10-Q

Shareholder Servicing and/or Distribution Fee as a % of NAV

Class S Shares

Class D Shares

Institutional Shares

BlackRock Private Credit Fund

Consolidated Statements of Operations (Unaudited)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Investment income
Interest income:
Non-controlled, non-affiliated investments	$	55,873,121		$	35,518,333		$	109,543,546		$	63,731,603
PIK income:
Non-controlled, non-affiliated investments		869,817			495,990			1,586,744			1,216,166
Total investment income		56,742,938			36,014,323			111,130,290			64,947,769

Operating expenses
Interest and other debt expenses		14,687,385			10,545,728			28,678,952			17,497,259
Incentive fees earned		5,385,513			2,586,283			10,863,427			4,818,721
Management fees		5,126,835			2,563,180			10,100,734			4,722,458
Professional fees		547,974			434,758			731,157			689,466
Administrative expenses		404,803			386,849			877,825			695,289
Custody Fees		385,835			215,047			756,123			381,445
Distribution and servicing fees
Class S		249,268			164,293			498,062			286,140
Class D		1,441			2,668			2,863			4,836
Amortization of continuous offering costs		166,767			634,858			255,765			1,269,715
Director fees		69,875			65,218			139,000			136,343
Insurance expense		7,546			7,233			15,197			14,465
Organizational expenses		—			—			—			161,704
Incentive fees on capital gains (1)		—			—			—			(498,552	)
Other operating expenses		597,737			304,225			962,787			538,879
Total operating expenses		27,630,979			17,910,340			53,881,892			30,718,168
Expense Support (Note 3)		(8,586,633	)		—			(18,795,590	)		—
Incentive fee waivers		(1,073,329	)		—			(2,349,449	)		—
Net operating expenses		17,971,017			17,910,340			32,736,853			30,718,168

Net investment income		38,771,921			18,103,983			78,393,437			34,229,601

Realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated investments		(801,279	)		(745,242	)		(4,453,195	)		(2,232,982	)
Foreign currency translation		2,897,899			—			3,532,720			—
Net realized gain (loss)		2,096,620			(745,242	)		(920,475	)		(2,232,982	)

Net change in unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments		(3,540,339	)		961,024			(30,355,370	)		(4,651,804	)
Foreign currency translation		(834,149	)		—			(158,831	)		—
Net change in unrealized appreciation (depreciation)		(4,374,488	)		961,024			(30,514,201	)		(4,651,804	)

Net realized and unrealized gain (loss)		(2,277,868	)		215,782			(31,434,676	)		(6,884,786	)

Net increase (decrease) in net assets resulting from operations	$	36,494,053		$	18,319,765		$	46,958,761		$	27,344,815

_______________________________________

(1) Net investment income amounts displayed above are net of the accrual for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with Generally Accepted Accounting Principles (“GAAP”) for the three and six months ended June 30, 2026 and 2025 (see Note 3).

See accompanying notes to the consolidated financial statements.

BlackRock Private Credit Fund

Consolidated Statements of Changes in Net Assets (Unaudited)


	Common Shares						Paid in Capital			Distributable			Total Net
	Shares			Par Amount			in Excess of Par			Earnings (loss)			Assets
Balance at December 31, 2025		65,915,332		$	65,914		$	1,605,160,851		$	(26,494,018	)	$	1,578,732,747

Share Transactions
Institutional Class:
Issuance of common shares		4,789,526			4,790			113,918,031			—			113,922,821
Issuance of common shares from dividend reinvestment plan		579,964			580			13,798,338			—			13,798,918
Share transfers between classes		2,067			2			49,057			—			49,059
Repurchase of common shares		(1,092,055	)		(1,092	)		(26,154,609	)		—			(26,155,701	)
Class S:
Issuance of common shares		352,947			353			8,408,947			—			8,409,300
Issuance of common shares from dividend reinvestment plan		21,636			22			514,708			—			514,730
Repurchase of common shares		(123,884	)		(124	)		(2,960,665	)		—			(2,960,789	)
Class D:
Issuance of common shares		3,427			3			81,497			—			81,500
Issuance of common shares from dividend reinvestment plan		1,786			2			42,484			—			42,486
Share transfers between classes		(2,067	)		(2	)		(49,057	)		—			(49,059	)
Net investment income		—			—			—			39,621,516			39,621,516
Net realized and unrealized gain (loss)		—			—			—			(29,156,808	)		(29,156,808	)
Dividends paid to common shareholders:
Institutional Class		—			—			—			(36,947,736	)		(36,947,736	)
Class S		—			—			—			(2,619,454	)		(2,619,454	)
Class D		—			—			—			(54,325	)		(54,325	)
Balance at March 31, 2026		70,448,679		$	70,448		$	1,712,809,582		$	(55,650,825	)	$	1,657,229,205
.
Share Transactions
Institutional Class:
Issuance of common shares		1,519,496			1,519			35,817,293			—			35,818,812
Issuance of common shares from dividend reinvestment plan		571,904			572			13,501,614			—			13,502,186
Share transfers between classes		—			—			—			—			—
Repurchase of common shares		(2,779,506	)		(2,780	)		(65,358,703	)		—			(65,361,483	)
Class S:
Issuance of common shares		120,340			120			2,836,080			—			2,836,200
Issuance of common shares from dividend reinvestment plan		22,480			22			530,730			—			530,752
Repurchase of common shares		(177,667	)		(178	)		(4,169,046	)		—			(4,169,224	)
Class D:
Issuance of common shares		—			—			—			—			—
Issuance of common shares from dividend reinvestment plan		1,757			2			41,495			—			41,497
Share transfers between classes		—			—			—			—			—
Net investment income		—			—			—			38,771,921			38,771,921
Net realized and unrealized gain (loss)		—			—			—			(2,277,868	)		(2,277,868	)
Dividends paid to common shareholders:
Institutional Class		—			—			—			(36,167,812	)		(36,167,812	)
Class S		—			—			—			(2,550,508	)		(2,550,508	)
Class D		—			—			—			(53,599	)		(53,599	)
Balance at June 30, 2026		69,727,483		$	69,725		$	1,696,009,045		$	(57,928,691	)	$	1,638,150,079

BlackRock Private Credit Fund

Consolidated Statements of Changes in Net Assets (Unaudited) (Continued)


	Common Shares						Paid in Capital			Distributable			Total Net
.	Shares			Par Amount			in Excess of Par			Earnings (loss)			Assets
Balance at December 31, 2024		26,269,689		$	26,269		$	648,200,991		$	2,964,414		$	651,191,674
Share Transactions
Institutional Class:
Issuance of common shares		3,896,779			3,897			96,383,551			—			96,387,448
Issuance of common shares from dividend reinvestment plan		468,209			468			11,580,417			—			11,580,885
Repurchase of common shares		(53,212	)		(53	)		(1,317,163	)		—			(1,317,216	)
Class S:
Issuance of common shares		795,280			795			19,664,705			—			19,665,500
Issuance of common shares from dividend reinvestment plan		4,161			4			102,860			—			102,864
Repurchase of common shares		(3,084	)		—			(76,445	)		—			(76,445	)
Class D:
Issuance of common shares		20,572			21			508,729			—			508,750
Issuance of common shares from dividend reinvestment plan		129			—			3,186			—			3,186
Net investment income		—			—			—			16,125,618			16,125,618
Net realized and unrealized gain (loss)		—			—			—			(7,100,568	)		(7,100,568	)
Dividends paid to common shareholders:
Institutional Class		—			—			—			(18,761,171	)		(18,761,171	)
Class S		—			—			—			(1,476,870	)		(1,476,870	)
Class D		—			—			—			(94,389	)		(94,389	)
Balance at March 31, 2025		31,398,523		$	31,401		$	775,050,831		$	(8,342,966	)	$	766,739,266

Share Transactions
Institutional Class:
Issuance of common shares		4,892,241			4,892			118,990,229			—			118,995,121
Issuance of common shares from dividend reinvestment plan		525,782			526			12,758,204			—			12,758,730
Repurchase of common shares		(139,189	)		(139	)		(3,398,807	)		—			(3,398,946	)
Class S:
Issuance of common shares		793,621			794			19,283,197			—			19,283,991
Issuance of common shares from dividend reinvestment plan		8,609			9			208,861			—			208,870
Class D:
Issuance of common shares		52,665			53			1,280,447			—			1,280,500
Issuance of common shares from dividend reinvestment plan		623			1			15,104			—			15,105
Net investment income		—			—			—			18,103,983			18,103,983
Net realized and unrealized gain (loss)		—			—			—			215,782			215,782
Dividends paid to common shareholders:
Institutional Class		—			—			—			(22,415,779	)		(22,415,779	)
Class S		—			—			—			(2,034,203	)		(2,034,203	)
Class D											(118,704	)		(118,704	)
Balance at June 30, 2025		37,532,875		$	37,537		$	924,188,066		$	(14,591,887	)	$	909,633,716

See accompanying notes to the consolidated financial statements.

BlackRock Private Credit Fund

Consolidated Statements of Cash Flows (Unaudited)


	For the Six Months Ended June 30,
	2026			2025
Operating activities
Net increase (decrease) in net assets resulting from operations	$	46,958,761		$	27,344,815
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss		4,453,195			2,191,492
Change in net unrealized (appreciation) depreciation of investments		30,355,318			4,651,804
Net amortization of investment discounts and premiums		(3,901,388	)		(2,422,408	)
Interest and dividend income paid in kind		(1,613,142	)		(1,300,522	)
Amortization of deferred debt issuance costs		1,317,218			532,062
Changes in assets and liabilities:
Purchases of investments		(462,358,430	)		(844,230,125	)
Proceeds from disposition of investments		163,032,317			136,842,703
Decrease (increase) in interest, dividends and fees receivable		(1,857,891	)		(3,347,154	)
Decrease (increase) in receivable for investments sold		19,481,201			(18,423,375	)
Decrease (increase) in prepaid expenses and other assets		(1,625,588	)		567,160
Increase (decrease) in interest and debt related payables		5,579,610			5,247,065
Increase (decrease) in incentive fees payable		(118,112	)		(1,392,007	)
Increase (decrease) in management fees payable		836,163			(890,682	)
Increase (decrease) in accrued capital gains incentive fees		—			(498,552	)
Increase (decrease) in reimbursements due to the Investment Adviser		41,174			(1,031,040	)
Increase (decrease) in payable for investments purchased		(55,621,496	)		53,815,373
Increase (decrease) in accrued expenses and other liabilities		102,786			716,198
Net cash provided by (used in) operating activities		(254,938,304	)		(641,627,193	)

Financing activities
Proceeds from common shares sold		161,068,633			256,121,310
Proceeds from issuance of Notes		—			55,000,000
Draws on credit facilities		151,243,775			674,000,000
Repayments of credit facility draws		(7,948,054	)		(330,000,000	)
Payments of debt issuance costs		(4,387,665	)		(1,400,533	)
Dividends paid in cash to shareholders		(50,438,820	)		(17,668,060	)
Payments of repurchased shares		(98,647,197	)		(4,792,607	)
Net cash provided by (used in) financing activities		150,890,672			631,260,110

Net increase (decrease) in cash and cash equivalents (including restricted cash)		(104,047,632	)		(10,367,083	)
Cash and cash equivalents (including restricted cash) at beginning of period		221,222,080			41,078,437
Cash and cash equivalents (including restricted cash) at end of period	$	117,174,448		$	30,711,354

Supplemental cash flow information
Interest payments	$	21,765,934		$	11,718,133
Excise tax payments	$	—		$	—
Distribution payable	$	12,355,155		$	8,572,969
Reinvestment of dividends during the period	$	28,430,569		$	24,669,640

See accompanying notes to the consolidated financial statements.

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments(A)
Aerospace and Defense
Bleriot US Bidco Inc.	First Lien Term Loan	SOFR(Q)		—			2.25	%		5.98	%	10/31/2030	$	3,280,833	$	3,280,801		$	3,283,392			0.12	%
Cobham Ultra US Co-Borrower LLC (Ultra Electronics)	First Lien Term Loan	SOFR(S)		—			3.75	%		7.36	%	8/4/2029	$	2,416,311		2,417,584			2,427,136			0.09	%
Chromalloy Holdings LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.93	%	3/31/2031	$	3,782,459		3,796,521			3,804,908			0.13	%
Engineering Research Holding LLC (Astrion, Inc.)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.73	%	8/29/2031	$	22,692,165		22,439,702			19,239,666			0.74	%
Kaman Corporation	First Lien Term Loan	SOFR(Q)		—			5.00	%		8.67	%	2/26/2032	$	3,796,413		3,792,708			3,794,762			0.14	%
Kaman Corporation	First Lien Delayed Draw Term Loan	SOFR(Q)		—			5.00	%		8.67	%	2/26/2032	$	—		(1,648	)		(191	)		—		D
Propulsion BC Finco Sarl (Luxembourg)	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.23	%	12/1/2032	$	1,582,856		1,587,807			1,589,045			0.06	%	C
Skydio, Inc	First Lien Term Loan	SOFR(M)		2.50	%	2.75% Cash + 2.75% PIK				9.12	%	12/4/2029	$	7,801,767		7,750,343			7,856,379			0.31	%	E
Skydio, Inc	First Lien Delayed Draw Term Loan A	SOFR(M)		2.50	%		5.00	%		8.62	%	12/4/2029	$	3,750,000		3,724,288			3,776,250			0.14	%	E
Skydio, Inc	First Lien Delayed Draw Term Loan B	SOFR(M)		2.50	%		5.00	%		8.62	%	12/4/2029	$	3,750,000		3,724,288			3,776,250			0.14	%	E
Signia Aerospace, LLC	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.20	%	12/11/2031	$	5,465,607		5,477,798			5,475,882			0.21	%
Signia Aerospace, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		2.50	%		6.20	%	12/11/2031	$	—		457			162			—
TransDigm Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	2/28/2031	$	2,760,914		2,763,776			2,764,531			0.11	%	L
Galileo Parent Inc. (Vantor Parent Inc.)	First Lien Term Loan	SOFR(M)		—			4.50	%		8.12	%	2/28/2033	$	475,000		465,243			476,781			0.02	%
Zenith AcquisitionCo LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.50	%		4.50	%		8.17	%	1/13/2033	$	527,380		474,134			390,546			0.01	%	E
Zenith AcquisitionCo LLC	First Lien Revolver	SOFR(Q)		0.50	%		4.50	%		8.17	%	1/13/2033	$	—		(19,871	)		(51,065	)		—		D/E
Zenith AcquisitionCo LLC	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.17	%	1/13/2033	$	22,768,979		22,662,658			22,495,751			0.86	%	E
																84,336,589			81,100,185			3.08	%
Air Freight and Logistics
GB AIT Buyer, Inc.	First Lien Term Loan	SOFR(Q)		—			4.25	%		7.91	%	4/22/2033	$	441,000		436,689			441,732			0.02	%

Airlines
American Airlines Inc. (American Airlines Group Inc.)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.67	%	5/20/2033	$	431,000		426,726			426,421			0.02	%	L

Automobiles
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	EURIBOR(M)		0.75	%		6.13	%		8.30	%	8/22/2031	€	17,211,718.00		19,429,969			18,646,294			0.71	%	C/E/M
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	SOFR(Q)		0.75	%		6.00	%		9.73	%	8/22/2031	$	29,102,938		28,167,488			27,576,867			1.05	%	C/E
																47,597,457			46,223,161			1.76	%
Auto Components
Clarios Global LP (Canada)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	1/28/2032	$	6,198,850		6,233,926			6,212,425			0.24	%	C

Building Products
Gulfside Supply Inc.	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.63	%	5/29/2031	$	1,599,360		1,594,562			1,355,266			0.05	%
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		9.68	%	3/1/2030	$	9,779,606		9,659,525			8,752,747			0.33	%
Wilsonart LLC	First Lien Term Loan	SOFR(Q)		—			4.25	%		7.98	%	8/5/2031	$	5,234,833		5,169,829			4,754,537			0.18	%
																16,423,916			14,862,550			0.56	%
Beverages
Primo Brands Corp	First Lien Term Loan	SOFR(Q)		0.50	%		2.75	%		6.48	%	3/18/2031	$	982,538		977,854			988,153			0.04	%	L

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Capital Markets
Apex Group Treasury LLC	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.15	%	2/20/2032	$	1,000,353	$	980,225		$	950,180			0.04	%
Ascensus Holdings, Inc	First Lien Term Loan	SOFR(M)		0.50	%		3.00	%		6.64	%	8/2/2028	$	3,740,709		3,718,141			3,659,667			0.14	%
Allspring Buyer, LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.75	%	11/1/2030	$	1,491,995		1,495,339			1,497,776			0.06	%
BCPE Pequod Buyer Inc. (Envestnet Inc.)	First Lien Term Loan	SOFR(M)		—			2.75	%		6.39	%	11/25/2031	$	2,161,022		2,166,002			2,104,749			0.08	%
BPR Nimbus LLC (GGP Retail LLC)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.64	%	5/28/2030	$	307,890		304,253			308,210			0.01	%
Focus Financial Partners, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	9/15/2031	$	6,276,793		6,280,744			6,138,358			0.23	%
Hudson River Trading LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	3/18/2030	$	746,250		744,465			742,019			0.03	%	K
June Purchaser LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			3.25	%		6.88	%	11/28/2031	$	—		216			236			—
June Purchaser LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.38	%	11/28/2031	$	642,164		643,448			643,570			0.02	%
Jupiter Borrower Inc. (Janus Henderson Group PLC) (United Kingdom)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.48	%	3/26/2033	$	585,000		582,540			585,246			0.02	%	C/K
Neon Maple US Debt Mergersub Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	11/17/2031	$	1,729,314		1,727,530			1,688,831			0.06	%
Orion Us Finco Inc.	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.17	%	5/19/2032	$	1,496,250		1,486,618			1,498,853			0.06	%
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		8.48	%	1/31/2031	$	44,967,275		44,541,811			44,247,799			1.69	%	E
PMA Parent Holdings, LLC	First Lien Revolver	SOFR(Q)		0.75	%		4.75	%		8.48	%	1/31/2031	$	—		(48,616	)		(80,524	)		—		D/E
SRS Acquiom Holdings LLC	First Lien Revolver	SOFR(M)		0.75	%		4.75	%		8.38	%	1/14/2032	$	—		(45,720	)		(49,517	)		—		D/E
SRS Acquiom Holdings LLC	First Lien Term Loan	SOFR(M)		0.75	%		4.75	%		8.38	%	1/14/2032	$	28,884,701		28,618,002			28,595,854			1.09	%	E
Wharf Street Rating Acquisition, LLC (KBRA)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.14	%	9/16/2032	$	—		(25,669	)		7,875			—		D/E
Wharf Street Rating Acquisition, LLC (KBRA)	First Lien Revolver	SOFR(M)		0.75	%		4.50	%		8.14	%	9/16/2032	$	—		(34,559	)		—			—		D/E
Wharf Street Rating Acquisition, LLC (KBRA)	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.14	%	9/16/2032	$	35,260,386		34,947,498			35,330,908			1.33	%	E
																128,082,268			127,870,090			4.86	%
Chemicals
Advancion (f/k/a Aruba Investments Holdings, LLC)	First Lien Term Loan	SOFR(M)		0.75	%		4.10	%		7.77	%	11/24/2027	$	1,224,293		1,221,708			1,126,350			0.04	%	E
Bond US Bidco 1 Inc.	First Lien Term Loan	SOFR(M)		—			5.00	%		8.00	%	5/9/2033	$	616,000		612,920			618,695			0.02	%
CP Iris Holdco I, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		—			4.00	%		7.64	%	10/27/2032	$	—		81			(4,194	)		—		D
CP Iris Holdco I, Inc	First Lien Term Loan	SOFR(M)		—			4.00	%		7.64	%	10/18/2032	$	3,270,393		3,275,424			3,128,131			0.12	%
Charter Next Generation, Inc. (fka Charter NEX US, Inc.)	First Lien Term Loan	SOFR(M)		0.75	%		2.50	%		6.11	%	12/1/2030	$	8,118,708		8,114,519			8,130,521			0.32	%
Derby Buyer LLC	First Lien Term Loan	SOFR(M)		1.00	%		2.75	%		6.39	%	11/1/2030	$	4,696,142		4,703,164			4,705,793			0.19	%
Discovery Purchaser Corporation	First Lien Term Loan	SOFR(Q)		0.50	%		3.75	%		7.41	%	10/4/2029	$	3,789,953		3,743,659			3,780,042			0.14	%
INEOS Composites International Holdings LLC (FORTIS)	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.98	%	2/6/2032	$	1,394,274		1,392,623			1,391,876			0.05	%
Olympus Water US Holding Corporation (Solenis)	First Lien Term Loan	SOFR(Q)		0.50	%		3.00	%		6.73	%	6/9/2031	$	4,850,712		4,828,873			4,849,815			0.18	%
Sparta U.S. Holdco LLC	First Lien Term Loan	SOFR(Q)		0.75	%		3.00	%		6.66	%	8/2/2028	$	2,610,990		2,593,857			2,602,648			0.10	%
W. R. Grace Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.50	%		3.00	%		6.73	%	8/19/2032	$	1,655,490		1,646,261			1,652,725			0.06	%
																32,133,089			31,982,402			1.22	%
Commercial Services and Supplies
Allied Universal Holdco LLC	First Lien Term Loan	SOFR(M)		0.75	%		3.25	%		6.89	%	8/5/2032	$	6,650,137		6,655,305			6,661,076			0.25	%
Anticimex Inc. (Sweden)	First Lien Term Loan	SOFR(D)		—			2.90	%		6.41	%	11/17/2031	$	183,803		183,803			184,361			0.01	%	C
Cohnreznick Advisory LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.98	%	3/31/2032	$	23,042,487		22,974,297			22,533,594			0.86	%
Cohnreznick Advisory LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			3.25	%		6.98	%	3/26/2032	$	—		(2,441	)		(29,542	)		—		D
EnergySolutions, LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.25	%		6.89	%	9/23/2030	$	595,733		593,423			598,265			0.02	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Commercial Services and Supplies (Continued)
Legence Holdings LLC (Refficiency)	First Lien Term Loan	SOFR(M)		—			2.00	%		5.64	%	12/16/2031	$	3,013,871	$	3,023,779		$	3,010,857			0.11	%
LSF12 Crown US Commercial Bidco, LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.62	%	12/2/2031	$	1,400,204		1,403,185			1,405,336			0.05	%
GFL Environmental Services Inc (Canada)	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.16	%	2/4/2032	$	6,163,425		6,184,509			6,171,437			0.23	%	C
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		8.98	%	8/23/2028	$	5,424,227		5,373,865			5,365,412			0.20	%	E
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		8.98	%	8/23/2028	$	1,408,400		1,395,807			1,393,129			0.05	%	E
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		8.98	%	8/23/2028	$	976,986		967,924			966,393			0.04	%	E
Modigent, LLC (Pueblo)	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		8.98	%	8/23/2027	$	—		(7,085	)		(7,026	)		—		D/E
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		8.98	%	8/23/2028	$	20,465,434		19,999,012			20,243,527			0.78	%	E
OMNIA Partners, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		2.75	%		6.42	%	7/25/2030	$	1,642,883		1,647,710			1,648,124			0.06	%
The Action Environmental Group Inc (Interstate Waste Services Inc.)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.73	%	10/4/2030	$	2,248,972		2,253,791			2,226,482			0.08	%
TA TT Buyer, LLC (TouchTunes, Octave Music)	First Lien Tranche B-1 Term Loan	SOFR(Q)		0.50	%		4.75	%		8.48	%	4/1/2029	$	16,632,705		16,634,540			15,274,395			0.59	%
																89,281,424			87,645,820			3.33	%
Construction Materials
Potters Industries, LLC	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.17	%	12/9/2032	$	1,496,250		1,498,192			1,460,093			0.06	%

Construction and Engineering
Azuria Water Solutions Inc	First Lien Delayed Draw Term Loan	SOFR(Q)		—			2.75	%		6.48	%	1/26/2033	$	—		(1,097	)		(180	)		—		D
Azuria Water Solutions Inc	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.48	%	1/26/2033	$	1,949,579		1,941,518			1,948,195			0.07	%
Brand Industrial Services Inc	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.16	%	8/1/2030	$	4,621,592		4,586,440			3,641,144			0.14	%
Brown & Settle, Inc.	First Lien Term Loan	SOFR(S)		1.00	%		6.50	%		10.10	%	5/16/2030	$	21,318,246		20,905,253			21,232,973			0.81	%	E
Brown & Settle, Inc.	First Lien Revolver	SOFR(M)		1.00	%		6.50	%		10.12	%	5/16/2030	$	2,451,782		2,404,284			2,441,975			0.09	%	E
Compsych Holdings Corp	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		8.41	%	7/22/2031	$	12,860,446		12,813,980			12,860,446			0.50	%	E
Compsych Holdings Corp	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		8.41	%	7/22/2031	$	—		(6,752	)		—			—		D/E
JF Acquisition, LLC (JF Petroleum)	First Lien Term Loan	SOFR(M)		1.00	%		5.75	%		9.39	%	6/18/2030	$	38,045,338		37,542,350			37,664,885			1.42	%	E
JF Acquisition, LLC (JF Petroleum)	First Lien Revolver	SOFR(M)		1.00	%		5.75	%		9.39	%	6/18/2030	$	—		(67,020	)		(41,587	)		—		D/E
JF Acquisition, LLC (JF Petroleum)	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.75	%		9.39	%	6/18/2030	$	—		(66,029	)		(45,052	)		—		D/E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.75	%		8.41	%	2/1/2030	$	2,369,184		2,354,231			2,359,707			0.09	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)		1.00	%		4.75	%		8.43	%	2/1/2030	$	1,639,703		1,626,718			1,633,144			0.06	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.75	%		8.41	%	2/1/2030	$	643,732		638,412			641,157			0.02	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Revolver	SOFR(Q)		1.00	%		4.75	%		8.42	%	2/1/2029	$	82,751		81,158			79,993			—		E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.75	%		8.41	%	2/1/2030	$	1,921,303		1,905,888			1,913,618			0.07	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.14	%	2/1/2030	$	3,152,864		3,093,610			3,126,740			0.12	%	E
RBS Buyer Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.75	%		8.41	%	7/31/2031	$	—		(18,035	)		88,567			—		D/E
RBS Buyer Inc.	First Lien Revolver	SOFR(Q)		1.00	%		4.75	%		8.41	%	7/31/2031	$	—		(60,117	)		—			—		D/E
RBS Buyer Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		4.75	%		8.41	%	7/31/2031	$	19,158,380		18,955,516			19,656,498			0.75	%	E
RBS Buyer Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		4.75	%		8.41	%	7/31/2031	$	21,241,248		20,995,954			21,793,520			0.83	%	E
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)		1.00	%		4.75	%		8.42	%	5/31/2030	$	9,484,919		9,361,108			9,484,919			0.36	%	E
Tecta America Corp.	First Lien Term Loan	SOFR(M)		1.00	%		2.50	%		6.14	%	2/18/2032	$	1,865,663		1,870,875			1,869,497			0.07	%
Titan Home Improvement, LLC (Renuity)	First Lien Revolver	SOFR(Q)		1.00	%		4.75	%		8.42	%	5/31/2030	$	—		(19,681	)		—			—		D/E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	11,013,650		10,902,717			10,980,609			0.42	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	4,947,553		4,897,720			4,932,710			0.19	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	2,658,336		2,658,336			2,650,361			0.10	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	938,858		927,089			936,041			0.04	%	E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Construction and Engineering (Continued)
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	9,040,917	$	8,941,330		$	9,013,794			0.34	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	2,574,300		2,543,396			2,566,577			0.10	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	608,497		600,866			606,672			0.02	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	5,463,662		5,403,479			5,447,271			0.21	%	E
Vortex Companies, LLC	First Lien Revolver	SOFR(M)		1.00	%		5.00	%		8.64	%	9/4/2029	$	1,137,572		1,116,992			1,131,868			0.04	%	E
																178,830,489			180,616,062			6.86	%
Consumer Finance
Lucky US BuyerCo, LLC (Global Payments)	First Lien Term Loan	SOFR(Q)		1.00	%	6.25% Cash + 2.00% PIK				11.92	%	3/30/2029	$	3,134,307		3,091,663			3,046,844			0.12	%	E
Lucky US BuyerCo, LLC (Global Payments)	First Lien Revolver	SOFR(Q)		1.00	%	6.25% Cash + 2.00% PIK				11.92	%	3/30/2029	$	375,716		370,069			364,235			0.01	%	E
																3,461,732			3,411,079			0.13	%
Containers and Packaging
Clydesdale Acquisition Holdings, Inc	First Lien Term Loan	SOFR(M)		—			3.25	%		6.89	%	4/13/2029	$	987,117		987,383			950,510			0.04	%
Mauser Packaging Solutions Holding Co.	First Lien Term Loan	SOFR(M)		—			3.50	%		7.12	%	4/15/2030	$	1,500,000		1,473,681			1,481,018			0.05	%
ProAmpac PG Borrower LLC	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.67	%	2/19/2033	$	434,000		427,771			427,490			0.02	%
Sword Purchaser LLC	First Lien Term Loan	SOFR(M)		—			4.00	%		7.64	%	3/31/2033	$	930,000		884,902			908,712			0.03	%
																3,773,737			3,767,730			0.14	%
Communications Equipment
Digicert Inc	First Lien Term Loan	SOFR(M)		0.75	%		5.75	%		9.39	%	9/12/2030	$	33,684,420		33,262,184			31,764,408			1.21	%	E

Diversified Consumer Services
Ascend Learning, LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.64	%	12/11/2028	$	2,790,472		2,771,637			2,726,919			0.10	%
Belron Finance 2019 LLC (United Kingdom)	First Lien Term Loan	SOFR(Q)		—			2.00	%		5.66	%	10/16/2031	$	2,044,563		2,060,537			2,045,626			0.08	%	C
Express Wash Acquisition Company, LLC (Whistle)	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		9.92	%	4/10/2031	$	21,452,399		21,281,720			20,057,993			0.75	%	E
Express Wash Acquisition Company, LLC (Whistle)	First Lien Revolver	SOFR(Q)		1.00	%		6.25	%		9.92	%	4/10/2031	$	—		(10,141	)		(82,850	)		—		D/E
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)		0.75	%	4.50% Cash + 2.00% PIK				10.16	%	9/15/2029	$	4,450,489		4,405,031			3,890,617			0.15	%	E
Fusion Holding Corp. (Finalsite)	First Lien Revolver	SOFR(Q)		0.75	%		6.25	%		9.91	%	9/15/2028	$	102,990		99,915			56,185			—		E
Planet US Buyer LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.66	%	1/31/2031	$	2,611,321		2,616,216			2,624,182			0.10	%
Wand Newco 3, Inc. (aka Caliber Collision)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	1/30/2031	$	2,238,021		2,231,685			2,238,021			0.09	%
																35,456,600			33,556,693			1.27	%
Distributors
Dealer Tire Financial, LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.64	%	7/2/2031	$	976,286		973,557			970,184			0.04	%

Diversified Financial Services
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	2.63% Cash + 3.38% PIK				9.66	%	3/15/2030	$	501,986		501,986			418,656			0.02	%	E
Beekeeper Buyer Inc. (Archway)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		8.98	%	6/30/2031	$	5,809,164		5,760,776			5,710,408			0.22	%	E
Beekeeper Buyer Inc. (Archway)	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		8.98	%	6/30/2031	$	—		(12,097	)		(24,689	)		—		D/E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan E	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/1/2028	$	5,824,699		5,792,412			5,776,669			0.22	%	E
EdgeCo Buyer, Inc.	First Lien Term Loan B	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/1/2028	$	2,509,795		2,495,776			2,489,099			0.09	%	E
EdgeCo Buyer, Inc.	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.23	%	6/1/2028	$	1,096,544		1,090,419			1,087,502			0.04	%	E
EdgeCo Buyer, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/1/2028	$	488,067		484,796			483,237			0.02	%	E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan A	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/1/2028	$	213,338		212,146			211,579			0.01	%	E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/1/2028	$	185,301		184,266			183,773			0.01	%	E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan C	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/1/2028	$	61,606		61,262			61,098			—		E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Diversified Financial Services (Continued)
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		8.68	%	8/19/2028	$	—	$	(29,529	)	$	(41,086	)		—		D/E
GC Champion Acquisition LLC (Numerix)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		5.00	%		8.68	%	8/21/2028	$	8,741,788		8,630,753			8,644,265			0.33	%	E
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.68	%	8/21/2028	$	9,980,065		9,963,729			9,868,727			0.37	%	E
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		8.68	%	8/21/2028	$	636,568		632,030			629,466			0.02	%	E
GC Waves Holdings, Inc. (Mercer)	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.14	%	10/4/2030	$	18,833,130		18,833,130			19,021,461			0.72	%	E
GC Waves Holdings, Inc. (Mercer)	First Lien Revolver	SOFR(M)		0.75	%		4.50	%		8.14	%	10/4/2030	$	—		—			—			—		E
GC Waves Holdings, Inc. (Mercer)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.14	%	10/4/2030	$	10,796,593		10,668,202			11,097,600			0.42	%	E
HP PHRG Borrower LLC	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.73	%	2/20/2032	$	19,119,446		18,963,546			19,023,849			0.72	%
Oak Funding LLC	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.16	%	12/2/2032	$	17,443,915		17,288,441			17,339,252			0.66	%	E
Oak Funding LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.50	%		4.50	%		8.16	%	12/2/2032	$	—		(15,653	)		(10,237	)		—		D/E
Payroc, LLC	First Lien Term Loan	SOFR(M)		1.00	%		4.75	%		8.39	%	11/1/2027	$	7,477,545		7,437,428			7,410,247			0.28	%	E
Payroc, LLC	First Lien Revolver	Prime		1.00	%		3.75	%		10.50	%	11/1/2027	$	103,236		102,338			101,737			—		E
Payroc, LLC	First Lien Term Loan	SOFR(M)		1.00	%		4.75	%		8.39	%	10/31/2027	$	538,241		536,515			533,397			0.02	%	E
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.23	%	5/14/2031	$	14,725,441		14,708,004			14,710,716			0.56	%	E
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.23	%	5/14/2031	$	32,372,719		32,281,941			32,340,346			1.23	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.25	%		7.94	%	10/4/2028	$	13,890,388		13,890,388			13,838,118			0.53	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.25	%		7.98	%	10/2/2028	$	5,616,810		5,606,965			5,592,136			0.21	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.25	%		7.94	%	10/4/2028	$	3,611,580		3,595,749			3,597,990			0.14	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.25	%		7.94	%	10/2/2028	$	1,077,283		1,077,283			1,073,229			0.04	%	E
Wealth Enhancement Group, LLC	First Lien Revolver	SOFR(Q)		1.00	%		4.25	%		7.98	%	10/4/2028	$	—		(502	)		(4,950	)		—		D/E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.25	%		7.98	%	10/2/2028	$	—		(13,872	)		(28,634	)		—		D/E
																180,728,628			181,134,961			6.88	%
Diversified Telecommunication Services
Level 3 Financing Inc.	First Lien Term Loan	SOFR(M)		—			2.75	%		6.39	%	3/29/2032	$	1,664,000		1,665,026			1,667,120			0.06	%
Venga Finance Sarl (Luxembourg)	First Lien Term Loan	SOFR(Q)		—			4.01	%		7.68	%	6/28/2029	$	1,240,554		1,243,878			1,243,655			0.05	%	C
Zayo Group Holdings, Inc.	First Lien Term Loan	SOFR(M)		—		3.11% Cash + 0.50% PIK				7.26	%	3/11/2030	$	663,127		648,468			663,790			0.03	%
																3,557,372			3,574,565			0.14	%
Electrical Equipment
Arcline FM Holdings, LLC (Fairbanks Morse)	First Lien Term Loan	SOFR(S)		0.75	%		2.75	%		6.60	%	6/23/2030	$	2,868,746		2,874,215			2,881,899			0.11	%
Griffon Bidco Inc. (Layerzero)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.73	%	7/31/2031	$	—		(38,927	)		—			—		D/E
Griffon Bidco Inc. (Layerzero)	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.73	%	7/31/2031	$	—		(38,927	)		—			—		D/E
Griffon Bidco Inc. (Layerzero)	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.73	%	7/31/2031	$	25,159,298		24,946,270			25,159,298			0.95	%	E
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		8.89	%	10/15/2031	$	11,577,698		11,446,430			9,435,824			0.36	%	E
Spark Buyer, LLC (Sparkstone)	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		8.98	%	10/15/2031	$	1,292,941		1,266,287			858,043			0.03	%	E
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		8.89	%	10/15/2031	$	—		(53,307	)		(869,797	)		(0.03	)%	D/E
																40,402,041			37,465,267			1.42	%

