Portfolio
Predominantly comprised of floating rate senior secured loans across a diverse group of sectors and issuers.
Data as of March 31, 2022
$10.0B
Investments at Fair Value
98%
First Lien Senior Secured
99.9%
of Debt Investments Are Floating Rate
44%
Loan-to-Value Ratio1
Portfolio Snapshot
Asset Type
Sector
Geography
Issuer Concentration
Recent Awards
Blackstone led the largest unitranche financing on record, committing the entire $2.6 billion tranche in support of Thoma Bravo’s $6.6 billion acquisition of Stamps.com, the provider of e-commerce shipping software solutions. The deal was typical of Blackstone’s focus on the very large end of the market.2
Featured Portfolio Companies3
TGIA (The GI Alliance)
Health Care Providers & Services
JSSI (JSS Holdings, Inc.)
Commercial Services & Supplies
Mode Purchaser
Air Freight & Logistics
Westland (Westland Insurance Group LTD)
Insurance
Guidehouse
Professional Services
Medallia
Software
Portfolio Holdings
| Company | Asset Type | Sector | Fair Value ($ in thousands) |
|---|---|---|---|
| Guidehouse, Inc. | First Lien | Professional Services | 342,692 |
| Donuts, Inc. | First Lien | Internet & Direct Marketing Retail | 324,131 |
| Cambium Learning Group, Inc. | First Lien | Diversified Consumer Services | 315,160 |
| Medallia, Inc. | First Lien | Software | 290,160 |
| JSS Holdings, Inc. | First Lien | Commercial Services & Supplies | 286,648 |
| Stamps.com, Inc. | First Lien | Software | 284,472 |
| Corfin Holdings, Inc. | First Lien | Aerospace & Defense | 270,696 |
| The GI Alliance Management, LLC | First Lien | Health Care Providers & Services | 270,215 |
| Snoopy Bidco, Inc. | First Lien | Health Care Providers & Services | 258,750 |
| Edifecs, Inc. | First Lien | Health Care Technology | 228,038 |
| Bazaarvoice, Inc. | First Lien | Commercial Services & Supplies | 208,735 |
| Navigator Acquiror, Inc. | First Lien | Health Care Providers & Services | 200,914 |
| Mode Purchaser, Inc. | First Lien | Air Freight & Logistics | 175,204 |
| CustomInk, LLC | First Lien | Specialty Retail | 161,549 |
| Eagle Midstream Canada Finance, Inc. | First Lien | Oil, Gas & Consumable Fuels | 150,862 |
| USALCO, LLC | First Lien | Chemicals | 171,834 |
| Snoopy Bidco, Inc. | First Lien | Health Care Providers & Services | 167,122 |
| Eagle Midstream Canada Finance, Inc. | First Lien | Oil, Gas & Consumable Fuels | 150,862 |
| Genuine Cable Group, LLC | First Lien | Distributors | 140,653 |
| Livingston International, Inc. | First Lien | Air Freight & Logistics | 128,858 |
| Lindstrom, LLC | First Lien | Building Products | 122,219 |
| The NPD Group L.P. | First Lien | Software | 119,633 |
| AGI-CFI Holdings, Inc. | First Lien | Air Freight & Logistics | 116,208 |
| Radwell International, LLC | First Lien | Electrical Equipment | 115,620 |
| The Action Environmental Group, Inc. | First Lien | Commercial Services & Supplies | 113,473 |
| Integrity Marketing Acquisition, LLC | First Lien | Insurance | 113,109 |
| TCFI AEVEX, LLC | First Lien | Aerospace & Defense | 101,423 |
| SG Acquisition, Inc. | First Lien | Insurance | 110,309 |
| Albireo Energy, LLC | First Lien | Electronic Equipment, Instruments & Components | 108,194 |
| ACI Group Holdings, Inc. | First Lien | Health Care Providers & Services | 107,681 |
| Healthcomp Holding Company, LLC | First Lien | Health Care Providers & Services | 105,077 |
