Blackstone Private Credit

Fund (BCRED)
AS OF MARCH 31, 2023

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein and must be read in conjunction with the prospectus in order to understand fully
all of the implications and risks of the offering to which this sales and advertising literature relates. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN ADVANCE OF
ANY PURCHASE IN CONNECTION WITH THIS OFFERING, AND IS AVAILABLE AT WWW.BCRED.COM.

Blackstone
Blackstone Private Credit Fund
Securities (BCRED)
Partners L.P., Dealer Manager / Member FINRA
IMPORTANT DISCLOSURE INFORMATION

Summary of Risk Factors

Blackstone Private Credit Fund (“BCRED”) is a non-exchange traded business development company (“BDC”) that expects to invest at least 80% of its total assets (net assets plus
borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies).
This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus
carefully for a description of the risks associated with an investment in BCRED. These risks include, but are not limited to, the following:
 We have limited prior operating history and there is no assurance that we will achieve our investment objectives.
 This is a “blind pool” offering and thus you will not have the opportunity to evaluate our investments before we make them.
 You should not expect to be able to sell your shares regardless of how we perform.
 You should consider that you may not have access to the money you invest for an extended period of time.
 We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing.
 Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
 We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity
and other significant restrictions.
 An investment in our common shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the
prospectus.
 You will bear substantial fees and expenses in connection with your investment. See “Fees and Expenses” in the prospectus.
 We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including the sale of
assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established
limits on the amounts we may pay from such sources.
 Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Blackstone Credit BDC Advisors LLC
(the “Adviser”) or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future
distributions to which you would otherwise be entitled.
 We use and continue to expect to use leverage, which will magnify the potential for loss on amounts invested in us.
 We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated.
Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest
and repay principal. They may also be illiquid and difficult to value.
 We do not own the Blackstone name, but we are permitted to use it as part of our corporate name pursuant to the investment advisory agreement between BCRED and an
affiliate of Blackstone Inc. (“Blackstone”). Use of the name by other parties or the termination of the use of the Blackstone name under the investment advisory agreement
may harm our business.
Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is unlawful.
This sales material must be read in conjunction with the BCRED prospectus in order to fully understand all the implications and risks of an investment in BCRED. This sales material
is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to you prior to making a
purchase of shares and is available at www.BCRED.com. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which
contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition.
Numerical data is approximate and as of March 31, 2023, unless otherwise noted. The words “we”, “us”, and “our” refer to BCRED, unless the context requires otherwise.

Blackstone Private Credit Fund (BCRED) Blackstone | 1

IMPORTANT DISCLOSURE INFORMATION (CONT’D)

Forward-Looking Statement Disclosure

Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,”
“expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,”
“conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BCRED's financial estimates and their underlying
assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic
and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BCRED believes these
factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such
updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC's website at www.sec.gov. These factors
should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BCRED's prospectus and other
filings). Except as otherwise required by federal securities laws, BCRED undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result
of new information, future developments or otherwise.
Additional Important Disclosures
This material was not created by any third-party registered broker-dealers or investment advisers who are distributing shares of BCRED (each, a “Dealer”). The Dealers are not
affiliated with BCRED and have not prepared the material or the information herein.
Investments mentioned may not be in the best interest of, or suitable for all investors. Any product discussed herein may be purchased only after an investor has carefully
reviewed the prospectus and executed the subscription documents.
Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are in the best interest of, or
suitable for, eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in
leverage and other speculative practices that may increase volatility and risk of loss.
Although certain Loans in which the Fund may invest will be secured by collateral, there can be no assurance that such collateral could be readily liquidated or that the liquidation
of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal.
Opinions expressed herein reflect the current opinions of Blackstone as of the date appearing in the materials only and are based on Blackstone’s opinions of the current market
environment, which is subject to change. Stockholders, financial professionals and prospective investors should not rely solely upon the information presented when making an
investment decision and should review the most recent prospectus, as supplemented, available at www.BCRED.com. Certain information contained in the materials discusses
general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.
Further, opinions expressed herein may differ from the opinions expressed by a Dealer and/or other businesses / affiliates of a Dealer. This is not a “research report” as defined
by FINRA Rule 2241 and was not prepared by the research departments of a Dealer or its affiliates.
Blackstone Securities Partners L.P. (“BSP”) is a member of FINRA and a broker-dealer whose purpose is to distribute Blackstone managed or affiliated products. BSP provides
services to its Blackstone affiliates, not to investors in its funds, strategies or other products. BSP does not make any recommendation regarding, and will not monitor, any
investment. As such, when BSP presents an investment strategy or product to an investor, BSP does not collect the information necessary to determine—and BSP does not engage in
a determination regarding—whether an investment in the strategy or product is in the best interests of, or is suitable for, the investor. You should exercise your own judgment
and/or consult with a professional advisor to determine whether it is advisable for you to invest in any Blackstone strategy or product. Please note that BSP may not provide the
kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to an
investment in any Blackstone strategy or product, contact your own professional advisor.
Past performance is no guarantee of future results. Actual results may vary. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining
market.

Blackstone Private Credit Fund (BCRED) Blackstone | 2

IMPORTANT DISCLOSURE INFORMATION (CONT’D)

Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related
to their investment programs that will vary from fund to fund. Investors should consult their own tax and legal advisors as Dealers generally do not provide tax or legal advice.
BDCs are generally not taxed at the corporate level to the extent they distribute all of their taxable income in the form of dividends. Ordinary income dividends are taxed at
individual tax rates and distributions may be subject to state tax. Each investor’s tax considerations are different and consulting a tax advisor is recommended. Any of the data
provided herein should not be construed as investment, tax, accounting or legal advice.
Interests in alternative investment products are distributed by the applicable Dealer and (1) are not FDIC-insured, (2) are not deposits or other obligations of such Dealer or any of
its affiliates, and (3) are not guaranteed by such Dealer and its affiliates. Each Dealer is a registered broker-dealer or investment adviser, not a bank.
Blackstone Proprietary Data. Certain information and data provided herein is based on Blackstone proprietary knowledge and data. Portfolio companies may provide proprietary
market data to Blackstone, including about local market supply and demand conditions, current market rents and operating expenses, capital expenditures, and valuations for
multiple assets. Such proprietary market data is used by Blackstone to evaluate market trends as well as to underwrite potential and existing investments. While Blackstone
currently believes that such information is reliable for purposes used herein, it is subject to change, and reflects Blackstone's opinion as to whether the amount, nature and quality
of the data is sufficient for the applicable conclusion, and no representations are made as to the accuracy or completeness thereof.
Case Studies. The selected investment examples, case studies and/or transaction summaries presented or referred to herein may not be representative of all transactions of a
given type or of investments generally and are intended to be illustrative of the types of investments that have been made or may be made by the Fund in employing the Fund's
investment strategies. It should not be assumed that the Fund will make equally successful or comparable investments in the future. Moreover, the actual investments to be made
by the Fund will be made under different market conditions from those investments presented or referenced and may differ substantially from the investments presented herein
as a result of various factors. Prospective investors should also note that the selected investment examples, case studies and/or transaction summaries presented or referred to
herein have involved Blackstone professionals who will be involved with the management and operations of the Fund as well as other Blackstone personnel who will not be involved
in the management and operations of such Fund. Certain investment examples described herein may be owned by investment vehicles managed by Blackstone and by certain other
third-party equity partners, and in connection therewith Blackstone may own less than a majority of the equity securities of such investment. Further investment details are
available upon request.
Exchange Rate. Currency fluctuations may have an adverse effect on the value, price, income or costs of the product which may increase or decrease as a result of changes in
exchange rates.
Recent Market Events Risk. Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or (e.g., COVID-19),
recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have
a significant impact on the Fund and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility,
and many of the risks discussed herein associated with an investment in the Fund may be increased.
The North America Direct Lending Track Record. Represents first lien and unitranche debt (which may be secured by the applicable borrower's assets and/or equity) transactions
in companies headquartered in or which received the majority of their revenue from U.S. and Canada that were originated or anchored by certain Blackstone Credit managed,
advised or sub advised funds, Blackstone Credit managed mezzanine funds and Blackstone Credit advised business development companies (such advised business development
companies, the “BDCs”), as well as certain other Blackstone Credit managed funds and accounts and, with respect to certain transactions, investments allocated to affiliates of
Blackstone Credit, which may be sold to Blackstone Credit managed funds or accounts in the future, since 2006. With respect to certain transactions the North America Direct
Lending Track Record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and
unitranche debt may have been restructured subsequent to Blackstone Credit's initial investment. The North America Direct Lending Track Record excludes ( i ) broadly
syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and
(ii) transactions where Blackstone Credit's invested capital (net o f transactions fees) was under $25 million.
Third Party Information. Certain information contained in the Materials has been obtained form sources outside Blackstone, which in certain cases have not been updated through
the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and none of
Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information.
Index Definitions.
The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of US middle market corporate loans, as represented by the asset-
weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility
requirements.

