Not for distribution to Financial Advisors or Investors in the state of Ohio

Blackstone Private Credit

Fund (BCRED)
FEBRUARY 2022

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 Securities
Blackstone Private Partners
Credit Fund L.P., Dealer Manager / Member FINRA
(BCRED)
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 in the best interest of or 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. (together with its affiliates, “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 a criminal offense.

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 January 31, 2022, unless otherwise noted. The words “we”, “us”, and “our” refer to BCRED, unless the context requires otherwise.

Blackstone Private Credit Fund (BCRED) Blackstone | 1 of 26

IMPORTANT DISCLOSURE INFORMATION (CONT’D)

Forward-Looking Statement Disclosure

Certain information contained in this document constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,”
“will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words, or the negatives thereof. These may include our financial estimates and their
underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such
forward‐looking statements are inherently uncertain and there are or may 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 any such
updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which will be 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 BCRED’s prospectus and other filings.
Except as otherwise required by federal securities laws, we undertake 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.
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.
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.
BSP is 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.
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.

Blackstone Private Credit Fund (BCRED) Blackstone | 2 of 26

IMPORTANT DISCLOSURE INFORMATION (CONT’D)

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.

Certain countries have been susceptible to epidemics or pandemics, most recently COVID-19. The outbreak of such epidemics or pandemics, together with any resulting
restrictions on travel or quarantines imposed, has had and will likely continue to have a negative impact on the economy and business activity globally (including in the countries
in which BCRED invests), and thereby is expected to adversely affect the performance of BCRED’s investments. Furthermore, the rapid development of epidemics or pandemics
could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to BCRED
and the performance of its investments or operations.
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.
Index Definitions.
The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. 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.
S&P/LSTA 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 Barclays 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 Barclays 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 Barclays US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market.
Bloomberg Barclays US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. 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.

Blackstone Private Credit Fund (BCRED) Blackstone | 3 of 26

BLACKSTONE OVERVIEW

Blackstone is a preeminent global alternative asset

manager

Real Estate Private Equity

$279B $261B
36 yr  Opportunistic  Corporate Private Equity
investment  Core+  Secondaries
record  Debt  Tactical Opportunities
 Infrastructure
 Life Sciences
 Growth
$881B
assets under
management

Hedge Fund Solutions Credit & Insurance

50+ $81B $258B
investing  Portfolio Solutions  Private Debt
strategies  Direct Investing  Liquid Credit
 GP Participation  Systematic Strategies
 Insurance Solutions

Note: Assets under management (“AUM”) are estimated and unaudited as of December 31, 2021. 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 AUM is a combined figure that includes Blackstone Credit (“BXC”), Harvest Fund Advisors (“Harvest”), and Blackstone
Insurance Solutions (“BIS”) businesses.

Blackstone Private Credit Fund (BCRED) Blackstone | 4 of 26

BLACKSTONE CREDIT OVERVIEW

An expansive global corporate credit investment platform

AUM Across Strategies in Private and Public Markets
Global Scale
Private
Placement
>2,050 $14B Structured
Products
corporate issuers BX Credit is $19B
invested in across portfolios(1)