| Inovalon Holdings, Inc. | First Lien | Software | 100,806 |
| Unified Door & Hardware Group, LLC | First Lien | Distributors | 94,859 |
| Jacuzzi Brands, LLC | First Lien | Building Products | 94,817 |
| LD Lower Holdings, Inc. | First Lien | Software | 92,465 |
| Frontline Road Safety, LLC | First Lien | Transportation Infrastructure | 87,869 |
| Point Broadband Acquisition, LLC | First Lien | Diversified Telecommunication Services | 84,558 |
| Lytx, Inc. | First Lien | Technology Hardware, Storage & Peripherals | 84,893 |
| Shoals Holdings, LLC | First Lien | Electrical Equipment | 84,780 |
| Red River Technology, LLC | First Lien | IT Services | 78,951 |
| ALKU, LLC | First Lien | Professional Services | 79,224 |
| MAG DS Corp. | First Lien | Aerospace & Defense | 77,010 |
| SelectQuote, Inc. | First Lien | Diversified Financial Services | 75,539 |
| Westland Insurance Group LTD | First Lien | Insurance | 74,438 |
| Bution Holdco 2, Inc. | First Lien | Distributors | 73,503 |
| Spitfire Parent, Inc. | First Lien | Software | 70,131 |
| NMC Crimson Holdings, Inc. | First Lien | Health Care Technology | 69,278 |
| Progress Residential PM Holdings, LLC | First Lien | Real Estate Management & Development | 71,026 |
| Trinity Air Consultants Holdings Corp. | First Lien | Professional Services | 67,656 |
| Dana Kepner Company, LLC | First Lien | Distributors | 64,104 |
| Emergency Power Holdings, LLC | First Lien | Electrical Equipment | 63,513 |
| Latham Pool Products, Inc. | First Lien | Building Products | 62,560 |
| Tennessee Bidco Limited | First Lien | Insurance | 61,623 |
| VDM Buyer, Inc. | First Lien | Chemicals | 60,575 |
| R1 Holdings, LLC | First Lien | Air Freight & Logistics | 60,539 |
| Barbri Holdings, Inc. | First Lien | Diversified Financial Services | 59,956 |
| Diligent Corporation | First Lien | Software | 59,103 |
| Windows Acquisition Holdings, Inc. | First Lien | Building Products | 55,418 |
| Cumming Group, Inc. | First Lien | Real Estate Management & Development | 54,819 |
| Jones Deslauriers Insurance Management, Inc. | First Lien | Insurance | 53,799 |
| Fencing Supply Group Acquisition, LLC | First Lien | Building Products | 52,453 |
| The Cook & Boardman Group, LLC | First Lien | Trading Companies & Distributors | 48,494 |
| Relay Purchaser, LLC | First Lien | Software | 49,303 |
| High Street Buyer, Inc. | First Lien | Insurance | 48,740 |
| Triple Lift, Inc. | First Lien | Software | 48,113 |
| Abaco Energy Technologies, LLC | First Lien | Energy Equipment & Services | 47,453 |
| Razor Holdco, LLC | First Lien | IT Services | 46,844 |
| Bungie, Inc. | First Lien | Interactive Media & Services | 47,200 |
| IG Investments Holdings, LLC | First Lien | Professional Services | 47,375 |
| Porcelain Acquisition Corp. | First Lien | Trading Companies & Distributors | 45,821 |
| WHCG Purchaser III, Inc. | First Lien | Health Care Providers & Services | 45,352 |
| Roadsafe Holdings, Inc. | First Lien | Transportation Infrastructure | 42,697 |
| AxiomSL Group, Inc. | First Lien | Software | 41,570 |
| Titan Investment Company, Inc. | First Lien | Professional Services | 42,672 |
| Westland Insurance Group LTD | First Lien | Insurance | 41,314 |
| Tailwind Colony Holding Corporation | First Lien | Distributors | 38,619 |
| TRP Infrastructure Services, LLC | First Lien | Transportation Infrastructure | 38,819 |
