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As of October 31, 2023 unless otherwise noted.

1 The Fund's investments are valued at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in policies adopted by the Investment Adviser and approved by the Fund's board of trustees. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date. Investments are valued based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Investment Adviser which in the aggregate comprise less than 5% of the capitalization of the Fund. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.

2 Floating rate investments typically provide adjustable coupons that increase when interest rates rise and provide floors when they decline.

3 Senior secured investments are typically secured by real assets, intangible assets, and enterprise value, and consist of 1st and 2nd lien positions which provide repayment priority in the event of default.

Portfolio positioning as of October 31, 2023

Private credit exposure

Private credit seniority

Top 10 sectors


BlackRock as of October 31, 2023. Subject to change.

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.

Top holdings

Investment Industry Seniority % of Portfolio (at fair value)
Bluefin Holding, LLC Software 1st Lien 1.7%
GC Champion Acquisition LLC (Numerix) Diversified Financial Services 1st Lien 1.7%
GI Consilio Parent, LLC Professional Services 1st Lien 1.6%
Trintech, Inc. Software 1st Lien 1.4%
Nephron Pharmaceuticals Corporation Pharmaceuticals 1st Lien 1.3%
e-Discovery AcquireCo, LLC (Reveal) Internet Software & Services 1st Lien 1.2%
Northstar Group Services, Inc. Construction & Engineering 1st Lien 1.2%
Allied Benefit Systems Intermediate, LLC Professional Services 1st Lien 1.2%
Geo Parent Corporation Construction & Engineering 1st Lien 1.0%
Maverick Bidco Inc. Software 1st Lien 1.0%

All figures presented are as of October 31, 2023 unless otherwise indicated. Includes only data for BDEBT's ten (10) largest portfolio companies as a percentage of the Fund's total assets. The information above is not a prediction of future performance or any assurance that comparable investment opportunities will be available at the time of investment. This information is non-representative of all underlying investments made by the Investment Team and it should not be assumed that Investment Team will invest in comparable investments, or that any future investments made by Investment Team will be successful. To the extent that these investments prove to be profitable, it should not be assumed that the Investment Team's other investments will be profitable or will be as profitable. Please note that the investment names shown may not be the name of the official investment vehicle(s) used to invest in the respective investments. Additional information about BDEBT's holdings can be found by viewing BDEBT's documents in the online archives of the website.