Blackstone BDC Reports Dip in NAV Per Share, Reduced Shareholder Distributions
Blackstone Private Credit Fund – a publicly registered, non-traded business development company sponsored by Blackstone Inc. (NYSE: BX) – reported a slight decrease in its net asset value per share and a lower declared monthly distribution.
The fund, also known as BCRED, reported a NAV per share of $24.97 as of Sept. 30, 2025, reflecting a 0.48% decline from the $25.09 recorded at the end of August.
BCRED’s board previously declared its regular cash distributions for the month of October 2025, set at $0.20 per share, down from September’s $0.22. Following shareholder servicing and/or distribution fees, the net distribution rates are: Class I: $0.20; Class S: $0.1823; and Class D: $0.1948.
These distributions are payable to shareholders of record as of Oct. 31, and will be paid on or about Nov. 26.
While NAV and distributions declined, overall portfolio metrics showed modest growth. Its latest aggregate NAV stood at approximately $46.7 billion, a 0.65% increase from August’s $46.4 billion.
As of Sept. 30, the fair value of the company’s investment portfolio reached roughly $76.5 billion. The fund reported approximately $31.4 billion of debt outstanding, resulting in an average debt-to-equity leverage ratio of approximately 0.65 times during September 2025. This ratio reflects a moderate leverage ratio in the credit sector.
BCRED reported liquidity of approximately $38.5 billion in committed debt capacity. About 90% of that leverage is floating rate, of which 69% is secured. The remaining 10% is fixed rate leverage, with 83% unsecured, based on drawn amounts, according to the company. The fund’s leverage sources include a corporate revolver (10%), asset-based credit facilities (34%), unsecured bonds (36%), secured short term indebtedness (1%), and collateralized loan obligation and other secured debt instruments (19%) based on drawn amounts.
The non-traded BDC remains among the largest fundraising vehicles in the private credit space. The fund was a primary driver of Blackstone’s strong second-quarter performance, where the firm reported a 30% year-over-year increase in wealth channel sales, totaling $10 billion. BCRED alone raised $3.7 billion during that quarter, underscored by its performance of a 10% net return annually since its inception.
BCRED is currently offering up to $45 billion in shares on a continuous basis. As of Oct. 20, the fund had issued approximately 1.23 billion shares, equal to $31.3 billion, with an additional 863.6 million unregistered Class I shares sold through a separate private offering, valued at $22 billion. The fund plans to maintain its monthly share issuance across both offerings.
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