| Sam Holding Co, Inc. | First Lien | Transportation Infrastructure | 37,322 |
| Connatix Buyer, Inc. | First Lien | Software | 36,745 |
| Helix TS, LLC | First Lien | Transportation Infrastructure | 35,469 |
| BPPH2 Limited | First Lien | Professional Services | 35,978 |
| Tennessee Bidco Limited | First Lien | Insurance | 33,663 |
| Nintex Topco Limited | First Lien | Software | 33,785 |
| HIG Orca Acquisition Holdings, Inc. | First Lien | Professional Services | 32,760 |
| Blackstone Donegal Holdings LP – LP Interests (Westland Insurance Group LTD) | Equity | Insurance | 35,682 |
| US Oral Surgery Management Holdco, LLC | First Lien | Health Care Providers & Services | 32,237 |
| Qualus Power Services Corp. | First Lien | Electric Utilities | 31,745 |
| Cross Country Healthcare, Inc. | First Lien | Health Care Providers & Services | 29,250 |
| CPI Buyer, LLC | First Lien | Health Care Equipment & Supplies | 28,767 |
| Onex Baltimore Buyer, Inc. | First Lien | Health Care Providers & Services | 28,363 |
| MRI Software, LLC | First Lien | Software | 28,093 |
| Material Holdings, LLC | First Lien | Professional Services | 26,837 |
| VDM Buyer, Inc. | First Lien | Chemicals | 26,230 |
| GraphPAD Software, LLC | First Lien | Software | 26,488 |
| Gruden Acquisition, Inc. | First Lien | Road & Rail | 25,428 |
| Armada Parent, Inc. | First Lien | Marine | 24,665 |
| Epoch Acquisition, Inc. | First Lien | Health Care Providers & Services | 24,560 |
| DCA Investment Holdings, LLC | First Lien | Health Care Providers & Services | 24,202 |
| Foundation Risk Partners Corp. | First Lien | Insurance | 23,891 |
| RWL Holdings, LLC | First Lien | Air Freight & Logistics | 23,764 |
| Polymer Additives, Inc. | First Lien | Chemicals | 23,584 |
| Galway Borrower, LLC | First Lien | Insurance | 22,993 |
| Spireon, Inc. | First Lien | Transportation Infrastructure | 22,732 |
| COP Home Services TopCo IV, Inc. | First Lien | Construction & Engineering | 22,147 |
| KPSKY Acquisition, Inc. | First Lien | Commercial Services & Supplies | 21,475 |
| GCX Corporation Buyer, LLC | First Lien | Health Care Equipment & Supplies | 21,431 |
| Canadian Hospital Specialties Ltd. | First Lien | Health Care Providers & Services | 21,429 |
| Veregy Consolidated, Inc. | First Lien | Commercial Services & Supplies | 21,151 |
| Odyssey Holding Company, LLC | First Lien | Health Care Providers & Services | 20,489 |
| Jones Deslauriers Insurance Management, Inc. | Second Lien | Insurance | 20,295 |
| Integrity Marketing Acquisition, LLC | First Lien | Insurance | 19,829 |
| Kaufman Hall & Associates, LLC | First Lien | Professional Services | 19,060 |
| Ascend Buyer, LLC | First Lien | Containers & Packaging | 18,979 |
| Relativity ODA, LLC | First Lien | Software | 18,984 |
| Maverick Acquisition, Inc. | First Lien | Aerospace & Defense | 18,716 |
| Tetra Technologies, Inc. | First Lien | Energy Equipment & Services | 17,789 |
| Linquest Corp. | First Lien | Aerospace & Defense | 17,057 |
| Clearview Buyer, Inc. | First Lien | Professional Services | 16,946 |
| Guidehouse Holding Corp. – Preferred Equity | Equity | Professional Services | 15,789 |
| Mermaid Equity Co. L.P. – Class A-2 Common Units | Equity | Software | 39,053 |
| West Monroe Partners, LLC | First Lien | Professional Services | 14,708 |
