20)
(291)
(292)
BofA
Securities,
Inc.
3.25%
03/05/2026
On
Demand
(20)
(196)
(196)
BofA
Securities,
Inc.
3.25%
03/31/2026
On
Demand
(20)
(95)
(95)
BofA
Securities,
Inc.
3.45%
03/06/2026
On
Demand
(20)
(181)
(181)
BofA
Securities,
Inc.
3.45%
03/26/2026
On
Demand
(20)
(57)
(57)
BofA
Securities,
Inc.
3.50%
02/18/2026
On
Demand
(20)
(74)
(74)
BofA
Securities,
Inc.
3.50%
03/05/2026
On
Demand
(20)
(205)
(205)
BofA
Securities,
Inc.
3.50%
03/06/2026
On
Demand
(20)
(101)
(101)
BofA
Securities,
Inc.
3.50%
03/26/2026
On
Demand
(20)
(46)
(46)
BofA
Securities,
Inc.
3.55%
03/05/2026
On
Demand
(20)
(148)
(149)
BofA
Securities,
Inc.
3.60%
02/24/2026
On
Demand
(20)
(507)
(509)
BofA
Securities,
Inc.
3.60%
03/03/2026
On
Demand
(20)
(52)
(52)
BofA
Securities,
Inc.
3.60%
03/05/2026
On
Demand
(20)
(79)
(79)
BofA
Securities,
Inc.
3.60%
03/06/2026
On
Demand
(20)
(87)
(87)
BofA
Securities,
Inc.
3.60%
03/19/2026
On
Demand
(20)
(485)
(486)
BofA
Securities,
Inc.
3.60%
03/26/2026
On
Demand
(20)
(243)
(244)
BofA
Securities,
Inc.
3.65%
02/18/2026
On
Demand
(20)
(158)
(158)
BofA
Securities,
Inc.
3.65%
02/27/2026
On
Demand
(20)
(34)
(34)
BofA
Securities,
Inc.
3.65%
03/03/2026
On
Demand
(20)
(133)
(134)
BofA
Securities,
Inc.
3.65%
03/05/2026
On
Demand
(20)
(590)
(591)
BofA
Securities,
Inc.
3.65%
03/06/2026
On
Demand
(20)
(39)
(39)
BofA
Securities,
Inc.
3.90%
03/05/2026
On
Demand
(20)
(1,228)
(1,232)
BofA
Securities,
Inc.
3.90%
03/06/2026
On
Demand
(20)
(536)
(537)
BofA
Securities,
Inc.
3.95%
03/05/2026
On
Demand
(20)
(543)
(545)
Goldman
Sachs
&
Co.
LLC
3.64%
01/15/2026
On
Demand
(20)
(349)
(351)
Goldman
Sachs
&
Co.
LLC
3.76%
01/20/2026
On
Demand
(20)
(219)
(220)
Goldman
Sachs
&
Co.
LLC
3.76%
02/20/2026
On
Demand
(20)
(150)
(150)
Goldman
Sachs
&
Co.
LLC
3.76%
03/05/2026
On
Demand
(20)
(568)
(569)
Goldman
Sachs
&
Co.
LLC
3.76%
03/06/2026
On
Demand
(20)
(698)
(701)
Goldman
Sachs
&
Co.
LLC
3.96%
02/20/2026
On
Demand
(20)
(476)
(478)
J.P.
Morgan
Securities
LLC
3.25%
03/17/2026
On
Demand
(20)
(90)
(90)
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
12
www.bmacx.com
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Reverse
Repurchase
Agreements
Outstanding
at
March
31,
2026
Counterparty
Interest
Rate
Acquisition
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
J.P.
Morgan
Securities
LLC
3.40%
03/17/2026
On
Demand
(20)
$
(172)
$
(172)
J.P.
Morgan
Securities
LLC
3.60%
03/17/2026
On
Demand
(20)
(236)
(236)
J.P.
Morgan
Securities
LLC
3.64%
03/11/2026
On
Demand
(20)
(158)
(159)
J.P.
Morgan
Securities
LLC
3.64%
03/19/2026
On
Demand
(20)
(399)
(399)
J.P.
Morgan
Securities
LLC
3.64%
03/23/2026
On
Demand
(20)
(747)
(748)
J.P.
Morgan
Securities
LLC
3.70%
03/17/2026
On
Demand
(20)
(587)
(588)
J.P.
Morgan
Securities
LLC
3.75%
02/18/2026
On
Demand
(20)
(267)
(268)
J.P.