Electronic Equipment, Instruments and Components
Chariot Buyer, LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.00	%		6.64	%	7/22/2032	$	5,415,286		5,395,305			5,424,763			0.21	%

Energy Equipment and Services
Covia Holdings LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.43	%	2/12/2032	$	2,318,612		2,321,517			2,311,853			0.09	%
PG Polaris Bidco SARL (Rosen Group) (Luxembourg)	First Lien Term Loan	SOFR(Q)		—			2.00	%		5.73	%	3/26/2031	$	2,722,146		2,730,770			2,724,378			0.10	%	C
																5,052,287			5,036,231			0.19	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Entertainment
City Football Group Ltd (United Kingdom)	First Lien Term Loan	SOFR(Q)		0.50	%		3.26	%		6.93	%	7/21/2030	$	1,916,878	$	1,918,188		$	1,914,242			0.07	%	C
Creative Artists Agency, LLC.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	10/1/2031	$	4,105,849		4,107,457			4,110,037			0.16	%
Discovery Global Holdings, Inc. (Warner Bros. Discovery, Inc.)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	6/16/2033	$	2,809,904		2,802,934			2,814,175			0.11	%	L
Endeavor Operating Company LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		6.39	%	3/24/2032	$	6,238,814		6,238,179			6,253,631			0.23	%
International Entertainment JJJCO 3 Ltd (ATG Entertainment LLC) (United Kingdom)	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.66	%	4/19/2032	$	745,959		745,493			748,133			0.03	%	C
Oak-Eagle Acquireco Inc (Electronic Arts Inc)	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.15	%	3/24/2033	$	1,944,883		1,915,710			1,951,865			0.07	%
Renaissance Holding Corp.	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.66	%	12/11/2031	$	955,303		938,758			761,558			0.03	%
																18,666,719			18,553,641			0.70	%
Food Products
Sauer Brands Inc.	First Lien Term Loan	SOFR(M)		—			3.00	%		6.66	%	2/19/2032	$	489,692		490,124			492,936			0.02	%
Saratoga Food Specialties LLC (Solina France SASU) (France)	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.91	%	9/12/2032	$	930,600		933,332			934,867			0.03	%	C
																1,423,456			1,427,803			0.05	%
Healthcare Providers and Services
AHP Health Partners, Inc.	First Lien Term Loan	SOFR(M)		—			2.25	%		5.89	%	9/20/2032	$	1,905,600		1,912,307			1,914,737			0.07	%
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	First Lien Delayed Draw Term Loan	CORRA(Q)		0.75	%		5.00	%		7.29	%	1/14/2033		CAD$1,384,074		946,098			885,100			0.03	%	C/E/M
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	First Lien Revolver	CORRA(Q)		0.75	%		5.00	%		7.29	%	1/14/2033		CAD$830,444		567,967			520,690			0.02	%	C/E/M
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	First Lien Term Loan	CORRA(Q)		0.75	%		5.00	%		7.29	%	1/14/2033		CAD$52,041,129		37,142,159			36,204,119			1.37	%	C/E/M
CHG Healthcare Services, Inc.	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.66	%	9/30/2031	$	2,697,394		2,676,910			2,701,481			0.10	%
CNT Holdings I Corp.	First Lien Term Loan	SOFR(Q)		0.75	%		2.50	%		6.16	%	11/8/2032	$	1,492,443		1,495,657			1,495,458			0.06	%
Examworks Bidco Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	2/6/2033	$	2,059,385		2,063,976			2,063,967			0.08	%
Ensemble RCM, LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.66	%	1/28/2033	$	1,027,816		1,014,299			1,024,990			0.04	%
LifePoint Health Inc.	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.18	%	5/19/2031	$	1,517,397		1,517,439			1,493,126			0.06	%
LifePoint Health Inc.	First Lien Term Loan	SOFR(Q)		—			3.75	%		7.42	%	5/16/2031	$	2,984,778		2,988,728			2,944,230			0.11	%
IvyRehab Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.35	%		9.08	%	4/23/2029	$	13,944,264		13,816,096			13,944,264			0.53	%	E
IvyRehab Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.10	%		8.83	%	4/23/2029	$	17,777,375		17,453,041			17,621,439			0.67	%	E
Ingenovis Health, Inc.	First Lien Term Loan	SOFR(Q)		—			5.25	%		8.91	%	5/27/2032	$	80,557		69,078			57,900			—
MB2 Dental Solutions LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		6.00	%		9.65	%	2/13/2031	$	5,423,207		5,242,878			5,423,207			0.21	%	E
Pareto Health Intermediate Holdings Inc	First Lien Term Loan	SOFR(Q)		—			5.00	%		8.73	%	6/1/2030	$	5,405,593		5,355,031			5,335,320			0.20	%	E
Pareto Health Intermediate Holdings Inc	First Lien Revolver	SOFR(Q)		—			5.00	%		8.73	%	6/1/2029	$	—		(4,202	)		(5,970	)		—		D/E
Raven Acquisition Holdings LLC (R1 RCM)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.64	%	11/19/2031	$	1,219,811		1,221,476			1,205,222			0.05	%
Raven Acquisition Holdings LLC (R1 RCM)	First Lien Delayed Draw Term Loan	SOFR(M)		—			3.00	%		6.64	%	11/19/2031	$	—		95			(1,294	)		—		D
Surgery Partners Holdings, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	12/19/2030	$	3,346,147		3,357,396			3,352,873			0.13	%
																98,836,429			98,180,859			3.73	%
Health Care Technology
Athenahealth Group Inc.	First Lien Term Loan	SOFR(M)		0.50	%		2.75	%		6.39	%	2/15/2029	$	4,546,784		4,544,212			4,542,987			0.17	%
Cotiviti Holdings, Inc	First Lien Term Loan	SOFR(M)		—			2.75	%		6.37	%	2/24/2031	$	1,532,284		1,521,941			1,405,396			0.05	%
Cotiviti Holdings, Inc	First Lien Term Loan	SOFR(M)		—			2.75	%		6.37	%	2/27/2032	$	902,389		894,940			821,458			0.03	%
MRO Parent Corporation	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.14	%	6/9/2032	$	34,500,022		34,060,845			34,258,523			1.30	%	E
MRO Parent Corporation	First Lien Revolver	SOFR(M)		0.75	%		4.50	%		8.14	%	6/9/2032	$	—		(38,478	)		(21,159	)		—		D/E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Health Care Technology (Continued)
MRO Parent Corporation	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.48	%	6/9/2032	$	—	$	(19,239	)	$	(21,159	)		—		D/E
Mpulse Mobile Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		8.48	%	8/26/2032	$	—		(33,841	)		(99,600	)		—		D/E
Mpulse Mobile Inc.	First Lien Revolver	SOFR(Q)		0.75	%		4.75	%		8.48	%	8/26/2032	$	—		(50,762	)		(152,111	)		(0.01	)%	D/E
Mpulse Mobile Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		6.41	%	8/26/2032	$	39,920,599		39,572,098			38,880,029			1.48	%	E
PointClickCare Technologies Inc. (Canada)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.39	%	11/3/2031	$	4,371,598		4,378,795			4,360,297			0.17	%	C
Zelis Healthcare Corp	First Lien Term Loan	SOFR(M)		—			2.75	%		0.00	%	9/15/2029	$	1,936,527		1,927,089			1,893,836			0.07	%
																86,757,600			85,868,497			3.26	%
Hotels, Restaurants and Leisure
Alterra Mountain Company	First Lien Term Loan	SOFR(M)		—			2.50	%		6.48	%	5/31/2030	$	1,240,625		1,248,679			1,241,146			0.05	%
BetClic Everest Group S.A.S. (France)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.89	%	12/31/2031	$	454,860		453,751			456,138			0.02	%	C
Fertitta Entertainment, LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.25	%		7.72	%	1/27/2029	$	3,753,995		3,746,686			3,754,408			0.14	%
GAIA Purchaser, Inc. (Global Business Travel Group Inc.)	First Lien Term Loan	SOFR(M)		—			4.00	%		6.14	%	6/23/2033	$	894,000		889,530			895,118			0.03	%	L/E
Herschend Entertainment Company LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.11	%	5/31/2032	$	2,984,526		2,993,090			2,993,107			0.11	%
IRB Holding Corp	First Lien Term Loan	SOFR(M)		0.75	%		2.50	%		7.23	%	12/15/2030	$	1,952,891		1,954,056			1,955,566			0.07	%
Motion Finco LLC	First Lien Term Loan B	SOFR(Q)		—			3.50	%		6.89	%	11/12/2029	$	683,263		685,454			584,473			0.02	%
Pioneer Opco LLC	First Lien Term Loan	SOFR(M)		—			3.25	%		6.67	%	5/8/2033	$	929,000		924,419			933,729			0.04	%
Scientific Games Holdings LP	First Lien Term Loan	SOFR(Q)		0.50	%		3.00	%		8.39	%	4/4/2029	$	2,715,591		2,701,448			2,681,782			0.10	%
Showtime Acquisition LLC (World Choice)	First Lien Term Loan	SOFR(Q)		—			4.75	%		8.64	%	8/13/2031	$	44,252,583		43,926,940			44,003,883			1.67	%
Stonebridge Companies, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		8.64	%	5/16/2031	$	6,227,556		6,151,666			6,289,832			0.24	%	E
Stonebridge Companies, LLC	First Lien Revolver	SOFR(M)		0.75	%		5.00	%		8.64	%	5/16/2030	$	—		(13,892	)		—			—		D/E
Stonebridge Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.00	%		6.98	%	5/16/2031	$	—		(10,923	)		17,927			—		D/E
TRQ Sales LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		10.24	%	8/13/2032	$	1,496,250		1,480,567			1,470,066			0.06	%
TWG Sports LLC	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		7.98	%	6/26/2027	$	24,301,661		23,938,135			23,937,136			0.91	%	E
Voyager Parent LLC	First Lien Term Loan	SOFR(Q)		—			4.25	%		6.14	%	7/1/2032	$	1,745,829		1,733,205			1,749,076			0.07	%
Whatabrands LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		0.00	%	8/3/2028	$	1,230,630		1,234,730			1,230,433			0.05	%
																94,037,541			94,193,820			3.58	%
Household Durables
Hunter Douglas Holding BV (Netherlands)	First Lien Term Loan	SOFR(Q)		—			3.00	%		8.25	%	1/17/2032	$	4,063,489		4,059,710			4,068,162			0.16	%	C
Madison Safety & Flow LLC	First Lien Term Loan	Prime		—			1.50	%		6.14	%	9/26/2031	$	3,483,884		3,493,836			3,492,838			0.14	%
Pye-Barker Fire & Safety LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.23	%	12/10/2032	$	1,957,500		1,956,874			1,962,668			0.07	%
Pye-Barker Fire & Safety LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			2.50	%		7.44	%	12/16/2032	$	45,900		45,807			46,672			—
Weber Stephen Products, LLC	First Lien Term Loan	SOFR(Q)		—			3.75	%		0.00	%	9/17/2032	$	857,850		855,268			848,658			0.03	%
																10,411,495			10,418,998			0.40	%
Insurance
Alliant Holdings Intermediate, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		8.66	%	9/19/2031	$	12,280,207		12,248,267			12,130,941			0.46	%
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.66	%	8/31/2029	$	23,611,571		23,430,784			23,493,513			0.89	%	E
AmeriLife Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.66	%	8/31/2029	$	557,223		546,268			541,638			0.02	%	E
AmeriLife Holdings, LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.66	%	8/31/2028	$	484,273		476,500			474,588			0.02	%	E
AmeriLife Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.66	%	8/31/2029	$	916,925		907,020			912,340			0.03	%	E
Amwins Group Inc	First Lien Term Loan	SOFR(Q)		—			2.00	%		5.73	%	1/30/2032	$	1,492,424		1,489,686			1,463,389			0.06	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Insurance (Continued)
Amynta Agency Borrower Inc. (Mayfield)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.73	%	12/29/2031	$	4,453,563	$	4,445,983		$	4,401,612			0.17	%
Ardonagh Group FinCo Pty Ltd (Australia)	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.89	%	2/27/2031	$	2,667,761		2,670,727			2,589,409			0.10	%	C
Bella Holding Conmpany, LLC	First Lien Term Loan	SOFR(M)		—			3.25	%		8.73	%	5/10/2033	$	546,000		540,557			542,132			0.02	%
EBS Parent Holdings Inc. (The Difference Card)	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.73	%	7/1/2032	$	14,492,959		14,368,717			14,492,959			0.55	%	E
EBS Parent Holdings Inc. (The Difference Card)	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.73	%	7/1/2032	$	—		(10,405	)		—			—		D/E
EBS Parent Holdings Inc. (The Difference Card)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.23	%	7/1/2032	$	—		(15,608	)		—			—		D/E
Galway Borrower LLC	First Lien Term Loan	SOFR(Q)		0.75	%		4.50	%		8.23	%	2/23/2033	$	3,138,264		3,112,186			3,138,264			0.12	%	E
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.50	%		8.14	%	2/23/2033	$	5,201,491		5,161,640			5,201,491			0.20	%	E
Higginbotham Insurance Agency, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		4.50	%		8.14	%	6/11/2031	$	15,275,374		15,275,374			15,275,374			0.58	%	E
Higginbotham Insurance Agency, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		4.50	%		8.14	%	6/11/2031	$	4,129,650		4,075,732			4,129,650			0.16	%	E
Higginbotham Insurance Agency, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		4.50	%		5.92	%	6/11/2031	$	344,721		343,500			344,721			0.01	%	E
Hub International Limited	First Lien Term Loan	SOFR(Q)		—			2.25	%		8.67	%	6/20/2030	$	1,863,924		1,861,752			1,864,101			0.07	%
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	8/25/2028	$	9,641,481		9,621,155			9,622,198			0.37	%	E
Integrity Marketing Acquisition, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			5.00	%		8.67	%	8/25/2028	$	—		(7,299	)		(5,419	)		—		D/E
Integrity Marketing Acquisition, LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		6.66	%	8/25/2028	$	—		(68,907	)		(8,369	)		—		D/E
Jones Deslauriers Insurance Management Inc. (Canada)	First Lien Term Loan	SOFR(Q)		—			3.00	%		7.14	%	3/15/2030	$	2,999,895		2,940,910			2,879,149			0.11	%	C
Summit Acquisition Inc.	First Lien Term Loan	SOFR(M)		—			3.50	%		6.48	%	10/16/2031	$	1,118,983		1,119,430			1,119,917			0.04	%
Truist Insurance Holdings, LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		5.98	%	5/6/2031	$	7,663,726		7,677,340			7,500,872			0.28	%
USI Inc.	First Lien Term Loan	SOFR(Q)		—			2.25	%		0.00	%	11/29/2030	$	1,865,506		1,864,565			1,860,376			0.07	%
																114,075,874			113,964,846			4.33	%
Internet and Catalog Retail
Syndigo, LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.67	%	9/2/2032	$	673,205		636,099			483,866			0.02	%	E
Syndigo, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		0.00	%	9/2/2032	$	31,147,501		30,872,814			29,745,863			1.13	%	E
																31,508,913			30,229,729			1.15	%
Internet Software and Services
Bynder Bidco B.V. (Netherlands)	First Lien Term Loan B	SOFR(Q)		1.00	%		6.00	%		9.67	%	1/26/2029	$	2,105,292		2,078,232			2,083,978			0.08	%	C/E
Bynder Bidco B.V. (Netherlands)	First Lien Revolver B	SOFR(Q)		1.00	%		6.00	%		9.67	%	1/26/2029	$	—		(606	)		(1,733	)		—		C/D/E
Bynder Bidco, Inc. (Netherlands)	First Lien Term Loan A	SOFR(Q)		1.00	%		6.00	%		9.67	%	1/26/2029	$	580,770		573,305			574,890			0.02	%	C/E
Bynder Bidco, Inc. (Netherlands)	First Lien Revolver A	SOFR(Q)		1.00	%		6.00	%		9.67	%	1/26/2029	$	—		(2,200	)		(477	)		—		C/D/E
Civicplus LLC	First Lien Term Loan	SOFR(Q)		0.75	%	3.25% Cash + 2.75% PIK				9.67	%	8/24/2030	$	10,853,195		10,790,442			10,756,015			0.41	%	E
Civicplus LLC	First Lien Revolver	SOFR(Q)		0.75	%	3.25% Cash + 2.75% PIK				9.67	%	8/23/2030	$	—		(3,962	)		(6,256	)		—		D/E
Civicplus LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%	3.25% Cash + 2.75% PIK				9.67	%	8/24/2030	$	3,709,832		3,661,065			3,653,815			0.14	%	E
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		9.92	%	8/23/2029	$	8,536,334		8,423,885			7,919,251			0.30	%	E
e-Discovery Acquireco, LLC (Reveal)	First Lien Initial Term Loan	SOFR(Q)		1.00	%		5.50	%		9.17	%	9/1/2028	$	6,607,636		6,607,636			6,065,519			0.23	%	E
e-Discovery Acquireco, LLC (Reveal)	First Lien Revolver	SOFR(Q)		1.00	%		6.25	%		9.92	%	8/23/2029	$	768,775		754,077			664,574			0.03	%	E
Gympass US, LLC	First Lien Term Loan	SOFR(M)		1.00	%	3.25% Cash + 3.25% PIK				10.26	%	8/29/2029	$	2,896,519		2,891,433			2,896,519			0.11	%	E
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.50	%	3.25% Cash + 3.25% PIK				10.26	%	8/29/2029	$	13,005,665		12,963,271			13,005,665			0.49	%	E
																48,736,578			47,611,760			1.81	%
IT Services
Anthracite Buyer, Inc. (Coalfire)	First Lien Term Loan	SOFR(Q)		0.75	%		4.50	%		8.18	%	12/3/2032	$	17,151,957		17,073,240			16,808,918			0.64	%	E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
IT Services (Continued)
Anthracite Buyer, Inc. (Coalfire)	First Lien Revolver	SOFR(Q)		0.75	%		4.50	%		8.18	%	12/3/2032	$	—	$	(19,679	)	$	(85,760	)		—		D/E
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		10.41	%	11/8/2030	$	9,559,143		9,410,448			8,947,358			0.34	%	E
Crewline Buyer, Inc. (New Relic)	First Lien Revolver	SOFR(Q)		1.00	%		6.75	%		10.41	%	11/8/2030	$	—		(15,489	)		(63,728	)		—		D/E
Coreweave Financing DDTL V LLC	First Lien Delayed Draw Term Loan	SOFR(M)		—			4.50	%		8.12	%	11/6/2031	$	806,571		784,314			855,363			0.03	%
Ensono Holdings, Inc.	First Lien Term Loan	SOFR(M)		—			4.11	%		7.76	%	5/26/2028	$	18,753,886		18,660,787			18,428,319			0.69	%
Fortress Intermediate 3, Inc	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.62	%	6/27/2031	$	3,115,115		3,123,999			3,105,380			0.12	%
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		9.41	%	6/3/2030	$	11,173,031		11,026,879			10,971,916			0.41	%	E
Intercept Bidco, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		5.75	%		9.41	%	6/3/2030	$	—		(22,598	)		(31,096	)		—		D/E
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		7.00	%		10.64	%	12/29/2028	$	2,288,429		2,260,966			1,919,992			0.07	%	E
Madison Logic Holdings, Inc.	First Lien Revolver	SOFR(M)		1.00	%		7.00	%		10.64	%	12/30/2027	$	—		(77	)		(13,815	)		—		D/E
Research Now Group, LLC (Dynata)	First Lien Second Out Term Loan	SOFR(Q)		1.00	%		5.76	%		9.40	%	10/15/2028	$	1,641,190		1,520,113			672,888			0.03	%
Research Now Group, LLC (Dynata)	First Lien Term Loan	SOFR(Q)		—			5.26	%		8.90	%	7/15/2028	$	231,715		220,379			220,855			0.01	%
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		10.15	%	5/12/2030	$	4,110,490		4,053,921			3,691,220			0.14	%	E
Serrano Parent, LLC (Sumo Logic)	First Lien Revolver	SOFR(M)		1.00	%		6.50	%		10.15	%	5/12/2030	$	98,382		92,724			56,570			—		E
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	7/13/2031	$	7,628,524		7,627,236			7,545,564			0.29	%
Trident Technologies LLC	First Lien Term Loan	SOFR(M)		—			4.50	%		8.14	%	2/6/2032	$	7,313,672		7,261,576			7,061,350			0.27	%
																83,058,739			80,091,294			3.04	%
Life Sciences Tools and Services
Alcami Corporation	First Lien Term Loan	SOFR(Q)		1.00	%		5.65	%		9.32	%	12/21/2029	$	963,863		963,863			955,188			0.04	%	E
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(Q)		—			5.65	%		9.32	%	12/21/2029	$	1,269,437		1,257,352			1,258,012			0.05	%	E
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.60	%		9.24	%	12/21/2029	$	70,948		70,948			70,309			—		E
Alcami Corporation	First Lien Revolver	SOFR(Q)		—			5.65	%		9.32	%	12/21/2029	$	—		(873	)		(2,024	)		—		D/E
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		3.00	%		5.25	%		8.89	%	12/18/2029	$	1,199,513		1,192,200			1,189,917			0.05	%	E
DNAnexus, Inc	First Lien Term Loan	SOFR(M)		3.00	%		5.25	%		8.89	%	12/20/2029	$	5,997,566		5,955,801			5,949,585			0.22	%	E
Parexel International, Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	12/9/2031	$	2,238,750		2,245,903			2,241,784			0.09	%
Star Parent Inc.	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.73	%	9/27/2030	$	2,611,853		2,608,474			2,618,317			0.10	%
Sotera Health Holdings, LLC	First Lien Term Loan	SOFR(M)		—			2.25	%		5.87	%	5/30/2031	$	2,882,440		2,891,191			2,888,291			0.10	%
																17,184,859			17,169,379			0.65	%
Multiline Retail
Boots Group Finco LP	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.92	%	7/22/2032	$	2,045,720		2,050,475			2,055,519			0.08	%

Machinery
AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.12	%	7/31/2028	$	7,111,722		7,088,934			7,113,464			0.27	%	C
Advanced Cooling Technologies Inc.	First Lien Term Loan	SOFR(M)		0.50	%		4.50	%		8.14	%	5/19/2033	$	25,075,842		24,952,571			24,925,387			0.94	%	E
Advanced Cooling Technologies Inc.	First Lien Revolver	SOFR(M)		0.50	%		4.50	%		8.14	%	5/19/2033	$	—		(24,118	)		(29,437	)		—		D/E
Coorstek Inc.	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.23	%	10/28/2032	$	668,325		665,293			670,417			0.03	%
Cube Industrials Buyer Inc. (Circor)	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.67	%	10/20/2031	$	930,260		929,030			932,297			0.04	%
Filtration Group Corporation	First Lien Term Loan	SOFR(M)		0.50	%		2.50	%		6.14	%	10/23/2028	$	3,225,973		3,241,656			3,231,441			0.12	%
Hobbs & Associates, LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		6.39	%	7/23/2031	$	2,466,725		2,460,525			2,466,343			0.09	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Machinery (Continued)
Madison IAQ LLC	First Lien Term Loan	SOFR(S)		—			1.75	%		5.47	%	5/6/2032	$	4,744,803	$	4,731,987		$	4,739,370			0.18	%
Indicor, LLC (Roper Industrial Pro)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	11/22/2029	$	3,354,356		3,361,508			3,356,553			0.13	%
LSF12 Helix Parent LLC	First Lien Term Loan	SOFR(M)		—			3.50	%		7.14	%	1/21/2033	$	2,249,620		2,235,349			2,211,658			0.08	%
Resilience Parent LLC (Maclean PWR SYS)	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.23	%	1/24/2033	$	1,567,000		1,567,498			1,565,315			0.06	%
TK Elevator US Newco Inc.	First Lien Term Loan	SOFR(S)		0.50	%		2.75	%		6.38	%	4/30/2030	$	4,711,099		4,714,758			4,737,104			0.18	%
																55,924,991			55,919,912			2.12	%
Media
As1 Sports Bidco Ltd (United Kingdom)	First Lien Delayed Draw Term Loan	EURIBOR(Q)		0.50	%		5.50	%		7.67	%	3/25/2033	€	—		(63,163	)		(65,200	)		—		C/D/E/M
As1 Sports Bidco Ltd (United Kingdom)	First Lien Term Loan	EURIBOR(Q)		0.50	%		5.50	%		7.67	%	4/9/2033	€	34,875,000		40,362,799			39,473,862			1.50	%	C/E/M
As1 Sports Bidco Ltd (United Kingdom)	First Lien Revolver	EURIBOR(Q)		0.50	%		5.50	%		7.67	%	3/27/2032	€	—		(29,363	)		(32,600	)		—		C/D/E/M
Fleet US Bidco Inc (Argus Media)	First Lien Term Loan	SOFR(M)		—			2.75	%		6.39	%	2/21/2031	$	1,492,481		1,492,481			1,496,212			0.05	%	E
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		4.25	%		7.92	%	10/1/2029	$	16,570,469		16,570,469			16,377,970			0.63	%	E
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		4.25	%		7.92	%	10/1/2029	$	1,115,709		1,115,709			1,102,748			0.04	%	E
Kid Distro Holdings, LLC	First Lien Revolver	SOFR(Q)		1.00	%		4.25	%		7.92	%	10/1/2029	$	—		—			(17,964	)		—		D/E
Streamland Media Midco LLC	First Lien First Out Term Loan	SOFR(Q)		—		5.76% PIK				9.49	%	3/31/2029	$	1,524,708		1,524,708			1,291,428			0.05	%	E
Streamland Media Midco LLC	First Lien Last Out Term Loan	SOFR(Q)		1.00	%	6.76% PIK				10.49	%	3/31/2029	$	1,395,835		1,274,412			351,727			0.01	%	E/G
Streamland Media Midco LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—		5.76% PIK				9.49	%	3/31/2029	$	287,663		287,663			287,663			0.01	%	E
Streamland Media Midco LLC	First Lien Revolver	SOFR(Q)		—		5.76% PIK				9.49	%	3/31/2029	$	215,333		215,333			182,387			0.01	%	E
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		8.98	%	12/31/2030	$	11,578,294		11,404,541			11,323,572			0.43	%	E
																74,155,589			71,771,805			2.73	%
Metals and Mining
TEGA MC US Inc (Grinding Media Inc.)	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.16	%	3/24/2033	$	892,000		883,160			898,137			0.03	%

Oil, Gas and Consumable Fuels
Deep Blue Operating I, LLC	First Lien Term Loan	SOFR(Q)		—			2.25	%		5.90	%	3/31/2029	$	1,148,123		1,149,668			1,153,152			0.04	%
Palmdale Oil Company, LLC	First Lien Term Loan	SOFR(Q)		—			4.75	%		8.48	%	12/12/2031	$	987,891		984,425			976,036			0.04	%	E
Palmdale Oil Company, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			4.75	%		8.48	%	12/12/2031	$	—		—			(9,160	)		—		D/E
Venture Global Calcasieu Pass LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.95	%	4/2/2033	$	720,000		709,518			722,952			0.03	%
																2,843,611			2,842,980			0.11	%
Pharmaceuticals
Opal Bidco SAS (Opella) (France)	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.23	%	4/28/2032	$	6,471,182		6,493,978			6,474,644			0.25	%	C

Paper and Forest Products
Alpine Acquisition Corp II (48Forty)	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	1/14/2031	$	—		(403	)		—			—		D/E
Alpine Acquisition Corp II (48Forty)	First Lien Revolver	SOFR(M)		1.00	%		5.00	%		8.64	%	1/14/2031	$	—		(8,058	)		—			—		D/E
Alpine Acquisition Corp II (48Forty)	First Lien Second Out Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	1/14/2031	$	439,168		439,168			439,168			0.02	%	E
Alpine Acquisition Corp II (48Forty)	First Lien Third Out Term Loan	SOFR(M)		1.00	%		5.25	%		8.89	%	1/14/2031	$	569,110		569,110			569,110			0.02	%	E
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.25	%		6.90	%		10.57	%	12/23/2026	$	1,286,986		1,282,307			1,257,626			0.04	%	E
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.25	%		6.40	%		10.14	%	12/23/2026	$	1,028,162		1,028,162			1,006,521			0.04	%	E
																3,310,286			3,272,425			0.12	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Professional Services
Allied Benefit Systems Intermediate, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		8.64	%	10/31/2030	$	41,462,518	$	41,284,915		$	41,794,219			1.58	%	E
Allied Benefit Systems Intermediate, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.00	%		8.64	%	10/31/2030	$	—		—			41,305			—		E
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)		1.50	%		6.00	%		9.74	%	10/24/2029	$	15,007,034		14,807,981			14,016,570			0.53	%	E
Applause App Quality, Inc.	First Lien Revolver	SOFR(Q)		1.50	%		6.00	%		9.68	%	10/24/2029	$	150,070		137,454			51,024			—		E
Avalon Borrower LLC (Gaming Labs)	First Lien Term Loan	SOFR(Q)		0.75	%		4.50	%		8.17	%	6/18/2033	$	14,600,925		14,455,658			14,454,916			0.55	%	E
Avalon Borrower LLC (Gaming Labs)	First Lien Term Loan	EURIBOR(Q)		0.75	%		4.50	%		6.91	%	6/18/2033	€	16,205,647		18,428,610			18,342,637			0.70	%	E/M
Avalon Borrower LLC (Gaming Labs)	First Lien Revolver	SOFR(Q)		0.75	%		4.50	%		8.17	%	6/18/2033	$	—		(80,616	)		(81,028	)		—		D/E
AlixPartners LLP	First Lien Term Loan	SOFR(M)		—			2.00	%		5.64	%	8/12/2032	$	1,492,500		1,480,284			1,485,321			0.06	%
Bullhorn, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		—			5.00	%		8.64	%	9/30/2029	$	12,136,269		12,126,635			11,863,203			0.45	%	E
Bullhorn, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	10/1/2029	$	10,262,184		10,246,657			10,031,285			0.38	%	E
Bullhorn, Inc.	First Lien Revolver	SOFR(M)		1.00	%		5.00	%		8.64	%	10/1/2029	$	197,141		195,468			137,999			0.01	%	E
Bullhorn, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.64	%	9/30/2029	$	1,400,965		1,398,887			1,369,443			0.05	%	E
Corinthia Bidco Limited (Walkers Professional Services) (Cayman Islands)	First Lien Term Loan	SOFR(Q)		0.50	%		4.00	%		7.66	%	6/2/2033	$	21,571,506		21,464,913			21,463,648			0.82	%	C/E
Corinthia Bidco Limited (Walkers Professional Services) (Cayman Islands)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.50	%		4.00	%		7.66	%	6/2/2033	$	—		(93,428	)		(94,500	)		—		C/D/E
Corinthia Bidco Limited (Walkers Professional Services) (Cayman Islands)	First Lien Revolver	SOFR(Q)		0.50	%		4.00	%		7.66	%	6/2/2033	$	378,000		331,304			330,750			0.01	%	C/E
Chronicle Parent LLC (Lexitas)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.67	%	4/15/2031	$	30,479,167		30,235,862			30,174,375			1.15	%	E
Chronicle Parent LLC (Lexitas)	First Lien Revolver	SOFR(Q)		1.00	%		5.00	%		8.67	%	4/15/2031	$	—		(25,870	)		(32,407	)		—		D/E
Chronicle Parent LLC (Lexitas)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		8.67	%	4/15/2031	$	1,719,619		1,642,009			1,622,397			0.06	%	E
Citrin Cooperman Advisors LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.73	%	3/6/2032	$	4,231,640		4,230,817			4,124,347			0.16	%
CoreLogic, Inc. (fka First American Corporation)	First Lien Term Loan	SOFR(M)		—			3.61	%		7.26	%	6/2/2028	$	7,115,702		7,085,487			7,044,545			0.27	%
DTI Holdco, Inc. (Epiq)	First Lien Term Loan	SOFR(M)		0.75	%		4.00	%		7.64	%	4/26/2029	$	21,936,574		21,874,855			20,050,029			0.76	%
Element Materials Technology Group US Holdings Inc.	First Lien Term Loan	SOFR(Q)		0.50	%		3.50	%		7.23	%	6/24/2029	$	3,731,691		3,736,105			3,756,563			0.14	%
Grant Thornton Advisors LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		6.39	%	6/2/2031	$	6,241,170		6,226,557			5,954,482			0.23	%
GI Consilio Parent LLC (Skopima Consilio Parent LLC)	First Lien Term Loan	SOFR(M)		0.50	%		3.75	%		7.39	%	5/12/2028	$	20,446,746		20,344,553			16,958,020			0.64	%
HSI Halo Acquisitions, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.66	%	6/28/2031	$	6,081,575		6,081,575			6,020,759			0.23	%	E
HSI Halo Acquisitions, Inc.	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.66	%	6/28/2031	$	—		—			(7,358	)		—		D/E
HSI Halo Acquisitions, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.66	%	6/28/2031	$	546,295		546,295			540,832			0.02	%	E
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		8.98	%	1/16/2030	$	4,588,305		4,534,091			4,565,363			0.17	%	E
Huckabee Acquisition, LLC (MOREgroup)	First Lien Revolver	SOFR(Q)		1.00	%		5.25	%		8.98	%	1/16/2030	$	—		(7,234	)		(3,061	)		—		D/E
ICIMS, Inc.	First Lien Incremental Term Loan	SOFR(Q)		0.75	%		6.25	%		9.92	%	8/18/2028	$	1,152,092		1,144,701			1,060,350			0.04	%	E
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	12/20/2031	$	5,536,829		5,482,653			5,475,924			0.21	%	E
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	12/20/2031	$	2,431,164		2,404,729			2,401,486			0.09	%	E
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.67	%	12/20/2031	$	—		(10,633	)		(11,937	)		—		D/E
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)		—			5.00	%		8.67	%	12/20/2031	$	—		(70,219	)		(158,654	)		(0.01	)%	D/E
OVG Business Services LLC (Oak View)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.64	%	6/15/2031	$	1,819,233		1,819,106			1,823,790			0.07	%
Secretariat Advisors LLC	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.73	%	2/24/2032	$	7,260,048		7,231,336			7,137,571			0.27	%
Secretariat Advisors LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			4.00	%		7.73	%	2/24/2032	$	—		—			(14,943	)		—		D
Vensure Employer Services, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.73	%	9/27/2031	$	17,835,468		17,742,148			17,752,890			0.67	%	E
Vensure Employer Services, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.50	%		5.00	%		8.73	%	9/27/2031	$	—		(46,632	)		(22,932	)		—		D/E
																278,387,013			271,419,223			10.31	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Real Estate Management and Development
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		8.89	%	1/18/2030	$	10,119,171	$	10,012,762		$	10,042,579			0.38	%	E
Community Merger Sub Debt LLC (CINC Systems)	First Lien Revolver	SOFR(M)		0.75	%		5.25	%		8.89	%	1/18/2030	$	266,363		242,712			251,242			0.01	%	E
																10,255,474			10,293,821			0.39	%
Road and Rail
Motive Technologies, Inc. (Keep Truckin)	First Lien Term Loan	SOFR(M)		1.00	%		7.36	%		11.01	%	4/8/2027	$	44,864,231		44,462,739			44,639,910			1.69	%	E
PODS LLC	First Lien Term Loan	SOFR(M)		—			4.50	%		8.13	%	5/14/2031	$	302,000		297,575			294,740			0.01	%
																44,760,314			44,934,650			1.70	%
Semiconductors and Semiconductor Equipment
Gryphon Debt Merger Sub Inc. (Altera Corporation LLC)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.41	%	8/17/2028	$	837,900		834,047			839,995			0.03	%