| ASP Endeavor Acquisition, LLC | First Lien | Professional Services | 13,766 |
| Edifecs, Inc. | First Lien | Health Care Technology | 13,428 |
| NDC Acquisition Corp. | First Lien | Distributors | 13,561 |
| GI Ranger Intermediate, LLC | First Lien | Health Care Technology | 12,744 |
| L&S Mechanical Acquisition, LLC | First Lien | Building Products | 12,499 |
| Spitfire Parent, Inc. | First Lien | Software | 11,762 |
| Cambium Holdings, LLC – Senior Preferred Interests | Equity | Diversified Consumer Services | 14,480 |
| Turing Holdco, Inc. | First Lien | IT Services | 11,859 |
| SpecialtyCare, Inc. | First Lien | Health Care Providers & Services | 11,974 |
| Go Car Wash Management Corp. | First Lien | Diversified Consumer Services | 10,686 |
| Benefytt Technologies, Inc. | First Lien | Insurance | 10,260 |
| Episerver, Inc. | First Lien | Software | 9,564 |
| Victory Buyer, LLC | Second Lien | Industrial Conglomerates | 9,522 |
| CCBlue Bidco, Inc. | First Lien | Health Care Providers & Services | 9,514 |
| Smile Doctors, LLC | First Lien | Health Care Providers & Services | 9,232 |
| Inovalon Holdings, Inc. | Second Lien | IT Services | 8,906 |
| Mandolin Technology Intermediate Holdings, Inc. | First Lien | Software | 8,557 |
| Project Ruby Ultimate Parent Corp. | First Lien | Health Care Technology | 8,548 |
| Sherlock Buyer Corp. | First Lien | Professional Services | 8,414 |
| Experity, Inc. | First Lien | Software | 8,337 |
| Canadian Hospital Specialties Ltd. | Second Lien | Health Care Providers & Services | 8,318 |
| Turing Holdco, Inc. | First Lien | IT Services | 8,183 |
| ADCS Clinics Intermediate Holdings, LLC | First Lien | Health Care Providers & Services | 8,129 |
| CFGI Holdings, LLC | First Lien | Professional Services | 7,488 |
| COP Home Services TopCo IV, Inc. | Second Lien | Construction & Engineering | 7,516 |
| BP Purchaser, LLC | First Lien | Distributors | 7,239 |
| Dreambox Learning Holding, LLC | First Lien | Diversified Consumer Services | 6,944 |
| AI Altius Bidco, Inc. | First Lien | IT Services | 6,060 |
| Profile Products, LLC | First Lien | Paper & Forest Products | 5,921 |
| Point Broadband Holdings, LLC – Class A Units | Equity | Diversified Telecommunication Services | 5,877 |
| Capstone Logistics, LLC | First Lien | Transportation Infrastructure | 5,627 |
| Mode Holdings, L.P. – Class A-2 Common Units | Equity | Air Freight & Logistics | 9,876 |
| CustomInk, LLC – Series A Preferred Units | Equity | Specialty Retail | 6,271 |
| Knowledge Pro Buyer, Inc. | First Lien | Commercial Services & Supplies | 5,105 |
| Jayhawk Buyer, LLC | Second Lien | Health Care Providers & Services | 5,118 |
| SEKO Global Logistics Network, LLC | First Lien | Air Freight & Logistics | 5,052 |
| JSS Holdings, Inc. | First Lien | Commercial Services & Supplies | 4,962 |
| Marcone Yellowstone Buyer, Inc. | First Lien | Distributors | 4,844 |
| GovernmentJobs.com, Inc. | First Lien | Software | 4,865 |
| Corfin Holdco, Inc. – Common Stock | Equity | Aerospace & Defense | 9,534 |
| Monk Holding Co. | First Lien | Software | 4,744 |
| Trinity Partners Holdings, LLC | First Lien | Professional Services | 4,550 |
| Safety Borrower Holdings LP | First Lien | Transportation Infrastructure | 4,144 |
| Java Buyer, Inc. | First Lien | Commercial Services & Supplies | 3,81 |
| Alera Group, Inc. | First Lien | Insurance | 3,676 |