$185B
investor capital Liquid Credit
currently deployed Strategies

$243B
Senior Secured
(2)
$111B
Private Direct Lending

433 Credit $63B

employees
globally

23 Yrs Sustainable Resources

Mezzanine
average industry experience $8B
$15B
of BX Credit Senior Managing
Directors
Opportunistic /
Stressed
$12B
Note: All figures presented above are as of December 31, 2021, with the exception of employee count and tenure, which is as of January 1, 2022. Investor capital currently deployed consists of fee
earning AUM of $109B for Liquid Credit Strategies, $60B for Private Credit and other liquid funds (inclusive of leverage), and $16B for Structured Products. The AUM for Blackstone, Blackstone Credit or
any specific fund, account or investment strategy presented in this Presentation may differ from any comparable AUM disclosure in other non-public or public sources (including public regulatory filings)
due to, among other factors, methods of net asset value and capital commitment reporting, differences in categorizing certain funds and accounts within specific investment strategies and exclusion of
certain funds and accounts, or any part of net asset value or capital commitment thereof, from the related AUM calculations. Certain of these differences are in some cases required by applicable
regulation. All figures are subject to change. Past performance is not necessarily indicative of future results.
(1) Issuers across portfolios include all corporate issuers covered by both the Liquid Credit Strategies and Private Credit research teams across Private Credit Funds and Liquid Credit Funds, including,
but not limited to, broadly syndicated assets, middle market assets, high yield bonds, investment grade assets, and mezzanine transactions.
(2) Total may not sum due to rounding.
Blackstone Private Credit Fund (BCRED) Blackstone | 5 of 26
BLACKSTONE CREDIT’S LENDING PLATFORM

Differentiated Lender

Long-Standing Institutional Power of the Experienced Solution

Credit Platform Blackstone Platform Provider for Partners

 The Blackstone Credit(1) team  Blackstone Advantage can  Blackstone Credit’s size and
has been investing together deliver value beyond just scale can provide a competitive
since 2005 capital(3) advantage in sourcing and
 Currently invested in >2,050  Brand and platform drive investing in large, complex
issuers(2) deal flow opportunities

 Focuses on capital appreciation  Presence across regions,  Creative and flexible solutions
industries, and asset classes can drive returns
creates an information  Private credit can earn a
advantage(4) premium for execution
efficiency

Note: Unless otherwise sourced, the above reflects Blackstone’s views.

(1) GSO, which was established in 2005, was rebranded as Blackstone Credit in the Fall of 2020.
(2) Issuers across portfolios include all corporate issuers covered by both the Liquid Credit Strategies and Private Credit research teams across Private Credit Funds and Liquid Credit Funds, including,
but not limited to, broadly syndicated assets, middle market assets, high yield bonds, investment grade assets, and mezzanine transactions as of December 31, 2021.
(3) For more details on the benefits of the Blackstone Advantage, please see page 19.
(4) Blackstone operates offices across the Americas, Europe, and Asia.

Blackstone Private Credit Fund (BCRED) Blackstone | 6 of 26

BCRED OVERVIEW

Blackstone Private Credit Fund (“BCRED”)

Institutional-caliber private credit solution for income-focused investors.

Investment Strategy
BCRED expects to invest a majority of its portfolio in privately originated and privately negotiated
U.S. senior secured floating rate loans and other private debt investments to focus on:
 Current income generation and, to a lesser-extent, long-term capital appreciation
 Deal structures with senior positions and meaningful covenants

Structure & Terms(1)

Structure Non-traded business development company (BDC)

Distributions and subscriptions Monthly(2) (distribution payments are not guaranteed)

Expected Liquidity Quarterly(3)

Tax Reporting Form 1099-DIV

Investor eligibility Either net worth of >$250,000 or gross annual income of >$70,000 and net worth of >$70,000(4)

(1) Please see the Term Sheet on page 22 and refer to BCRED’s prospectus for more details on BCRED’s structure and terms.
(2) Distributions are not guaranteed and may be paid from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds. See “Important
Disclosure Information” at the beginning of this presentation and BCRED’s prospectus.
(3) Quarterly tender offers are expected but not guaranteed. See “Important Disclosure Information” at the beginning of this presentation and BCRED’s prospectus.
(4) Additional restrictions apply for investors in certain states and clients of certain financial intermediaries.