Morgan
Securities
LLC
3.75%
03/17/2026
On
Demand
(20)
(5,283)
(5,293)
J.P.
Morgan
Securities
LLC
3.85%
03/11/2026
On
Demand
(20)
(61)
(61)
J.P.
Morgan
Securities
LLC
3.85%
03/17/2026
On
Demand
(20)
(307)
(307)
J.P.
Morgan
Securities
LLC
3.90%
03/17/2026
On
Demand
(20)
(200)
(200)
J.P.
Morgan
Securities
LLC
3.95%
03/17/2026
On
Demand
(20)
(232)
(232)
J.P.
Morgan
Securities
LLC
3.95%
03/24/2026
On
Demand
(20)
(588)
(589)
Morgan
Stanley
Bank
NA
1.00%
12/19/2025
On
Demand
(20)
(28)
(28)
Nomura
Securities
International,
Inc.
–%
03/06/2026
On
Demand
(20)
(167)
(167)
Nomura
Securities
International,
Inc.
3.50%
03/05/2026
On
Demand
(20)
(241)
(242)
Nomura
Securities
International,
Inc.
3.50%
03/23/2026
On
Demand
(20)
(205)
(205)
Nomura
Securities
International,
Inc.
3.64%
03/03/2026
On
Demand
(20)
(59)
(59)
Nomura
Securities
International,
Inc.
3.96%
03/05/2026
On
Demand
(20)
(10,405)
(10,437)
Nomura
Securities
International,
Inc.
3.96%
03/06/2026
On
Demand
(20)
(369)
(370)
Nomura
Securities
International,
Inc.
3.99%
12/12/2025
On
Demand
(20)
(1,206)
(1,220)
Nomura
Securities
International,
Inc.
3.99%
12/19/2025
On
Demand
(20)
(8,111)
(8,201)
Nomura
Securities
International,
Inc.
3.99%
03/16/2026
On
Demand
(20)
(383)
(384)
Nomura
Securities
International,
Inc.
3.99%
03/26/2026
On
Demand
(20)
(470)
(470)
Nomura
Securities
International,
Inc.
3.99%
03/27/2026
On
Demand
(20)
(671)
(671)
Total
Reverse
Repurchase
Agreements
Outstanding
$
(40,542)
$
(40,720)
(1)
Unless
otherwise
indicated,
the
Fund
is
not
affiliated
with,
nor
does
it
“control”
any
of
the
issuers
listed.
Under
the
Investment
Company
Act
of
1940,
as
amended
(together
with
the
rules
and
regulations
promulgated
thereunder,
the
“1940
Act”),
the
Fund
is
generally
deemed
to
“control”
a
portfolio
company
if
the
Fund
owns
more
than
25%
of
its
outstanding
voting
securities
and/or
has
the
power
to
exercise
control
over
the
management
or
policies
of
the
portfolio
company.
Under
the
1940
Act,
the
Fund
is
generally
deemed
an
“affiliated
person”
of
a
portfolio
company
if
the
Fund
owns
5%
or
more
of
the
portfolio
company’s
outstanding
voting
securities.
(2)
Variable
rate
loans
to
the
portfolio
companies
bear
interest
at
a
rate
that
is
determined
by
reference
to
either
Sterling
Overnight
Interbank
Average
Rate
(“SONIA”
or
“S”),
Euro
Interbank
Offer
Rate
(“Euribor”
or
“E”),
Secured
Overnight
Financing
Rate
(“SOFR”),
or
Stockholm
Interbank
Offered
Rate
(“STIBOR”
or
“ST”),
which
generally
resets
periodically.
For
each
loan,
the
Fund
has
indicated
the
reference
rate
used
and
provided
the
spread
and
the
interest
rate
in
effect
as
of
March
31,
2026.
Variable
rate
loans
typically
include
an
interest
reference
rate
floor
feature.
The
interest
rate
for
unsettled
variable
rate
loans
does
not
include
the
base
rate.
(3)
Unless
otherwise
indicated,
all
debt
and
equity
investments
held
by
the
Fund
are
denominated
in
U.S.
Dollars.
All
debt
investments
are
income
producing
unless
otherwise
indicated.
Certain
portfolio
company
investments
are
subject
to
contractual
restrictions
on
sales.
The
total
par
amount
(in
thousands)
is
presented
for
debt
investments
and
structured
finance
obligations,
while
the
number
of
shares
or
units
(in
whole
amounts)
owned
is
presented
for
equity
investments.
Each
of
the
Fund’s
investments
is
pledged
as
collateral
under
its
revolving
credit
facility
unless
otherwise
indicated.
(4)
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”).