Software
Applied Systems, Inc.	First Lien Term Loan	SOFR(Q)		0.50	%		2.25	%		5.98	%	2/24/2031	$	486,975		486,974			479,366			0.02	%
Avalara, Inc.	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.23	%	3/26/2032	$	460,359		458,469			441,945			0.02	%
Barracuda Parent LLC	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.16	%	8/15/2029	$	667,741		659,096			458,237			0.02	%
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)		1.00	%		4.25	%		7.91	%	9/12/2029	$	17,648,902		17,431,442			17,648,902			0.67	%	E
Bluefin Holding, LLC (Allvue)	First Lien Revolver	SOFR(Q)		1.00	%		4.25	%		7.91	%	9/12/2029	$	—		(15,875	)		—			—		D/E
Boxer Parent Company, Inc.	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.67	%	7/30/2031	$	4,838,622		4,845,965			4,373,413			0.17	%
Central Parent LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.98	%	7/6/2029	$	975,131		965,575			643,586			0.02	%
Clearwater Analytics Holdings, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/27/2033	$	7,475,548		7,438,258			7,438,170			0.28	%	E
Clearwater Analytics Holdings, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/27/2033	$	—		(6,906	)		(6,922	)		—		D/E
Clearwater Analytics Holdings, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		4.50	%		8.23	%	6/27/2033	$	—		(4,489	)		(4,499	)		—		D/E
Clever Devices Ltd.	First Lien Term Loan	SOFR(M)		1.00	%		6.00	%		9.64	%	6/12/2030	$	2,181,771		2,145,873			2,181,771			0.08	%	E
Clever Devices Ltd.	First Lien Revolver	SOFR(M)		1.00	%		6.00	%		9.64	%	6/12/2030	$	618,416		603,153			618,416			0.02	%	E
Cloudera, Inc.	First Lien Term Loan	SOFR(M)		0.50	%		3.85	%		7.49	%	10/8/2028	$	2,052,017		2,038,580			1,601,671			0.06	%
Clover Holding 2, LLC (COHESITY)	First Lien Term Loan	SOFR(M)		—			3.75	%		7.38	%	10/31/2031	$	6,756,480		6,761,580			6,466,492			0.25	%
Delta Topco, Inc	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.40	%	12/3/2029	$	3,898,968		3,903,775			3,698,542			0.14	%
Deepl Se (Germany)	First Lien Term Loan	SOFR(Q)		2.50	%		5.00	%		8.73	%	6/26/2030	$	16,895,175		16,701,882			16,692,433			0.63	%	C/E
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)		2.50	%		5.00	%		8.73	%	6/26/2030	$	—		—			(177,399	)		(0.01	)%	C/D/E
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)		2.50	%		5.00	%		8.73	%	6/26/2030	$	—		—			20,832			—		C/E
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		9.48	%	8/27/2030	$	8,550,747		8,461,883			8,071,905			0.31	%	E
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%		5.75	%		9.48	%	8/27/2030	$	1,858,858		1,839,540			1,754,762			0.07	%	E
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.75	%		9.48	%	8/27/2030	$	1,341,689		1,341,690			1,255,074			0.05	%	E
Douglas Holdings, Inc (Docupace)	First Lien Revolver	SOFR(Q)		1.00	%		5.75	%		9.48	%	8/27/2030	$	—		(7,727	)		(41,638	)		—		D/E
Dragos, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		8.98	%	6/30/2030	$	29,886,213		29,647,255			29,960,929			1.14	%	E
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		5.25	%		8.94	%	6/30/2030	$	19,924,142		19,764,836			19,973,952			0.76	%	E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Software (Continued)
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.25	%		8.98	%	6/30/2030	$	—	$	—		$	18,288			0.00	%	E
Dawn Bidco, LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.66	%	3/1/2031	$	2,333,000		2,308,140			2,134,042			0.08	%
Darktrace Finco US LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.93	%	10/9/2031	$	382,098		381,463			350,670			0.01	%
Emburse Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		4.25	%		7.98	%	4/10/2032	$	26,049,261		25,994,300			25,762,719			0.98	%	E
Emburse Inc.	First Lien Revolver	SOFR(Q)		0.75	%		4.25	%		7.98	%	5/28/2032	$	—		(4,907	)		(51,168	)		—		D/E
Emburse Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.25	%		7.98	%	5/28/2032	$	—		(9,815	)		(51,168	)		—		D/E
Epicor Software Corporation (fka Eagle Parent Inc.)	First Lien Term Loan	SOFR(M)		0.75	%		2.75	%		6.37	%	5/30/2031	$	4,789,615		4,775,833			4,588,451			0.17	%
Flexport Capital, LLC	First Lien Term Loan	SOFR(M)		2.00	%		5.50	%		9.13	%	6/30/2029	$	25,317,664		25,126,776			25,089,805			0.95	%	E
Flexport Capital, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		2.00	%		5.50	%		9.13	%	6/30/2029	$	—		(145,941	)		(174,245	)		(0.01	)%	D/E
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		9.67	%	5/22/2029	$	4,036,148		4,004,842			4,020,003			0.15	%	E
Fusion Risk Management, Inc.	First Lien Revolver	SOFR(M)		1.00	%		6.00	%		9.65	%	5/22/2029	$	198,294		192,443			196,464			0.01	%	E
FirstUp, Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		10.48	%	7/13/2027	$	9,774,046		9,730,728			8,943,252			0.34	%	E
FirstUp, Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		10.48	%	7/13/2027	$	1,004,433		999,981			919,056			0.03	%	E
FirstUp, Inc	First Lien Revolver	SOFR(Q)		1.00	%		6.75	%		10.48	%	7/13/2027	$	—		(4,027	)		(77,227	)		—		D/E
Finastra USA Inc.	First Lien Term Loan	SOFR(S)		—			4.00	%		7.75	%	7/30/2032	$	828,411		820,820			765,866			0.03	%
Freedom Bidco Limited (Ireland)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		6.28	%		9.94	%	12/31/2028	$	20,829,384		20,629,236			20,569,183			0.78	%	C/E
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	2.50% Cash + 4.13% PIK				10.36	%	7/9/2029	$	3,900,905		3,866,810			3,785,247			0.14	%	E
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	2.50% Cash + 4.13% PIK				10.36	%	7/9/2029	$	1,127,100		1,118,965			1,093,683			0.04	%	E
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%	2.50% Cash + 4.13% PIK				10.28	%	7/7/2029	$	811,864		803,797			787,793			0.03	%	E
GTY Technology Holdings Inc.	First Lien Revolver	SOFR(Q)		1.00	%		6.00	%		9.73	%	7/9/2029	$	380,189		369,647			348,877			0.01	%	E
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		—		2.50% Cash + 4.13% PIK				10.28	%	7/7/2029	$	346,840		343,163			336,557			0.01	%	E
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		—		2.50% Cash + 4.13% PIK				10.36	%	7/7/2029	$	206,365		204,621			200,246			0.01	%	E
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.66	%	3/10/2031	$	13,259,664		13,104,161			13,392,261			0.51	%	E
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		8.66	%	3/10/2031	$	—		(25,244	)		28,701			—		D/E
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Revolver	SOFR(Q)		1.00	%		5.00	%		8.74	%	3/10/2031	$	478,343		444,684			478,343			0.02	%	E
Genesys Cloud Services Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	1/23/2032	$	599,029		596,613			575,152			0.02	%
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)		1.00	%	2.88% Cash + 3.38% PIK				9.89	%	9/30/2030	$	14,907,315		14,749,516			14,564,447			0.55	%	C/E
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Revolver	SOFR(M)		1.00	%	2.88% Cash + 3.38% PIK				9.89	%	9/30/2030	$	—		(18,228	)		(43,065	)		—		C/D/E
Hyphen Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		4.50	%		8.14	%	8/6/2032	$	—		(13,980	)		(83,429	)		—		D/E
Hyphen Solutions, LLC	First Lien Revolver	SOFR(M)		1.00	%		4.50	%		8.14	%	8/6/2032	$	—		(16,776	)		(50,057	)		—		D/E
Hyphen Solutions, LLC	First Lien Term Loan	SOFR(M)		1.00	%		4.50	%		8.14	%	8/6/2032	$	34,481,816		34,331,590			34,033,553			1.28	%	E
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)		0.75	%		7.50	%		11.16	%	8/5/2028	$	2,321,515		2,300,794			1,836,961			0.07	%	E
IQN Holding Corporation (Beeline)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		8.95	%	5/2/2029	$	38,966,789		38,695,651			38,434,971			1.46	%	E
IVXS UK Limited (ComplyAdvantage) (United Kingdom)	First Lien Term Loan (4.5% Exit Fee)	SOFR(Q)		4.00	%		5.75	%		9.75	%	5/19/2029	$	9,466,533		9,397,721			9,286,669			0.35	%	C/E/H

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Software (Continued)
IVXS UK Limited (ComplyAdvantage) (United Kingdom)	First Lien Delayed Draw Term Loan (4.5% Exit Fee)	SOFR(Q)		4.00	%		5.75	%		9.75	%	5/27/2029	$	3,155,511	$	3,132,574		$	3,095,556			0.12	%	C/E/H
ION Platform Finance US Inc.	First Lien Term Loan	SOFR(Q)		—			3.75	%		7.48	%	9/30/2032	$	1,697,745		1,676,657			1,228,743			0.05	%
Kaseya, Inc.	First Lien Term Loan	SOFR(M)		—			3.25	%		6.91	%	3/20/2032	$	2,450,291		2,449,842			1,907,135			0.07	%
Logicmonitor Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.16	%	11/19/2031	$	36,628,138		36,316,545			35,309,526			1.34	%	E
Logicmonitor Inc.	First Lien Revolver	SOFR(Q)		0.75	%		5.50	%		9.16	%	11/19/2031	$	—		(14,298	)		(66,834	)		—		D/E
Logicmonitor Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.50	%		9.13	%	10/7/2032	$	—		(36,976	)		(391,969	)		(0.01	)%	D/E
MH Sub I, LLC (Micro Holding Corp.)	First Lien Term Loan	SOFR(M)		—			4.25	%		7.89	%	12/11/2031	$	2,380,308		2,366,328			2,069,083			0.08	%
MH Sub I, LLC (Micro Holding Corp.)	First Lien 2023 Incremental Term Loan	SOFR(M)		1.00	%		4.25	%		7.89	%	5/3/2028	$	1,071,337		1,070,936			1,044,104			0.04	%
Mitchell International Inc.	First Lien Term Loan	SOFR(M)		—			3.00	%		6.64	%	1/22/2031	$	3,033,931		3,026,256			2,896,858			0.11	%
Onward Acquireco Inc (Onestream Inc)	First Lien Delayed Draw Term Loan	SOFR(M)		—		2.38% Cash + 2.68% PIK				8.69	%	4/1/2033	$	—		(39,917	)		(44,150	)		—		D/E
Onward Acquireco Inc (Onestream Inc)	First Lien Revolver	SOFR(M)		—		2.38% Cash + 2.68% PIK				8.69	%	4/1/2033	$	—		(16,636	)		(18,399	)		—		D/E
Onward Acquireco Inc (Onestream Inc)	First Lien Term Loan	SOFR(M)		—		2.38% Cash + 2.68% PIK				8.69	%	4/1/2033	$	12,961,709		12,868,608			12,858,015			0.49	%	E
Planview Parent, Inc.	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.23	%	12/17/2027	$	3,245,781		3,237,784			2,806,692			0.11	%
Project Boost Purchaser, LLC (JD Power, AutoData Inc.)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.48	%	7/2/2031	$	4,806,810		4,809,015			4,689,380			0.18	%
Ping Identity Holding Corp	First Lien Term Loan	SOFR(M)		—			2.75	%		6.38	%	11/15/2032	$	1,652,858		1,656,989			1,612,917			0.06	%
Proofpoint, Inc.	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.73	%	8/21/2028	$	5,036,434		5,028,197			4,871,692			0.19	%
Polaris Newco, LLC	First Lien Term Loan	SOFR(Q)		0.50	%		4.26	%		7.93	%	6/2/2028	$	2,905,433		2,905,930			2,532,404			0.10	%
Qlik Technologies Inc. (Project Alpha)	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.98	%	10/28/2030	$	996,732		998,548			728,113			0.03	%
RealPage, Inc.	First Lien Term Loan	SOFR(Q)		—			3.75	%		7.45	%	4/24/2028	$	1,592,365		1,596,131			1,501,369			0.06	%
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Revolver	CORRA(M)		0.75	%		4.50	%		6.76	%	11/5/2032		CAD$—		(34,607	)		(107,136	)		—		C/D/E/M
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Delayed Draw Term Loan	CORRA(M)		0.75	%		4.50	%		6.76	%	11/5/2032		CAD$—		(138,426	)		(428,543	)		(0.02	)%	C/D/E/M
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Term Loan	CORRA(M)		0.75	%		4.50	%		6.76	%	11/5/2032		CAD$43,064,004		30,333,379			29,503,585			1.12	%	C/E/M
Sophia, L.P. (Ellucian)	First Lien Term Loan	SOFR(M)		0.50	%		2.50	%		6.14	%	10/7/2029	$	1,764,032		1,763,674			1,706,595			0.06	%
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.40	%		9.13	%	6/30/2028	$	1,011,184		1,003,800			993,704			0.04	%	E
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		5.40	%		9.13	%	6/30/2028	$	566,263		563,173			558,949			0.02	%	E
Cloud Software Group, Inc. (TIBCO Software Inc.)	First Lien Term Loan	SOFR(M)		—			3.25	%		6.98	%	8/13/2032	$	1,745,766		1,742,216			1,536,274			0.06	%
Cloud Software Group, Inc. (TIBCO Software Inc.)	First Lien Term Loan	SOFR(M)		—			3.25	%		6.98	%	8/7/2032	$	550,000		500,500			477,615			0.02	%
UKG Inc.	First Lien Term Loan	SOFR(Q)		—			2.25	%		5.91	%	1/30/2031	$	1,038,767		1,015,972			980,690			0.04	%
Xplor T1, LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.91	%	10/28/2032	$	1,443,095		1,440,598			1,327,647			0.05	%	E
																461,736,998			450,740,456			17.13	%
Specialty Retail
Eg America LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.92	%	2/10/2031	$	668,000		664,784			671,236			0.03	%
Mavis Tire Express Services Topco Corp	First Lien Term Loan	SOFR(S)		0.75	%		3.00	%		6.67	%	5/4/2028	$	5,607,272		5,603,334			5,605,506			0.21	%
Pug LLC	First Lien Term Loan	SOFR(M)		—			4.75	%		8.39	%	3/15/2030	$	2,154,161		2,152,400			2,170,985			0.08	%
RVR Dealership Holdings LLC	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.17	%	2/26/2033	$	748,125		740,953			725,307			0.03	%
Speedster Bidco GMBH (Germany)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.48	%	12/10/2031	$	2,898,919		2,917,051			2,878,395			0.11	%	C
																12,078,522			12,051,429			0.46	%
Trading Companies and Distributors
BCPE Empire Holdings, Inc.	First Lien Term Loan	SOFR(M)		—			3.25	%		6.89	%	12/11/2030	$	1,201,379		1,198,913			1,187,119			0.05	%
BCPE Empire Holdings, Inc.	First Lien Term Loan	SOFR(M)		—			3.50	%		7.14	%	12/29/2032	$	1,870,313		1,861,450			1,850,834			0.07	%
FCG Acquisitions, Inc.	First Lien Term Loan	SOFR(M)		—			3.25	%		6.89	%	2/28/2033	$	51,870		51,870			52,125			—

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost		Fair Value		% of Total Cash and Investment			Notes
Debt Investments - Continued
Trading Companies and Distributors (Continued)
Veritiv Corp.	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.73	%	11/17/2030	$	392,494	$	391,036	$	371,953		0.01	%
White Cap Supply Holdings, LLC	First Lien Tranche B Term Loan	SOFR(M)		—			3.25	%		6.89	%	10/19/2029	$	7,758,540		7,734,508		7,755,980		0.30	%
																11,237,777		11,218,011		0.43	%
Textiles, Apparel and Luxury Goods
Beach Acquisition Bidco LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		6.39	%	6/25/2032	$	579,094		577,808		582,922		0.02	%
WH Borrower, LLC (WHP)	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.14	%	2/20/2032	$	26,514,715		26,407,659		26,596,115		1.01	%
																26,985,467		27,179,037		1.03	%
Technology Hardware, Storage and Peripherals
Composecure Holdings LLC	First Lien Term Loan	SOFR(M)		—			2.25	%		5.92	%	1/14/2033	$	864,000		862,988		860,423		0.03	%
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.50	%		9.17	%	4/25/2031	$	12,800,000		12,744,330		12,800,000		0.49	%	C/E
																13,607,318		13,660,423		0.52	%
Transportation Infrastructure
Brown Group Holding, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	6/7/2028	$	1,230,630		1,237,769		1,235,189		0.05	%
KKR Apple Bidco, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.14	%	9/23/2031	$	329,523		329,523		330,212		0.01	%
																1,567,292		1,565,401		0.06	%
Wireless Telecommunication Services
Digicel International Finance Ltd (Jamaica)	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.23	%	4/23/2033	$	70,649		70,649		71,179		—		C
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		8.98	%	6/11/2029	$	43,579,513		43,098,409		42,930,614		1.63	%	C/E
																43,169,058		43,001,793		1.63	%

Total Debt Investments - 153.4% of Net Assets																2,553,301,635		2,513,785,262		95.51	%

Equity Securities

Media
Streamland Media Holdings LLC	Common Units												$	12,363		645,215		—		—		E/I/J

Paper and Forest Products
48forty Intermediate Holdings, Inc.	Class A-1 Common Units												$	285		—		—		—		E/I/J
48forty Intermediate Holdings, Inc.	Preferred Units												$	285		1,087,468		948,157		0.04	%	E/I/J
																1,087,468		948,157		0.04	%

Total Equity Securities - 0.1% of Net Assets																1,732,683		948,157		0.04	%

Total Investments - 153.5% of Net Assets															$	2,555,034,318	$	2,514,733,419		95.55	%

Cash and Cash Equivalents - 7.2% of Net Assets																		117,174,448		4.45	%

Total Cash and Investments - 160.7% of Net Assets																	$	2,631,907,867		100.00	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

June 30, 2026

Notes to Schedule of Investments:

(A)

Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. Unless otherwise indicated, investments held by the Fund are denominated in U.S. dollars.

(B)

100.0% of the fair value of total senior secured loans in the Fund’s portfolio bear interest at a floating rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), Euro Interbank Offered Rate (“EURIBOR” or "E"), Canadian Overnight Repo Rate Average (“CORRA” or "C"), or other base rate (commonly the Federal Funds Rate or the Prime Rate, “P”). In addition, 80.2% of the fair value of such senior secured loans have floors of 0.50% to 4.00%, with a weighted average of 0.89%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at June 30, 2026 of all contracts within the specified loan facility. SOFR, EURIBOR, and CORRA reset daily (D), monthly (M), quarterly (Q) or semiannually (S).

(C)

Non-U.S. company or principal place of business outside the U.S. and as a result, the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets.

(D)

Negative balances represent unfunded commitments that were acquired and/or valued at a discount.

(E)

Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).

(F)

The Fund generally uses Global Industry Classification Standard ("GICS") codes to identify the industry groupings.

(G)

Non-accruing debt investment.

(H)

In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(I)

Restricted security (See Note 2).

(J)

Non-income producing investment.

(K)

Deemed an investment company under Section 3(c) of the 1940 Act and as a result, the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets

(L)

Publicly traded company with a market capitalization greater than $250 million and as a result, the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets.

(M)

The Fund had investments in foreign currency with principal denominated in Euros ("EUR" or "€"), or Canadian Dollars ("CAD" or "CAD$"). Cost and fair value are converted from foreign currency into U.S. dollars.

Aggregate acquisitions and aggregate dispositions of investments totaled $463,971,572 and $163,032,317, respectively, for the six months ended June 30, 2026. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on investments. The total value of restricted securities and bank debt as of June 30, 2026 was $2,514,733,419 or 95.6% of total cash and investments of the Fund. As of June 30, 2026, approximately 13.6% of the total assets of the Fund were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

BlackRock Private Credit Fund

Consolidated Schedule of Investments

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments(A)
Aerospace and Defense
Arcline FM Holdings, LLC (Fairbanks Morse)	First Lien Term Loan	SOFR(Q)		0.75	%		2.75	%		6.42	%	6/23/2030	$	2,887,923	$	2,893,381		$	2,903,489			0.12	%
Cobham Ultra US Co-Borrower LLC (Ultra Electronics)	First Lien Term Loan	SOFR(S)		—			4.18	%		8.37	%	8/4/2029	$	3,228,596		3,230,317			3,242,721			0.13	%
Engineering Research Holding LLC (Astrion, Inc.)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.67	%	8/29/2031	$	22,807,353		22,528,778			16,649,368			0.68	%	E
Kaman Corporation	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.32	%	1/30/2032	$	5,772,929		5,754,549			5,803,266			0.24	%
Kaman Corporation	First Lien Delayed Draw Term Loan	SOFR(Q)		—			2.50	%		6.43	%	2/26/2032	$	52,283		49,913			55,158			—
Propulsion BC Finco Sarl (Luxembourg)	First Lien Term Loan	SOFR(Q)		—			5.00	%		8.69	%	11/20/2032	$	1,586,823		1,592,220			1,596,741			0.06	%	C
Skydio, Inc	First Lien Term Loan	SOFR(M)		2.50	%	2.75% Cash +2.75% PIK				9.17	%	12/4/2029	$	7,711,220		7,652,362			7,641,819			0.31	%	E
Skydio, Inc	First Lien Delayed Draw Term Loan B	SOFR(M)		2.50	%	5.00% Cash				8.73	%	12/4/2029	$	—		(29,429	)		(33,750	)		—		D/E
Skydio, Inc	First Lien Delayed Draw Term Loan A	SOFR(M)		2.50	%	5.00% Cash				8.73	%	12/4/2029	$	3,750,000		3,720,571			3,716,250			0.15	%	E
Signia Aerospace, LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.44	%	11/21/2031	$	5,459,791		5,473,122			5,486,708			0.22	%
Signia Aerospace, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			2.75	%		6.44	%	11/21/2031	$	—		659			590			—
																52,866,443			47,062,360			1.91	%
Automobiles
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	EURIBOR(M)		0.75	%		5.88	%		7.78	%	8/22/2031	€	17,275,741		19,439,337			19,604,164			0.80	%	C/E
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	SOFR(Q)		0.75	%		5.75	%		9.47	%	8/22/2031	$	29,249,834		28,219,047			28,228,108			1.14	%	C/E
																47,658,384			47,832,272			1.94	%
Auto Components
Clarios Global LP (Canada)	First Lien Term Loan	SOFR(M)		—			2.75	%		6.47	%	1/14/2032	$	6,214,425		6,252,714			6,254,228			0.25	%	C

Beverages
Triton Water Holdings Inc	First Lien Term Loan	SOFR(Q)		—			2.25	%		5.92	%	3/31/2028	$	622,540		622,540			625,033			0.03	%

Building Products
Gulfside Supply Inc	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.67	%	5/29/2031	$	1,599,360		1,594,580			1,580,376			0.06	%
TL Alpine Holding Corp.	First Lien Term Loan	SOFR(M)		1.00	%		6.00	%		9.72	%	8/1/2030	$	9,624,423		9,477,443			9,662,921			0.39	%	E
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		9.98	%	3/1/2030	$	9,975,199		9,836,159			9,675,943			0.40	%	E
Wilsonart LLC	First Lien Term Loan	SOFR(Q)		—			4.25	%		7.92	%	7/25/2031	$	5,261,473		5,189,992			5,109,259			0.21	%
																26,098,174			26,028,499			1.06	%
Capital Markets
Apex Group Treasury LLC	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.39	%	2/20/2032	$	1,005,419		983,504			950,121			0.04	%
Ardonagh Group FinCo Pty Ltd (Australia)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.42	%	2/27/2031	$	4,622,921		4,615,454			4,621,973			0.19	%	C
Ascensus Holdings, Inc	First Lien Term Loan	SOFR(M)		0.50	%		3.00	%		6.72	%	8/2/2028	$	2,951,085		2,954,873			2,951,675			0.12	%
Allspring Buyer, LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.81	%	11/1/2030	$	815,550		817,113			820,953			0.03	%
BCPE Pequod Buyer Inc. (Envestnet Inc.)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	9/19/2031	$	2,166,438		2,171,851			2,173,880			0.09	%
Brookfield Properties Retail Holding LLC	First Lien Term Loan	SOFR(M)		—			3.50	%		7.22	%	5/28/2030	$	309,445		305,326			311,472			0.01	%
Focus Financial Partners, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.22	%	9/15/2031	$	6,308,415		6,312,705			6,326,142			0.26	%
Grant Thornton Advisors LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		6.47	%	6/2/2031	$	5,352,996		5,347,282			5,369,751			0.22	%
Grant Thornton Advisors LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	5/30/2031	$	919,695		909,316			924,459			0.04	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal			Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Capital Markets (Continued)
OVG Business Services LLC (Oak View)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	6/15/2031	$	1,828,491		$	1,828,360		$	1,834,205			0.07	%
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		8.42	%	1/31/2031	$	44,967,275			44,495,836			44,595,800			1.80	%	E
PMA Parent Holdings, LLC	First Lien Revolver	SOFR(Q)		0.75	%		4.75	%		8.42	%	1/31/2031	$	—			(53,869	)		(41,575	)		—		D/E
Wharf Street Rating Acquisition, LLC (KBRA)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.75	%		8.47	%	9/16/2032	$	—			(38,662	)		(27,661	)		—		D/E
Wharf Street Rating Acquisition, LLC (KBRA)	First Lien Revolver	SOFR(M)		0.75	%		4.75	%		8.47	%	9/16/2032	$	—			(37,713	)		(27,661	)		—		D/E
Wharf Street Rating Acquisition, LLC (KBRA)	First Lien Term Loan	SOFR(M)		0.75	%		4.75	%		8.47	%	9/16/2032	$	35,437,574			35,098,029			35,188,625			1.43	%	E
																	105,709,405			105,972,159			4.30	%
Chemicals
Advancion (f/k/a Aruba Investments Holdings, LLC)	First Lien Term Loan	SOFR(M)		0.75	%		4.10	%		7.82	%	11/24/2027	$	1,230,720			1,227,201			1,133,801			0.05	%
Ascend Learning, LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	12/11/2028	$	2,804,601			2,781,774			2,817,867			0.11	%
CP Iris Holdco I, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		—			4.00	%		7.72	%	10/27/2032	$	74,543			74,693			73,048			—
CP Iris Holdco I, Inc	First Lien Term Loan	SOFR(M)		—			4.00	%		7.72	%	10/18/2032	$	2,625,211			2,630,656			2,615,366			0.11	%
Derby Buyer LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.75	%	11/1/2030	$	4,719,861			4,727,660			4,740,345			0.18	%
Discovery Purchaser Corporation	First Lien Term Loan	SOFR(Q)		0.50	%		3.75	%		7.61	%	10/4/2029	$	3,808,974			3,755,238			3,669,547			0.15	%
INEOS Composites International Holdings LLC (FORTIS)	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.17	%	2/6/2032	$	722,370			720,757			717,313			0.03	%
Olympus Water US Holding Corporation (Solenis)	First Lien Term Loan	SOFR(Q)		0.50	%		3.00	%		6.67	%	6/9/2031	$	4,227,335			4,215,451			4,197,067			0.17	%
Sparta U.S. Holdco LLC	First Lien Term Loan	SOFR(M)		0.75	%		3.00	%		6.86	%	8/2/2028	$	2,154,660			2,136,167			2,142,088			0.09	%
W. R. Grace Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.50	%		3.00	%		6.67	%	8/19/2032	$	1,663,830			1,653,877			1,668,505			0.07	%
																	23,923,474			23,774,947			0.96	%
Commercial Services and Supplies
Allied Universal Holdco LLC	First Lien Term Loan	SOFR(M)		0.75	%		3.25	%		6.97	%	8/5/2032	$	6,683,639			6,689,196			6,726,448			0.27	%
Anticimex Inc. (Sweden)	First Lien Term Loan	SOFR(Q)		—			2.90	%		6.81	%	11/17/2031	$	184,729			184,729			185,884			0.01	%	C
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		9.42	%	12/26/2030	$	15,477,503			15,220,345			15,353,683			0.62	%	E
Cohnreznick Advisory LLC	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.17	%	3/31/2032	$	21,081,233			21,006,950			21,226,272			0.85	%
Cohnreznick Advisory LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			3.50	%		7.17	%	3/31/2032	$	(3,144	)		(14,726	)		19,937			—		D
Creative Artists Agency, LLC.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.22	%	10/1/2031	$	4,126,534			4,128,258			4,147,167			0.17	%
Dealer Tire Financial, LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	7/2/2031	$	1,881,242			1,875,181			1,885,945			0.08	%
EnergySolutions, LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.25	%		6.97	%	9/18/2030	$	647,427			644,621			652,687			0.03	%
Ensemble RCM, LLC	First Lien Term Loan B	SOFR(Q)		—			3.00	%		6.84	%	8/3/2029	$	5,337,605			5,343,943			5,370,004			0.22	%
GFL Environmental Services Inc (Canada)	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.27	%	2/4/2032	$	6,194,475			6,216,156			6,228,545			0.25	%	C
Interstate Waste Services Inc	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.92	%	10/4/2030	$	1,360,475			1,362,286			1,364,733			0.06	%
Madison Safety & Flow LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.23	%	9/26/2031	$	3,753,631			3,764,526			3,784,918			0.15	%
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		8.92	%	8/23/2028	$	5,451,836			5,389,531			5,380,537			0.22	%	E
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		8.92	%	8/23/2028	$	1,415,717			1,400,135			1,397,202			0.06	%	E
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		8.92	%	8/23/2028	$	982,031			970,820			969,188			0.04	%	E
Modigent, LLC (Pueblo)	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		8.92	%	8/23/2027	$	—			(10,153	)		(9,853	)		—		D/E
TA TT Buyer, LLC (TouchTunes, Octave Music)	First Lien Tranche B-1 Term Loan	SOFR(Q)		0.50	%		4.75	%		8.42	%	4/1/2029	$	16,717,565			16,719,731			16,346,686			0.66	%
																	90,891,529			91,029,983			3.69	%
Construction Materials
Covia Holdings LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.71	%	2/12/2032	$	2,330,322			2,333,466			2,317,214			0.10	%
Potters Industries, LLC	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.17	%	12/9/2032	$	275,000			274,313			276,031			0.01	%
																	2,607,779			2,593,245			0.11	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Construction and Engineering
Brand Industrial Services Inc	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.35	%	8/1/2030	$	4,645,232	$	4,605,767		$	4,245,626			0.17	%
Brown & Settle, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		10.26	%	5/16/2030	$	21,998,615		21,517,923			22,174,604			0.90	%	E
Brown & Settle, Inc.	First Lien Revolver	SOFR(M)		1.00	%		6.25	%		10.12	%	5/16/2030	$	1,838,836		1,785,263			1,838,836			0.07	%	E
Compsych Holdings Corp	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		8.61	%	7/22/2031	$	12,925,854		12,874,575			13,055,113			0.54	%	E
Compsych Holdings Corp	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		8.61	%	7/22/2031	$	—		(7,414	)		37,376			—		D/E
JF Acquisition, LLC (JF Petroleum)	First Lien Term Loan	SOFR(M)		1.00	%		5.75	%		9.48	%	6/18/2030	$	35,990,440		35,422,152			35,630,536			1.44	%	E
JF Acquisition, LLC (JF Petroleum)	First Lien Revolver	SOFR(M)		1.00	%		5.75	%		9.48	%	6/18/2030	$	—		(75,397	)		(41,587	)		—		D/E
JF Acquisition, LLC (JF Petroleum)	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.75	%		9.48	%	6/18/2030	$	—		(110,852	)		(67,232	)		—		D/E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.34	%	2/1/2030	$	2,381,164		2,364,060			2,381,164			0.10	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)		1.00	%		4.50	%		8.46	%	2/1/2030	$	1,648,177		1,633,251			1,648,177			0.07	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.27	%	2/1/2030	$	983,549		959,834			983,549			0.04	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Revolver	SOFR(Q)		1.00	%		4.50	%		8.29	%	2/1/2029	$	—		(1,898	)		—			—		D/E
Legence Holdings LLC (Refficiency)	First Lien Term Loan	SOFR(M)		—			2.25	%		5.97	%	12/16/2031	$	3,028,997		3,039,748			3,053,608			0.12	%
Pioneer Acquisitionco, LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.94	%	10/23/2032	$	188,000		187,540			189,058			0.01	%
RBS Buyer Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		8.84	%	7/31/2031	$	—		(19,794	)		34,064			—		D/E
RBS Buyer Inc.	First Lien Revolver	SOFR(Q)		1.00	%		5.00	%		8.84	%	7/31/2031	$	—		(65,979	)		—			—		D/E
RBS Buyer Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.84	%	7/31/2031	$	19,254,896		19,031,127			19,447,445			0.79	%	E
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)		1.00	%		4.75	%		8.57	%	5/31/2030	$	9,533,188		9,392,997			9,628,520			0.39	%	E
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.75	%		8.57	%	5/31/2030	$	—		(13,309	)		18,101			—		D/E
Titan Home Improvement, LLC (Renuity)	First Lien Revolver	SOFR(Q)		1.00	%		4.75	%		8.57	%	5/31/2030	$	—		(22,172	)		—			—		D/E
Tecta America Corp.	First Lien Term Loan	SOFR(M)		1.00	%		2.75	%		6.47	%	2/18/2032	$	1,376,085		1,381,131			1,383,069			0.06	%
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	11,069,460		10,940,583			11,124,807			0.45	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	4,972,668		4,914,773			4,997,531			0.20	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	2,671,969		2,671,969			2,685,329			0.11	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	943,685		930,012			948,403			0.04	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	9,086,694		8,970,998			9,132,127			0.37	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	2,587,408		2,551,505			2,600,345			0.11	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	611,620		602,754			614,678			0.02	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	832,881		762,966			860,337			0.03	%	E
Vortex Companies, LLC	First Lien Revolver	SOFR(M)		1.00	%		5.00	%		8.72	%	9/4/2029	$	839,464		815,675			839,464			0.03	%	E
																147,039,788			149,443,048			6.06	%
Consumer Finance
Lucky US BuyerCo, LLC (Global Payments)	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		11.22	%	3/30/2029	$	3,118,582		3,067,974			3,069,259			0.13	%	E
Lucky US BuyerCo, LLC (Global Payments)	First Lien Revolver	SOFR(Q)		1.00	%		7.50	%		11.22	%	3/30/2029	$	371,870		365,203			365,393			0.01	%	E
																3,433,177			3,434,652			0.14	%
Containers and Packaging
Charter Next Generation, Inc. (fka Charter NEX US, Inc.)	First Lien Term Loan	SOFR(M)		—			2.75	%		6.50	%	12/1/2030	$	8,161,664		8,156,985			8,188,802			0.33	%
Clydesdale Acquisition Holdings, Inc	First Lien Term Loan	SOFR(M)		—			3.25	%		6.97	%	4/13/2029	$	1,123,954		1,123,738			1,124,353			0.05	%
Clydesdale Acquisition Holdings, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		—			3.25	%		6.97	%	4/13/2029	$	17,881		17,647			(4,852	)		—		D
Mauser Packaging Solutions Holding Co	First Lien Term Loan	SOFR(Q)		—			5.00	%		8.69	%	4/15/2030	$	800,000		780,339			786,168			0.03	%
																10,078,709			10,094,471			0.41	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Communications Equipment
Digicert Inc	First Lien Term Loan	SOFR(M)		0.75	%		5.75	%		9.47	%	7/30/2030	$	33,854,115	$	33,378,564		$	33,471,665			1.36	%	E

