Portfolio
Predominantly comprised of floating rate senior secured loans across a diverse group of sectors and issuers.
Investments at fair value
$13.4B
as of June 30, 2026
First lien senior secured
96.8%
as of June 30, 2026
Floating rate debt investments
96.3%
as of June 30, 2026
Loan-to-Value ratio [ 1 ]
51.9%
as of June 30, 2026
Portfolio Snapshot
Asset Type
Floating v. Fixed [ 2 ]
Geography
Top Industries (at FMV) [ 3 ]
| Company | Asset Type | Sector | Fair Value ($ in thousands) |
|---|---|---|---|
| United Veterinary Care (Snoopy Bidco, Inc.) | First Lien | Health Care Providers & Services | 342,763 |
| Jet Support Services, Inc. (JSS Holdings, Inc.) | First Lien | Commercial Services & Supplies | 332,959 |
| Guidehouse (Guidehouse, Inc. ) | First Lien | Professional Services | 302,612 |
| Stamps.com (Auctane, Inc.) | First Lien | Air Freight & Logistics | 277,347 |
| Corfin (Corfin Holdings, Inc.) | First Lien | Aerospace & Defense | 262,160 |
| Cambium Learning, Inc (Cambium Learning Group, Inc. ) | First Lien | Diversified Consumer Services | 262,026 |
| Bazaarvoice Inc (Bazaarvoice, Inc.) | First Lien | Commercial Services & Supplies | 236,265 |
| Newport Academy (Navigator Acquiror, Inc.) | First Lien | Health Care Providers & Services | 204,749 |
| NPD/ Circana Group (IRI Group Holdings, Inc.) | First Lien | Software | 197,497 |
| Medallia (Medallia, Inc.) | First Lien | Software | 195,625 |
| Davies Group (Tennessee Bidco, Limited) | First Lien | Insurance | 193,618 |
| Evergreen Services Group (Redwood Services Group, LLC ) | First Lien | IT Services | 182,523 |
| Inovalon Holdings Inc (Inovalon Holdings, Inc.) | First Lien | IT Services | 176,296 |
| Custom Ink (CustomInk, LLC ) | First Lien | Specialty Retail | 175,835 |
| Genuine Cable Group LLC (Genuine Cable Group, LLC ) | First Lien | Distributors | 162,692 |
| Integrity (Integrity Marketing Acquisition, LLC) | First Lien | Insurance | 162,632 |
| The Cumming Group (Chartwell Cumming Holding Corp.) | First Lien | Professional Services | 158,366 |
| Fidelis MGA (Shelf Bidco, Ltd.) | First Lien | Insurance | 147,632 |
| Unified Women’s Healthcare (Unified Women’s Healthcare, LP) | First Lien | Health Care Providers & Services | 138,543 |
| Carlisle FoodService Products (CFS Brands, LLC) | First Lien | Commercial Services & Supplies | 137,995 |
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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.
Based on the fair market value of the portfolio as of March 31, 2026. Debt investments, excluding non-accrual debt investments, are 99.5% floating rate and debt investments represent 99.3% of total investments based on the fair market value of the portfolio as of March 31, 2026.
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.
These case studies included herein are for illustrative purposes only, are not representative of all Blackstone Credit and Insurance investments, were selected on the basis of objective, non-performance based standards 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 and Insurance’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 and Insurance’s use hereof does not imply any affiliation with, or endorsement by the owners of these trademarks and/or logos.