(5)
These
investments
were
valued
using
unobservable
inputs
and
are
considered
Level
3
investments.
Fair
value
was
determined
in
good
faith
by
the
Adviser
under
the
direction
of
the
Board
of
Trustees
(see
Note
2
and
Note
3),
pursuant
to
the
Fund’s
valuation
policy.
13
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
13
Consolidated
Schedule
of
Investments
|
March
31,
2026
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Investments
Commitment
Type
Commitment
Expiration
Date
Unfunded
Commitment
Fair
Value
Carval
CLO
XIII-C
Ltd.
Structured
Finance
Obligations
-
Equity
Instruments
06/24/2027
$
956
$
Clocktower
Intermediate
Lender
LP
Revolver
01/31/2033
5,101
(68
)
Enstructure
LLC
Delayed
Draw
Term
Loan
06/10/2026
122
(1
)
Ground
Penetrating
Radar
Systems
LLC
Delayed
Draw
Term
Loan
07/02/2027
973
Ground
Penetrating
Radar
Systems
LLC
Revolver
01/02/2032
564
IRI
Group
Holdings,
Inc.
Revolver
12/01/2028
3,843
Jupiter
Purchaser
LLC
Delayed
Draw
Term
Loan
11/08/2026
1,453
(7
)
Langan
Midco
LLC
Delayed
Draw
Term
Loan
01/16/2027
3,052
(15
)
Regatta
Kilo
Structured
Finance
Obligations
-
Equity
Instruments
12/27/2026
335
Saber
Power
Services
LLC
Revolver
10/21/2031
1,154
Scutum
SA
Delayed
Draw
Term
Loan
07/25/2028
2,177
(33
)
Taurus
I
Cayman
TopCo
LP
Equity
07/02/2027
7,065
Teneo
Holdings
LLC
Delayed
Draw
Term
Loan
07/31/2027
649
Teneo
Holdings
LLC
Revolver
07/31/2030
1,234
Veregy
Consolidated,
Inc.
Delayed
Draw
Term
Loan
04/16/2027
352
Veregy
Consolidated,
Inc.
Revolver
04/16/2031
845
(4
)
Total
Unfunded
Commitments
$
29,875
$
(128
)
(6)
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
Fund’s
unfunded
commitments:
(7)
Denoted
securities
are
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended.
As
of
March
31,
2026,
the
aggregate
fair
value
of
these
securities
is
$875,505
or
125.5%
of
the
Fund’s
net
assets.
The
initial
acquisition
dates
have
been
included
for
such
securities.
(8)
The
interest
rate
floor
on
these
investments
as
of
March
31,
2026
was
0.75%.
(9)
Income
may
be
received
in
additional
securities
and/or
cash.
(10)
The
interest
rate
floor
on
these
investments
as
of
March
31,
2026
was
1.00%.
(11)
There
are
no
interest
rate
floors
on
these
investments.
(12)
The
interest
rate
floor
on
these
investments
as
of
March
31,
2026
was
0.50%.
(13)
These
loans
are
“last-out”
portions
of
loans.
The
“last-out”
portion
of
the
Fund’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.
(14)
Rounds
to
less
than
0.1%.
(15)
All
or
a
portion
of
this
security
is
pledged
as
collateral
in
connection
with
reverse
repurchase
agreements.
These
securities
are
not
pledged
as
collateral
under
the
Fund's
revolving
credit
facility.
(16)
Interest
rate
represents
the
effective
yield
of
estimated
future
cash
flows
on
the
equity
class
of
structured
finance
obligation
vehicles
using
the
effective
yield
method
in
accordance
with
GAAP.
(17)
Non-income
producing.
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
14
www.bmacx.com
See
Notes
to
Consolidated
Schedule
of
Investments.