Blackstone Private Credit Fund (BCRED) Blackstone | 3

IMPORTANT DISCLOSURE INFORMATION (CONT’D)

Index Definitions (Continued)

Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the US leveraged loan market based upon market
weightings, spreads and interest payments.
Bloomberg US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle
rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below.
Bloomberg US Treasury Index is a rules-based, market-value weighted index engineered to measure the performance and characteristics of fixed rate coupon US Treasuries
which have a maturity greater than 12 months. To be included in the index a security must have a minimum par amount of $1 billion.
Bloomberg US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond
market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into
more specific indices that are calculated and reported on a regular basis.
Index Comparison. The volatility and risk profile of the indices presented in this document is likely to be materially different from that of BCRED. In addition, the indices employ
different investment guidelines and criteria than BCRED and do not employ leverage; as a result, the holdings in BCRED and the liquidity of such holdings may differ significantly
from the securities that comprise the indices. The indices are not subject to fees or expenses and it may not be possible to invest in the indices. A summary of the investment
guidelines for the indices presented is available upon request.
Additional Information on Certain Indexes. Investment Grade Bonds is represented by the Bloomberg U.S. Aggregate Bond Index. Leveraged Loans is represented by the
Morningstar LSTA US Leveraged Loan Index. High Yield is represented by the Bloomberg US Corporate High Yield Index. It is not possible to invest in any of the above indices. We
believe that these indices are appropriate and accepted indexes representing common public fixed income asset classes.
An investment in BCRED has material differences from an investment in investment grade bonds, leveraged loans, and high yield bonds, including, among other things, those related
to costs and expenses, liquidity, volatility, risk profile and tax treatment. Unlike BCRED shareholders, holders of bonds do not hold an ownership interest in the issuer. Investment
grade bonds and high yield bonds are typically issued in $1,000 or $5,000 denominations and when purchased as a new issue, are not subject to fees or expenses. Leveraged loan
denominations are negotiated by the issuer and arranger and typically are subject to fees and expenses. The purchase price of BCRED shares is generally the prior month’s NAV per
share for the applicable class, plus upfront selling commissions and dealer manager fees for Class S and D shares. Such shares classes are also subject to shareholder servicing fees.
While the liquidity of assets in public markets depends on its credit rating and market conditions, there exists a secondary market for such bonds. There is no public trading market
for shares of BCRED and an investor’s ability to dispose of shares will likely be limited to repurchase by us, subject to the limitations described in BCRED’s prospectus.
The volatility and risk profile of public markets are also likely to be materially different from that of BCRED because, among other things, BCRED’s shares are not fixed-rate debt
instruments and such bonds represent debt issued by corporations across a variety of issuers with varying pricing, terms and conditions. BCRED’s share price may be subject to less
volatility because its per share NAV is based on the value of assets it owns and is not subject to market pricing forces in the same way as are the prices of bonds in public markets,
but is not immune to fluctuations. The bonds in the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Index bear a contractual interest rate for
periods of over one year, whereas BCRED’s yield is generated primarily by income from its underlying assets and these obligations are not rated. Furthermore, issuers of investment
grade bonds and high yield bonds are contractually obligated to pay periodic interest and repay a fixed principal amount at maturity, whereas we cannot guarantee that we will
make any distributions and investing in BCRED involves a high degree of risk, as described in BCRED’s prospectus.
In addition, the Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate High Yield Index, and Morningstar LSTA US Leveraged Loan Index employ different investment
guidelines and criteria than BCRED; as a result, the assets in BCRED may differ significantly from the holdings of the securities that comprise these indexes.
Such bonds generally provide investors with current income, and BCRED’s primary objective is to provide current income with some appreciation. While BCRED invests primarily in
privately originated and privately negotiated U.S. first lien senior secured floating rate loans, an investment in BCRED is not a direct investment in the underlying portfolio
companies and BCRED’s investments are typically below investment grade.
Latest available 1-month, 3-month, YTD, 1-year, 5-year, and 10-year returns for the indexes are as follows: Bloomberg U.S. Aggregate Bond Index: 2.5%; 3.0%; 3.0%; -4.8%; 0.9%;
1.4%. Morningstar LSTA US Leveraged Loan Index: 0.0%; 3.2%; 3.2%; 2.5%; 3.6%; 3.8%. Bloomberg US Corporate High Yield Index: 1.1%; 3.6%; 3.6%; -3.3%; 3.2%; 4.1%.

Blackstone Private Credit Fund (BCRED) Blackstone | 4

BLACKSTONE PRIVATE CREDIT FUND (“BCRED”) OVERVIEW

BCRED is a private credit solution for income‐focused

investors sponsored by Blackstone

Seeking Defensive Senior Secured Established Credit Beneficial Structure

Risk-Adjusted Focus Platform Monthly subscriptions,
Returns Primarily invests in senior Experienced global team quarterly liquidity, expected
Seeking to generate secured loans with with extensive experience monthly distributions
current income through structural protections and deep sponsor (distribution payments not
investments primarily in relationships guaranteed) (1) and 1099–DIV
floating rate loans tax reporting

Distributions are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow from
operations, including the sale of assets, borrowings, return of capital, or offering proceeds. Distributions may be funded, directly or
indirectly, from temporary waivers or expense reimbursements borne by the fund’s Adviser or its affiliates that may be subject to
reimbursement to the Adviser or its affiliates. We have not established limits on the amounts we may fund from such sources.
Note: Reflects Blackstone Credit’s views and beliefs. The summary presented herein will be superseded by and qualified in its entirety by final fund documentation. Past performance is not necessarily
indicative of future results and there can be no assurance that any proposed Blackstone Credit fund or strategy will be able to achieve comparable, and that any proposed Blackstone Credit fund
or strategy will be able to implement its investment strategy, achieve its investment objectives or avoid significant losses.
(1) For a full summary of the key terms, please see slide 36. Distributions are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow from
operations, including the sale of assets, borrowings, return of capital, or offering proceeds. As of March 31, 2023, 100% of inception to date distributions were funded from cash flows from
operations. See “Important Disclosure Information” at the beginning of this presentation and BCRED’s prospectus.
Blackstone Private Credit Fund (BCRED) Blackstone | 5
WHAT BCRED DELIVERS

Core income solution that we believe is well-positioned

for today’s market environment

Risk-Adjusted Current Income Positioned for Focused on Capital

Returns Rising Rates Protection

7.8% 9.3% 97% / 42% 98%

ITD net return Class S (no annualized distribution senior secured debt(3)
/ floating rate(5)
upfront placement fees)(1) yield Class S (not guaranteed)(2) average loan-to-value(4)

Distributions are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow. See BCRED’s prospectus. Please visit BCRED’s
website for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do,
we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although
we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. As of March 31, 2023,
100% of inception to date distributions were funded from cash flows from operations.

