Blackstone’s BCRED Buys Back $2.1B in Q3 as Requests Hold Near 10%
Blackstone Private Credit Fund, or BCRED, paid tendering shareholders approximately $2.13 billion for third-quarter share repurchases after accepting about half of the shares submitted, the fund reported Nov. 2.
Shareholders tendered 181.3 million shares in the offer, which expired Aug. 31. BCRED accepted 90.4 million shares on a pro rata basis, equal to 5% of shares outstanding as of June 30, at the Sept. 30 net asset value of $23.51 per share. The fund paid shareholders on or about Oct. 28.
Also on Nov. 2, the nontraded business development company opened its fourth-quarter tender offer for up to 87.5 million shares, or 5% of the 1.75 billion shares outstanding as of Sept. 30. The offer expires Dec. 1, and accepted shares will be repurchased at the Dec. 31 NAV.
The results finalize figures BCRED estimated in a Sept. 3 shareholder letter, which AltsWire reported at the time: third-quarter requests of an estimated $4.3 billion, roughly 10% of shares outstanding, marking the third straight quarter that demand topped the fund’s standard 5% limit. At the Sept. 30 NAV, the shares tendered were worth approximately $4.26 billion.
The third-quarter fill rate of roughly 49.9% compares with about 48.5% in the second quarter, when shareholders tendered 191.8 million shares and BCRED accepted 93.1 million, paying approximately $2.2 billion at the June 30 NAV of $23.65, the fund reported in August. The number of shares tendered fell about 5.5% from the second quarter to the third.
BCRED’s second-quarter fill rate ran ahead of the sector’s. Nontraded BDCs fulfilled 38% of second-quarter repurchase requests, which reached a record 12.4% of NAV, according to Robert A. Stanger & Co. data AltsWire reported in August.
The two prorated quarters followed a first quarter in which BCRED met a then-record 7.9% in requests in full after its board upsized the offer to 7% and Blackstone and its employees invested $400 million in a BCRED feeder fund.
BCRED repurchased approximately $5.44 billion in shares in the first half of 2026, more than triple the $1.68 billion repurchased a year earlier, according to its second-quarter report, figures AltsWire reported in August. With the third quarter included, repurchases this year total roughly $7.6 billion.
On Blackstone Inc.’s (NYSE: BX) Oct. 22 earnings call, Jon Gray, president and chief operating officer, said third-quarter requests were largely driven by carryover from the second quarter, and that investors who sought redemptions in both prorated quarters received 75% of their capital back in about 90 days. He called that “another illustration of the semi-liquid structure working as designed.”
AltsWire reported on the call that BCRED recorded $1.4 billion in net outflows in the third quarter, up from $1.2 billion in the second, as gross sales slipped to nearly $750 million from $1 billion. Executives did not give an outlook for fourth-quarter requests.
The repurchases have coincided with a shrinking fund. BCRED’s shares outstanding fell to 1.75 billion as of Sept. 30 from about 1.81 billion at June 30, and aggregate NAV declined to approximately $41.1 billion from $42.8 billion over the same period. NAV per share fell to $23.51 as of Sept. 30, its fifth consecutive quarterly decline, down from $24.79 at the end of 2025.
BCRED disclosed its estimated third-quarter demand in the Sept. 3 letter, three days after that offer expired. The fund has not said when it will report fourth-quarter request levels.
Blackstone Private Credit Fund is a nontraded BDC advised by Blackstone Private Credit Strategies LLC and sub-advised by Blackstone Credit BDC Advisors LLC, both Blackstone affiliates, investing primarily in directly originated loans to private, U.S. middle-market companies.
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