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Fair
Value,
Beginning
of
Period
Gross
Additions
Gross
Reductions
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Net
Realized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Non-Controlled/Affiliated
Investments
Blackstone
Private
Credit
Fund
-
Class
I
$
205,342
$
40,000
$
$
(4,952
)
$
$
240,390
$
5,766
Blackstone
Private
Real
Estate
Credit
and
Income
Fund,
Common
Shares
135,756
50,000
426
186,182
3,421
Pibb
Member
Holdings
LLC
-
LLC
Interest
25,297
25,297
688
Taurus
I
Cayman
TopCo
LP
-
LP
Interest
6,780
3,976
(202
)
300
10,854
190
Controlled/Affiliated
Investments
Fort
Greene
Reinsurance
Holdings
LLC
  Class
A
Common
Units
5,205
1,130
(441
)
5,894
  Class
A
Preferred
Units,
A-1
1,500
1,500
38
  Class
A
Preferred
Units,
A-2
6,500
6,500
163
  Class
A
Preferred
Units,
A-3
16,000
16,000
440
  Class
A
Preferred
Units,
A-4
3,492
(2
)
3,490
93
  Class
A
Preferred
Units,
A-5
4,510
4,510
7
Foundry
Insurance
Services
Ltd.,
Common
Units
Total
$
405,872
$
99,616
$
(202
)
$
(4,669
)
$
$
500,617
$
10,806
(18)
Under
the
1940
Act,
the
Fund
is
generally
deemed
to
“control”
a
portfolio
company
if
the
Fund
owns
more
than
25%
of
its
outstanding
voting
securities
and/or
has
the
power
to
exercise
control
over
the
management
or
policies
of
the
portfolio
company.
Under
the
1940
Act,
the
Fund
is
generally
deemed
an
“affiliated
person”
of
a
portfolio
company
if
the
Fund
owns
5%
or
more
of
the
portfolio
company’s
outstanding
voting
securities.
Shareholders
will
not
bear
duplicative
fees
on
investments
into
investment
companies
or
business
development
companies
managed
by
the
Adviser
or
its
affiliates.
As
of
March
31,
2026,
the
Fund’s
controlled/affiliated
and
non-controlled/affiliated
investments
were
as
follows:
(19)
Additional
information
for
the
investments
in
other
registered
investment
companies
or
business
development
companies
(“Investee
Fund”),
including
the
financial
statements,
is
available
from
the
SEC’s
EDGAR
database
at
www.sec.gov.
(20)
Open
repurchase
agreement
with
no
specific
maturity
date.
Either
party
may
terminate
the
agreement
upon
demand.
Foreign
Currency
Forward
Contracts
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Appreciation
(Depreciation)
JPMorgan
Chase
Bank
NA
USD
1,741
EUR
1,491
06/25/2026
$
16
JPMorgan
Chase
Bank
NA
USD
248
GBP
185
06/25/2026
5
JPMorgan
Chase
Bank
NA
USD
648
SEK
5,989
06/25/2026
16
Total
$
37
Cu
r
rency
EUR
Euro
GBP
British
Pound
SEK
Swedish
Krona
USD
United
States
Dollar
15
Consolidated
Schedule
of
Investments
|
March
31,
2026
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Notes
to
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
NOTE
1.
ORGANIZATION
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
(“BMACX”
or
the
“Fund”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
a
non-diversified,
closed-end
management
investment
company.
The
Fund
engages
in
a
continuous
offering
of
its
Common
Shares
and
operates
as
an
interval
fund
that
will
offer
to
make
quarterly
repurchases
of at
least
5%
and
up
to
25%
of
its
Common
Shares
at
net
asset
value
(“NAV”).
Although
the
policy
permits
repurchases
of
between
5%
and
25%
of
the Fund’s
outstanding
Common
Shares,
for
each
quarterly
repurchase
offer,
the
Fund
currently
expects
to
offer
to
repurchase
5%
of
the
Fund’s
outstanding
Common
Shares
(in
the
aggregate
across
all
share
classes)
at
NAV
(either
by
number
of
shares
or
aggregate
NAV),
subject
to
the
approval
of
the
Board
of
Trustees
(the
“Board”
and
individually,
the
“Trustees”).
The
Fund
currently
offers
four
classes
of
shares
of
beneficial
interest
on
a
continuous
basis:
Class
S
Common
Shares
(“Class
S
Shares”),
Class
D
Common
Shares
(“Class
D
Shares”),
Class
I
Common
Shares
(“Class
I
Shares”)
and
Class
I
Advisory
Common
Shares
(“Class
I
Advisory
Shares”
and,
together
with
the
Class
S
Shares,
Class
D
Shares
and
Class
I
Shares,
“Common
Shares”).
The
Fund
is
authorized
to
issue
an
unlimited
number
of
Common
Shares.
Blackstone
Private
Credit
Strategies
LLC
(the
“Adviser”),
an
affiliate
of
Blackstone
Alternative
Credit
Advisors
LP
(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”),
acts
as
the
Fund’s
investment
adviser.
The
Adviser
is
an
investment
adviser
registered
with
the Securities
and
Exchange
Commission
(the
“SEC”) under
the
Investment
Advisers
Act
of
1940,
as
amended.
The
Adviser is
responsible
for
the
day-to-day
management
of
the
Fund.
The
Fund
operates
under
the
direction
of
the
Board.