Note: Data is as of March 31, 2023, unless otherwise indicated. Returns for periods greater than one year are annualized. 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.
(1) Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per
share. Returns greater than one year are annualized. Inception-to-date (ITD) total return for Class I: 8.7%. ITD total return for Class S (with upfront placement fee): 6.1%. ITD total return for Class D
(no/with upfront placement fee): 7.4%/6.5%. All returns shown are derived from unaudited financial information and are net of all BCRED expenses, including general and administrative
expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares
that have been outstanding for less than one year. Past performance is historical and not a guarantee of future results. Class D and Class S listed as (With Upfront Placement Fee or Brokerage
Commissions) reflect the returns after the maximum upfront placement fees. Class D and Class S listed as (No Upfront Placement Fee or Brokerage Commissions) exclude upfront placement fees.
Class I does not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BCRED’s portfolio, which are estimates of
fair value and form the basis for BCRED’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized
value and may not accurately reflect the price at which assets could be liquidated.
(2) Annualized Distribution Yield reflects April’s distribution annualized and divided by last reported NAV from March. Distributions are not guaranteed. Past performance is not necessarily indicative
of future results. Distributions have been and may in the future be funded through sources other than cash flow. See BCRED’s prospectus. Please visit the Shareholders page for notices regarding
distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other
than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although we generally expect to fund distributions from cash flow from
operations, we have not established limits on the amounts we may pay from such sources. As of March 31, 2023, 100% of inception to date distributions were funded from cash flows from operations.
A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its
shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary
waivers or expense reimbursements borne by Blackstone Credit BDC Advisors LLC (the “Adviser”) or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment
of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. Annualized Distribution Yield for other share classes are as follows: 10.2% for Class I
and 9.9% for Class D.
(3) Excludes BCRED’s equity investments in joint ventures, which have similar underlying qualities.
(4) As of March 31, 2023. Includes all private debt investments for which fair value is determined by BCRED’s Board of Trustees (the “Board”) in conjunction with a third-party valuation firm and
excludes quoted assets. 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 BCRED 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. See BCRED’s prospectus.
(5) As a percentage of BCRED’s investment portfolio excluding equity investments in joint ventures, which have similar portfolio composition and underlying qualities.
Blackstone Private Credit Fund (BCRED) Blackstone | 6
BLACKSTONE CREDIT REVIEW

One of the world’s preeminent credit platforms

>3,150 2005 $291B 300

corporate issuers(1) establishment of assets under management investment professionals
Blackstone Credit Blackstone Credit Credit globally

Diversified and deep sector Established lender with a Value-added solutions Large and dedicated team
knowledge with proprietary long and successful track provider offering flexibility with expertise and deep
information and data record and scale relationships

Note: All figures presented above are as of March 31, 2023. AUM is a combined figure inclusive of Blackstone Credit (“BXC”), Harvest Fund Advisors LLC, Asset Based Finance, and Blackstone Insurance
Solutions businesses. Past performance is not necessarily indicative of future results, and there can be no assurance that such returns will be achieved. There can be no assurance that the proposed
strategy will be implemented on the terms described herein or at all. Diversification does not ensure a profit or protect against losses.
(1) Reflects unique corporate issuers across funds and accounts managed by Liquid Credit Strategies and Private Credit Strategies.

Blackstone Private Credit Fund (BCRED) Blackstone | 7

A PREEMINENT PRIVATE CREDIT MANAGER WITH AN
EXPERIENCED DIRECT LENDING PLATFORM

Blackstone Credit’s Direct Lending Key Benefits

17 yrs
investing in Direct Lending

Established North America Scale and Large Transactions

Direct Lending Platform  Strong partnership with
 Focused on high-quality,
≈$85B larger companies(2) in growth
sectors
well-capitalized
sponsors
total invested capital(1)  Ability to commit in scale

Expertise and Sector Focus Blackstone Credit Advantage

 Thematic investment
approach targeting high-
 Experienced and large
global investment team
≈$3B  Value-add partner offering
solutions beyond capital
growth / high-value enterprise value created by  $500M+ revenue generated
industries (i.e., software, helping companies optimize
through Blackstone Portfolio
technology, healthcare) costs(3)
connections

Note: As of March 31, 2023, unless otherwise noted. The above reflects Blackstone’s views and beliefs. Diversification does not ensure a profit or protect against losses.
(1) As of December 31, 2022.
(2) Some of the investments may be considered to have speculative characteristics. See Summary of Risk Factors for more information.
(3) Value creation represents ~$265 million of annual savings as of March 31, 2023, representing annualized estimated savings utilizing the Blackstone Value Creation program at the time cost is
benchmarked with portfolio companies. Savings improved portfolio company EBITDA and created value assuming a 12x average EBITDA multiple.

Blackstone Private Credit Fund (BCRED) Blackstone | 8

BLACKSTONE OVERVIEW

Blackstone is the largest global alternative asset

manager(1)

Real Estate Private Equity

$332B $287B
37yr  Opportunistic  Corporate Private Equity
investment  Core+  Secondaries
record  Debt  Tactical Opportunities
 Infrastructure
 Life Sciences
 Growth
$991B
assets under
management

Hedge Fund Solutions Credit & Insurance

50+ $81B $291B
investing  Portfolio Solutions  Private Credit
strategies  Special Situations  Liquid Credit
 GP Participation  Other Credit & Insurance
 Crossover Growth Equity

Note: Assets under management (“AUM”) are estimated and unaudited as of March 31, 2023. Past performance is not necessarily indicative of future results. There can be no assurance that any
Blackstone fund or investment will achieve its objectives or avoid substantial losses. AUM and investor capital are used interchangeably, except Real Estate AUM which, as used herein, includes co-
investments and Blackstone’s GP and side-by-side commitments, as applicable. Credit & Insurance AUM is a combined figure that includes Blackstone Credit (“BXC”), Harvest Fund Advisors (“Harvest”),
Asset Based Finance, and Blackstone Insurance Solutions (“BIS”) businesses. businesses.
(1) Source. Preqin, as of March 2023.

Blackstone Private Credit Fund (BCRED) Blackstone | 9

Why Private Credit

Blackstone Private Credit Fund (BCRED) Blackstone | 10

CHALLENGING ENVIRONMENT FOR FIXED INCOME

Traditional fixed income is under pressure

Total Return
(since January 1, 2021)
9.5%

2.2%

-3.3%

-7.5%

Investment Grade Bonds High Yield Bonds Leveraged Loans Private Credit (CDLI)

Source: Morningstar, Cliffwater Direct Lending Index, as of March 31, 2023. The returns presented herein are since the inception of BCRED. 1-year returns are as follows: Investment Grade Bonds: -13.0%;
High Yield Bonds: -11.2%; Leveraged Loans: -0.6%; Private Credit: 6.3%. Indices. “Private Credit” is represented by the Cliffwater Direct Lending Index. “Leveraged Loans” is represented by the
Morningstar LSTA US Leveraged Loan Index. “High Yield Bonds” is represented by the Bloomberg High Yield Index. “Investment Grade Bonds” is represented by the Bloomberg US Aggregate Bond
Index. The indices presented (excluding Private Credit) represent investments that have material differences from an investment in BCRED or the investments that BCRED may make. Investments / Risks.
BCRED expects to invest primarily in loans to private US companies similar to those represented in the Private Credit index and therefore will face risks similar to those facing the assets represented by
that index. BCRED's investments and Private Credit assets are expected to face risks different than those faced by the other indices, including significantly less liquidity as Private Credit assets generally
do not have liquid markets and greater risk of default and related risk of loss of principal. BCRED may also invest in instruments not represented by Private Credit or the other indices above, including
equities, preferred securities or non-US securities (including non-US dollar denominated instruments), among others, and therefore is subject to additional risks, such as increased volatility, currency risk,
risk of regulation or foreign market events. Fees and Expenses. An investment in BCRED is subject to fees and expenses, which will lower BCRED’s returns. The indices presented are not subject to fees
or expenses and it is not possible to directly invest in any index presented. Use of Leverage. Unlike the indices presented, BCRED does and will continue to employ leverage, which will increase the
volatility of BCRED’s investments and will magnify the potential for loss of amounts invested in BCRED. See "Important Disclosure Information" for important information regarding index comparisons. As
required by the Investment Company Act of 1940, a significant portion of a BDC’s investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be
uncertainty as to the value of a BDC’s portfolio investments, which may understate volatility.
For more information on these indices, please see the Index Definitions section at the front of this presentation. For a more detailed description of BCRED’s risk factors, please refer to BCRED’s
prospectus. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit will achieve comparable results or that Blackstone Credit will be
able to implement its investment strategy or achieve its investment objectives. Portfolio diversification does not guarantee profit or protect against loss. For more information, please see additional
disclosures at the front of this presentation.
Blackstone Private Credit Fund (BCRED) Blackstone | 11
HISTORICAL PERFORMANCE DURING PERIODS OF RISING RATES