Blackstone Private Credit Fund (BCRED) Blackstone | 7 of 26

BCRED INVESTMENT UNIVERSE
Seeks to capitalize on opportunities across private credit
Strategically focused on direct lending with dynamic exposure to a range of private credit.
BCRED Illustrative Portfolio
Private Credit
 Predominantly direct
lending through first-lien
senior secured loans to U.S.
companies, including those
in the middle market
 Also includes second-lien,
unsecured, and mezzanine
debt; syndicated loans
for which we may be an
anchor investor; European
direct lending; and other
private investments
Blackstone Private Credit Fund (BCRED)
Why BCRED?
 Investment flexibility across
wide range of private credit
 High current income potential
given increased demand for
Opportunistic financing
Publicly traded
 Opportunities for enhanced
securities of large
corporate issuers
returns, covenants and access
to diligence versus public credit
 Potential for beneficial
structures with favorable
terms to target attractive
risk-adjusted returns
 Expansive sourcing and due
diligence supported by
Blackstone’s vast credit platform
Blackstone | 8 of 26
Why Private Credit

Blackstone Private Credit Fund (BCRED) Blackstone | 9 of 26

CURRENT OPPORTUNITIES

Attractive Lending Terms in the Current Environment

As market recovery begins, growing Attractive yields compared to

financing demand can lead to attractive 10-year Treasuries(2)
pricing and terms 9.5%
8.6%
 Flexibility to negotiate more equity
subordination
 Well-capitalized private equity sponsors with
dry powder(1) are looking for lenders to
partner with to deploy capital
1.8% 1.5%

4Q '19 3Q '21

10-Year U.S. Treasury Private Credit (CDLI)

(1) Source: Preqin, as of December 2020. Dry powder is a term for uncalled capital commitments.
(2) Source: Cliffwater Direct Lending Index and Federal Reserve of St. Louis, as of September 30, 2021. Yields shown for 10-Year Treasuries and Private Credit are annualized over one year.
Investments/Risks. “Private Credit” is represented by the Cliffwater Direct Lending Index. BCRED expects to invest primarily in loans to private U.S. 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. An investment in 10-Year U.S Treasuries has material differences from an investment in BCRED or the
investments that BCRED may make. BCRED's investments and Private Credit assets are expected to face risks different than those faced by 10-Year U.S. Treasuries, including (i) significantly less liquidity as
Private Credit assets generally do not have liquid markets, (ii) greater risk of default and related risk of loss of principal, (iii) being unrated or rated below investment grade and (iv) not being guaranteed
and are not backed by the U.S. government. BCRED may also invest in instruments not represented by Private Credit, 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. An investment in 10-Year U.S Treasuries is generally not subject to fees and expenses. Use of Leverage. Unlike 10-
Year U.S. Treasuries, BCRED will employ leverage, which will increase the volatility of BCRED’s investments and will magnify the potential for loss of amounts invested in BCRED.
For more information on the Cliffwater Direct Lending Index, please see the Index Definitions section at the front of this presentation. For a more detailed description of BCRED’s investment guidelines
and 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.
Unless otherwise sourced, the above reflects Blackstone’s views.
Blackstone Private Credit Fund (BCRED) Blackstone | 10 of 26
HIGHER INCOME THAN OTHER FIXED INCOME SECTORS

Private Credit Senior Loans High Yield

Floating Rate

Call Protection

Covenants

Senior Secured

Bank / Syndicate Sourcing

Annualized Yield Average Realized Loss Average Loss Rates

12-Month 2006-2020 2006-2020
8.6%

4.2% 3.9%

-1.3% -1.1%

-1.7%
Private Credit Senior Loans High Yield Private Credit (CDLI)
Senior Loans High Yield
(CDLI)
Source: Morningstar, Cliffwater Direct Lending Index, Average realized loss is the historical average of the Average loss rate is calculated by taking the default
S&P/LSTA Leveraged Loan Index. As of September 30, realized gains/losses for the Cliffwater Direct Lending rate * (1 - recovery rate). Source: JPM Default Monitor.
2021. Index. Source: Cliffwater. As of December 31, 2020. As of December 31, 2020.