The
Fund
has
five
Trustees,
four
of
whom
are
not
considered
to
be
“interested
persons”
of
the
Fund or
the
Adviser
as
defined
in
the
1940
Act
(“Independent
Trustees”).
The
Independent
Trustees
are
responsible
for,
among
other
things,
reviewing
the
performance
of
the
Adviser
and
approving
the
compensation
paid
to
the
Adviser
and
its
affiliates.
The
Fund’s
investment
objectives
are
to
generate
current
income
and,
to
a
lesser
extent,
long-term
capital
appreciation.
The
Fund
seeks
to
achieve
its
investment
objectives
by
employing
a
flexible
mandate
and
dynamically
allocating
assets
across
a
wide
range
of
credit
and
income-oriented
strategies
with
a
focus
on
private
investments.
The
Fund
was
organized
as
a
Delaware
statutory
trust
on
July
26,
2024,
pursuant
to
an
Amended
and
Restated
Agreement
and
Declaration
of
Trust,
governed
by
the
laws
of
the
State
of
Delaware.
The
Fund
had
no
operations
from
that
date
to
January
31,
2025,
other
than
those
related
to
organizational
matters
and
the
registration
of
its
Common
Shares
under
applicable
securities
laws.
The
Adviser
purchased
6,667
Class
I
Shares
at
a NAV
of
$15.00
per
share
on
January
31,
2025.
On
May
1,
2025,
Class
I
Shares
were
sold
at
the
initial
offering
price
of
$15.00
per
share
and
the
Fund
commenced
investment
operations.
Class
S
Shares
and
Class
I
Advisory Shares were
initially
sold
at
the
June
30,
2025
end
of
day NAV
per
share
and
commenced
operations
on
July
1,
2025.
As
of March
31,
2026,
Class
S
Shares,
Class
I
Shares
and
Class
I
Advisory
Shares
were
outstanding.
As
of
March
31,
2026,
the
Fund
had
not
issued
any
Class
D
Shares.
As
of
March
31,
2026,
the
Adviser
owns
1,666,667
Class
I
Shares.
NOTE
2.
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Presentation
The Consolidated
Schedule
of
Investments
has
been
prepared
on
the
accrual
basis
of
accounting
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
(“GAAP”)
and is
stated
in
U.S.
dollars.
As
an
investment
company,
the
Fund
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”).
All
intercompany
balances
and
transactions
have
been
eliminated.
Use
of
Estimates
The preparation
of the
Consolidated
Schedule
of
Investments 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 as
of
the
reporting date.
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
Consolidated
Schedule
of
Investments.
Actual
results
may
ultimately
differ
from
those
estimates.
16
www.bmacx.com
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Notes
to
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
Consolidation
As
provided
under
ASC
946,
the
Fund
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
Fund.
As
of
March
31,
2026,
the
Fund’s
consolidated
subsidiaries are
Blackstone
BMACX
C-1
LLC,
BXCI
Enstructure
LLC,
Blackstone
Private
Multi-Asset
Credit
Sub
Fund
I
Ltd., and
BMACX
Pibb
LLC.
Investments
Valuation
of
Investments
The
Fund
is
required
to
report
its
investments,
including
those
for
which
current
market
values
are
not
readily
available,
at
fair
value.
The
Fund
values
its
investments
in
accordance
with
ASC
Topic
820,
Fair
Value
Measurement
(“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
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.
In
accordance
with
Rule
2a-5
under
the
1940
Act,
the
Board
has
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
value
determinations
related
to
the
Fund’s
investments,
subject
to
the
Board’s
oversight
and
periodic
reporting
requirements.
Any
investments
and
other
assets
for
which
such
current
market
quotations
are
not
readily
available
are
valued
at
fair
value
(“Fair
Valued
Assets”)
as
determined
in
good
faith
by
a
committee
of
the
Adviser
under
the
Fund’s
valuation
procedures
established
by,
and
under
the
general
supervision
and
responsibility
of,
the
Board.
The
pricing
of
all
Fair
Valued
Assets
and
determinations
thereof
shall
be
reported
by
the
Adviser
as
valuation
designee
to
the
Board
at
each
regularly
scheduled
quarterly
meeting.
These
valuation
approaches
involve
some
level
of
estimation
and
judgment,
the
degree
of
which
is
dependent
on
the
price
transparency
for
the
investments
or
market
and
the
investments’
complexity. The
Board
may
modify the
Fund’s
valuation
procedures
from
time
to
time.
Investments
for
which
market
quotations
are
readily
available
are
typically
valued
at
those
market
quotations.