Distributors
Bradyplus Holdings LLC	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.26	%	12/13/2032	$	652,000		642,220			646,158			0.03	%

Diversified Consumer Services
Belron Finance 2019 LLC (United Kingdom)	First Lien Term Loan	SOFR(Q)		—			2.25	%		6.12	%	10/16/2031	$	2,054,837		2,072,303			2,068,964			0.08	%	C
Express Wash Acquisition Company, LLC (Whistle)	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		10.18	%	4/10/2031	$	21,560,745		21,371,400			20,137,736			0.81	%	E
Express Wash Acquisition Company, LLC (Whistle)	First Lien Revolver	SOFR(Q)		1.00	%		6.25	%		10.18	%	4/10/2031	$	—		(11,194	)		(84,124	)		—		D/E
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		9.92	%	9/29/2028	$	4,409,996		4,357,511			4,088,410			0.17	%	E
Fusion Holding Corp. (Finalsite)	First Lien Revolver	Prime		0.75	%		5.25	%		12.00	%	9/15/2027	$	204,123		201,279			189,355			0.01	%	E
Planet US Buyer LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.82	%	1/31/2031	$	1,118,644		1,121,092			1,127,330			0.05	%
																29,112,391			27,527,671			1.12	%
Diversified Financial Services
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		9.09	%	3/15/2030	$	494,954		494,954			438,034			0.02	%	E
Beekeeper Buyer Inc. (Archway)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		8.92	%	6/30/2031	$	5,809,164		5,755,977			5,814,973			0.24	%	E
Beekeeper Buyer Inc. (Archway)	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		8.92	%	6/30/2031	$	—		(13,297	)		—			—		D/E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan E	SOFR(Q)		1.00	%		4.50	%		8.17	%	6/1/2028	$	4,934,075		4,893,263			4,890,246			0.20	%	E
EdgeCo Buyer, Inc.	First Lien Term Loan B	SOFR(Q)		1.00	%		4.50	%		8.17	%	6/1/2028	$	2,522,567		2,504,839			2,503,673			0.10	%	E
EdgeCo Buyer, Inc.	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.17	%	6/1/2028	$	1,102,343		1,094,596			1,094,086			0.04	%	E
EdgeCo Buyer, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		4.50	%		8.17	%	6/1/2028	$	—		(4,116	)		(4,387	)		—		D/E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan A	SOFR(Q)		1.00	%		4.50	%		8.17	%	6/1/2028	$	214,467		212,960			212,861			0.01	%	E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%		4.50	%		8.17	%	6/1/2028	$	186,266		184,957			184,871			0.01	%	E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan C	SOFR(Q)		1.00	%		4.50	%		8.17	%	6/1/2028	$	61,928		61,492			61,464			—		E
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		5.00	%		9.22	%	8/19/2028	$	—		(36,363	)		(28,487	)		—		D/E
GC Champion Acquisition LLC (Numerix)	First Lien Incremental Term Loan	SOFR(S)		1.00	%		5.00	%		9.22	%	8/21/2028	$	8,786,733		8,649,295			8,718,768			0.35	%	E
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(S)		1.00	%		5.00	%		9.22	%	8/21/2028	$	10,031,377		10,011,156			9,953,784			0.40	%	E
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		5.00	%		9.22	%	8/21/2028	$	639,841		634,224			634,892			0.03	%	E
GC Waves Holdings, Inc. (Mercer)	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	9/30/2030	$	18,925,793		18,925,793			19,115,051			0.78	%	E
GC Waves Holdings, Inc. (Mercer)	First Lien Revolver	SOFR(M)		0.75	%		4.50	%		8.22	%	8/10/2029	$	—		—			—			—		E
GC Waves Holdings, Inc. (Mercer)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	10/4/2030	$	1,536,670		1,393,142			1,838,101			0.07	%	E
Gryphon Debt Merger Sub Inc. (Altera Corporation LLC)	First Lien Term Loan	SOFR(S)		—			3.00	%		6.88	%	8/17/2028	$	840,000		835,829			846,741			0.03	%
HP PHRG Borrower LLC	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.67	%	2/20/2032	$	19,216,009		19,045,554			19,135,974			0.78	%
Orion Us Finco Inc.	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.43	%	10/10/2032	$	442,000		439,852			444,590			0.02	%
Oak Funding LLC	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.29	%	12/2/2032	$	17,487,635		17,315,538			17,314,735			0.70	%	E
Oak Funding LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.50	%		4.50	%		8.29	%	12/2/2032	$	—		(16,861	)		(16,868	)		—		D/E
Payroc, LLC	First Lien Term Loan	SOFR(M)		1.00	%		4.75	%		8.47	%	11/1/2027	$	7,515,599		7,460,323			7,500,568			0.30	%	E
Payroc, LLC	First Lien Revolver	SOFR(M)		1.00	%		4.75	%		8.47	%	11/1/2027	$	—		(1,231	)		(333	)		—		D/E
Payroc, LLC	First Lien Term Loan	SOFR(M)		1.00	%		4.75	%		8.47	%	10/31/2027	$	540,952		538,574			539,870			0.02	%	E
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.17	%	5/14/2031	$	14,798,438		14,775,028			14,902,027			0.60	%	E
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.17	%	5/14/2031	$	32,535,805		32,435,058			32,763,556			1.33	%	E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Diversified Financial Services (Continued)
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.49	%	10/4/2028	$	13,961,875	$	13,961,875		$	13,898,907			0.56	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.17	%	10/2/2028	$	2,669,859		2,657,834			2,640,245			0.11	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.49	%	10/4/2028	$	3,629,871		3,610,401			3,613,500			0.15	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.49	%	10/2/2028	$	1,082,893		1,082,893			1,078,009			0.04	%	E
Wealth Enhancement Group, LLC	First Lien Revolver	SOFR(Q)		1.00	%		4.50	%		8.17	%	10/4/2028	$	—		(612	)		(5,948	)		—		D/E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.17	%	10/2/2028	$	—		(16,919	)		(34,318	)		—		D/E
White Cap Supply Holdings, LLC	First Lien Tranche B Term Loan	SOFR(M)		—			3.25	%		6.97	%	10/19/2029	$	7,797,923		7,770,114			7,838,511			0.32	%
																176,656,122			177,887,696			7.21	%
Diversified Telecommunication Services
Level 3 Financing Inc.	First Lien Term Loan	SOFR(M)		—			3.25	%		6.97	%	3/27/2032	$	1,664,000		1,665,077			1,670,864			0.07	%
Venga Finance Sarl (Luxembourg)	First Lien Term Loan	SOFR(Q)		—			4.01	%		7.83	%	6/28/2029	$	1,246,851		1,250,735			1,252,618			0.05	%	C
																2,915,812			2,923,482			0.12	%

Electrical Equipment
Griffon Bidco Inc. (Layerzero)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	7/31/2031	$	—		(41,944	)		—			0.00	%	D/E
Griffon Bidco Inc. (Layerzero)	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.67	%	7/31/2031	$	—		(41,944	)		—			0.00	%	D/E
Griffon Bidco Inc. (Layerzero)	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	7/31/2031	$	25,285,726		25,048,459			25,285,726			1.04	%	E
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.13	%	10/15/2031	$	11,636,468		11,492,173			9,472,085			0.38	%	E
Spark Buyer, LLC (Sparkstone)	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		8.94	%	10/15/2031	$	799,273		770,122			362,024			0.01	%	E
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		8.94	%	10/15/2031	$	—		(58,301	)		(874,498	)		-0.04	%	D/E
																37,168,565			34,245,337			1.39	%
Energy Equipment and Services
PG Polaris Bidco SARL (Rosen Group) (Luxembourg)	First Lien Term Loan	SOFR(Q)		—			2.25	%		5.92	%	3/26/2031	$	2,735,825		2,745,388			2,748,437			0.11	%	C

Entertainment
City Football Group Ltd (United Kingdom)	First Lien Term Loan	SOFR(Q)		0.50	%		3.26	%		6.93	%	7/21/2030	$	2,074,734		2,076,369			2,077,327			0.08	%	C
Endeavor Operating Company LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	1/28/2032	$	6,270,323		6,269,522			6,314,215			0.26	%
International Entertainment JJJCO 3 Ltd (ATG Entertainment LLC) (United Kingdom)	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.84	%	4/19/2032	$	457,703		455,622			455,987			0.02	%	C/E
Renaissance Holding Corp.	First Lien Term Loan	SOFR(M)		—			4.00	%		7.72	%	12/11/2031	$	960,202		941,381			841,324			0.03	%
																9,742,894			9,688,853			0.39	%
Food Products
Sauer Brands Inc	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	2/4/2032	$	251,574		251,106			252,936			0.01	%
Saratoga Food Specialties LLC (Solina France SASU) (France)	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.98	%	3/7/2029	$	932,950		936,157			941,500			0.04	%	C
Wellness Pet LLC (Woof)	First Lien First Out Term Loan	SOFR(Q)		—			3.95	%		7.62	%	12/1/2029	$	479,108		443,529			295,849			0.01	%
																1,630,792			1,490,285			0.06	%
Health Care Equipment and Supplies
Avalara, Inc.	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.42	%	3/26/2032	$	462,678		460,615			465,216			0.02	%
Chariot Buyer, LLC	First Lien Term Loan	SOFR(M)		0.50	%		2.75	%		6.47	%	7/22/2032	$	5,442,636		5,420,839			5,460,216			0.23	%
Opal Bidco SAS (Opella) (France)	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.69	%	4/23/2032	$	6,503,700		6,528,276			6,552,478			0.26	%	C
																12,409,730			12,477,910			0.51	%
Healthcare Providers and Services
Acp Tara Holdings Inc. (Arcadia)	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.97	%	9/17/2032	$	152,000		151,621			153,045			0.01	%	E
AHP Health Partners, Inc.	First Lien Term Loan	SOFR(M)		—			2.25	%		5.97	%	9/20/2032	$	1,915,200		1,922,456			1,918,494			0.08	%
CHG Healthcare Services, Inc.	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.59	%	9/29/2028	$	2,711,392		2,694,913			2,726,955			0.11	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Healthcare Providers and Services (Continued)
Electron Bidco Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.22	%	10/7/2028	$	2,059,385	$	2,064,427		$	2,072,493			0.08	%
LifePoint Health Inc	First Lien Term Loan	SOFR(M)		—			3.50	%		7.33	%	5/19/2031	$	1,525,099		1,525,113			1,529,232			0.06	%
LifePoint Health Inc	First Lien Term Loan	SOFR(Q)		—			3.75	%		7.65	%	5/16/2031	$	1,917,929		1,918,013			1,926,368			0.08	%
Ingenovis Health, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		4.25	%		8.19	%	3/5/2028	$	238,091		236,197			69,939			—
IvyRehab Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.35	%		9.02	%	4/23/2029	$	14,014,906		13,863,384			14,014,906			0.56	%	E
IvyRehab Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.10	%		8.77	%	4/23/2029	$	9,317,238		8,934,995			9,135,995			0.36	%	E
Raven Acquisition Holdings LLC (R1 RCM)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	11/19/2031	$	1,890,777		1,890,578			1,899,125			0.08	%
Raven Acquisition Holdings LLC (R1 RCM)	First Lien Delayed Draw Term Loan	SOFR(M)		—			3.00	%		6.72	%	11/19/2031	$	—		235			602			—
Surgery Partners Holdings, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.22	%	12/19/2030	$	3,363,047		3,375,052			3,380,165			0.15	%
																38,576,984			38,827,319			1.57	%
Health Care Technology
Athenahealth Group Inc.	First Lien Term Loan	SOFR(M)		0.50	%		2.75	%		6.47	%	2/15/2029	$	9,924,727		9,918,729			9,955,742			0.40	%
Cotiviti Holdings, Inc	First Lien Term Loan	SOFR(M)		—			2.75	%		6.62	%	2/24/2031	$	1,540,082		1,528,655			1,483,615			0.06	%
Cotiviti Holdings, Inc	First Lien Term Loan	SOFR(M)		—			2.75	%		6.62	%	2/13/2032	$	906,947		898,813			872,941			0.04	%
MRO Parent Corporation	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/9/2032	$	34,673,825		34,195,620			34,465,782			1.40	%	E
MRO Parent Corporation	First Lien Revolver	SOFR(M)		0.75	%		4.50	%		8.22	%	6/9/2032	$	—		(41,687	)		(18,136	)		—		D/E
MRO Parent Corporation	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/9/2032	$	—		(20,844	)		(18,136	)		—		D/E
Mpulse Mobile Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		3.25	%		6.97	%	8/26/2032	$	—		(36,284	)		(36,732	)		—		D/E
Mpulse Mobile Inc.	First Lien Revolver	SOFR(Q)		0.75	%		4.75	%		8.42	%	8/26/2032	$	—		(54,426	)		(55,201	)		—		D/E
Mpulse Mobile Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		8.42	%	8/26/2032	$	40,121,205		39,746,068			39,735,520			1.61	%	E
Polaris Newco, LLC	First Lien Term Loan	SOFR(Q)		0.50	%		3.75	%		7.85	%	6/2/2028	$	2,920,685		2,921,313			2,823,222			0.11	%
PointClickCare Technologies Inc. (Canada)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.42	%	11/3/2031	$	4,393,621		4,401,487			4,408,274			0.18	%	C
Press Ganey Holdings, Inc.	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	4/30/2031	$	2,049,918		2,052,850			2,056,324			0.08	%
Zelis Healthcare Corp	First Lien Term Loan	SOFR(M)		—			2.75	%		6.47	%	9/15/2029	$	1,946,433		1,935,510			1,930,219			0.08	%
																97,445,804			97,603,434			3.96	%
Hotels, Restaurants and Leisure
Alterra Mountain Company	First Lien Term Loan	SOFR(Q)		—			5.00	%		8.69	%	5/31/2030	$	1,246,875		1,255,994			1,254,668			0.05	%	E
Fertitta Entertainment, LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.25	%		6.97	%	1/27/2029	$	7,914,353		7,892,164			7,921,555			0.32	%
Great Canadian Gaming Corp. (Canada)	First Lien Term Loan	SOFR(Q)		—			4.75	%		8.44	%	11/1/2029	$	429,281		429,243			423,110			0.02	%	C
Herschend Entertainment Company LLC	First Lien Term Loan	SOFR(M)		—			3.25	%		6.97	%	5/20/2032	$	2,484,600		2,490,526			2,505,048			0.10	%
Motion Finco LLC	First Lien Term Loan B	SOFR(Q)		—			3.50	%		7.17	%	11/12/2029	$	686,692		689,218			610,730			0.02	%
Scientific Games Holdings LP	First Lien Term Loan	SOFR(Q)		0.50	%		3.00	%		6.93	%	4/4/2029	$	3,887,771		3,869,912			3,824,614			0.16	%
Showtime Acquisition LLC (World Choice)	First Lien Term Loan	SOFR(Q)		—			4.75	%		8.63	%	8/13/2031	$	44,822,847		44,458,777			44,442,122			1.80	%	E
Stonebridge Companies, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		8.72	%	5/16/2031	$	6,274,616		6,190,377			6,299,714			0.26	%	E
Stonebridge Companies, LLC	First Lien Revolver	SOFR(M)		0.75	%		5.00	%		8.72	%	5/16/2030	$	—		(15,669	)		—			—		D/E
Stonebridge Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.00	%		8.72	%	5/16/2031	$	—		(12,034	)		7,171			—		D/E
TRQ Sales LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.94	%	8/13/2032	$	1,050,000		1,038,980			1,038,188			0.04	%	E
Voyager Parent LLC	First Lien Term Loan	SOFR(Q)		—			4.75	%		8.42	%	5/8/2032	$	1,754,603		1,740,873			1,758,060			0.07	%
Whatabrands LLC	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.46	%	8/3/2028	$	1,236,877		1,241,974			1,241,534			0.05	%
																71,270,335			71,326,514			2.89	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Household Durables
Hunter Douglas Holding BV (Netherlands)	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.21	%	1/17/2032	$	4,092,307	$	4,087,429		$	4,120,073			0.17	%	C
Pye-Barker Fire & Safety LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.21	%	12/10/2032	$	848,250		844,022			854,523			0.03	%
Pye-Barker Fire & Safety LLC	First Lien Delayed Draw Term Loan	SOFR(M)		—			2.50	%		7.74	%	12/10/2032	$	—		—			937			—
Weber Stephen Products, LLC	First Lien Term Loan	SOFR(Q)		—			3.75	%		0.00	%	9/17/2032	$	1,244,000		1,235,289			1,247,421			0.05	%
																6,166,740			6,222,954			0.25	%
Industrial Conglomerates
Beach Acquisition Bidco LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		7.23	%	6/25/2032	$	582,000		580,604			587,459			0.02	%
Chromalloy Holdings LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.91	%	3/31/2031	$	3,801,758		3,817,350			3,828,788			0.16	%
Cube Industrials Buyer Inc. (Circor)	First Lien Term Loan	SOFR(Q)		—			3.00	%		7.37	%	10/20/2031	$	934,947		933,594			942,151			0.04	%
LSF12 Crown US Commercial Bidco, LLC	First Lien Term Loan	SOFR(M)		—			3.50	%		0.00	%	12/2/2031	$	842,313		843,713			848,630			0.03	%
																6,175,261			6,207,028			0.25	%
Insurance
Alliant Holdings Intermediate, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		8.79	%	9/19/2031	$	11,973,302		11,938,624			12,013,832			0.49	%
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.79	%	8/31/2029	$	23,732,225		23,521,749			23,732,225			0.95	%	E
AmeriLife Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.79	%	8/31/2029	$	—		(12,678	)		—			—		D/E
AmeriLife Holdings, LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.79	%	8/31/2028	$	322,848		313,299			322,848			0.01	%	E
AmeriLife Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		6.67	%	8/31/2029	$	921,627		910,113			921,627			0.04	%	E
Amynta Agency Borrower Inc. (Mayfield)	First Lien Term Loan	SOFR(M)		—			2.75	%		8.67	%	12/29/2031	$	4,312,013		4,316,591			4,326,825			0.18	%
EBS Parent Holdings Inc. (The Difference Card)	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	7/1/2032	$	14,565,788		14,430,612			14,420,130			0.58	%	E
EBS Parent Holdings Inc. (The Difference Card)	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.67	%	7/1/2032	$	—		(11,265	)		(12,138	)		—		D/E
EBS Parent Holdings Inc. (The Difference Card)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.17	%	7/1/2032	$	—		(16,897	)		(36,414	)		—		D/E
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.50	%		8.17	%	9/29/2028	$	5,227,629		5,178,749			5,227,629			0.21	%	E
Galway Borrower LLC	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.22	%	9/29/2028	$	3,154,034		3,122,047			3,154,034			0.13	%	E
Higginbotham Insurance Agency, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		4.50	%		8.22	%	6/11/2031	$	15,352,328		15,352,328			15,352,328			0.62	%	E
Higginbotham Insurance Agency, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		4.50	%		8.22	%	9/30/2026	$	—		(59,373	)		—			—		D/E
Higginbotham Insurance Agency, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		4.50	%		8.82	%	12/10/2027	$	—		—			—			—		E
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.82	%	8/25/2028	$	9,690,530		9,665,397			9,615,380			0.39	%	E
Integrity Marketing Acquisition, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			5.00	%		8.82	%	8/26/2033	$	—		(8,979	)		(21,013	)		—		D/E
Integrity Marketing Acquisition, LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		6.78	%	8/25/2028	$	—		(84,775	)		(32,452	)		—		D/E
Jones Deslauriers Insurance Management Inc (Canada)	First Lien Term Loan	SOFR(Q)		—			3.00	%		7.42	%	12/9/2032	$	1,113,988		1,111,295			1,116,773			0.05	%	C
Summit Acquisition Inc.	First Lien Term Loan	SOFR(M)		—			3.50	%		6.22	%	10/16/2031	$	151,620		151,620			152,947			0.01	%	E
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.42	%	7/13/2031	$	7,667,052		7,665,578			7,699,829			0.31	%
Truist Insurance Holdings, LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		0.00	%	5/6/2031	$	7,663,726		7,678,281			7,686,104			0.31	%
																105,162,316			105,640,494			4.28	%
Internet and Catalog Retail
Syndigo, LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.82	%	9/2/2032	$	—		(40,084	)		(46,283	)		—		D/E
Syndigo, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		0.00	%	9/2/2032	$	31,304,022		31,005,795			30,959,678			1.25	%	E
																30,965,711			30,913,395			1.25	%
Internet and Direct Marketing Retail
Pug LLC	First Lien Term Loan	SOFR(M)		—			4.75	%		0.00	%	3/15/2030	$	3,698,286		3,693,285			3,672,860			0.15	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Internet Software and Services
Bynder Bidco B.V. (Netherlands)	First Lien Term Loan B	SOFR(Q)		1.00	%		6.00	%		9.86	%	1/26/2029	$	2,110,569	$	2,078,217		$	2,113,064			0.09	%	C/E
Bynder Bidco B.V. (Netherlands)	First Lien Revolver B	SOFR(Q)		1.00	%		6.00	%		9.86	%	1/26/2029	$	—		(723	)		—			—		C/D/E
Bynder Bidco, Inc. (Netherlands)	First Lien Term Loan A	SOFR(Q)		1.00	%		6.00	%		9.86	%	1/26/2029	$	582,226		573,301			582,914			0.02	%	C/E
Bynder Bidco, Inc. (Netherlands)	First Lien Revolver A	SOFR(Q)		1.00	%		6.00	%		9.86	%	1/26/2029	$	—		(2,624	)		—			—		C/D/E
Civicplus LLC	First Lien Term Loan	SOFR(Q)		0.75	%		6.00	%		9.82	%	8/24/2030	$	10,703,864		10,633,609			10,625,758			0.43	%	E
Civicplus LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.50	%		9.20	%	8/24/2030	$	—		(4,436	)		(5,098	)		—		D/E
Civicplus LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.50	%		9.20	%	8/24/2030	$	3,664,069		3,609,472			3,619,138			0.15	%	E
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		10.07	%	8/23/2029	$	8,579,230		8,448,506			8,665,022			0.35	%	E
e-Discovery Acquireco, LLC (Reveal)	First Lien Initial Term Loan	SOFR(Q)		1.00	%		5.50	%		9.32	%	9/1/2028	$	6,640,840		6,640,840			6,592,362			0.27	%	E
e-Discovery Acquireco, LLC (Reveal)	First Lien Revolver	SOFR(Q)		1.00	%		6.25	%		10.07	%	8/23/2029	$	768,775		751,774			768,775			0.03	%	E
Gympass US, LLC	First Lien Term Loan	SOFR(M)		1.00	%	3.25% Cash + 3.25% PIK				10.34	%	8/29/2029	$	2,849,124		2,841,564			2,877,615			0.12	%	E
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%	3.25% Cash + 3.25% PIK				10.34	%	8/29/2029	$	12,792,857		12,729,836			12,920,786			0.51	%	E
Magenta Buyer, LLC (McAfee)	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	3/1/2029	$	2,282,612		2,279,594			2,114,007			0.09	%
Spartan Bidco Pty Ltd (StarRez) (Australia)	First Lien Incremental Term Loan	SOFR(Q)		0.75	%		6.65	%		10.51	%	1/24/2028	$	10,038,061		9,935,064			10,018,186			0.41	%	C/E
Spartan Bidco Pty Ltd (StarRez) (Australia)	First Lien Revolver	SOFR(S)		0.75	%		6.50	%		10.23	%	1/24/2028	$	187,753		180,990			186,667			0.01	%	C/E
																60,694,984			61,079,196			2.48	%
IT Services
Anthracite Buyer, Inc. (Coalfire)	First Lien Term Loan	SOFR(Q)		0.75	%		4.50	%		8.34	%	12/3/2032	$	17,151,957		17,067,169			17,066,197			0.68	%	E
Anthracite Buyer, Inc. (Coalfire)	First Lien Revolver	SOFR(Q)		0.75	%		4.50	%		8.34	%	12/3/2032	$	—		(21,197	)		(21,440	)		—		D/E
CrewLine Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		10.59	%	11/8/2030	$	9,559,143		9,393,531			9,520,906			0.39	%	E
CrewLine Buyer, Inc. (New Relic)	First Lien Revolver	SOFR(Q)		1.00	%		6.75	%		10.59	%	11/8/2030	$	—		(17,251	)		(3,983	)		—		D/E
Ensono Holdings, Inc.	First Lien Term Loan	SOFR(M)		0.75	%		4.11	%		7.83	%	5/26/2028	$	18,852,332		18,734,370			18,870,807			0.76	%
Fortress Intermediate 3, Inc	First Lien Term Loan	SOFR(M)		—			3.00	%		6.78	%	6/27/2031	$	3,130,808		3,140,604			3,137,680			0.13	%
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		9.77	%	6/3/2030	$	11,229,177		11,063,738			11,094,427			0.45	%	E
Intercept Bidco, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		6.00	%		9.77	%	6/3/2030	$	—		(25,452	)		(20,731	)		—		D/E
Intercept Bidco, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.00	%		9.77	%	6/3/2030	$	—		(19,089	)		(31,096	)		—		D/E
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(M)		1.00	%	4.73% Cash + 2.37% PIK				10.72	%	12/29/2028	$	2,274,371		2,241,294			1,976,428			0.08	%	E
Madison Logic Holdings, Inc.	First Lien Revolver	SOFR(M)		1.00	%	4.73% Cash + 2.37% PIK				10.72	%	12/30/2027	$	—		(1,026	)		(11,240	)		—		D/E
Neon Maple US Debt Mergersub Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.22	%	11/17/2031	$	1,738,048		1,736,053			1,742,315			0.07	%
Research Now Group, LLC (Dynata)	Second Out Term Loan	SOFR(Q)		1.00	%		5.76	%		9.64	%	10/15/2028	$	1,649,563		1,501,552			1,025,311			0.04	%
Research Now Group, LLC (Dynata)	First Lien Term Loan	SOFR(Q)		—			5.26	%		9.14	%	7/15/2028	$	232,897		218,770			232,082			0.01	%
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		10.36	%	5/12/2030	$	4,099,217		4,035,397			3,849,165			0.16	%	E
Serrano Parent, LLC (Sumo Logic)	First Lien Revolver	SOFR(Q)		1.00	%		6.50	%		10.36	%	5/12/2030	$	—		(6,382	)		(25,005	)		—		D/E
Trident Technologies LLC	First Lien Term Loan	SOFR(M)		—			4.50	%		8.42	%	2/6/2032	$	7,350,703		7,293,674			7,283,297			0.30	%
																76,335,755			75,685,120			3.07	%
Life Sciences Tools and Services
Alcami Corporation	First Lien Term Loan	SOFR(Q)		1.00	%		7.15	%		10.97	%	12/21/2028	$	968,857		952,064			968,857			0.04	%	E
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		7.10	%		10.83	%	12/21/2028	$	71,311		70,075			71,311			—		E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost		Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Life Sciences Tools and Services (Continued)
Alcami Corporation	First Lien Revolver	SOFR(M)		1.00	%		7.10	%		10.83	%	12/21/2028	$	28,300	$	25,993	$	28,300			—		E
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		3.00	%		5.25	%		8.98	%	12/18/2029	$	1,199,513		1,056,775		1,163,528			0.05	%	E
DNAnexus, Inc	First Lien Term Loan	SOFR(M)		3.00	%		5.25	%		8.98	%	12/20/2029	$	5,997,566		5,949,829		5,985,571			0.24	%	E
Parexel International, Inc.	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.53	%	12/9/2031	$	1,450,000		1,458,127		1,456,648			0.06	%
Star Parent Inc	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.67	%	9/27/2030	$	2,274,213		2,276,858		2,279,455			0.09	%
Sotera Health Holdings, LLC	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.34	%	5/30/2031	$	2,889,682		2,899,316		2,909,563			0.12	%
																14,689,037		14,863,233			0.60	%
Machinery
AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom)	First Lien Term Loan	SOFR(Q)		1.00	%		3.00	%		6.85	%	7/30/2028	$	7,129,546		7,101,267		7,153,287			0.30	%	C
Coorstek Inc.	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.86	%	10/28/2032	$	670,000		666,722		676,285			0.03	%
Filtration Group Corporation	First Lien Term Loan	SOFR(M)		0.50	%		2.75	%		6.47	%	10/23/2028	$	5,400,776		5,421,623		5,436,205			0.22	%
Hobbs & Associates, LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		6.47	%	7/23/2031	$	2,065,643		2,058,618		2,067,905			0.08	%
Hobbs & Associates, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		—			2.75	%		6.47	%	7/23/2031	$	—		200		—			—		E
Husky Injection Molding Systems Ltd. (Canada)	First Lien Term Loan	SOFR(M)		—			3.75	%		7.47	%	2/15/2029	$	5,213,162		5,223,223		5,259,142			0.21	%	C
Indicor, LLC (Roper Industrial Pro)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.42	%	11/22/2029	$	3,365,634		3,373,403		3,389,816			0.14	%
KKR Apple Bidco, LLC	First Lien Term Loan	SOFR(M)		—			2.50	%		6.22	%	9/23/2031	$	331,196		331,196		333,278			0.01	%
Madison IAQ LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.64	%	11/8/2032	$	5,450,022		5,439,238		5,491,197			0.22	%
TK Elevator US Newco Inc	First Lien Term Loan	SOFR(S)		0.50	%		2.75	%		6.95	%	4/30/2030	$	3,484,743		3,485,427		3,510,373			0.14	%
																33,100,917		33,317,488			1.35	%
Media
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(S)		1.00	%		5.00	%		9.20	%	10/1/2029	$	16,657,453		16,657,453		16,504,204			0.66	%	E
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(S)		1.00	%		5.00	%		9.20	%	10/1/2029	$	1,121,303		1,121,303		1,110,987			0.05	%	E
Kid Distro Holdings, LLC	First Lien Revolver	SOFR(S)		1.00	%		5.00	%		9.20	%	10/1/2029	$	—		—		(14,227	)		—		D/E
Speedster Bidco GMBH (Germany)	First Lien Term Loan	SOFR(Q)		—			5.00	%		8.69	%	12/10/2031	$	3,110,000		3,130,647		3,121,663			0.13	%	C
Streamland Media Midco LLC	First Out Term Loan	SOFR(Q)		1.00	%	6.76% PIK				10.43	%	3/31/2029	$	1,461,957		1,461,957		1,461,957			0.06	%	E
Streamland Media Midco LLC	Last Out Term Loan	SOFR(Q)		—		6.76% PIK				10.43	%	3/31/2029	$	1,331,823		1,263,126		969,567			0.04	%	E/G
Streamland Media Midco LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	6.76% PIK				10.43	%	3/31/2029	$	116,958		116,958		116,958			—		E
Streamland Media Midco LLC	First Lien Revolver	SOFR(Q)		—		6.76% PIK				10.43	%	3/31/2029	$	206,470		206,470		206,470			0.01	%	E
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		9.09	%	12/31/2030	$	11,637,067		11,443,205		11,474,148			0.47	%	E
Zayo Group Holdings, Inc.	First Lien Term Loan	SOFR(M)		—			3.11	%		6.83	%	3/11/2030	$	267,470		265,488		254,583			0.01	%
																35,666,607		35,206,310			1.43	%
Metals and Mining
Grinding Media Inc. (Molycop LTD)	First Lien Term Loan	SOFR(Q)		0.75	%		3.50	%		7.34	%	10/21/2028	$	978,838		982,953		980,673			0.04	%	E