Indices. “Private Credit” is represented by the Cliffwater Direct Lending Index. “Senior Loans” is represented by the S&P/LSTA Leveraged Loan Index. “High Yield” is represented by the Bloomberg Barclays
High Yield 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 U.S. 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-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 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 will employ leverage, which will increase the volatility of
BCRED’s investments and will magnify the potential for loss of amounts invested in BCRED.
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 investment guidelines and 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 of 26
GROWTH OF PRIVATE CREDIT

Private credit is becoming a secular trend

With bank lending retreating, private credit has stepped in to meet continued financing demands.

Bank Lending Has Retreated Since 2005 Growing Borrower Interest

Bank Participation in U.S. Loans(1)

25%
Blackstone Credit believes that private
lenders can negotiate more attractive
terms as borrowers become more
13% interested in private financing by offering
borrowers:

 Faster execution and higher certainty

to close compared to public markets

2005 2020  Ability to partner with sophisticated

lenders and have structuring flexibility
Private Credit Addressing Financing Needs
Private Credit as a percentage of the Credit Markets(2)  Private assets with few public
disclosure requirements
22%
 Terms are less likely to change due to
market conditions once terms are set

 More efficient process with less

7% management distraction

2005 2020

(1) Source: S&P Global Market Intelligence as of December 31, 2020.

(2) Source: Preqin, Credit Suisse as of December 31, 2020. Total credit market defined as the aggregate of the high yield bond, senior loan, and private credit markets. Senior loans refers to broadly
syndicated loans.

Blackstone Private Credit Fund (BCRED) Blackstone | 12 of 26

LENDING ALONGSIDE PRIVATE EQUITY (PE) SPONSORS

Private Equity (PE) Buyout Dry Powder(1) Illustrative Capital Structure

Demand for private capital continues to grow as PE dry powder First-lien senior secured debt is senior in the capital structure,
increases meaning it will be repaid first.
PE Dry Powder ($B)
$525 $530
$482

$412
First-Lien Senior
$368
Secured Debt

Priority
$287 $302
$234
$258 $265 $268
$242
$219
$199
$228
$247
50%
loan-to-value
$145
Equity

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Lending to Sponsor-Backed Companies

Record Amounts of Dry Powder(2) Returning Capital
 Ability to inject capital when needed  Sponsors return capital to shareholders and typically aim
 Deployment subject to deal pipeline and market conditions to sell in 3-6 years
 When sponsors exit, lenders are generally repaid or, in some
Operating Levers instances, may renew the loan and remain a lender
 Unlike passive owners, active equity owners and lenders tend
to take action to implement growth strategy
 Extensive diligence is necessary in partnering with the right PE sponsor

Note: Unless otherwise noted, the above reflects Blackstone’s views and beliefs.
(1) Source: Preqin, January 2022. For illustrative purposes only. Represents dry powder for Private Equity Buyouts in North America. Dry powder is a term for uncalled capital commitments.
(2) Source: Preqin Quarterly Update 2Q 2021.

Blackstone Private Credit Fund (BCRED) Blackstone | 13 of 26

Why BCRED

Blackstone Private Credit Fund (BCRED) Blackstone | 14 of 26

PORTFOLIO PERFORMANCE – AS OF JANUARY 31, 2022

Investing for income

Total Net Return(1)