Private credit has historically benefitted

from rising rates
Returns When Rates Increased by 75bps+
12.4% 12.8%
10.8%
8.4%
7.6%

5.2% 5.7%

1.9%

-0.8% -0.9% -1.5%

-2.5% -2.1%

Investment Grade Bonds Private Credit (CDLI) -8.8%

1 2 3 4 5 6 7

Time Period 3Q05 – 2Q06 1Q09 – 2Q09 4Q10 – 1Q11 4Q12 – 4Q13 3Q16 – 4Q16 3Q20 – 1Q21 3Q21 – 4Q22
10-Year US
Treasury Increase 1.2% 1.3% 0.9% 1.4% 1.0% 1.1% 2.4%

Source: Morningstar, Cliffwater Direct Lending Index. Data shown is since inception of the Cliffwater Direct Lending Index. Indices. “Private Credit” is represented by the Cliffwater Direct Lending
Index. The index presented (excluding Private Credit) represents investments that have material differences from an investment in BCRED or the investments that BCRED may make. Investments / Risks.
BCRED expects to invest primarily in loans to private US companies similar to those represented in the Private Credit index and therefore will face risks similar to those facing the assets represented by
that index. BCRED's investments and Private Credit assets are expected to face risks different than those faced by the other index, including significantly less liquidity as Private Credit assets generally do
not have liquid markets and greater risk of default and related risk of loss of principal. BCRED may also invest in instruments not represented by Private Credit or the other indices above, including
equities, preferred securities or non-U.S. securities (including non-U.S. dollar-denominated instruments), among others, and therefore is subject to additional risks, such as increased volatility, currency
risk, risk of regulation or foreign market events. Fees and Expenses. An investment in BCRED is subject to fees and expenses, which will lower BCRED’s returns. The index presented are not subject to
fees or expenses and it is not possible to directly invest in any index presented. Use of Leverage. Unlike the index presented, BCRED does and will continue to employ leverage, which will increase the
volatility of BCRED’s investments and will magnify the potential for loss of amounts invested in BCRED. See "Important Disclosure Information" for important information regarding index comparisons. As
required by the Investment Company Act of 1940, a significant portion of a BDC’s investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be
uncertainty as to the value of a BDC’s portfolio investments, which may understate volatility.
For more information on these indices, please see the Index Definitions section at the front of this presentation. For a more detailed description of BCRED’s risk factors, please refer to BCRED’s
prospectus. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit will achieve comparable results or that Blackstone Credit will be
able to implement its investment strategy or achieve its investment objectives. Portfolio diversification does not guarantee profit or protect against loss. For more information, please see additional
disclosures at the front of this presentation.
Blackstone Private Credit Fund (BCRED) Blackstone | 12
PUBLIC CREDIT MARKET DISLOCATION HAS LED TO MORE PRIVATE DEAL FLOW

Uncertainty in public markets can lead to increased

opportunities in private markets
Driver of Opportunities Growth of Private Credit
Slowdown in US Leveraged Loan and High Yield issuance(1) Private Credit Increasing as a Segment of the Total Addressable
Sub-Investment Grade Credit Market(2)

$739B Industry research

suggests private credit
will reach $2.3T by
2027(3) $3.8T

24%

$349B $358B
36%
$1.4T

5%
$100B 30%
39%
64%

Leveraged Loans High Yield 2005 2022

LTM 2022 LTM 2023 High Yield Senior Loans Private Credit

Note: Past performance is not necessarily indicative of future results. The above reflects Blackstone Credit’s views and beliefs unless otherwise indicated.
1) Source: LCD. LTM 2022 as of March 31, 2022. LTM 2023 as of March 31, 2023.
2) Source: Preqin, Credit Suisse, as of September 30, 2022, which is the latest data available. Total addressable US sub-investment grade credit market defined as the aggregate of the US high yield
bonds, US leveraged loans and North American private credit markets. Leveraged loans refer to broadly syndicated loans. Private Credit includes BDCs.
3) Source: Preqin. As of December 2022.
Blackstone Private Credit Fund (BCRED) Blackstone | 13
MOMENTUM & DRIVERS OF GROWTH

Demand for private financing continues to grow as PE

dry powder has reached near record levels
Private Equity (PE) Buyout Dry Powder(1) Growing Borrower Interest
($ in billions)

$600
Speed to close
$559
$500
Certainty of terms

$400

Flexibility in structuring
$300

Bilateral process
$200

$147 Limited ratings requirement

$100

$0 Ability to maintain confidentiality

'05 '08 '11 '14 '17 '20 '23

Note: Unless otherwise noted, the above reflects Blackstone Credit’s views and beliefs. For illustrative purposes only.
(1) Source: Preqin, May 5, 2023. For illustrative purposes only. Represents dry powder for Private Equity Buyouts in North America. Dry powder is a term for uncalled capital commitments.

Blackstone Private Credit Fund (BCRED) Blackstone | 14

Why BCRED

Blackstone Private Credit Fund (BCRED) Blackstone | 15

BCRED’S INVESTMENT FOCUS

Seeks to capitalize on private credit opportunities

Portfolio Composition Illustrative Capital Structure
Private Credit
Predominantly direct lending through first-lien Senior Secured BCRED’s
senior secured loans to US companies Debt investment focus
 Large Corporate Lending
Unsecured
 Upper-Middle Market Lending Debt
 Anchor Investments
Mezzanine
Repayment Debt
Priority

Equity

Opportunistic
Publicly traded securities of
large corporate issuers

For illustrative purposes only. Actual results may vary. The above reflects Blackstone Credit’s views and beliefs unless otherwise indicated.

Blackstone Private Credit Fund (BCRED) Blackstone | 16

A POTENTIAL SOLUTION FOR ALL ENVIRONMENTS

We believe BCRED is built for changing markets

Defense Offense Core Income Solution

Seeks to protect against Seeks risk-adjusted returns and We believe BCRED is well-
challenging markets with a focus current income especially in positioned as a potential solution
on capital preservation today’s rising rate environment across market cycles

 Senior secured focus  Primarily floating rate loans

 Low LTV  Seeks high-growth sectors

 Large-cap companies

 Portfolio with broad

+  Robust deal sourcing

 Value-add for portfolio

=
diversity companies

 Extensive due diligence  Upfront deal fees

 Active monitoring  Call premiums

Represents Blackstone’s views and beliefs unless otherwise indicated. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit will
achieve comparable results or that Blackstone Credit will be able to implement its investment strategy or achieve its investment objectives. The above protections do not guarantee profit or protect
against loss. Diversification does not ensure a profit or protect against losses. See Important Disclosure Information at the beginning of this presentation.

