Portfolio

Predominantly comprised of floating rate senior secured loans across a diverse group of sectors and issuers.

Data as of March 31, 2025

$12.8B

Investments at Fair Value

98.2%

First Lien Senior Secured

98.8%

of Debt Investments Are Floating Rate

47.4%

Loan-to-Value Ratio(1)

Portfolio Snapshot

Asset Type

Top Industries (at FMV)(2)

Geography

Issuer Concentration

Featured Portfolio Companies(3)

JSSI (JSS Holdings, Inc.)

Commercial Services & Supplies

United Vet Care Holdings “UVC”

Health Care Providers & Services

Guidehouse

Professional Services

Medallia

Software

Top Portfolio Holdings

CompanyAsset TypeSectorFair Value ($ in thousands)
MedalliaFirst LienSoftware343,854
United Veterinary CareFirst LienHealth Care Providers & Services328,610
JSS Holdings, Inc.First LienCommercial Services & Supplies320,128
GuidehouseFirst LienProfessional Services311,831
Cambium Learning, Inc.First LienDiversified Consumer Services285,446
Stamps.comFirst LienSoftware276,643
CorfinFirst LienAerospace & Defense264,938
Bazaarvoice Inc.First LienCommercial Services & Supplies238,337
Newport AcademyFirst LienHealth Care Providers & Services229,343
NPD/Circana GroupFirst LienSoftware198,571
Custom InkFirst LienSpecialty Retail163,594
Davies GroupFirst Lien Insurance 161,866
Genuine Cable Group, LLCFirst LienDistributors156,107
AEVEX AerospaceFirst LienAerospace & Defense155,226
eResearchFirst Lien Health Care Technology 154,299
IntegrityFirst LienInsurance152,150
Evergreen Services GroupFirst Lien IT Services 151,481
Fidelis MGA First LienInsurance149,506
SunteckTTSFirst LienAir Freight & Logistics139,022
Qualus Power ServicesFirst LienElectric Utilities138,726
  1. Includes the private debt investments for which fair value is determined by the Board of Trustees. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.
  2. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.
  3. Note: Represents the top six positions in BXSL as of June 30, 2023, defined as the largest privately originated positions in the top six sectors. The above reflects Blackstone Credit’s views and beliefs. These case studies are for illustrative purposes only, are not representative of all Blackstone Credit investments and do not constitute investment advice or recommendation of past investments. Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve results comparable to those of any of Blackstone Credit’s prior funds or be able to implement its strategy or achieve its investment objectives, including due to an inability to access sufficient investment opportunities. All rights to the trademarks and/or logos listed herein belong to their respective owners and Blackstone Credit’s use hereof does not imply any affiliation with, or endorsement by the owners of these trademarks and/or logos.