On November 27, 2023, Blackstone Private Credit Fund and U.S. Bank Trust Company, National Association entered into an Eleventh Supplemental Indenture related to the $500,000,000 in aggregate principal amount of its 7.300% notes due 2028, which supplements that certain Base Indenture, dated as of September 15, 2021 (as may be further amended, supplemented or otherwise modified from time to time, the ? Base Indenture?). The Notes will mature on November 27, 2028 and may be redeemed in whole or in part at the Fund?s option at any time or from time to time at the redemption prices set forth in the Indenture.

The Notes bear interest at a rate of 7.300% per year payable semi-annually on May 27 and November 27 of each year, commencing on May 27, 2024. The Notes are general unsecured obligations of the Fund that rank senior in right of payment to all of the Fund?s existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Fund, rank effectively junior to any of the Fund?s secured indebtedness (including unsecured indebtedness that the Fund later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Fund?s subsidiaries, financing vehicles or similar facilities. The Notes were offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act (the Notes Offering).