Blackstone Private Credit Fund (BCRED) Blackstone | 17

BCRED’S PERFORMANCE

Defensive returns and consistently high income

Class S Performance(1) Class S Distributions(2)

7.8% 9.3%
inception-to-date net return annualized distribution yield
(not guaranteed)

Distributions are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow from
operations, including the sale of assets, borrowings, return of capital, or offering proceeds. As of March 31, 2023, 100% of inception to date
distributions were funded from cash flows from operations. See “Important Disclosure Information” at the beginning of this presentation
and BCRED’s prospectus.
Note: Data is as of March 31, 2023, unless otherwise indicated. Past performance is not necessarily indicative of future results and there can be no assurance that BCRED 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.
(1) Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per
share. Returns greater than one year are annualized. Inception-to-date (ITD) total return for Class I: 8.7%. ITD total return for Class S (with upfront placement fee): 6.1%. ITD total return for Class D
(no/with upfront placement fee): 7.4%/6.5%. All returns shown are derived from unaudited financial information and are net of all BCRED expenses, including general and administrative
expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares
that have been outstanding for less than one year. Past performance is historical and not a guarantee of future results. Class D and Class S listed as (With Upfront Placement Fee or Brokerage
Commissions) reflect the returns after the maximum upfront placement fees. Class D and Class S listed as (No Upfront Placement Fee or Brokerage Commissions) exclude upfront placement fees.
Class I does not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BCRED’s portfolio, which are estimates of
fair value and form the basis for BCRED’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized
value and may not accurately reflect the price at which assets could be liquidated.
(2) Annualized Distribution Yield reflects April’s distribution annualized and divided by last reported NAV from March. Distributions are not guaranteed. Past performance is not necessarily indicative
of future results. Distributions have been and may in the future be funded through sources other than cash flow. See BCRED’s prospectus. Please visit the Shareholders page for notices regarding
distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other
than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although we generally expect to fund distributions from cash flow from
operations, we have not established limits on the amounts we may pay from such sources. As of March 31, 2023, 100% of inception to date distributions were funded from cash flows from operations.
A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its
shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary
waivers or expense reimbursements borne by Blackstone Credit BDC Advisors LLC (the “Adviser”) or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment
of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. Annualized Distribution Yield for other share classes are as follows: 10.2% for Class I
and 9.9% for Class D.
Blackstone Private Credit Fund (BCRED) Blackstone | 18
DEFENSIVE AND HIGH-QUALITY PORTFOLIO

Prepared for inflation and rising rates

97% 42% $200M 98%

senior secured average average issuer floating rate(4)
debt(1) loan-to-value(2) EBITDA(3) rate(4)

Note: Data as of March 31, 2023, unless otherwise noted. Some of the investments may be considered to have speculative characteristics. See Summary of Risk Factors or more information.
(1) Excludes BCRED’s equity investments in joint ventures which have similar underlying qualities.
(2) As of March 31, 2023. Includes all private debt investments for which fair value is determined by BCRED’s Board in conjunction with a third-party valuation firm and excludes quoted assets. 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 BCRED 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. See BCRED’s prospectus.
(3) As of March 31, 2023. Includes all private debt investments for which fair value is determined by BCRED’s Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts
are weighted on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently
verified by BCRED, and may reflect a normalized or adjusted amount. Accordingly, BCRED makes no representation or warranty in respect of this information. EBITDA is a non-GAAP financial
measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. Currency fluctuations may
have an adverse effect on the value, price or income and costs of the product which may increase or decrease as a result of changes in exchange rates.
(4) As a percentage of BCRED’s investment portfolio excluding equity investments in joint ventures, which have similar portfolio composition and underlying qualities.

Blackstone Private Credit Fund (BCRED) Blackstone | 19

POSITIONED FOR INFLATION

Thematic investment in ‘good neighborhoods’

Top 5 Industries (at FMV)(2)

Seeks to offer protection from
inflation by focusing on large, Software 26%
performing companies(1) in sectors
we believe exhibit:
Professional Services 13%
 High-growth trends
 Strong cash flow profiles
 Low capital expenditure
Health Care Providers & Services 12%
requirements

Insurance 5%

IT Services 5%

Note: All data as of March 31, 2023. Reflects Blackstone Credit’s views and beliefs. There is no assurance that any Blackstone fund or product will effectively hedge inflation.
(1) Some of the investments may be considered to have speculative characteristics. See Summary of Risk Factors for more information.
(2) Measured as the fair market value of investments for each category against the total fair market value of all investments. BCRED’s investment in Joint Ventures are excluded from the industry top 5.

Blackstone Private Credit Fund (BCRED) Blackstone | 20

DELIVERING MORE THAN JUST CAPITAL

BCRED offers value-added solutions

Traditional Lender Blackstone Credit as a Value-Add Lender

PROVIDES CAPITAL PROVIDES CAPITAL

+ ENHANCE REVENUE
$500M+ revenue generated through
Blackstone Portfolio connections

+ OPTIMIZE COSTS
≈$3B enterprise value created through
cost savings(1) across 75+ spending categories

+ EXPERT KNOWLEDGE & RESOURCES

109 internal resources in specialized areas
(e.g., data science, procurement, etc.)

BORROWER BORROWER

Note: All data as of March 31, 2023. For illustrative purposes only. Represents Blackstone's views and beliefs unless otherwise indicated. Past performance is not necessarily indicative of future results,
and there can be no assurance that such savings will be achieved in the future. See notes and important disclosures at the beginning of this presentation.
(1) Value creation represents ~$265 million of total annual cost reduction as of March 31, 2023, representing annualized estimated savings utilizing the Blackstone Value Creation program at the time
cost is benchmarked with portfolio companies. Savings improved portfolio company EBITDA and created value assuming a 12x average EBITDA multiple.

Blackstone Private Credit Fund (BCRED) Blackstone | 21

BLACKSTONE CREDIT IS DRIVING THE TREND OF $1B+ PRIVATE TRANSACTIONS

$1B+ private deals led by Blackstone Credit

30 ≈$2B ≈$5B ≈42%

deals led(1) which is weighted average weighted average weighted average
~50% of the $1B+ deals tranche size(2) enterprise value (2) loan-to-value(2)
closed

Increasing Trend of $1B+ Deals Being Done in Private Markets

60
deals totaling
≈$111B(3)

Blackstone
6 Credit
participated
deals totaling
≈$12B in 44 deals

Before 2021 Since 2021

Note: Reflects Blackstone Credit’s views and beliefs. Past performance is not necessarily indicative of future results. There can be no assurance that any Blackstone fund or investment will achieve
its objectives or avoid substantial losses.
(1) Includes committed deals as of April 25, 2023.
(2) Weighted average stats are weighted based on total deal size. Average 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 at close.
(3) Source: Direct Lending Deals as of February 9, 2023. Blackstone Credit as of April 25, 2023. Includes Blackstone Credit and the rest of the private market.

Blackstone Private Credit Fund (BCRED) Blackstone | 22

HIGHLIGHTS OF RECENT LARGE-SCALE FINANCINGS

Scale of Blackstone Credit

Transaction Overview

$1.8B
of a $2.15 billion first lien debt package(1)
Deal Highlights
 As an incumbent lender who knew the sponsor well,
Blackstone Credit provided a creative and flexible
solution with a scaled commitment for a private
recapitalization
 Sponsor recognized value in extending hold period of
Cambium to benefit from continuing growth and relied
on the pricing, execution and certainty of partnering
with Blackstone Credit
Key Terms
 Coupon: LIBOR+5.50%, LIBOR floor: 0.75%
 Deal Fee | OID: 1.00%
 Call Protection: Yes

Note: The above reflects Blackstone Credit’s views and beliefs. This case study is for illustrative purposes only, is not representative of all Blackstone Credit investments and does not constitute
investment advice or recommendation of past investments. The case study presented herein reflects an objective, non-performance based standard of showing the largest transactions financed by BCRED
as of July 2021 based on fair value. 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.
(1) Represents the aggregated investment of all participating Blackstone Credit vehicles, including BCRED. Split between $1.65 billion of the first lien term loan and the entire revolver ($150 million).