Investment Snapshot
$10B
Debt financing
~9%
Annual yield
100%
Contracted “take-or-pay” revenue profile
5 years
Tenor for full amortization
Firmus
Business Description: AI infrastructure company backed by NVIDIA that provides specialized cloud services focused on high performance compute workloads with a majority investment-grade customer base
Transaction: Blackstone led a $10 billion debt financing to support the national rollout of Firmus’ AI factory infrastructure. The transaction marks one of the largest private debt financings in Australian history
BXCI Advantage: Blackstone brought differentiated scale and AI infrastructure expertise through its leadership in financing large-scale GPU platforms and ownership of the leading private data center platform in Asia
Transaction: Blackstone led a $10 billion debt financing to support the national rollout of Firmus’ AI factory infrastructure. The transaction marks one of the largest private debt financings in Australian history
BXCI Advantage: Blackstone brought differentiated scale and AI infrastructure expertise through its leadership in financing large-scale GPU platforms and ownership of the leading private data center platform in Asia
Security Type
First Lien Senior Secured
Coupon
S + 4.75%
Deal Fee | OID
1.0%
Call Protection
Yes
Investment Snapshot
~$2B
First lien senior secured facility
Signant Health
Business Description: Leading provider of evidence generation solutions for modern clinical trials, serving more than 65,000 research sites globally
Transaction: BXCI supported Genstar Capital’s refinancing of its broadly syndicated loan debt and preferred equity with a ~$2 billion first lien senior secured private financing and subsequently provided an incremental first lien senior secured term loan to support the company’s acquisition strategy
BXCI Advantage: BXCI leveraged its deep healthcare technology expertise, longstanding sponsor relationships, and incumbency with the company to originate and execute a large-scale proprietary financing solution
Transaction: BXCI supported Genstar Capital’s refinancing of its broadly syndicated loan debt and preferred equity with a ~$2 billion first lien senior secured private financing and subsequently provided an incremental first lien senior secured term loan to support the company’s acquisition strategy
BXCI Advantage: BXCI leveraged its deep healthcare technology expertise, longstanding sponsor relationships, and incumbency with the company to originate and execute a large-scale proprietary financing solution
Security Type
First Lien Senior Secured
Coupon
S + 5.00%
Deal Fee | OID
1.0%
Call Protection
Yes
Investment Snapshot
$1.8B
First lien senior secured facility
Jet Support Services, Inc.
Business Description: A leading independent provider of hourly cost maintenance programs for business aircraft engines, airframes, and auxiliary power units
Transaction: BXCI provided a $1.8 billion first lien senior secured facility, in a series of transactions including $25 million of common equity, to support the recapitalization of JSSI, a portfolio company of GTCR and Genstar Capital
BXCI Advantage: The transactions built on Blackstone’s longstanding relationship with the Company, including over a decade as an incumbent lender and value-added financing partner to JSSI, supporting the company across multiple financings and growth initiatives
Transaction: BXCI provided a $1.8 billion first lien senior secured facility, in a series of transactions including $25 million of common equity, to support the recapitalization of JSSI, a portfolio company of GTCR and Genstar Capital
BXCI Advantage: The transactions built on Blackstone’s longstanding relationship with the Company, including over a decade as an incumbent lender and value-added financing partner to JSSI, supporting the company across multiple financings and growth initiatives
Security Type
First Lien Senior Secured
Coupon
S + 4.92%
Deal Fee | OID
1.0%
Call Protection
Yes
Investment Snapshot
$2.7B
First lien senior secured facility
Dropbox
Business Description: A cloud-based file storage and synchronization service for accessing and sharing files online
Transaction: BXCI led an initial $2 billion senior secured financing which included a $1bn delayed draw feature, as part of the company’s $1.2 billion stock repurchase program. BXCI later upsized the delayed draw portion by $700 million, for a total facility size of $2.7 billion through a series of transactions
BXCI Advantage: BXCI highlighted its ability to originate a large, direct-to-corporate transaction and provide a custom solution while leveraging its technology sector expertise to gain conviction in a short period of time
Transaction: BXCI led an initial $2 billion senior secured financing which included a $1bn delayed draw feature, as part of the company’s $1.2 billion stock repurchase program. BXCI later upsized the delayed draw portion by $700 million, for a total facility size of $2.7 billion through a series of transactions
BXCI Advantage: BXCI highlighted its ability to originate a large, direct-to-corporate transaction and provide a custom solution while leveraging its technology sector expertise to gain conviction in a short period of time