To
validate
market
quotations,
the
Adviser
utilizes
a
number
of
factors
to
determine
if
the
quotations
are
representative
of
fair
value,
including
the
source
and
number
of
the
quotations.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
the
Adviser
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
independent
pricing
services
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
valuation
procedures.
The
Adviser
does
not
adjust
the
prices
unless
it
has
a
reason
to
believe
market
quotations
are
not
reflective
of
the
fair
value
of
an
investment.
As
part
of
the
valuation
process,
the
Adviser
generally
takes
into
account
relevant
factors
in
determining
the
fair
value
of
the
Fund’s
investments
for
which
reliable
market
quotations
are
not
readily
available,
including
and
in
combination,
as
relevant:
(i)
the
nature
and
realizable
value
of
any
collateral;
(ii)
the
underlying
investment’s
ability
to
make
payments
based
on
its
earnings
and
cash
flow;
(iii)
the
markets
in
which
the
underlying
investment
does
business;
and
(iv)
overall
changes
in
the
interest
rate
environment
and
the
credit
markets
that
may
affect
the
price
at
which
similar
investments
may
be
made
in
the
future.
When
an
external
event
such
as
a
purchase
transaction,
public
offering
or
subsequent
equity
or
debt
sale
occurs,
the
Adviser,
with
the
assistance
of
independent
valuation
firm(s),
considers
whether
the
pricing
indicated
by
the
external
event
corroborates
its
valuation.
Where
prices
or
inputs
are
not
available
or,
in
the
judgment
of
the
Adviser,
with
assistance
of
independent
valuation
firm(s),
determined
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
Fund
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 generally
utilizes
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 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
17
17
Consolidated
Schedule
of
Investments
|
March
31,
2026
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Notes
to
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
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
Fund
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
Fund
are
substantially
illiquid
with
no
active
transaction
market,
the
Fund
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.
Investments
in
other
registered
investment
companies
or
business
development
companies
(“Investee
Fund”)
are
valued
at
the NAV
reported
by
such
vehicles
with
daily
adjustments
made
by
an
independent
valuation
firm
to
account
for
estimated
daily
accruals
of
income
and
expenses,
and
market
movements
on
an
aggregate
portfolio
level.
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
may
include
unrestricted
securities,
including
equities
and
derivatives,
listed
in
active
markets.
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
may
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
deter-
mination
of
fair
value
require
significant
management
judgment
or
estimation.
Financial
instruments
that
are
included
in
this
category
may
include
debt
and
equity
investments
in
privately
held
entities,
equity
investments
in
Investee
Funds,
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
Adviser’s
assessment,
with
the
assistance
of
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
year
in
which
the
transfer
occurs.
The
Fund
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
Fund
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
Fund’s
investments
may
fluctuate
from
period
to
period,
and
these
differences
could
be
material.
Additionally,
the
fair
value
of
the
Fund’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
Fund
may
ultimately
realize.
Further, certain
investments
may
be subject
to
legal
and
other
restrictions
on
resale
or
otherwise
are
less
liquid
than
publicly-traded
securities.
If
the
Fund
was
required
to
liquidate
a
portfolio
investment
in
a
forced
or
liquidation
sale,
it
could
realize
significantly
less
than
the
value
at
which
the
Fund
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.
Cash
and
Cash
Equivalents
Cash and
cash
equivalents
represents
cash
on
hand,
cash
held
in
banks,
money
market
funds
and
liquid
investments
with
original
maturities
of
three
18
www.bmacx.com
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Notes
to
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
months
or
less.
Cash
and
cash
equivalents
are
carried
at
cost,
which
approximates
fair
value.
The
Fund
deposits
its
cash
and
cash
equivalents
with
financial
institutions
which,
at
times,
may
exceed
the
Federal
Deposit
Insurance
Corporation
insured
limit.
Cash
and
cash
equivalents
held
by
the
Fund
as of
March
31,
2026 include
cash
equivalents
that
are
categorized
as
Level
1
within
the
fair
value
hierarchy
established
by
ASC
820.
Derivative
Instruments
In
the
normal
course
of
business,
the
Fund
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.
While
the
notional
amount
gives
some
indication
of
the
Fund’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
Fund
manages
these
risks
on
an
aggregate
basis
as
part
of
its
risk
management
process.
From
time
to
time,
the
Fund
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
Fund
utilizes
forward
currency
contracts
to
economically
hedge
the
currency
exposure
associated
with
certain
foreign
currency
denominated
assets
and
liabilities
of
the
Fund.