Blackstone Private Credit Fund (BCRED) Blackstone | 23

HIGHLIGHTS OF RECENT LARGE-SCALE FINANCINGS

Leveraging deep sponsor relationships

Transaction Overview

$1.7B
of a $3.3 billion financing package(1)
Deal Highlights
 Largest healthcare take-private transaction at the time of
investment(2)
 Experience partnering with several leading healthcare and
technology sponsors was an advantage
 Blackstone Credit was chosen as lead lender due to close
relationships, confidentiality, certainty and scaled
commitment
Key Terms
 Coupon: LIBOR+6.25%,(3) LIBOR floor: 0.75%
 Deal Fee | OID: 2.50%
 Call Protection: Yes
Note: The above reflects Blackstone Credit’s views and beliefs. This case study is for illustrative purposes only, is not representative of all Blackstone Credit investments and does not constitute
investment advice or recommendation of past investments. The case study presented herein reflects an objective, non-performance based standard of showing the largest healthcare take-private
transaction at the time of investment, calculated by fair value. 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.
(1) Represents the aggregated investment of all participating Blackstone Credit vehicles, including BCRED. Blackstone Credit commitment is split between $1.3 billion first lien term loan, $138 million
first lien delayed draw term loan, and $261 million paid-in-kind (“PIK”) loan.
(2) As of November 2021.
(3) In the first three years, the borrower elected a coupon at an all-in rate of LIBOR+6.25% comprised of LIBOR+3.50% cash coupon + 2.75% PIK coupon, stepping down to LIBOR+5.75% cash coupon in year
four.
Blackstone Private Credit Fund (BCRED) Blackstone | 24
HIGHLIGHTS OF RECENT LARGE-SCALE FINANCINGS

Power of incumbency
Transaction Overview

$490M
of a $940 million first lien debt package(1)

Deal Highlights
 The GI Alliance (“TGIA”) is the largest gastroenterology/
gastrointestinal (“GI”) physician practice management
company in the U.S.(2)
 As an incumbent lender, who knew the sponsor and the
business well, BXC was able to lead a large-scale private
recapitalization and provide certainty of execution

Key Terms
 Coupon: SOFR + 6.25%, SOFR floor: 1.00%
 Deal Fee | OID: 3.00%
 Call Protection: Yes
Note: The above reflects Blackstone Credit’s views and beliefs. This case study is for illustrative purposes only, is not representative of all Blackstone Credit investments and does not constitute
investment advice or recommendation of past investments. The case study presented herein reflects an objective, non-performance based standard of showing BCRED’s largest, publicly announced
Blackstone Credit deal in September 2022, by total deal size. 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.
1. Represents the aggregated investment of all participating Blackstone Credit vehicles, including BCRED. $940 million first lien debt package consists of $700 million of a first lien term loan and $150
million delayed draw term loan that Blackstone Credit participated in pro rata and a $90 million revolver held by a third party.
2. Source: Company materials as of September 30, 2022

Blackstone Private Credit Fund (BCRED) Blackstone | 25

DEDICATED BLACKSTONE CREDIT GLOBAL TEAM BEHIND BCRED

Senior Management The Power Behind BCRED

300
Dwight Scott
Global Head of Blackstone Credit

total investment professionals

BCRED Portfolio Managers across 17 global offices
Brad Marshall(1)
Chairman & Co-CEO, BCRED

24
Global Head of Private Credit Strategies, BXC

Michael Zawadzki
Global CIO, BXC years average industry
experience of Senior Managing Directors
Rob Zable
Global Head of Liquid Credit Strategies, BXC
Investment Committee of
Teddy Desloge(1,2)
Chief Financial Officer, BCRED 12 senior members of Blackstone Credit
with an average tenure of 16 years
BCRED Fund Officers(1,2)

Jonathan Bock Carlos Whitaker

Co-CEO President
Leveraging the insights of
Kate Rubenstein Stacy Wang 100 Blackstone Advisors(3)
Chief Operating Officer Head of Stakeholder Relations

Note: As of March 31, 2023 unless otherwise noted.

(1) Brad Marshall, Teddy Desloge, Kris Corbett, Matthew Alcide, Marisa Beeney, and Bill Renahan also serve as BCRED Fund Officers.
(2) Effective as of the close of business on May 10, 2023.
(3) Senior Advisors are not Blackstone employees. There can be no assurance that such professionals will be associated with the fund throughout the life of the fund. The level of
involvement and role of the advisors with each Blackstone portfolio company may vary, including having no involvement or role at all.
Blackstone Private Credit Fund (BCRED) Blackstone | 26
BCRED SUMMARY

Bringing Blackstone Credit to income-focused investors

Seeks Defensive Established Credit

Senior Secured Focus Beneficial structure
Risk-Adjusted Returns Platform

 Current income  First-lien focus  “Value-Add” capital  Monthly distributions

generation provider (not guaranteed) and
 Floating rate
 Quality portfolio(1) with  Experienced global team subscriptions
three investment
 Structural protections
 Deep and diverse sponsor  Quarterly liquidity(3)
grade ratings(2) and banking relationships  Form 1099–DIV tax
reporting

Distributions are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow from
operations, including the sale of assets, borrowings, return of capital or offering proceeds. As of March 31, 2023, 100% of inception to date
distributions were funded from cash flows from operations. See “Important Disclosure Information” at the beginning of this presentation and
BCRED’s prospectus.
Note: Unless otherwise noted, the above reflects Blackstone’s views and beliefs as of the date of this material. There can be no assurance that views and opinions expressed in this document will come
to pass.
(1) Some of the investments may be considered to have speculative characteristics. See Summary of Risk Factors for more information.
(2) As of December 31, 2022. BCRED has an investment grade credit rating of BBB / Positive outlook from DBRS Morningstar provided on November 7, 2022, and an investment grade credit rating of Baa3
/ stable from Moody’s, reiterated on November 4, 2022, and an investment grade credit rating of BBB- / stable from S&P reiterated on December 12, 2022. The underlying loans in BCRED are not
rated. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Blackstone provides compensation directly to DBRS /
Morningstar, Moody’s and S&P for its evaluation of BCRED. Credit ratings do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied
on as investment advice.
(3) Quarterly tender offers are expected but not guaranteed. See the Term Sheet on page 36, “Important Disclosure Information” at the beginning of this presentation, and BCRED’s prospectus.
Blackstone Private Credit Fund (BCRED) Blackstone | 27
Appendix

Blackstone Private Credit Fund (BCRED) Blackstone | 28

HISTORICAL PERFORMANCE – AS OF MARCH 31, 2023

Defensive return profile

ITD Net Return(1)

7.8% 7.4% 8.7%

Class S Class D Class I

Total Net Return(1)

1 Month 3 Month YTD 1 Year ITD
Class S (No Upfront Placement Fee) 0.5% 3.1% 3.1% 4.4% 7.8%
(2)
Class S (With Upfront Placement Fee) -3.0% -0.5% -0.5% 0.8% 6.1%

Class D (No Upfront Placement Fee) 0.6% 3.3% 3.3% 5.1% 7.4%
(2)
Class D (With Upfront Placement Fee) -0.9% 1.7% 1.7% 3.5% 6.5%

Class I 0.6% 3.3% 3.3% 5.3% 8.7%

Note: Data is as of March 31, 2023, unless otherwise indicated. Returns for periods greater than one year are annualized. 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.
(1) Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per
share. Returns greater than one year are annualized. All returns are derived from unaudited financial information and are net of all BCRED expenses, including general and administrative
expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares
that have been outstanding for less than one year. Past performance is historical and not a guarantee of future results. Class D and Class S listed as (With Upfront Placement Fee) reflect the
returns after the maximum upfront placement fees. Class D and Class S listed as (No Upfront Placement Fee) exclude upfront placement fees. Class I does not have upfront placement fees. The
returns have been prepared using unaudited data and valuations of the underlying investments in BCRED’s portfolios which are estimates of fair value and form the basis for BCRED’s NAV.
Valuations based on unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price
at which assets could be liquidated.
(2) Assumes the maximum amount of upfront placement fees that selling agents may charge (1.5% Class D and 3.5% for Class S).
Blackstone Private Credit Fund (BCRED) Blackstone | 29
HISTORICAL DISTRIBUTIONS – AS OF MARCH 31, 2023

Focused on generating consistent income

Annualized Distribution Yield(1)
9.3% 9.9% 10.2%
Class S Class D Class I
Historical Distribution Per Share
Class S Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2023 Regular $0.1926 $0.1924 $0.1924 $0.1925 $0.7699

Special — — — — —
2022 Regular $0.1556 $0.1556 $0.1557 $0.1557 $0.1558 $0.1561 $0.1564 $0.1563 $0.1562 $0.1726 $0.1726 $0.1926 $1.9412

Special — — — — — — — $0.0700 — — — — $0.0700

2021 Regular $0.1008 $0.1250 $0.1281 $0.1329 $0.1382 $0.1484 $0.1557 $0.1557 $0.1557 $0.1557 $0.1556 $0.1556 $1.7074
Special — — — — — $0.1233 — — — — — $0.0700 $0.1933
Class D Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2023 Regular $0.2049 $0.2048 $0.2048 $0.2048 $0.8193