1-Month 3-Month 1-Year ITD

Class S (No Upfront Placement Fee) 0.6% 2.1% 10.8% 11.5%

(2)
Class S (With Upfront Placement Fee) -2.9% -1.5% 6.9% 8.4%

Class D (No Upfront Placement Fee) 0.7% 2.2% -- 8.1%

(2)
Class D (With Upfront Placement Fee) -0.8% 0.7% -- 6.5%

Class I 0.7% 2.3% 11.7% 12.4%

Distribution Summary
Annualized Distribution Yield(3) 2021 Distribution Yield(4)
Class S 7.2% 7.6%
Class D 7.8% 5.9%
Class I 8.1% 8.5%
Data is as of January 31, 2022, 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. As Class D Common Shares were initially issued on May 1, 2021, Class D returns are not yet annualized. 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) Assumes the maximum amount of upfront placement fees that selling agents may charge (1.5% Class D and 3.5% for Class S).
(3) Annualized Distribution Yield reflects the current month’s distribution annualized and divided by the prior month’s last reported NAV. Does not represent return of capital for the current period.
Distributions are not guaranteed. Past performance is not necessarily indicative of future results. Distributions may 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.
(4) The 2021 distribution yield is calculated as total distributions declared in 2021, including amounts paid from short-term capital gains and other sources, divided by NAV at the beginning of the period
($25.00 for Class I and Class S shares and $25.59 for Class D shares). Although no amount of the Fund's distributions during the year ended December 31, 2021 represented a return of capital, the Fund's
distributions may be characterized as such in the future. There is no assurance that distributions will continue to be paid at these levels or at all.
Blackstone Private Credit Fund (BCRED) Blackstone | 15 of 26
PORTFOLIO CHARACTERISTICS – AS OF JANUARY 31, 2022

~$32.6B 99% 95% 43%

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

Asset Type (3) Sector (3)

Software 17.7%

First Lien Professional Services 14.4%

89%
Health Care Providers & Services 11.2%

IT Services 5.6%

Commercial Services & Supplies 5.5%

Insurance 5.1%

Diversified Consumer Services 4.2%

Second Air Freight & Logistics 2.8%

Lien
6% Unsecured Debt
0.1% Transportation Infrastructure 2.7%

Equity Structured Finance Investments

1% Building Products 2.5%
2% Investment in Joint Venture
2%

(1) As a percentage of debt investments in BCRED’s portfolio.

(2) As of December 31, 2021. Includes all private debt investments for which fair value is determined by BCRED’s Board of Directors 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) 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.
Blackstone Private Credit Fund (BCRED) Blackstone | 16 of 26
BCRED TOP PORTFOLIO POSITIONS

Reference Rate Fair Value

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

Guidehouse (Guidehouse, Inc.) Professional Services First Lien LIBOR + 5.50% 10/16/2028 $ 1,198,715

Cambium Learning Group (Cambium Learning Group, Inc.) Diversified Consumer Services First Lien L + 5.50% 7/20/2028 968,124

Inovalon (Inovalon Holdings Inc) IT Services First Lien L + 5.75% 11/24/2028 907,254

Stamps (Stamps.com, Inc.) Software First Lien L + 5.75% 10/5/2028 843,498

BCRED Emerald JV Investment in Joint Venture Investment in Joint Venture N/A N/A 734,713

West Monroe (West Monroe Partners LLC) Professional Services First Lien L + 5.50% 11/8/2028 720,721

The NPD Group (The NPD Group L.P.) Software First Lien L + 6.00% 12/1/2028 677,922

Medallia/F1 (Medallia, Inc.) Software First Lien L + 6.75% 10/29/2028 663,527

Nintex (Nintex Topco Limited) Software First Lien L + 5.75% 11/13/2028 641,925

Insight Global (IG Investments Holdings, LLC) Professional Services First Lien L + 6.00% 9/22/2028 593,795

Prodege (Prodege International Holdings, LLC) Internet & Direct Marketing Retail First Lien L + 5.75% 12/15/2027 509,551

BioAgilytix (CCBlue Bidco, Inc.) Health Care Providers & Services First Lien L + 6.25% 12/21/2028 456,022

Smile Doctors (Smile Doctors,LLC) Health Care Providers & Services First Lien L + 5.75% 12/23/2028 388,547

United Vet Care Holdings "UVC" (Snoopy Bidco, Inc.) Health Care Providers & Services First Lien L + 6.00% 6/1/2028 388,125

Newport Academy (Navigator Acquiror, Inc.) Health Care Providers & Services First Lien L + 5.75% 7/16/2027 376,107

Bazaarvoice (Bazaarvoice, Inc.) Commercial Services & Supplies First Lien L + 5.75% 5/7/2028 371,236

