Blackstone’s BCRED Reports Record Fundraising, Increased Share Repurchases

Blackstone Private Credit Fund, or BCRED – a publicly registered, non-traded business development company sponsored by Blackstone Inc. (NYSE: BX) – reported strong capital inflows for 2025, even as it navigates rising share repurchase volumes.

The fund reported a net asset value per share of $24.94 as of Oct. 31, 2025, reflecting a small 0.12% decline from the previous month’s $24.97.

The fund, which focuses on income-oriented private credit lending, stated that it continues to invest in what it believes is an attractive market. In a letter to shareholders, the company recently reported a record year for capital raising.

• Full-year 2025 fundraising has reached $14.5 billion as of Dec. 9, the highest level since the fund’s inception.
• Capital inflows for the fourth quarter of 2025 to date were approximately $3.3 billion.
• Finally, the fund boasted a 9.6% annualized distribution rate and a 10% annualized inception-to-date total return for its Class I common shares (with Class I’s inception being Jan. 7, 2021), both based on its aforementioned Oct. 31 NAV.
• The annualized distribution rate for the company’s other share classes were 8.8.% for Class S, and 9.4% for Class D.

BCRED highlighted its defensively positioned portfolio, which lends to larger companies in historically resilient sectors with the goal of delivering income while mitigating downside risk.

The fund reported a 0.4% non-accrual rate at cost, which it stated remains below peer averages.

While fundraising has been strong, the demand for share repurchases has also increased. Fourth-quarter repurchases were estimated to be approximately 4.5% of shares outstanding as of Sept. 30. In the letter, BCRED confirmed it will honor all tenders for the latest quarterly repurchase period, which concluded on Dec. 2.

The final dollar value of these repurchases will be disclosed in February 2026, following the NAV calculation on Dec. 31, as part of BCRED’s ordinary course regulatory filings.

As of Oct. 31, BCRED’s aggregate NAV stood at approximately $47.8 billion, an approximate 2.36% increase from September’s $46.7 billion.

As of the end of October, the fair value of the fund’s investment portfolio was approximately $78.8 billion, and it had approximately $33.1 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during the month was approximately 0.66 times. The fund had approximately $38.4 billion in committed debt capacity, with 90% in floating rate leverage, of which 71% is secured; and 10% in fixed rate leverage, of which 83% is unsecured, based on drawn amounts.

The fund’s leverage sources were in the form of a corporate revolver (12%), asset-based credit facilities (35%), unsecured bonds (34%), secured short term indebtedness (1%), and a collateralized loan obligation and other secured debt instruments (18%) based on drawn amounts.

BCRED’s board previously declared its regular cash distributions for the month of November, set at $0.20 per share, the same as the previous month’s, both 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 Nov. 30, and will be paid on or about Dec. 26.

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