Special — — — — —
2022 Regular $0.1686 $0.1686 $0.1686 $0.1686 $0.1686 $0.1687 $0.1688 $0.1688 $0.1688 $0.1849 $0.1849 $0.2049 $2.0928

Special — — — — — — — $0.0700 — — — — $0.0700

2021 Regular — — — — $0.1510 $0.1613 $0.1686 $0.1686 $0.1686 $0.1686 $0.1686 $0.1686 $1.3239
Special — — — — — $0.1233 — — — — — $0.0700 $0.1933
Class I Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2023 Regular $0.2100 $0.2100 $0.2100 $0.2100 $0.8400

Special — — — — —
2022 Regular $0.1740 $0.1740 $0.1740 $0.1740 $0.1740 $0.1740 $0.1740 $0.1740 $0.1740 $0.1900 $0.1900 $0.2100 $2.1560

Special — — — — — — — $0.0700 — — — — $0.0700

2021 Regular $0.1151 $0.1427 $0.1458 $0.1510 $0.1563 $0.1667 $0.1740 $0.1740 $0.1740 $0.1740 $0.1740 $0.1740 $1.9216
Special — — — — — $0.1233 — — — — — $0.0700 $0.1933
Distributions are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow. See BCRED’s prospectus. Please visit BCRED’s website for notices
regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources
other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from
operations, we have not established limits on the amounts we may pay from such sources.
(1) Annualized Distributed Yield reflects April’s distribution annualized and divided by last reported NAV from March. Distributions are not guaranteed. Past performance is not necessarily indicative of
future results. Distributions have been and may in the future be funded through sources other than cash flow. See BCRED’s prospectus. Please visit the Shareholders page for notices regarding
distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other
than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although we generally expect to fund distributions from cash flow from
operations, we have not established limits on the amounts we may pay from such sources. As of March 31, 2023, 100% of inception to date distributions were funded from cash flows from operations.
A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its
shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary
waivers or expense reimbursements borne by Blackstone Credit BDC Advisors LLC (the “Adviser”) or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment
of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
Blackstone Private Credit Fund (BCRED) Blackstone | 30
PORTFOLIO CHARACTERISTICS – AS OF MARCH 31, 2023

≈$47.9B 97% 98% 42%

investments at fair value senior secured debt(1) floating rate(2) average loan-to-value(3)

Asset Type (4) Top 10 Industries at FMV(4)

Portfolio with broad diversity across 516 positions(5)
Other
7% Software 26%
Second Lien
4%
Professional Services 13%

Health Care Providers & Services 12%

Insurance 5%

IT Services 5%

Commercial Services & Supplies 3%

First Lien Senior
Secured Health Care Technology 3%
89%
Air Freight & Logistics 3%

Diversified Consumer Services 3%

Transportation Infrastructure 3%

(1) Excludes BCRED’s equity investments in joint ventures which have similar underlying qualities.
(2) As a percentage of BCRED’s investment portfolio excluding equity investments in joint ventures, which have similar portfolio composition and underlying qualities.
(3) As of March 31, 2023. Includes all private debt investments for which fair value is determined by BCRED’s Board in conjunction with a third-party valuation firm and excludes quoted assets. 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 BCRED 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. See BCRED’s prospectus.
(4) Measured as the fair market value of investments for each category against the total fair market value of all investments. Totals may not sum due to rounding. BCRED’s investment in Joint Ventures
are excluded from the industry top 10.
(5) Diversification does not assure a profit or protect against a loss in a declining market.

Blackstone Private Credit Fund (BCRED) Blackstone | 31

BENEFITS OF RECEIVING INVESTMENT GRADE RATINGS

BCRED has received three investment grade ratings

from DBRS/Morningstar, Moody’s, and S&P
We believe this reflects positively on its financial, operational and investing strength.
The ratings may allow BCRED(1) to:
 Issue debt at a potentially more attractive pricing
 Lock in fixed rates that will not change even as interest rates rise
 Borrow capital without having to use assets as collateral
 Further grow and diversify(2) its sources of financing

3 $8.5B ≈4.2 yrs

investment grade ratings(3) unsecured bonds issued to average
maturity

10% 34% 6.3%

fixed rate debt unsecured debt weighted average
cost of debt(3)
Note: Data as of March 31, 2023, which is the latest available. Reflects Blackstone Credit’s views and beliefs. Past performance is not necessarily indicative of future results. There can be no
assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. BCRED has an investment grade credit rating of BBB / Positive outlook from DBRS Morningstar
provided on November 7, 2022, and an investment grade credit rating of Baa3 / stable from Moody’s, reiterated on November 4, 2022, and an investment grade credit rating of BBB- / stable from S&,P
reiterated on December 12, 2022. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Blackstone provides compensation
directly to DBRS / Morningstar, Moody’s and S&P for its evaluation of the Underlying Fund. Credit ratings do not address the suitability of securities or the suitability of securities for investment purposes,
and should not be relied on as investment advice.
(1) There can be no assurance that financing will be available and on any particular terms.
(2) Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market.
(3) Some of the investments may be considered to have speculative characteristics. See Summary of Risk Factors for more information.
(4) Weighted average cost of debt includes unused fees, deferred financing costs and the accretion of original issue discount. Amounts calculated based on annualize Q2 2022.
Blackstone Private Credit Fund (BCRED) Blackstone | 32
FEATURED PORTFOLIO POSITIONS

Mimecast is a cloud-native cybersecurity company that Unified Women’s Healthcare (“Unified”) is the largest Guidehouse is a leading provider of consulting services
specializes in delivering email security, email managed service organization (“MSO”) for OB-GYN to the public sector and commercial markets, with
continuity, and archiving services to mid-market, practices and women’s healthcare facilities in the management, technology, and risk consulting
enterprise, and SMB customers(1) U.S.(1) capabilities that help clients address mission critical
issues(1)
Key Terms Key Terms Key Terms
 Security Type: First lien senior secured  Security Type: First lien senior secured  Security Type: First lien senior secured
 Coupon: SOFR+5.25% (0.50% floor)  Coupon: LIBOR+6.25% (0.75% floor)
 Call Protection: Yes  Deal Fee | OID: 1.00%
 Call Protection: Yes

Inovalon is a leading provider of cloud-based Project Beacon is a provider of user-generated content

healthcare data and analytics software that has built / product rating and review (“R&R”) software for brand
the largest primary healthcare dataset in the world(1) and retailer customers(1)

Key Terms Key Terms

 Security Type: First lien senior secured  Security Type: First lien senior secured
 Coupon: LIBOR+6.25%(2) (0.75% floor)  Coupon: LIBOR+5.75%
 Deal Fee | OID: 2.50%  Call Protection: Yes
 Call Protection: Yes

Note: The above reflects Blackstone Credit’s views and beliefs. The ten case studies presented herein were selected as of June 30, 2022, and key terms of the positions are presented as of March 31,
2023. BCRED selects which case studies to present via an objective, non-performance based standard of showing BCRED’s largest privately negotiated position in each of its ten largest sectors (in each
case to the extent BCRED is authorized to disclose such privately negotiated positions), each calculated by fair value. These case studies are for illustrative purposes only, is not representative of all
Blackstone Credit investments and does 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. Please refer to the “Important Disclosure Information” section of this presentation for important information about performance results. 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.
(1) Source: Company materials, as of June 30, 2022.
(2) In the first three years, the borrower elected a coupon at an all-in rate of LIBOR+6.25% comprised of LIBOR+3.50% cash coupon + 2.75% PIK coupon, stepping down to LIBOR+5.75% cash coupon in year
four.
Blackstone Private Credit Fund (BCRED) Blackstone | 33
FEATURED PORTFOLIO POSITIONS

Davies Group (“Davies”) is an international provider of Cambium is a leading provider of digital supplemental Project Speed is a large highway concessionaire in
professional services and technology-enabled solutions education products and summative assessments to the Europe, controlling a network of >3,000 km of
to the insurance industry(1) K-12 education market, serving 75%+ of school highways that directly connect 8 out of the 10 busiest
districts across the U.S.(1) ports by freight(1)
Key Terms
 Security Type: First lien senior secured Key Terms Key Terms
 Coupon: SONIA+7.00%  Security Type: First lien senior secured  Security Type: Senior secured HoldCo loan
 Deal Fee | OID: 3.00%(2)  Coupon: LIBOR+5.50% (0.75% floor)  Coupon: EURIBOR+5.25%
 Call Protection: Yes  Deal Fee | OID: 1.00%  Deal Fee | OID: 2.50%
 Call Protection: Yes  Call Protection: Yes