Trinity Life Sciences (Trinity Partners Holdings, LLC) Professional Services First Lien L + 5.75% 12/21/2028 359,517

Radwell International (Radwell International, LLC) Electrical Equipment First Lien L + 5.25% 7/13/2027 346,781
(2)
Davies (Tennessee Bidco Limited) Insurance First Lien L + 7.00% 8/3/2028 297,850

JSSI (JSS Holdings, Inc.) Commercial Services & Supplies First Lien L + 6.25% 12/17/2027 287,855

Total Portfolio $32,642,061

Top 20 Positions as a % of Total Portfolio: 36%

Note: All figures presented above are as of January 31, 2022 unless otherwise indicated. Includes only data for twenty (20) of BCRED’s largest portfolio positions based on fair value. Includes privately
originated and privately negotiated investments. See “Summary of Risk Factors” and “Important Disclosure Information.”
(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 | 17 of 26
PREMIER PLATFORM: SCALE ADVANTAGE

Company Investment Date Industry

Security Weighted Average
Type(3)
Characteristics(4)
Diversified Consumer
Jul ’21 First Lien
Services
Sept ’21 Professional Services First Lien
~$2B
(1) Tranche Size
Oct’21 Software First Lien

Oct ’21 Professional Services First Lien

Oct ‘21 Software First Lien

~$5B
Nov ’21 Professional Services First Lien Enterprise Value

Nov ’21 IT Services First Lien

Nov ’21 Software First Lien

Dec ’21 Software First Lien

<40%
Loan-to-Value(5)
Dec ’21(2) Software First Lien

Dec ‘21 Healthcare Providers First Lien

As of December 31, 2021. Certain transactions included are pending transactions and there can be no assurances that such transactions will close. These case studies are for illustrative purposes only, are
not representative of all Blackstone Credit investments and do not constitute investment advice or recommendation of past investments. Past performance is not necessarily indicative of future results
and there can be no assurance that the fund will achieve results comparable to those of any of Blackstone Credit’s prior funds or be able to implement its strategy or achieve its investment objectives,
including due to an inability to access sufficient investment opportunities. 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) Formerly known as Stamps.com.
2) Represents date at commitment. Closing is expected in March 2022.
3) Represents primary security in Blackstone Credit’s committed facility.
4) Weighted average stats are weighted based on total deal size.
5) 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.
Blackstone Private Credit Fund (BCRED) Blackstone | 18 of 26
BLACKSTONE CREDIT ADVANTAGE: A COMPETITIVE ADVANTAGE

Benefits of the largest alternatives platform(1)

 Operational support available to BCRED portfolio companies
 Services usually reserved for PE control investments at other firms
 Major advantage that sets us apart from the competition

Blackstone Network
Leverage Expert
Enhance Revenue Optimize Costs
Knowledge

$300M+ $183M 71
revenue generated through the total annual estimated savings(2) internal Blackstone resources
Blackstone Advantage Portfolio across portfolio companies on available to portfolio companies
Connections encompassing Blackstone Credit’s GPO initiatives, with expertise in areas such as
 300+ Companies resulting in $2B+ total estimated  Cybersecurity
value created, spanning 75+ spend
 ~500k Employees categories including  ESG
 >1.0B Sq Ft of Real Estate  IT Software/Hardware/Services  Healthcare Benefits
 Insurance  Data Science
 Freight
Note: All data as of December 31, 2021. 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 back of this presentation.
(1) Source: Preqin, as of May 2021.
(2) Represents annualized savings utilizing our program at the time cost is benchmarked with portfolio companies.
Blackstone Private Credit Fund (BCRED) Blackstone | 19 of 26
BCRED SUMMARY

Bringing Blackstone Credit's expertise to income-focused

investors

Senior Secured Focus Seeking Attractive Risk-Adjusted

Returns
 First-lien focus
 Floating rate  Current income generation
 Structural protections  Strong credit expertise
 Financial covenants  Comprehensive due diligence