Oil, Gas and Consumable Fuels
Deep Blue Operating I, LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		6.59	%	3/31/2029	$	1,151,000		1,152,661		1,156,513			0.04	%
Palmdale Oil Company, LLC	First Lien Term Loan	SOFR(Q)		—			4.75	%		8.38	%	12/12/2031	$	763,292		759,492		759,476			0.03	%	E
Palmdale Oil Company, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			4.75	%		8.38	%	12/12/2031	$	—		—		—			0.01	%	E
Palmdale Oil Company, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			4.75	%		8.38	%	12/12/2031	$	—		—		—			—		E
Stakeholder Midstream, LLC	First Lien Term Loan	SOFR(S)		—			4.00	%		8.04	%	8/19/2032	$	461,843		457,224		464,586			0.02	%
																2,369,377		2,380,575			0.10	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Paper and Forest Products
Alpine Acquisition Corp II (48Forty)	First Lien 2nd Incremental Term Loan	SOFR(Q)		1.00	%		6.15	%		9.94	%	11/30/2029	$	5,011,624	$	4,909,789		$	2,153,996			0.09	%	E/G
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(Q)		1.00	%		6.15	%		9.94	%	11/30/2029	$	210,389		206,324			90,425			—		E/G
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.25	%		6.75	%		10.83	%	12/23/2026	$	1,462,677		1,451,859			1,453,164			0.06	%	E
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.00	%		6.40	%		10.09	%	12/23/2026	$	1,168,766		1,168,766			1,163,317			0.05	%	E
																7,736,738			4,860,902			0.20	%
Professional Services
Allied Benefit Systems Intermediate, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.73	%	10/31/2030	$	41,671,397		41,472,491			41,254,683			1.67	%	E
Allied Benefit Systems Intermediate, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.73	%	10/31/2030	$	—		—			(51,631	)		—		D/E
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)		1.50	%		5.75	%		9.43	%	10/24/2029	$	15,007,034		14,778,230			14,931,999			0.61	%	E
Applause App Quality, Inc.	First Lien Revolver	SOFR(Q)		1.50	%		5.75	%		9.69	%	10/24/2029	$	300,140		282,404			292,636			0.01	%	E
Acuren Delaware Holdco Inc.	First Lien Term Loan	SOFR(M)		0.75	%		2.75	%		6.47	%	1/31/2030	$	171,136		171,136			172,238			0.01	%
Bullhorn, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		—			5.00	%		8.72	%	9/30/2029	$	12,136,269		12,125,167			12,075,588			0.49	%	E
Bullhorn, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	10/1/2029	$	10,262,184		10,244,292			10,210,873			0.41	%	E
Bullhorn, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/30/2029	$	—		—			(5,620	)		—		D/E
Bullhorn, Inc.	First Lien Revolver	SOFR(M)		1.00	%		5.00	%		8.72	%	10/1/2029	$	197,141		195,213			152,784			0.01	%	E
Bullhorn, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		8.72	%	9/30/2029	$	1,400,965		1,398,570			1,393,960			0.06	%	E
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/28/2030	$	2,114,842		2,091,101			2,094,529			0.08	%	E
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/28/2030	$	871,417		861,628			863,047			0.03	%	E
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/28/2030	$	960,698		950,545			951,470			0.04	%	E
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/28/2030	$	737,825		730,027			730,738			0.03	%	E
Cherry Bekaert Advisory, LLC	First Lien Revolver	SOFR(M)		0.75	%		4.50	%		8.22	%	6/28/2030	$	—		(5,021	)		(4,296	)		—		D/E
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/28/2030	$	7,868,480		7,793,151			7,792,903			0.32	%	E
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		4.50	%		8.22	%	6/28/2030	$	4,241,111		4,165,781			4,165,534			0.17	%	E
Chronicle Parent LLC (Lexitas)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.90	%	4/15/2031	$	30,633,102		30,363,262			30,663,735			1.24	%	E
Chronicle Parent LLC (Lexitas)	First Lien Revolver	SOFR(Q)		1.00	%		5.00	%		8.87	%	4/15/2031	$	—		(28,547	)		—			—		D/E
Chronicle Parent LLC (Lexitas)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		8.87	%	4/15/2031	$	797,222		754,402			806,944			0.03	%	E
Citrin Cooperman Advisors LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.67	%	3/6/2032	$	4,814,692		4,811,784			4,834,745			0.20	%
CoreLogic, Inc. (fka First American Corporation)	First Lien Term Loan	SOFR(M)		0.50	%		3.61	%		7.33	%	6/2/2028	$	7,153,055		7,114,789			7,169,292			0.29	%
DTI Holdco, Inc. (Epiq)	First Lien Term Loan	SOFR(M)		0.75	%		4.00	%		7.72	%	4/26/2029	$	21,995,849		21,923,040			20,597,573			0.83	%
Element Materials Technology Group US Holdings Inc.	First Lien Term Loan	SOFR(Q)		0.50	%		3.68	%		7.35	%	6/24/2029	$	1,867,430		1,864,930			1,886,104			0.08	%
GI Consilio Parent LLC (Skopima Consilio Parent LLC)	First Lien Term Loan	SOFR(M)		0.50	%		3.75	%		7.47	%	5/12/2028	$	20,552,215		20,422,673			18,830,967			0.76	%
HSI Halo Acquisitions, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.84	%	6/28/2031	$	6,119,117		6,100,467			6,119,117			0.25	%	E
HSI Halo Acquisitions, Inc.	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		8.84	%	6/28/2031	$	—		—			—			—		E
HSI Halo Acquisitions, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.84	%	6/28/2031	$	549,054		549,054			549,054			0.02	%	E
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		8.94	%	1/16/2030	$	4,611,775		4,549,667			4,611,775			0.19	%	E
Huckabee Acquisition, LLC (MOREgroup)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.25	%		8.94	%	1/16/2030	$	—		(13,742	)		—			—		D/E
Huckabee Acquisition, LLC (MOREgroup)	First Lien Revolver	SOFR(Q)		1.00	%		5.25	%		8.94	%	1/16/2030	$	—		(8,245	)		—			—		D/E
ICIMS, Inc.	First Lien Incremental Term Loan	SOFR(Q)		0.75	%		6.25	%		10.11	%	8/18/2028	$	1,152,092		1,142,984			1,114,762			0.05	%	E
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		8.65	%	12/20/2031	$	5,564,864		5,505,485			5,531,475			0.22	%	E
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		8.51	%	12/20/2031	$	1,007,798		993,330			991,550			0.04	%	E

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Professional Services (Continued)
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Revolver	SOFR(Q)		0.75	%		4.75	%		8.51	%	12/20/2031	$	—	$	(11,596	)	$	(6,511	)		—		D/E
OMNIA Partners, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		2.75	%		6.45	%	7/25/2030	$	1,651,160		1,656,312			1,659,713			0.07	%
Secretariat Advisors LLC	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.67	%	2/24/2032	$	7,296,808		7,265,420			7,326,470			0.30	%
Secretariat Advisors LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			4.00	%		7.67	%	2/24/2032	$	—		—			3,601			—
Vensure Employer Services, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	9/27/2031	$	15,618,411		15,517,365			15,398,847			0.62	%	E
Vensure Employer Services, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		8.67	%	9/19/2031	$	—		281			(3,519	)		—		D/E
																227,727,830			225,107,129			9.13	%
Pharmaceuticals
Boots Group Finco LP	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.21	%	7/22/2032	$	2,056,000		2,061,125			2,069,703			0.08	%

Real Estate Management and Development
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		8.97	%	1/18/2030	$	10,119,171		9,997,913			10,137,375			0.41	%	E
Community Merger Sub Debt LLC (CINC Systems)	First Lien Revolver	SOFR(M)		0.75	%		5.25	%		8.97	%	1/18/2030	$	—		(26,952	)		—			—		D/E
																9,970,961			10,137,375			0.41	%
Road and Rail
Motive Technologies, Inc. (Keep Truckin)	First Lien Term Loan	SOFR(M)		1.00	%		7.36	%		11.08	%	4/8/2027	$	44,864,231		44,204,127			44,774,503			1.82	%	E

Software
Applied Systems, Inc.	First Lien Term Loan	SOFR(Q)		0.50	%		2.50	%		6.17	%	2/24/2031	$	489,434		489,433			492,774			0.02	%
Barracuda Parent LLC	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.34	%	8/15/2029	$	671,201		661,134			549,442			0.02	%
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)		1.00	%		4.25	%		7.98	%	9/12/2029	$	17,648,902		17,397,772			17,754,795			0.72	%	E
Bluefin Holding, LLC (Allvue)	First Lien Revolver	SOFR(Q)		1.00	%		4.25	%		7.98	%	9/12/2029	$	—		(18,333	)		—			—		D/E
Boxer Parent Company, Inc.	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.82	%	7/30/2031	$	4,863,121		4,871,237			4,856,191			0.20	%
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)		1.50	%		7.75	%		11.47	%	5/30/2029	$	12,000,000		11,910,944			11,772,000			0.48	%	E/H
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)		1.50	%		7.75	%		11.47	%	5/30/2029	$	5,876,756		5,827,063			5,788,605			0.23	%	E/H
Central Parent, Inc.	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.92	%	7/6/2029	$	980,094		968,930			833,364			0.03	%
Clever Devices Ltd.	First Lien Term Loan	SOFR(M)		1.00	%		6.00	%		9.72	%	6/12/2030	$	2,192,902		2,152,292			2,162,201			0.09	%	E
Clever Devices Ltd.	First Lien Revolver	SOFR(M)		1.00	%		6.00	%		9.72	%	6/12/2030	$	494,733		477,554			481,746			0.02	%	E
Cloudera, Inc.	First Lien Term Loan	SOFR(M)		0.50	%		3.85	%		7.57	%	10/8/2028	$	3,927,576		3,894,639			3,773,536			0.15	%
Clover Holding 2, LLC (COHESITY)	First Lien Term Loan	SOFR(M)		—			4.00	%		7.77	%	10/31/2031	$	6,790,603		6,796,169			6,804,388			0.28	%
Connectwise LLC	First Lien Term Loan	SOFR(Q)		—			3.76	%		7.43	%	9/30/2028	$	1,305,465		1,308,773			1,285,074			0.05	%
Delta Topco, Inc	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.44	%	12/24/2029	$	3,918,760		3,924,292			3,905,005			0.16	%
Deepl Se (Germany)	First Lien Term Loan	SOFR(Q)		2.50	%		5.00	%		8.69	%	6/26/2030	$	16,895,175		16,677,365			16,658,643			0.68	%	C/E
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)		2.50	%		5.00	%		8.69	%	6/26/2030	$	—		—			(206,966	)		-0.01	%	C/D/E
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)		2.50	%		5.00	%		8.69	%	6/26/2030	$	—		—			20,832			—		C/E
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		9.44	%	8/27/2030	$	8,550,747		8,451,287			8,431,037			0.34	%	E
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%		5.75	%		9.44	%	8/27/2030	$	223,063		210,955			197,039			0.01	%	E
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.75	%		9.44	%	8/27/2030	$	774,174		774,174			759,392			0.03	%	E
Douglas Holdings, Inc (Docupace)	First Lien Revolver	SOFR(Q)		1.00	%		5.75	%		9.44	%	8/27/2030	$	—		(8,649	)		(10,410	)		—		D/E
Dragos, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		8.85	%	6/30/2030	$	29,886,213		29,617,630			29,587,351			1.21	%	E
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.25	%		8.85	%	6/30/2030	$	—		(179,055	)		(199,241	)		-0.01	%	D/E
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.25	%		8.85	%	6/30/2030	$	—		—			(73,152	)		—		D/E
Dawn Bidco, LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.66	%	10/7/2032	$	2,083,000		2,078,012			2,079,292			0.08	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Software (Continued)
Darktrace Finco US LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		7.19	%	10/9/2031	$	384,033	$	383,329		$	385,921			0.02	%
Emburse Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		4.25	%		7.92	%	4/10/2032	$	26,049,261		25,989,690			26,492,098			1.07	%	E
Emburse Inc.	First Lien Revolver	SOFR(Q)		0.75	%		4.25	%		7.92	%	5/28/2032	$	—		(5,319	)		—			—		D/E
Emburse Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.25	%		7.92	%	5/28/2032	$	—		(10,638	)		79,078			—		D/E
Epicor Software Corporation (fka Eagle Parent Inc.)	First Lien Term Loan	SOFR(M)		0.75	%		2.50	%		6.22	%	5/30/2031	$	6,780,761		6,759,900			6,810,596			0.28	%
Flexport Capital, LLC	First Lien Term Loan	SOFR(M)		2.00	%		5.50	%		9.25	%	6/30/2029	$	25,317,664		25,095,107			25,140,440			1.02	%	E
Flexport Capital, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		2.00	%		5.50	%		9.25	%	6/30/2029	$	—		(170,175	)		(135,524	)		-0.01	%	D/E
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		9.82	%	5/22/2029	$	4,036,148		3,997,679			4,052,293			0.16	%	E
Fusion Risk Management, Inc.	First Lien Revolver	SOFR(M)		1.00	%		6.00	%		9.72	%	5/22/2029	$	122,027		114,837			122,027			—		E
FirstUp, Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		9.92	%	7/13/2027	$	9,817,959		9,754,457			9,759,051			0.40	%	E
FirstUp, Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		9.92	%	7/13/2027	$	1,009,278		1,002,750			1,003,222			0.04	%	E
FirstUp, Inc	First Lien Revolver	SOFR(Q)		1.00	%		6.25	%		9.92	%	7/13/2027	$	—		(5,876	)		(5,451	)		—		D/E
Finastra USA Inc.	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.72	%	7/30/2032	$	2,097,000		2,076,684			2,056,769			0.08	%
Freedom Bidco Limited (Ireland)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		6.28	%		10.12	%	12/31/2028	$	20,829,384		20,589,601			20,589,575			0.83	%	C/E
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	2.50% Cash +4.13% PIK				10.30	%	7/9/2029	$	3,821,002		3,781,306			3,773,515			0.15	%	E
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	2.50% Cash +4.13% PIK				10.30	%	7/9/2029	$	1,306,234		1,294,733			1,290,000			0.05	%	E
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%	2.50% Cash +4.13% PIK				10.30	%	7/9/2029	$	1,134,951		1,121,283			1,120,846			0.05	%	E
GTY Technology Holdings Inc.	First Lien Revolver	SOFR(Q)		1.00	%	2.50% Cash +4.13% PIK				10.30	%	7/9/2029	$	—		(12,269	)		(13,125	)		—		D/E
Guardian US Holdco LLC	First Lien Term Loan	SOFR(Q)		0.50	%		3.50	%		7.17	%	1/31/2030	$	2,289,084		2,288,260			2,295,757			0.09	%
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		8.74	%	3/10/2031	$	13,326,632		13,153,830			13,313,305			0.54	%	E
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		8.69	%	3/10/2031	$	—		(27,911	)		(2,870	)		—		D/E
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Revolver	SOFR(Q)		1.00	%		5.00	%		8.69	%	3/10/2031	$	287,006		249,791			284,136			0.01	%	E
Genesys Cloud Services Inc.	First Lien Term Loan	SOFR(M)		—			2.50	%		6.22	%	1/23/2032	$	2,047,631		2,038,638			2,046,034			0.08	%
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)		1.00	%	2.88% Cash +3.38% PIK				9.97	%	9/30/2030	$	14,656,842		14,484,145			14,422,333			0.58	%	C/E
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Revolver	SOFR(M)		1.00	%	2.88% Cash +3.38% PIK				9.97	%	9/26/2030	$	—		(21,007	)		(29,958	)		—		C/D/E
Hyphen Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		4.50	%		8.22	%	8/6/2032	$	—		(15,115	)		—			—		D/E
Hyphen Solutions, LLC	First Lien Revolver	SOFR(M)		1.00	%		4.50	%		8.22	%	8/6/2032	$	—		(18,138	)		—			—		D/E
Hyphen Solutions, LLC	First Lien Term Loan	SOFR(M)		1.00	%		4.50	%		8.22	%	8/6/2032	$	34,655,092		34,491,845			34,655,092			1.42	%	E
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)		0.75	%		7.50	%		11.37	%	8/5/2028	$	2,321,515		2,295,910			2,165,904			0.09	%	E
IQN Holding Corporation (Beeline)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%	2.63% Cash +3.13% PIK				9.42	%	5/2/2029	$	38,464,385		38,145,879			38,129,745			1.56	%	E
IVXS UK Limited (ComplyAdvantage) (United Kingdom)	First Lien Term Loan (4.5% Exit Fee)	SOFR(Q)		4.00	%		5.75	%		9.75	%	5/19/2029	$	9,466,533		9,385,993			9,450,440			0.38	%	C/E/H
IVXS UK Limited (ComplyAdvantage) (United Kingdom)	First Lien Delayed Draw Term Loan (4.5% Exit Fee)	SOFR(Q)		4.00	%		5.75	%		9.75	%	5/19/2029	$	—		(26,847	)		(5,364	)		—		C/D/E/H
ION Platform Finance US Inc.	First Lien Term Loan	SOFR(Q)		—			3.75	%		7.42	%	9/30/2032	$	1,702,000		1,679,204			1,602,314			0.06	%
Kaseya, Inc.	First Lien Term Loan	SOFR(M)		—			3.00	%		6.72	%	3/20/2032	$	2,475,595		2,474,995			2,480,695			0.10	%
Logicmonitor, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.34	%	11/19/2031	$	36,628,138		36,287,873			36,188,600			1.48	%	E
Logicmonitor, Inc	First Lien Revolver	SOFR(Q)		0.75	%		5.50	%		9.34	%	11/19/2031	$	—		(15,614	)		(22,278	)		—		D/E
Logicmonitor, Inc	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.50	%		9.34	%	10/7/2032	$	—		(40,379	)		(130,656	)		-0.01	%	D/E
MH Sub I, LLC (Micro Holding Corp.)	First Lien Term Loan	SOFR(M)		—			4.25	%		7.97	%	12/11/2031	$	2,392,390		2,377,074			2,058,580			0.08	%
MH Sub I, LLC (Micro Holding Corp.)	First Lien 2023 Incremental Term Loan	SOFR(Q)		1.00	%		4.25	%		7.97	%	5/3/2028	$	2,159,635		2,158,392			2,014,400			0.08	%
Mitchell International Inc	First Lien Term Loan	SOFR(M)		0.50	%		3.25	%		6.97	%	6/17/2031	$	3,049,177		3,040,693			3,062,914			0.12	%
Planview Parent, Inc.	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.17	%	12/17/2027	$	3,262,299		3,251,543			3,139,457			0.13	%
Project Boost Purchaser, LLC (JD Power, AutoData Inc)	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.42	%	7/2/2031	$	4,833,200		4,835,604			4,850,720			0.20	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Software (Continued)
Ping Identity Holding Corp	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.59	%	11/5/2032	$	1,657,000	$	1,661,442		$	1,663,214			0.07	%
Proofpoint, Inc.	First Lien Term Loan	SOFR(Q)		—			3.00	%		6.67	%	8/21/2028	$	5,062,196		5,052,025			5,096,644			0.21	%
Pyramid Analytics BV (Netherlands)	First Lien Delayed Draw Term Loan	SOFR(Q)		4.25	%		6.50	%		10.75	%	5/14/2029	$	722,984		714,145			771,527			0.03	%	C/E
Qlik Technologies Inc. (Project Alpha)	First Lien Term Loan	SOFR(Q)		—			3.25	%		6.92	%	10/28/2030	$	1,001,805		1,003,854			1,001,374			0.04	%
RealPage, Inc	First Lien Term Loan	SOFR(Q)		—			3.75	%		7.42	%	4/22/2028	$	5,699,105		5,708,283			5,724,637			0.23	%
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Revolver	CORRA (Q)		0.75	%		4.50	%		6.76	%	11/5/2032		CAD$-		(37,370	)		(37,370	)		—		C/D/E
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Delayed Draw Term Loan	CORRA (Q)		0.75	%		4.50	%		6.76	%	11/5/2032		CAD$-		(149,481	)		(149,481	)		-0.01	%	C/D/E
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Term Loan	CORRA (Q)		0.75	%		4.50	%		6.76	%	10/25/2032		CAD$43,064,004		30,311,270			31,109,089			1.26	%	C/E
Sophia, L.P. (Ellucian)	First Lien Term Loan	SOFR(M)		0.50	%		2.75	%		6.47	%	10/7/2029	$	5,630,975		5,627,127			5,669,688			0.23	%
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.40	%		9.07	%	6/30/2028	$	1,016,317		1,007,067			1,006,006			0.04	%	E
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		5.40	%		9.07	%	6/30/2028	$	569,137		565,262			564,817			0.02	%	E
TIBCO Software Inc.	First Lien Term Loan	SOFR(M)		—			3.25	%		6.92	%	8/13/2032	$	1,754,561		1,750,580			1,758,807			0.07	%
Trintech, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		5.50	%		9.22	%	7/25/2029	$	9,218,393		9,054,253			9,214,761			0.37	%	E
Trintech, Inc.	First Lien Revolver	SOFR(M)		1.00	%		5.50	%		9.22	%	7/25/2029	$	206,737		193,853			206,452			0.01	%	E
UKG Inc.	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.34	%	1/30/2031	$	1,377,103		1,377,007			1,380,140			0.06	%
Xplor T1, LLC	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.34	%	10/28/2032	$	1,450,365		1,447,636			1,453,991			0.06	%	E
																457,802,308			458,627,865			18.60	%

Specialty Retail
Mavis Tire Express Services Topco Corp	First Lien Term Loan	SOFR(M)		0.75	%		3.00	%		6.72	%	5/4/2028	$	5,635,663		5,630,686			5,662,630			0.23	%

Trading Companies and Distributors
BCPE Empire Holdings, Inc.	First Lien Term Loan	SOFR(M)		—			3.25	%		6.97	%	12/11/2030	$	1,207,478		1,204,722			1,196,913			0.05	%
Flow Merger Sub Inc.	First Lien Term Loan	SOFR(Q)		—			3.25	%		7.55	%	3/31/2028	$	52,000		52,000			52,270			—
Veritiv Corp.	First Lien Term Loan	SOFR(Q)		—			4.00	%		7.67	%	11/17/2030	$	394,491		392,861			395,006			0.02	%
																1,649,583			1,644,189			0.07	%
Textiles, Apparel and Luxury Goods
WH Borrower, LLC (WHP)	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.39	%	2/20/2032	$	26,648,628		26,531,577			26,808,919			1.09	%

Technology Hardware, Storage and Peripherals
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.00	%		9.82	%	4/25/2031	$	12,800,000		12,733,172			12,876,800			0.52	%	C/E

Transportation Infrastructure
Bleriot US Bidco Inc.	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.17	%	10/30/2026	$	3,298,317		3,298,220			3,318,239			0.13	%
Brown Group Holding, LLC	First Lien Term Loan	SOFR(Q)		—			2.50	%		6.22	%	7/1/2031	$	1,236,877		1,236,877			1,244,471			0.05	%
Brown Group Holding, LLC	First Lien Term Loan	SOFR(Q)		—			2.75	%		6.57	%	7/2/2029	$	2,882,702		2,900,419			2,900,416			0.12	%
																7,435,516			7,463,126			0.30	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost		Fair Value		% of Total Cash and Investment			Notes
Debt Investments - Continued
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.17	%	6/11/2029	$	43,800,168	$	43,235,290	$	43,368,561		1.76	%	C/E

Total Debt Investments - 142.2% of Net Assets																2,253,599,573		2,244,580,686		91.04	%

Equity Securities
IT Services
New Insight Holdings, Inc. (Dynata)	Common Stock												$	22,972		402,032		120,603		—		I/J

Media
Streamland Media Holdings LLC	Common Units												$	12,363		645,215		—		—		E/I/J

Paper and Forest Products
48forty Intermediate Holdings, Inc.	Common Stock												$	685		—		—		—		E/I/J

Total Equity Securities - 0.0% of Net Assets																1,047,247		120,603		—

Total Investments - 142.2% of Net Assets																2,254,646,820		2,244,701,289		91.04	%

Cash and Cash Equivalents - 14.0% of Net Assets																		221,222,080		8.96	%

Total Cash and Investments - 156.2% of Net Assets																		2,465,923,369		100.00	%

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

Notes to Schedule of Investments:

(A)

(B)

100.0% of the fair value of total senior secured loans in the Fund’s portfolio bear interest at a floating rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), “S”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”. In addition, 80.0% of the fair value of such senior secured loans have floors of 0.50% to 4.25%, with a weighted average of 0.90%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2025 of all contracts within the specified loan facility. SOFR resets monthly (M), quarterly (Q) or semiannually (S).

(C)

(D)

Negative balances represent unfunded commitments that were acquired and/or valued at a discount.

(E)

Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).

(F)

The Fund generally uses GICS codes to identify the industry groupings.

(G)

Non-accruing debt investment.

(H)

In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(I)

Restricted security (See Note 2).

(J)

Non-income producing investment.

(K)

(L)

Aggregate acquisitions and aggregate dispositions of investments totaled $1,623,125,961 and $406,092,817, respectively for the year ended December 31, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on investments. The total value of restricted securities and bank debt as of December 31, 2025 was $2,244,701,289 or 91.0% of total cash and investments of the Fund. As of December 31, 2025, approximately 10.8% of the total assets of the Fund were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

1. Organization and Basis of Presentation

BlackRock Private Credit Fund (“BDEBT” or the “Fund”), is a Delaware statutory trust formed on December 23, 2021. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). The Fund is externally managed by BlackRock Capital Investment Advisors, LLC (the “Investment Adviser”). BlackRock Advisors, LLC (the “Sub-Adviser” and, together with the Investment Adviser, the “Advisers”) serves as the Fund’s sub-adviser. The Advisers are subsidiaries of BlackRock, Inc. (together with its subsidiaries, including but not limited to the Advisers, “BlackRock”). BlackRock Financial Management, Inc. serves as the administrator of the Fund (the “Administrator”), and is affiliated with the Advisers.

The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

The Fund’s investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. The Fund intends to meet its investment strategy by focusing primarily on originating and making loans to U.S. middle market companies. BDEBT defines “middle market companies” to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA”, between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment. The Fund generally targets the core segment of the middle market, which is defined as companies with EBITDA of between $25 million and $75 million, though the Fund may invest in smaller or larger companies if an attractive opportunity presents itself, especially where there are dislocations in the capital markets. While BDEBT focuses its investments in U.S. companies, the Fund may make investments in portfolio companies that are domiciled outside of the United States. The Fund invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants.

The Fund offers on a continuous basis up to $5.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the Securities and Exchange Commission. The Fund offers to sell any combination of three classes of Common Shares, Institutional Class shares, Class S shares and Class D shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Institutional Class shares was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value ("NAV") per share, as of the effective date of the monthly share purchase date. The Fund also engages in private offerings of its Common Shares.

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of the Fund have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The Fund has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Fund.

Reclassifications

Certain prior period balances in the investment level tables were reclassified to conform to the current period presentation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

Investment Valuation

Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's board of trustees (the "Board of Trustees") designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations. As required by Rule 2a-5, the Valuation

2. Summary of Significant Accounting Policies (Continued)

Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties.

The Valuation Designee values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least monthly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the capitalization of the Fund. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.

Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Fund, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee").

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events, rising interest rates and risks related to inflation that may significantly impact the profitability or viability of businesses in which the Fund is invested, and therefore may significantly impact the return on and realizability of the Fund’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Fund’s assets.

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

In following these approaches, the types of factors that may be taken into account also include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

2. Summary of Significant Accounting Policies (Continued)

At June 30, 2026, the Fund’s investments were categorized as follows:



Level	Basis for Determining Fair Value	Broadly Syndicated Loans(1)		Middle Market Loans(2)		Equity Securities		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	—	$	—
2	Other direct and indirect observable market inputs(3)		440,085,734		225,908,796		—		665,994,530
3	Valuation sources that employ significant unobservable inputs		4,845,327		1,842,945,405		948,157		1,848,738,889
Total		$	444,931,061	$	2,068,854,201	$	948,157	$	2,514,733,419

______________________

(1)

Includes senior secured loans that are broadly syndicated

(2)

Includes other senior secured loans

(3)

For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2026 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Range(1)
Broadly Syndicated Loans	$	4,845,327	Market Quotations	Indicative bid/ask quotes	1 (1)
Middle Market Loans		1,689,980,215	Income Approach	Discount rate	8.3% - 27.0% (10.1%)
		5,852,979	Market Comparable Companies	EBITDA Multiple	7.5x - 7.6x (7.6x)
		351,727	Market Comparable Companies	Revenue Multiple	0.8x (0.8x)
		60,980,176	Market Quotations	Indicative bid/ask quotes	1 (1)
		85,780,308	Transaction Approach	N/A	N/A
Equity Securities		948,157	Market Comparable Companies	EBITDA Multiple	9.8x (9.8x)
		—	Market Comparable Companies	Revenue Multiple	0.8x (0.8x)
	$	1,848,738,889

______________________

(1)

Representing the weighted average of each significant unobservable input range at the investment level by fair value.

During the six months ended June 30, 2026, four senior debt positions with an aggregate fair value of $17.7 million transitioned from a transaction price approach to an income approach, four senior debt positions with an aggregate fair value of $5.9 million transitioned from an income approach to an expected recovery valuation model, and three senior debt positions with an aggregate fair value of $1.8 million transitioned from an expected recovery valuation model to an income approach. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:


Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount rate	Decrease	Increase
Revenue multiples	Increase	Decrease
EBITDA multiples	Increase	Decrease
Book value multiples	Increase	Decrease
Implied volatility	Increase	Decrease
Term	Increase	Decrease
Yield	Increase	Decrease

2. Summary of Significant Accounting Policies (Continued)

Changes in investments categorized as Level 3 for the three months ended June 30, 2026 were as follows:


	Independent Third-Party Valuation
	Broadly Syndicated Loans			Middle Market Loans			Equity Securities			Total
Beginning balance	$	15,681,202		$	1,738,940,294		$	1,041,809		$	1,755,663,305
Net realized and unrealized gains (losses)		(60,498	)		(8,159,231	)		(93,652	)		(8,313,381	)
Acquisitions(1)		886,371			221,128,046			—			222,014,417
Dispositions		(986,968	)		(36,581,547	)		—			(37,568,515	)
Transfers into Level 3(2)		1,179,173			—			—			1,179,173
Transfers out Level 3(3)		(11,853,953	)		(72,382,157	)		—			(84,236,110	)
Ending balance	$	4,845,327		$	1,842,945,405		$	948,157		$	1,848,738,889

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(62,409	)	$	(8,252,455	)	$	(93,652	)	$	(8,408,516	)

______________________

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of twelve investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 for the six months ended June 30, 2026 were as follows:


	Independent Third-Party Valuation
	Broadly Syndicated Loans			Middle Market Loans			Equity Securities			Total
Beginning balance	$	5,489,499		$	1,634,436,928		$	—		$	1,639,926,427
Net realized and unrealized gains (losses)		(110,889	)		(22,159,066	)		(139,311	)		(22,409,266	)
Acquisitions(1)		2,386,760			396,894,888			1,087,468			400,369,116
Dispositions		(1,152,054	)		(95,459,912	)		—			(96,611,966	)
Transfers into Level 3(2)		1,133,801			—			—			1,133,801
Transfers out Level 3(3)		(2,901,790	)		(70,767,433	)		—			(73,669,223	)
Ending balance	$	4,845,327		$	1,842,945,405		$	948,157		$	1,848,738,889

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(111,945	)	$	(20,826,523	)	$	(139,311	)	$	(21,077,779	)

______________________

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of seven investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

2. Summary of Significant Accounting Policies (Continued)

At December 31, 2025, the Fund’s investments were categorized as follows:



Level	Basis for Determining Fair Value	Broadly Syndicated Loans(1)		Middle Market Loans(2)		Equity Securities		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	—	$	—
2	Other direct and indirect observable market inputs(3)		446,946,363		157,707,896		120,603		604,774,862
3	Valuation sources that employ significant unobservable inputs		5,489,499		1,634,436,928		—		1,639,926,427
Total		$	452,435,862	$	1,792,144,824	$	120,603	$	2,244,701,289

______________________

(1)

Includes senior secured loans that are broadly syndicated

(2)

Includes other senior secured loans

(3)

For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Range(1)
Broadly Syndicated Loans	$	5,489,499	Market Quotations	Indicative bid/ask quotes	1 (1)
Middle Market Loans		1,525,958,709	Income Approach	Discount rate	7.7% - 17.2% (9.6%)
		2,244,421	Market Comparable Companies	EBITDA Multiple	10.0x (10.0x)
		2,754,952	Market Comparable Companies	Revenue Multiple	0.9x (0.9x)
		85,674,613	Market Quotations	Indicative bid/ask quotes	1 (1)
Equity Securities		17,804,233	Transaction Approach	N/A	N/A
		—	Market Comparable Companies	EBITDA Multiple	10.0x (10.0x)
		—	Market Comparable Companies	Revenue Multiple	0.9x (0.9x)
	$	1,639,926,427

______________________

(1) Representing the weighted average of each significant unobservable input range at the investment level by fair value.

2. Summary of Significant Accounting Policies (Continued)

Changes in investments categorized as Level 3 for the three months ended June 30, 2025 were as follows:


	Independent Third-Party Valuation
	Broadly Syndicated Loans			Middle Market Loans			Equity Securities			Total
Beginning balance	$	14,878,133		$	816,702,860		$	630,884		$	832,211,877
Net realized and unrealized gains (losses)		40,586			(1,696,723	)		(49,967	)		(1,706,104	)
Acquisitions(1)		1,809,262			432,921,122			14,331			434,744,715
Dispositions		(1,506,046	)		(22,354,784	)		—			(23,860,830	)
Transfers into Level 3(2)		8,663,095			18,902,179			—			27,565,274
Transfers out Level 3(3)		(6,351,296	)		(12,802,832	)		—			(19,154,128	)
Ending balance	$	17,533,734		$	1,231,671,822		$	595,248		$	1,249,800,804

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	45,862		$	(1,176,209	)	$	(49,967	)	$	(1,180,314	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of five investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of four investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 for the six months ended June 30, 2025 were as follows:


	Independent Third-Party Valuation
	Broadly Syndicated Loans			Middle Market Loans			Equity Securities			Total
Beginning balance	$	6,263,383		$	742,747,140		$	407,753		$	749,418,276
Net realized and unrealized gains (losses)		(85,429	)		(2,674,876	)		(49,967	)		(2,810,272	)
Acquisitions(1)		11,755,328			538,934,818			645,215			551,335,361
Dispositions		(1,530,441	)		(44,760,659	)		—			(46,291,100	)
Transfers into Level 3(2)		7,394,275			3,678,314			—			11,072,589
Transfers out Level 3(3)		(6,263,382	)		(6,252,915	)		(407,753	)		(12,924,050	)
Ending balance	$	17,533,734		$	1,231,671,822		$	595,248		$	1,249,800,804

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(50,717	)	$	(1,593,657	)	$	(49,967	)	$	(1,694,341	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of seven investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of four investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

2. Summary of Significant Accounting Policies (Continued)

Investment Transactions

Investment transactions are accounted for on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At June 30, 2026, included in cash and cash equivalents was $74.4 million (4.5% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 3.50%. At December 31, 2025, included in cash and cash equivalents was $201.4 million (12.8% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 3.63%.

Restricted Investments

The Fund may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Schedules of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

Foreign Currency Investments

The Fund may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency
denominated investments comprised approximately 5.7% and 2.3% of total investments at June 30, 2026 and December 31, 2025,
respectively. Such positions were converted at the respective closing foreign exchange rates in effect at June 30, 2026 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government.

2. Summary of Significant Accounting Policies (Continued)

Organization and Offering Costs

The Fund entered into a Fee Waiver and Expense Support and Reimbursement Agreement (the “Expense Support Agreement”) with the Investment Adviser. Pursuant to the Expense Support Agreement, the Investment Adviser paid all of the Fund’s organizational and offering expenses on the Fund’s behalf (each, an “Expense Support Agreement Expense Payment”).

During each of the 36 months following the commencement of the Fund’s operations (the "Reimbursement Period"), the Fund agreed to reimburse the Investment Adviser for any and all Expense Support Agreement Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund’s annual Operating Expenses (as defined below) did not exceed 1.25% of the value of the Fund’s net assets, calculated monthly based on month-end net assets. “Operating Expenses” for purposes of the Expense Support Agreement means all annual operating expenses of the Fund incurred in the ordinary course of business, excluding offering costs incurred by the Fund, interest expense and other financing costs, portfolio transaction and other investment-related costs, base management fee and incentive fee payable pursuant to the Advisory Agreement, shareholder servicing and/or distribution fees, taxes and any other extraordinary expenses not incurred in the ordinary course of business (including, without limitation, litigation expenses). The Reimbursement Period expired on March 18, 2025. From inception of the Fund through the expiration of the Reimbursement Period, the Fund reimbursed the Investment Adviser for $0.2 million related to organizational expenses and $0.6 million related to offering expenses of the Fund pursuant to the Expense Support Agreement.

Deferred Debt Issuance Costs

Certain costs incurred in connection with the issuance of debt of the Fund were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Fund.

Revenue Recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Fund does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Fund's judgement, the repayment of the remaining contractual principal and interest is expected. The Fund may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

2. Summary of Significant Accounting Policies (Continued)

Income Taxes

The Fund elected to be regulated as a BDC under the 1940 Act. The Fund also has elected to be treated as a RIC under the Code. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund’s investors and would not be reflected in the consolidated financial statements of the Fund.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more- likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax exempt income, if any.

In addition, based on the excise tax distribution requirements, the Fund is subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

Important Tax Information

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


	December 31, 2025
Tax basis of investments	$	2,255,420,846

Unrealized appreciation		14,461,831
Unrealized depreciation		(25,181,388	)
Net unrealized appreciation (depreciation)	$	(10,719,557	)

2. Summary of Significant Accounting Policies (Continued)

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Distributions

Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Fund’s earnings, financial condition, maintenance of the Fund’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

Recent Accounting Pronouncements

The Fund considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board (the "FASB"). ASUs not listed were assessed by the Fund and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and permits early adoption. The Fund adopted the ASU 2023-09 for the annual reporting period beginning on January 1, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact on its consolidated financial statements.

