Free Writing Prospectus (Form FWP)

Filed Pursuant to Rule 433

Issuer Free Writing Prospectus dated December 11, 2025

Relating to Preliminary Prospectus Supplement dated December 11, 2025 and

Prospectus dated January 30, 2025

Registration No. 333-284601

Blackstone Private Credit Fund

$400,000,000 5.950% Notes due 2029

PRICING TERM SHEET

December 11, 2025

The following sets forth the final terms of the 5.950% Notes due 2029 (the "Notes") and should only be read together with the preliminary prospectus supplement, dated December 11, 2025 (the "Preliminary Prospectus Supplement") related to the Notes, and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement. All references to dollar amounts are references to U.S. dollars.

On May 29, 2024, Blackstone Private Credit Fund issued $500,000,000 in aggregate principal amount of its 5.950% Notes due 2029 (the "Existing Notes") pursuant to an indenture, dated as of September 15, 2021 (the "Base Indenture"), as supplemented by the Thirteenth Supplemental Indenture, dated as of May 29, 2024 (the "Thirteenth Supplemental Indenture" and, together with the Base Indenture, the "Indenture") between Blackstone Private Credit Fund and U.S. Bank National Association, as trustee. The securities offered hereby (the "New Notes") are being issued as "Additional Notes" under the Indenture. The Existing Notes and the New Notes are collectively referred to in this Pricing Term Sheet as the "Notes."

Note: *A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Note: **Blackstone Private Credit Fund expects that delivery of the Notes will be made to investors on or about December 16, 2025, which will be the third business day following the date hereof. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day before the delivery of the Notes will be required, by virtue of the fact that the Notes initially settle in T+3, to specify an alternative arrangement at the time of any such trade to prevent a failed settlement and should consult their own advisors.

Investors are advised to carefully consider the investment objectives, risks, charges and expenses of Blackstone Private Credit Fund before investing. The Preliminary Prospectus Supplement contains this and other information about Blackstone Private Credit Fund and should be read carefully before investing.

The Preliminary Prospectus Supplement and this pricing term sheet are not offers to sell any securities of Blackstone Private Credit Fund and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Blackstone Private Credit Fund or RBC Capital Markets, LLC will arrange to send you the Preliminary Prospectus Supplement if you request it from RBC Capital Markets, LLC toll-free at +1 (866) 375-6829.

Any disclaimers or notices that may appear on this term sheet below the text of this legend are not applicable to this term sheet and should be disregarded. Such disclaimers may have been electronically generated as a result of this term sheet having been sent via, or posted on, Bloomberg or another electronic mail system.