Unique Origination Platform Beneficial Structure

 “Value-Add” capital provider  Monthly distributions (distribution payments are
 Experienced and well-capitalized global team not guaranteed)(1)

 Deep and diverse sponsor and  Lower fee structure than most competitors(2)
banking relationships  Continuously offered
 Access to opportunistic syndicated  Monthly subscriptions; quarterly liquidity(3)
debt investments  Form 1099–DIV tax reporting
Note: Unless otherwise noted, the above reflects Blackstone’s views and beliefs.
(1) Distributions are not guaranteed and may be paid from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds. See “Important
Disclosure Information” at the beginning of this presentation and BCRED’s prospectus.
(2) Amongst publicly offered non-traded business development companies (BDCs) pursuing private credit strategies. As of December 31, 2021.
(3) Quarterly tender offers are expected but not guaranteed. See the Term Sheet on page 22, “Important Disclosure Information” at the beginning of this presentation, and BCRED’s prospectus.

Blackstone Private Credit Fund (BCRED) Blackstone | 20 of 26

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 $12.5 billion
Primary Focus U.S. senior secured private loans
Geographic U.S. 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
(3)
Distributions Monthly (distribution payments are not guaranteed)
(4)
Expected Liquidity  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
Through fee-based (wrap) programs, registered investment Through transactional /
Availability
advisers and other institutional and fiduciary accounts brokerage 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. We may register additional shares in the future.
(2) Offered on an ongoing basis, but after escrow break, 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 may 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) The Dealer Manager 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 | 21 of 26
Appendix

Blackstone Private Credit Fund (BCRED) Blackstone | 22 of 26

FEATURED PORTFOLIO POSITIONS

Auctane (formerly known as Stamps.com) provides
internet and software-based mailing, shipping, and
postage solutions for small home office, SMB, and
enterprise customers(1)
Guidehouse is a leading provider of consulting services
to the public sector and commercial markets, with
management, technology, and risk consulting
capabilities that help clients address mission critical
issues(1)
Key Terms
 Deal Size: $2.65 billion First Lien Term Loan
 Coupon: LIBOR+5.50%, LIBOR floor: 0.75%
 Deal Fee | OID: 1.00%
 Call Protection: Yes
BioAgilytix is a bioanalytical lab that designs tests and
runs samples for biotech and pharma clients to
measure the efficacy, safety, and mechanism of
action of drugs(1)
Key Terms
 Deal Size: $985million First Lien Credit Facility
 Call Protection: Yes

Inovalon is a leading provider of cloud-based Bazaarvoice (“BV”) is a provider of user-generated

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

Key Terms
Key Terms  Deal Size: $700 million First Lien Term Loan
 Deal Size: $2.6 billion First Lien Term Loan  Coupon: LIBOR+5.75%
 Coupon: LIBOR+5.75%(2), LIBOR floor: 0.75%  Call Protection: Yes
 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. 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 December 31, 2021.
(2) In the first three years, the borrower must affirmatively elect a paid-in-kind (“PIK”) coupon at an all-in rate of L+6.25% comprised of L+3.50% cash coupon + 2.75% PIK coupon, stepping down to
L+5.75% cash coupon in year four. Absent a PIK election, the borrower will pay a L+5.75% coupon in cash.

Blackstone Private Credit Fund (BCRED) Blackstone | 23 of 26

 FEATURED PORTFOLIO POSITIONS

Davies Group (“Davies”) is an international provider of Cambium is a leading provider of digital supplemental Alliance Ground is one of the largest U.S. based
professional services and technology-enabled solutions education products and summative assessments to the outsourced providers of air cargo, ramp handling and
to the insurance industry(1) K-12 education market, serving 75%+ of school USPS priority mail handling services focused on air
districts across the U.S.(1) cargo customers. The company also offers security and
Key Terms cargo screening services(1)
 Deal Size: £822 million First Lien Term Loan Key Terms
Key Terms
 Coupon: SONIA +7.00%  Deal Size: $2.0 billion First Lien Term Loan
 Deal Fee | OID: 3.00%(2)  Coupon: LIBOR+5.50%, LIBOR floor: 0.75%  Security: First Lien Term Loan
 Call Protection: Yes  Deal Fee | OID: 1.00%  Coupon: LIBOR+5.50%, LIBOR floor: 0.75%
 Call Protection: Yes  Deal Fee | OID: 2.00%(3)
 Call Protection: Yes

