Jonathan Bock Resigns as Co-CEO of Blackstone’s BCRED and BXSL
By Staff
Jonathan Bock has resigned as co-chief executive officer of Blackstone Private Credit Fund, or BCRED, the largest nontraded business development company, the fund late last Friday.
Bock stepped down from the same role at Blackstone Secured Lending Fund (NYSE: BXSL), Blackstone’s publicly traded BDC. Both resignations were effective July 20. Brad Marshall, who had shared the chief executive title with Bock, will serve as sole CEO of each fund.
“His departure was not the result of any disagreement relating to Blackstone or the Fund’s operations, policies or practices,” both funds reported. Blackstone Credit & Insurance, the unit that houses the firm’s perpetual credit platform, thanked Bock for his service.
In a prospectus supplement filed the same day, BCRED removed references to Bock as co-CEO and to Katherine Rubenstein as chief operating officer, and replaced Marshall’s title with sole chief executive officer. Rubenstein departed June 15, making Bock the second senior BCRED executive to leave within roughly a month.
Bock is among the most recognizable figures in the business development company sector. He joined Blackstone in 2023 as global head of market research for Blackstone Credit & Insurance and co-CEO of its two flagship BDCs. Before Blackstone, he led Barings LLC’s business development companies as chief executive and held senior roles across several Barings credit vehicles. He built his industry profile earlier as a senior equity analyst at Wells Fargo Securities, where he authored the BDC Scorecard, a widely cited quarterly research publication on the sector. He holds a bachelor’s degree in finance from the University of Illinois and is a member of the CFA Institute.
The leadership change lands during a difficult stretch for BCRED. The fund’s net asset value per share slipped to $23.65 as of June 30 from $23.94 a month earlier, a decline of about 1.2%. Aggregate net assets fell to approximately $42.8 billion from $45.3 billion over the same period, while the fair value of its investment portfolio stood at roughly $77.6 billion. Bloomberg Intelligence analyst Michael Kaye noted that BCRED’s June NAV decline outpaced some peers, suggesting company-specific factors rather than broad market pressure.
BCRED has faced sustained redemption pressure through 2026. The fund met a then-record 7.9% of shares in redemption requests in the first quarter, roughly $3.8 billion, by upsizing its repurchase cap to 7% and deploying about $400 million of Blackstone and employee capital. Second-quarter demand reached approximately 10% of shares outstanding, which the fund prorated at its standard 5% cap. BCRED also cut its monthly distribution to $0.18 per share for July, its second reduction in nine months.
On its July 23 second-quarter earnings call, Blackstone said BCRED continued to see elevated repurchase requests but that redemption pressure eased heading into the third quarter.
BCRED is an externally managed nontraded BDC advised by a Blackstone subsidiary, investing primarily in floating-rate senior secured loans to U.S. middle-market and larger corporate borrowers. Marshall, a Blackstone senior managing director, now leads both BCRED and BXSL as sole chief executive.
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