Portfolio
Predominantly comprised of floating rate senior secured loans across a diverse group of sectors and issuers.
Data as of September 30, 2022
$9.7B
Investments at Fair Value
97.9%
First Lien Senior Secured
99.9%
of Debt Investments Are Floating Rate
46.6%
Loan-to-Value Ratio1
Portfolio Snapshot
Asset Type
Top Industries (at FMV)(4)
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 $6.6 billion acquisition of Stamps.com, the provider of e-commerce shipping software solutions. The deal was typical of Blackstone’s focus on the very large end of the market.2
Featured Portfolio Companies3
United Vet Care Holdings “UVC” (Snoopy Bidco, Inc.)
Health Care Providers & Services
JSSI (JSS Holdings, Inc.)
Commercial Services & Supplies
Mode Purchaser
Air Freight & Logistics
Westland (Westland Insurance Group LTD)
Insurance
Guidehouse
Professional Services
Medallia
Software
Portfolio Holdings
| Company | Asset Type | Sector | Fair Value ($ in thousands) |
|---|---|---|---|
| Medallia, Inc. | First Lien | Software | 337, 317 |
| Guidehouse, Inc. | First Lien | Professional Services | 320,774 |
| Donuts, Inc. | First Lien | Internet & Direct Marketing Retail | 320,059 |
| Snoopy Bidco, Inc. | First Lien | Health Care Providers & Services | 296,372 |
| Cambium Learning Group, Inc. | First Lien | Diversified Consumer Services | 292,841 |
| JSS Holdings, Inc. | First Lien | Commercial Services & Supplies | 286,638 |
| Stamps.com, Inc. | First Lien | Software | 283,051 |
| Bazaarvoice, Inc. | First Lien | Commercial Services & Supplies | 229,054 |
| Edifecs, Inc. | First Lien | Health Care Technology | 226,311 |
| Navigator Acquiror, Inc. | First Lien | Health Care Providers & Services | 198,117 |
| Corfin Holdings, Inc. | First Lien | Aerospace & Defense | 197,876 |
| The NPD Group L.P. | First Lien | Software | 194,180 |
| Mode Purchaser, Inc. | First Lien | Air Freight & Logistics | 178,829 |
| Genuine Cable Group, LLC | First Lien | Distributors | 178,639 |
| CustomInk, LLC | First Lien | Specialty Retail | 163,594 |
| Jayhawk Buyer, LLC | First Lien | Health Care Providers & Services | 154,014 |
| Eagle Midstream Canada Finance, Inc. | First Lien | Oil, Gas & Consumable Fuels | 148,599 |
| The Action Environmental Group, Inc. | First Lien | Commercial Services & Supplies | 132,431 |
| Livingston International, Inc. | First Lien | Air Freight & Logistics | 127,887 |
| Integrity Marketing Acquisition, LLC | First Lien | Insurance | 121,782 |
| Lindstrom, LLC | First Lien | Building Products | 121,029 |
| Westland Insurance Group LTD | First Lien | Insurance | 105,863 |
| SG Acquisition, Inc. | First Lien | Insurance | 104,974 |
| Inovalon Holdings, Inc. | First Lien | IT Services | 104,772 |
| Healthcomp Holding Company, LLC | First Lien | Health Care Providers & Services | 104,284 |
| Albireo Energy, LLC | First Lien | Electronic Equipment, Instruments & Components | 103,028 |
| ACI Group Holdings, Inc. | First Lien | Health Care Providers & Services | 98,307 |
| AGI-CFI Holdings, Inc. | First Lien | Air Freight & Logistics | 95,673 |
| Jacuzzi Brands, LLC | First Lien | Building Products | 94,817 |
| TCFI AEVEX, LLC | First Lien | Aerospace & Defense | 93,510 |
| Point Broadband Acquisition, LLC | First Lien | Diversified Telecommunication Services | 92,719 |
| Unified Door & Hardware Group, LLC | First Lien | Containers & Packaging | 92,240 |
| LD Lower Holdings, Inc. | First Lien | Software | 91,303 |
| Frontline Road Safety, LLC | First Lien | Transportation Infrastructure | 86,025 |
| Shoals Holdings, LLC | First Lien | Electrical Equipment | 84,137 |
| Lytx, Inc. | First Lien | Technology Hardware, Storage & Peripherals | 81,284 |
| ALKU, LLC | First Lien | Professional Services | 78,844 |
| Red River Technology, LLC | First Lien | IT Services | 78,115 |
| MAG DS Corp. | First Lien | Aerospace & Defense | 75,015 |
| Italian Motorway Holdings S.à.r.l | First Lien | Transportation Infrastructure | 74,311 |
| Bution Holdco 2, Inc. | First Lien | Distributors | 73,121 |
| Progress Residential PM Holdings, LLC | First Lien | Real Estate Management & Development | 71,157 |
| NMC Crimson Holdings, Inc. | First Lien | Health Care Technology | 69,991 |
| Tennessee Bidco Limited | First Lien | Insurance | 69,681 |
| R1 Holdings, LLC | First Lien | Air Freight & Logistics | 69,115 |
| Corfin Holdings, Inc. | First Lien | Aerospace & Defense | 68,885 |
| Trinity Air Consultants Holdings Corp. | First Lien | Professional Services | 68,176 |
| Cumming Group, Inc. | First Lien | Real Estate Management & Development | 67,163 |
| SelectQuote, Inc. | First Lien | Diversified Financial Services | 67,133 |
| Spitfire Parent, Inc. | First Lien | Software | 65,132 |
| Triple Lift, Inc. | First Lien | Software | 64,650 |
| Barbri Holdings, Inc. | First Lien | Diversified Financial Services | 64,084 |
| Dana Kepner Company, LLC | First Lien | Distributors | 63,140 |
| Jones Deslauriers Insurance Management, Inc. | First Lien | Insurance | 58,258 |
| Diligent Corporation | First Lien | Software | 57,622 |
| High Street Buyer, Inc. | First Lien | Insurance | 56,593 |
| Tennessee Bidco Limited | First Lien | Insurance | 55,526 |
| Porcelain Acquisition Corp. | First Lien | Specialty Retail | 54,695 |
| Windows Acquisition Holdings, Inc. | First Lien | Building Products | 53,729 |
| Fencing Supply Group Acquisition, LLC | First Lien | Building Products | 52,319 |
| Roadsafe Holdings, Inc. | First Lien | Transportation Infrastructure | 50,877 |
| Relay Purchaser, LLC | First Lien | Electrical Equipment | 49,933 |
| Razor Holdco, LLC | First Lien | IT Services | 46,609 |
| IG Investments Holdings, LLC | First Lien | Professional Services | 46,600 |
| The Cook & Boardman Group, LLC | First Lien | Trading Companies & Distributors | 46,300 |
| Abaco Energy Technologies, LLC | First Lien | Energy Equipment & Services | 45,874 |
| Blackstone Donegal Holdings LP – LP Interests (Westland Insurance Group LTD) | Equity | Insurance | 45,183 |
| Emergency Power Holdings, LLC | First Lien | Diversified Telecommunication Services | 43,595 |
| AxiomSL Group, Inc. | First Lien | Software | 41,741 |
| Sam Holding Co, Inc. | First Lien | Transportation Infrastructure | 41,653 |
| Other Holdings Less Than 1% Of Portfolio (155 holdings) | Misc. | Misc. | 1,695,921 |
| TOTAL PORTFOLIO INVESTMENTS | 9,803,301 |
- 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 June 30, 2022, 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.
- 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.