BlackRock Private Credit Fund

^* Source: BlackRock as of September 2024

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than the original cost. All returns show reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance quoted. For complete accounting as of the most recent quarter-end please refer to the 10-Q on the "Resources and Contacts" tab.

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 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. Class Institutional does 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. 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.

¹⁴BlackRock as of October 31, 2024. Subject to change.

Measured as the fair value of investments for each category against the tool fair value of all investments. Totals may not sum due to rounding.

¹⁵ The Fund may invest up to 100% of its assets in securities acquired directly from issuers in privately negotiated transactions subject to an initial ramp up period.

¹⁶ The Fund expects to pay regular monthly distributions, which are expected to commence in the third quarter of 2022. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. Distribution payments are not guaranteed, and BlackRock Private Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements, and has no limits on such amounts it may pay from such sources.

Distribution payments are not guaranteed, and BlackRock Private Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements, and has no limits on such amounts it may pay from such sources.

¹⁷ The Fund commenced operations on 06/01/22. It is expected that, beginning in the second quarter of 2023, the Fund will offer to repurchase Shares (through written tender offers) on a quarterly basis of up to 5% of the shares outstanding, subject to a portfolio liquidity threshold and at the discretion of the Board. However, there can be no assurance that the Fund will repurchase shares on a quarterly basis or at all. Further, if the Fund repurchases shares, there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular quarter. Shares of the Fund are still considered illiquid and appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.

Shares of the Fund are still considered illiquid and appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.