3. Management Fees, Incentive Fees and Other Expenses

Investment Advisory Agreement

On March 16, 2022, the Fund entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Investment Adviser. Under the terms of the Advisory Agreement, the Investment Adviser determines the composition of the Fund’s portfolio, the nature and timing of the changes to the Fund’s portfolio and the manner of implementing such changes; identifies, evaluates and negotiates the structure of the investments the Fund makes (including performing due diligence on prospective portfolio companies); and closes, monitors and administers the investments the Fund makes, including the exercise of any voting or consent rights.

Pursuant to the Advisory Agreement, the Fund pays the Investment Adviser compensation for investment advisory and management services consisting of base management fee and incentive fee (together, the “Advisory Fee”), which are further described below.

3. Management Fees, Incentive Fees and Other Expenses (Continued)

Base Management Fee

The management fee is calculated at an annual rate of 1.25% of the value of the Fund’s net assets at the end of the most recently completed calendar month and payable monthly in arrears. For purposes of calculating the base management fee, “net assets” means the Fund’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Investment Adviser waived its management fee for the first twelve months following the date of the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement, which extended the waiver through December 31, 2023.

For the three months ended June 30, 2026 and 2025, the Investment Adviser earned $5.1 million and $2.6 million in management fees, respectively. For the six months ended June 30, 2026 and 2025, the Investment Adviser earned $10.1 million and $4.7 million in management fees, respectively.

Incentive Fees

Incentive compensation is payable to the Investment Adviser pursuant to the Advisory Agreement. The incentive fee consists of two components, an income component and a capital gains component. Each component of the incentive fee will be calculated and, if due, will be payable quarterly in arrears. The Investment Adviser waived all incentive fee for the first twelve months following the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Expense Support Agreement, which extended the waiver through December 31, 2023.

The income component of the incentive fee is subject to a 5.0% total return hurdle on daily weighted average unreturned capital contributions (the “Hurdle Rate”). As such, the Fund will not be obligated to pay any income incentive fee to the extent the annualized trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since the commencement of the Fund) total return of the Fund (as defined below), including net realized gains and losses and net unrealized appreciation and depreciation, does not exceed the Hurdle Rate. To the extent that the Fund’s annualized total return for the relevant period exceeds the Hurdle Rate, but is less than approximately 5.71% of daily weighted average unreturned capital contributions, the income incentive fee will be subject to a “catch up”, calculated as 100% of the aggregate net investment income before incentive compensation earned in excess of Hurdle Rate for the relevant period. To the extent that the Fund’s annualized total return for the relevant period exceeds approximately 5.71%, the income component of the incentive fee will be equal to 12.5% of net investment income before incentive compensation earned in excess of this total return threshold.

For purposes of calculating the income incentive fee, (i) “total return” means the amount equal to the combination of net investment income before incentive compensation, realized capital gains and losses and unrealized capital appreciation and depreciation of the Fund for the period in question; (ii) “unreturned capital contributions” means the proceeds to the Fund of all issuances of common shares, less all distributions by the Fund to shareholders representing a return of capital.

The capital gains component of the incentive fee will be the amount, if positive, equal to the lesser of (i) 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters or (ii) 12.5% of cumulative aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) since commencement of the Fund, less capital gains incentive compensation previously paid or distributed since commencement of the Fund. The capital gains component will be paid in full prior to payment of the income component.

In any case, incentive fee (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period.

The Investment Adviser has agreed to waive any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments (as set forth in the Expense Support and Conditional Reimbursement Agreement (as defined below)) in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return.

3. Management Fees, Incentive Fees and Other Expenses (Continued)

In addition, GAAP requires that the capital gains incentive fees accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fees would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three months ended June 30, 2026, the Investment Adviser earned $5.4 million and waived $(1.1) million in incentive fees. For the three months ended June 30, 2025, the Investment Adviser earned $2.6 million in incentive fees. For the six months ended June 30, 2026, the Investment Adviser earned $10.9 million and waived $(2.3) million in incentive fees. For the six months ended June 30, 2025, the Investment Adviser earned $4.8 million in incentive fees. For the three and six months ended June 30, 2026, the Fund did not accrue any incentive fees on capital gains on a liquidation basis (but not payable) under GAAP. For the three months ended June 30, 2025, the Fund did not accrue any incentive fees on capital gains on a liquidation basis (but not payable) under GAAP. For the six months ended June 30, 2025, the Fund reversed the $0.5 million accrual reserve for incentive fees on capital gains accrued on a liquidation basis (but not payable) under GAAP on a cumulative basis.

Sub-Advisory Fees

Pursuant to the sub-advisory agreement, dated as of May 31, 2022 (the “Sub-Advisory Agreement”), the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee in an amount equal to a percentage of the average daily value of the Fund’s assets allocated to the Sub-Adviser.

Distribution Agreement

The Fund has entered into a Distribution Agreement (the “Distribution Agreement”) with BlackRock Investments, LLC (the “Distributor”), a registered broker-dealer affiliated with the Investment Adviser. No upfront sales load will be paid with respect to Class S shares, Class D shares or Institutional shares; however, if shareholders buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S shares, and a 1.5% cap on NAV for Class D shares. Selling agents will not charge such fees on Institutional shares.

Either party may terminate the Distribution Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Distribution Agreement.

Distribution and Servicing Plan

On February 27, 2024, the Fund’s Board of Trustees approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Fund pays the Distributor with respect to Institutional, Class S and Class D shares on an annualized basis as a percentage of the Fund’s NAV for such class.

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to the Financial Industry Regulatory Authority ("FINRA") and other limitations on underwriting compensation.

3. Management Fees, Incentive Fees and Other Expenses (Continued)

The Distributor will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive them for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, the fees reduce the NAV with respect to all shares of each such class, including shares issued under the Fund’s distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares, as applicable: assistance with recordkeeping, answering investor inquiries regarding the Fund, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Distributor will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

The Fund will cease paying the shareholder servicing and/or distribution fee on the Class S and Class D shares on the earlier to occur of the following: (i) a listing of Institutional shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of an offering on which, in the aggregate, underwriting compensation from all sources in connection with such offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Distributor in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Distributor or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on all Class S and Class D shares in such shareholder’s account. We may modify this requirement if permitted by applicable exemptive relief. At the end of the month in which such 10% (or lower) limit is met, the applicable Class S shares and Class D shares in such shareholder’s account will convert into a number of Institutional shares (including any fractional shares), with an equivalent aggregate NAV as such Class S and Class D shares.

For the three months ended June 30, 2026, the Fund accrued distribution and shareholder servicing fees of $249,268 and $1,441, respectively, which were attributable to Class S and Class D shares. For the six months ended June 30, 2026, the Fund accrued distribution and shareholder servicing fees of $498,062 and $2,863, respectively, which were attributable to Class S and Class D shares. For the three months ended June 30, 2025, the Fund accrued distribution and shareholder servicing fees of $164,293 and $2,668, which were attributable to Class S and Class D shares, respectively. For the six months ended June 30, 2025, the Fund accrued distribution and shareholder servicing fees of $286,140 and $4,836, respectively, which were attributable to Class S and Class D shares.

Expense Support and Conditional Reimbursement Agreement

On August 26, 2025, the Fund entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support and Conditional Reimbursement Agreement”) with the Investment Adviser. Pursuant to the Expense Support and Conditional Reimbursement Agreement, the Investment Adviser may elect to pay certain expenses on the Fund’s behalf (an “Expense Payment”), provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Investment Adviser has committed to pay shall be paid by the Investment Adviser to the Fund in any combination of cash or other immediately available funds no later than seventy-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Fund shall pay such Excess Operating Funds, or a portion thereof, as applicable, to the Investment Adviser until such time as all Expense Payments made by the Investment Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a “Reimbursement Payment.”

“Available Operating Funds” means the sum of (i) the Fund’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses), and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent

3. Management Fees, Incentive Fees and Other Expenses (Continued)

such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment is lower than the Effective Rate of Distributions Per Share at the time the related Expense Payment was made, provided that to the extent that the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment has declined relative to the Effective Rate of Distributions Per Share declared by the Fund at the time of the related Expense Payment in an amount (measured in basis points) equal to or less than a corresponding decline in the 3-month Secured Overnight Financing Rate (measured in basis points) over the same period, this condition (1) shall not restrict the payment of such Reimbursement Payment; or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the related Expense Payment was made. “Effective Rate of Distributions Per Share” means the annualized rate of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to shareholder servicing and/or distribution fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Investment Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Fund’s net assets. “Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. The Investment Adviser has waived any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return.

The Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month.

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund’s commencement of the Expense Support and Conditional Reimbursement Agreement:


For the Quarter ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
September 30, 2025	$	3,096,173	$	—	$	3,096,173
December 31, 2025	$	7,682,911	$	—	$	7,682,911
March 31, 2026	$	10,208,957	$	—	$	10,208,957
June 30, 2026	$	8,586,633	$	—	$	8,586,633
Total	$	29,574,674	$	—	$	29,574,674

Other Expenses

The Fund bears all expenses incurred in connection with its business, including fees and expenses outside of contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

4. Debt

Debt is comprised of a $650.0 million capacity revolving credit and term loan facility (the “Credit Facility”), a $365.0 million revolving credit facility (the “Revolving Credit Facility”), a $200.0 million revolving credit facility (the “SG Revolving Credit Facility”), a $200.0 million revolving credit facility (the "BMO Revolving Credit Facility"), $70.0 million in 7.14% Series 2024A Senior Notes, Tranche A (the “Tranche A Notes”), $55.0 million in 7.33% Series 2024A Senior Notes, Tranche B (the “Tranche B Notes”), $0.1 million in 12.00% Promissory Notes (the “Promissory Notes”), $50.0 million in 5.78% Series 2025A Senior Notes, Tranche A (the “2025A Tranche A Notes”), and $150.0 million in 6.14% Series 2025A Senior Notes, Tranche B (the “2025A Tranche B Notes” and, together with all the other Notes, the “Notes”).

4. Debt (Continued)

Total debt outstanding and available at June 30, 2026 was as follows:


	Maturity	Rate			Carrying Value			Available		Total Capacity
Credit Facility	2036	SOFR+1.90%(1)			$	260,000,000		$	390,000,000	$	650,000,000
Revolving Credit Facility	2030	SOFR+1.88%(2)				144,266,304			220,733,696		365,000,000	(3)
SG Revolving Credit Facility	2027	SOFR+1.25%				200,000,000			—		200,000,000
BMO Revolving Credit Facility	2031	SOFR+1.50%				50,000,000			150,000,000		200,000,000
Tranche A Notes	2027		7.14	%		70,000,000			—		70,000,000
Tranche B Notes	2030		7.33	%		55,000,000			—		55,000,000
Promissory Notes	2055		12.00	%		110,000			—		110,000
2025A Tranche B Notes	2030		6.14	%		150,000,000			—		150,000,000
2025A Tranche A Notes	2028		5.78	%		50,000,000			—		50,000,000
Total leverage					$	979,376,304			760,733,696		1,740,110,000
Unamortized issuance costs						(1,705,244	)
Debt, net of unamortized issuance costs					$	977,671,060

(1) The outstanding amount was subject to a SOFR credit adjustment of 0.20%.

(2) As of June 30, 2026, $76.6 million of the outstanding amount bore interest at a rate of EURIBOR + 1.88%. $67.7 million of the outstanding amount bore interest at a rate of CORRA + 1.88%, and was subject to a CORRA credit spread adjustment of 0.30%.

(3) Revolving Credit Facility includes an accordion provision to permit increases to a total facility amount of up to $600.0 million.

Total debt outstanding and available at December 31, 2025 was as follows:


	Maturity	Rate			Carrying Value			Available		Total Capacity
Credit Facility	2033	SOFR+1.97%(1)			$	260,000,000		$	390,000,000	$	650,000,000
Revolving Credit Facility	2030	SOFR+1.88%(2)				50,970,583			314,029,417		365,000,000	(3)
SG Revolving Credit Facility	2027	SOFR+1.15%				200,000,000			—		200,000,000
Tranche A Notes	2027		7.14	%		70,000,000			—		70,000,000
Tranche B Notes	2030		7.33	%		55,000,000			—		55,000,000
Promisory Notes	2055		12.00	%		110,000			—		110,000
2025A Tranche B Notes	2030		6.14	%		150,000,000			—		150,000,000
Tranche A Notes	2028		5.78	%		50,000,000			—		50,000,000
Total leverage					$	836,080,583		$	704,029,417	$	1,540,110,000
Unamortized issuance costs						(1,864,718	)
Debt, net of unamortized issuance costs					$	834,215,865

(1) The outstanding amount was subject to a SOFR credit adjustment of 0.20%.

(2) As of December 31, 2025, $20.0 million of the outstanding amount bore interest at a rate of EURIBOR + 1.88%. $31.0 million of the outstanding amount bore interest at a rate of CORRA + 1.88%, and was subject to a CORRA credit spread adjustment of 0.30%.

(3) Revolving Credit Facility includes an accordion provision to permit increases to a total facility amount of up to $600.0 million.

The combined weighted-average interest rate excluding fees on total debt outstanding at June 30, 2026 and December 31, 2025 was 5.52% and 5.91%. Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of June 30, 2026 and December 31, 2025, the estimated fair value of the outstanding debt approximated their carrying value.

Total expenses related to debt included the following:


	For the Six Months Ended June 30,
	2026		2025
Interest expense	$	25,608,014	$	16,343,494
Amortization of deferred debt issuance costs		1,317,218		532,062
Commitment fees		1,753,720		621,703
Total	$	28,678,952	$	17,497,259

4. Debt (Continued)

Credit Facility

On June 3, 2022, BlackRock Private Credit Fund Leverage I, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $200.0 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent through a Credit and Security Agreement dated June 3, 2022 (the "Credit and Security Agreement") (the “Credit Facility”). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of “Middle Market Loans” (as defined in the Credit and Security Agreement) is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%.

On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility (the “Amendment”). The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered borrowings of the Fund for purposes of complying with the asset coverage requirements under the 1940 Act. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility (the "Second Amendment"). The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million. The Second Amendment increased the facility margin level with (a) 1.62% if the aggregate balance of “Middle Market Loans” (as defined in the Credit and Security Agreement) is less than or equal to 25%, (b) 1.77% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.96% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 2.12% if the aggregate balance of Middle Market Loans is above 75%.

On November 27, 2024, the Borrower entered into Amendment No. 3 to the Credit Facility (the "First Amended and Restated Credit and Security Agreement"). The amendment increased the total revolving commitments from $75.0 million to $125.0 million, increased total term commitments from $225.0 million to $325.0 million, and modified certain other terms of the Credit Facility, including (i) extending the final maturity date to June 3, 2033, (ii) extending the reinvestment period to June 3, 2026, and (iii) extending the delayed draw term loan commitment termination date until December 15, 2025. The credit facility commitment fees accrual rate was amended at a rate equal to 0.35% per annum, if as of such date the outstanding principal amount of the Revolving Advances is greater than 50% of the Revolving Commitment otherwise the rate is 0.50% per annum. The rate for Term Commitment was amended at 0.35% per annum for the first three months following any Incremental Commitment Effective Date, and thereafter 0.50% per annum. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

On May 2, 2025, the Borrower entered into Amendment No. 1 to the First Amended and Restated Credit and Security Agreement (the “Credit Facility Amendment”). Pursuant to the Credit Facility Amendment, under the Credit Facility, the total revolving commitments increased from $125.0 million to $150.0 million, and the total term commitments increased from $325.0 million to $500.0 million. The Credit Facility Amendment modified certain other terms of the Credit Facility, including extending the prepayment lockout period until the first anniversary of the closing date of the Credit Facility Amendment.

On December 12, 2025, the Borrower entered into Amendment No. 2 to the First Amended and Restated Credit and Security Agreement to extend the commitment period for certain undrawn term loan commitments to May 2, 2026.

On June 3, 2026, the Borrower entered into Amendment No. 3 to the First Amended and Restated Credit and Security Agreement (the "Third Amendment"). The Third Amendment modified certain terms of the Credit Facility, including (i) updating the facility margin level from a tiered rate structure to a flat facility margin of 0.70% per annum for Base Rate Advances (as defined in the Third Amendment) and 1.70% per annum for all other advances, (ii) extending the final maturity date to June 3, 2036, (iii) extending the reinvestment period from June 3, 2026 to June 3, 2028, (iv) revising the term commitment termination date, and (v) revising the prepayment lockout period to June 3, 2026 through June 3, 2027.

4. Debt (Continued)

Revolving Credit Facility

On April 19, 2024, the Fund entered into a Senior Secured Credit Agreement for a $75.0 million revolving credit facility (the “Revolving Credit Facility”) with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The Revolving Credit Facility matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the “Guarantors”). The Revolving Credit Facility is secured by substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions. On November 4, 2024, the Fund increased the commitment on the Revolving Credit Facility from $75 million to $150 million.

On August 7, 2025, the Fund entered into the First Amendment to the Revolving Credit Facility (the “First Amendment”), which, among other things, (i) extends the revolver availability period from April 2028 to August 2029, (ii) extends the scheduled maturity date from April 2029 to August 2030, (iii) increases the accordion provision to permit increases to a total facility amount of up to $600.0 million, (iv) increases the total facility amount from $150.0 million to $315.0 million, and (v) resets the minimum shareholders’ equity test.

On December 5, 2025, the Fund entered into a joinder agreement (“Joinder Agreement”), which increased the aggregate amount of outstanding total revolving commitments under the Revolving Credit Facility to $365.0 million. The other material terms of the Revolving Credit Facility remain unchanged.

SG Revolving Credit Facility

On May 28, 2025, BlackRock Private Credit Fund Leverage II, LLC (the “SG Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established the SG Revolving Credit Facility, a $200.0 million revolving credit facility with Societe Generale as Administrative agent. The SG Revolving Credit Facility matures on May 29, 2027 and generally bears interest at term SOFR plus, for a period of 1 year from the date of entry into the SG Revolving Credit Facility, 1.15% and, thereafter 1.25%. The proceeds of the SG Revolving Credit Facility were used to acquire a portfolio of broadly syndicated leveraged loans (the “SG Portfolio Assets”). Pursuant to a collateral management agreement between the SG Borrower and the Fund, the Fund was responsible for the selection, management and reporting of the SG Portfolio Assets. The SG Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the SG Borrower of additional indebtedness and on the SG Borrower’s ability to make distributions, as well as customary events of default. As of June 30, 2026, the SG Borrower was in full compliance with such covenants.

BMO Revolving Credit Facility

On March 13, 2026, BlackRock Private Credit Fund Leverage III, LLC (“PCFL III”), a subsidiary of the Fund, entered into a Loan and Security Agreement (the “Loan Agreement”). The parties to the Loan Agreement include PCFL III as borrower, Bank of Montreal, the lenders party thereto from time to time (each a “Lender” and collectively, the “Lenders”), the Fund as collateral manager and as equity holder and State Street Bank and Trust Company, as collateral custodian. The proceeds of the Loan Agreement are to be used to acquire a portfolio of middle market leveraged loans (the “Portfolio Assets”) in the manner described in the Loan Agreement. PCFL III has acquired these Portfolio Assets through a sale and purchase agreement, dated as of March 13, 2026, executed between the Fund, as seller, and PCFL III, as buyer and a master participation agreement, dated as of March 13, 2026, executed between BlackRock Private Credit Fund Leverage I, LLC, as seller, and PCFL III, as buyer. Pursuant to the Loan Agreement, PCFL III has appointed the Fund to act as the collateral manager in the selection, management, and reporting of the Portfolio Assets in accordance with the Loan Agreement. The maximum amount of commitments under the Loan Agreement that can be drawn by PCFL III is (a) for a period of 3 years from the date of the Loan Agreement, $200 million; and (b) thereafter, an amount equal to the outstanding principal amount of the loans. The applicable interest rate on the loans drawn under the Loan Agreement is the benchmark rate (Daily Simple SOFR rate) plus (a) for a period of 3 years from the date of the Loan Agreement, 1.50%, and (b) thereafter, 1.75%.

4. Debt (Continued)

Notes

On November 18, 2024, the Fund entered into a Master Note Purchase Agreement (the “Master Note Purchase Agreement”), governing the issuance (a) on November 18, 2024, of $70.0 million aggregate principal amount of its 7.14% Series 2024A Senior Notes, Tranche A, due November 18, 2027 (the “Tranche A Notes”), and (b) on January 22, 2025 (subject to customary closing conditions), of $55.0 million aggregate principal amount of its 7.33% Series 2024A Senior Notes, Tranche B, due January 22, 2030 (the “Tranche B Notes” and, together with the Tranche A Notes, the “Notes”), to qualified institutional investors in a private placement. The Tranche A Notes bear interest at a rate equal to 7.14% per annum that is payable semi-annually on May 18 and November 18 of each year, beginning on May 18, 2025. The Tranche B Notes bear interest at a rate equal to 7.33% per annum that is payable semi-annually on January 22 and July 22 of each year, beginning on July 22, 2025. The Notes will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the “Guarantors”). The Tranche A Notes were issued at closing on November 18, 2024, and the Tranche B Notes were issued at closing on January 22, 2025, subject to customary closing conditions.

2025A Notes

On October 8, 2025, the Fund entered into the First Supplement (the “First Supplement”) to the Master Note Purchase Agreement, dated November 18, 2024, as supplemented by the First Supplement, the “Purchase Agreement”), governing the issuance (a) on October 8, 2025, of $150.0 million aggregate principal amount of its 6.14% Series 2025A Senior Notes, Tranche B, due October 8, 2030 (the “2025A Tranche B Notes”), and (b) on December 17, 2025 (subject to customary closing conditions), of $50.0 million aggregate principal amount of its 5.78% Series 2025A Senior Notes, Tranche A, due December 17, 2028 (the “2025A Tranche A Notes” and, together with the 2025A Tranche B Notes, the “2025A Notes”), to qualified institutional investors in a private placement. The 2025A Tranche B Notes were issued on October 8, 2025 and the 2025A Tranche A Notes were issued on December 17, 2025, subject to customary closing conditions.

The 2025A Tranche B Notes bear an interest rate of 6.14% per year and are payable semi-annually on April 8 and October 8, beginning April 8, 2026. The 2025A Tranche A Notes bear an interest rate of 5.78% per year payable semi-annually on June 17 and December 17 of each year, beginning on June 17, 2026. The 2025A Notes may be redeemed in whole or in part at any time or from time to time at the Fund’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Fund is obligated to offer to prepay the 2025A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2025A Notes are general unsecured obligations of the Fund that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness issued by the Fund.

Promissory Notes

On October 1, 2025, the Fund closed on an offering 110 promissory notes due October 1, 2055 (the “Promissory Notes”) in a private offering, with each Promissory Note being issued in connection with the issuance of one common share of the Fund (the “Promissory Notes Offering”) to accredited investors (as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (“Securities Act”). The aggregate principal amount of the Promissory Notes is $110,000 less the net asset value, as of October 1, 2025, of the common shares issued in the Promissory Notes Offering. The Fund will pay an interest totaling $120 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year, beginning on December 31, 2025.

5. Commitments and Contingencies

The Fund conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

The Consolidated Schedule of Investments include certain revolving loan facilities and other commitments with unfunded balances at June 30, 2026 and December 31, 2025 as follows:


		Unfunded Balances
Issuer	Maturity Date	June 30, 2026 (Unaudited)		December 31, 2025
Alcami Corporation	12/21/2028	N/A		$	104,876
Alcami Corporation	12/21/2029		224,908	N/A
AmeriLife Holdings, LLC	8/31/2029		2,559,820		3,119,196
AmeriLife Holdings, LLC	8/31/2028		1,452,819		1,614,244
Applause App Quality, Inc.	10/24/2029		1,350,633		1,200,563
Anthracite Buyer, Inc. (Coalfire)	12/3/2032		4,287,989		4,287,989
Allied Benefit Systems Intermediate, LLC	10/31/2030		5,163,116		5,163,116
Alpine Acquisition Corp II (48Forty)	1/14/2031		44,371	N/A
Alpine Acquisition Corp II (48Forty)	1/14/2031		177,483	N/A
Azuria Water Solutions Inc	1/26/2033		253,518	N/A
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	1/14/2033		5,982,806	N/A
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	1/14/2033		4,387,392	N/A
As1 Sports Bidco Ltd (United Kingdom)	3/25/2033		6,519,951	N/A
As1 Sports Bidco Ltd (United Kingdom)	3/27/2032		3,259,975	N/A
Advanced Cooling Technologies Inc.	5/19/2033		4,906,143	N/A
Avalon Borrower LLC (Gaming Labs)	6/18/2033		8,102,824	N/A
Bluefin Holding, LLC (Allvue)	9/12/2029		1,190,668		1,190,668
Bullhorn, Inc.	10/1/2029		1,281,416		1,281,416
Bullhorn, Inc.	9/30/2029	N/A			1,124,030
Bynder Bidco B.V. (Netherlands)	1/26/2029		171,174		171,174
Bynder Bidco, Inc. (Netherlands)	1/26/2029		47,160		47,160
Beekeeper Buyer Inc. (Archway)	6/30/2031		1,452,291		1,452,291
Brown & Settle, Inc.	5/16/2030	N/A			612,946
Chronicle Parent LLC (Lexitas)	4/15/2031		8,002,603		8,925,000
Chronicle Parent LLC (Lexitas)	4/15/2031		3,240,741		3,240,741
Civicplus LLC	8/24/2030		2,546,218		2,546,218
Civicplus LLC	8/23/2030		698,657		698,657
Cherry Bekaert Advisory, LLC	6/28/2030	N/A			447,254
Cherry Bekaert Advisory, LLC	6/28/2030	N/A			3,627,369
Clever Devices Ltd.	6/12/2030		309,208		432,891
Clydesdale Acquisition Holdings, Inc	4/13/2029	N/A			4,852

5. Commitments and Contingencies (Continued)


		Unfunded Balances (Continued)
Issuer	Maturity Date	June 30, 2026 (Unaudited)		December 31, 2025
Cohnreznick Advisory LLC	3/26/2032	$	1,337,641	$	3,357,941
Community Merger Sub Debt LLC (CINC Systems)	1/18/2030		1,731,362		1,997,725
Compsych Holdings Corp	7/22/2031		3,737,596		3,737,596
Crewline Buyer, Inc. (New Relic)	11/8/2030		995,744		995,744
CP Iris Holdco I, Inc	10/27/2032		96,409		324,100
Coreweave Financing DDTL V LLC	11/6/2031		1,464,429	N/A
Corinthia Bidco Limited (Walkers Professional Services) (Cayman Islands)	6/2/2033		18,900,000	N/A
Corinthia Bidco Limited (Walkers Professional Services) (Cayman Islands)	6/2/2033		9,072,000	N/A
Clearwater Analytics Holdings, Inc.	6/27/2033		1,384,361	N/A
Clearwater Analytics Holdings, Inc.	6/27/2033		899,835	N/A
DNAnexus, Inc	12/18/2029	N/A			16,793,184
Douglas Holdings, Inc (Docupace)	8/27/2030	N/A			1,635,795
Douglas Holdings, Inc (Docupace)	8/27/2030		205,005		281,657
Douglas Holdings, Inc (Docupace)	8/27/2030		743,543		743,543
Deepl Se (Germany)	6/26/2030		14,783,278		14,783,278
Deepl Se (Germany)	6/26/2030		4,166,336		4,166,336
Dragos, Inc.	6/30/2030	N/A			19,924,142
Dragos, Inc.	6/30/2030		7,315,247		7,315,247
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		3,641,447		3,641,447
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		1,213,816		1,213,816
Emburse Inc.	5/28/2032		4,651,654		4,651,654
Emburse Inc.	5/28/2032		4,651,654		4,651,654
Express Wash Acquisition Company, LLC (Whistle)	4/10/2031		1,274,611		1,274,611
e-Discovery Acquireco, LLC (Reveal)	8/23/2029		672,678		672,678
EdgeCo Buyer, Inc.	6/1/2028		97,613		585,680
EdgeCo Buyer, Inc.	6/1/2028	N/A			917,566
FirstUp, Inc	7/13/2027		908,548		908,548
Flexport Capital, LLC	6/30/2029		19,360,567		19,360,567
Fusion Holding Corp. (Finalsite)	9/15/2028		269,071		167,010
Fusion Risk Management, Inc.	5/22/2029		259,307		335,574
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031		2,870,057		2,870,057
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031		2,391,714		2,583,051
GC Champion Acquisition LLC (Numerix)	8/19/2028		3,682,906		3,682,906
GC Waves Holdings, Inc. (Mercer)	10/4/2030		831,419		831,419
GTY Technology Holdings Inc.	7/9/2029		675,891		1,056,080
GC Waves Holdings, Inc. (Mercer)	10/4/2030		19,304,066		28,606,431
Griffon Bidco Inc. (Layerzero)	7/31/2031		4,597,405		4,597,405
Griffon Bidco Inc. (Layerzero)	7/31/2031		4,597,405		4,597,405
Higginbotham Insurance Agency, Inc.	6/11/2031		7,860,000		12,000,000
Higginbotham Insurance Agency, Inc.	12/10/2027	N/A			345,585

5. Commitments and Contingencies (Continued)


		Unfunded Balances (Continued)
Issuer	Maturity Date	June 30, 2026 (Unaudited)		December 31, 2025
Honey Intermediate, Inc. (iLobby) (Canada)	9/30/2030	$	1,872,401	$	1,872,401
HSI Halo Acquisitions, Inc.	6/28/2031	N/A			551,868
HSI Halo Acquisitions, Inc.	6/28/2031		735,825		735,825
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030	N/A			1,020,417
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030		612,250		612,250
Hyphen Solutions, LLC	8/6/2032		6,417,610		6,417,610
Hyphen Solutions, LLC	8/6/2032		3,850,566		3,850,566
Hobbs & Associates, LLC	7/23/2031	N/A			414,167
Integrity Marketing Acquisition, LLC	8/25/2028		2,709,613		2,709,613
Integrity Marketing Acquisition, LLC	8/25/2028		4,184,623		4,184,623
Intercept Bidco, Inc.	6/3/2030	N/A			2,591,349
Intercept Bidco, Inc.	6/3/2030		1,727,566		1,727,566
IVXS UK Limited (ComplyAdvantage) (United Kingdom)	5/19/2029	N/A			3,155,511
IvyRehab Intermediate II, LLC	4/23/2029		13,027,863		21,548,457
JF Acquisition, LLC (JF Petroleum)	6/18/2030		4,505,216		6,723,169
JF Acquisition, LLC (JF Petroleum)	6/18/2030		4,158,661		4,158,661
June Purchaser LLC	11/28/2031		107,836	N/A
Kaman Corporation	2/26/2032	N/A			494,807
Kaman Corporation	2/26/2032		440,072	N/A
Kid Distro Holdings, LLC	10/1/2029		1,546,384		1,546,384
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		266,865		1,700,161
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		1,085,209		1,085,209
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		14,423,077	N/A
LJ Avalon Holdings, LLC (Ardurra)	2/1/2030	N/A			1,594,443
LJ Avalon Holdings, LLC (Ardurra)	2/1/2029		606,845		689,596
LJ Avalon Holdings, LLC (Ardurra)	2/1/2030		3,378,209	N/A
Logicmonitor Inc.	11/19/2031		1,856,512		1,856,512
Logicmonitor Inc.	10/7/2032		10,888,019		10,888,019
Lucky US BuyerCo, LLC (Global Payments)	3/30/2029		35,720		37,679
Madison Logic Holdings, Inc.	12/30/2027		85,805		85,805
MRO Parent Corporation	6/9/2032		3,022,672		3,022,672
MRO Parent Corporation	6/9/2032		3,022,672		3,022,672
Modigent, LLC (Pueblo)	8/23/2027		1,021,491		1,021,491
Mpulse Mobile Inc.	8/26/2032		3,821,067		3,821,067
Mpulse Mobile Inc.	8/26/2032		5,731,601		5,731,601
MB2 Dental Solutions LLC	2/13/2031		13,806,148	N/A
Oak Funding LLC	12/2/2032		1,706,111		1,706,111
Onward Acquireco Inc (Onestream Inc)	4/1/2033		5,518,735	N/A
Onward Acquireco Inc (Onestream Inc)	4/1/2033		2,299,933	N/A
Payroc, LLC	11/1/2027		63,273		166,509

5. Commitments and Contingencies (Continued)


		Unfunded Balances (Continued)
Issuer	Maturity Date	June 30, 2026 (Unaudited)		December 31, 2025
PMA Parent Holdings, LLC	1/31/2031	$	5,032,725	$	5,032,725
Pye-Barker Fire & Safety LLC	12/16/2032		246,600		126,750
Palmdale Oil Company, LLC	12/12/2031	N/A			228,988
Palmdale Oil Company, LLC	12/12/2031		763,292		763,292
Palmdale Oil Company, LLC	5/14/2029	N/A			309,850
Pareto Health Intermediate Holdings Inc	6/1/2029		459,249	N/A
Raven Acquisition Holdings LLC (R1 RCM)	11/19/2031		108,175		136,326
RBS Buyer Inc.	7/31/2031		3,406,439		3,406,439
RBS Buyer Inc.	7/31/2031		5,677,398		5,677,398
Secretariat Advisors LLC	2/24/2032		885,777		885,777
Serrano Parent, LLC (Sumo Logic)	5/12/2030		311,540		409,922
Skydio, Inc	12/4/2029	N/A			3,750,000
Spark Buyer, LLC (Sparkstone)	10/15/2031		4,701,603		4,701,603
Spark Buyer, LLC (Sparkstone)	10/15/2031		1,057,861		1,551,529
Spartan Bidco Pty Ltd (StarRez) (Australia)	1/24/2028	N/A			360,555
Streamland Media Midco LLC	3/31/2029		34,716		57,174
Stonebridge Companies, LLC	5/16/2031		1,792,747		1,792,747
Stonebridge Companies, LLC	5/16/2030		1,195,165		1,195,165
Syndigo, LLC	9/2/2032		3,534,325		4,207,530
Signia Aerospace, LLC	11/21/2031	N/A			119,638
Signia Aerospace, LLC	12/11/2031		86,405	N/A
Shackleton Bidco Inc. (Payworks) (Canada)	11/5/2032		3,826,279		3,826,279
Shackleton Bidco Inc. (Payworks) (Canada)	11/5/2032		15,305,116		15,305,116
SRS Acquiom Holdings LLC	1/14/2032		4,951,663	N/A
Thunder Purchaser, Inc. (Vector Solutions)	6/30/2028		342,194		342,194
Titan Home Improvement, LLC (Renuity)	5/31/2030	N/A			1,810,099
Titan Home Improvement, LLC (Renuity)	5/31/2030		1,508,416		1,508,416
Trintech, Inc.	7/25/2029	N/A			516,842
Vensure Employer Services, Inc.	9/19/2031	N/A			250,355
Vortex Companies, LLC	9/4/2029	N/A			4,658,247
Vortex Companies, LLC	9/4/2029		763,881		1,061,989
Vensure Employer Services, Inc.	9/27/2031		4,952,862	N/A
Wealth Enhancement Group, LLC	10/2/2028		940,284		3,896,494
Wealth Enhancement Group, LLC	10/4/2028		1,318,338		1,318,338
Wealth Enhancement Group, LLC	10/2/2028		7,609,295		7,609,295
Wharf Street Rating Acquisition, LLC (KBRA)	9/16/2032		3,937,508		3,937,508
Wharf Street Rating Acquisition, LLC (KBRA)	9/16/2032		3,937,508		3,937,508
Zenith AcquisitionCo LLC	1/13/2033		10,875,416	N/A
Zenith AcquisitionCo LLC	1/13/2033		4,255,453	N/A
Total Unfunded Balances		$	430,613,179	$	402,336,961

6. Other Related Party Transactions

The Investment Adviser paid all of the Fund’s organizational and offering expenses on the Fund’s behalf. During the Reimbursement Period, the Fund agreed to reimburse the Investment Adviser for any and all Expense Support Agreement Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund’s annual Operating Expenses did not exceed 1.25% of the value of the Fund’s net assets, calculated monthly based on month-end net assets. The Reimbursement Period expired on March 18, 2025. From inception of the Fund through the expiration of the Reimbursement Period, the Fund reimbursed the Investment Adviser for $0.8 million related to organizational and offering expenses of the Fund pursuant to the Expense Support Agreement.