Identity Digital (fka Donuts, Inc.) is an internet domain BARBRI is the leading software provider of education
name registry operator and service provider, providing, and training services to the legal profession, including
supporting, and selling Internet domain names. Identity providing market leading U.S. Bar exam prep
Digital also acts as a registry service provider, programs(1)
supporting a wide range of top-level domains owned by
other registry operators (most notably .org)(1) Key Terms
Key Terms (Initial Deal – 2020)  Security Type: First lien senior secured
 Security Type: First lien senior secured  Coupon: LIBOR+5.75% (0.75% floor)
 Coupon: LIBOR+6.00% (1.00% floor)  Deal Fee | OID: 2.00%
 Deal Fee | OID: 2.00%  Call Protection: Yes
 Call Protection: Yes
Key Terms (Repricing / Add-On – 2022)
 Security Type: First lien senior secured
 Coupon: SOFR+6.00%(3) (1.00% floor)
 Call Protection: Yes
Note: The above reflects Blackstone Credit’s views and beliefs. The ten case studies presented herein were selected as of June 30, 2022, and key terms of the positions are presented as of March 31,
2023. BCRED selects which case studies to present via an objective, non-performance based standard of showing BCRED’s largest privately negotiated position in each of its ten largest sectors (in each
case to the extent BCRED is authorized to disclose such privately negotiated positions), each calculated by fair value. These case studies are for illustrative purposes only, is not representative of all
Blackstone Credit investments and does 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. Please refer to the “Important Disclosure Information” section of this presentation for important information about performance results. 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.
(1) Source: Company materials, as of June 30, 2022.
(2) Consists of a USD and GBP tranche.
(3) 50 bps step-down at 7.0x net leverage and 25 bps step-downs at 6.0x and 5.0x.
Blackstone Private Credit Fund (BCRED) Blackstone | 34
BCRED TOP PORTFOLIO POSITIONS

Reference Rate Fair Value

Company Name(1) Sector Asset Type Maturity Date
and Spread (in thousands)

Cricana Group (Circana Group, L.P.)* Software First Lien SOFR + 6.25% 12/1/2028 $ 1,566,142

Guidehouse (Guidehouse, Inc.) Professional Services First Lien SOFR + 6.25% 10/16/2028 1,170,763

Mimecast Limited (2) Software First Lien SOFR + 5.75% 5/18/2029 1,073,522

Medallia / F1 (Medallia, Inc.) Software First Lien LIBOR + 6.50% 10/29/2028 986,156

Cambium Learning Group (Cambium Learning Group, Inc.) Diversified Consumer Services First Lien LIBOR + 5.50% 7/20/2028 955,992

Inovalon (Inovalon Holdings Inc.) IT Services First Lien LIBOR + 6.25% 11/24/2028 953,903

Zendesk (Zendesk, Inc.) Software First Lien SOFR + 7.00% 11/3/2028 898,636
Unified Women’s Healthcare
Health Care Providers & Services First Lien SOFR + 5.25% 6/18/2029 879,653
(Unified Women’s Healthcare, LLC)
Stamps (Stamps.com, Inc.) Software First Lien LIBOR + 5.75% 10/5/2028 830,803

Mantech (Mantech International Corp.) Professional Services First Lien SOFR + 5.75% 9/14/2029 765,713

Datto (Kaseya, Inc.) Software First Lien LIBOR + 5.75% 6/25/2029 724,967

West Monroe (West Monroe Partners LLC) Professional Services First Lien LIBOR + 5.25% 11/8/2028 709,873

Nintex (Nintex Topco Limited) Software First Lien LIBOR + 6.00% 11/13/2028 636,274

United Vet Care Holdings “UVC” (Snoopy Bidco, Inc.) Health Care Providers & Services First Lien LIBOR + 6.00% 6/1/2028 594,948

Prodege (Prodege International Holdings, LLC) Internet & Direct Marketing Retail First Lien LIBOR + 5.75% 12/15/2027 540,670

Anaplan (Anaplan, Inc.) Software First Lien SOFR + 6.50% 6/21/2029 531,679

Armstrong (The Access Group) (2) Software First Lien SONIA + 5.50% 6/28/2029 526,787

Smile Doctors (Smile Doctors, LLC) Health Care Providers & Services First Lien SOFR + 5.75% 12/23/2028 512,410

Identity Digital (Identity Digital, Inc.) Internet & Direct Marketing Retail First Lien SOFR + 6.00% 12/29/2027 505,075

Informa PLC (Caerus, Inc.) Health Care Technology First Lien SOFR + 5.50% 5/25/2029 483,194

Total Portfolio $47,905,800

Top 20 Positions as a % of Total Portfolio: 30%

Note: All figures presented are as of March 31, 2023, unless otherwise indicated. Includes only data for BCRED’s twenty (20) largest portfolio companies based on the fair market value of investments for
each portfolio company against the total fair market value of all investments, but excludes BCRED’s investments in Joint Ventures (including Joint Ventures that would otherwise be among the largest
investments). Totals may not sum due to rounding.
*Formerly known as The NPD Group.
(1) There can be no assurance that any investments will close on the terms of such commitments or at all.
(2) Investment is partially funded in GBP and par amounts reflect local currency for the tranche that is denominated in foreign currency.
Blackstone Private Credit Fund (BCRED) Blackstone | 35
BCRED TERM SHEET

Structure Non-traded business development company (BDC); perpetually offered

Investment Adviser Blackstone Credit BDC Advisors LLC, an affiliate of Blackstone
(1)
Maximum offering $36.5 billion
Primary Focus US senior secured private loans
Geographic US and, to a lesser extent, Europe and other non-U.S. locations

Management Fee  1.25% per annum on NAV

Incentive Fee  12.5% of net investment income (subject to 5% hurdle rate and catch-up) paid quarterly
 12.5% of realized gains net of realized and unrealized losses
(2)
Subscriptions Monthly at NAV
Monthly (Distributions payments are not guaranteed. There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at
(3) the discretion of our Board of Trustees. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets,
Distributions
borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on
the amounts we may pay from such sources)
Expected Liquidity(4)  Quarterly repurchases at NAV as of each quarter end
 Quarterly repurchases are limited to 5.0% of aggregate shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter
 Shares not held for one year will be repurchased at 98% of NAV
 The Board of Trustees may amend or suspend these share repurchases in its discretion if it deems such action to be in the best interest of shareholders
Tax Reporting Form 1099-DIV
Investor Eligibility(5) Either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,000. Certain states have additional suitability
standards. See the prospectus for more information

Share Class-Specific Fees

Class I Class D Class S

Availability Through fee-based (wrap) programs, registered investment advisers and other Through transactional / brokerage accounts
institutional and fiduciary accounts
(6)
Initial Investment $1,000k $2,500 $2,500
(7)
Upfront Placement Fee None Up to 1.5% Up to 3.5%

Distribution / Servicing Fee (per annum, payable monthly) None 0.25% 0.85%

Note: Terms are indicative and subject to change.

(1) This is the amount currently registered with the SEC. We may register additional shares in the future.
(2) Offered on an ongoing basis. Subscription orders for purchases will be accepted on the first day of each month. Subscription requests must be received at least five business days before the first day
of each month and NAV will be available generally 20 business days after the effective date of the purchase.
(3) There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of trustees. We have funded and may in the future
fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits
on the amounts we may pay from such sources.
(4) Quarterly tender offers are expected but not guaranteed. See “Important Disclosure Information” at the beginning of this presentation and BCRED’s prospectus.
(5) Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer BCRED at a higher minimum initial investment than $2,500.
(6) BSP may elect to accept smaller investments in its discretion.
(7) No upfront sales load will be paid with respect to Class S shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries, they
may directly charge you 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 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares.

Blackstone Private Credit Fund (BCRED) Blackstone | 36