The
use
of
forward
currency
contracts
does
not
eliminate
fluctuations
in
the
price
of
the
underlying
investment
the
Fund
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).
Reverse
Repurchase
Agreements
Reverse
repurchase
agreements
involve
the
sale
of
securities
held
by
the
Fund
to
financial
institutions
such
as
banks
and
broker-dealers,
with
an
agreement
that
the
Fund
will
repurchase
the
securities
at
an
agreed
upon
price
and
date.
During
the
reverse
repurchase
agreement
period,
the
Fund
continues
to
receive
interest
and
principal
payments
on
the
securities
sold.
Transactions
involving
reverse
repurchase
agreements
are
treated
as
secured
borrowings
and
are
recorded
at
their
contracted
repurchase
price
which
approximates
fair
value
due
to
the
short
term
nature
of
the
transactions.
NOTE
3.
FAIR
VALUE
MEASUREMENTS
The
following
tables
present
the
fair
value
hierarchy
of
financial
instruments
as
of
March
31,
2026: 
Level
1
Level
2
Level
3
Total
First
Lien
Debt
$
$
$
101,218
$
101,218
Second
Lien
Debt
35,193
35,193
Subordinate
&
Other
Debt
69,666
69,666
Corporate
Bonds
62,389
18,087
80,476
Unsecured
Debt
15,781
15,781
Structured
Finance
Obligations
-
Debt
Instruments
2,690
2,690
Structured
Finance
Obligations
-
Equity
Instruments
15,543
15,543
Equity
and
Other
136,638
136,638
Investee
Funds
426,572
426,572
Total
Investments
$
$
62,389
$
821,388
$
883,777
Derivative
Assets:
Foreign
currency
forward
contracts  
$
$
37
$
$
37
Total
Derivative
Assets
$
$
37
$
$
37
19
19
Consolidated
Schedule
of
Investments
|
March
31,
2026
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Notes
to
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
The following
table
presents
investments
in
Investee
Funds,
by
investment
strategy,
the
unfunded
commitment,
and
redemption
restrictions
put
in
place
by
the
Investee
Fund.
The
following
tables
present
changes
in
the
fair
value
of
financial
instruments
for
which
Level
3
inputs
were
used
to
determine
the
fair
value
as
of
March
31,
2026:
Investee
Funds
Investee
Fund
Strategy
Unfunded
Commitment
Redemption
Frequency
Redemption
Lock-up
Period
Fund
Term
Fair
Value
Blackstone
Private
Credit
Fund
Corporate:
direct
lending
$
Quarterly
(1)
None
Perpetual
$
240,390
Blackstone
Private
Real
Estate
Credit
and
Income
Fund
Real
estate
credit
and
income
Quarterly
(2)
None
Perpetual
186,182
$
$
426,572
(1)
Up
to
5%
of
common
shares
outstanding
(either
by
number
of
shares
or
aggregate
net
asset
value)
as
of
the
close
of
the
previous
calendar
quarter,
subject
to
approval
by
the
Investee
Fund’s
board
of
trustees.
Shares
that
have
not
been
outstanding
for
at
least
one
year
are
repurchased
at
98%
of
such
net
asset
value.
(2)
Up
to
5%
of
common
shares
outstanding
(either
by
number
of
shares
or
aggregate
net
asset
value)
as
of
the
close
of
the
previous
calendar
quarter,
subject
to
approval
by
the
Investee
Fund’s
board
of
trustees.
Fair
Value
,
Beginning
of
Period
Purchases
of
Investments
Proceeds
from
Sales
of
Investments
and
Principal
Repayments
Accretion
of
Discount
(Amortization
of
Premium)
Net
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Fair
Value
,
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
of
Financial
Instruments
still
held
as
of
Period
End
a
a
a
a
a
a
a
a
a
a
a
First
Lien
Debt
$
109,122
$
18,883
$
(26,236)
$
14
$
73
$
(638)
$
$
$
101,218
$
(550)
Second
Lien
Debt
35,376
397
4
(584)
35,193
(584)
Subordinate
&
Other
Debt
17,857
52,983
(90)
(1,084)
69,666
(1,084)
Corporate
Bonds
18,275
364
8
(560)
18,087
(560)
Unsecured
Debt
15,222
488
71
15,781
71
Structured
Finance
Obligations
-
Debt
Instruments
2,745
(3)
(52)
2,690
(52)
Structured
Finance
Obligations
-
Equity
Instruments
17,293
592
(247)
(2,095)
15,543
(2,095)
Equity
and
Other
96,016
35,946
(209)
4,885
136,638
4,885
Investee
Funds
341,098
90,000
(4,526)
426,572
(4,526)
Total
$
653,004
$
199,653
$
(26,782)
$
23
$
73
$
(4,583)
$
$
$
821,388
$
(4,495)
20
www.bmacx.com
Blackstone
Private
Multi-Asset
Credit
and
Income
Fund
Notes
to
Consolidated
Schedule
of
Investments
March
31,
2026
(Unaudited)
(in
thousands,
except
share
amounts,
per
share
data,
percentages
and
as
otherwise
noted)
The
following
table
presents
quantitative
information
about
the
significant
unobservable
inputs
of
the
Fund’s
Level
3
financial
instruments
as
of
March
31,
2026.
