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Direct lending at center stage

Direct lending is a form of private credit when a non-bank lender makes a privately negotiated loan to a small or medium-sized business. Unlike traditional bank loan financing, direct lenders work closely with management teams of those businesses and may offer operational assistance. The opportunity in this space continues to garner attention as banks have retreated from lending, and borrowers increasingly seek out the benefits of direct lending.

Private credit may offer potential structural protections

Direct lending offers potential investor protections through privately negotiated terms, covenants and pricing. BDEBT focuses on senior-secured loans, which sit at the top of the capital structure, and are first to be repaid in the event of default.

Repayment Priority

First-lien
senior-secured debt

Subordinated debt

Equity

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Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. This and other information about the Fund can be found in the Fund’s current prospectus (the “Prospectus”). The Prospectus should be read carefully before investing. Copies of the Fund's prospectus may be obtained on the SEC EDGAR website.

BlackRock is not making any recommendation or soliciting any action based upon the information contained herein. This information is furnished to you with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment in any jurisdiction; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of BlackRocks's view as to whether a particular credit investment is appropriate for you and meets your financial objectives.

Investing involves risks, including possible loss of principal.

An investment in the Fund involves a high degree of risk and should be considered speculative. You could lose some or all of your investment.

There can be no assurance that the Fund’s investment objective will be achieved or that the Fund’s investment program will be successful.

The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. To the extent that international investing takes place, international investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.

The Fund does not intend to list its shares on any securities exchange, and the Fund does not expect any secondary market to develop for the shares.

The Fund is designed for long-term investors and an investment in the shares should be considered illiquid. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund.

Under normal circumstances, the Fund will 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 by private companies). See “Risk Factors — Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment — Private Investments Risk”, and “Risk Factors — As required by the 1940 Act, a significant portion of our 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 our portfolio investments” and “ Determination of Net Asset Value” in the prospectus.

We have limited prior operating history and there is no assurance that we will achieve our investment objective.

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 intend to implement 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.

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, without limitation, the sale of assets, borrowings, return of capital or offering proceeds subject to certain limitations imposed under the Omnibus Guidelines, as adopted by the NASAA, and we have no 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 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 qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.

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.

An investor may pay a sales load of up to 3.50% and offering expenses of up to 1.50% on the amounts it invests in Class S shares. If you pay the maximum 3.50% sales load and offering expenses of 1.50%, you must experience a total return on your net investment of 5.26% in order to recover these expenses.

An investor may pay a sales load of up to 1.50% and offering expenses of up to 1.50% on the amounts it invests in Class D shares. If you pay the maximum 1.50% sales load and offering expenses of 1.50%, you must experience a total return on your net investment of 3.09% in order to recover these expenses.

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. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or conduct standards including the ‘Regulation Best Interest’ standard to any or all purchasers.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Distributed by BlackRock Capital Investment Advisors, LLC, member FINRA.

© 2023 BlackRock, Inc. All Rights Reserved. BLACKROCK, iSHARES and ALADDIN are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.

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As of October 31, 2023. Past performance is not necessarily indicative of future results. Total Net Return is calculated as the change in NAV per share during the period, plus dividends and 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 shown are derived from unaudited financial information and are net of all BDEBT 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. Institutional shares do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BDEBT’s portfolio, which are estimates of fair value and form the basis for BDEBT’s NAV.

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