BCRED Cuts July Distribution to $0.18, Second Reduction in Nine Months as NAV Slides

Blackstone Private Credit Fund has cut its monthly gross distribution for July 2026 to $0.18 per share – a 10% reduction from the $0.20 monthly rate the nontraded business development company has maintained since October 2025 and an 18% decline from the $0.22 per share the fund paid through the first three quarters of 2025.

The reduction is the second distribution cut in nine months. BCRED lowered its monthly gross distribution from $0.22 to $0.20 in October 2025, a move that coincided with the beginning of a net asset value decline that has continued through the current period. The fund’s NAV per share stood at $23.94 as of May 31, 2026, down from $24.19 at March 31 and $24.79 at year-end 2025 – a 3.4% decline since January.

BCRED prorated its Q2 2026 redemption requests at the 5% quarterly cap after investors submitted redemptions totaling approximately 10% of shares outstanding, twice the cap – a step up from the 7.9% the fund met in full in the first quarter by upsizing its repurchase offer and deploying approximately $400 million of Blackstone and employee capital. Per recent AltsWire reporting, chief operating officer Katherine Rubenstein departed on June 19.

Aggregate NAV as of May 31 stood at approximately $45.3 billion, roughly flat from the approximately $45 billion reported at March 31, while the fair value of its investment portfolio declined to $78.7 billion from $80.5 billion over the same two months. The aggregate NAV holding roughly flat even as per-share NAV declined indicates new subscriptions during the period partially offset both the per-share erosion and outflows from Q2 redemptions. Total debt outstanding at principal stood at approximately $36.2 billion, with an average debt-to-equity leverage ratio during May of approximately 0.80x, up from 0.76x in March.

The June 2026 distribution of $0.20 per share remains unchanged and is payable to shareholders of record as of the open of business on June 30. The July distribution of $0.18 per share is payable to shareholders of record as of the open of business on July 31 and will be paid on or about Aug. 27.

Blackstone Private Credit Fund is sponsored by Blackstone Inc. (NYSE: BX). The fund reported a flat total return of 0% for Class I shares in the first quarter of 2026, which it attributed to rising non-accrual rates and market volatility linked to tariff exposure in its portfolio companies.

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