SelectQuote is a direct-to-consumer (“DTC”) SAM is the largest independent provider of geospatial

distribution platform which facilitates consumers to and mapping solutions in the U.S. with industry leading
shop for health, life and auto & home insurance tech-enabled capabilities; it offers a comprehensive
policies online(1) suite of geospatial services, enabling it to execute
projects of varying complexity and scale across utility,
Key Terms (Initial Deal – 2019) transportation and other end markets(1)
 Coupon: LIBOR+6.00%, LIBOR floor: 1.00%
 Deal Fee | OID: 3.50% Key Terms (Initial Deal – 2019)
 Call Protection: Yes  Deal Size: $190 million First Lien Term Loan
Key Terms (Repricing / Add-On – 2021)  Coupon: LIBOR+5.50%, LIBOR floor: 1.00%
 Coupon: LIBOR+5.00%, LIBOR floor: 0.75%  Deal Fee | OID: 2.00%
 Deal Fee | OID: 0.75%  Call Protection: Yes
 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. 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 December 31, 2021.
(2) Consists of a USD and GBP tranche.
(3) Fee/OID for the delayed draw term loan is paid at draw. DDTL ticking fee of 0.50% in year 1 and 1.00% year 2.
Blackstone Private Credit Fund (BCRED) Blackstone | 24 of 26
BDC STRUCTURE

BDCs can be public pass-through structures providing

access to private U.S. companies, including those in the
middle market
BDCs may elect to be treated as a Regulated Investment Company (RIC) for tax purposes, under the U.S.
Internal Revenue Code

 70%+ of total assets must be invested in “qualifying assets,” which are

Investing generally private U.S. companies or public companies with <$250 million
in market capitalization

 BDCs treated as RICs must distribute at least 90% of their income annually
Distributions

 Regular valuations with detailed public quarterly reporting

Transparency

 BDCs treated as RICs are not subject to corporate entity level taxation,
Tax which incentivizes lending by allowing for the pass-through of income

Any discussion of tax matters set forth herein was written in connection with the promotion or marketing of the transactions or matters addressed herein and was not intended or written to be used, and
cannot be used, for the purpose of avoiding tax-related penalties under federal, state or local tax law. You should seek advice based on your particular circumstances from an independent tax advisor.

Blackstone Private Credit Fund (BCRED) Blackstone | 25 of 26

DEDICATED BLACKSTONE CREDIT GLOBAL INVESTMENT TEAM

Senior Management Blackstone Credit Investment Strategies

209
Dwight Scott
Global Head of Blackstone Credit
Senior Managing Director
total investment professionals

Portfolio Managers 28 46
senior managing directors managing directors
Brad Marshall (SMD) (MD)(1)
CEO and Portfolio Manager of BCRED, Senior Managing Director
49 37
Steve Kuppenheimer principals vice presidents
CFO and Portfolio Manager of BCRED, Senior Managing Director
39 10
Rob Zable associates(2) analysts
Portfolio Manager of BCRED, Senior Managing Director

Michael Zawadzki average tenure at Blackstone

Portfolio Manager of BCRED, Senior Managing Director 11 Years Credit of SMDs

Portfolio Management Team average industry experience

23 Years of SMDs
24 professionals, including 5 managing directors, 1
principal, 10 vice presidents and 8 associates/analysts

Note: As of January 1, 2022.

(1) Includes 1 Operating Partner.
(2) Includes 1 Senior Associate.

Blackstone Private Credit Fund (BCRED) Blackstone | 26 of 26