This
table is
not
intended
to
be
all-inclusive
but
instead
capture
the
significant
unobservable
inputs
relevant
to
the
Fund’s
determination
of
fair
value. 
(1)
Weighted
averages
are
calculated
based
on
fair
value
of
investments.
The
significant
unobservable
input
used
in
the
yield
analysis
is
the
discount
rate
and
discount
margin
based
on
comparable
market
yields.
Significant
increases
in
discount
rates
and
discount
margin
would
result
in
a
significantly
lower
fair
value
measurement.
The
significant
unobservable
input
used
for
market
quotations
are
broker
quoted
prices
provided
by
independent
pricing
services.
The
significant
unobservable
input
used
in
the
estimate
of
net
asset
value
is
the
prior
month
end
net
asset
value
per
share.
Significant
decreases
in
quoted
prices
and
net
asset
value
per
share
would
result
in
a
significantly
lower
fair
value
measurement.
The
significant
unobservable
input
used
in
the
distribution
waterfall
analysis
is
the
liquidation
discount
applied
to
the
value
of
the
underlying
assets.
Significant
increases
in
the
liquidation
discount
would
result
in
a
significantly
lower
fair
value
measurement.
Financial
Instruments Not
Carried
at
Fair
Value
Debt
and
Reverse
Repurchase
Agreements
The
following
table
presents
the
fair
value
measurements
of
the
Fund’s
debt
obligations
and
reverse
repurchase
agreements
as
of March
31,
2026
had
they
been
accounted
for
at
fair
value:
The
following
table
presents
the
categorization
of
the
Fund’s
debt
obligations
and
reverse
repurchase
agreements
as
of March
31,
2026
had
they
been
accounted
for
at
fair
value
within
the
fair
value
hierarchy:
Range
Weighted
Fair
Value
Valuation
Technique
Unobservable
Input
Low
High
Average
(1)
First
Lien
Debt
$    101,218
Yield
Analysis
Discount
Rate
7.42%
9.35%
8.26%
Second
Lien
Debt
35,193
Yield
Analysis
Discount
Rate
9.21%
11.43%
9.84%
Subordinate
&
Other
Debt
17,857
Yield
Analysis
Discount
Rate
10.07%
10.07%
10.07%
Subordinate
&
Other
Debt
29,461
Yield
Analysis
Discount
Margin
5.23%
5.23%
5.23%
Subordinate
&
Other
Debt
22,348
Transaction
price
N/A
-
-
-
69,666
Unsecured
Debt
15,781
Yield
Analysis
Discount
Rate
13.09%
13.09%
13.09%
Corporate
Bonds
18,087
Yield
Analysis
Discount
Rate
10.11%
11.44%
10.72%
Structured
Finance
Obligations
-
Debt
Instruments
2,690
Market
Quotations
Broker
Quoted
Price
97.84
%
97.84
%
97.84
%
Structured
Finance
Obligations
-
Equity
Instruments
13,059
Market
Quotations
Broker
Quoted
Price
52.38
%
77.27
%
65.90
%
Structured
Finance
Obligations
-
Equity
Instruments
2,484
Distribution
Waterfall
Liquidation
Discount
2.50%
2.50%
2.50%
15,543
Equity
and
Other
125,784
Yield
Analysis
Discount
Rate
7.88%
13.14%
9.81%
Equity
and
Other
10,854
Yield
Analysis
Discount
Margin
0.88%
0.88%
0.88%
Equity
and
Other
-
Transaction
price
N/A
-
-
-
136,638
Investee
Funds
426,572
Estimated
Net
Asset
Value
Net
Asset
Value
24.38
%
26.15
%
25.15
%
Total
$    821,388
Fair
Value
Revolving
Credit
Facility
$
106,939
Reverse
Repurchase
Agreements
40,542
Total
$
147,481
Fair
Value
Level
1
$
Level
2
40,542
Level
3
106,939
Total
$
147,481