From time to time, the Investment Adviser advances payments to third parties on behalf of the Fund and receives reimbursement from the Fund under the Expense Support and Conditional Reimbursement Agreement. At June 30, 2026 and December 31, 2025, amounts reimbursable to the Investment Adviser under the Expense Support and Conditional Reimbursement Agreement totaled $0.2 million and $0.1 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities. The Investment Adviser may also elect to pay certain expenses on the Fund’s behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. For the three months ended June 30, 2026, the Fund received $8.6 million in expense support from the Investment Adviser. There was no expense support received for the three months ended June 30, 2025. For the six months ended June 30, 2026, the Fund received $18.8 million in expense support from the Investment Adviser. There was no expense support received for the six months ended June 30, 2025.

The Fund has entered into an administration agreement (the “Administration Agreement”) with the Administrator. Pursuant to the Administration Agreement, the Administrator will perform (or oversee, or arrange for, the performance by third parties of) the administrative services necessary for the operation of the Fund, including but not limited to, determining and publishing the Fund's net asset value (“NAV”), overseeing the preparation and filing of the Fund's tax returns, and the printing and dissemination of reports to shareholders of the Fund, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. The Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities thereunder, including payments to the Administrator in an amount equal to the Fund’s allocable portion of overhead and other expenses incurred by the Administrator or its affiliate in performing its obligations and services under the Administration Agreement, such as rent, license fees and other costs associated with computer software utilized in providing such obligations and services and the Fund’s allocable portion of the cost of personnel attributable to performing such obligations and services, including, but not limited to, marketing, legal and other services performed by the Administrator for the Fund. The Administrator will also, on behalf of the Fund, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other shareholders servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, shareholders and such other persons in any such other capacity deemed to be necessary or desirable. For the six months ended June 30, 2026 and 2025, the Fund incurred $0.9 million and $0.7 million, respectively, for such administrative service expenses.

7. Stockholders’ Equity and Dividends

The Fund is offering on a continuous basis up to $5,000,000,000 of the Fund’s common shares of beneficial interest (“Common Shares”). The Fund is offering to sell any combination of three classes of Common Shares, Class D shares, Class S shares and Institutional shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Fund’s offering is a “best efforts” offering, which means that BlackRock Investments, LLC, the distributor for the offering, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares of such offering.

7. Stockholders’ Equity and Dividends (Continued)

The Fund has the authority to issue an unlimited number of Common Shares of any class and an unlimited number of shares of preferred shares, at a par value $0.001 per share. As of June 30, 2026, the Fund had 64,631,246 Institutional shares, 4,997,984 Class S shares, and 98,253 Class D shares issued and outstanding.

The following table summarizes transactions in Common Shares for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30,
	2026						2025
	Shares			Amount			Shares			Amount
Institutional Class
Subscriptions		6,309,022		$	149,741,633			8,789,020		$	215,382,569
Distributions reinvested		1,151,868			27,301,104			993,991			24,339,615
Share transfers between classes		2,067			49,059			—			—
Share Repurchases		(3,871,561	)		(91,517,184	)		(192,401	)		(4,716,162	)
Net Increase (Decrease)		3,591,396		$	85,574,612			9,590,610		$	235,006,022

Class S
Subscriptions		473,287		$	11,245,500			1,588,901		$	38,949,491
Distributions reinvested		44,116			1,045,482			12,770			311,734
Share Repurchases		(301,551	)		(7,130,013	)		(3,084	)		(76,445	)
Net Increase (Decrease)		215,852		$	5,160,969			1,598,587		$	39,184,780

Class D
Subscriptions		3,427		$	81,500			73,237		$	1,789,250
Distributions reinvested		3,543			83,983			752			18,291
Share transfers between classes		(2,067	)		(49,059	)		—			—
Net Increase (Decrease)		4,903		$	116,424			73,989		$	1,807,541

We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table presents our monthly NAV per share for each of the three classes of shares since our inception through June 30, 2026.

7. Stockholders’ Equity and Dividends (Continued)


	NAV per Share
For the Month Ended	Institutional Class		Class S		Class D
June 30, 2022	$	23.49	N/A		N/A
July 31, 2022		24.40	N/A		N/A
August 31, 2022		24.86	N/A		N/A
September 30, 2022		23.74	N/A		N/A
October 31, 2022		23.89	N/A		N/A
November 30, 2022		23.93	N/A		N/A
December 31, 2022		23.69	N/A		N/A
January 31, 2023		24.28	N/A		N/A
February 28, 2023		24.25	N/A		N/A
March 31, 2023		24.23	N/A		N/A
April 30, 2023		24.38	N/A		N/A
May 31, 2023		24.05	N/A		N/A
June 30, 2023		24.49	N/A		N/A
July 31, 2023		24.73	N/A		N/A
August 31, 2023		24.85	N/A		N/A
September 30, 2023		24.99	N/A		N/A
October 31, 2023		24.70	N/A		N/A
November 30, 2023		24.87	N/A		N/A
December 31, 2023		24.85	N/A		N/A
January 31, 2024		24.92	N/A		N/A
February 29, 2024		24.93	N/A		N/A
March 31, 2024		24.98	N/A		N/A
April 30, 2024		24.93	N/A		N/A
May 31, 2024		24.95	N/A		N/A
June 30, 2024		24.84		24.84	N/A
July 31, 2024		24.75		24.75	N/A
August 31, 2024		24.79		24.79		24.79
September 30, 2024		24.77		24.77		24.77
October 31, 2024		24.83		24.83		24.83
November 30, 2024		24.84		24.84		24.84
December 31, 2024		24.79		24.79		24.79
January 31, 2025		24.77		24.77		24.77
February 28, 2025		24.64		24.64		24.64
March 31, 2025		24.42		24.42		24.42
April 30, 2025		24.11		24.11		24.11
May 31, 2025		24.27		24.27		24.27
June 30, 2025		24.24		24.24		24.24
July 31, 2025		24.22		24.22		24.22
August 31, 2025		24.20		24.20		24.20
September 30, 2025		24.07		24.07		24.07
October 31, 2025		23.99		23.99		23.99
November 30, 2025		23.98		23.98		23.98
December 31, 2025		23.95		23.95		23.95
January 31, 2026		23.90		23.90		23.90
February 28, 2026		23.53		23.53		23.53
March 31, 2026		23.52		23.52		23.52
April 30, 2026		23.65		23.65		23.65
May 31, 2026		23.65		23.65		23.65
June 30, 2026		23.49		23.49		23.49

Dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering net investment income available for distribution to shareholders, at the discretion of our Board of Trustees.

7. Stockholders’ Equity and Dividends (Continued)

Institutional Class

The following tables summarize the Fund's dividends declared for the Institutional Class shares for the six months ended June 30, 2026 and 2025:


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
January 24, 2025	January 30, 2025	February 26, 2025	Regular	$	0.2300	$	5,923,347
February 25, 2025	February 27, 2025	March 27, 2025	Regular		0.2300		6,249,265
March 24, 2025	March 28, 2025	April 28, 2025	Regular		0.2300		6,588,559
April 24, 2025	April 29, 2025	May 28, 2025	Regular		0.2300		7,190,565
May 23, 2025	May 29, 2025	June 26, 2025	Regular		0.2300		7,422,523
June 26, 2025	June 27, 2025	July 29, 2025	Regular		0.2300		7,802,691
				$	1.3800	$	41,176,950
January 26, 2026	January 29, 2026	February 25, 2026	Regular	$	0.1956	$	12,008,822
February 24, 2026	February 26, 2026	March 27, 2026	Regular		0.1951		12,384,535
March 25, 2026	March 30, 2026	April 28, 2026	Regular		0.1922		12,554,379
April 29, 2026	April 29, 2026	May 27, 2026	Regular		0.1921		12,230,846
May 21, 2026	May 28, 2026	June 26, 2026	Regular		0.1931		12,406,751
June 23, 2026	June 29, 2026	July 29, 2026	Regular		0.1784		11,530,214
				$	1.1465	$	73,115,548

Class S Shares

The following table summarizes the Fund's dividends declared for the Class S shares for the six months ended June 30, 2026 and 2025.


Date Declared	Record Date	Payment Date	Type	Gross Amount Per Share		Amount Per Share Net of Shareholder Servicing and/or Distribution Fees		Gross Amount		Net Amount
January 24, 2025	January 30, 2025	February 26, 2025	Regular	$	0.2300	$	0.2124	$	472,537	$	436,377
February 25, 2025	February 27, 2025	March 27, 2025	Regular		0.2300		0.2125		527,138		487,029
March 24, 2025	March 28, 2025	April 28, 2025	Regular		0.2300		0.2125		599,042		553,463
April 24, 2025	April 29, 2025	May 28, 2025	Regular		0.2300		0.2127		683,484		632,083
May 23, 2025	May 29, 2025	June 26, 2025	Regular		0.2300		0.2129		731,457		677,139
June 26, 2025	June 27, 2025	July 29, 2025	Regular		0.2300		0.2128		783,555		724,982
				$	1.3800	$	1.2758	$	3,797,213	$	3,511,074
January 26, 2026	January 29, 2026	February 25, 2026	Regular	$	0.1956	$	0.1786	$	937,564	$	856,245
February 24, 2026	February 26, 2026	March 27, 2026	Regular		0.1951		0.1782		963,373		879,794
March 25, 2026	March 30, 2026	April 28, 2026	Regular		0.1922		0.1755		967,310		883,414
April 29, 2026	April 29, 2026	May 27, 2026	Regular		0.1921		0.1754		949,261		866,922
May 21, 2026	May 28, 2026	June 26, 2026	Regular		0.1931		0.1763		958,874		875,689
June 23, 2026	June 29, 2026	July 29, 2026	Regular		0.1784		0.1616		891,640		807,897
				$	1.1465	$	1.0458	$	5,668,024	$	5,169,962

7. Stockholders’ Equity and Dividends (Continued)

Class D Shares

The following table summarizes the Fund's dividends declared for the Class D shares for the six months ended June 30, 2026 and 2025.


Date Declared	Record Date	Payment Date	Type	Gross Amount Per Share		Amount Per Share Net of Shareholder Servicing and/or Distribution Fees		Gross Amount		Net Amount
January 24, 2025	January 30, 2025	February 26, 2025	Regular	$	0.2300	$	0.2248	$	30,170	$	29,488
February 25, 2025	February 27, 2025	March 27, 2025	Regular		0.2300		0.2248		32,328		31,597
March 24, 2025	March 28, 2025	April 28, 2025	Regular		0.2300		0.2249		34,059		33,304
April 24, 2025	April 29, 2025	May 28, 2025	Regular		0.2300		0.2249		37,499		36,670
May 23, 2025	May 29, 2025	June 26, 2025	Regular		0.2300		0.2250		37,558		36,737
June 26, 2025	June 27, 2025	July 29, 2025	Regular		0.2300		0.2249		46,315		45,297
				$	1.3800	$	1.3493	$	217,930	$	213,093
January 26, 2026	January 29, 2026	February 25, 2026	Regular	$	0.1956	$	0.1906	$	18,544	$	18,071
February 24, 2026	February 26, 2026	March 27, 2026	Regular		0.1951		0.1901		18,656		18,180
March 25, 2026	March 30, 2026	April 28, 2026	Regular		0.1922		0.1873		18,546		18,073
April 29, 2026	April 29, 2026	May 27, 2026	Regular		0.1921		0.1872		18,650		18,175
May 21, 2026	May 28, 2026	June 26, 2026	Regular		0.1931		0.1882		18,862		18,381
June 23, 2026	June 29, 2026	July 29, 2026	Regular		0.1784		0.1735		17,528		17,044
				$	1.1465	$	1.1169	$	110,787	$	107,924

Character of Distributions

The Fund may fund its cash distributions to shareholders from any source of funds available to the Fund, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Investment Adviser, which is subject to recoupment.

Through October 31, 2024, all of the Fund’s distributions resulted from net investment income. From November 1, 2024 through July 31, 2025, certain of the Fund's distributions were from sources other than net investment income. Through June 30, 2026 a portion of the Fund's distributions resulted and future distributions may result from expense support from the Investment Adviser, which is subject to repayment by the Fund within three years from the date of payment. Any such distribution may not be based solely on the Fund’s investment performance, and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Investment Adviser continues to provide expense support. The Fund’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, may include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a GAAP basis that the Fund has declared on its common shares:


	For the Six Months Ended June 30, 2026
	Institutional Class				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.15	$	73,115,548	$	1.05	$	5,169,962	$	1.12	$	107,924
Net realized gains		—		—		—		—		—		—
Total	$	1.15	$	73,115,548	$	1.05	$	5,169,962	$	1.12	$	107,924

7. Stockholders’ Equity and Dividends (Continued)


	For the Six Months Ended June 30, 2025
	Institutional Class				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.06	$	31,455,532	$	0.95	$	2,612,570	$	1.03	$	161,503
Net realized gains		0.32		9,721,418		0.32		898,503		0.32		51,590
Total	$	1.38	$	41,176,950	$	1.28	$	3,511,073	$	1.35	$	213,093

8. Share Repurchase Program

At the discretion of the Fund’s Board of Trustees, the Fund is conducting a share repurchase program in which the Fund is repurchasing, in
each quarter, up to 5% of the Fund’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous
calendar quarter. The Fund does not intend to conduct a share repurchase offer during any calendar quarter for which our liquid assets plus available and undrawn leverage are less than 25% of our net assets as of the date of the most recent publicly available NAV prior to the commencement of such calendar quarter. In addition, our Board of Trustees may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934 and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Fund’s share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund expects to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last business day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the valuation date of the applicable tender offer. The Early Repurchase Deduction may be waived at the Fund’s or Distributor’s discretion (a) in the case of repurchase requests arising from the death, divorce or qualified disability of the holder, (b) due to trade or operational error, or (c) for repurchase requests with respect to shares held in accounts of asset allocation programs, such as model portfolio management programs (and similar arrangements). The Early Repurchase Deduction will be waived in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance. In addition, the Fund’s Common Shares are sold to certain feeder vehicles primarily created to hold the Fund’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Fund may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. The Fund commenced its initial quarterly repurchase offer on April 28, 2023.

The following table presents information with respect to the Fund's repurchases for the six months ended June 30, 2026 and 2025:


Repurchase Offer Commencement Date	Repurchase request deadline	Number of Shares Repurchased (All Classes)		Percentage of Outstanding Shares Repurchased(1)			Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased (All Classes)(2)
January 30, 2026	February 27, 2026		2,957,174		4.2	%	$	23.52	March 31, 2026	$	69,530,707
May 11, 2026	June 8, 2026		3,522,433		5.0	%	$	23.49	June 30, 2026	$	82,721,401

______________________

(1)

Percentage is based on total shares as of the close of the previous calendar quarter. For the second quarter of 2026, the Fund received shareholder requests to repurchase approximately 5.3% of shares outstanding as of March 31, 2026, which exceeded the Fund's offer to repurchase up to 5% of its outstanding shares with respect to such quarter.

(2)

Net of Early Repurchase Deduction (if any).


Repurchase Offer Commencement Date	Repurchase request deadline	Number of Shares Repurchased (All Classes)		Percentage of Outstanding Shares Repurchased(1)			Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased (All Classes)(2)
January 31, 2025	February 28, 2025		139,189		0.5	%	$	24.42	March 31, 2025	$	3,398,946
April 30, 2025	May 28, 2025		265,506		0.7	%	$	24.24	June 30, 2025	$	6,434,733

______________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Net of Early Repurchase Deduction (if any).

9. Financial Highlights

The following are the financial highlights for the six months ended June 30, 2026 and 2025.


	For the Six Months Ended June 30,
	2026									2025
	Institutional Class			Class S			Class D			Institutional Class			Class S			Class D
Per Common Share
Per share NAV at beginning of period	$	23.95		$	23.95		$	23.95		$	24.79		$	24.79		$	24.79

Investment operations: (1)
Net investment income		1.15			1.05			1.12			1.06			0.96			1.03
Net realized and unrealized gain (loss)		(0.46	)		(0.46	)		(0.46	)		(0.23	)		(0.23	)		(0.23	)
Total from investment operations		0.69			0.59			0.66			0.83			0.73			0.80

Dividends to common shareholders		(1.15	)		(1.05	)		(1.12	)		(1.38	)		(1.28	)		(1.35	)
Per share NAV at end of period	$	23.49		$	23.49		$	23.49		$	24.24		$	24.24		$	24.24

Total return based on net asset value: (2)		2.88	%		2.46	%		2.76	%		3.35	%		2.94	%		3.23	%

Shares outstanding at end of period		64,631,246			4,997,984			98,253			33,924,743			3,406,762			201,370
Ratios to average net asset value: (3)
Net investment income(4)		10.36	%		9.48	%		10.09	%		9.50	%		8.82	%		9.25	%
Expenses before incentive fee (5)		2.95	%		3.81	%		3.21	%		6.75	%		7.86	%		7.06	%
Expenses and incentive fee (6)(7)(8)		3.48	%		4.34	%		3.73	%		7.31	%		8.43	%		7.61	%

Ending net asset value	$	1,518,421,090		$	117,420,665		$	2,308,324		$	822,188,281		$	82,565,096		$	4,880,339
Weighted-average number of common shares		63,791,678			4,944,694			96,664			29,852,135			2,754,387			157,939

Fund-level Supplemental Data
Portfolio turnover rate		6.86	%								10.27	%
Weighted-average debt outstanding	$	921,927,856								$	507,740,331
Weighted-average interest rate on debt		5.60	%								6.49	%
Weighted-average debt per share	$	13.22								$	13.53

(1)

Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.

(2)

Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.

(3)

Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses.

(4)

Net of incentive fees and excise taxes.

(5)

Includes interest and other debt costs but excludes excise taxes.

(6)

Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes.

(7)

For the six months ended June 30, 2026, amounts are annualized except for organizational costs, management fee and income based incentive fee waivers by the Investment Adviser. For the six months ended June 30, 2026 the ratio of total operating expenses to average net assets was 6.65%, 7.50%, and 6.89% on Institutional Class, Class S and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and income based incentive fee waivers by the Investment Adviser which represented 2.63%, 2.63% and 2.63% on Institutional Class, Class S and Class D, respectively, of average net assets.

(8)

For the six months ended June 30, 2025, the ratio of total operating expenses to average net assets was 7.87%, 9.01% and 8.18% on Institutional Class, Class S and Class D respectively, on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Investment Adviser which represented 0.00%, 0.00% and 0.00% on Institutional Class, Class S and Class D, respectively, of average net assets.

10. Senior Securities

Information about the Fund's senior securities is shown in the following table for the period ended June 30, 2026 and for each of the years ended December 31, 2025, 2024, 2023 and the period from March 18, 2022 (Inception) to December 31, 2022.


Class and Year	Total Amount Outstanding(1)		Asset Coverage Per Unit(2)		Involuntary Liquidating Preference Per Unit(3)		Average Market Value Per Unit(4)
Credit Facility
As of June 30, 2026 (Unaudited)	$	260,000,000	$	3,934		—	N/A
Fiscal year 2025		260,000,000		4,657		—	N/A
Fiscal year 2024		320,000,000		3,229		—	N/A
Fiscal year 2023		156,000,000		2,510		—	N/A
Fiscal year 2022		95,000,000		2,225		—	N/A
Revolving Credit Facility
As of June 30, 2026 (Unaudited)	$	144,266,304	$	3,934		—	N/A
Fiscal year 2025		50,970,583		4,657		—	N/A
Fiscal year 2024		—		3,229		—	N/A
SG Revolving Credit Facility
As of June 30, 2026 (Unaudited)	$	200,000,000	$	3,934		—	N/A
Fiscal year 2025		200,000,000		4,657		—	N/A
BMO Revolving Credit Facility
As of June 30, 2026 (Unaudited)	$	50,000,000	$	3,934		—	N/A
Tranche A Notes
As of June 30, 2026 (Unaudited)	$	70,000,000	$	2,641		—	N/A
Fiscal year 2025		70,000,000		2,859		—	N/A
Fiscal year 2024		70,000,000		2,656		—	N/A
Tranche B Notes
As of June 30, 2026 (Unaudited)	$	55,000,000	$	2,641		—	N/A
Fiscal year 2025		55,000,000		2,859		—	N/A
Promissory Notes
As of June 30, 2026 (Unaudited)	$	110,000	$	2,641		—	N/A
Fiscal year 2025		110,000		2,859		—	N/A
2025A Tranche B Notes
As of June 30, 2026 (Unaudited)	$	150,000,000	$	2,641		—	N/A
Fiscal year 2025		150,000,000		2,859		—	N/A
2025A Tranche A Notes
As of June 30, 2026 (Unaudited)	$	50,000,000	$	2,641		—	N/A
Fiscal year 2025		50,000,000		2,859		—	N/A

(1)

Total amount of each class of senior securities outstanding at the end of the period presented.

(2)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.

(3)

The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)

The Fund's senior securities are not registered for public trading.

11. Subsequent Events

On July 1, 2026, the Fund accepted $18.3 million of additional subscriptions, to purchase $16.9 million of additional Institutional shares and $1.5 million of additional Class S shares, par value $0.001 per share. On July 20, 2026, the number of shares being purchased was fixed when the purchase price of $23.49 per Institutional and Class S shares were determined by the Fund. As a result, the Fund issued 0.7 million Institutional shares and 0.1 million Class S shares and received $18.3 million in proceeds.

On July 24, 2026, the Fund declared a regular distribution as follows:


	Gross Distribution		Shareholder Servicing and/or Distribution Fee		Net Distribution
Institutional Shares	$	0.1772	$	—	$	0.1772
Class S Shares		0.1772		0.0166		0.1606
Class D Shares		0.1772		0.0049		0.1723

The distribution will be payable to shareholders of record at the close of business on July 30, 2026 and will be paid on August 27, 2026. The distribution will be paid in cash or reinvested in Fund shares for shareholders participating in the Fund’s distribution reinvestment plan.

12. Segment Reporting

The Fund's chief executive officer and chief financial officer act as the Fund's chief operating decision maker ("CODM"). The CODM is responsible for assessing performance, allocating resources and making operating decisions of the Fund on a consolidated basis based on the net increase (decrease) in net assets resulting from operations (“net income”) of the Fund. The CODM has concluded that the Fund operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Fund's shareholders. As the Fund's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

BlackRock Private Credit Fund

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

June 30, 2026


Investment		Acquisition Date
Streamland Media Holdings LLC, Common Shares		3/31/2025
48forty Intermediate Holdings, Inc., Common Shares		1/14/2026
48forty Intermediate Holdings, Inc., Preferred Shares		1/14/2026

BlackRock Private Credit Fund

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2025


Investment		Acquisition Date
New Insight Holdings, Inc. (Dynata), Common Shares		7/15/2024
48forty Intermediate Holdings, Inc., Common Shares		11/5/2024
Streamland Media Holdings LLC, Common Units		3/31/2025

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of BlackRock Private Credit Fund (the “Fund,” “we,” “us” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•

the Fund’s, or the Fund’s portfolio companies’, future business, operations, operating results or prospects;

•

the return or impact of current and future investments;

•

the impact of a protracted decline in the liquidity of credit markets on the Fund’s business;

•

the impact of fluctuations in interest rates on the Fund’s business;

•

the impact of changes in laws or regulations governing the Fund’s operations or the operations of the Fund’s portfolio companies;

•

the Fund’s contractual arrangements and relationships with third parties;

•

the general economy and its impact on the industries in which the Fund invests;

•

political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of trade policy:

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;

•

the financial condition of and ability of the Fund’s portfolio companies to achieve their objectives;

•

the Fund’s expected financings and investments;

•

the adequacy of the Fund’s financing resources and working capital;

•

the ability of BlackRock Capital Investment Advisors, LLC, the Fund’s investment adviser (the “Investment Adviser”)
and BlackRock Advisors, LLC, the Fund’s sub-adviser (the “Sub-Adviser” and, together with the Investment Adviser, the “Advisers”) to locate suitable investments for the Fund and to monitor and administer the Fund’s investments;

•

the timing of cash flows, if any, from the operations of the Fund’s portfolio companies;

•

the timing, form and amount of any dividend distributions;

•

the Fund’s ability to maintain the Fund’s qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”); and

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks.

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward-looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in our Form 10-K for the year ended December 31, 2025 (the “Annual Report”).

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

The Fund is a Delaware statutory trust formed on December 23, 2021 and is an externally managed, closed-end, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). Our investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. We seek to achieve our investment objective through investments in privately-originated, performing senior secured debt primarily in North America-based companies with target

enterprise values between $100 million and $1.5 billion. Performing debt is debt that at the time of investment is not defaulted or, in the view of the Advisers, distressed. The Fund targets positions in first lien, second lien and unitranche debt, with a preference for floating-rate debt, which the Advisers believe provides flexibility to adapt to changing market conditions. The Fund may invest in securities of any maturity and credit quality. Our investment activities will benefit from what we believe are the competitive advantages of our Advisers, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies.

The Fund has elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders generally at least 90% of our investment company taxable income, as defined by the Internal Revenue Code of 1986, as amended (the "Code"), for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our shareholders provided that we satisfy those requirements.

On July 1, 2025, BlackRock, Inc. completed its previously announced acquisition of 100% of the business and assets of HPS Investment Partners (“HPS”), a leading global credit investment manager (the “BlackRock/HPS Transaction”). In connection with the BlackRock/HPS Transaction, certain senior personnel of HPS joined the Advisor’s investment committee for the Fund’s portfolio as voting members.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934 (the "Exchange Act"), public domestic operating companies having a market capitalization of less than $250 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of June 30, 2026, approximately 86.4% of our total assets were invested in qualifying assets.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or payment-in-kind ("PIK"). Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

The Fund will be responsible for paying the compensation of the Investment Advisers. In addition, the Fund will generally be responsible for all operating expenses of the Fund, and shall pay, and shall reimburse the Investment Adviser or BlackRock Financial Management Inc., the Fund's administrator (the "Administrator") and their respective affiliates for, all fees, costs, expenses, liabilities and obligations of the Fund relating or attributable to:

•

our organization;

•

calculating our net asset value (including the cost and expenses of any independent valuation firms);

•

interest payable on debt, if any, incurred to finance our investments;

•

the base management fee and any incentive fee;

•

dividends and distributions on our Common Shares;

•

administration fees payable under the administration agreement with the Administrator (the "Administration Agreement");

•

fees payable to third parties relating to, or associated with, making investments;

•

transfer agent and custodial fees;

•

registration fees;

•

taxes;

•

director fees and expenses;

•

costs of preparing and filing reports or other documents with the SEC;

•

costs of any reports, proxy statements or other notices to our shareholders, including printing costs;

•

our fidelity bond;

•

directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•

indemnification payments;

•

direct costs and expenses of administration, including audit and legal costs; and

•

all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

The Investment Advisory Agreement with the Investment Adviser (the "Advisory Agreement") provides that the management fee is calculated at an annual rate of 1.25% of the value of the Fund’s net assets at the end of the most recently completed calendar month and payable monthly in arrears. For purposes of calculating the base management fee, “net assets” means the Fund’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Fund had operations, net assets were measured as the beginning net assets as of the date on which the Fund first issued Common Shares to one or more investors (other than the Investment Adviser and its affiliates). The Investment Adviser agreed to waive its management fee for the first twelve months following the date of the commencement of the Fund’s operations.

Additionally, the Advisory Agreement provides that the Investment Adviser may be entitled to incentive fee under certain circumstances. According to the terms of such agreement, the incentive fee equals the sum of (i) 12.5% of all net investment income and (ii) 12.5% of all net realized capital gains (net of any net unrealized capital depreciation) less net investment income incentive fee and capital gains incentive fee previously paid. However, incentive fee will only be paid to the extent the cumulative total return of the Fund after the incentive fee and including such payment would equal or exceed a 5% annual return on daily weighted-average unreturned contributed capital contributions. The determination of the incentive fee is subject to limitations under the 1940 Act and the Advisers Act.

Pursuant to the Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement between the Fund and the Investment Adviser, dated as of August 29, 2022, as amended on April 25, 2023, the Investment Adviser agreed to waive its base management fee and incentive fee for the period from the date of the commencement of the Fund’s operations through December 31, 2023.

Pursuant to the Sub-Advisory Agreement, the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee to the Sub-Adviser in an amount equal to a percentage of the average daily value of the Fund’s assets allocated to the Sub-Adviser.

Pursuant to the Expense Support and Conditional Reimbursement Agreement between the Fund and the Investment Adviser (the “Expense Support and Conditional Reimbursement Agreement”), the Investment Adviser may elect to pay certain expenses on the Fund’s behalf (an “Expense Payment”), provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. For additional information see “Note 3. Management Fees, Incentive Fees and Other Expenses” to the consolidated financial statements.

The Adviser has agreed to waive any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments (as set forth in the Expense Support and Conditional Reimbursement Agreement) in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return.

Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires

management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Management considers the following critical accounting policies important to understanding the consolidated financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

Valuation of portfolio investments

Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's board of trustees (the "Board of Trustees") has designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations. As required by Rule 2a-5, the Valuation Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties.

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

When market quotations are not readily available or are believed by the Valuation Designee to be inaccurate or unreliable, the Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by the Valuation Designee in accordance with documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). The Valuation Designee may conclude that a market quotation is not readily available, inaccurate or unreliable if a security or other asset or liability does not have a price source due to its complete lack of trading, if the Valuation Designee believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset or liability subsequent to the most recent market quotation), where the security or other asset or liability is only thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation.

For this purpose, a “significant event subsequent to the most recent market quotation” is deemed to occur if the Valuation Designee determines, in its business judgment prior to or at the time of pricing the Fund’s assets or liabilities, that it is likely that the event will cause a material change to the last exchange closing price or closing market price of one or more assets or liabilities held by the Fund. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where markets quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread. On any date the New York Stock Exchange is open and the primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior day’s price, provided that the Valuation Designee is not aware of any significant event or other information that would cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated as a Fair Value Asset. For certain foreign securities, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign securities following the close of the local markets to the price that might have prevailed as of the Fund’s pricing time.

A substantial portion of the Fund’s assets are expected to consist of securities of private companies for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Fund monthly at fair value as determined pursuant to the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. In determining fair value each month, the Valuation Designee is required to consider all appropriate factors relevant to value and all indicators of value available to the Fund. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. The most relevant information may often be that information which is provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated. Because the Fund will value all of its assets monthly, the Fund is subject to greater risk that the information available to determine fair value on any given day is uncertain, incomplete and potentially unreliable and, as a result, that the prices assigned to fair valued securities may not in fact represent approximately the price that the Fund could receive upon their current sale.

Certain investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued on a monthly basis utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable

assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data (e.g., information available through regulatory filings, press releases, news feeds and financial press), including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, information provided by the company (e.g., letters to investors, financials, information provided pursuant to financial document reporting obligations), security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables and enterprise values.

With respect to the Fund’s investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, the Valuation Designee has approved a valuation process that takes into account a variety of inputs.

When determining the price for a Fair Value Asset, the Valuation Committee shall seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant at the time of the determination, and may be based on analytical values determined by the Valuation Designee using proprietary or third party valuation models.

Fair value represents a good faith approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Fund’s NAV, and the differences between the fair value of the assets and the prices at which those assets are ultimately sold may be significant. As a result, the Fund’s sale or repurchase of its shares at NAV, at a time when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders. Information that becomes known to the Fund or its agents after the NAV has been calculated in a particular month will not be used to retroactively adjust the price of a security or the NAV determined earlier that month.

The Fund’s annual audited financial statements, which are prepared in accordance with GAAP, follow the requirements for valuation set forth in ASC 820, which defines and establishes a hierarchical disclosure framework for measuring fair value under GAAP and expands financial statement disclosure requirements relating to fair value measurements.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1: Quoted prices in active markets for identical assets

Level 2: Other direct and indirect observable market inputs (for example, quoted prices in inactive markets or quotes for comparable investments)

Level 3: Independent third-party valuation sources that employ significant unobservable inputs

As of June 30, 2026, none of our investments were categorized as Level 1, 26.5% were categorized as Level 2 and 73.5% were Level 3 investments valued based on valuations by independent third party sources.

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 Valuation Designee's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the consolidated financial statements.

Revenue recognition

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Net realized gains or losses and net change in unrealized appreciation or depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Net realized gains or losses and net change in unrealized appreciation or depreciation also reflect the impact of foreign currency fluctuations associated with portfolio investments and other foreign currency denominated assets, liabilities, income and expense items.

Portfolio and investment activity

During the three months ended June 30, 2026, we invested approximately $231.3 million, comprised of new investments in 19 new portfolio companies, as well as draws made on existing commitments and payment in kind ("PIK") received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $68.4 million in proceeds from sales or repayments during the three months ended June 30, 2026.

During the three months ended June 30, 2025, we invested approximately $464.4 million, comprised of new investments in 28 new portfolio companies, as well as draws made on existing commitments and PIK received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $63.3 million in proceeds from sales or repayments during the three months ended June 30, 2025.

During the six months ended June 30, 2026, we invested approximately $464.0 million, comprised of new investments in 47 new portfolio companies, as well as draws made on existing commitments and PIK received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $163.0 million in proceeds from sales or repayments during the six months ended June 30, 2026.

During the six months ended June 30, 2025, we invested approximately $845.5 million, comprised of new investments in 77 new portfolio companies, as well as draws made on existing commitments and PIK received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $136.8 million in proceeds from sales or repayments during the six months ended June 30, 2025.

At June 30, 2026, our investment portfolio of $2,514.7 million (at fair value) consisted of 295 portfolio companies and was invested 100.0% in senior secured loans and 0.0% in equity investments. Our average portfolio company investment at fair value was approximately $8.5 million. Our largest portfolio company investment by fair value was approximately 2.0% of our portfolio and our five largest portfolio company investments by fair value comprised approximately 9.2% of our portfolio at June 30, 2026.

At December 31, 2025, our investment portfolio of $2,244.7 million (at fair value) consisted of 268 portfolio companies and was invested 100.0% in senior secured loans and 0.0% in equity investments. Our average portfolio company investment at fair value was approximately $8.4 million. Our largest portfolio company investment by fair value was approximately 2.1% of our portfolio and our five largest portfolio company investments by fair value comprised approximately 10.2% of our portfolio at December 31, 2025.