| Mandolin Technology Intermediate Holdings, Inc. | Second Lien | Software | 3,496 |
| OHCP V TC COI, LP. – LP Interest | Equity | Professional Services | 3,500 |
| Mandolin Technology Holdings, Inc.- Series A Preferred Shares | Equity | Software | 3,601 |
| EIS Acquisition Holdings, LP – Class A Common Units | Equity | Distributors | 6,763 |
| PGIS Intermediate Holdings, LLC | First Lien | Insurance | 3,289 |
| MHE Intermediate Holdings, LLC | First Lien | Machinery | 3,233 |
| Frontline Road Safety Investments, LLC – Class A Common Units | Equity | Transportation Infrastructure | 2,627 |
| NC Ocala Co-Invest Beta, L.P. – LP Interest | Equity | IT Services | 2,854 |
| Stepping Stones Healthcare Services, LLC | First Lien | Health Care Providers & Services | 2,128 |
| SEKO Global Logistics Network, LLC | First Lien | Air Freight & Logistics | 2,118 |
| Lobos Parent, Inc. – Series A Preferred Shares | Equity | Software | 1,518 |
| Point Broadband Holdings, LLC – Class B Units | Equity | Diversified Telecommunication Services | 1,052 |
| AGI Group Holdings LP – A2 Units | Equity | Air Freight & Logistics | 970 |
| Mermaid EquityCo L.P. – Class B Units | Warrants | Software | 7,645 |
| Box Co-Invest Blocker, LLC | Equity | Distributors | 702 |
| GCX Corporation Group Holdings, L.P. – Class A-2 Units | Equity | Health Care Equipment & Supplies | 500 |
| Connatix Parent, LLC – Class L Common Units | Equity | Software | 462 |
| Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11) – Revolving Term Loan | First Lien | Health Care Providers & Services | 388 |
| Jayhawk Holdings, LP | Equity | Health Care Providers & Services | 578 |
| Ncp Helix Holdings, LLC. | Equity | Transportation Infrastructure | 397, |
| Deneb Ultimate Topco, LLC | Equity | Diversified Consumer Services | 212 |
| Jayhawk Holdings, LP – A-2 Common Units | Equity | Health Care Providers & Services | 311 |
| NDC Acquisition Corp. (4)(5)(7)(11) – Revolving Term Loan | First Lien | Distributors | 179 |
| TOTAL PORTFOLIO INVESTMENTS | 9,958,257 |
- 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.
- Published March 1, 2022. Private Debt Investor (PDI) selected award winners by researching news sources to compile a list of finalists, vetting those finalists and soliciting votes from readers. Blackstone Credit or its affiliates have not investigated and does not know the makeup of voters. A different set of voters may have achieved different results. Blackstone Credit does not know whether it has been rated by this or any other third party in any way that would conflict with these awards. There may be other categories for which Blackstone Credit, its funds or its portfolio companies were nominated but not awarded. The awards may not be representative of a particular investor’s experience or the future performance of any Blackstone Credit fund or transaction. There is no guarantee that similar awards will be obtained by Blackstone Credit with respect to existing or future funds or transactions. This information is provided solely for informational purposes. It should not be relied upon as any indication of future performance of BXSL or of Blackstone Credit and any of its funds or portfolio companies.
- Note: Represents the top six positions in BXSL as of September 30, 2021, 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.