The industry composition of our portfolio at fair value at June 30, 2026 was as follows:


Industry	June 30, 2026
Software		17.9	%
Professional Services		10.8	%
Diversified Financial Services		7.2	%
Construction and Engineering		7.2	%
Capital Markets		5.1	%
Insurance		4.5	%
Healthcare Providers and Services		3.9	%
Hotels, Restaurants and Leisure		3.7	%
Commercial Services and Supplies		3.5	%
Health Care Technology		3.4	%
Aerospace and Defense		3.2	%
IT Services		3.2	%
Media		2.9	%
Machinery		2.2	%
Internet Software and Services		1.9	%
Automobiles		1.8	%
Road and Rail		1.8	%
Wireless Telecommunication Services		1.7	%
Electrical Equipment		1.5	%
Diversified Consumer Services		1.3	%
Chemicals		1.3	%
Communications Equipment		1.3	%
Internet and Catalog Retail		1.2	%
Textiles, Apparel and Luxury Goods		1.1	%
Other		6.4	%
Totals		100.0	%

The weighted average effective yield of our debt and total portfolio was 8.7% at June 30, 2026 and 8.8% at December 31, 2025. At June 30, 2026, 100.0% of debt investments in our portfolio bore interest based on floating rates, such as the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offered Rate (“EURIBOR”), Canadian Overnight Repo Rate Average (“CORRA”), the Federal Funds Rate or Prime Rate, and 0.0% of the debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 80.2% at June 30, 2026. At December 31, 2025, 100.0% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, CORRA, the Federal Funds Rate or Prime Rate, and 0.0% of the debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 80.0% at December 31, 2025. Debt investments in one portfolio company was on non-accrual status as of June 30, 2026, representing 0.0% of the portfolio at fair value and 0.0% at cost. Debt investments in two portfolio companies were on non-accrual status as of December 31, 2025, representing 0.1% of the portfolio at fair value and 0.3% at cost.

Results of operations

Investment income

Investment income totaled $56.7 million and $36.0 million, respectively, for the three months ended June 30, 2026 and 2025, all of which was attributable to interest and fees on our debt investments. The increase in investment income in the three months ended June 30, 2026 compared to the three months ended June 30, 2025 reflects the significant increase in portfolio size as the Fund continues to ramp up.

Investment income totaled $111.1 million and $64.9 million, respectively, for the six months ended June 30, 2026 and 2025, all of which was attributable to interest and fees on our debt investments. The increase in investment income in the six months ended June 30, 2026 compared to the six months ended June 30, 2025 reflects the significant increase in portfolio size as the Fund continues to ramp up.

Expenses

Total net operating expenses for the three months ended June 30, 2026 and 2025 were $18.0 million and $17.9 million, respectively, comprised of $14.7 million and $10.5 million in interest and other debt expenses, $5.4 million and $2.6 million in incentive fees, $5.1 million and $2.6 million in management fees, $0.5 million and $0.4 million in professional fees, $0.4 million and $0.4 million

in administrative expenses, $0.4 million and $0.2 million in custody fees, $1.2 million and $1.2 million in other operating expenses, offset by $(8.6) million and $0.0 million in expense support and $(1.1) million and $0.0 million in incentive fee waivers, respectively. The increase in expenses in the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily reflects the significant increase in portfolio size, amount of debt outstanding, and other Fund activities as the Fund continues to ramp up, offset by the expense support and incentive fee waivers.

Total net operating expenses for the six months ended June 30, 2026 and 2025 were $32.7 million and $30.7 million, respectively, comprised of $28.7 million and $17.5 million in interest and other debt expenses, $10.9 million and $4.8 million in incentive fees, $10.1 million and $4.7 million in management fees, $0.7 million and $0.7 million in professional fees, $0.9 million and $0.7 million in administrative expenses, $0.7 million and $0.4 million in custody fees, $0.0 million and $(0.5) million in incentive fees on capital gains, and $1.8 million and $2.4 million in other operating expenses, offset by $(18.8) million and $0.0 million in expense support and $(2.3) million and $0.0 million in incentive fee waivers, respectively. The increase in expenses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily reflects the significant increase in portfolio size, amount of debt outstanding, and other Fund activities as the Fund continues to ramp up, offset by the expense support and incentive fee waivers.

Net investment income (loss)

Net investment income was $38.8 million and $18.1 million respectively, for the three months ended June 30, 2026 and 2025. The increase in net investment income reflects the higher investment income, partially offset by the higher operating expenses in the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Net investment income was $78.4 million and $34.2 million respectively, for the six months ended June 30, 2026 and 2025. The increase in net investment income reflects the higher investment income, partially offset by the higher operating expenses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Net realized and unrealized gain or loss

Net realized gain (loss) for the three months ended June 30, 2026 and 2025 was $2.1 million and $(0.7) million respectively. Net realized gain for the three months ended June 30, 2026 was comprised primarily of $2.9 million in gains from foreign currency translation, partially offset by $(0.8) million in losses across the portfolio. Net realized loss for the three months ended June 30, 2025 was comprised primarily of $(0.5) million in losses from the restructuring of our investments in WOOF Holdings, Inc.

Net realized gain (loss) for the six months ended June 30, 2026 and 2025 was $(0.9) million and $(2.2) million, respectively. Net realized loss for the six months ended June 30, 2026 was comprised primarily of $(3.0) million in losses from the restructuring of our investments in Alpine Acquisition Corp II, as well as $(1.4) million in losses across the portfolio, partially offset by $3.5 million in gains from foreign currency translation. Net realized losses for the six months ended June 30, 2025 was comprised primarily of $(1.3) million in losses from the restructuring of our investments in Streamland Media Midco and $(0.5) million in losses from the restructuring of our investments in WOOF Holdings, Inc.

For the three months ended June 30, 2026 and 2025 the change in net unrealized appreciation (depreciation) was $(4.4) million and $1.0 million, respectively. The change in net unrealized appreciation (depreciation) for the three months ended June 30, 2026 was primarily driven by $(1.1) million in unrealized loss on our investment in e-Discovery Acquireco, LLC, $(1.0) million on our investment in Shackleton Bidco Inc., and $(0.9) million on our investment in As1 Sports Bidco Ltd, as well as $(0.8) million in unrealized losses from foreign currency translation. The change in net unrealized appreciation (depreciation) for the three months ended June 30, 2025 was primarily driven by $0.5 million in unrealized gain on our investment in JF Acquisition, LLC and $0.4 million on our investment in Woof Holdings, Inc, as well as unrealized gains across the portfolio.

For the six months ended June 30, 2026 and 2025, the change in net unrealized appreciation (depreciation) was $(30.5) million and $(4.7) million respectively. The change in net unrealized appreciation (depreciation) for the six months ended June 30, 2026 was primarily driven by $(2.0) million in unrealized losses on our investment in Shackleton Bidco Inc., $(1.8) million on our investment in GI Consilio Parent LLC, $(1.6) million on our investment in DigiCert Inc, $(1.5) million on our investment in ABC Technologies Inc, $(1.3) million on our investment in e-Discovery Acquireco, LLC, $(1.2) million on our investment in Syndigo LLC, and $(1.2) million on our investment in Logicmonitor, Inc, as well as unrealized losses across the portfolio from wider market spreads during the year. The change in net unrealized appreciation (depreciation) for the six months ended June 30, 2025 was primarily driven by $(1.0) million in unrealized losses on our investment in Alpine Acquisition Corp II and $(0.6) million on our investment in Brand Industrial Services, $(0.6) million change in unrealized depreciation on our investment in TouchTunes Interactive Networks, as well as unrealized losses across the portfolio.

Incentive compensation

The income component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The income component of the incentive fee is subject to a 5.0% total return hurdle on daily weighted average unreturned capital contributions (the “Hurdle Rate”). The capital gains component of the incentive fee will be the amount, if positive, equal to the lesser of (i) 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters or (ii) 12.5% of cumulative aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) since commencement of the Fund, less capital gains incentive compensation previously paid or distributed since commencement of the Fund. The capital gains component will be paid in full prior to payment of the income component. In any case, incentive compensation (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period. For the six months ended June 30, 2026, $10.9 million in incentive fees were earned, compared to $4.8 million earned for the six months ended June 30, 2025. For the six months ended June 30, 2026, the Fund did not accrue any incentive fees on capital gains on a liquidation basis (but not payable) under GAAP. For the six months ended June 30, 2025, we reversed the accrual of $0.5 million as a reserve for incentive fees on capital gains accrued on a liquidation basis (but not payable) under GAAP on a cumulative basis. The Investment Adviser has waived any portion of the income component of the Incentive Fee attributable to the inclusion of Expense Payments in the calculation of (i) aggregate net investment income before incentive compensation or (ii) total return. For the six months ended June 30, 2026 and 2025, the Advisor waived incentive fees in an amount of $(2.3) million and $0.0 million, respectively.

Income tax expense, including excise tax

The Fund has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Fund must, among other things, timely distribute to its shareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders which will generally relieve the Fund from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. No excise tax expense was incurred in the six months ended June 30, 2026.

Net increase (decrease) in net assets resulting from operations

The net increase in net assets applicable to common shareholders resulting from operations was $36.5 million and $18.3 million, respectively for the three months ended June 30, 2026 and 2025.

The net increase in net assets applicable to common shareholders resulting from operations was $47.0 million and $27.3 million respectively for the six months ended June 30, 2026 and 2025.

Liquidity and capital resources

Our liquidity and capital resources are expected to be generated primarily through the offerings of the Fund's common shares, borrowings under the Credit Facility, Revolving Credit Facility, SG Revolving Facility, BMO Revolving Facility, and cash flows from operations, including investment sales and repayments and income earned from investments and cash equivalents. The primary uses of cash have been investments in portfolio companies and other general corporate purposes.

Our primary uses of cash are expected to be for investments in portfolio companies and other investments, for operational costs such as paying the Investment Adviser and Administrator, for costs related to our credit facility and for distributions to our shareholders.

The Investment Adviser has agreed to pay all of our organization and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with

technology integration between the Fund’s systems and those of our participating brokers, reasonable bona fide due diligence expenses of participating brokers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of our transfer agent, fees to attend retail seminars sponsored by participating brokers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, brokers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through the commencement of the Fund’s operations.

Pursuant to the Fee Waiver and Expense Support and Reimbursement Agreement (the "Expense Support Agreement") that we entered into with the Investment Adviser, we were obligated to reimburse the Investment Adviser for expenses during the 36 months following the commencement of the Fund’s operations (the "Reimbursement Period"), to the extent that the Fund’s annual Operating Expenses do not exceed 1.25% of the value of the Fund’s net assets, calculated monthly based on month-end net assets of the Fund. The Reimbursement Period expired on March 18, 2025. From inception of the Fund through the expiration of the Reimbursement Period, the Fund reimbursed the Investment Adviser for $0.8 million related to organizational and offering expenses of the Fund pursuant to the Expense Support Agreement.

Pursuant to Expense Support and Conditional Reimbursement Agreement, the Investment Adviser may also elect to pay certain expenses on the Fund’s behalf, provided that no portion of an Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. For the three months ended June 30, 2026, the Fund received $8.6 million in expense support from the Investment Adviser. For the six months ended June 30, 2026, the Fund received $18.8 million in expense support from the Investment Adviser.

On June 3, 2022, BlackRock Private Credit Fund Leverage I, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $200 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent (the “Credit Facility”). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of Middle Market Loans is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%. The Credit Facility also accrues commitment fees on any undrawn amounts at an annual rate of 0.50%, or 0.35% for the period from the closing date of the Credit Facility to the three-month anniversary of the closing date. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

level from a tiered rate structure to a flat facility margin of 0.70% per annum for Base Rate Advances (as defined in the Third Amendment) and 1.70% per annum for all other advances, (ii) extending the final maturity date to June 3, 2036, (iii) extending the reinvestment period from June 3, 2026 to June 3, 2028, (iv) revising the term commitment termination date, and (v) revising the prepayment lockout period to June 3, 2026 through June 3, 2027. As of June 30, 2026, there was $260.0 million drawn on the Credit Facility.

On April 19, 2024, the Fund entered into a Senior Secured Credit Agreement for a $75 million revolving credit facility (the “Revolving Credit Facility”) with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The Revolving Credit Facility matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the “Guarantors”). The Revolving Credit Facility is secured by substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions. On November 4, 2024, the Fund increased the commitment on the Revolving Credit Facility from $75 million to $150 million.

On December 5, 2025, the Fund entered into a joinder agreement (“Joinder Agreement”) which increased the aggregate amount of outstanding total revolving commitments under the Revolving Credit Facility to $365.0 million. The other material terms of the Revolving Credit Facility remain unchanged. As of June 30, 2026, there was $144.3 million drawn on the Revolving Credit Facility.

On November 18, 2024, the Fund entered into a Master Note Purchase Agreement (the “Master Note Purchase Agreement”), governing the issuance (a) on November 18, 2024, of $70.0 million aggregate principal amount of its 7.14% Series 2024A Senior Notes, Tranche A, due November 18, 2027 (the “Tranche A Notes”), and (b) on January 22, 2025 (subject to customary closing conditions), of $55.0 million aggregate principal amount of its 7.33% Series 2024A Senior Notes, Tranche B, due January 22, 2030 (the “Tranche B Notes” and, together with the Tranche A Notes, the “Notes”), to qualified institutional investors in a private placement. The Tranche A Notes bear interest at a rate equal to 7.14% per annum that is payable semi-annually on May 18 and November 18 of each year, beginning on May 18, 2025. The Tranche B Notes bear interest at a rate equal to 7.33% per annum that is payable semi-annually on January 22 and July 22 of each year, beginning on July 22, 2025. The Notes will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the “Guarantors”). The Tranche A Notes were issued at a closing on November 18, 2024, and the Tranche B Notes were issued at a closing which occurred on January 22, 2025. As of June 30, 2026, there was $70.0 million and $55.0 million, respectively, outstanding on the Tranche A Notes and Tranche B Notes.

On May 28, 2025, BlackRock Private Credit Fund Leverage II, LLC (the “SG Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established the SG Revolving Credit Facility, a $200.0 million revolving credit facility with Societe Generale as Administrative agent (the "SG Revolving Credit Facility”). The SG Revolving Credit Facility matures on May 29, 2027 and generally bears interest at term SOFR plus, for a period of 1 year from the date of entry into the SG Revolving Credit Facility, 1.15% and, thereafter, 1.25%. The proceeds of the SG Revolving Credit Facility were used to acquire a portfolio of broadly syndicated leveraged loans (the “SG Portfolio Assets”). Pursuant to a collateral management agreement between the SG Borrower and the Fund, the Fund was responsible for the selection, management and reporting of the SG Portfolio Assets. The SG Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the SG Borrower of additional indebtedness and on the SG Borrower’s ability to make distributions, as well as customary events of default. As of June 30, 2026, the SG Borrower was in full compliance with such covenants. As of June 30, 2026, there was $200.0 million drawn on the SG Revolving Credit Facility.

“2025A Tranche B Notes”), and (b) on December 17, 2025 (subject to customary closing conditions), of $50.0 million aggregate principal amount of its 5.78% Series 2025A Senior Notes, Tranche A, due December 17, 2028 (the “2025A Tranche A Notes” and, together with the 2025A Tranche B Notes, the “2025A Notes”), to qualified institutional investors in a private placement. The 2025A Tranche B Notes were issued on October 8, 2025 and the 2025A Tranche A Notes were issued on December 17, 2025, subject to customary closing conditions.

On March 13, 2026, BlackRock Private Credit Fund Leverage III, LLC (“PCFL III”), a subsidiary of the Fund, entered into a Loan and Security Agreement (the “Loan Agreement”) (the "BMO Revolving Credit Facility"). The parties to the Loan Agreement include PCFL III as borrower, Bank of Montreal, the lenders party thereto from time to time (each a “Lender” and collectively, the “Lenders”), the Fund as collateral manager and as equity holder and State Street Bank and Trust Company, as collateral custodian. The proceeds of the Loan Agreement are to be used to acquire a portfolio of middle market leveraged loans (the “Portfolio Assets”) in the manner described in the Loan Agreement. PCFL III has acquired these Portfolio Assets through a sale and purchase agreement, dated as of March 13, 2026, executed between the Fund, as seller, and PCFL III, as buyer and a master participation agreement, dated as of March 13, 2026, executed between BlackRock Private Credit Fund Leverage I, LLC, as seller, and PCFL III, as buyer. Pursuant to the Loan Agreement, PCFL III has appointed the Fund to act as the collateral manager in the selection, management, and reporting of the Portfolio Assets in accordance with the Loan Agreement. The maximum amount of commitments under the Loan Agreement that can be drawn by PCFL III is (a) for a period of 3 years from the date of the Loan Agreement, $200 million; and (b) thereafter, an amount equal to the outstanding principal amount of the loans. The applicable interest rate on the loans drawn under the Loan Agreement is the benchmark rate (Daily Simple SOFR rate) plus (a) for a period of 3 years from the date of the Loan Agreement, 1.50%, and (b) thereafter, 1.75%. As of June 30, 2026, there was $50.0 million drawn on the BMO Revolving Credit Facility.

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act (“SBCAA”) was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. After obtaining shareholder approval by written consent on March 16, 2022, the Fund’s asset coverage requirement was reduced from 200% to 150%, as set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As of June 30, 2026, the Fund's asset coverage ratio was 264%.

Net cash used in operating activities for the six months ended June 30, 2026 was $254.9 million, consisting primarily of the settlement of acquisitions of investments (net of dispositions) of $335.5 million offset by net investment income (net of non-cash income and expenses) of approximately $80.6 million.

Net cash provided by financing activities was $150.9 million for the six months ended June 30, 2026, consisting primarily of $161.1 million in proceeds from share issuances, $143.2 million in credit facility draws (net of repayments), offset by $50.4 million dividends paid in cash to shareholders, $98.6 million payments of repurchased shares and $4.4 million payments of debt issuance costs.

At June 30, 2026, we had $117.2 million in cash and cash equivalents.

Share Transactions

The following table summarizes transactions in Common Shares for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30,
	2026						2025
	Shares			Amount			Shares			Amount
Institutional Class
Subscriptions		6,309,022		$	149,741,633			8,789,020		$	215,382,569
Distributions reinvested		1,151,868			27,301,104			993,991			24,339,615
Share transfers between classes		2,067			49,059			—			—
Share Repurchases		(3,871,561	)		(91,517,184	)		(192,401	)		(4,716,162	)
Net Increase (Decrease)		3,591,396		$	85,574,612			9,590,610		$	235,006,022

Class S
Subscriptions		473,287		$	11,245,500			1,588,901		$	38,949,491
Distributions reinvested		44,116			1,045,482			12,770			311,734
Share Repurchases		(301,551	)		(7,130,013	)		(3,084	)		(76,445	)
Net Increase (Decrease)		215,852		$	5,160,969			1,598,587		$	39,184,780

Class D
Subscriptions		3,427		$	81,500			73,237		$	1,789,250
Distributions reinvested		3,543			83,983			752			18,291
Share transfers between classes		(2,067	)		(49,059	)		—			—
Net Increase (Decrease)		4,903		$	116,424			73,989		$	1,807,541

The following tables presents information with respect to the Fund's repurchases for the six months ended June 30, 2026 and 2025:


Repurchase Offer Commencement Date	Repurchase request deadline	Number of Shares Repurchased (All Classes)		Percentage of Outstanding Shares Repurchased(1)			Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased (All Classes)(2)
January 30, 2026	February 27, 2026		2,957,174		4.2	%	$	23.52	March 31, 2026	$	69,530,707
May 11, 2026	June 8, 2026		3,522,433		5.0	%	$	23.49	June 30, 2026	$	82,721,401

______________________

(1)

(2)

Net of Early Repurchase Deduction (if any).


Repurchase Offer Commencement Date	Repurchase request deadline	Number of Shares Repurchased (All Classes)		Percentage of Outstanding Shares Repurchased(1)			Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased (All Classes)(2)
January 31, 2025	February 28, 2025		139,189		0.5	%	$	24.42	March 31, 2025	$	3,398,946
April 30, 2025	May 28, 2025		265,506		0.7	%	$	24.24	June 30, 2025	$	6,434,733

______________________

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Net of Early Repurchase Deduction (if any).

Contractual obligations

We have entered into several contracts under which we have future commitments. Pursuant to the Advisory Agreement, the Investment Adviser manages our day-to-day operations and provides investment advisory services to us. Payments under the Advisory Agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive fee, plus reimbursement of certain expenses incurred by the Investment Adviser. Under our Administration Agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the Administration Agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us, and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Investment Adviser for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Investment Adviser is not responsible for

any of the foregoing expenses. The Fund may terminate each of the Advisory Agreement and Administration Agreement without penalty upon not less than 60 days’ written notice to the other party and the Investment Adviser and the Administrator may terminate the Advisory Agreement or Administration Agreement, as applicable, without penalty upon not less than 120 days’ written notice to the other party. The Sub-Advisory Agreement may be terminated as a whole at any time by the Fund without the payment of any penalty, upon the vote of a majority of the Board of Trustees or a majority of the outstanding voting securities of the Fund or by the Investment Adviser or the Sub-Adviser, on 60 days’ written notice by either party to the other.

On June 3, 2022, the Borrower entered into the Credit Facility, a $200 million revolving credit facility that matures on June 3, 2032 and generally bears interest at a floating rate. On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility. The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility. The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million, and increased the facility margin level applicable to the borrower. On November 27, 2024, the Borrower entered into the First Amended and Restated Credit and Security Agreement to the Credit Facility, which, among other things, increased the total revolving commitments from $75.0 million to $125.0 million and increased total term commitments from $225.0 million to $325.0 million. On May 2, 2025, the Borrower entered into the Amendment No. 1 to First Amended and Restated Credit and Security Agreement to the Credit Facility, which, among other things, increased the total revolving commitments from $125.0 million to $150.0 million and increased total term commitments from $325.0 million to $500.0 million.

On June 3, 2026, the Borrower entered into the Third Amendment. The Third Amendment modified certain terms of the Credit Facility, including (i) updating the facility margin level from a tiered rate structure to a flat facility margin of 0.70% per annum for Base Rate Advances (as defined in the Third Amendment) and 1.70% per annum on all other advances, (ii) extending the final maturity date to June 3, 2036, (iii) extending the reinvestment period from June 3, 2026 to June 3, 2028, (iv) revising the term commitment termination date, and (v) revising the prepayment lockout period to June 3, 2026 through June 3, 2027. As of June 30, 2026, there was $260.0 million drawn on the Credit Facility.

On April 19, 2024, the Fund entered into the Revolving Credit Facility that matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility includes usual and customary events of default for credit facilities of this nature. On November 4, 2024, the Fund increased the commitment on the Revolving Credit Facility from $75 million to $150 million.

On August 7, 2025, the Fund (i) extended the revolver availability period from April 2028 to August 2029, (ii) extended the scheduled maturity date from April 19, 2029 to August 19, 2030, (iii) increased the accordion provision to permit increases to a total facility amount of up to $600 million, (iv) increased the total facility amount from $150 million to $315 million and (v) reset the minimum shareholders’ equity test.

On November 18, 2024, the Fund entered into the Master Note Purchase Agreement, governing the issuance (a) on November 18, 2024, of $70,000,000 aggregate principal amount of its 7.14% Tranche A Notes, due November 18, 2027, and (b) on January 22, 2025, of $55,000,000 aggregate principal amount of its 7.33% Tranche B Notes, due January 22, 2030. As of June 30, 2026, there was $70.0 million and $55.0 million, respectively outstanding on the Tranche A Notes and Tranche B Notes.

On May 28, 2025, SG Borrower entered into the SG Revolving Credit Facility, a $200.0 million revolving credit facility with Societe Generale as Administrative agent. The SG Revolving Credit Facility matures on May 29, 2027 and generally bears interest at term SOFR plus, for a period of 1 year from the date of entry into the SG Revolving Credit Facility, 1.15% and, thereafter, 1.25%. The SG Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the SG Borrower of additional indebtedness and on the SG Borrower’s ability to make distributions, as well as customary events of default. As of June 30, 2026, there was $200.0 million drawn on the SG Revolving Credit Facility.

of 1933, as amended (“Securities Act”). The aggregate principal amount of the Promissory Notes is $110,000 less the net asset value, as of October 1, 2025, of the common shares issued in the Promissory Notes Offering. The Fund will pay an interest totaling $120 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year, beginning on December 31, 2025.

On October 8, 2025, the Fund entered into the First Supplement to the Master Note Purchase Agreement, dated November 18, 2024, governing the issuance of $150.0 million in aggregate principal amount of its 6.14% Series 2025A Senior Notes, Tranche B (the “2025A Tranche B Notes”), and $50.0 million aggregate principal amount of its 5.78% Series 2025A Senior Notes, Tranche A (the “2025A Tranche A Notes” and, together with the 2025A Tranche B Notes, the “2025A Notes”), to qualified institutional investors in a private placement. The 2025A Tranche B Notes were issued on October 8, 2025 and the 2025A Tranche A Notes were issued on December 17, 2025, subject to customary closing conditions. The 2025A Tranche B Notes bear an interest rate of 6.14% per year and are due on October 8, 2030, unless redeemed, purchased, or prepaid prior to such date by the Fund or its affiliates in accordance with their terms. The 2025A Tranche A Notes bear an interest rate of 5.78% per year and are due on December 17, 2028, unless redeemed, purchased, or prepaid prior to such date by the Fund or its affiliates in accordance with their terms. Interest on the 2025A Tranche B Notes are due semiannually, beginning April 8, 2026. Interest on the 2025A Tranche A Notes are due semiannually, beginning June 17, 2026. The Fund is obligated to offer to prepay the 2025A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2025A Notes are general unsecured obligations of the Fund that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness issued by the Fund. In addition, in the event that a Below Investment Grade Event occurs, the 2025A Notes bear interest at the rate per annum which is 1.00% above the interest rate then in effect on the applicable 2025A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing. As of December 31, 2025, there was $150.0 million and $50.0 million, respectively, outstanding on the 2025A Tranche B Notes and 2025A Tranche A Notes.

We cannot assure shareholders that we will be able to enter into any other credit facilities on favorable terms or at all. In connection with any other credit facilities or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations. Borrowings under the Credit Facility, the Revolving Credit Facility, the SG Revolving Credit Facility, and the BMO Revolving Credit Facility are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

Distributions

Our dividends and distributions to shareholders, if any, are determined and declared by our Board of Trustees and are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to shareholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure shareholders that they will receive any distributions or distributions at a particular level.

Institutional Class Shares

The following tables summarize the Fund’s dividends declared and paid for the Institutional Class shares for the six months ended June 30, 2026 and 2025:


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
January 24, 2025	January 30, 2025	February 26, 2025	Regular	$	0.2300	$	5,923,347
February 25, 2025	February 27, 2025	March 27, 2025	Regular		0.2300		6,249,265
March 24, 2025	March 28, 2025	April 28, 2025	Regular		0.2300		6,588,559
April 24, 2025	April 29, 2025	May 28, 2025	Regular		0.2300		7,190,565
May 23, 2025	May 29, 2025	June 26, 2025	Regular		0.2300		7,422,523
June 26, 2025	June 27, 2025	July 29, 2025	Regular		0.2300		7,802,691
				$	1.3800	$	41,176,950
January 26, 2026	January 29, 2026	February 25, 2026	Regular	$	0.1956	$	12,008,822
February 24, 2026	February 26, 2026	March 27, 2026	Regular		0.1951		12,384,535
March 25, 2026	March 30, 2026	April 28, 2026	Regular		0.1922		12,554,379
April 29, 2026	April 29, 2026	May 27, 2026	Regular		0.1921		12,230,846
May 21, 2026	May 28, 2026	June 26, 2026	Regular		0.1931		12,406,751
June 23, 2026	June 29, 2026	July 29, 2026	Regular		0.1784		11,530,214
				$	1.1465	$	73,115,548

Class S Shares

The following table summarizes the Fund's dividends declared for the Class S shares for the six months ended June 30, 2026 and 2025:


Date Declared	Record Date	Payment Date	Type	Gross Amount Per Share		Amount Per Share Net of Shareholder Servicing and/or Distribution Fees		Gross Amount		Net Amount
January 24, 2025	January 30, 2025	February 26, 2025	Regular	$	0.2300	$	0.2124	$	472,537	$	436,377
February 25, 2025	February 27, 2025	March 27, 2025	Regular		0.2300		0.2125		527,138		487,029
March 24, 2025	March 28, 2025	April 28, 2025	Regular		0.2300		0.2125		599,042		553,463
April 24, 2025	April 29, 2025	May 28, 2025	Regular		0.2300		0.2127		683,484		632,083
May 23, 2025	May 29, 2025	June 26, 2025	Regular		0.2300		0.2129		731,457		677,139
June 26, 2025	June 27, 2025	July 29, 2025	Regular		0.2300		0.2128		783,555		724,982
				$	1.3800	$	1.2758	$	3,797,213	$	3,511,074
January 26, 2026	January 29, 2026	February 25, 2026	Regular	$	0.1956	$	0.1786	$	937,564	$	856,245
February 24, 2026	February 26, 2026	March 27, 2026	Regular		0.1951		0.1782		963,373		879,794
March 25, 2026	March 30, 2026	April 28, 2026	Regular		0.1922		0.1755		967,310		883,414
April 29, 2026	April 29, 2026	May 27, 2026	Regular		0.1921		0.1754		949,261		866,922
May 21, 2026	May 28, 2026	June 26, 2026	Regular		0.1931		0.1763		958,874		875,689
June 23, 2026	June 29, 2026	July 29, 2026	Regular		0.1784		0.1616		891,640		807,897
				$	1.1465	$	1.0458	$	5,668,024	$	5,169,962

Class D Shares

The following table summarizes the Fund's dividends declared for the Class D shares for the six months ended June 30, 2026 and 2025:


Date Declared	Record Date	Payment Date	Type	Gross Amount Per Share		Amount Per Share Net of Shareholder Servicing and/or Distribution Fees		Gross Amount		Net Amount
January 24, 2025	January 30, 2025	February 26, 2025	Regular	$	0.2300	$	0.2248	$	30,170	$	29,488
February 25, 2025	February 27, 2025	March 27, 2025	Regular		0.2300		0.2248		32,328		31,597
March 24, 2025	March 28, 2025	April 28, 2025	Regular		0.2300		0.2249		34,059		33,304
April 24, 2025	April 29, 2025	May 28, 2025	Regular		0.2300		0.2249		37,499		36,670
May 23, 2025	May 29, 2025	June 26, 2025	Regular		0.2300		0.2250		37,558		36,737
June 26, 2025	June 27, 2025	July 29, 2025	Regular		0.2300		0.2249		46,315		45,297
				$	1.3800	$	1.3493	$	217,930	$	213,093
January 26, 2026	January 29, 2026	February 25, 2026	Regular	$	0.1956	$	0.1906	$	18,544	$	18,071
February 24, 2026	February 26, 2026	March 27, 2026	Regular		0.1951		0.1901		18,656		18,180
March 25, 2026	March 30, 2026	April 28, 2026	Regular		0.1922		0.1873		18,546		18,073
April 29, 2026	April 29, 2026	May 27, 2026	Regular		0.1921		0.1872		18,650		18,175
May 21, 2026	May 28, 2026	June 26, 2026	Regular		0.1931		0.1882		18,862		18,381
June 23, 2026	June 29, 2026	July 29, 2026	Regular		0.1784		0.1735		17,528		17,044
				$	1.1465	$	1.1169	$	110,787	$	107,924

Tax characteristics of any distributions are reported to shareholders on Form 1099-DIV or Form 1042-S after the end of the calendar year.

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our shareholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

•

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

•

98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

•

certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our shareholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to pay a large portion of a dividend in our common Shares instead of in cash. As long as a sufficient portion of such dividend is paid in cash (which portion can generally be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•

The Fund has entered into an Advisory Agreement with the Investment Adviser.


Delaware	87-4655020
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)

50 Hudson Yards
New York, New York	10001
(Address of Principal Executive Offices)	(Zip Code)


None	Not applicable	Not applicable
(Title of each class)	(Trading Symbol(s) )	(Name of each exchange on which registered)


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller Reporting company	☐
Emerging growth company	☒


Part I.	Financial Information

Item 1.	Consolidated Financial Statements

	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025	3

	Consolidated Statements of Operations for the three and six months ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)	5

	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)	6

	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 (Unaudited) and June 30, 2025 (Unaudited)	8

	Consolidated Schedule of Investments as of June 30, 2026 (Unaudited) and December 31, 2025	9

	Notes to Consolidated Financial Statements (Unaudited)	42

	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of June 30, 2026 (Unaudited) and December 31, 2025	73

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	93

Item 4.	Controls and Procedures	93

Part II.	Other Information

Item 1.	Legal Proceedings	94

Item 1A.	Risk Factors	94

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94

Item 3.	Defaults upon Senior Securities	94

Item 4.	Mine Safety Disclosures	94

Item 5.	Other Information	94

Item 6.	Exhibits	95


	June 30, 2026			December 31, 2025
	(Unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $2,555,034,318 and $2,254,646,820, respectively)	$	2,514,733,419		$	2,244,701,289
Total investments (cost of $2,555,034,318 and $2,254,646,820, respectively)		2,514,733,419			2,244,701,289

Cash and cash equivalents		117,174,448			221,222,080
Interest, dividends and fees receivable		16,571,843			14,713,952
Deferred debt issuance costs		9,166,080			5,936,159
Receivable for investments sold		2,786,408			22,267,609
Prepaid expenses and other assets		10,695,727			9,070,139
Total assets		2,671,127,925			2,517,911,228

Liabilities
Debt (net of deferred issuance costs of $1,705,244 and $1,864,718, respectively)		977,671,060			834,215,865
Interest and debt related payables		20,571,702			14,992,092
Distribution payable		12,355,155			12,831,110
Payable for investments purchased		9,470,419			65,091,915
Management fees payable		5,126,835			4,290,672
Incentive fees payable		4,312,184			4,430,296
Reimbursements due to the Investment Adviser		181,470			140,296
Accrued expenses and other liabilities		3,289,021			3,186,235
Total liabilities	$	1,032,977,846		$	939,178,481

Commitments and contingencies (Note 5)

Net assets	$	1,638,150,079		$	1,578,732,747

Composition of net assets applicable to common shareholders
Common shares of beneficial interest, $0.001 par value; 69,727,483 and 65,915,332 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	$	69,725		$	65,914
Paid-in capital in excess of par		1,696,009,045			1,605,160,851
Distributable earnings (loss)		(57,928,691	)		(26,494,018	)
Total net assets		1,638,150,079			1,578,732,747
Total liabilities and net assets	$	2,671,127,925		$	2,517,911,228

Net assets per share	$	23.49		$	23.95


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Basis Point Change	Net Investment Income			Net Investment Income Per Share
Up 300 basis points	$	58,050,975		$	0.83
Up 200 basis points		38,689,879			0.55
Up 100 basis points		19,328,784			0.28
Down 100 basis points		(19,209,772	)		(0.28	)
Down 200 basis points		(37,326,242	)		(0.54	)
Down 300 basis points		(51,776,540	)		(0.74	)


Number		Description
3.1		Certificate of Trust of the Registrant(1)
3.2		Fourth Amended and Restated Agreement and Declaration of Trust of the Registrant(2)
3.3		Amendment No. 1 to the Fourth Amended and Restated Agreement and Declaration of Trust of the Registrant(3)
3.4		Second Amended and Restated Bylaws of the Registrant(4)
3.5		Amendment No. 1 to the Second Amended and Restated Bylaws of the Registrant(5)
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)*
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)



Date: August 6, 2026	By:	/s/ Philip Tseng
	Name:	Philip Tseng
	Title:	Trustee and Chief Executive Officer (Principal Executive Officer)

Date: August 6, 2026	By:	/s/ Erik L. Cuellar
	Name:	Erik L. Cuellar
	Title:	Chief Financial Officer and Treasurer (Principal Financial Officer and Accounting Officer)